New York, NY – April 28, 2021: Discovery, Inc. (“Discovery” or the “Company”) (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the quarter ended March 31, 2021.
David Zaslav, President and Chief Executive Officer of Discovery said, “The global rollout of discovery+ is off to a fantastic start by any measure. Key metrics, including subscriber additions, customer engagement, and retention, are exceeding our expectations and demonstrating sustained momentum into the second quarter. We now have 15 million total paying direct-to-consumer subscribers across our global portfolio driven primarily by discovery+, having crossed 13 million total paying direct-to-consumer subscribers at the end of March. Our strong direct-to-consumer performance underscores the outstanding value and appeal of our content, brands and personalities to both consumers and distribution partners alike. We continue to expand the reach of discovery+ with recent launches on Comcast Xfinity and Amazon Prime Video Channels. At the same time, we continue to extend our overall engagement with viewers across screens, anchored by another quarter as the most-watched pay-TV portfolio in the U.S. and our seventh consecutive quarter of international share growth.”
First-Quarter 2021 Financial Highlights
- Total revenues of $2,792 million increased 4% compared to the prior year quarter, or increased 3% ex-FX.
– U.S. advertising revenues decreased 4% and distribution revenues increased 12%; and
– International advertising revenues increased 16%, or increased 8% ex-FX, and distribution revenues were flat, or decreased 2% ex-FX.
- Net income available to Discovery, Inc. was $140 million and diluted earnings per share was $0.21.
- Total Adjusted OIBDA was $837 million.
- Cash provided by operating activities was $269 million and free cash flow was $179 million.
- Ended Q1 with 13 million global next generation paying direct-to-consumer subscribers.
- Launched discovery+ on Comcast Xfinity and Amazon Prime Video Channels in the U.S., Starzplay in MENA, and on Samsung Smart TVs and Amazon Fire TV devices in the U.K. and Ireland.
- Total share of viewing across the international linear portfolio grew 2% on average in Q1, marking seven consecutive quarters of year-over-year share improvement.
- For Q1, Discovery was the #1 most-watched pay-TV portfolio in the U.S. among key demographics and was the #1 pay-TV portfolio for engagement, driven in part by TLC, which was the #1 cable network among our key female demographics.