Warner Bros. Discovery reported financial results for the first quarter of the year and disclosed that it added about 2 million paid streaming subscribers during the period, totaling 24 million DTC subscribers. The results presented in the earnings release cover the period from January 1 through March 31, 2022 for Discovery, and do not include first-quarter performance for the WarnerMedia business, which was acquired on April 8, 2022.
The company reported first quarter total revenues of $3.159 million increased 13%, or increased 15% compared to the prior year quarter. In the United States, advertising revenues were up 5%, distribution revenues grew 11%, international advertising revenues increased 5%, and distribution revenues were up 4%.
Meanwhile, net income available to Warner Bros. Discovery was $456 million. Total Adjusted OIBDA was $1.027 million, while cash provided by operating activities increased to $323 million, and free cash flow increased to $238 million. Moreover, the company ended the first quarter of 2022 with $4.2 billion of cash and cash equivalents, gross debt of $15.1 billion, and net leverage of 2.7x.
“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,” said David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery.
“We are putting together the strategic framework and organization to drive our balanced approach to growing our businesses and maximizing 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. I could not be more excited about the massive opportunity ahead,” Zaslav added.
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” David Zaslav President and Chief Executive Officer of Warner Bros. Discovery