DISCA - Earnings call transcript Q4 2019 | Warner Bros. Discovery, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to Discovery Full Year and Fourth Quarter 2019 Earnings Call. At this time all participants’ lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions]

to conference like speaker to now Mr. today, would hand over the your I Vice Investor President, Executive Slabin, Andrew Global Strategy. Sir, you may begin.

Andrew Slabin

Good us for Call. you for Quarter Thank Earnings morning, XXXX Discovery’s everyone. Fourth joining

our our Joining today Chief Gunnar JB Discovery CEO are President Zaslav, Networks Peter Chief me Global President International; Direct-to-Consumer. Officer; Financial and David Executive and Officer; and of Perrette, Wiedenfels, Faricy, CEO,

free earnings to received You our release, at but corporate.discovery.com. not, website should it access feel on our have if

begin will Gunnar, we take On some will opening the and call, today’s David, to David from with and and open comments questions. Peter we then Gunnar, call for JB

Before business we to XXXX. the we comments future plans, that prospects the you safe harbor and make pursuant provisions are like Securities of start, that Act to of Litigation financial Reform remind statements company’s today regarding private the performance I’d forward-looking

cause they materially disclaims projections events made forward-looking company and any uncertainties These about assumptions statements statements, update obligation and management’s intent could them. future results and are current In to involve the providing risks our knowledge expectations. actual based to and other on or that from differ

information on please our ended that Exchange and XX-K could important affect see filings year and these December the for expectations, the our XXXX, Securities U.S. factors Form XX, subsequent additional with For made Commission.

And with that, call David. I turn to to would like over the

David Zaslav

a year our to and welcome Conference Full delivered Year We and and QX everyone, morning, Good outstanding quarter progress. Earnings Call. of XXXX

into XXXX. guidance For terrific ahead we and and XXXX, exceeded strategic feel met or all of I’m to metrics our core we pleased report that looking objectives,

the flow, investments Promises of combined Discovery promises direct-to-consumer we which cash a flow, We given of are we billion even free and many $X year, making. billion $X.X the for kept. more made Scripps. substantial On continued last impressive we over-delivered is this to shareholders with we And the promises the cash over made, on set goal free to years. few deliver our

flow in machine. will we cash closed we cash moat Scripps cash billion free a that times, or like flow, I plus that free when weapons turbulent $X on are We a flow could use. free the like bullets said be in

kept. promises down $X Promises additional promises by leverage, in an and we by of our our our months, the flow the X.X we Board And promised our authorization. leverage times following reached QX, initial X.X to deal the three $X.X down three leverage made, billion to in cash free to generated in from And expressed end range capital are driven $X approved times billion of our bring all target times made, of shareholders large our Promises to exhausted had the On kept. strong leverage to we part desire We was way that back to by times, just end our XX QX alone. return as only we in we range. reloading target authorization, once billion XXXX.

XXX Scripps in million XXXX. significant international pay, we Promises home food expansion of our our international a across additional to and brands expanded free-to-air and made, upside our lifestyle distribution This new supporting channels with kept. We for opportunity year, identified growth promises key an content acquisition. households both as and

the in media industry, All team enjoy management of and unique to we the speaks truly which position best stable the within by most today. supported

digits, In was advertising was by revenue growth growth continued the in share, strength domestic solid X% U.S. ratings growth reflecting our linear we other part even face the the changing and any achieved delivered growth across a for of to affiliate advertising continued International We deliver international ecosystem. trends. underlying domestic in supported carriage more landscape, X% difficult affiliate the of face tailwinds commercial U.S., broad in MVPD of coverage while the our And better double rapidly media consistent virtual direct-to-consumer. execution by with virtually in in revenue broadly both driven than once company again

big In key XXXX, TVN we products Joyn encouraging we one, two aggregated view in These space. Hulu-like our and like Player. platforms, superb local also accelerated acceleration in broad Dplay, apps our local direct-to-consumer scalable a Europe, focus and pivot this seeing Number in sports, language, and momentum with pillars: the are are and on very trends

local. The key that local, they’re products is over-the-top local, to these

major continue which and as we’ve have meaningful quickly OTT In scale the an show GO growth. with at previously, addition, look in aggregating the streaming U.S., distribution our our and to great fans our mentioned our stories. team reach we we apps across IP, our best-in-class passionate all to we our and platforms management into aggregated for methods brands and of focusing service hard great focus a in U.S., here And grow characters me are great as all

have and view-and-do the principle: pillar strong want our content. valuable with on amortized The in second all of key like largely incremental see like Dodo lifestyle. also total and our second a NowThis, sports their like view-and-do focused content investment PopSugar. apple, is on affinity platforms our us and verticals our on Nine the just our affinity conviction to food, simple products rapidly platforms. ecosystem, our They at and bite Audiences on strategy been afford encompasses our hand evolving The love but Much brands it passion and this opportunity, We the Group an and growing monetization now I have short-form

well And XXXX our components play it exceed to milestone the underscores a revenue is strategic us. for and we and landscape and in to seeing major advantage. are our traction are The strategy. our We solid to billion XXXX, million way representing all $XXX $X emerging generated our over direct-to-consumer strengths next-gen on across that in of of

against around employee next-gen rank significant Our perform a all our compensation our we by organization than direct-to-consumer of aligned measured how well this goals. priority. will across in levels ever Starting is percentage more incentive and XXXX, and be

half size library, of pipeline across more our all current watched the times hours of vast and X,XXX States in year nearly as than one our Netflix, we crossed of by the last of television. milestone the women new with a measured year, for portfolio Whether most held XX,XXX produce United the two hours, number for we

have at consistently consumer We the top that very are strength brands strong ranked for of loyalty. a portfolio brand preferences of and

and We Flay, have are passionate Bobby characters America are loved And superfans, in not could the Chip that and Oprah, Guy a go Property authentic renter. Brothers, Jo, talent we world: and the Fieri, around on on. we and

all We own almost of our and globally. control IP

serve authenticated virtual we MVPD the anyone than of them for peers. our widely are the better distributed the landscape, our done like We much than where traditional are And ecosystem, will decades. age within more apps, serve continue where within viewers we’ve users below GO linear within average we to serve of now our And XX. any we them

basis be also content the already strong addition on We to stand-alone great a and our that would scripted in very is are marketplace. the platforms complement many other a in aggregate believe and AVOD/SVOD

fit We’re with well them. all differentiated, of and we

platforms. while continue create linear stream of we And dual being the of evaluate we and mindful to the number course, personalities, and of an the aggregated direct-to-consumer and in the the channels, revenue of of U.S. balance around importance any positioned business, pay all possibly And distribution brands platform are offering of TV the to with partners quite world. our of possibility of help

number scalable, are imperative economically as expand that a And there We a cost rational and evaluating sustainable team. and the direct-to-consumer from we of business our is linear leadership are this opportunity for strategic models complement set perspective ecosystem. believe a

our confident that are we analysis, the everyone through is content than game different we efficiency sift of we The As playing a unparalleled. are else.

Our portfolio the any more and we I storytelling bring to affinity we our of and distinguishes good under female to only keep XXXX, storytelling our half appointment coming key back the brands than drove are fan that other content and of brands us viewers control. our them for from to fans, that And coveted costs more is economics our our for truly are characters variable the But model. but peers than viewing. not bases, delivering that

taking is the place side on for small Our competitive, and costs content of astounding. out-of-control other the is of spiraling scripted, new The ledger. repeat a fraction overbid, what’s

who not is That we are.

repeats, for even of as subscribers, scale And or we��ll millions own. accordingly, millions to early dollars profitability see paying products we We to our original of hundreds can’t aren’t of begin on. we content, that very

every a in that XX single example all each consistently what in and demos in discussed. is is It Day outdelivers the of all most great and nights Fiance prime. network TLC’s to women XX broadcast of among Sunday Take I’ve program on key television XX watched

XX cost scripted is TV spin-offs we and nights a X/XX a And cost Monday Day all the at have almost and series. Sunday on of now per that episode year of dominating

owned power across airs XXX shows In Fiance one IP. global XX addition, our The making now fully of globally. top-rated Day franchise the countries, it of

such Outside assets the excited products, in success about the a U.S., as Hulu-like strategy very we’re markets. Dplay. of many differentiated our our part These are meaningful key of becoming locally

Germany, crossed XX tier, language, this for added launch. series recently ambitious new German an JV SVOD by local. users we Our exclusive And Joyn, six months million monthly seven in average only year plans after underpinned and in

the TVN preeminent our European to content market. our Polsat to Polish and in and create this important we combine And destination with Player for plan launch largest language

winning models, programming We other where model with leaders, believe consumers. for opportunities in to local offer exploring our broadcasters packages a actively additional major and align solution for in to create incumbent markets expand other to are partnership we we JV-type perhaps compelling

stand-alone we select full is that market us. with strong we we in have Dplay content this going play, in where is we to such of believe our to Europe. is we portfolio. far ahead OTT aggressively XXXX year play key working, One Denmark, OTT to and will and be for a pushing more our where to expect push what’s are to aggregated where value services, consolidation such bit a for fuel means us harder accelerate as those where is have in hand really place get taking particularly to more areas begin should Expect distributors offense our solution. markets, You app one we in a richer

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Dplay fee of see to next growth the lumpier over supported and currently, accelerate will during exclusive to process. XX near-term number some impact it’s of we We robust likely platform technology from a this year, will cadence The markets by bit And intend up affiliate nearly a we push. double its markets as the content. become push expansion local

levels our earlier, subscriber intensely are competitors. and payoff. And DTC our costs said confident on to However, in platforms we financial place than at differentiated many affinity us competitive of fight will the as strategic and goals our completely And expensive mind, and our achieve longer-term financial the much leading taking player the industry. scripted of margin of the side are profile from lower keep I view-and-do enable

continues incredibly Food up recently pleased announced Amazon arrangement Kitchen targeted to and Food great a Network and distribution our Sur U.S., product at engagement, the the strong ratings partners very Kitchen with Table nicely. the base. opening with We ramp functionality here are audience in of an very to La Network up We service.

distribution and in works. we for that tuned pushes the additional have stay And marketing

Summer screens. months times Eurosport, This Olympics all six many within Winter. as and of second we’ll Games, our For broadcasting have first three events as across the are Europe across is our we and

at have been teams work Our preparing challenge. the for hard

by to of excited in To finish, by it the are industry. improvements it outdeliver the by and vast supported our Not We games is set delivery only in speed unprecedented measured but is of delivered that also change, an of we time in change. the technology, platforms. amazing magnitude programming expertise XXXX, our the

growth. in the We strategic almost that of we globally, all that brands are passionate one agenda, companies combined the few our feel all position with us connection our sustainable confident strength of long-term, own with media for audiences, of the fact content our

focused operational got to that discipline entrepreneurial always an are We execution and zeal guided by on and strong singularly we are are where us today.

we to fuel business the in transformation. continues our industry an of work This as next strides building our Discovery undergoing for generation within position growth generational

like to now over turn the I’d call Gunnar. to

Gunnar Wiedenfels

and cash $XXX generative XXXX agenda pleased our confident our investments efficiency very truly after financial emblematic and business differentiated I XX% with in am Scripps David. I tackle of of funding both approximately to financial global for in we capability am the cash over merger. very our XXXX, billion position million results AOIBDA Indeed, present we generating level of which free model operating Thank of in is conversion $X.X nearly growth our a as and flow during following are XXXX. exciting you, of

and cash importantly, we And to address exciting maintain cash same to on particularly $X range. groundwork momentum pleased to as end, the flow support opportunity our have we within take time, that the back that am Perhaps strong the our comfortably return while, as most David growth authorization support target shareholders, future To are $X and that for our our networks continue a of will billion our billion given capital that bought leverage linear lay investments underpins plans. I we is to stock, already initial Board’s new traditional laser-like of set report the efficiency. sign focus we we ability our our our outlined to that free at and for seeing

over we next-generation businesses, like of $X portfolio our this And we in include billion products. direct-to-consumer our are $XXX across digital for XX% revenue excited generated Go and in very we approaching about in being at are track of on our revenue having the of company what and already our the million traditional to pleased total With least which businesses growth traction. with XXXX revenues, seeing XX% early are element business, over XXXX, in portfolio

our Over course globe, across Dplay portfolio. lighting improvements natural entire FNK Magnolia and of plan year, to in multiple broaden expansions such for significantly drive direct-to-consumer ready position content formats Europe, additional history we initiatives, our expansion of the in the of our rollout across the launch, up as start this and supercharge BBC

worth towards representing a an peak these To of noting investment million we annual It losses initiatives incremental these the currently or latest. at the $XXX more $XXX to that end, against in XXXX. is should end spending early initiatives, XXXX we do investments of XXXX million anticipate expect short-term growth these in that over roughly lead to the XXXX, sense from which P&L

costs The of ramp-up marketing is driven growth is growth, and year-over-year to success-based by for these drive spending. primarily portion healthy subscriber initiatives which original content a

our of technology investment complete the also round grows. scale We initial will our in as out management as further nicely all largely should under business stack well the which as team own Peter,

and our to drive high in our is currently planned important and revenue basis resilience management it level that over to currency a and revenue our DXC next is of XXXX. operating in on the expense an to constant efficiency. global Also, speaks in Olympics, from mid-single-digit note next-generation excluding The on contribution expect from again acceleration overall gen where core we direct-to-consumer step-up which will the base and XXXX, initiatives solid expense continue decline, expenses certainly help growth our to

what news a company, expect we business-as-usual to and trends. is would this being environment. given carefully Now consumer-facing outlook our we’ll of monitor the see these Clearly, as around in coronavirus, have today any flow

detail the more to The in Olympics is review other key like QX. I’d item in

from our XX X. produce first Tokyo, August Summer Games place to scheduled to take from July will We

provide take some XXXX, Olympics me which excited. produced like that something which Winter games, around about quarter to Let minute the the very color in is we’re a of we first the

affiliate player. of on is both the well as with and revenues the comprise the which uplift the drivers We Olympics DXC to includes be: will Games; quarter; sublicensing, during Winter revenues break vast advertising, over after expect rights revenue distribution, in life majority will monetization exploitation continue and occurring Key reported generated which third and XXXX Dplay deal Eurosport to of which Olympics revenues with and before, the as versus of the well again significant the other games. even tracking revenues and the in traditional be

subscriber the healthy the during saw Recall, XXXX Olympics. Winter player we uplift a in Eurosport base

which With Olympics-driven tech the period fact despite fare expect fees these aired Winter generated in a in we the the loss in entire QX be Accordingly, our the of games. AOIBDA as normalize post like transition QX to reminder, stack, And through effective the to during the incur revenue we expense Olympics-related of we in better expect an quarters. production that that will are games and future to owned more the with XXXX, costs games. and some will even set Games rights

a in to cetera, around pieces commentary $XXX We last free million like will cadence be AOIBDA $XXX to quantification key some year building expect and I range. this providing to factors, describe about understand look et QX we blocks, the to segments. to guidance, of the though year across of headwinds, moving I’d the are help for not operating the our key loss providing the one-off full flow the million the year, items, you shift outlook Like number year. tailwinds, as cash we

segment Turning drivers. to

On the the will TV pay domestic side, to by be ecosystem. underlying within trends impacted advertising continue

uphill We well PUT and levels, our while some of from delivery. contributions headwinds the audience offset results. continue strong key as cutting networks with to And have our which yield the cord to have battle GO recent fight rating business strongly cord shaving than and ultimately growing as our on at very trends, put more lower pressure lead additional these declining

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as we will quarter second YouTube more lap TV industry the have the line in respect all XXXX, trends, to us we’re optimistic feel noted We year, places XXXX. domestic know, inclusion the distributed though a began in we previously. Hulu you and which in industry, to Sling widely into With the in most fourth off group remain in quarter affiliate, very heading lap as of coming the broader we strong and network and with

much bundles low well different subject from across of consumer also term, shifting patterns services expect revenue subscription growth would and DXC across this in and pickup very domestic Near affiliate. revenue least Visibility we as the to line is single-digit at as revenues.

Turning basis. advertising seen international, outlook remains the quarters to and currency current the constant on we few last within operating have over similar to trends what a

the traction share in direct-to-consumer growth we story. continues XXXX. to across a many consolidation lap ad additional advertising internationally, provide part of side please of commercial next-gen continuing broader Scripps positive UKTV in our the Our content and from to Moreover, continues support revenue international countries, products recall, of of distribution Also, second quarter the will tailwind. from

David always, a affiliate to there Dplay, moving of is which And growing very number of side, desire accelerate of among number as are, on as finding the chief discussed, them international our the pieces, is markets. solid across footing its penetration

we a same a cases, basis BXBXC time, retail wholesale basis, a of well both hybrid the distributors direct-to-consumer. are, as time, to in while at selling the At pivoting as on with some some model our driving BXB same

take to harder in we As a on to noted, This, number will in far a our full segment and value have direct-to-consumer naturally model, up to however, near-term push with revenue did some the had David our much like firm, leading faster can XXXX pivot held instances the paid now stronger believe Winter for We a stance get ultimately impact growth. countries, a where we content, to strategically. XXXX more aggressive Games. we of will which is move create in we

annual comp, revenue of that To constant our will we that QX international fourth benefiting grow the growth compared near-term slower in revenue affiliate slightly of provided And a XXXX quarter in a modestly easier currency in X% growth with XXXX. end, as XX% XXXX. XXXX and reminder, expect

advertising precise at international. point less conclusion of I come Against less the evolve well will expenses backdrop, and will as between are we this become that balance noticed much initiatives of helpful have part than and and we many evolve revenue of overall would the that our and the be and our quarterly on this initiatives, detailed a to mix you As and guidance where providing line the items, they past. subscription of slightly revenue in the as domestic individual the cadence revenue of bigger investments prioritize growth have

priority for Turning us to in to continues cash flow, free XXXX. a which be top

by rate flow expect range, strong characterized We a year to cash XX% free very another AOIBDA in the take. give conversion or

in the As are cash discussed outflow Olympics a XXXX. before,

cost low taxes more to CapEx ballpark We be growth invest geared normalized headquarters. expect we up efficiency; in year number the less or to last build-out more to return amortization. as and three, our number is cash global will final XX% of same continue range, year-over-year our year be as PPA the to spend this expected excluding levels number to two, software initiatives; infrastructure and in, to and global one, the and productivity

to a roughly impact is FX headwind both negative and a on impact revenue a $XX negative million be AOIBDA again and revenue on XXXX, expected on $XXX AOIBDA. in million

within balance AOIBDA. times range our target On the will sheet, we three net over to of remain X.X debt comfortably

our While share some keep in we’re skewing of the low with the quarter to that at increase of lumpy the range this and our range, of the year. the end impact cash flow toward And middle of multiple mind free this around third in the around will repurchases, of Olympics and QX. currently given somewhat be our and generation year, modestly normal our with particularly AOIBDA, to leverage the very Olympics lumpiness third continued quarter should seasonality that the

capital of changed. have Uses not

perspective, to look largely from to accretive we where it opportunities inorganic makes as look we opportunities shareholders. in as We will invest are our expect capital for to we drivers. a to will where excess continue strategic net return organic we well. And leverage to And growth at be sense, want

and without we more direct-to-consumer a the a too next-generation getting ahead As and far progress curve. and investments level XXXX normalized ourselves, of far through should cost Olympics, high have from peak

a Olympics-related and should games. All technology from and structure. XXXX grow we being should post our scale to into begin tailwinds enjoying expense and content And with next-generation still we equal, momentum. while Olympics revenues the against comp will We enter else the amount certain direct-to-consumer of

record strategic executed industry-leading among by achieved key continue distribution, to as our evidenced, points. international share our the and have our path. financial my every deal, we agenda Since intention let and growth In have others, flow reiterate relentlessly in closing, this closing free objectives, me and cash generation, we and Scripps on

businesses, face And growth, the range our of we secular traction grow year are currency mid-single-digit grow revenues with XXXX. a healthy businesses XXXX, over around this associated basis. onwards. to hit $X related to to set next-generation of direct-to-consumer growth P&L in Discovery Expecting our consolidated the expect in XXXX in expected our overall, the billion leverage our end peers, facing and constant we least solidly on to at to these peak seeing initiatives investments the are of XX% that in to we gain even headwinds operating significant Within revenues from

underpinned Finally, price great is the our execute levels. a ability express opportunity these to billion confidence I share buyback in convinced continues value-creation our as our this to authorization. $X Board agenda at on am new full current by

With taking to it the to over that, I’d like turn questions. operator to start

Operator

from Thank Fargo. question you. our Cahall [Operator comes from Instructions] Steven first Wells And

open. is line Your

Steven Cahall

direct-to-consumer and morning on you the revenue numbers. with Good for the Thank you. color thank

the follow-up. to just I XXXX, price and You of to XXXX a then the tell you talked whether be like be on got when element, breakeven nature peak versus we at portfolio. going all platform do and about spending Food to if if as is with that’s And And terms this you about on of Magnolia the wondering the us you quick get to BBC. might so wondering I a try-and-do On Thanks. in nature, relatedly, was science and estimate Network a launch next-gen could science and an And lot AVOD? to have Kitchen? any idea going SVOD Magnolia, have in

David Zaslav

of those library Steven. first you And natural you the brands see Planet, next nature about as when big as big Marvel, ours, went overwhelming really Planet Frozen by it’s brands, Iger the Thanks, history. collection have under think majority the and science BBC we did of the Walking with Well, everything for it big put when the BBC decade. and their on and us whether and together science we after that’s deal, Planet the brands, Dinosaurs, Blue the Earth, definitive with he and if names produced the

think of so we that quite the outside UK at we looking China, what compelling. we’re And and could that is, be that, their globally library. And own

portion what that, to data that alike, Do provide that globally are we about look a scripted of out marketplace, lot product, be that to here lot real America in those on this a which of a I we at curate. our of the year, companies. are content they brands, that those media for we that getting looks cases, have to with big traditional these could same a quality one each series, in quite going on scripted compelling? together? been we’ve where put know the not services, number U.S. addition cable, one lot last they looking how a on, what lot will SVOD and look people in as awful we differentiated some to When with beating have we of and Or we of which together? other, see that the you were competing in of a for put movies go women, And do family the package very figure And the do movies we every think them, love and of

And take and to that, what and Food be and all people Discovery at most saying, it. a be if advantages those look is, confused and oh, big and TLC favorite Discovery Earth at Jo and my look lot seem HG about stuff. or and they watch BBC feel they a SVOD you going algorithm, of And that what logos, And would and Disney still and take I Oprah you is issue doing are of when and a people Netflix great and with and see Planet you one next. is us, should curation and to platforms a ID, look these Chip big at is that’s then but

that’s what looking we’re at, and at so globally. looking we’re And what that’s

definitive collection what and no But golf for silos, love a do And go characters together of that we’re making aggregate? that or of or Or and the brands, of lot And a college they kid soon. into compelling that How know Encyclopedia watching churn would cycling? powerful World majority science And navigate, was determination stuff. do very Book high-quality combination with to we go that generation, we and how that’s the we at. nature, whether this the think be? like looking the women silos, great without incredibly the be? content my what with we Do we’ll could be on superfan in it to like product should that Britannica, and

Gunnar Wiedenfels

On Magnolia.

David Zaslav

are we’re the Magnolia, itself. producing a great. Chip it of and of launch Jo We’ve to Waco. content. load greenlit They’re we’ve been – doing of out going channel On all

we getting huge looks make We we’ll producing directly. super involved Jo’s aggregate higher, there. down on And do they’re never have content And team which content, they’re great. we’re the well. that excited. it, they’re direct-to-consumer popularity lot Chip we terrifically of how to we’re and and and in the of the just going And a a determination But soon. been right now, do and have when

JB Perrette

with it experimenting. it we is how we’re the David’s other bigger experiment to content package. we And just content, to that’s markets, to seeing are as either U.S. drive the are on when thing, already we’re where launching BBC going to and the beginning and Dplay pull the other internationally, together, looking for one comments BBC Steve, we on he at said, add

And so content of of Europe already are as now. use we that in making

Gunnar Wiedenfels

Okay.

not breakeven in the yet. Steve, we’re position a clearly, point, On

not have talk nor going our this margin We but at certainly point. to profiles about models, I’m breakeven

side. at transformation. traction We’re the on what we But in look if we’re revenue full-on middle the of a said, have you seeing

to investments are our this end peak at year. We of the expecting

you sense what model the might So bit for like. that a of look gives a

additional have we very economics big mind, works in cost. cost of keep content strong ramp-up of great cases, products, our because of personnel component, In content. well you about that’s one our And scale content. We going expenses has existing rollout we line together items put the expect very, as general, very it’s to off do direct-to-consumer is think can And across to very cost with of the it platforms. two well Number personnel year. linear in a this team. is leverage Peter been starting many and

And because to marketing expenses, that leveraging from doing. we’re point plateau is extent, that same a what be, going across on, it’s And team large to which you’ve that big essentially to success-based. then going point probably of we’re got

we subscribers it’s get really products just important profitable possible, business we operating these widely number successful here. of as and are while a to to crazy be a So don’t as note, striving need distributed to as

hours leveraging using massive currently library, hours our that platform And is of the here. on sort are general, content our of in key we’re GO again, off actively that XX,XXX point, we’re XXX,XXX

Some that’s of our networks. skewing than linear much younger

as for So give color rollout the again, more we’ll think positions we these I of we and products. of bottom economic strongest line the have stay is one along. go And tuned,

David Zaslav

ability to in on the in of terms side competitive for see and big that internationally. nourishment. You with of scripted subscribers in not Think the battles content what huge language. movie in being every extra series, the only nourish Because that have is English, very of it’s we scale domestically scripted checks environment,

Steven Cahall

you. thank Great,

Operator

you. Thank

Nathanson from comes next question Michael MoffettNathanson. from Our

open. is line Your

Michael Nathanson

for David one Gunnar. for Thanks. and One

products. over-the-top the people So for balance see with you. the people their economics Or question intact? bundle David, who how the you Showtime Like you the happened see the relationships aggregation your about also where pissed find opportunity your your the do one off no what’s brands to within outside they’ve That’s when your keep of into happy? to all one the that you do your if and bundle, actually HBO, support you you opportunity how I with have question outside is, but keep to to need you balance content, all get distributors taking distributors product, think Max opportunity the U.S., to longer

David Zaslav

Well, but proud than first, getting this, not less we’re money. we’re like the delivering, the X% of we’re audience. And XX% of of

and great And for appetite and they’re selling opportunity in channels. So channels for cable guys. our good have CPM affinity our the very

trying we’re and to good which on but we’re one. number value, good push value, advance, extremely an extremely an we’re So

When And one’s sold Netflix. our you going, whoa, your actor best we’re IP some the number to selling in the best two, we’re look probably you up not around, IP. industry. waking best of and No

on? walk when going and to We trying IP in economics? people off like, our that. equitable Amazon. get our And what’s doing best do your distributors, don’t they’re to Why sold talk doing are You Why we are great position. to short-term with real not we they and us relationships which the getting have bundle We’re taking that, a great gives content And that? distributors.

them. our last So night. distributors. of And with was Rutledge I all to discussions start we’re talking we with in

of that other HG, millions Discovery, grew and example. we’re our watching is Food, great it monetizing platform of of people GO channels, Hundreds consuming that are devices, a dollars up young it. ID, The on

there’s so out we and us that of to reach to the But is, AT&T, Charlie, great win-wins a they together where Charter, value. for take more work here, there’s Cox, do create how can have Comcast, how we lot And can figure to ways everybody. content we key get figure

this people We have content that incredible love.

great what the doing brands the about XX% of they’ve content. scripted spend most great assembled people we’ve time and been XX for outside of on, that that it’s last characters and movies. and their love years. And And They of

we The of selling feel both and us be have going creates value find that it. don’t don’t more what so with out to. wake of only doing us. we’re that good about they to subs cable to and figuring They lots it, doing. Netflix broadband-only going it. for And we like like they’re They’re we’re in what aren’t guys up And out rooms

Michael Nathanson

Okay.

talked what also? those revenue because are how impact buckets Olympic Gunnar you’ve What’s then the if Let affected question the Olympics the cost the But year? this about, me all be, don’t ask would thanks side? color. for occur those on And

Gunnar Wiedenfels

mean, it I on this we’re Well, look, monitoring closely. issue, obviously,

all that’s we have insurance are to out extent taken this are the we We internally really, scenarios. about some the And for looking can point, we’re IOC’s the here. do. prepare following Olympics. we At and To continuing lead, at all possible,

should... you So

David Zaslav

time Which we long out took ago. a

Gunnar Wiedenfels

Yes.

financials. any it’s if not I You want you to don’t going should know adverse add any JB, on have But to impact our that rest assured color from discussions. your

JB Perrette

think said you right. what No, I is

be should and And to prepared continue continue we’re about work with things updated. go, ready change, closely IOC lead. will we’re the obviously, we’ll and follow like and We you keep And our and we’re we’ll said, to to going. And us. for positive that be if excited very impact update an you, a as won’t you it feel should doesn’t Gunnar on it to we happen, financials. come but their adverse But back

Gunnar Wiedenfels

the I Maybe would line because contribution, number pointed out, there expense is the top with a so as but line. change

Michael Nathanson

you. Thank Okay.

Operator

Thank you.

from Securities. America comes of Bank question Reif Ehrlich from next Jessica Our

open. Your line is

Jessica Reif Ehrlich

couple also go you you trial? just your of Kitchen you’ve you. to subscription silo And helpful. us other what questions. you Thank your Are options, given you Can consider Anything to color or some with Peacock metrics yet, whether or can in say then far selling would have content give sponsorship, a seeing direct-to-consumer even route, three-month free direct-to-consumer I in as all seen entertainment whether aggregate engagement you on be commerce? Network platforms, regards consider the general it’s so would on separately, streaming you or others? mix, revenue the Food revenue

David Zaslav

has we And think every that at company we’re that Right now, IP the we we’re depth in we’re global that have. it with only language the looking company. best the

about significant local country. super is that country, local looks with excited across to library keep do strategy of company we America. a what But no I’m There in it partnering broadcasters local it we we’re or right that now, exciting, more a other the might Europe personally like we could like to what we’re it. which partner, would and as we Latin be finding did and do our ourselves. partnering if other ProSieben every so for be have companies that. really do And language, all Polsat, There with sports what ecosystem we of do would did In bunch And and every with this scalable is think effective. in

commercial We single every teams in country. have

keep just you just do XX-XX, up-to-date And to having and going and you And our... content idea and feels on the be sports about two XX-XX. have quite want local and that of it’s you reacting products, to could that. talk they’re to good are local you but people Disney+ that – great there great, this coming, we’ll it, always way Netflix Peter, idea to out us,

Peter Faricy

Jessica. Food far. Kitchen, morning, we’re so Network Yes. On very pleased Good

We’re very those days, five the building. for the customer a rating months strong so those into with the signals the is we think how I of results big pleased still this, signals but funnel are on look what’s and how the we’re far. like are I early And we’re we think early in engagement,

we’ve look a a months. X.X been iOS, at two take product ratings, the you we’re But up X.X. If our at in to last

end gate, see that’s feedback that love from they’re they we’ve rating a built the engagement. a you seeing of something out actually, you like you rating using bit. quite like a really really, So a there’s that, And if great that that, a our of consumers and only up when get lot

this, when product. was this entertainment an we’re utility with of much innovation. combination it the So that very and they’re is using think pleased we And we how launched

happened. what’s far, And that’s so exactly

the with thing our on and one they’re pleased Amazon, how say, discussed for is And call, as apps much the with Amazon partners. beyond. had most would in of is big them, partnership so I second earlier The we’ve Fire excited with we’re about the very David of from the this very But getting amount far. platform pleased Alexa. is engagement innovative they’re TV interest

So tuned. stay

with we the have more as goes I to year do think Amazon on.

trial we’re ago idea La to But visiting pay La Sur to to these announced that all weeks cooking, take for the a about. a are six-month a rolls who that a group get product excited all to be or partnership exciting we cooking that membership or either us. are free is few store, of customers quite Sur part of And buy with that naturally their this Table class, going are Table quite attracted a

turns how that see to excited we’re So out.

so about still But XX% subscription it’s and this been XX% imagine say You early, partnership XX% I over in But asked time. to other and ads, commerce revenue going about the activities. would the and it’s is early game. mix, I’d it’s still evolve maybe

quickly. the We’re, active have much people again, quite activity free getting how who very, become The users very pleased with quite are layer. we’re subscribers in

year as forward look more and optimistic guys giving So you to on. goes we’re details the

Jessica Reif Ehrlich

you. Thank

Operator

you. Thank

comes Our question from Morgan Swinburne next from Stanley. Ben

line open. is Your

Ben Swinburne

or opportunity DTC sort to the give faster Gunnar, Thanks. talked stance DTC. just to more little taking remarks, what’s internationally, I and wanted more and in you’re between thought a stance in would of JB. higher pivot you on impact mentioned that or you Good bigger sort Gunnar revenue? morning. lead Could there. slower on about us more the revenues pivot either a over aggressive prepared a sort color aggressive least affiliate to maybe have I affiliate ask of relationship a fees driving would at the of of considering

there. trying understand the Just to

organically? speculated a Pluto, lot up there’s and or And whether wondering AVOD M&A, you Xumo, some interesting AVOD than passing if the of like business why the market inorganic think view there’s of on less the what on been M&A space in sort Tubi. you’re opportunities. press, M&A David, in these, Or these some the just then, building are I’m your is

Gunnar Wiedenfels

Great. Ben. Thanks,

seeing, we see aggressive making number timing one, is direct-to-consumer, we’ve issue. the growth your rates as that of is seen. on ever reason of these Dplay closing more even to the of first do we’ve into think our adds this we ever pivots at some particularly and net a subscriber On part reality question, I growth XXXX, year, kicking it’s And we’re direct-to-consumer, some of The our January look why had. had we’re that fastest we in highest the

accelerate. we’re that growth curve seeing so And

as so lean mentioned, one distribution, off table where want the in. we really the OTT we some the and the the better that And timing lean to we getting see distribution product, when therefore, space. of And opportunity, to Peter money is traditional for take may into FNK better,

the question some longer growth affiliate just term, see distribution or the you’ll term. but the to line is, where short the over the medium, hit the timing your item, is So to of difference, and revenue obviously, what creates come benefit in it about

a term reason the accelerate in that’s of we continue and first XXXX few so And saw growth seen accelerate. that may you the near XXXX, we’ve that the we more in why to into see as lumpiness again in months bit accelerate

Ben Swinburne

I got helpful. That’s it. Thank you.

David Zaslav

have love shopping-type is like to having that the in to also that it’s the pretty think the used that They way be I cycling being and this pay love, affinity to instance, the and subscription. to in fluid course. of to AVOD, golf that and golf. for a that an but attractive advertisers. broadcast was terms quite and think globally have so be they can about to through millions On And people Sunday, come for people and of for can the but they network ability might aggregate might for space, Thursday everything free can that virtual world not you millions level, applications, view global they that had But cycling read have golf subscription do also or to golf AVOD/SVOD. you watch And golf have aggregate as for about a able the

to We’ve recipes. same that get where under can Tiger. on on saying that vacation. to to same see golf very food. of a those a They want with They we’re more from big us, form food advertisers a see cycling, for And people want short access funnel are we They seeing get and more, built people, little to out go instruction. figure can can bit

affinity recipes getting we is that this And out. food. AVOD, so you that But balance do of put network monetizable. something behind global a That think you be broadcast how quite and want figure paywall, below love of, of that virtual much could the we’re much globally, how put people and aggregating trying to idea groups

remember, so us for the a one advantages owners. And is of we’re think big and that’s that, we

pay really want get up you very got we’re cost. trying business a don’t into product three and for we it. so a don’t out and the two to buying years really keep rent of then we then later, And high to to going And to to

compelling. time, our from we’re And still which transaction. think and then really is subscription piece funnels these And like is we we piece And So of we’ll a driving going that is how a them for world. over compelling you monetizing very around through take advertisers the AVOD and big or we side, think model. the we’re actually AVOD to be

JB Perrette

thing three is only in the the having superfan as an and found David pricing own what over advertising is the from you valuable. and think decades, Ben, we world I’d add, I where linear these perspective other a to groups, last hugely category the brands is, said these

we’re have the have around algorithm Peter be and what an base. to it the own to building, customer user and what don’t it base we category. around cycling, define Magnolia, food, whether be We so around is the actually be And seeing whether whether it

more And so than pricing the value powerful endemic of that a is value. way algorithmic perspective from the

that big we also, to into be this. so think further I going think, And something a is we as that’s get tailwind big,

David Zaslav

available I the Basic everybody the The had But confused? with you biggest West everyone I than big Wild the people curation. every when one watch? is What It is do get channels. in different curation. more X. and IP the over love? the how Even being decade, these watched content have that know if there out to there, real In everything family Are next challenge six do lot be a to was you of Do you six you to of consuming anxiety? a services, every that all world challenge ever it? cable eight had subscribe to going What’s navigate there. you is to

people with testing versus I this going the going reaction the know that a on of I everybody think to to show. are is in is, that we’re the where And long value that love. us are love. them. the telling exactly and to finding go. term, products, or I the oh, And out is land over there the I huge spend one we’re There want characters our brands think is that advantages SVOD, be watch AVOD more I time when I to to that a big doing

Ben Swinburne

helpful. you both. Thank That’s

Operator

Thank you.

question from JPMorgan. Quadrani Our comes Alexia next from

line open. Your is

Alexia Quadrani

much. so you Thank

comments sort two on follow-up of Just questions on streaming. your

just how investment think talk the big And other services. this put to you in about can if for my SVOD incremental the spending then of is you is on versus your market and broadly addressable year, sort of other Dplay one First, maybe sort how is content much technology?

Gunnar Wiedenfels

with the start what essentially similar a very investment. well. as me Let incremental structure It’s have in we XXXX to done

to as largest and by said up here, earlier, far I you of Peter’s item that’s assume great And in us below. of we the is lot in the then, half are have and people people a very credentials, bringing can great Peter ramping roughly XXXX. junior a that’s more impact successful in content significant helping has going in team further, spend. So line with pull been

But that’s So in then certain be leverage obviously, to further. on grow I extent great a and to personnel expenses. as to I as going expect some a we earlier, track. that plateau businesses the But reflected get operating said it’s

are those are those two components. key So of the

cut said And you is the will expect, little bit flux, well opportunity. potentially this and to very and the see and helps. would as one, in I’ve absolutely as third spend performance we on times, we that hope hardest areas the back working behind keep then is clearly to again a flexibility predict. that get that’s don’t we see other I in marketing, return to many And if the something

JB Perrette

XXX the great inning we’re first address we million we’re reality the you addressable across look people just universe if European almost in Alexia, footprint, we Dplay, the our the question on of European the think Even the at footprint. look, On here. is, seeing for though scale,

subset, are high-paying attractive Europe, demographic a which a is aggressively Nordics. and after, We a wealthy in Northern a subset, but going very the obviously, smaller

almost XX going We’re there. people Joyn, million after Germany with

a Poland, and the we now our market. also international presences also in Spain. in after going in We’re But biggest Italy, current UK, in market have sizable

addressable early in player so those And market significant. think local leading markets is we for content the we’re in in the but days, Europe

Peter Faricy

we’re add just on a the making. technology quick I’ll investments comment then And

in we’re technology One central our reasons we this that products. will be of peak platform the feel all this of direct-to-consumer like year for XXXX the is building

building So advantage across love. them we the can and like doing There’s same world. probably that Obviously, in of it again is We the and of keep to will we one be product a respond efficiency. advantages that. to and that us lot over pivot feedback build don’t actually globally. have one customer platform over products is people bigger But the faster for

have be over if And apps, you made product improvements for if for for the at ratings about Kitchen, for take those. look Because the to excited all guys of Trend, Dplay, Food Motor think experience months. we’re combination in content last win significant this it’s they a in going we’re XX together. do going that we direct-to-consumer, of customer can to be GO So a And to Network able very our of those with we’re along we to build. great great that unique a great have, the both we position

Alexia Quadrani

you. Thank

Operator

Thank you.

Our next UBS. from from question comes John Hodulik

line Your is open.

John Hodulik

two, the us U.S. those could you’ve trends be we And trends then XXXX? turn buyback think, cadence tell David, you the worsening Can to got mentioned repurchases I as great. year-to-date. authorization, ratings of initiatives look welcome. was out the would timing into about any about Anything number the you in or talk the you those

David Zaslav

down. a and and we think go portfolio I quality channels, have great Well, up of Sure. they

dramatically. and was all one of of working ago. I for in has now years our And wasn’t what of a the And the by channel think, length the a gone a and lot living. TLC for America, us, laser up new content number for America channels, in It’s women XX the like right lot. is it’s do we’re view the focused. three channel number TLC we youngest

do same Discovery. audience, on thing focused of how is do We’ve So are we doing what been we who we more it. doing at the right, the

the significantly of months, it, enhanced you elevated moving very to sustainable been ID every been almost producers the is with of series, and in for terms Last we’re brand, a nine last best the all up together on shore bought years, year, the growing really was and quality – IP brand. our it’s which blue-chip think growth where which the We Daniels team, and nine Discovery – last and we’ve and the And content, improving we’re could has ID, quarter. is for growing we we the out quality Nancy working really see is really looking critical. went declining.

so significant you’re a to going And refresh. see

hard Henry We’ll relatively Kathleen soon. have it. launching on working be Schleiff and that been

do we know for it. for when a we what And I is we wrong drive, is in, hear what’s car the get This us, a that we so think, living. this noise with we

scripted. quicker You can’t always, because our of quickly it cycle, have because don’t you’d with But like. we channels fix as as we’re

that improvement but It some and we see that, you’ll you’ll I that good all – so think see on won’t us feel that. you’ll quarter-to-quarter. And be see quite channels, about

The is that about, we now, bigger how right aggregate much getting we’re more IP. that excited challenge that have we

Europe. U.S. mix. I to think land we’re we’re on looking something it to right with the here And the in in

Gunnar Wiedenfels

returning generating ton And are again, of cash. have capital cash the our our business. And we but the John, on buybacks, don’t of allocation that we use a Clearly, points. couple a for we’re we priorities,

I’m sign next The the going here. second stamp And commitment strategy to not put with of value specific last to $X I point of from to this that. the again, the or team the the is, view authorization, a billion authorization time Board We as as sort to flexibility. cadence clear any

through the Now, see million current in $XXX next share another that of have to market very now, look price surprised we being not authorization Actually, And in buying gone shouldn’t billion couple but essentially the worth from you heard weeks. of now. stock in first entire you in at $X actively said, us levels, the the right we’re by earlier, blackout, you as back be right the if quarter.

John Hodulik

you. thank Great,

Operator

you. Thank

from Our from Credit next question comes Suisse. Doug Mitchelson

open. Your line is

Doug Mitchelson

might struggling is, include one of direct-to-consumer for you a the around things your that discussions put around One and the ultimate much. service for time U.S. so would the one think kind are model Peter. behind David, of And David, business with what your I channels? frame all thoughts investors Thanks that.

way You’re helpful. traditional a distributors? about example, some in be on revenue direct-to-consumer economics would world lumpiness replicate stream? a Would talking Would as this That in of of, revenue we existing sort purely or of partnership Europe. share a at be usage-based the sort with look you Flex something Comcast, with be advertising can doing for do in it

momentum What And it’s are a the opportunities marketing the just streaming from of exercise? then, see across like for you’ve Peter, feels as you, hurdles forward? I’m say you glide looking what and milestones purely all you look, it of look lot curious or got a execution and It forward. businesses. a Thanks. would path challenges here Is you the as

David Zaslav

first? Hey, Peter, do you want to go

Peter Faricy

first think Hulu, happy hired nine leader and and Holme us we’ve she about I be products. the Content point, step to working the so on later Sure. we about the way been she try really platform. from over Strategy, last is was we’ve then Kitchen this that foundation, the side, years these for our say first we spent build on not CTO beyond. to take steps two that now, I’m morning, I Amazon, then Whitworth to to this I announce can Lisa we’re a Yes, Doug, the very to that Network to – and It’s Food think this But assure strong comes it as lifestyle where the hired content this on talked Saxena I’ve some it And But right for going at is from a hired thinking we path. a before, leader I team technology our building took and were you. glide Avi path building glide Tyler as team our

in about very the the building talented technology we’re foundation. we’re excited So team

We now consumers feedback? iterate Number with respond we journey do and can much have faster? how then to content. that And think customer products this these three, others I do the how to build do we’re products how continue two, great things: love? who And on really scale Number we one, help partnerships we three us is build

be XXXX we’re make next journey are a is time. the smaller journey very a going to over products, more things lesson and better most getting and a over I XXXX think products content that few to on more to and need will my of go. focused think to we the I the gate do and better learned better in the years come technology we at incremental technology The marketing get there’s products silver for the our time over Amazon consumer is these is, on as instantly are out make and time. investments our build And bullet This already be of platform I and in in these of and and successful. them attention But XXX over the

David Zaslav

length On on that a people the content we’ve And of lot our in wanted other proved content, the Yes. aggregating GO to age the younger. point we one And higher GO. platform the we I on twice out to out do we the on CPM that to seen is our driving people of things is, as appeal because platforms, traditional is make and of view platform. the have are

goes of when things, day all you ID and Food one more so devices, long, every it’s us. is we’re to Discovery spending on somebody HG time look money. caching on the to they’re OWN. getting the and time they’re And and you GO don’t we’re that GO, telling double for ratings, the and see And at to And with our go us, people and

and one, off-platform at And pushing we the you ratings, of are and because so one it’s were literally you from like see that, people like how your can else, people do number you quarter the well, it you because, unlike reasons ratings quarter before pushing better our looks for monetization did model to platform. hey, so we’re last anybody did our us, look down, when a

ready. We are question on think, of replicate talking the the works there’s want number And economics we side, can with works advertising when no one. the we’ll that come monetization come to We we something distributors. because out But us. them, to we’re for for that XXX%, out that

our what of stuff. we that bigger way answer have quite and opportunity all that, that now people of would love money – and for value for IP with the the the And people that value with for up we to for doing then for cable, they so both Netflix. than clever we’re watching very GO get is that’s they for or aggregate not to ledger. $XX would have $XXX what’s have, cable And if all the be a may in an package see a platform, best stuff satellite two, on and with consumers, increase are which overall cable, distributors they that subscribing of someone’s at for some to and the – a less, aggregation think library all too the grew paying is what the and working can look not and lot drive to Number when aggregate ends decide there, we that ecosystem able offering, they both now you chance we on do to the then having and cable the of a with in much aren’t in the on we’re paying, the the and have viewership that be which of are our experience

want the be do may a They want do, people of that that optionality. lot to both. there some to people want And

figure that’s to So what trying we’re out.

talking – because very us near-term. we can We’re the the you’ll quickly. hear can already And And we I think have to we move move distributors. from quickly. very think place, we in in platform And the we everything, have own because we

Gunnar Wiedenfels

another one doing Doug, us Peter milestones of doing. the to on It’s saying, add to what I case saying said point. point what want we’re we’re what

as turning a what talk Store focusing You performance that input we’re commitment heard well. to on the we’re product, about and seeing, we’re start should talking with view how engagement, lot getting how as And us, ratings et into driving next-generation first, again, cetera. the we’re happy very how our revenues factors a building fact you up, and Peter, we’re especially we’re we’re that financial App about now

Doug Mitchelson

long I’m Thanks. looking forward to target. that term

Operator

you. Thank

comes from question from Capital. Imperial David next Our Miller

open. line Your is

David Miller

to just have free capital guys, inputs Hey, XXXX slightly of that refine of of puts flow assuming the about right due regard flow. Thanks. about just in can sort you’re guys place that the great with the on XXXX? mostly versus now, like expound that outstanding. you cash just sort might on you I kind down, model working free a Yes. the absolutely other of flow, talk for wanted happens, Gunnar, numbers. to willing Olympics XXXX kind to we Other free the as capital you look to what and cash you’re I got side to takes just in but question if any I’ve out working cash Olympics, than outflows us thought.

Gunnar Wiedenfels

Well, you. great. Thank

the give business here. this more that deal, on, again, to actually that’s to specific So is that a outside is to already funded made generated $XXX efficiency. in estimate was driving have $XXX will cash for we we that we XXXX, that investments you continue synergies should of guidance going here again, of My the million I closing rate assume there is comment I you north why for be priority of the million yes, and working run to underlying relentlessly we’re core and if earlier want billion. us. the have core our since investment areas, I in But in mean, mind don’t huge And keep $X.X continue direct-to-consumer at be in

capital the Now flow and right, something Olympics that XXXX absolutely was being is bring some cash the side down while. able the going for working that suffering been have that on I’m turn to extent. that a But outstanding that do we from I an said, we’ll think continue as glad and to to push you’re investments free year that’s negative around on were hard you to trend said, we

David Miller

you. Thank

Andrew Slabin

you very Thank much.

there. I much, you up to we’ll Thank very speak think quarter. we’ll wrap it and next you

Operator

Ladies program. participating you the today’s gentlemen, does conclude This and conference. in for thank

day. a disconnect. wonderful may Everyone have You all

Warner Bros. Discovery (WBD) 27 Feb 202019 Q4 Earnings call transcript