Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 152

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 152
---
, amortization of capitalized interest for content, employee share-based compensation, third-party transaction and integration costs, and other items impacting comparability as these items are excluded from the calculation of Adjusted EBITDA.

29

WARNER BROS. DISCOVERY, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

Reconciliation of segment adjusted EBITDA to loss before income taxes Three Months Ended June 30,Six Months Ended June 30,2025202420252024Streaming$293 $(107)$632 $(21)Studios863 210 1,122 394 Global Linear Networks1,512 1,998 3,305 4,117 Segment Adjusted EBITDA2,668 2,101 5,059 4,490 Depreciation and amortization1,447 1,744 2,994 3,632 Employee share-based compensation173 156 293 255 Restructuring and other charges80 117 134 152 Transaction and integration costs17 51 97 132 Facility consolidation costs4 5 9 7 Impairment and amortization of fair value step-up for content388 522 628 757 Amortization of capitalized interest for content3 13 9 30 Impairments and loss on dispositions26 9,395 116 9,407 Corporate316 285 549 631 Inter-segment eliminations 399 21 452 (38)Other income, net(139)(172)(221)(158)(Income) loss from equity investees, net(5)23 2 71 Gain on extinguishment of debt(2,958)(542)(2,954)(567)Interest expense, net463 518 931 1,033 Income (loss) before income taxes$2,454 $(10,035)$2,020 $(10,854)

NOTE 17. SUBSEQUENT EVENTS

In July 2025, the Company repaid $100 million of aggregate principal amount outstanding of its Bridge Loan Facility.

30

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s discussion and analysis of financial condition and results of operations is a supplement to and should be read in conjunction with the accompanying consolidated financial statements and related notes. This section provides additional information regarding our businesses, current developments, results of operations, cash