'The company now expects to exceed $1.7 billion in free cash flow for the third quarter of 2023, in part due to the strong performance of 'Barbie' as well as incremental impact from strike-related factors,' the entertainment giant says in a regulatory filing.
Warner Bros. Discovery's Boomerang Rebrands to Cartoonito in Nordics, Turkey, Middle East and North Africa
“While WBD is hopeful that these strikes will be resolved soon, it cannot predict when the strikes will ultimately end. With both guilds still on strike today, the company now assumes the financial impact to WBD of these strikes will persist through the end of 2023,” the company stated in its filing. WBD said it was now “expecting lower adjusted EBITDA” for the full year in the range of $10.
The company also raised its free cash flow expectations for the full year to at least $5 billion. “Further, the company now expects to exceed $1.7 billion in free cash flow for the third quarter of 2023, in part due to the strong performance ofThe company is maintaining its expectation of achieving net leverage below 4.0x by the end of 2023, as well as its target gross leverage range of 2.5x-3.0x by the end of 2024.
Concluded the filing: “The company will continue to update its assumptions based on the timing and any additional impacts of the eventual resolution of the strikes.”
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