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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-34177
disca-20210930_g1.jpg
Discovery, Inc.
(Exact name of registrant as specified in its charter)
Delaware35-2333914
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
230 Park Avenue South10003
New York, New York
(Zip Code)
(Address of principal executive offices)
(212548-5555
(Registrant’s telephone number, including area code)


Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Series A Common StockDISCAThe Nasdaq Global Select Market
Series B Common StockDISCBThe Nasdaq Global Select Market
Series C Common StockDISCKThe Nasdaq Global Select Market




Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerýAccelerated filer¨
Non-accelerated fileroSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý

Total number of shares outstanding of each class of the Registrant’s common stock as of October 22, 2021:
Series A Common Stock, par value $0.01 per share169,207,249 
Series B Common Stock, par value $0.01 per share6,512,378 
Series C Common Stock, par value $0.01 per share330,146,263 




DISCOVERY, INC.
FORM 10-Q
TABLE OF CONTENTS

3


PART I. FINANCIAL INFORMATION
ITEM 1. Unaudited Financial Statements.
DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in millions, except per share amounts)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenues:
Advertising$1,458 $1,306 $4,510 $3,981 
Distribution1,379 1,199 4,057 3,647 
Other313 56 437 157 
Total revenues3,150 2,561 9,004 7,785 
Costs and expenses:
Costs of revenues, excluding depreciation and amortization1,529 1,003 3,553 2,731 
Selling, general and administrative944 633 2,947 1,913 
Depreciation and amortization341 341 1,043 1,001 
Impairment of goodwill and other intangible assets   38 
Restructuring and other charges7 53 29 75 
Gain on disposition  (72) 
Total costs and expenses2,821 2,030 7,500 5,758 
Operating income329 531 1,504 2,027 
Interest expense, net(159)(161)(479)(485)
Loss on extinguishment of debt(6)(5)(10)(76)
Loss from equity investees, net(9)(18)(20)(62)
Other income (expense), net78 (28)255 (92)
Income before income taxes233 319 1,250 1,312 
Income tax (expense) benefit(36)11 (144)(275)
Net income197 330 1,106 1,037 
Net income attributable to noncontrolling interests(32)(29)(116)(82)
Net income attributable to redeemable noncontrolling interests(9)(1)(22)(7)
Net income available to Discovery, Inc.$156 $300 $968 $948 
Net income per share allocated to Discovery, Inc. Series A, B and C common stockholders:
Basic
$0.24 $0.44 $1.47 $1.40 
Diluted$0.24 $0.44 $1.46 $1.40 
Weighted average shares outstanding:
Basic506 505 503 510 
Diluted663 672 665 677 
The accompanying notes are an integral part of these consolidated financial statements.

4


DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited; in millions)

Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net income$197 $330 $1,106 $1,037 
Other comprehensive income (loss) adjustments, net of tax:
Currency translation(144)101 (203)76 
Derivatives12 22 137 (152)
Comprehensive income65 453 1,040 961 
Comprehensive income attributable to noncontrolling interests
(32)(29)(116)(82)
Comprehensive income attributable to redeemable noncontrolling interests
(9)(1)(22)(7)
Comprehensive income attributable to Discovery, Inc.
$24 $423 $902 $872 
The accompanying notes are an integral part of these consolidated financial statements.

5

DISCOVERY, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except par value)
September 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$3,116 $2,091 
Receivables, net2,462 2,537 
Content rights and prepaid license fees, net254 532 
Prepaid expenses and other current assets824 970 
Total current assets6,656 6,130 
Noncurrent content rights, net3,688 3,439 
Property and equipment, net1,310 1,206 
Goodwill12,957 13,070 
Intangible assets, net6,784 7,640 
Other noncurrent assets2,923 2,602 
Total assets$34,318 $34,087 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities$2,361 $2,190 
Deferred revenues625 557 
Current portion of debt349 335 
Total current liabilities3,335 3,082 
Noncurrent portion of debt14,436 15,069 
Deferred income taxes1,248 1,534 
Other noncurrent liabilities1,901 2,019 
Total liabilities20,920 21,704 
Commitments and contingencies (See Note 16)
Redeemable noncontrolling interests358 383 
Equity:
Discovery, Inc. stockholders’ equity:
Series A-1 convertible preferred stock: $0.01 par value; 8 shares authorized, issued and outstanding
  
Series C-1 convertible preferred stock: $0.01 par value; 6 shares authorized; 4 and 5 shares issued and outstanding
  
Series A common stock: $0.01 par value; 1,700 shares authorized; 170 and 163 shares issued; and 169 and 162 shares outstanding
2 2 
Series B convertible common stock: $0.01 par value; 100 shares authorized; 7 shares issued and outstanding
  
Series C common stock: $0.01 par value; 2,000 shares authorized; 559 and 547 shares issued; and 330 and 318 shares outstanding
5 5 
Additional paid-in capital11,043 10,809 
Treasury stock, at cost: 230 shares
(8,244)(8,244)
Retained earnings9,522 8,543 
Accumulated other comprehensive loss(717)(651)
Total Discovery, Inc. stockholders' equity11,611 10,464 
Noncontrolling interests1,429 1,536 
Total equity13,040 12,000 
Total liabilities and equity$34,318 $34,087 
The accompanying notes are an integral part of these consolidated financial statements.

6


DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
 Nine Months Ended September 30,
 20212020
Operating Activities
Net income$1,106 $1,037 
Adjustments to reconcile net income to cash provided by operating activities:
Content rights amortization and impairment2,735 2,118 
Depreciation and amortization1,043 1,001 
Deferred income taxes (502)(198)
Share-based compensation expense134 62 
Gain on disposition(72) 
Equity in losses of equity method investee companies, including cash distributions57 96 
Gain on sale of investments(20) 
Loss on extinguishment of debt10 76 
Impairment of goodwill and other intangible assets 38 
Other, net(147)34 
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net44 156 
Content rights and payables, net(2,578)(2,100)
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities124 (166)
Foreign currency, prepaid expenses and other assets, net(20)32 
Cash provided by operating activities1,914 2,186 
Investing Activities
Purchases of property and equipment(273)(290)
Proceeds from sales and maturities of investments and dissolution of joint venture498 67 
Investments in and advances to equity investments(137)(141)
(Payments for) proceeds from derivative instruments, net(102)85 
Purchases of investments(103)(250)
Business acquisitions, net of cash acquired (26)
Other investing activities, net87 5 
Cash used in investing activities(30)(550)
Financing Activities
Principal repayments of debt, including premiums to par value and discount payment(574)(2,193)
Borrowings from debt, net of discount and issuance costs 1,979 
Distributions to noncontrolling interests and redeemable noncontrolling interests(231)(216)
Purchase of redeemable noncontrolling interests(31) 
Repurchases of stock (741)
Principal repayments of revolving credit facility (500)
Borrowings under revolving credit facility 500 
Other financing activities, net25 (101)
Cash used in financing activities(811)(1,272)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(69)40 
Net change in cash, cash equivalents, and restricted cash1,004 404 
Cash, cash equivalents, and restricted cash, beginning of period2,1221,552 
Cash, cash equivalents, and restricted cash, end of period$3,126 $1,956 
The accompanying notes are an integral part of these consolidated financial statements.
7

DISCOVERY, INC.
CONSOLIDATED STATEMENT OF EQUITY
(unaudited; in millions)
Preferred StockCommon StockAdditional
Paid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Discovery, Inc.
Stockholders’ Equity
Noncontrolling
Interests
Total
Equity
SharesPar ValueSharesPar Value
December 31, 202013 $ 717 $7 $10,809 $(8,244)$8,543 $(651)$10,464 $1,536 $12,000 
Net income available to Discovery, Inc. and attributable to noncontrolling interests
— — — — — — 140 — 140 46 186 
Other comprehensive income— — — — — — — 70 70 — 70 
Share-based compensation— — — — 32 — — — 32 — 32 
Preferred stock conversion(1)— 11 — — — — — — —  
Tax settlements associated with share-based plans
— — — — (68)— — — (68)— (68)
Dividends paid to noncontrolling interests
— — — — — — — — — (178)(178)
Issuance of stock in connection with share-based plans
— — 8 — 186 — — — 186 — 186 
Redeemable noncontrolling interest adjustments to redemption value
— — — — (8)— (1)— (9)— (9)
March 31, 202112 $ 736 $7 $10,951 $(8,244)$8,682 $(581)$10,815 $1,404 $12,219 
Net income available to Discovery, Inc. and attributable to noncontrolling interests
— — — — — — 672 — 672 38 710 
Other comprehensive loss— — — — — — — (4)(4)— (4)
Share-based compensation— — — — 41 — — — 41 — 41 
Tax settlements associated with share-based plans— — — — (1)— — — (1)— (1)
Dividends paid to noncontrolling interests— — — — — — — — — (29)(29)
Issuance of stock in connection with share-based plans— — — — 9 — — — 9 — 9 
Redeemable noncontrolling interest adjustments to redemption value— — — — — — 6 — 6 — 6 
June 30, 202112 $ 736 $7 $11,000 $(8,244)$9,360 $(585)$11,538 $1,413 $12,951 
Net income available to Discovery, Inc. and attributable to noncontrolling interests
— — — — — — 156 — 156 32 188 
Other comprehensive loss— — — — — — — (132)(132)— (132)
Share-based compensation— — — — 43 — — — 43 — 43 
Tax settlements associated with share-based plans— — — — (1)— — — (1)— (1)
Dividends paid to noncontrolling interests— — — — — — — — — (16)(16)
Issuance of stock in connection with share-based plans— — — — 1 — — — 1 — 1 
Redeemable noncontrolling interest adjustments to redemption value— — — — — — 6 — 6 — 6 
September 30, 202112 $ 736 $7 $11,043 $(8,244)$9,522 $(717)$11,611 $1,429 $13,040 
The accompanying notes are an integral part of these consolidated financial statements.

8

DISCOVERY, INC.
CONSOLIDATED STATEMENT OF EQUITY
(unaudited; in millions)
Preferred StockCommon StockAdditional
Paid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Discovery,
Inc. 
Stockholders’
Equity
Noncontrolling
Interests
Total
Equity
SharesPar ValueSharesPar Value
December 31, 201913 $ 715 $7 $10,747 $(7,374)$7,333 $(822)$