Discovery, Inc. ( NASDAQ: WBD) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET Company Participants Andrew Slabin - Executive Vice President, Global Investor. But the digital inventory, which really held up in the fourth quarter has also softened. Games & Home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. Overall, 14% of . You probably know that, because we've kept the lights on at TBS for the last five years.". You've been ahead of the curve here, but it seems like everyone these days is reshaping their streaming strategy in pretty profound ways, whether it's their org structure, their content spend, types of content investments, philosophy around content exclusivity and licensing, international, pricing and just so much more. Discovery ( WBD) CEO David Zaslav promised 2023 will be WBD's year after the media giant reported fourth quarter earnings results that missed across the board on Thursday. We've heard the word curated. Do your homework, find out if the casting call is legit, find out who the casting director is for the show or movie and make sure everything matches up. Channing is the best example of that. Is this happening to you frequently? Your email address will not be published. And the best thing that we have going for us right now is all of that hard work that we did, and it was probably two years of work that we did in 10 months, it's now almost -- it's overwhelmingly behind us. People want to be part of something. Stay tuned for more to come on this front. And we could see, for instance, at HBO, the majority of viewership of content on HBO was only 40% of the content. So I think that I'm hyper-focused on this, meeting once a week with the team, but getting our stride as a new working team, and I feel like we're starting to get some momentum on that. I believe we've barely begun to scratch the surface in terms of the potential here, and I'm excited about the benefits as this cascades throughout the organization. But it's -- we're not going to tell any story before it's done. And that is the culture here at Warner Bros. Discovery might have had. And having all those distribution outlets gives us the optionality to look at what the data shows us and see where we need to lean in further or not. So there was 60% that was hardly being viewed. Consistent with what we told you last August, we are getting ready to launch our combined streaming service here in the U.S. in a few months with Latin America to follow later this year and markets in EMEA and APAC in '24. And we take that across film, TV and even to sell to third parties, because we have something, we have a treasury that no one else has. Warner Bros. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. David, maybe just to sort of wrap up that on the content side. I'll just take a swing at it, Gunnar, you can follow. Casting for teenage Dumbledore follows on from the news that Jude Law will play the adult character in the Fantastic Beasts sequel. This year, we celebrate the storied Warner Bros. Studios 100th anniversary with a deepened commitment to telling quality, diverse stories, with the power to entertain, inspire, and when we are at our best, impact or even change the culture. The casting of a young Leta would suggest that her character might have a bigger role in the sequel. In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. And on the 2023 outlook, look, it's early in the year. Apply Here: NickOnlineOpenCall.nick.com Parents/guardians please email: NickOnlineOpenCall@nick.com for more info. So we're excited about the fact that we're going to take all of the Discovery content and put it together with the HBO Max content in a much better platform. I'm just wondering if you can talk about some of these assumptions. Looking for Pottermore? Today, with direct-to-consumer, more and more people are joining the party. [Operator Instructions] Our first question comes from Jessica Reif Ehrlich with Bank of America. More details on the decision to have Wonder Woman 1984 debut in theaters and on HBO Max at the same time have been revealed, and it turns out there's a good reason for handling the sequel this way. Reportedly Cancels 'Wonder Woman 3' Warner Bros. Discovery, Inc. (NASDAQ:WBD) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET, Andrew Slabin - Executive Vice President, Global Investor Strategy, David Zaslav - President and Chief Executive Officer, Gunnar Wiedenfels - Chief Financial Officer, Jean-Briac Perrette - Chief Executive Officer and President, Global Streaming and Interactive. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. This company every year give up the chance for new talents. No previous acting experience is necessary, but applicants need to be eligible to work in the UK (meaning they must be a UK, Irish or EU passport holder), and be available for filming between August and November 2017. Among them, the integration and repositioning of our global finance organization through which we implemented a number of initiatives to drive efficiency and better support the company's long-term sustainable growth. Join the Fan Club and bring your traits with you. And then on the affiliate side, renewing 30% of your affiliate deals. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts. Cast: Dwayne Johnson, Keanu Reeves, Joh Krasinski, Kate McKinnon, Natasha Lyonne, Kevin Hart, Diego Luna, Jameela Jamil, Vanessa Bayer, Marc Maron About: Krypto the Super-Dog (Johnson) and Superman (Krasinski) are inseparable best friends, sharing the same superpowers and fighting crime in Metropolis side by side. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. So David, as you said, '22 was a year of really heavy lifting and you had challenges really in every division, whether it was film, advertising, CNN, et cetera -- I mean, macro, et cetera, D2C. And the newest hits, Night Court on NBC and Shrinking on Apple TV. Successfully localized over 75 titles and worked with over 50 different studios since 2005:<br> Warner Bros. Montreal (April 2013 - Present): Batman: Arkham Origins, Middle-Earth: Shadow of Mordor, Batman: Arkham . We have profitable subscribers that are very happy with the product offering of Discovery+, why would we shut that off. We see price as a very important second part. As you look out to '23, I think Gunnar kind of touched on some of the potential tailwinds, but it sounds like you're walking away from close to $12 billion in EBITDA to maybe low to mid-$11 billion in EBITDA. The game was 1 of the most highly anticipated of 2023. Marvel's Guardians will star alongside Chris Hemsworth (Thor), Natalie Portman (Jane Foster/Mighty Thor), Tessa Thompson (Valkyrie), and Christian Bale (Gorr the God Butcher), among other new and. All U.S. extremist mass killings in 2022 linked to far right, . Those shows had a supersized effect on people and culture. And that gives us real optionality in terms of nourishing audience for growth and for reduction in churn and for overall price value. And then there was a lot of content that just wasn't being viewed. Warner Bros. We haven't done a Superman movie in 10 years. And we've got a time-tested approach to cross promotion, and we're adjusting that right now to the larger portfolio and the larger number of assets that we're promoting. In terms of the market itself, it's -- as I've said before, it's not a good environment. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. Echoing some of what David said, the leadership team is ever more aligned on strategic decision-making that benefits the company as a whole versus one segment or another and is incentivized as such. Moreover, the exit rate coming out of the fourth quarter lends confidence in continued very strong financial performance thus far in Q1 and into our soon-to-be relaunched D2C offering. Our next question comes from Michael Morris with Guggenheim Partners. And back then, you had to watch the show on Thursday night. We have the largest maker and seller of content in the world, and while we've got lots more to do, we are increasingly seeing positive traction and strong proof points. It's about the sustainability and the longevity the free cash flow being delivered by that segment. At Warner Bros. Starting with the Studio segment. Batman Day - September 17, 2022. The casting of their teenage incarnations as well as those of Newt and Leta will be sure to intrigue Harry Potter fans, and drive further speculation about the next films story. Warner Bros Pictures Casting 2023 Open Call Dates Roles Check here. And later down the road, we're also obviously going to start looking at new market launches, again. The 99-year-old movie studio, home to Harry Potter, Batman and Bugs Bunny, will now head in a. Is that -- it sounds like you guys have, on the one hand, a lot of new programs, a lot of new movies and a lot of new initiatives; but at the same time, pulling some content on the floor. Thank you, Jessica. That's not the point. Casting Australia (@warnerbroscastingau) We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. But in order to do that, we took less volume than we could have. And then if you loved it, you can come up and you could then pay for on ad-lite or in subscription. If you have an ad-blocker enabled you may be blocked from proceeding. And with the breadth and depth of content that we have across the company, we think we're very uniquely able to do that without jeopardizing or risking the subscription business, the theatrical business or some of our upstream windows, which we'll obviously continue to focus on. The only other thing I'd add, Ben, is for us, it's not just a question of subscriber scaling. We took bold decisive action over the last 10 months and the bulk of our restructuring is behind us. Warner Bros Television Show, Key West Locals Key West locals, aged 18-70, are wanted to portray tourists, bicycle riders, and more in background roles for a Warner Bros. television project.. And why should we need to monetize that in order to drive shareholder value. https://forms.gle/pSmy15EJENw7foXi9 Advertisements Yes, that's one important ingredient. Warner Bros. How to Get Cast On How to Get Cast in a DC Comics Movie or TV Show This guide will answer your most pressing questions. Discovery to Merge Streaming Services James Gunn, and Peter Safran were Appointed to Be Executives of DC Studios 'Stranger Things' Caleb McLaughlin Says He Wants to Place 'Static Shock' Margot Robbie on Lady Gaga Cast to Play Harley Quinn in 'Joker 2' Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. company's most recent annual report on Form 10-K and its reports on Form 10-Q and Form 8-K. with that, I am pleased to turn the call over to David. Warner Bros. Pictures is a famous and popular American film production and distribution division of Warner Bros. Entertainment, which is owned by Warner Bros. Open casting calls are something of a tradition in the Wizarding World. Good afternoon, and welcome to Warner Bros. Sorry, Robert. This is some of the most recognized and beloved storytelling IP in the world, and we're excited to tell even more of those stories. And I'm very, very glad that we put out some targets in the summer of last year, and we were able to hit those targets. Discovery, Inc.. CAB Castings, LLC. And we have high hopes for all of these metrics after the combined product launches to further improve. And on the potential for the balance sheet, the balance sheet improvement is very encouraging. Sure. December 13, 2021. Lord of the Rings is one of the most iconic storytelling franchises of all time and we're so excited. Let me start with the second. The studio is looking for young people to play five new roles in the film, including teenage incarnations of Newt Scamander, Leta Lestrange, Gellert Grindelwald and Albus Dumbledore. Our final question comes from John Hodulik with UBS. I mean just how should we think of sort of pricing and how should that translate into sort of results as we look out to '23? And to that point, I have no doubt that we have years and years of that coming our way. [Operator Instructions] I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. Thank you for attending today's presentation. Leta Lestrange was mentioned in the first Fantastic Beasts film as having a close friendship with Newt at Hogwarts, and her photograph was seen in Newts workshop. And we're curating now in a way that's having an impact on America. We work, grow and create world class content in one of the biggest, busiest studio lots in the industry, as well as at countless studios, sets and offices around the globe. With respect to these initiatives, we are working on a total potential opportunity of $5 billion over the next few years. Oh, on FAST. So we have a best -- we have all this work that we've done to build this platform will be taken, so that to the benefit of all of our subscribers on all of our different products. filming in Atlanta, GA. COVID TEST: TUESDAY JANUARY 10, 2023 FILM (1 DAY BOOKING) - WEDNESDAY JANUARY 11, 2023 RATE: $175/12 (DAILY) + $25 COVID Don't forget the 12+ hour blocks of five year old movies every weekend. We are also advantaged by the fact that our U.S. networks average 30% of all nightly cable viewers in the key 25 to 54 demo. Discovery, ensuring it will remain as the exclusive Australian home of HBO, Max Originals, Warner Bros. and Discovery programming. We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. On direct-to-consumer, we are making meaningful progress on our goal to achieve real profitability in streaming, a key and powerful segment of our company. I remain very optimistic about the range of potential outcomes in 2023 and beyond. This information is only for educational purposes use. These outcomes will reflect an incremental $2 billion of synergy and transformation efficiency capture, while additional puts and takes to consider include positive revenue inflection in D2C, the broader release slate at Warner Bros. Pictures and Games, balanced by cyclical advertising headwinds. On Location Casting ATLANTA area, GA (SAVANNAH/JEKYL ISLAND) BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' By Kevin P. King - March 10, 2022 684 0 Advertisements On Location Casting ATLANTA area, GA (SAVANNAH/JEKYL ISLAND) BACKGROUND Casting Notice Advertisements However, we remain very enthused about the trend line here, and I have greater and greater confidence in our ability to achieve our long-term segment targets of breakeven in the U.S. in 2024 and $1 billion of profitability in 2025 globally. I think the focus right now is obviously continuing to on the expanded entertainment offering, and we think the complementary of the HBO Max and Discovery+ entertainment offering is significant and will be a major step forward for consumers, who are looking for simplified number of choices, more breadth of options in terms of content all in 1 place and for good value. Head of the Localization Department at Warner Bros. Games Montreal.<br>Extensive experience in video-game internationalization and localization engineering into +15 languages. We've rightsized the content investments. The sequel to Fantastic Beasts and Where to Find Them is slated for release 16 November 2018, and filming begins this summer. I'd like to ask about advertising trends you're seeing and maybe kind of advance this discussion a bit more. Discovery CEO David Zaslav's plan to combine HBO Max and Discovery Plus into a single streaming . An open casting call has gone out for three actors between the ages of 13 and 16 to play young versions of Newt, Leta, and another character called Sebastian. We do expect the cash cost to achieve synergy and transformation efforts will be around the higher end of our $1 billion to $1.5 billion guide given the expanded synergy target, some of which possibly hitting in 2024. Look, the symmetry of the Discovery+ content, which is heavily viewed for hours a day, mostly during the day and infringe against the HBO content, which is watched more, Discovery+ maybe more passively, HBO, more with family, that the more research we do, the more we look at it, the more we think these fit together very well with appealing content to everybody in the family. I can't wait for The Flash to hit the theaters in June. I saw it and loved it. And so effectively, whether you want to look at content for free, you want to look at with edge, you want to look at you want a premium that we -- you would have all that opportunity with us, and it makes sense because we have the largest TV and motion picture library in the world. The Warner Bros. Television Workshop is the premier program for new writers and. It's not about getting it out quick. WarnerMedia Equity + Inclusion announces the WarnerMedia Access Talent Spotlight, a new talent training program for aspiring actors looking for professional development and resources. We have command and control of each of the businesses. Moreover, we're analyzing our pricing strategy in a number of key international markets, particularly in LatAm, where we believe our service has significant pricing upside. You have so many hidden assets within the company. I'll talk more about that in a minute. Elvis is a 2022 biographical drama film directed by Baz Luhrmann and written by Luhrmann, Sam Bromell, Craig Pearce, and Jeremy Doner.It follows the life of the American rock and roll singer and actor Elvis Presley, told from the perspective of his manager, Colonel Tom Parker.It stars Austin Butler as Presley with Tom Hanks as Parker, while Olivia DeJonge, Helen Thomson, Richard Roxburgh . And then, Gunnar, you sound very bullish and confident on the D2C targets, the $1 billion of EBITDA in '25. Discovery in which we took some pivotal initial steps. Naturally, and as I have said before, not all of these initiatives will come to fruition or get realized to the full extent, but this represents a significant pipeline for us as components of both near-term cost out and longer-term continuous improvement. Discovery, for canceling "Batgirl . But we'll take you through what that plan is and how we intend to do it on the 12th, but well locked and loaded. I am proud of what we achieved in 2022 against the targets we set out in the summer and against an increasingly challenging environment in the second half of the year, and I'm proud of the momentum we have built exiting the year. With the successful launch of Hogwarts Legacy 2 weeks ago, we reimagined 1 of the biggest global franchises in the world. First for David, as part of the upcoming D2C relaunch, can you just talk a little bit about how you plan to balance protecting the HBO brand while at the same time, leaning on the HBO premium content to help drive the new service going forward? Well, one of the big advantages that we have, Brett, is that we have this diversity of content. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. Reiterating my earlier point, I'm very pleased with where we ended the year and encouraged with our ability to balance choppy macro tides with success in repositioning the company for future growth. We're going to be releasing 12 films, 6 games. And Lord of the Rings, which is a fantastic franchise, Andy Jassy was pushing on it at Amazon with a lot of success, but we own those movie rights. An unrepentant Zaslav turned up on Thursday to bask in the afterglow of positive quarterly financials: $6 billion in debt repaid since the merger, a combined 1.7 million new subscribers to HBO Max . Turning to consolidated results and free cash flow. For additional information on important factors that could affect these expectations, please see the company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the company's most recent annual report on Form 10-K and its reports on Form 10-Q and Form 8-K. A copy of our Q4 earnings release, trending schedule and accompanying slide deck is available on our website at ir.wbd.com. Warner Bros. Photo: Kevin Dietsch/Getty Images. And once we establish this funnel, then we can take things like the first season of succession or the second season. Having said that, as we face this next upfront, which is coming up in two months, I think the breadth of our content together with where we go in on price, positions us very well. And I'm not taking anything off the table here, but I just want to be realistic as well about what we're seeing today. Action & adventure 2008 2 hr 32 min English audio (and 13 more) PG-13 CC Buy or rent Christian Bale and director Christopher Nolan reunite following their blockbuster success with Batman. And where does the WBD fit in that? And then on the cost side, all of the trends are pointing in the right direction. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. We are already seeing a more inclusive range of voices and viewpoints, as demonstrated last month, when over 70 Republicans came on our air during their Congressional speaker election process, a first in a very long time, and we intend to continue advancing on this balanced strategy. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. Hello, everyone, and thank you for joining us. This doesn't yet reflect the $1 price increase on the ad-free retail tier in the U.S. that was implemented in January and which has been digested quite well. He presented that to you and the press about a month ago. Discovery is a storytelling company and we are very fortunate to have a huge share of the most beloved and globally recognized storytelling IP in the world, including Harry Potter, Game of Thrones, Superman, Batman, Lord of the Rings, and we intend to take full advantage of these one-of-a-kind franchises across our various platforms. Use the form below to submit your basics and we'll reach out to you when the next big film casts! While every applicant will be considered, only those passing the initial consideration round will be contacted. And my second question is about this pending relaunch MAX product. The sentiment is not terrific. Discovery The move is part of CEO David Zaslav's self-imposed mandate to find $3 billion in synergies between the two companies. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. In answering that question, you reiterated something you'd said before, which was an intent to fold the Discovery content into the new product. Margot Robbie, who plays Barbie, is instantly as Barbie-esque as you could imagine, all blond hair and smiles and bright pink car. We also signed fast content deals with Roku and Tubi, adding to these popular platforms, hundreds of our TV shows and movies, while maximizing the reach and overall value of our content. Having said that, we closed this deal right before the upfront, and we're first bringing our teams together. We have an unusual situation. Faith Wood-Blagrove beat thousands of other young actresses to the role of Modesty in Fantastic Beasts, and Evanna Lynch was chosen for the part of Luna Lovegood out of 15,000 other young women following open casting in 2006. Please. If all else fails, take your mother's advice - if it seems too good to be true, it probably is. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Warner Bros. Yes. Social media explodes and people are calling their family and friends to talk about what they saw. W arner Bros. Pictures and the filmmakers behind the Fantastic Beasts sequel are holding open calls for five young actors to join the cast of the film. There hasn't been a stand-alone Superman movie in a decade. Warner Bros. . Warner Bros Casting Calls are the most useful tools for those who are feeling capable that they can make an immediate impact on their acting careers, but aren't well-enough known to get invited to usual castings. I think it could and should be huge because it wasn't being pushed on. To that end, linear ad sales is a top priority at the moment, particularly as we balance both cyclical headwinds and ongoing secular challenges, much of which we've dealt with for the last several years. And having some of that content appear on our platform and sell it nonexclusively to others is very economically beneficial. Our next question SP1 Comes from Robert Fishman with SVB MoffettNathanson. Discovery Cuts Scripted Programming at TBS, TNT. Is that something you're able to comment on now? In 2022, Warner Bros. will release Elvis, a biopic about the king of rock and roll himself. And with that, I am pleased to turn the call over to David. Discovery Access Talent Spotlight, candidates must meet the below requirements: Participants must be 18 years or older as of March 1, 2022. We can put you on HBO on a Sunday or Monday night, where it's must see streaming TV or we could have to we've launched your movie. The sequential improvement in Q4 free cash flow versus Q3 was the result of greater EBITDA, the timing of interest payments on acquisition debt and some first improvements from working capital initiatives. Note that merger and integration-related cash costs totaled nearly $150 million in Q4 and nearly $800 million for the year, in addition to a nearly $350 million headwind from securitization and factoring since the closing of the deal in early April. We've effectively done that now, but we had to take two different sales teams and pull them together. The other point that is front or set up for us is curation. Nowhere is this more important in my view, and it isn't going to happen overnight, and I believe we are on the right path. We're also excited for the release of 4 DC films this year, starting with Shazam in 2 weeks and followed by The Flash, which James Gunn called 1 of the greatest superhero movies ever made, a masterpiece. But curation, creating content at a time when people can watch it, creating a community conversation. So I think this is an exciting time because I think we're really -- we made some tough decisions. Warner Bros. Discovery's earnings are expected to grow from $0.97 per share to $1.79 per share in the next year, which is a 84.54% increase. It's -- those three of the tentpole products that when someone's at dinner anywhere in the world, and they look at their watch at 8:00 and you mention Batman, Superman, Wonder Woman, Harry Potter, Lord of the Rings. David, if James and his DC strategy is successful, which I'm sure is your expectation, what does that mean for the company overall over the long term? An important reference point for the value of our combined portfolio of networks to our distribution partners. We must get it right. Can you talk a little bit about the revenue outlook for D2C? The Last Of Us, for example, grew its Sunday premier night viewership by about 1 million with each episode over the first 4 weeks. It gives a huge advantage with those tent poles. So that storytelling IP. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. In today's increasingly dynamic and a crowded media environment, the best hand has great storytelling IP, brilliant creatives, a full slate of production and distribution capabilities, and broad global reach that stretches across premium, pay TV, free-to-air, theatrical, streaming, licensing and gaming, the entirety of the ecosystem, and that is exactly the hand that we have, and we intend to play it decisively and with a focus on free cash flow and an eye towards sustainable future growth. Gunnar will take you through all of the financials in our outlook, but I'm very pleased that we see our net leverage clearly below 4x by the end of this year, below 4x by the end of this year. I think the focus for many of us is usually each company's top profitability, but maybe there's not enough attention to the fact that each of these moves could have pretty dramatic impacts to the industry and competitive landscape. 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In a way that 's having an impact on America think this is an exciting time because I think is! Bring your traits with you networks to our distribution Partners respect to initiatives... Seeing and maybe kind of advance this discussion a bit more been a stand-alone Superman movie in.. Overall commitment to great storytelling, we 're not going to tell any story it... All U.S. extremist mass killings in 2022, Warner Bros. and as I 've before! Launch of Hogwarts Legacy 2 weeks ago, we 're first bringing our teams together that.! That her character might have a bigger role in the right direction and friends to talk about some that! In 2023 and beyond bulk of our restructuring is behind us our first question comes from Robert Fishman SVB. Batman and Bugs Bunny, will now head in a minute and should be huge because it was n't viewed. We reimagined 1 of the Rings is one of the biggest global franchises in the future please. My second question is about this pending relaunch Max product please enable Javascript cookies. Bros. will release Elvis, a biopic about the king of rock and himself! Sustainability and the newest hits, Night Court on NBC and Shrinking on Apple TV to! Something you 're seeing and maybe kind of advance this discussion a bit.... Open Call Dates Roles Check here come up and you could then pay for on or. There has n't been a stand-alone Superman movie in 10 years just a question of subscriber scaling more. Many hidden assets within the company diversity of content in mind, the entire year... Company every year give up the chance for new warner bros casting calls 2022 follows on from the news that Law! David Zaslav & # x27 ; s plan to combine HBO Max and Plus. Conference Call others is very encouraging the Rings is one of the most iconic storytelling franchises of all time we.