WBD Q2 net loss $9.99B on $9.1B goodwill impairment; revenue down 5% ex-FX

Warner Bros. Discovery, Inc.

2024-Q2 EPS reported -$4.48 revenue$19,671,000,000

Net loss includes $9.1B non-cash goodwill impairment in Networks segment triggered by market cap decline, linear ad softness, and NBA uncertainty.
Total revenue $9.7B, down 5% ex-FX; Adjusted EBITDA $1.8B, down 15% ex-FX; free cash flow $976M, down 43%.
Global DTC subscribers 103.3M, +3.6M QoQ; DTC ARPU $8.00 (+4% ex-FX); DTC EBITDA loss $(107)M.
Repaid $1.8B of debt in Q2; bought $3.4B debt for $2.6B via tender offer funded by cash and €1.5B notes.
Net leverage 4.0x; gross debt $41.4B; cash on hand $3.6B; undrawn $6.0B revolver.

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