Company: WBD
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437107-25-000031
Chunk: 110

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 110
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 changes on cash, cash equivalents, and restricted cash(180)8 Net change in cash, cash equivalents, and restricted cash1,097 389 Cash, cash equivalents, and restricted cash, end of period$5,416 $4,319 

Operating Activities

Cash provided by operating activities was $5,375 million and $7,477 million in 2024 and 2023, respectively. The decrease in cash provided by operating activities was primarily attributable to a decrease in net income excluding non-cash items. Cash flow for the year ended December 31, 2023 was also positively impacted by the WGA and SAG-AFTRA strikes.

Investing Activities

Cash used in investing activities was $349 million and $1,259 million in 2024 and 2023, respectively. The decrease in cash used in investing activities was primarily attributable to higher proceeds from the sale of investments and fewer purchases of property and equipment during the year ended December 31, 2024.

Financing Activities

Cash used in financing activities was $3,749 million and $5,837 million in 2024 and 2023, respectively. The decrease in cash used in financing activities was primarily attributable to lower net debt activity and lower distributions to noncontrolling interests and redeemable noncontrolling interests during the year ended December 31, 2024.

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Capital Resources

As of December 31, 2024, capital resources were comprised of the following (in millions).

 December 31, 2024 TotalCapacityOutstandingIndebtednessUnusedCapacityCash and cash equivalents$5,312 $— $5,312 Revolving credit facility and commercial paper program6,000 — 6,000 Senior notes (a)39,527 39,527 — Total$50,839 $39,527 $11,312 (a) Interest on senior notes is paid annually, semi-annually, or quarterly. Our senior notes outstanding as of December 31, 2024 had interest rates that ranged from 1.90% to 8.30% and will mature between 2025 and 2062.

We expect that our cash balance, cash generated from operations, and availability under the Credit Agreement will be sufficient to fund our cash needs for both the short-term and the long-term. Our borrowing costs and access to capital markets can be affected by short and long-term debt ratings assigned by independent rating agencies