Warner Bros Discovery adds 2m subs in Q1
April 26, 2022
Warner Bros Discovery has reported results for the quarter ended March 31st 2022. The results cdo not include Q1 performance for the WarnerMedia business, which was acquired on April 8th.
David Zaslav, President and Chief Executive Officer of Warner Bros Discovery, commented: “With Warner Bros Discovery, we are creating a pure-play media company with diversified revenues and the most compelling IP ownership, franchises, and brand portfolio in our industry. Importantly, we also have an unrivaled global footprint of touchpoints to get our content into the hands of consumers on every screen. We are putting together the strategic framework and organisation to drive our balanced approach to growing our businesses and maximising the value of our storytelling, news and sports. To do this, we have brought together a strong leadership team in a streamlined structure to foster better command and control and strategic clarity across the entire company.”
Financial Highlights
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Q1 2022 total revenues of $3.15 billion increased 13 per cent, or increased 15 per cent ex-FX, compared to the prior year quarter.
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U.S. advertising revenues increased 5 per cent and distribution revenues increased 11 per cent; and
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International advertising revenues increased 5 per cent, or 11 per cent ex-FX, and distribution revenues increased 4 per cent, or 8 per cent ex-FX.
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Net income available to Warner Bros Discovery was $456 million.
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Total Adjusted OIBDA was $1.o2 billion.
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Cash provided by operating activities increased to $323 million and free cash flow increased to $238 million.
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Ended Q1 with $4.2 billion of cash and cash equivalents, gross debt of $15.1 billion, and net leverage of 2.7x.
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Ended Q1 2022 with 24 million DTC Subscribers, an increase of 2 million subscribers since the end of Q4.
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Generated nearly $450 million of Next Generation Revenues in Q1, growth of 55 per cent versus the prior year quarter.
“I could not be more excited about the massive opportunity ahead,” concluded Zaslaz.