Company: WBD
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437107-25-000031
Chunk: 94

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 94
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 rates on our business is an important factor in understanding period-to-period comparisons of our results. For example, our international revenues are favorably impacted as the U.S. dollar weakens relative to other foreign currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other foreign currencies. We believe the presentation of results on a constant currency basis (“ex-FX”), in addition to results reported in accordance with U.S. GAAP provides useful information about our operating performance because the presentation ex-FX excludes the effects of foreign currency volatility and highlights our core operating results. 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 “2024 Baseline Rate”), and the prior year amounts translated at the same 2024 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.

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Consolidated Results of Operations – 2024 vs. 2023

Our consolidated results of operations for 2024 and 2023 were as follows (in millions). 

Year Ended December 31,20242023% Change% Change (ex-FX)Revenues:Distribution$19,701 $20,237 (3)%(1)%Advertising8,090 8,700 (7)%(7)%Content10,297 11,203 (8)%(8)%Other1,233 1,181 4 %4 %Total revenues39,321 41,321 (5)%(4)%Costs of revenues, excluding depreciation and amortization22,970 24,526 (6)%(6)%Selling, general and administrative9,296 9,696 (4)%(3)%Depreciation and amortization7,037 7,985 (12)%(12)%Restruct