8-KEarnings & ResultsExhibits & Filings

Warner Bros. Discovery, Inc. 8-K Report, Financial Results (Feb 23, 2023)

Filed February 23, 2023For Securities:WBD

Summary

Warner Bros. Discovery, Inc. (WBD) filed an 8-K on February 23, 2023, to furnish its earnings press release and updated trending schedules for the quarter and year ended December 31, 2022. The primary focus of this filing is the release of its fourth-quarter and full-year 2022 financial results. Investors should note that the company is providing updated "Trending Schedules" which offer pro forma financial information to help assess performance post-merger and following changes in reportable segments. These updated schedules incorporate several pro forma adjustments related to content amortization, affiliate relationships, depreciation, and subscriber recognition. The furnishing of this information, including the press release and trending schedules, is for informational purposes and is not considered 'filed' under Section 18 of the Securities Exchange Act. Investors seeking detailed financial performance and operational metrics should refer to the earnings press release (Exhibit 99.1) and the updated trending schedules (Exhibit 99.2) as referenced in the filing.

Key Highlights

  • 1WBD released its Q4 and full-year 2022 earnings results on February 23, 2023.
  • 2The 8-K filing furnished the company's earnings press release and updated trending schedules.
  • 3Updated "Trending Schedules" provide pro forma financial information to aid in assessing performance post-merger and segment changes.
  • 4Several pro forma adjustments were made to the trending schedules, including content amortization, affiliate fair value, depreciation allocation, and subscriber recognition.
  • 5The filing incorporates by reference Exhibit 99.1 (Earnings Press Release) and Exhibit 99.2 (Updated Trending Schedules).
  • 6The furnished information is not considered 'filed' for purposes of Section 18 of the Exchange Act.

Frequently Asked Questions

The main purpose of this 8-K filing is to formally report Warner Bros. Discovery's (WBD) financial results for the fourth quarter and full year ended December 31, 2022, by furnishing its earnings press release and updated trending schedules.

The 'Trending Schedules' are supplemental financial information, including pro forma data, that WBD issues to help investors understand the company's historical performance following the merger with WarnerMedia and subsequent changes to its reportable segments. These schedules were updated to reflect specific pro forma adjustments for the periods presented.

No, the information furnished in this Item 2.02, including the earnings press release and trending schedules, is being provided for informational purposes and is not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934. This means the company is not subject to the liabilities associated with Section 18 for this information unless expressly incorporated into another filing.

Investors should refer to Exhibit 99.1, the earnings press release dated February 23, 2023, for the detailed financial results and management's commentary, as well as Exhibit 99.2, the updated trending schedules and non-GAAP reconciliations, which are furnished as part of this 8-K filing.