Warner Bros Discovery

[tommycarstensen]

Regnskab fra Warner Bros Discovery var et af dem, som jeg havde set frem til med stoerst nysgerrighed i dette kvartal efter separation af WB og HBO fra AT&T og aegteskab med Discovery. Kursen steg cirka 20% op til regnskabet, saa jeg taenkte, at nogen maatte vide noget, som jeg ikke vidste. Men den faldt cirka 15% paa dagen og roder igen rundt ved 52 week low. Jeg akkumulerer fortsat.

Jeg har vedhaeftet et par af de figurer, som jeg betragter som de mest relevante. Klik for at goere dem stoerre.

Kvartalsresultater her:
https://ir.corporate.discovery.com/financials/quarterly-results/default.aspx

Her kommentarer vedroerende gaelden:
https://seekingalpha.com/article/4530044-warner-bros-discovery-inc-wbd-ceo-david-zaslav-on-q2-2022-results-earnings-call-transcript

With that, I want to give a quick snapshot on our balance sheet. We are reiterating our long-term gross leverage target of 2.5 to 3x, which we expect to hit by the end of 2024, and our gross leverage will be within our current ratings category by mid-2024 or earlier. As stated before, we will continue to dedicate virtually all free cash flow generated to debt reduction until then.

We had $53 billion of total debt at the end of Q2, including $6.5 billion of term loans. Importantly, our debt financing is generally long-term with an average maturity of more than 14 years and a 4.3% average interest rate and equally importantly, interest rates for the vast majority of our debt are fixed. We have no remaining payments due in 2022, and we currently have $1.3 billion due in 2023 and $4.3 billion due in 2024.

Also note, earlier this week, we finalized the post-closing working capital adjustment process with AT&T as part of the merger agreement. And as a result of that, AT&T will pay us $1.2 billion in August. With that, and combined with prepayments made in July, by the end of August, we will have paid down $6 billion since closing the transaction in April.

Warner Bros. Discovery hits streaming-first push reset as DC chases Marvel
https://www.reuters.com/business/media-telecom/warner-bros-discovery-quarterly-revenue-slips-2022-08-04/

Streaming is hard when you're levered as much as Warner Bros. Discovery, says Michael Nathanson
https://www.youtube.com/watch?v=3mG0H-qynLY

Warner Bros. Discovery CEO David Zaslav has a tough hand, says Engine Media's Rogers
https://www.youtube.com/watch?v=s0Lx9XFM_qw

[tommycarstensen]

Jeg glemte en enkelt figur. Den er ikke saa vigtig.

[tommycarstensen]

Her blot en figur fra Warner Bros Discovery ved udgangen af fjerde kvartal med deres fast-rente-gaeldsposter. Data kan hentes ved at klikke paa linket "Debt Schedule" her:
https://ir.corporate.discovery.com/investor-relations/default.aspx

De betaler ikke udbytte, og de har skaaret i omkostningerne, saa de har god mulighed for at afdrage paa gaelden uden at optage ny gaeld med en hoejere rente.

5. maj kommer de med regnskab for foerste kvartal.

De har ogsaa foelgende to laan med variabel rente:

Issuer Currency Notional Notional (in USD) Rate Maturity

Warner Media Holdings, Inc. USD $500,000,000 $500,000,000 SOFR + 1.78% 2024-03-15

Warner Media Holdings, Inc. (Term Loan) USD $4,000,000,000 $4,000,000,000 1M LIBOR + 1.375% 2025-04-08

[tommycarstensen]

Her nogle andre relevante figurer.

[tommycarstensen]

P.S. @HelgeLarsen, bogstabet W mangler i tag-listen her: https://proinvestor.com/taglist
Og WBD-linket i denne traad er doedt og foerer hertil: https://proinvestor.com/aktier/Wimm-bill-dann+Foods+Ojsc/WBD

[tommycarstensen]

Her figurer fra Q4-praesentationen med sammenlignelige tal YoY samt vejledende tal for 2023.

[Helge_LarsenPI-redaktør]

Beklager Tommy. Jeg har desværre svært ved at finde en tekniker som kan fixe bugs i tag-listen. Håber at det lykkes inden alt for længe.