Company Quick10K Filing
Discovery
Price1.00 EPS-2,076,000,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt14,683 EBIT3,217
TEV14,683 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-14
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-18
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-19
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-07-30
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-14
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-17
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-18
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-08-03
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-22
8-K 2020-06-25
8-K 2020-06-18
8-K 2020-06-17
8-K 2020-05-21
8-K 2020-05-14
8-K 2020-05-07
8-K 2020-05-07
8-K 2020-05-06
8-K 2020-04-30
8-K 2020-04-08
8-K 2020-03-24
8-K 2020-02-27
8-K 2020-01-07
8-K 2019-11-07
8-K 2019-10-02
8-K 2019-08-06
8-K 2019-06-10
8-K 2019-05-16
8-K 2019-05-08
8-K 2019-05-02
8-K 2019-05-01
8-K 2019-03-11
8-K 2019-03-04
8-K 2019-02-26
8-K 2019-02-19
8-K 2019-02-04
8-K 2019-01-04
8-K 2018-11-08
8-K 2018-10-15
8-K 2018-09-27
8-K 2018-08-07
8-K 2018-07-16
8-K 2018-07-05
8-K 2018-06-04
8-K 2018-05-10
8-K 2018-05-08
8-K 2018-04-03
8-K 2018-03-26
8-K 2018-03-19
8-K 2018-03-06
8-K 2018-03-05
8-K 2018-03-05
8-K 2018-03-02
8-K 2018-02-27
8-K 2018-02-27
8-K 2018-02-27
8-K 2018-02-09
8-K 2018-02-06
8-K 2018-02-02
8-K 2018-01-09
8-K 2018-01-08

DISCA 10Q Quarterly Report

Part I. Financial Information
Item 1. Unaudited Financial Statements.
Note 1. Description of Business and Basis of Presentation
Note 2. Acquisitions
Note 3. Investments
Note 4. Fair Value Measurements
Note 5. Content Rights
Note 6. Goodwill
Note 7. Debt
Note 8. Derivative Financial Instruments
Note 9. Equity
Note 10. Revenues and Accounts Receivable
Note 11. Share - Based Compensation
Note 12. Income Taxes
Note 13. Earnings per Share
Note 14. Supplemental Disclosures
Note 15. Related Party Transactions
Note 17. Reportable Segments
Note 18. Restructuring and Other Charges
Note 19. Subsequent Events
Note 20. Condensed Consolidating Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits.
EX-31.1 a20200331-exhibit311.htm
EX-31.2 a20200331-exhibit312.htm
EX-32.1 a20200331-exhibit321.htm
EX-32.2 a20200331-exhibit322.htm

Discovery Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
35282114702012201420172020
Assets, Equity
2.92.11.30.4-0.4-1.22012201420172020
Rev, G Profit, Net Income
10.07.65.22.90.5-1.92012201420172020
Ops, Inv, Fin

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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 March 31, 2020
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-20200331_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.)
8403 Colesville Road20910
Silver Spring,Maryland(Zip Code)
(Address of principal executive offices)
(240662-2000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report.)





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 April 22, 2020:
Series A Common Stock, par value $0.01 per share160,019,717  
Series B Common Stock, par value $0.01 per share6,512,378  
Series C Common Stock, par value $0.01 per share340,161,506  





DISCOVERY, INC.
FORM 10-Q
TABLE OF CONTENTS
 
 Page

3


PART I. FINANCIAL INFORMATION
ITEM 1. Unaudited Financial Statements.
DISCOVERY, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except par value)

March 31, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$1,453  $1,552  
Receivables, net2,564  2,633  
Content rights and prepaid license fees, net89  579  
Prepaid expenses and other current assets520  453  
Total current assets4,626  5,217  
Noncurrent content rights, net3,756  3,129  
Property and equipment, net1,040  951  
Goodwill12,966  13,050  
Intangible assets, net8,332  8,667  
Equity method investments542  568  
Other noncurrent assets2,128  2,153  
Total assets$33,390  $33,735  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$421  $463  
Accrued liabilities1,471  1,678  
Deferred revenues376  489  
Current portion of debt607  609  
Total current liabilities2,875  3,239  
Noncurrent portion of debt15,267  14,810  
Deferred income taxes1,550  1,691  
Other noncurrent liabilities2,294  2,029  
Total liabilities21,986  21,769  
Commitments and contingencies (See Note 16)
Redeemable noncontrolling interests442  442  
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; 5 shares issued and outstanding
    
Series A common stock: $0.01 par value; 1,700 shares authorized; 163 and 161 shares issued; and 160 and 158 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; 546 and 547 shares issued; and 340 and 360 shares outstanding
5  5  
Additional paid-in capital10,770  10,747  
Treasury stock, at cost: 209 and 190 shares(7,897) (7,374) 
Retained earnings7,712  7,333  
Accumulated other comprehensive loss(1,122) (822) 
Total Discovery, Inc. stockholders' equity9,470  9,891  
Noncontrolling interests1,492  1,633  
Total equity10,962  11,524  
Total liabilities and equity$33,390  $33,735  
The accompanying notes are an integral part of these consolidated financial statements.

4


DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in millions, except per share amounts)

 Three Months Ended March 31,
 20202019
Revenues:
Advertising$1,402  $1,415  
Distribution1,223  1,224  
Other58  68  
Total revenues2,683  2,707  
Costs and expenses:
Costs of revenues, excluding depreciation and amortization918  930  
Selling, general and administrative645  626  
Depreciation and amortization326  372  
Restructuring and other charges15  5  
Total costs and expenses1,904  1,933  
Operating income779  774  
Interest expense, net(163) (182) 
Loss on extinguishment of debt  (5) 
(Loss) income from equity investees, net(21) 11  
Other expense, net(58) (27) 
Income before income taxes537  571  
Income tax expense(130) (153) 
Net income407  418  
Net income attributable to noncontrolling interests(28) (29) 
Net income attributable to redeemable noncontrolling interests(2) (5) 
Net income available to Discovery, Inc.$377  $384  
Net income per share allocated to Discovery, Inc. Series A, B and C common stockholders:
Basic
$0.55  $0.53  
Diluted$0.55  $0.53  
Weighted average shares outstanding:
Basic517  524  
Diluted685  714  
The accompanying notes are an integral part of these consolidated financial statements.

5


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

Three Months Ended March 31,
20202019
Net income$407  $418  
Other comprehensive income (loss) adjustments, net of tax:
Currency translation(141) (69) 
Derivatives(159) (11) 
Comprehensive income107  338  
Comprehensive income attributable to noncontrolling interests
(28) (29) 
Comprehensive income attributable to redeemable noncontrolling interests
(2) (5) 
Comprehensive income attributable to Discovery, Inc.
$77  $304  
The accompanying notes are an integral part of these consolidated financial statements.

6


DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
        
 Three Months Ended March 31,
 20202019
Operating Activities
Net income$407  $418  
Adjustments to reconcile net income to cash provided by operating activities:
Content rights amortization and impairment704  697  
Depreciation and amortization326  372  
Deferred income taxes (75) (43) 
Share-based compensation (benefit) expense(4) 30  
Equity in losses of equity method investee companies, including cash distributions31  3  
Unrealized loss from derivative instruments, net27    
Remeasurement gain on previously held equity interest  (8) 
Realized gain from derivative instruments, net(21)   
Other, net29  44  
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net36  (10) 
Content rights and payables, net(899) (816) 
Accounts payable and accrued liabilities(202) (211) 
Foreign currency, prepaid expenses and other assets, net(24) 66  
Cash provided by operating activities335  542  
Investing Activities
Business acquisitions, net of cash acquired  (22) 
Investments in and advances to equity investments(42) (34) 
Purchases of property and equipment(105) (44) 
Other investing activities, net77  6  
Cash used in investing activities(70) (94) 
Financing Activities
Principal repayments of debt, including discount payment  (453) 
Repurchases of stock (527)   
Distributions to noncontrolling interests and redeemable noncontrolling interests(173) (163) 
Borrowings under revolving credit facility500    
Other financing activities, net(59) (36) 
Cash used in financing activities(259) (652) 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(24) (37) 
Net change in cash, cash equivalents, and restricted cash(18) (241) 
Cash, cash equivalents, and restricted cash, beginning of period1,552  986  
Cash, cash equivalents, and restricted cash, end of period$1,534  $745  
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, 201913  $  715  $7  $10,747  $(7,374) $7,333  $(822) $9,891  $1,633  $11,524  
Cumulative effect of accounting change (See Note 1) —  —  —  —  —  —  2    2  —  2  
Net income available to Discovery, Inc. and attributable to noncontrolling interests
—  —  —  —  —  —  377  —  377  28  405  
Other comprehensive loss—  —  —  —  —  —  —  (300) (300) —  (300) 
Share-based compensation—  —  —  —  21  —  —  —  21  —  21  
Repurchases of stock
  —  —  —  —  (523) —  —  (523) —  (523) 
Tax settlements associated with share-based plans
—  —  —  —  (30) —  —  —  (30)