Chief Financial Officer at AT&T
Thank you John and good morning everyone. Let's start by taking a look at our first quarter consolidated financial summary on Slide 5. It's important to note that our first quarter consolidated results include the contributions of WarnerMedia and that last year's first quarter included results of our US video business and Vrio. Accordingly, our reported results do not provide a clear reflection of our business on a forward-looking basis. So let me quickly cover a few key points before reviewing the financial results of our new standalone AT&T operations on the next slide. On a consolidated basis, including a full quarter for WarnerMedia, our adjusted EPS for the quarter was $0.77 compared to $0.85 in the first quarter of 2021.
In addition to merger amortization, adjustments for the quarter were made to exclude our proportionate share of DIRECTV intangible amortization and the gain in our benefit plans. Year-over-year earnings declines were primarily driven by WarnerMedia and to a lesser extent certain onetime costs in the communication segment. The declines in earnings at WarnerMedia reflect increased investments incurred in launching CNN Plus and expanding new territories at HBO Max.
HBO Max and HBO Now reached an impressive global subscriber base of nearly 77 million. WarnerMedia's results were also impacted by the advertising sharing agreement entered into with DIRECTV upon its separation in last year's third quarter and the termination of HBO Max wholesale agreement with Amazon late last year. When excluding revenues from our US video business and Vrio from the prior year quarter AT&T consolidated revenues were $38.1 billion, up 1.6% or $600 million year-over-year.
Cash from operations came in at $5.7 billion for the quarter. Overall spending was up with capital investments totaling $6.3 billion. Free cash flow was $700 million for the quarter. WarnerMedia had declines of $2.6 billion in free cash flow year-over-year. This decline was driven by $1.2 billion in lower year-over-year securitization of receivables in advance of the transaction. $600 million in higher cash content spend, increased investments in HBO Max global footprint and ramp up with the CNN Plus launch as well as NHL right payments and other working capital changes. Now, let's look at our financials for the new standalone AT&T on Slide 6.
On a comparative like-for-like basis our financial results for the quarter are in line with our expectations for how we expect the year to trend. However, our subscriber metrics came in better than we expected, as market conditions remained strong. This gives us confidence in the annual guidance provided at our recent Analyst Day. Revenues were $29.7 billion up 2.5% or $700 million year-over-year driven by wireless and broadband revenue growth, partially offset by declines in business wireline. Adjusted EBITDA was flattish year-over-year as lower retained video costs were offset by peak impact from our 3G network shut down, continued success based investments in wireless and fiber and the launch of Multi-Gig fiber plans. We remain confident that Q1 will be the trough in our year-over-year adjusted EBITDA trajectory.
We continue to expect the year-over-year trend line to progressively improve through the year. On a comparative basis adjusted EPS for the quarter was $0.53 versus $0.58 in the first quarter of 2021 due to higher equity income from DIRECTV and lower interest expense. Cash from operations came in at $7.7 billion for the quarter. Overall spending was up year-over-year with standalone AT&T capital investments of $6.1 billion, free cash flow was $2.9 billion. As expected cash flow this quarter was affected by several factors. First, higher capital investments as we ramped fiber deployment and prepared to deploy our 5G mid-band spectrum bands in the back half of the year.
Second, the absorption of 3G shutdown impact, third increased employee incentive compensation benefits paid in Q1 fourth, lower proceeds from securitizations. DIRECTV cash distributions were $1.8 billion in the quarter, which is modestly better than the $1.5 billion contribution in last year's first quarter. We continue to expect about $4 billion distribution for DIRECTV for the year so we do expect some moderation. Given that Q1 is a seasonally low quarter for free cash flow and many of the factors impacting free cash are not expected to repeat we remain confident in the guidance we provided you during our Analyst Day to achieve free cash flow in the $16 billion range for the year and on a standalone basis.
Looking forward, we expect to incur restructuring charges over the next few quarters as we continue to execute our transformation initiatives. The cash impact of these charges has already been contemplated in our full year free cash flow guidance. Now, let's turn to our subscriber results for our market focused areas on Slide 7. Diving a bit deeper into our business unit level performance, the story continues to be simple and straightforward. The consistent, disciplined go-to-market strategy we implemented almost two years ago continues to work very well and we're delivering strong momentum in growing customer relationships with 5G and fiber.
In the quarter, we had 691,000 postpaid phone net adds, as John said, this marks our best first quarter in more than a decade. This total also excludes impacts of 3G network shut down of more than 400,000 postpaid phone. Consistent with industry practice we have treated this reduction as an adjustment of our base at the beginning of the period. Churn also remained near historically low levels thanks in part to our improving NPS which is being driven by an enhanced customer experience, the strength of our network and our consistent and simple offers.
We're growing our customer base with this disciplined approach. Our teams have maintained a strong focus on growing the right way with high quality intake and by investing in existing customers. As mentioned in March, we're focused on incentivizing customers to shift to our current unlimited rate plans which are designed for the 5G era and to better meet each customer's unique needs and provide greater value to both existing and new customers. Looking at AT&T Fiber, our customer base continues to grow as we expand availability at the best access technology across our footprint.
We had 289,000 AT&T Fiber net adds in the first quarter and we expect to accelerate growth from here. To say we're excited about the underlying momentum of the business would be an understatement. Where we have fiber, we win and gain share and our deployment plans remain on track. We now have 6.3 million AT&T fiber customers up 1.1 million compared to a year ago and we expect customer momentum to accelerate from these already stepped up levels. We continue to see strong demand for AT&T Fiber as customers seek out faster broadband speeds at an attractive price and our fiber churn remains low as AT&T Fiber continues to offer a great experience and a consistently high net promoter score.
Now, let's take a deeper look at our Communications segment operating results starting with Mobility on Slide 8; our Mobility business continues its record level momentum. Revenues were up 5.5% with service revenues growing 4.8% due to subscriber growth. Impressively this growth in service revenue comes despite impact on service revenue of our 3G shutdown and without a material return of international roaming revenues. Consistent with our comments on Analyst Day Mobility EBITDA declined 1.8% year-over-year, largely due to a number of one-time related factors.
EBITDA was negatively impacted by over $300 million due to the 3G shutdown costs and the absence of FirstNet and CAF II reimbursements. We remain confident in our stated expectations for mobility adjusted EBITDA trajectory to improve through the course of the year as these impacts moderate through the balance of the year. Overall, we continue to see healthy mobility demand while our guidance does not factor in industry demand levels replicating the strength we experienced in 2021, our Q1 results came in better than anticipated.
Both our postpaid phone and prepaid phone churn remains near record low levels despite a modest uptick among lower income cohorts as certain pandemic level benefits wear off. Now, let's turn to our operating results for Consumer and Business Wireline on Slide 9. Our fiber growth was solid, as we continue to win share where we have fiber. Even with expected declines from copper-based broadband services, our total consumer wireline revenues are up again this quarter growing 2% due to higher broadband ARPU and fiber revenue growth.
Our Fiber ARPU was approximately $60 million with gross addition intake ARPU in the $65 to $70 range. We expect overall fiber ARPU to continue to improve as more customers roll off promotional pricing and onto simplified pricing constructs we introduced earlier this year. In addition, with the launch of our new multi-gig speeds in January, we have even more opportunity to move customers to higher speed tiers. Over time, we expect these factors to serve as a tailwind to the trajectory of our Fiber Optimal.
We also continue to accelerate our fiber footprint build and now have the ability to serve 17 million customer locations. As you heard us share on Analyst Day, our planned center on pivoting from copper-based products to fiber as we make this pivot, we expect positive EBITDA growth in 2022 driven by growth in broadband revenues. Also to help provide you with greater insight into the performance of our consumer wireline fiber operations, we've provided additional metrics in our trending materials that can be found on our IR website. Looking at business wireline, we continue to execute on our rationalization of low-margin products in our portfolio.
In the first quarter, we experienced some impacts by the timing of government sector demand due to delays in passing the federal budget which caused steeper than expected revenue declines. However, we expect demand to rebound later this year. While the rationalization of our business wireline portfolio creates incremental pressure on our near-term revenues, it also allows us to focus on our owned and operated connectivity services as well as growing 5G and fiber integrated solutions.
Both areas, business 5G and fiber continue to perform well benefiting our mobility segment with business solution wireless service revenue growth of 8.4% and a sequential increase in our FirstNet wireless base by about 300,000. We remain comfortable with our guidance of Business Wireline EBITDA down mid-single digits in 2022. Shifting to Slide 10, I'd like to reiterate our overall capital allocation framework moving forward. With the completion of the WarnerMedia transaction AT&T received $40.4 billion in cash and WarnerMedia's retention of certain existing debt.
Additionally, AT&T's shareholders received 1.7 billion shares of Warner Bros Discovery representing 71% of the new company. This transaction greatly strengthens our balance sheet and provides us with financial flexibility going forward. We now have a simplified capital allocation framework. First, we plan to invest in our strategic focus areas 5G and fiber. As previously shared, we expect standalone AT&T capital investments up $24 billion in 2022 and 2023. Starting in 2024, we expect our capital investment to begin tapering to around the $20 billion range as we surpassed peak levels of investments in 5G and transformation. The completion of the WarnerMedia transaction also marked a significant step towards achieving our established goal for net debt to adjusted EBITDA in the 2.5 times range by the end of 2023.
We've shared as we get closer to this target we expect our financial flexibility to improve this increases our ability to pursue other ways to deliver incremental value for our shareholders. As previously shared, we expect to deliver annual total dividends of around $8 billion, which represents a $1.11 per common share. This remains an attractive dividend and places AT&T among the very best dividend yielding stocks in the US. Now, let's take a step back and look at the free cash flow generation expected from our business.
As outlined at our Analyst Day, we expect to generate in the range of $20 billion of free cash flow in 2023. After paying dividends and non-controlling interest commitments we expect to have at least $10 billion of cash remaining and beyond 2023 this pace of cash generation will be helped by the tapering down of our capital investment. This is why we continue to feel very comfortable with our capital allocation plans. As I've stated, we're in a much stronger financial position to pay down debt and at the end of the first quarter, more than 90% of our debt portfolio was fixed and we do not have near-term needs to issue debt.
In April, we improved our net debt by about $40 billion and paid down over $10 billion in bank loans, providing us with a lot more financial flexibility. We also provided notice that we plan to redeem an additional $12.5 billion of bonds by mid May, reducing our near-term maturities. For the balance of the WarnerMedia proceeds, we plan to reduce our outstanding debt by focusing on pay down of commercial paper to improve our liquidity and opportunistically using the higher rate environment to redeem debt at lower prices. So, we feel really confident in our ability to pay down our current debt maturities in an effective manner and reach our goal for net debt to adjusted EBITDA.
Amir, that's our presentation. We're now ready for the Q&A.