indicates % change year-over-year adjusted for constant currency. Note: % YoY indicates % change year-over-year % const. EBITDA and Adjusted EBITDA margins were also impacted by revenue mix, as revenues were more heavily weighted towards Merchandising and Other revenues in the first quarter of 2022 compared to the prior-year quarter, which carry a significantly lower EBITDA margin than Recorded Music and Music Publishing revenues. In the first quarter of 2021, EBITDA, Adjusted EBITDA, EBITDA margin and Adjusted EBITDA margin had a €20 million benefit related to a release of historic royalty provisions and an exceptional recovery of artist related provisions. Adjusted EBITDA margin was 20.7%, compared to 21.9% in the first quarter of 2021. Excluding these items, Adjusted EBITDA for the quarter was €455 million, up 14.9% year-over-year, or 14.0% in constant currency, driven by revenue growth. EBITDA and EBITDA margin were impacted by €1 million of non-cash share-based compensation during both the first quarter of 2022 and the first quarter of 2021. EBITDA margin was 20.6%, compared to 21.8% in the first quarter of 2021. UMG’s Recorded Music, Music Publishing and Merchandising and Other segments all had strong, double-digit revenue growth, as discussed further below.ĮBITDA for the quarter grew 14.9% year-over-year, or 14.1% in constant currency, to €454 million, driven by revenue growth. Revenue for the first quarter of 2022 was €2,199 million, an increase of 21.6% year-over-year, or 16.5% in constant currency. Constant currency change is calculated by taking current year results and comparing against prior year results restated at current year rates.
“We remain enthusiastic about the diversified revenue growth that our strategy is producing.” “With this quarter’s results, we continue to deliver on our commitment of long-term growth throughout the company’s major business units and across its multiple and growing revenue streams, including ad-supported streaming, subscription, physical, licensing, music publishing, and merchandising, among others,” said Boyd Muir, EVP, CFO and President of Operations for UMG. “Our strategic portfolio approach–creatively, geographically, technologically, and across a broad range of artists, partners, formats, businesses and revenue streams–not only deliver results now but, over the long run, we believe will produce an even better and more stable performance while delivering incredible value to our artists and shareholders.” “As important as the positive performance of the business this quarter is its breadth and strength,” said Sir Lucian Grainge, UMG’s Chairman and CEO. (“UMG” or “the Company”) today announced its financial results for the first quarter ended March 31, 2022. Hilversum, The Netherlands, Universal Music Group N.V.
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