Company: WBD
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001437107-25-000096
Chunk: 119

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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. The presentation of results on a constant currency basis should be considered in addition to, but not a substitute for, measures of financial performance reported in accordance with U.S. GAAP.

The ex-FX change represents the percentage change on a period-over-period basis adjusted for foreign currency impacts. The ex-FX change is calculated as the difference between the current year amounts translated at a baseline rate, which is a spot rate for each of our currencies determined early in the fiscal year as part of our forecasting process (the “2025 Baseline Rate”), and the prior year amounts translated at the same 2025 Baseline Rate. In addition, consistent with the assumption of a constant currency environment, our ex-FX results exclude the impact of our foreign currency hedging activities, as well as realized and unrealized foreign currency transaction gains and losses. Results on a constant currency basis, as we present them, may not be comparable to similarly titled measures used by other companies.

Consolidated Results of Operations

The table below presents our consolidated results of operations (in millions).Three Months Ended March 31,20252024% Change% Change (ex-FX)Revenues:Distribution$4,886 $4,985 (2)%(1)%Advertising1,980 2,148 (8)%(8)%Content1,866 2,558 (27)%(25)%Other247 267 (7)%(6)%Total revenues8,979 9,958 (10)%(9)%Costs of revenues, excluding depreciation and amortization5,131 6,058 (15)%(15)%Selling, general and administrative2,194 2,232 (2)%(1)%Depreciation and amortization1,547 1,888 (18)%(18)%Restructuring and other charges54 35 54 %59 %Impairments and loss on dispositions90 12 NMNMTotal costs and expenses9,016 10,225 (12)%(12)%Operating loss(37)(267)86 %NMInterest expense, net(468)(515)(Loss) gain on extinguishment of debt(4)25 Loss from equity investees, net(7)(48)Other income (expense), net82 (14)Loss before income taxes(434)(819)Income tax expense(15)(136)Net loss(449)(955)Net income attributable to noncontrolling interests(8