Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 163

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 163
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 certain joint venture partners or affiliated parties from time to time; (ii) A limited amount of international discovery+ revenue and subscribers that are part of non-strategic partnerships or short-term arrangements as may be identified by the Company from time to time; (iii) Cinemax, Max/HBO hotel and bulk institution (i.e., subscribers billed on a bulk basis), and international basic HBO revenue and subscribers; and (iv) Users on free trials who convert to a subscription for which we have recognized subscription revenue within the first seven days of the calendar month immediately following the month in which their free trial expires.

40

Studios Segment

The following table presents, for our Studios segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (in millions).

 Three Months Ended September 30,Nine Months Ended September 30, 20252024% Change% Change (ex-FX)20252024% Change% Change (ex-FX)Revenues:Distribution$2 $6 (67)%(67)%$4 $14 (71)%(71)%Advertising— 1 NMNM1 5 (80)%(80)%Content3,111 2,463 26 %26 %8,841 7,323 21 %21 %Other208 210 (1)%(4)%590 608 (3)%(5)%Total revenues3,321 2,680 24 %23 %9,436 7,950 19 %19 %Costs of revenues, excluding depreciation and amortization1,897 1,736 9 %9 %5,525 5,356 3 %3 %Selling, general and administrative729 636 15 %14 %2,094 1,892 11 %10 %Adjusted EBITDA - Studios segment695 308 NMNM1,817 702 NMNMDepreciation and amortization170 171 509 531 Employee share-based compensation— — — (1)Restructuring and other charges12 2 6 32 Transaction and integration costs — — — 2 Facility consolidation costs— 1 — 2 Impairment and amortization of fair value step-up for content33 34 94 45 Amortization of capitalized