Discovery, Inc. Reports First Quarter 2019 Results

SILVER SPRING, Md., May 2, 2019

Operational Highlights

• Announced a 10-year global partnership with the BBC for factual SVOD content as well as a resolution of the UKTV joint venture;
• Delivered the top-four cable networks for women 25-54 in the U.S. with ID, HGTV, Food Network and TLC, for the first quarter of 2019⁽¹⁾;
• Successfully launched digital streaming video platform GOLFTV internationally;
• Announced a multi-platform media joint venture with Chip and Joanna Gaines that will rebrand DIY Network, with the new brand expected to be unveiled in Summer 2020;
• Acquired a controlling interest in digital cycling platform Play Sports Group; and
• Secured a new distribution agreement in the U.S. with YouTube TV, adding to broad inclusion across virtual MVPD services.

"In the first quarter we delivered a solid start to 2019, as we continue to power people's passions through our loved brands and our owned global IP in genres that nourish audiences around the world," said David Zaslav, President and Chief Executive Officer for Discovery. "We are a differentiated media company and have the right strategy, assets, brands, and management team necessary to drive additional shareholder value."

First Quarter 2019 Financial Results
First quarter revenues of $2,707 million increased 17% on a reported basis compared with the prior year's quarter. Excluding the impact of foreign currency fluctuations⁽²⁾, revenues increased 21%. On a pro forma⁽³⁾ combined basis, excluding the impact of foreign currency fluctuations, total company revenues decreased 5%, as a 3% increase in U.S. Networks was more than offset by a 15% decrease in International Networks primarily due to revenues from the Olympics in the first quarter of 2018 and a significant decrease in Other due to the sale of the education business⁽⁴⁾.

First quarter Adjusted Operating Income Before Depreciation and Amortization ("Adjusted OIBDA")⁽⁵⁾ of $1,159 million increased 63% on a reported basis compared with the prior year's quarter. Excluding the impact of foreign currency fluctuations, Adjusted AOIBDA increased 67%. On a pro forma combined basis, excluding the impact of foreign currency fluctuations, total company Adjusted OIBDA increased 21%, as U.S. Networks increased 17% and International Networks increased 46%, primarily due to the Olympics in the first quarter of 2018.

(1)	Source: Nielsen, C3 delivery (000), Q1 2019 (12/31/2018 - 3/31/2019) in Sales Prime (M-Su 8p-12a) for women ages 25-54. ARIVA.DE Börsen-Geflüster Kurse Discovery B -   0,00% Discovery C -   0,00% Warner Bros Discovery 8,38 $ -0,71%
(2)	Refer to page 6 for our methodology for calculating growth rates excluding the impact of currency effects.
(3)	Pro forma is defined as the results of the Company as if the acquisition of Scripps Networks had occurred on January 1, 2017. Pro forma change for Total Company and the International Networks segment excludes the impact from foreign currency fluctuations. Refer to page 6 for the full list of pro forma adjustments and to pages 11-14 for full detail on pro forma operating results.
(4)	The Company sold a majority stake in the education business on April 30, 2018.
(5)	See full definition of Adjusted OIBDA on page 5.

First quarter net income available to Discovery, Inc. was $384 million, compared with a loss of $8 million in the prior year's quarter. The improvement in net income was a result of higher operating results primarily driven by the integration of Scripps Networks and to a lesser extent income from equity investments versus a loss in the first quarter of 2018, partially offset by higher tax expenses versus a tax benefit in the first quarter of 2018. Diluted earnings per share⁽¹⁾ increased to $0.53 due to higher net income. Adjusted Earnings Per Share ("Adjusted EPS")^(1),(2), which excludes the impact of amortization of acquisition-related intangible assets, net of tax was $0.87. Adjusted EPS excluding $10 million, or $0.01 per share, of after-tax restructuring and other charges, and $(22) million, or $(0.03) per share, from a one-time settlement of a withholding tax claim, net of tax was $0.85.

Free cash flow⁽³⁾ increased to $498 million for the first quarter of 2019 as cash flow from operations increased to $542 million while capital expenditures of $44 million were consistent with the prior year's quarter. Cash flow from operations increased primarily due to the full quarter impact from the integration of Scripps Networks as well as lower cash restructuring charges.

SEGMENT RESULTS

Total Company
(dollars in millions)		Three Months Ended March 31,
		2019			2018			Change			Pro Forma Change(4)
Revenues:
U.S. Networks		$	1,752		$	1,174		49	%		3	%
International Networks		952			1,098			(13)	%		(15)	%
Other		3			35			(91)	%		(91)	%
Corporate and Inter-Segment Eliminations		—			—			—	%		—	%
Total revenues		$	2,707		$	2,307		17	%		(5)	%
Adjusted OIBDA:
U.S. Networks		$	1,061		$	652		63	%		17	%
International Networks		219			137			60	%		46	%
Other		1			3			(67)	%		(67)	%
Corporate and Inter-Segment Eliminations		(122)			(83)			(47)	%		(18)	%
Total Adjusted OIBDA		$ Werbung Mehr Nachrichten zur Warner Bros Discovery Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 24.04.24 - PR Newswire Fidelity China Special Situations Plc - Transaction in Own Shares 24.04.24 - PR Newswire Fidelity Japan Trust Plc - Transaction in Own Shares 24.04.24 - PR Newswire Fidelity Asian Values Plc - Monthly Factsheet Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59