Warner Bros. Discovery, Inc. Reports First-Quarter 2022 Results

Warner Bros. Discovery, Inc. (“Warner Bros. Discovery” or the “Company”) (NASDAQ: WBD) today reported financial results for the quarter ended March 31, 2022. The results presented in this earnings release cover the period from January 1, 2022 through March 31, 2022 for Discovery, Inc., and do not include first-quarter performance for the WarnerMedia business, which was acquired on April 8, 2022.

David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery said, “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 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.”

Financial Highlights

  • Q1 2022 total revenues of $3,159 million increased 13%, or increased 15% ex-FX, compared to the prior year quarter.
    • U.S. advertising revenues increased 5% and distribution revenues increased 11%; and
    • International advertising revenues increased 5%, or 11% ex-FX, and distribution revenues increased 4%, or 8% ex-FX.
  • Net income available to Warner Bros. Discovery, Inc. was $456 million.
  • Total Adjusted OIBDA was $1,027 million.
  • Cash provided by operating activities increased to $323 million and free cash flow increased to $238 million.
  • Ended Q1 with $4.2 billion of cash and cash equivalents, gross debt of $15.1 billion, and net leverage of 2.7x.
  • Ended Q1 2022 with 24 million DTC Subscribers, an increase of 2 million subscribers since the end of Q4.
  • Generated nearly $450 million of Next Generation Revenues in Q1, growth of 55% versus the prior year quarter.

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