Company: WBD
Filing Date: 2025-04-11
Form Type: PRE 14A
Source: 0001437107-25-000078
Chunk: 175

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-11
Form: PRE 14A
Chunk 175
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BITDA: The Company defines Adjusted EBITDA as operating income excluding: (i) employee share-based compensation, (ii) depreciation and amortization, (iii) restructuring and facility consolidation, (iv) certain impairment charges, (v) gains and losses on business and asset dispositions, (vi) third-party transaction and integration costs, (vii) amortization of purchase accounting fair value step-up for content, (viii) amortization of capitalized interest for content, and (ix) other items impacting comparability. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of the Company using the same metric management does. Adjusted EBITDA should be considered in addition to, but not a substitute for, operating income, net income and other measures of financial performance reported in accordance with GAAP.

The following information is provided to reconcile Adjusted EBITDA to Net loss available to Warner Bros. Discovery, Inc., its most comparable GAAP measure, for the years ended December 31, 2024 and December 31, 2023.

| Unaudited; in millions                                        |     |   |         | 2024 |     |   |        | Year Ended December 31, 
 2023                    |
|:--------------------------------------------------------------|:----|:--|--------:|:-----|:----|:--|-------:|:------------------------|
| Net loss available to Warner Bros. Discovery, Inc.            |     | $ | -11,311 |      |     | $ | -3,126 |                         |
| Net (loss) income attributable to noncontrolling interests    |     |   |    -171 |      |     |   |     47 |                         |
| Income tax expense (benefit)                                  |     |   |      94 |      |     |   |   -784 |                         |
| Loss before income taxes                                      |     |   | -11,388 |      |     |   | -3,863 |                         |
| Other (income) expense, net                                   |     |   |    -661 |      |     |   |     94 |                         |
| Interest expense, net                                         |     |   |   2,017 |      |     |   |  2,221 |                         |
| Operating loss                                                |     |   | -10,032 |      |     |   | -1,548 |                         |
| Imp