Discovery, Inc. Reports Third Quarter 2019 Results

SILVER SPRING, Md., Nov. 7, 2019

David Zaslav, President and Chief Executive Officer of Discovery said, "Discovery once again delivered strong financial results across our portfolio, generating healthy revenue growth in the U.S. and internationally, and significant operational efficiencies from our ongoing transformation efforts. We also made progress in the buildout of our digital ecosystems that leverage our owned programming and brand strength. With a solid financial profile and strong balance sheet, we are able to invest meaningfully in our business and create additional value for shareholders."

Third Quarter 2019 Financial Highlights

• Total Company revenues increased 3% to $2,678 million or increased 5% ex-FX⁽¹⁾.
• U.S. advertising revenues increased 3% and distribution increased 6%; and
• International advertising revenues increased 10% and distribution increased 8%, ex-FX.
• Net income increased to $262 million and diluted EPS increased to $0.35 per share.
• Adjusted OIBDA⁽²⁾ increased 6% to $1,126 million or increased 9% ex-FX.
• Adjusted EPS⁽³⁾ was $0.87 per diluted share, excluding certain items.
• Free cash flow⁽⁴⁾ decreased 3% to $884 million.
• The Company repurchased nearly 12 million shares for $300 million, at an average price of $25.93 per share.