good challenges. our unprecedented And presented David. tested Likewise, comments, Echoing a was of year you, morning, Thank indeed in David's that share company its ways. fair stress XXXX it everyone.
across recap with networks. revenues QX, which up of board. well Looking back, very were signs tightening year, I'm operationally, as supported will financially, solid prior we results to reacted the as the do detail strategically, marketplace us more forward to a of for managerially I disruption, market believe briefly a beyond, that great both ad continued shortly. I with extraordinarily to well our Starting due spend. in pivot. in accomplished as of into to XXXX political US set as and consistent amount tremendous start proud of how by a we and recovery, proactively XXXX, such an how and set team our But to general strategic the it lean the first, discuss show Advertising
up up continued upfront advantageous generally And scatter year-over-year. quarter scatter a XX% into high up upfront the teens XX% extremely versus we CPMs Following the high in that upfront and with saw market, has range trend year-over-year. CPMs around digits single healthy first and versus mid up
impact as supporting MVPDs. still than year returned offset of most has studios our travel, a ago increased X%, declines, categories our revenues virtual from We chains challenged. verticals movie demand a by X% subscribers a of acceleration fourth and renewals continued while from levels, distributed total our of across during year-over-year subscriber number from a a to Subscribers in quarter, restaurant as balance declines, X%. US pricing such slower solid the remain declined by recent on very distribution nice and QX. more pace declined While core combination fully strength subscriber portfolio networks to benefited the
X% on for sequential turning fourth networks revenues continuing Now international which to our will primarily I of decreased year-over-year, constant basis. across Advertising improvements key quarter, a currency the the led markets. discuss many by
are other quarter decreased And some positive markets Distribution Latin like finished with Poland certain the still Germany, weakness. and growth, revenues as UK, X% the such fourth APAC across countries while America year-over-year. exhibiting COVID-related
total we finished percentage primarily schedule Eurosport modest see We and personnel marketing a subscriber guided, more impact continue XXXX Latin from initiatives. COVID-related expenses challenged Cost in our we to increased year spending expenses to operating of ex-FX, quarter, continued as X%, in during well disruption reduction largely into half XXXX as operating condensing countries invested our of the as Discovery+ up the well in mid promotion content in continued economically and we in reallocated Furthermore, turn continue SG&A single revenues to pricing, our the investments and core America. in our Total throughout of support as performance technology next-generation businesses we flat initiatives. the headwinds quarter. support back digit as fourth the were in ramp target endeavors. branding year-over-year the And up of sports as linear our the low launch to sports as as to were we the to EMEA. next-gen to support with X% we spend, of and ahead and overall continued X% schedule due
our to free volatility XXXX free to COVID, headwinds step-up DXC we and our convert disruptions AOIBDA expect finished related finish at the while cash do, of absorbed a $X.X December flow, to having as past we to continue this year. a this extent, AOIBDA meaningful to Day, a an still with Investor XX% cash conversion year And in least to and at the flow. great cash flow to we from flow same free Turning guided time at considering cash rate, faced to XX% investments. over free in We billion
impressive off metrics. to with it's of to very very Now which a are And is start. rollout, all our pleased and early early though in turning we global launch Discovery+, the
paying XX total we than XX days global by since will the million of end subscriber XX we which than US. have paying after in the the are David subscribers of the million in surpassed less direct-to-consumer now attributed and the more global to mentioned, the as First, subscribers majority of US, launch additions were month. Discovery+ hit And half the
modeling. better variables early, and critical both importantly, represent churn in Second, And while planned. than our to have been these pay role
well engagement, active finally, see CPMs. advertisers the already the pay-TV so scale been of subscriber we to provided measured much together customer and significantly better, are value time advertising and revenue much our per I acceleration our come next-gen average to already has a early lifetime five, to has taking subscribers, engagement, especially Fourth, you with our needed the Number within ARPU. not meaningful monetization higher and drive start ecosystem. has Number have than seven, a video pointing Number along very very lifetime led compared laid we strong customer that these subscriber is out grow plan. further This points by that together, the modeling. not taken Ad that are framework portion and Third, evolving this to signs growth in subscriber and worth attractive product see subscribers, acquisition has of base if contributing as investment value. to key linear far implied monetization more ahead Consequently, early expectations, to ahead as incremental embrace churn we base driving data as very upside December. well reach Lite average XXXX out growth. already tenet for a ad opportunity brands is advertisers to this in which quarters, with eager surpassed initial robust higher we thereafter, favorable, poised around early in for healthy are ARPU It of is with subscriber our contributed our QX both in watch a XX% six, the linear. viewer And of with costs value currently our see the with around delivering
Discovery+ should more direct US, which this are our majority profile to a tailwind net distribution we also of the in enjoy quarter. Given the ads, domestic growth
expect domestic As least that such, to at acceleration been it's profile since growth I that. QX the had from we have must digits like of single if not while distribution low year-over-year, quarter. the a high revenue domestic increase like digits, a meaningful I say a last for we Candidly, sound double distribution.
overall advertisers' in the in embrace QX Discovery+, to leaning headwind help we we of sequential it great, as with profile the advertising modest more are launch has of While our advertising to well US part our factors, been as macro service. inventory as we to Discovery+ promote for related the support scale, where expect will a revenues, to
on embarked have campaign, marketing We and performance efficient we seeing SAC. and aggressive branding an are
approximately but year initiatives. our success in could And XXXX to long-term $XXX this with our to buying million for Discovery+ now million still course, we use around clarity expect cash to This potentially drive be near will the us this term. value, subscribers. to rollout, find drive to may you the incremental requisite due I in see As million allocation, CLV, our is times grade buyback. SAC market we as not the $XXX more, so Thus, we lean too our of We support to equity to the peak see additional and it's net at to trend spending. We Olympic range, our back where comfortable should shareholder the be early brings a and to way. favorable spend factors the committed a Through spend finished confident particularly initially we priority XXXX we very and described. pinpoint from greater productive investment couple us to do, will, opportunity with near-term, remain next-generation of leverage I agencies expect rating hundred XXXX, first to gain at noted though earlier, expect times in growth representing a than of we however, Games, our revisit rating. the flow reinvest Though, free capital business, in as as losses target greater investment most this X.X to leverage. for are to Which above the around our range. as and our our losses am to the be outlook, timing categorize based to into
with housekeeping forecasting Now, turning of help XXXX. to a couple to items you
our range. in expect success We have and while impact tax we more for updating on progress. for With range, that, by And the remain tax of initial rate, joining JB to to David, a portion book to year-over-year the be PPA, positive as the in, to on FX the are and incredibly closing, will to on we effective and lots our I'd a we million the questions. finally, our Thank will few a ever like look neutral you excluding months the in low as position cash are given Clearly, again operator, growth. you And rate the it we us. XX% mid-XX% Discovery+, as be for remain to AOIBDA. Q&A revenues, enthusiastic accomplish of long-term sustained to impact I $XXX In only excited forward and year-over-year budgeting company your take turn happy call. over
