The following is a summary of the Warner Bros. Discovery, Inc. (WBD) Q4 2023 Earnings Call Transcript:

Financial Performance:

Warner Bros. Discovery reduced its debt by $5.4 billion in the year to stand at 3.9 times levered, continuing its plan to de-lever in 2024.
Generated meaningful free cash flow ending the year at $6.2 billion, exceeding its goal, with improved free cash flow for Q1 compared to the previous year.
Achieved a 12% year-on-year growth in EBITDA, despite industry-wide challenges.
Total combined merger and transformation savings now stand at $4 billion.
The D2C segment generated a positive EBITDA of about $100 million, reflecting a $2.2 billion improvement year-over-year.
Focused on continued debt repayment, capital efficiency, and driving shareholder value with a long-term gross leverage target of 2.5x to 3x.

Business Progress:

Warner Bros. Discovery has been focusing on digital and advanced advertising solutions, noting strong international network performance, particularly in EMEA.
Showed success in theatrical and gaming ventures and plans are in place to reignite the animation division and reinvigorate key franchises.
Aims to build its streaming service, Max, to a profitable top line, with global rollouts planned.
The company entered a new joint venture with Disney and Fox, focusing on sports, and its global sports portfolio continues to provide value to its platforms.
Seeks strategic growth by launching a direct-to-consumer product in key markets and revamping the consumer experience.
Completed the post-merger integration process, setting the foundation for potential improvements.
Focused on profitable top line growth, targeting $1 billion in D2C segment EBITDA by 2025.