Company: WBD
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001437107-25-000096
Chunk: 134

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 134
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(1,895)(1,237)Effect of exchange rate changes on cash, cash equivalents, and restricted cash95 (74)Net change in cash, cash equivalents, and restricted cash(1,442)(933)Cash, cash equivalents, and restricted cash, end of period$3,974 $3,386 

39

Operating Activities

Cash provided by operating activities was $553 million and $585 million during the three months ended March 31, 2025 and 2024, respectively. The decrease in cash provided by operating activities was primarily attributable to a decrease in net income, excluding non-cash items, partially offset by an improvement in working capital activity.

Investing Activities

Cash used in investing activities was $195 million and $207 million during the three months ended March 31, 2025 and 2024, respectively. The decrease in cash used in investing activities was primarily attributable to proceeds from the sale of assets, partially offset by increased purchases of property and equipment during the three months ended March 31, 2025.

Financing Activities

Cash used in financing activities was $1,895 million and $1,237 million during the three months ended March 31, 2025 and 2024, respectively. The increase in cash used in financing activities was primarily attributable to higher net debt activity and higher distributions to noncontrolling interests and redeemable noncontrolling interests, partially offset by proceeds received for the contribution of 70% of our music catalog to a joint venture during the three months ended March 31, 2025.

Capital Resources

As of March 31, 2025, capital resources were comprised of the following (in millions).

 March 31, 2025 TotalCapacityOutstandingIndebtednessUnusedCapacityCash and cash equivalents$3,868 $— $3,868 Revolving credit facility and commercial paper program6,000 — 6,000 Term loan1,500 1,500 — Senior notes (a)35,946 35,946 — Total$47,314 $37,446 $9,868 (a) Interest on the senior notes is paid annually or semi-annually. Our senior notes outstanding as of March 31, 2025 had interest rates that ranged from 1.90% to 8.30% and will mature between 2025 and 2062. 

We expect that our cash balance, cash generated