Warner Bros Discovery Inc
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating Activities | |||
| Net (loss) income | $(3,079) | $(7,297) | $1,197 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Content rights amortization and impairment | 16,024 | 14,161 | 3,501 |
| Content restructuring impairments and write-offs | 115 | 2,808 | — |
| Depreciation and amortization | 7,985 | 7,193 | 1,582 |
| Deferred income taxes | (2,344) | (2,842) | (511) |
| Preferred stock conversion premium | — | 789 | — |
| Equity in losses of equity method investee companies and cash distributions | 157 | 211 | 63 |
| Share-based compensation expense | 500 | 412 | 178 |
| Impairments and loss (gain) on dispositions | — | 116 | (71) |
| (Gain) loss from derivative instruments, net | (151) | (501) | 49 |
| Gain on sale of investments | — | (199) | (19) |
| Other, net | 259 | 435 | 66 |
| Changes in operating assets and liabilities, net of acquisitions and dispositions: | |||
| Receivables, net | 312 | 181 | 47 |
| Film and television content rights, games and payables, net | (12,305) | (12,562) | (3,381) |
| Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities | (820) | 1,529 | 185 |
| Foreign currency, prepaid expenses and other assets, net | 824 | (130) | (88) |
| Cash provided by operating activities | 7,477 | 4,304 | 2,798 |
| Investing Activities | |||
| Purchases of property and equipment | (1,316) | (987) | (373) |
| Cash (used for) acquired from business acquisitions and working capital settlement | (50) | 3,612 | (2) |
| Purchases of investments | — | — | (103) |
| Investments in and advances to equity investments | (112) | (168) | (184) |
| Proceeds from sales and maturities of investments | — | 306 | 599 |
| Proceeds from (payments for) derivative instruments, net | 121 | 752 | (86) |
| Other investing activities, net | 98 | 9 | 93 |
| Cash (used in) provided by investing activities | (1,259) | 3,524 | (56) |
| Financing Activities | |||
| Principal repayments of term loans | (4,000) | (6,000) | — |
| Principal repayments of debt, including premiums to par value and discount payment | (2,860) | (1,315) | (574) |
| Borrowings from debt, net of discount and issuance costs | 1,496 | — | — |
| Repayments under revolving credit facility | (1,350) | (125) | — |
| Borrowings under revolving credit facility | 1,350 | 125 | — |
| Distributions to noncontrolling interests and redeemable noncontrolling interests | (301) | (300) | (251) |
| Purchase of redeemable noncontrolling interest | (49) | — | — |
| Borrowings under commercial paper program | 3,857 | 2,268 | — |
| Repayments under commercial paper program | (3,864) | (2,270) | — |
| Other financing activities, net | (116) | (125) | (28) |
| Cash used in financing activities | (5,837) | (7,742) | (853) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 8 | (61) | (106) |
| Net change in cash, cash equivalents, and restricted cash | 389 | 25 | 1,783 |
| Cash, cash equivalents, and restricted cash, beginning of period | 3,930 | 3,905 | 2,122 |
| Cash, cash equivalents, and restricted cash, end of period | $4,319 | $3,930 | $3,905 |
| The accompanying notes are an integral part of these consolidated financial statements. | |||
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