Silver Spring, MD – February 22, 2021: Discovery, Inc. (“Discovery” or the “Company”) (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the quarter and year ended December 31, 2020.
David Zaslav, President and Chief Executive Officer of Discovery said, “2020 was a year of change, challenge, and opportunity, and our company has shown incredible resilience, creativity and focus as one global team. We finished with strong operating momentum and great command and control across our global businesses, uniquely positioning us to balance our core and next generation businesses. We are off to a promising start in 2021 with the successful launch of discovery+. We have now surpassed 11 million total paying direct-to-consumer subscribers globally and are on pace to be at 12 million by the end of the month, underscoring the value of the investments we’ve made in content, beloved personalities and brands with huge consumer appeal, supported by industry-leading DTC capabilities. Our unmatched global scale and ability to serve consumers everywhere with a truly differentiated offering across platforms, as well as our robust cash flows, even amidst the significant investments in our next generation initiatives and the ongoing COVID-19 pandemic, position us to achieve sustainable long-term growth and drive long-term shareholder value.”
Fourth-Quarter 2020 Financial Highlights
- Total revenues of $2,886 million were flat compared to the prior year quarter, both reported and ex-FX.
- S. advertising revenues were flat and distribution revenues increased 5%; and
- International advertising revenues decreased 1% and distribution revenues decreased 4%, both ex-FX.
- Net income available to Discovery, Inc. was $271 million and EPS was $0.42 per diluted share.
- Adjusted EPS was $0.76 per diluted share.
- Total Adjusted OIBDA decreased 9% to $1,002 million, or decreased 8% ex-FX.
- Cash provided by operating activities was $553 million and free cash flow was $441 million.
- Repurchased 10.9 million Series C common shares for $213 million at an average price of $19.50 per share.
Full Year 2020 Financial Highlights
- Total revenues of $10,671 million decreased 4%, both reported and ex-FX.
- S. advertising revenues decreased 5% and distribution revenues increased 4% (or increased 3% excluding certain non-recurring items recognized in the second quarter); and
- International advertising revenues decreased 12% and distribution revenues decreased 3%, both ex-FX.
- Net income available to Discovery, Inc. was $1,219 million and EPS was $1.81 per diluted share.
- Adjusted EPS was $3.20 per diluted share.
- Total Adjusted OIBDA decreased 10% to $4,196 million, or decreased 9% ex-FX.
- Cash provided by operating activities was $2,739 million and free cash flow was $2,337 million.
- Repurchased 41.6 million Series C common shares for $965 million at an average price of $23.18 per share.