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December Quarter 2024 Trending Schedules
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Trending Schedules Information included in these schedules has been derived from information contained in our 2024 Annual Report on Form 10-K and 2024 Quarterly Reports on Form 10-Q. These schedules contain certain financial measures that are not in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”). We provide reconciliations of these non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures in the body of these schedules. References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires. Simon & Schuster, which was sold on October 30, 2023, has been presented as a discontinued operation for all periods presented.
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12 Months 12 Months 12 Months Ended Quarter Ended Ended Quarter Ended Ended 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 Advertising $ 10,890 $ 2,651 $ 2,395 $ 2,133 $ 2,810 $ 9,989 $ 3,096 $ 2,251 $ 2,174 $ 2,774 $ 10,295 Affiliate and subscription 11,551 3,179 3,235 3,262 3,342 13,018 3,357 3,275 3,215 3,306 13,153 Theatrical 1,223 127 231 377 78 813 153 138 108 414 813 Licensing and other 6,490 1,308 1,755 1,361 1,408 5,832 1,079 1,149 1,234 1,490 4,952 Revenues 30,154 7,265 7,616 7,133 7,638 29,652 7,685 6,813 6,731 7,984 29,213 Expenses (26,878) (6,717) (7,010) (6,417) (7,118) (27,262) (6,698) (5,946) (5,873) (7,578) (26,095) Programming charges — (1,674) (697) — — (2,371) (1,118) — — — (1,118) Impairment charges (27) — — — (83) (83) — (5,996) (104) (30) (6,130) Restructuring, transaction-related items, and other corporate matters (585) — (54) 10 75 31 (186) (88) (321) (152) (747) Net gains on dispositions 56 — — — — — — — — — — Depreciation and amortization (378) (100) (105) (105) (108) (418) (100) (101) (96) (95) (392) Operating income (loss) $ 2,342 $ (1,226) $ (250) $ 621 $ 404 $ (451) $ (417) $ (5,318) $ 337 $ 129 $ (5,269) Amounts attributable to Paramount: Net earnings (loss) from continuing operations $ 725 $ (1,163) $ (372) $ 247 $ 4 $ (1,284) $ (563) $ (5,413) $ (4) $ (224) $ (6,204) Discontinued operations, net of tax 379 45 73 48 510 676 9 — 5 — 14 Net earnings (loss) attributable to Paramount $ 1,104 $ (1,118) $ (299) $ 295 $ 514 $ (608) $ (554) $ (5,413) $ 1 $ (224) $ (6,190) Diluted earnings (loss) per share attributable to Paramount: (1) Continuing operations $ 1.03 $ (1.81) $ (.59) $ .36 $ (.02) $ (2.06) $ (.88) $ (8.12) $ (.01) $ (.33) $ (9.36) Discontinued operations $ .58 $ .07 $ .11 $ .07 $ .78 $ 1.04 $ .01 $ — $ .01 $ — $ .02 Net earnings (loss) $ 1.61 $ (1.74) $ (.48) $ .43 $ .77 $ (1.02) $ (.87) $ (8.12) $ — $ (.33) $ (9.34) Weighted average number of diluted shares outstanding 650 651 651 652 653 652 654 667 670 669 664 (1) Refer to Schedule 7 for further details on the calculation of reported diluted net earnings (loss) per common share from continuing operations attributable to Paramount (“Reported EPS”). TRENDING SCHEDULES Summarized Reported Results (U.S. GAAP) (unaudited; in millions, except per share amounts) Schedule 1
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12 Months 12 Months 12 Months Ended Quarter Ended Ended Quarter Ended Ended 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 Advertising $ 10,890 $ 2,651 $ 2,395 $ 2,133 $ 2,810 $ 9,989 $ 3,096 $ 2,251 $ 2,174 $ 2,774 $ 10,295 Affiliate and subscription 11,551 3,179 3,235 3,262 3,342 13,018 3,357 3,275 3,215 3,306 13,153 Theatrical 1,223 127 231 377 78 813 153 138 108 414 813 Licensing and other 6,490 1,308 1,755 1,361 1,408 5,832 1,079 1,149 1,234 1,490 4,952 Revenues 30,154 7,265 7,616 7,133 7,638 29,652 7,685 6,813 6,731 7,984 29,213 Expenses (26,878) (6,717) (7,010) (6,417) (7,118) (27,262) (6,698) (5,946) (5,873) (7,578) (26,095) Adjusted OIBDA $ 3,276 $ 548 $ 606 $ 716 $ 520 $ 2,390 $ 987 $ 867 $ 858 $ 406 $ 3,118 Adjusted net earnings (loss) from continuing operations attributable to Paramount $ 1,171 $ 72 $ 80 $ 207 $ 41 $ 400 $ 424 $ 361 $ 327 $ (71) $ 1,041 Adjusted diluted EPS from continuing operations attributable to Paramount (1) $ 1.71 $ .09 $ .10 $ .30 $ .04 $ .52 $ .62 $ .54 $ .49 $ (.11) $ 1.54 Weighted average number of diluted shares outstanding 650 652 652 652 653 652 657 669 670 669 667 (1) Refer to Schedule 7 for further details on the calculation of Adjusted diluted EPS from continuing operations attributable to Paramount (“Adjusted EPS”), including a reconciliation between Reported EPS and Adjusted EPS. TRENDING SCHEDULES Summarized Adjusted Results (Non-GAAP) (unaudited; in millions, except per share amounts) Schedule 2
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12 Months 12 Months 12 Months Ended Quarter Ended Ended Quarter Ended Ended 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 Advertising $ 9,350 $ 2,256 $ 1,946 $ 1,703 $ 2,283 $ 8,188 $ 2,582 $ 1,733 $ 1,666 $ 2,199 $ 8,180 Affiliate and subscription 8,180 2,067 2,011 2,004 2,003 8,085 1,998 1,908 1,872 1,869 7,647 Licensing and other 4,202 870 1,200 860 882 3,812 651 630 760 911 2,952 Revenues $ 21,732 $ 5,193 $ 5,157 $ 4,567 $ 5,168 $ 20,085 $ 5,231 $ 4,271 $ 4,298 $ 4,979 $ 18,779 Adjusted OIBDA $ 5,451 $ 1,306 $ 1,194 $ 1,149 $ 1,142 $ 4,791 $ 1,445 $ 1,018 $ 936 $ 949 $ 4,348 TRENDING SCHEDULES TV Media Financial Results (unaudited; in millions) Schedule 3
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12 Months 12 Months 12 Months Ended Quarter Ended Ended Quarter Ended Ended 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 Advertising $ 1,533 $ 398 $ 441 $ 430 $ 526 $ 1,795 $ 520 $ 513 $ 507 $ 574 $ 2,114 Subscription 3,371 1,112 1,224 1,258 1,339 4,933 1,359 1,367 1,343 1,437 5,506 Licensing — — — 4 4 8 — — 10 2 12 Revenues $ 4,904 $ 1,510 $ 1,665 $ 1,692 $ 1,869 $ 6,736 $ 1,879 $ 1,880 $ 1,860 $ 2,013 $ 7,632 Adjusted OIBDA $ (1,819) $ (511) $ (424) $ (238) $ (490) $ (1,663) $ (286) $ 26 $ 49 $ (286) $ (497) Paramount+ (Global) Subscribers (1) 55.9 60.0 60.7 63.4 67.5 67.5 71.2 68.4 71.9 77.5 77.5 Revenues $ 2,767 $ 965 $ 990 $ 1,138 $ 1,353 $ 4,446 $ 1,459 $ 1,445 $ 1,428 $ 1,564 $ 5,896 (1) Subscribers include customers who are registered for Paramount+, either directly through our owned and operated apps and websites, or through third-party distributors. Subscribers also include customers who are provided with access through a subscription bundle with a domestic linear video streaming service (vMVPD) or an international third-party distributor. Our subscribers include paid subscriptions and those customers registered in a free trial. For the periods above, subscriber counts reflect the number of subscribers as of the applicable period-end date. TRENDING SCHEDULES Direct-to-Consumer Financial Results and Other Metrics (unaudited; in millions) Schedule 4
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12 Months 12 Months 12 Months Ended Quarter Ended Ended Quarter Ended Ended 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 Advertising $ 23 $ 5 $ 11 $ 5 $ 3 $ 24 $ 1 $ 7 $ 2 $ 6 $ 16 Theatrical 1,223 127 231 377 78 813 153 138 108 414 813 Licensing and other 2,460 456 589 509 566 2,120 451 534 480 661 2,126 Revenues $ 3,706 $ 588 $ 831 $ 891 $ 647 $ 2,957 $ 605 $ 679 $ 590 $ 1,081 $ 2,955 Adjusted OIBDA $ 272 $ (99) $ 5 $ (49) $ 24 $ (119) $ (3) $ (54) $ 3 $ (42) $ (96) TRENDING SCHEDULES Filmed Entertainment Financial Results (unaudited; in millions) Schedule 5
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12 Months 12 Months 12 Months Ended Quarter Ended Ended Quarter Ended Ended 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 TV Media $ 5,451 $ 1,306 $ 1,194 $ 1,149 $ 1,142 $ 4,791 $ 1,445 $ 1,018 $ 936 $ 949 $ 4,348 Direct-to-Consumer (1,819) (511) (424) (238) (490) (1,663) (286) 26 49 (286) (497) Filmed Entertainment 272 (99) 5 (49) 24 (119) (3) (54) 3 (42) (96) Corporate/Eliminations (470) (109) (124) (103) (111) (447) (124) (73) (84) (146) (427) Stock-based compensation (158) (39) (45) (43) (45) (172) (45) (50) (46) (69) (210) Adjusted OIBDA 3,276 548 606 716 520 2,390 987 867 858 406 3,118 Depreciation and amortization (378) (100) (105) (105) (108) (418) (100) (101) (96) (95) (392) Programming charges (1) — (1,674) (697) — — (2,371) (1,118) — — — (1,118) Impairment charges (1) (27) — — — (83) (83) — (5,996) (104) (30) (6,130) Restructuring, transaction-related items, and other corporate matters (1) (585) — (54) 10 75 31 (186) (88) (321) (152) (747) Gains on dispositions (1) 56 — — — — — — — — — — Operating income (loss) $ 2,342 $ (1,226) $ (250) $ 621 $ 404 $ (451) $ (417) $ (5,318) $ 337 $ 129 $ (5,269) (1) See Schedule 8 for a description of these items affecting comparability that are not part of our normal operations. TRENDING SCHEDULES Reconciliation of Adjusted OIBDA (Non-GAAP) (unaudited; in millions) Schedule 6
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12 Months 12 Months 12 Months Ended Quarter Ended Ended Quarter Ended Ended 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 Net earnings (loss) from continuing operations attributable to Paramount: Reported net earnings (loss) from continuing operations $ 725 $ (1,163) $ (372) $ 247 $ 4 $ (1,284) $ (563) $ (5,413) $ (4) $ (224) $ (6,204) Impact of adjustments on net earnings (loss) from continuing operations (1) 446 1,235 452 (40) 37 1,684 987 5,774 331 153 7,245 Adjusted net earnings (loss) from continuing operations $ 1,171 $ 72 $ 80 $ 207 $ 41 $ 400 $ 424 $ 361 $ 327 $ (71) $ 1,041 Per share information attributable to Paramount: Reported diluted earnings (loss) per share from continuing operations $ 1.03 $ (1.81) $ (.59) $ .36 $ (.02) $ (2.06) $ (.88) $ (8.12) $ (.01) $ (.33) $ (9.36) Impact of adjustments on diluted earnings (loss) per share from continuing operations (1) .68 1.90 .69 (.06) .06 2.58 1.50 8.66 .50 .22 10.90 Adjusted diluted EPS from continuing operations $ 1.71 $ .09 $ .10 $ .30 $ .04 $ .52 $ .62 $ .54 $ .49 $ (.11) $ 1.54 Weighted average number of diluted shares outstanding, reported (2) (3) 650 651 651 652 653 652 654 667 667 669 664 Weighted average number of diluted shares outstanding, adjusted (2) 650 652 652 652 653 652 657 669 670 669 667 (1) See Schedule 8 for a description of items affecting comparability that are not part of our normal operations. (2) The impact of the assumed conversion of our 5.75% Series A Mandatory Convertible Preferred Stock (“Preferred Stock”) to shares of common stock would have been antidilutive in the calculations of Reported EPS and Adjusted EPS for all periods presented prior to the conversion of all outstanding shares of our Preferred Stock into shares of our Class B Common Stock on April 1, 2024. When antidilutive, in the calculations of EPS the weighted average number of diluted shares outstanding does not include the assumed issuance of shares upon conversion of preferred stock, and preferred stock dividends for the applicable period are deducted from net earnings (loss) from continuing operations. (3) For periods when we reported a net loss the dilutive impact to shares for Reported EPS is excluded because it would be antidilutive. TRENDING SCHEDULES Reconciliation of Adjusted Net Earnings and Diluted EPS (Non-GAAP) (unaudited; in millions, except per share amounts) Schedule 7
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12 Months 12 Months 12 Months Ended Quarter Ended Ended Quarter Ended Ended 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 Programming charges (1) $ — $ 1,674 $ 697 $ — $ — $ 2,371 $ 1,118 $ — $ — $ — $ 1,118 Impairment charges (2) 27 — — — 83 83 — 5,996 104 30 6,130 Restructuring, transaction-related items, and other corporate matters (3) 585 — 54 (10) (75) (31) 186 88 321 152 747 Gains on dispositions (4) (56) — — — — — — — — — — (Gain) loss on extinguishment of debt 120 — — — (29) (29) — — — — — (Gain) loss from investments (5) 9 — (168) — — (168) 4 — — 13 17 Impact of adjustments on earnings (loss) from continuing operations before income taxes 685 1,674 583 (10) (21) 2,226 1,308 6,084 425 195 8,012 Income tax impact of above items (6) (159) (409) (127) 3 6 (527) (322) (358) (92) (31) (803) Discrete tax items (7) (80) (30) (4) (33) 36 (31) 1 48 (2) (11) 36 Impact of adjustments on income taxes (239) (439) (131) (30) 42 (558) (321) (310) (94) (42) (767) Impairment of equity-method investment, net of tax — — — — 16 16 — — — — — Impact of adjustments on net earnings (loss) from continuing operations attributable to Paramount $ 446 $ 1,235 $ 452 $ (40) $ 37 $ 1,684 $ 987 $ 5,774 $ 331 $ 153 $ 7,245 Impact of adjustments on diluted EPS from continuing operations attributable to Paramount $ .68 $ 1.90 $ .69 $ (.06) $ .06 $ 2.58 $ 1.50 $ 8.66 $ .50 $ .22 $ 10.90 (1) Reflects programming charges associated with major strategic changes in our global content strategy that resulted in the removal of significant levels of content from our platforms, abandonment of development projects and termination of certain programming agreements. (2) The second quarter of 2024 includes a goodwill impairment charge for our Cable Networks reporting unit of $5.98 billion, which resulted from a downward adjustment to the reporting unit’s expected cash flows primarily as a result of recent indicators in the linear affiliate marketplace, and the market value indicated by the Skydance transactions. The remaining impairment charge in the second quarter of 2024 and in the other periods presented reflects charges to reduce the carrying value of intangible assets to their fair value. (3) Reflects severance costs, lease impairments, transaction-related items, and other corporate matters. (4) Reflects a gain recognized upon the contribution of certain assets of Paramount+ in the Nordics to SkyShowtime, a gain from the sale of international intangible assets and a working capital adjustment to the gain from the sale of CBS Studio Center. (5) Includes fair value adjustments and gains and losses associated with the sale of investments. (6) The tax impact has been calculated by applying the tax rates applicable to the adjustments presented. (7) Includes the net discrete tax expense or (benefit) related to valuation allowance changes, guidance from tax authorities, the reorganization of international operations, the resolution of income tax matters, amounts realized in connection with the filing of tax returns, and tax expense or (excess benefit) from the vesting of stock-based compensations awards, among others. TRENDING SCHEDULES Items Affecting Comparability (unaudited; in millions, except per share amounts) Schedule 8
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12 Months 12 Months 12 Months Ended Quarter Ended Ended Quarter Ended Ended 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 Net cash flow provided by (used for) operating activities from continuing operations $ (142) $ (483) $ (141) $ 450 $ 558 $ 384 $ 260 $ 59 $ 265 $ 168 $ 752 Capital expenditures (358) (71) (69) (73) (115) (328) (51) (49) (51) (112) (263) Free cash flow $ (500) $ (554) $ (210) $ 377 $ 443 $ 56 $ 209 $ 10 $ 214 $ 56 $ 489 Debt $ 15,846 $ 15,853 $ 15,800 $ 15,665 $ 14,602 $ 14,602 $ 14,608 $ 14,614 $ 14,620 $ 14,501 $ 14,501 Less: Cash and cash equivalents 2,885 2,109 1,714 1,804 2,460 2,460 2,384 2,315 2,443 2,661 2,661 Net debt $ 12,961 $ 13,744 $ 14,086 $ 13,861 $ 12,142 $ 12,142 $ 12,224 $ 12,299 $ 12,177 $ 11,840 $ 11,840 TRENDING SCHEDULES Free Cash Flow (Non-GAAP) (unaudited; in millions) Schedule 9 Supplemental Cash Flow Information 12 Months 12 Months 12 Months Ended Quarter Ended Ended Quarter Ended Ended 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 Payments for restructuring, transaction- related items and transformation initiatives (1) $ 289 $ 69 $ 78 $ 163 $ (77) $ 233 $ 49 $ 56 $ 102 $ 140 $ 347 (1) Free cash flow includes payments for restructuring, transaction-related costs, and transformation initiatives, net of insurance recoveries and settlements received related to litigation associated with the 2019 merger of Viacom and CBS. Our transformation initiatives are related to advancing our technology, including the unification and evolution of systems and platforms, and migration to the cloud. In addition, we have adapted our facilities to accommodate our hybrid and agile work model.