Discovery, Inc. Reports Third Quarter 2020 Results

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Silver Spring, MD – November 5, 2020: 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 was $0.81 per diluted share.
  • Total Adjusted OIBDA decreased 15% to $954 million or decreased 14% ex-FX.
  • Cash provided by operating activities was $860 million and Free Cash Flow was $787 million.
  • Repurchased 11.2 million Series C common shares for $228 million at an average price of $20.37 per share.

Operational Highlights

  • Total share of viewing across the international portfolio in the third quarter of 2020 improved 5% on average, with strong growth in the UK, Germany, Italy and Norway. Additionally, Q3 marked five consecutive quarters of year-over-year share improvement.
  • Discovery's portfolio of networks accounted for 4 of the top 5 cable networks during Total Day in the third quarter among key women demos, including HGTV, ID, TLC and Food Network, and gained more share in Primetime than any other TV portfolio.
  • For 2020 to-date, TLC continues to be the #1 ad-supported cable network in Primetime among women and #2 among persons aged 25-54 and 18-49. On Sunday and Monday nights in the third quarter, TLC was the #1 network on all of TV among women, driven by mega-hit franchise shows 90 Day Fiancé: Happily Ever After and 90 Day Fiancé: The Other Way. And the most recent 90 Day spinoff series, Darcey & Stacey, has become the #1 freshman cable series year-to-date among women demos and persons aged 25-54.

DISCOVERY, INC. REPORTS THIRD-QUARTER 2020 RESULTS

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