Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2008
- Return on Equity (ROE) since 2008
- Return on Assets (ROA) since 2008
- Price to Earnings (P/E) since 2008
- Price to Operating Profit (P/OP) since 2008
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Warner Bros. Discovery Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- Liabilities Trends
- Over the analyzed period, total liabilities as a percentage of total liabilities and equity showed a consistent decline, decreasing from 77.73% in 2017 to 61.09% in 2021. This downward trend suggests a gradual reduction in the company's reliance on liabilities for financing.
- Current liabilities remained relatively stable with minor fluctuations, peaking at 12.28% in 2018 and settling at 10.05% by 2021. Within current liabilities, accounts payable experienced slight variability, remaining near 1% of total liabilities and equity without a clear trend. Accrued payroll and related benefits decreased notably from 2.37% in 2017 to 1.26% in 2019, before rising again to 1.55% in 2021.
- The content rights payable showed a marked increase, rising steadily from 0.97% in 2017 to 2.24% in 2021, indicating an increased obligation related to content acquisition or licensing.
- Finance lease liabilities, both current and noncurrent, first appeared in 2019, maintaining a small but consistent share around 0.17% (current) and slightly above 0.5% (noncurrent), indicating new lease-related obligations introduced around that time.
- Other accrued liabilities and accrued liabilities collectively demonstrated a generally increasing trend. Accrued liabilities rose from 5.8% in 2017 to 6.48% in 2021, while other accrued liabilities fluctuated but ended higher at 2.52% in 2021 compared to 2.46% in 2017.
- Deferred revenues trended upwards with some variability, increasing from 1.13% in 2017 to peak at 1.63% in 2020, then declining slightly to 1.39% in 2021.
- Debt components showed a declining trend. The current portion of debt peaked sharply at 5.71% in 2018 before falling to below 1% thereafter. The noncurrent portion of debt decreased steadily from a significant 65.42% in 2017 to 41.89% in 2021, reflecting reduced long-term debt obligations over time.
- Deferred income taxes declined from 5.56% in 2018 to 3.56% in 2021, suggesting reduction in deferred tax liabilities.
- Other noncurrent liabilities increased notably from 2.6% in 2017 to 5.41% in 2019, and then marginally decreased to 5.03% by 2021.
- Overall, noncurrent liabilities as a proportion of total liabilities and equity declined from 69.43% in 2017 to 51.04% in 2021, consistent with the reduction in debt levels.
- Equity Trends
- Total equity displayed a consistent upward trend, growing from 20.44% in 2017 to 37.86% in 2021, indicative of strengthened equity financing or retained earnings accumulation.
- Within equity components, retained earnings increased steadily from 20.54% in 2017 to 27.83% in 2021, which contributes to the growth in total equity.
- Additional paid-in capital remained relatively stable around 32%, with minor fluctuations from 32.34% to 32.2% over the five years, indicating limited changes in capital contributions.
- Treasury stock, recorded as a negative value, showed a reduction in magnitude from -29.87% in 2017 to around -23.95% in 2021, potentially reflecting fewer repurchases or increased reissuance of shares.
- Accumulated other comprehensive loss remained relatively stable, fluctuating mildly between -2.59% and -1.91%, before settling at -2.41% in 2021.
- Noncontrolling interests grew from 5.27% in 2018 to 4.17% in 2021 following a slight decline post-2018, suggesting modest changes in noncontrolling ownership stakes.
- The minor common stock categories remained almost negligible throughout the period, showing virtually constant low percentages in relation to total liabilities and equity.
- Overall Financial Position
- The data reflects a financial structure shifting towards increased equity and reduced liabilities. The steady increase in equity, particularly retained earnings, alongside decreasing debt levels, points to a strengthening balance sheet resilience.
- Increases in accrued liabilities and other accrued obligations suggest heightened operational obligations or accrued expenses, but these remain within manageable proportions of the overall capital structure.
- The introduction and persistence of finance lease liabilities after 2019 highlight evolving lease commitments, which might relate to strategic asset management.
- The upward trend in content rights payable may indicate enhanced investment or contractual commitments in content, potentially aligning with strategic growth initiatives in content assets.