Jason Kilar — Chief Executive Officer of WarnerMedia LLC And look, by laying out the metrics here for our discovery+ product, by giving you a perspective on losses that we have incurred from launching and by giving you at least a short-term outlook about how we expect those loss to be trending, we're trying to help you model this. The only comment, which David and Gunnar may amplify, is, obviously, as we get later into 2022 and we get further visibility on the timing of the WarnerMedia deal, we obviously will look at making sure we stay smart in the context of when that timing and when that deal might close as to how we maximize the rollout schedule of those services into 2022. Benjamin Swinburne -- Morgan Stanley -- Managing Director. And of course, we look forward to speaking with you at the appropriate time on our thoughts and plans around integration, strategic direction, synergy, etc.. With that, I'd like to turn it back to the operator to take your questions. And as I said earlier, I would assume those losses to start-up start tapering a little bit in the second quarter. This past quarter, we were strong is -- it much stronger than we were in overall share than we were in 2019 or any -- all those prior years. But with the exception of the fact that we don't own most of the sports. But that actually, over time, when we think it's appropriate, which we don't have any plans to do that for the minute, but down the road, we obviously have some flexibility to move above the four minutes if we need. We're one of the leaders in the world in terms of the sports. And so we feel good about that. But what I did say a little earlier is the -- some color on the second quarter, and let me maybe elaborate on that. And so 200 million subscribers, a great team putting these companies together to drive toward that and a great creative culture with a -- at the very top of motion picture business that will be 100 years old in two years and has a heritage of, of all the great storytelling that we all grew up with. And so we hope that continues because it's an offset, and it allows us to still grow in linear, which is meaningful. Thank you. Specifically for discovery+, more than 800 advertisers have now bought inventory on the platform, more than four times the number of advertisers that we had targeted by the end of the second quarter. Discovery Inc (DISCA) Q4 2020 Earnings Call Transcript DISCA earnings call for the period ending December 31, 2020. And any change in content strategy from what you've seen so far in terms of what people are consuming on discovery+? It could be a little later. Just wondering, if there is any other headwinds, or tailwinds we should be thinking about in the third quarter. And there's no update right now, [Technical Issues] as to position here. So I do think that we will, without even playing with a number of minutes here, we will have a pretty positive run rate here for ARPU over the next couple of months. This company is investing as much in content as never before this year. I'm curious if you could just comment whether you guys feel like, that's a headwind or you've sort of navigated around it. These are truly hallmark, high-value branding events, and are super funnels that drive awareness, viewing and subscribers to our platforms. The forward-looking statements include comments regarding the company's future business plans, prospects and financial performance, as we as concerning the expected timing, completion and effects of a previously announced transaction between the company and AT&T relating to the WarnerMedia business. We believe that the combined company will be able to offer more of both. Ultimately, the consumer is going to decide how they want it. And it's in a way, it's part of the prioritization exercise here to get all those features online, but there are a couple of great other ideas. Roll to pay has been between 80% and 85% of three trial subs. We continue to expect that investment losses will peak this year. Credit Suisse Investor Conference. And we are eager and excited, once we gain all the repost approvals to roll up our sleeves to capture the tremendous opportunities offered by our proposed merger with WarnerMedia. But we own a significant amount of the MGM library, this new company when it comes together: Harry Potter, King Kong, Godzilla, Batman, Game of Thrones. David, maybe if we could start. At this time, all participants are in listen only mode. Welcome to AT&T's second quarter, 2021 earnings call. Unfortunately, Nielsen is a lift. I think somehow, it's an industry we're just going to have to work our way out of it from a technology perspective and leave them in the dust because they just they can't get it together. Consumers want choice and simplicity. And the answer is we have lost money. Cumulative Growth of a $10,000 Investment in Stock Advisor, Discovery Inc (DISCA) Q2 2021 Earnings Call Transcript @themotleyfool #stocks $DISCA, 3 Bargain-Priced Value Stocks That Could Double Your Money, Copyright, Trademark and Patent Information. We're generating about $6 in advertising per subscriber here in the US with three minutes of advertising. Interestingly, more than 90% of all clients who have bought inventory on discovery+ also bought inventory at our Go and TV Everyware offering, underscoring the power of integrated audience solutions across our suite of digital products. So we really -- effectively, we have two sides of a terrific partnership. And it's just -- it's massively disappointing that Nielsen can't get it back together. We achieved rates of change, inclusive of the stepped up performance of Discovery Premier that were well ahead of the peer group. And selectively, and particularly, as David said, we're experimenting in different ways to try and see what the data tells us. It's a growing product with, again, a very, very strong long-term value proposition. Any more early trends you could talk about from a viewing perspective? What we are seeing in Italy guides our thinking on the prospects of what our other international markets would look like. And it continued to the date. The only point I would add is the reason I talked about in my comments about Italy is 80% of that country all of our content is new to them. How do we offer it? And to point it out, breakeven. We're also anxious to see which will -- where we're not getting an inside look at all in Warner, but they launched in Latin America, and they launched with a lot of very compelling sports like football in Latin America. As we've noted previously, the bulk of the 2021 Discovery international market launches would be in the second half of this year, with key market launches such as Brazil, Canada and the Philippines to come in the second half of the year. Turning to the International segment, which I will, as always, discuss on an ex-FX basis. We've seen very even and very significant million-plus market so far across some of our biggest territories. I'm curious if you're seeing any cracks in the advertising strength and -- so far in Q3, just given the Delta variant and sort of the recent return of spikes in the pandemic. So we needed to find a better product. David, obviously, there's tremendous demand for linear television as we head into the fall season. Were you able to do more non-Nielsen deals? And we have been seeing very positive discussions for the past renewals and for upcoming renewals as well. And we continue to see a lot of opportunity to be able to drive both of those. We're excited to see those subs that might have left the pay TV bundle over the last few years have a chance to come back to us at a more attractively priced discovery+ option going forward. You heard some of the stats that we mentioned that are probably top of the industry, very family friendly content environment. And so I think you will see our CPMs, I think, meaningfully better because we have a lot of headroom still to drive our CPM versus competitors that have been at a very high level. The earnings call transcript tool features discovery and filtering options, giving users the ability to search for multiple keywords and tickers, view preview snippets of keyword matches, and add . Turning to Discovery+. Sir, you may begin. Presentation. In fact, this quarter, annualized next generation revenue is $1.6 billion and we see additional revenue growth ahead. The environment is obviously challenged. Well, look, let's -- as I said, it would be speculation right now. In terms of the core, as you've heard from our peers, the industry just wrapped an incredibly healthy upfront, providing us with a level of visibility we have not seen in quite some time. John has a terrific team that's working with our team. On Poland, look, as we said, I think, publicly in the past, we remain very committed to the business. Found inside – Page iThis powerful book will help increase your confidence and results as you learn how to bust tough sales objections you face every day!" —Mike Weinberg, author of New Sales. Getting my arms around our Company in a virtual world has made for a long day, the loyalty of our customers, than we would for materials processing. Good morning, everyone, and thank you for joining us second quarter earnings call. Thanks so much. The 18 million number, I guess, capture is probably the Olympic lift you got. And one of the things that's happened since our deal is you look at the Amazon deal where you look at the announcement of the deal, almost $1 billion for that basket of content, almost $9 billion for the basket of content that MGM has, great company. Again, as we said before, it's not a metric we manage toward. Read Discovery, Inc. (DISCA) CEO David Zaslav on Q2 2021 Results - Earnings Call Transcript and don't miss much more articles, reports and business analysis below. And it stands for something. We remain focused on delivering solid operating performance while we built the framework to support long-term sustainable growth and shareholder value. Can you help us better understand the international rollout trajectory? Q2 next-generation revenue growth of 130% is annualizing at a $1.6 billion run rate. Your line is open. We continue to expect that investment losses will peak this year. And we'll focus on getting this deal done and taking that hand to market. And what is the CPM lift relative to the rest of the portfolio? We continue to reposition the Company and put it on a path of sustainable growth for the long term. Mid-single-digit linear distribution revenue growth continued to be supported by contractual filling fee increases, partially offset by pay-TV subscriber decline. As I noted earlier, we continue to review investments in discovery+ as the best fundamental use of our free cash flow in order to drive sustainable growth in shareholder value. And then we'll open the call to take questions. All these things you cannot create. Global direct-to-consumer ARPU remains consistent with Q1, as the impact of certain international distribution partnerships and associated early promotional activity is offset by our strong and growing US ARPU, which is nicely supported by the AddLife Discovery+ product. And the way that our content and linear content can deliver an audience for an advertiser the prices are going up, up. And so we have bigger entertainment formats also that are working extremely well. I don't have a lot of hope for Nielsen. We haven't heard any pushback. Discovery Inc (DISCA) Q1 2021 Earnings Call Transcript Motley Fool Transcribers 4/28/2021 Branson's Virgin Orbit in talks with former Goldman partner's SPAC for $3 billion deal to go publi Discovery, Inc. (DISCA) CEO David Zaslav on Q1 2021 Results - Earnings Call Transcript Wed, Apr. It stands for great storytelling. Is it exactly how do you go to market in each country? It is worth highlighting that a handful of these market launches have been extended out about a quarter or so later than our original internal plans call for, primarily resulting from the requisite harmonization of our technology platforms, the added benefit of which will enable us to roll out an international AddLife product. And the momentum we are building as we look ahead to our exciting plans post merger with WarnerMedia and HBO. As we guided, we reduced our losses from investment projects significantly in the second quarter to roughly $250 million versus more than $400 million in the first quarter, benefiting from both strong next-generation revenue growth, as well as more efficient marketing spend, primarily in the US. Our $4.99 AdLite product with only four minutes of commercial time generated over $10 of ARPU in the quarter, already well ahead of our longer term goal, and it's still trending up. Some of our channels like TLC and discovery+ and HGTV, they don't have the same cycle that scripted does. Found insideShirley, Kathy, “Country Has 'Abundant' Potential Report Tracks U.S. Gas Reserves,” ... Results—Earnings Call Transcript,” posted on SeekingAlpha.com, ... Advertisers continue to look for incremental reach beyond linear and with roughly half of the audience base for Discovery+ the non-table households. Complete the form below to receive the latest headlines and analysts' recommendations for your stocks with our free daily email newsletter: Each market day you'll get a one-minute market summary to help you invest wisely. And we have some of the best inventory out there. As long as I can acquire subscribers here with phenomenal lifetime values at a fraction of that effect of cost of that lifetime value, we'll do it. We can't comment on Channel 4. Doug Mitchelson - Analyst at Credit Suisse. I view this sort of $250 million roughly, give or take, a level of investment losses as a probably best estimate as of today for the third and fourth quarter. So one, I think, on a CAGR basis, we look different than everybody because we were up meaningfully during this period. We put a 90-day series on that only went on discovery+, and it drove a lot of subscribers and a lot of viewership. And we're trying to figure out. It sounds like you're skewing favorably to where the demo the advertisers are particularly excited about reaching. Found inside – Page 87The filing trees is in alt of Sleaty do its emborrent elms , with a of Back Bayi as anything views of the in 1s , are also na sand time na -tting up earning Chem . Trit 2 SAPONIFIER , CITEMESTTU reek , near threja Iin street , by J ... As you think about the merger with WarnerMedia and the DTC services, I know spending on content remains pretty sacred. Found insideThe story of a kind of poverty in America so deep that we, as a country, don't even think exists--from a leading national poverty expert who "defies convention" (New York Times) Praise for $2.00 a Day An eye-opening account of the lives ... We had a ton of originals. And as JB said, as we get closer to the Warner Brothers, Discovery to our transaction, we'll continue to look -- right now, we're both accelerating. So we look at AdLite as something that as we look at ad-free versus AdLite, we've been talking to those customers at four minutes an hour. It's good for you. For example, we recently launched GreenLight, an ad product that allows clients to own the first ad served to every user on discovery+ on a specific day. But I talk about visibility. Your line is open. But two, the overall bouquet of what we're offering now between the young demos on Discovery+ and Go and the engagement in the audience that we have on all of our brands. And we plan to launch in a number of key markets and territories during the second half of this year, including Brazil, Canada and the Philippines, alongside additional Vodafone markets in Italy, the Netherlands and Spain around the end of the year. The environment is obviously challenged. And so we -- one, we made some more progress against the broadcasters. And these channel stores have really developed. We can't predict whether that will continue. For cash taxes, we are now anticipating a slightly higher rate in the high 20% range for the year, excluding PPA amortization, as we are positioning our tax footprint for optimal outcomes across a number of legislative scenarios for 2022 and beyond. But it's -- right now, it's a trend with scarcity. We're not in the phone business when this deal closes. It's a great business. Well, first, the upfront was the best upfront that I've seen in my career. And your next question comes from Steven Cahall with Wells Fargo. And we have this strong demo. David M. Zaslav - President And Chief Executive Officer. And we think we can do that when we close. We're just not in charge of the timing. Your next question comes from Ben Swinburne with Morgan Stanley. And we're doing that, and we're making that available to our affiliates at a very, very competitive rate. We're growing both our ad revenue and affiliate revenue. Premiere has proved to be a great success, a unique vehicle that packages first run episodes, my most popular series of networks, in which sales more than doubled. Found insideFour months later, his decomposed body was found by a moose hunter. How Christopher Johnson McCandless came to die is the unforgettable story of Into the Wild. Echoing David's comments, I am very pleased with our operating performance this quarter, in which both our traditional core linear business alongside our next-generation streaming platforms combined to deliver very healthy revenue growth and impressive AOIBDA and free cash flow conversion. Okay. When we announce when we get closer to the actual release date, we will also be announcing in many of the markets as we've done to date, both in the US as well as internationally, partners that we'll be launching with, so you should expect sort of fairly consistent to what our historical precedent has been, some strong partnerships in a few of those markets that we roll out. And I think we're fine if nothing happens. Stock Advisor list price is $199 per year. And what we can put together for our advertisers, there's real scarcity. It's great. As well, we remain pleased with overall churn, which naturally is at the lower end for the most mature subscriber cohorts and skews higher for the most recent one. View our full suite of financial calendars and market data tables, all for free. Outside the U.S., in the aggregate, with the exception of last quarter, the period during COVID, where we really grew, we're doing as well or better as we've ever done in history. So look, one thing that we all need to keep in mind and that we've said so many times, it's very early still, right? Darren W. Woods — Chairman and Chief Executive Officer. We have sports we're if not the leader. So taking all that together, again, it's just too early just to start talking about sort of an updated margin profile for three, four, five years out, but we feel very, very good about it. So in terms of the ad sales climb, then I'll come to Poland at the end. And then greater than 90% retention in the first month and then a very, very significant drop-off in sort of cohort churn, so again, it's way too early to talk about sort of a stable long-term churn rate here, but the numbers are off the charts compared with what we expected. So you should see a general trend of expenses growing, but very much in line. So let me take -- let me start with that last question. And maybe if you can talk to whether the launch of discovery+ on Xfinity should be viewed as incremental or cannibalistic to your overall partnership with Comcast? But those are, I'd say, more limited. Found inside – Page 108Order: National and Federal Legal Employment Report, 1010 Vermont Ave. ... taking discovery depositions, defending discovery depositions, and trial support. We will continue to experiment with how we move IP around. And the good news is we're trying different things. Number one, as you may have noticed, we are no longer disclosing adjusted EPS as AOIBDA to free cash flow continue to be the key financial metrics in evaluating our operating performance. Again, as said, we're reiterating that expectation that 2021 is the peak here. And then, just lastly, I know it's early, but any thoughts on the international rollouts looking to 2022? The point about the universe shrinking, it's just -- I mean, as I laid out, we gained share and, by the way, both domestically and internationally across the first quarter. And for most of our core services, for all of our core services, we have very protected carriage as well. And we also across the market, obviously, had a little bit of a tailwind from political advertising, as I pointed out earlier. Thanks. And I think that, that, together with the fact that Warner Brothers itself, we can open a movie everywhere in the world as well or better, maybe best of class. week before a coherent earnings call transcript is an email. But recently, they've just been wrong. And we keep driving this forward, and clients love it. They're a broadband leader. And we've had some fantastic traction, thus far. Over 200 clients are now buying premiere. Those discussions, but if you just please elaborate a little bit early to talk about the upfront was best... 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