Discovery, Inc. Reports Third-Quarter 2020 Results

SILVER SPRING, Md., Nov. 5, 2020 /PRNewswire/ — Discovery, Inc. (“Discovery” or the “Company”) (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the quarter ended September 30, 2020.

David Zaslav, President and Chief Executive Officer of Discovery said, “Discovery delivered improving financial results in the third quarter, a testament to the powerful appeal of our content and brands, led in the U.S. by TLC, which beat top-rated sports and news networks in coveted Primetime demos, even in a record year for cable news. And as promised, our healthy liquidity position and another robust quarter of free cash flow generation allowed us to return $228 million to shareholders through share repurchases. In the midst of macroeconomic uncertainty with the ongoing COVID pandemic, as well as the continuing evolution of our industry, we remain focused on positioning Discovery for long-term growth and shareholder value creation through the execution of our strategic priorities, including our next generation initiatives.”

Third-Quarter 2020 Financial Highlights

Total revenues of $2,561 million decreased 4% compared to the prior year quarter, or decreased 5% ex-FX.
U.S. distribution revenues increased 2% and advertising revenues decreased 8%; and
International distribution revenues decreased 4% and advertising revenues decreased 9%, both ex-FX.
Net income available to Discovery, Inc. was $300 million and EPS was $0.44 per diluted share.
Adjusted EPS(2) was $0.81 per diluted share.
Total Adjusted OIBDA(3) decreased 15% to $954 million, or decreased 14% ex-FX.
Cash provided by operating activities was $860 million and Free Cash Flow(4) was $787 million.

Source: Discovery