Analysis of Geographic Areas
Warner Bros. Discovery Inc. operates in 2 regions: U.S. and Non-U.S..
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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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Area Asset Turnover
Warner Bros. Discovery Inc., asset turnover by geographic area
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Non-U.S. |
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).
- U.S. Asset Turnover Trend
- The asset turnover ratio in the U.S. region initially increased significantly from 11.52 in 2017 to a peak of 18.33 in 2018. Following this peak, the ratio declined steadily over the subsequent years, dropping to 16.56 in 2019, 10.89 in 2020, and further to 9.27 in 2021. This indicates a decreasing efficiency in utilizing assets to generate revenue in the U.S. market over the latter part of the period examined.
- Non-U.S. Asset Turnover Trend
- The Non-U.S. asset turnover ratio displayed a distinct pattern of decline from 11.5 in 2017 to 6.5 in 2020. However, in 2021, there was a notable rebound to 8.89, suggesting a recovery in asset utilization efficiency outside the U.S. during the most recent year.
- Comparative Analysis
- Throughout the period, the U.S. consistently had higher asset turnover ratios compared to the Non-U.S. segment, except in 2021 when the Non-U.S. ratio surpassed the U.S. ratio (8.89 vs. 9.27). The data reveals more volatility in the U.S. asset turnover, with a sharp rise followed by a pronounced decline, while the Non-U.S. figures showed a more gradual decrease and a slight recovery at the end. This could indicate differing market dynamics or operational challenges between the two geographic segments.
Area Asset Turnover: U.S.
Warner Bros. Discovery Inc.; U.S.; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2021 Calculation
Area asset turnover = Revenues ÷ Property and equipment, net
= ÷ =
- Revenues
- Revenues exhibit a significant upward trend from 2017 through 2021. Starting at 3,560 million USD in 2017, revenues nearly doubled to 6,415 million USD in 2018. This growth continued more moderately, reaching 7,152 million USD in 2019. In 2020, there was a slight decrease to 7,025 million USD, followed by a rebound to 7,728 million USD in 2021. Overall, revenues show consistent growth with a minor dip in 2020.
- Property and Equipment, Net
- The net value of property and equipment presents a steady increase over the five years. Beginning at 309 million USD in 2017, the value rose to 350 million USD in 2018 and then to 432 million USD in 2019. There is a marked acceleration in growth in 2020 and 2021, reaching 645 million USD and 834 million USD respectively. This reflects a considerable investment or capital expenditure trend in property and equipment assets.
- Area Asset Turnover Ratio
- The area asset turnover ratio shows a declining pattern over the period analyzed. It started high at 11.52 in 2017, peaked in 2018 at 18.33, but thereafter declined steadily to 16.56 in 2019, then more sharply to 10.89 in 2020, and finally to 9.27 in 2021. This decrease suggests that while revenues increased, the efficiency in generating revenue from the area-related assets has diminished, possibly due to the accelerated growth in property and equipment outpacing revenue expansion in recent years.
Area Asset Turnover: Non-U.S.
Warner Bros. Discovery Inc.; Non-U.S.; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2021 Calculation
Area asset turnover = Revenues ÷ Property and equipment, net
= ÷ =
- Revenues
- The revenues in the Non-U.S. geographic area exhibit a fluctuating trend over the observed period. Starting at $3,313 million in 2017, revenues increased significantly to $4,138 million in 2018. However, they experienced a slight decline in 2019 to $3,992 million, and a further reduction in 2020 to $3,646 million. The revenues then rebounded sharply in 2021, reaching their highest value of $4,463 million in the timeframe considered.
- Property and Equipment, Net
- The net value of property and equipment shows a steady upward trajectory from 2017 to 2020. Beginning at $288 million in 2017, the value rose to $450 million in 2018, increased further to $519 million in 2019, and peaked at $561 million in 2020. In 2021, however, the value declined moderately to $502 million, indicating a reduction in net property and equipment during that year.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which reflects the efficiency in generating revenues from property assets, reveals a downward trend from 2017 through 2020. The ratio starts high at 11.5 in 2017 and progressively decreases each year to 9.2 in 2018, 7.69 in 2019, and reaches its lowest at 6.5 in 2020. In 2021, the ratio improves to 8.89, showing a partial recovery in asset utilization efficiency.
Revenues
Warner Bros. Discovery Inc., revenues by geographic area
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Non-U.S. | |||||
| Total |
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).
- U.S. Revenue Trend
- The U.S. revenue demonstrates a generally increasing trend over the five-year period. Starting at 3,560 million USD in 2017, it nearly doubled by 2018, reaching 6,415 million USD. This upward trajectory continued through 2019, with revenue increasing to 7,152 million USD, followed by a slight decline in 2020 to 7,025 million USD. In 2021, the revenue recovered and rose to 7,728 million USD, marking the highest value in the observed period.
- Non-U.S. Revenue Trend
- Non-U.S. revenue grew from 3,313 million USD in 2017 to 4,138 million USD in 2018, showing a positive increase. However, after this peak, a decreasing trend is evident with the revenue falling to 3,992 million USD in 2019 and further declining to 3,646 million USD in 2020. In 2021, Non-U.S. revenue rebounded somewhat to 4,463 million USD, exceeding the 2017 starting value but not achieving the 2018 peak.
- Total Revenue Trend
- Total revenue, aggregating U.S. and Non-U.S. figures, follows an overarching growth pattern from 6,873 million USD in 2017 to 12,191 million USD in 2021. The total revenue nearly doubled between 2017 and 2018, increasing to 10,553 million USD. It continued to rise slightly in 2019 to 11,144 million USD before a small dip in 2020 to 10,671 million USD, likely reflecting the declines in Non-U.S. revenue. In 2021, total revenue reached its highest point at 12,191 million USD, indicating a recovery and overall growth despite some volatility.
- Insights and Observations
- Analysis of the data reveals that U.S. revenue consistently contributes a larger share of total revenue and exhibits more stability, with an overall upward trend and only a minor downturn in 2020. In contrast, Non-U.S. revenue appears more volatile, with fluctuations including a notable decline between 2018 and 2020 before a partial rebound. The total revenue pattern closely mirrors the U.S. revenue’s trajectory due to its larger proportion. The decline in Non-U.S. revenue during 2019 and 2020 appears to have tempered total revenue growth. The rebound across all segments in 2021 suggests an overall recovery phase following the earlier decline.
Property and equipment, net
Warner Bros. Discovery Inc., property and equipment, net by geographic area
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Non-U.S. | |||||
| Total |
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).
The data reflects the annual net property and equipment values segmented by geographic area over a five-year period ending December 31, 2021. The analysis indicates distinct trends in both U.S. and Non-U.S. regions leading to overall growth in the total net property and equipment.
- U.S. Segment
- The net property and equipment value in the U.S. shows a consistent and marked increase throughout the reported years. Beginning at 309 million US dollars in 2017, it rose steadily every year, reaching 834 million US dollars in 2021. The growth trajectory is particularly strong from 2019 onwards, indicating potential increased investment or capital expenditure within the U.S. operations.
- Non-U.S. Segment
- The Non-U.S. segment presents a different pattern. Starting from a value of 288 million US dollars in 2017, it increased significantly to 450 million by 2018 and further to 519 million in 2019. However, from 2020 onwards, the net property and equipment value declined, falling to 561 million in 2020 and further down to 502 million in 2021. This suggests a contraction or divestment in Non-U.S. property and equipment assets or possibly asset impairments during the latter part of the period.
- Total Net Property and Equipment
- The cumulative net property and equipment figures display a consistent upward trend over the five years. Total values increased from 597 million US dollars in 2017 to 1,336 million in 2021. The total growth is largely supported by the robust increase in the U.S. segment, which outweighs the decline noted in the Non-U.S. segment in the last two years. The overall expansion in net property and equipment underlines growing investment and likely strategic development in the company's asset base.