103 annotations
Number one, the net cash benefit from the strikes, which will reverse this year as content production resumes to normalized levels,
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2023 Q4
26 Feb 24
Advertising revenues accelerated nicely versus Q3 to over 50%, helped by the '23, '24 upfront deals, higher engagement on Max and Ad Light subscriber growth. We currently see the pace of D2C advertising revenue accelerating off this pace in Q1 and expect this to be an impactful segment driver for 2024 overall.
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2023 Q4
26 Feb 24
Advertising revenues accelerated nicely versus Q3 to over 50%, helped by the '23, '24 upfront deals, higher engagement on Max and Ad Light subscriber growth. We currently see the pace of D2C advertising revenue accelerating off this pace in Q1 and expect this to be an impactful segment driver for 2024 overall.
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2023 Q4
26 Feb 24
mong the D2C subscriber-related revenues, which were up over 6% in the quarter, distribution revenues increased 4% and benefited from price increases in the U.S. and certain international markets, as well as the Amazon Prime partnership in the U.S. which we lapped in December.
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2023 Q4
26 Feb 24
Content revenue in the segment declined 30% due to the intra-year timing of third-party licensing deals that we laid out in detail earlier in the year. Keep this in mind as we comp this in Q2 of 2024.
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2023 Q4
26 Feb 24
International remains the most important driver of our D2C subscriber growth with over 1 million subscribers gained in Q4. This more than offset domestic declines, where we continue to feel the impact of the partly strike-driven lack of fresh tentpole content through the second half of the year
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2023 Q4
26 Feb 24
Keep in mind, we are only available in less than half the addressable households and markets as compared to our larger peers, so we still have a huge opportunity for growth from globalization over the next 2 years, including many critical markets around the globe, such as the U.K., Germany, Italy, Australia and Japan, all of which we have a substantial amount of local content, and in many, we have sports as well.
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2023 Q4
26 Feb 24
Among them, we continue to face the impacts of ongoing disruption in the pay-TV ecosystem and a dislocated linear advertising ecosystem.
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2023 Q4
26 Feb 24
e're going after the 60 million plus, those that are not thinking about getting cable when they get their own apartments.
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2023 Q4
23 Feb 24
Disney and Fox,
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2023 Q4
23 Feb 24
e Studio has really been underperforming a
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2023 Q4
23 Feb 24
etworks. Revenues decreased 8% as advertising decreased 14%
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2023 Q4
23 Feb 24
$1.8 billion this year, $3.1 billion next year and $2.3 billion in 2026
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2023 Q4
23 Feb 24
tstanding debt is now fixed with an average cost of 4.6% and average duration of 15 years
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2023 Q4
23 Feb 24
h less than $40 billion of net debt and resulting in net leverage of 3.9x
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2023 Q4
23 Feb 24
pact of the strikes contributed roughly $1 billion to free cash flow
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2023 Q4
23 Feb 24
In 2023, we generated $6.2 billion of free cash flow, a 60% conversion of our EBITDA to free cash flow.
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2023 Q4
23 Feb 24
bscriber-related revenues
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2023 Q4
23 Feb 24
D2C segment generated approximately $100 million of positive EBITDA, a $2.2 billion improvement year-over-year on a pro forma basis,
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2023 Q4
23 Feb 24
achieved total combined merger and transformation savings of $4 billion
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2023 Q4
23 Feb 24