Warner Music Group Corp. today announced its first-quarter
financial results for the period ended December 31, 2021.
“Hitting an all-time high in our 18 years as a standalone
company is proof that we’ve never been stronger. At the same time,
we’ve never had so much opportunity ahead of us,” said Steve
Cooper, CEO, Warner Music Group. “Our creative expertise, global
agility, and willingness to experiment set us apart from the
competition and solidify our important role across the entire music
ecosystem. In the coming year, we look forward to welcoming back
huge superstars, breaking new artists and songwriters, and seeking
out more innovative ways to bring more music to more people in more
places.”
Lou Dickler, Acting CFO, Warner Music Group said “The strength
and diversity of our revenue streams coupled with our operational
efficiency drove margin growth, even as lower-margin revenue lines
recovered. We’re committed to making sustained investments in our
core business, and to taking pioneering steps that position WMG for
the next wave of growth, all with a financially disciplined,
ROI-focused perspective.”
Total WMG
| Total WMG
Summary Results |
|
|
|
|
| (dollars
in millions) |
|
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
|
% Change |
| |
(unaudited) |
|
(unaudited) |
|
|
|
Revenue |
$ |
1,614 |
|
$ |
1,335 |
|
21 |
% |
| Recorded Music revenue |
|
1,386 |
|
|
1,161 |
|
19 |
% |
| Music Publishing revenue |
|
229 |
|
|
175 |
|
31 |
% |
| Digital revenue |
|
1,002 |
|
|
825 |
|
21 |
% |
| Operating income |
|
239 |
|
|
196 |
|
22 |
% |
| Adjusted operating
income(1) |
|
274 |
|
|
211 |
|
30 |
% |
| OIBDA(1) |
|
320 |
|
|
267 |
|
20 |
% |
| Adjusted OIBDA(1) |
|
355 |
|
|
282 |
|
26 |
% |
| Net income |
|
188 |
|
|
99 |
|
90 |
% |
| Adjusted net income(1) |
|
223 |
|
|
114 |
|
96 |
% |
| Net cash provided by operating
activities |
|
129 |
|
|
169 |
|
-24 |
% |
| Free Cash Flow |
|
95 |
|
|
151 |
|
-37 |
% |
|
|
|
|
|
|
|
| (1) See
"Supplemental Disclosures Regarding Non-GAAP Financial Measures" at
the end of this release for details regarding these measures. |
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
|
% Change |
|
For the Twelve Months Ended December 31, 2021 |
|
For the Twelve Months Ended December 31, 2020 |
|
% Change |
| |
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
Adjusted EBITDA(1) |
$ |
389 |
|
$ |
297 |
|
31 |
% |
|
$ |
1,207 |
|
$ |
904 |
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) See
"Supplemental Disclosures Regarding Non-GAAP Financial Measures" at
the end of this release for details regarding these measures. |
Revenue was up 20.9% (or 22.4% in constant currency) driven by
strong digital revenue growth of 21.5% (or 22.2% in constant
currency) across Recorded Music and Music Publishing. The quarter
included an additional week, primarily reflected in Recorded Music
streaming revenue. Additionally, the quarter included the impact of
a new deal with one of our digital partners impacting Recorded
Music streaming revenue. These items were partially offsetting and,
adjusting for these items, total revenue was up 17.9% (or 19.4% in
constant currency). Total streaming revenue increased 22.8% (or
23.6% in constant currency) driven by growth across Recorded Music
and Music Publishing, including revenue from emerging streaming
platforms. Digital revenue represented 62.1% of total revenue in
the quarter, compared to 61.8% in the prior-year quarter. Recorded
Music physical, licensing and artist services and expanded-rights
revenue and Music Publishing performance, mechanical and
synchronization revenue all had double-digit growth.
Operating income was $239 million compared to $196 million in
the prior-year quarter. Net income was $188 million compared to $99
million in the prior-year quarter. OIBDA was $320 million, an
increase from $267 million in the prior-year quarter, and OIBDA
margin decreased 0.2 percentage points to 19.8% from 20.0% in the
prior-year quarter. The increases in operating income, net income
and OIBDA were primarily due to increased revenue. The decrease in
OIBDA margin was primarily due to an increase in non-cash
stock-based compensation and other related expenses from a one-time
equity grant and the timing of expense recognition for new annual
equity grants in the quarter.
Adjusted operating income, Adjusted OIBDA and Adjusted net
income exclude non-cash stock-based compensation and other related
expenses and expenses related to restructuring and other
transformation initiatives in both the quarter and the prior-year
quarter. In the prior-year quarter, COVID-related expenses are also
excluded. Adjusted EBITDA excludes these items and includes
expected savings resulting from transformation initiatives and the
pro forma impact of certain specified transactions. See below for
calculations and reconciliations of Adjusted operating income,
Adjusted OIBDA, Adjusted net income and Adjusted EBITDA.
Adjusted OIBDA increased 25.9% from $282 million to $355 million
and Adjusted OIBDA margin increased 0.9 percentage points to 22.0%
from 21.1% in the prior-year quarter due to strong operating
performance, which was partially offset by growth of lower-margin
COVID-impacted revenue streams in the quarter. Adjusted operating
income increased 29.9% from $211 million to $274 million due to the
same factors affecting Adjusted OIBDA, partially offset by higher
depreciation and amortization expenses due to recent acquisitions
and capital spending.
Adjusted EBITDA increased 31.0% from $297 million to $389
million with margins improving 1.9 percentage points from 22.2% to
24.1%. The increase was largely due to the same factors affecting
Adjusted OIBDA in addition to higher pro forma savings expected to
be realized from certain cost-savings initiatives and the impact of
certain specified transactions.
Adjusted net income was $223 million compared to $114 million in
the prior-year quarter. Adjusted net income grew due to an increase
in Adjusted operating income and the favorable impact of exchange
rates on the Company’s external euro-denominated debt, hedging
activity and intercompany loans, partially offset by lower
unrealized gains on the mark-to-market of certain investments and
an increase in income tax expense due to higher pre-tax income.
Basic and Diluted earnings per share was $0.36 for both the
Class A and Class B shareholders due to the net income attributable
to the Company in the quarter of $188 million.
As of December 31, 2021, the Company reported a cash
balance of $450 million, total debt of $3.846 billion and net debt
(defined as total debt, net of deferred financing costs, premiums
and discounts, minus cash and equivalents) of $3.396 billion.
Cash provided by operating activities decreased 24% to $129
million from $169 million in the prior-year quarter. The change was
largely a result of strong operating performance, which was more
than offset by continued A&R investment and timing of working
capital. Capital expenditures increased to $34 million for the
quarter as compared to $18 million in the prior-year quarter,
mainly due to investments in facilities, including the EMP
fulfillment center expansion to support continued growth in this
business, and IT infrastructure. Free Cash Flow, as defined below,
decreased 37% to $95 million from $151 million in the prior-year
quarter.
Recorded Music
| Recorded
Music Summary Results |
|
|
|
|
| (dollars
in millions) |
|
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
|
% Change |
| |
(unaudited) |
|
(unaudited) |
|
|
|
Revenue |
$ |
1,386 |
|
$ |
1,161 |
|
19 |
% |
| Digital revenue |
|
870 |
|
|
727 |
|
20 |
% |
| Operating income |
|
276 |
|
|
223 |
|
24 |
% |
| Adjusted operating
income(1) |
|
282 |
|
|
229 |
|
23 |
% |
| OIBDA(1) |
|
330 |
|
|
269 |
|
23 |
% |
| Adjusted OIBDA(1) |
|
336 |
|
|
275 |
|
22 |
% |
|
|
|
|
|
|
|
| (1) See
"Supplemental Disclosures Regarding Non-GAAP Financial Measures" at
the end of this release for details regarding these measures. |
| Recorded
Music Revenue |
| (dollars in
millions) |
|
|
|
|
|
| |
|
|
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
|
For the Three Months Ended December 31, 2020 |
| |
As reported |
|
As reported |
|
Constant |
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Digital |
$ |
870 |
|
$ |
727 |
|
$ |
722 |
| Physical |
|
195 |
|
|
174 |
|
|
171 |
|
Total Digital and Physical |
|
1,065 |
|
|
901 |
|
|
893 |
| Artist services and
expanded-rights |
|
232 |
|
|
180 |
|
|
174 |
| Licensing |
|
89 |
|
|
80 |
|
|
79 |
| Total Recorded
Music |
$ |
1,386 |
|
$ |
1,161 |
|
$ |
1,146 |
Recorded Music revenue was up 19.4% (or 20.9% in constant
currency) due to growth across all revenue lines, including
increases in digital revenue which reflect the continued growth in
streaming, the Company’s largest source of revenue. Adjusted for
the benefit of the additional week and the impact of the new deal
with one of our digital partners, as noted above, Recorded Music
revenue was up 15.9% (or 17.4% in constant currency). Digital
revenue grew 19.7% (or 20.5% in constant currency) due to the
strong performance of new and carryover releases, as well as
revenue growth from emerging streaming platforms. Streaming revenue
grew 20.8% (or 21.9% in constant currency). Adjusted for the
benefit of the additional week and the impact of the new deal with
one of our digital partners, Recorded Music streaming revenue was
up 16.9% (or 18.0% in constant currency). Digital revenue
represented 62.8% of total Recorded Music revenue versus 62.6% in
the prior-year quarter. Artist services and expanded-rights revenue
increased 28.9% (or 33.3% in constant currency), reflecting an
increase in merchandising and concert promotion revenue, both of
which were disrupted by COVID in the prior-year quarter. Physical
revenue grew 12.1% (or 14.0% in constant currency) primarily due to
new releases, an increasing demand for vinyl products and COVID
disruption in the prior-year quarter. Licensing revenue increased
11.3% (or 12.7% in constant currency), mainly due to higher
synchronization and other licensing revenue, as businesses
continued to recover from COVID disruption. Major sellers included
Ed Sheeran, Coldplay, Dua Lipa and Silk Sonic.
Recorded Music operating income was $276 million, up from $223
million in the prior-year quarter, and operating margin was up 0.7
percentage points to 19.9% versus 19.2% in the prior-year quarter.
OIBDA increased to $330 million from $269 million in the prior-year
quarter and OIBDA margin increased 0.6 percentage points to 23.8%.
Adjusted OIBDA was $336 million versus $275 million in the
prior-year quarter with Adjusted OIBDA margin up 0.5 percentage
points to 24.2%. The increases in operating income, OIBDA and
Adjusted OIBDA were driven by increased revenue. The increases in
operating margin, OIBDA margin and Adjusted OIBDA margin were
primarily due to strong operating performance, which was partially
offset by growth of lower-margin COVID-impacted revenue streams in
the quarter.
Music Publishing
| Music
Publishing Summary Results |
|
|
|
|
| (dollars
in millions) |
|
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
|
% Change |
| |
(unaudited) |
|
(unaudited) |
|
|
|
Revenue |
$ |
229 |
|
$ |
175 |
|
31 |
% |
| Digital revenue |
|
133 |
|
|
99 |
|
34 |
% |
| Operating income |
|
32 |
|
|
18 |
|
78 |
% |
| Adjusted operating
income(1) |
|
33 |
|
|
19 |
|
74 |
% |
| OIBDA(1) |
|
54 |
|
|
39 |
|
38 |
% |
| Adjusted OIBDA(1) |
|
55 |
|
|
40 |
|
38 |
% |
|
|
|
|
|
|
|
| (1) See
"Supplemental Disclosures Regarding Non-GAAP Financial Measures" at
the end of this release for details regarding these measures. |
| Music
Publishing Revenue |
| (dollars in
millions) |
|
|
|
|
|
| |
|
|
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
|
For the Three Months Ended December 31, 2020 |
| |
As reported |
|
As reported |
|
Constant |
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Performance |
$ |
38 |
|
$ |
30 |
|
$ |
30 |
| Digital |
|
133 |
|
|
99 |
|
|
99 |
| Mechanical |
|
14 |
|
|
11 |
|
|
11 |
| Synchronization |
|
42 |
|
|
33 |
|
|
32 |
| Other |
|
2 |
|
|
2 |
|
|
2 |
| Total Music
Publishing |
$ |
229 |
|
$ |
175 |
|
$ |
174 |
Music Publishing revenue increased 30.9% (or 31.6% in constant
currency). The revenue increase was driven by growth across all
revenue lines. Digital revenue increased 34.3% (as reported and in
constant currency) reflecting the continuing growth in streaming,
including emerging streaming platforms, and timing of new digital
deals. Digital revenue growth in the quarter was impacted by a
shift in the collection of writer’s share of U.S. digital
performance income from certain digital service providers. This
change has no impact on Music Publishing OIBDA, but results in a
slight improvement to OIBDA margin. Streaming revenue increased
37.2% (or 35.8% in constant currency). Digital revenue represented
58.1% of total Music Publishing revenue versus 56.6% in the
prior-year quarter. Synchronization revenue increased due to higher
television, motion picture and commercial income and COVID
disruption in the prior-year quarter. Performance revenue increased
as bars, restaurants, concerts and live events continued to recover
from COVID disruption. Mechanical revenue increased as businesses
continued to recover from COVID disruption and from strong physical
sales.
Music Publishing operating income was $32 million compared to
$18 million in the prior-year quarter, largely driven by increased
revenue. Operating margin increased 3.7 percentage points to 14.0%.
Music Publishing OIBDA increased 38.5% to $54 million and OIBDA
margin increased 1.3 percentage points to 23.6%. Adjusted OIBDA
increased 37.5% to $55 million and Adjusted OIBDA margin increased
1.1 percentage points to 24.0%. The increases in OIBDA margin and
Adjusted OIBDA margin were primarily due to strong operating
performance.
Financial details for the quarter can be found in the Company’s
current Quarterly Report on Form 10-Q for the period ended
December 31, 2021, filed today with the Securities and
Exchange Commission.
This morning, management will be hosting a conference call to
discuss the results at 8:30 A.M. EST. The call will be webcast on
www.wmg.com.
About Warner Music Group
With a legacy extending back over 200 years, Warner Music Group
today is home to an unparalleled family of creative artists,
songwriters, and companies that are moving culture across the
globe. At the core of WMG’s Recorded Music division are four of the
most iconic companies in history: Atlantic, Elektra, Parlophone and
Warner Records. They are joined by renowned labels such as 300
Entertainment, Asylum, Big Beat, Canvasback, East West, Erato,
FFRR, Fueled by Ramen, Nonesuch, Reprise, Rhino, Roadrunner, Sire,
Spinnin’ Records, Warner Classics and Warner Music Nashville.
Warner Chappell Music - which traces its origins back to the
founding of Chappell & Company in 1811 - is one of the world's
leading music publishers, with a catalog of more than one million
copyrights spanning every musical genre from the standards of the
Great American Songbook to the biggest hits of the 21st
century.
"Safe Harbor" Statement under Private Securities
Litigation Reform Act of 1995
This communication includes forward-looking statements that
reflect the current views of Warner Music Group about future events
and financial performance. Words such as "estimates," "expects,"
"anticipates," "projects," "plans," "intends," "believes,"
"forecasts" and variations of such words or similar expressions
that predict or indicate future events or trends, or that do not
relate to historical matters, identify forward-looking statements.
All forward-looking statements are made as of today, and we
disclaim any duty to update such statements. Our expectations,
beliefs and projections are expressed in good faith and we believe
there is a reasonable basis for them. However, we cannot assure you
that management's expectations, beliefs and projections will result
or be achieved. Investors should not rely on forward-looking
statements because they are subject to a variety of risks,
uncertainties, and other factors that could cause actual results to
differ materially from our expectations. Please refer to our Form
10-K, Form 10-Qs and our other filings with the U.S. Securities and
Exchange Commission concerning factors that could cause actual
results to differ materially from those described in our
forward-looking statements.
We maintain an Internet site at www.wmg.com. We use our website
as a channel of distribution for material company information.
Financial and other material information regarding Warner Music
Group is routinely posted on and accessible at
http://investors.wmg.com. In addition, you may automatically
receive email alerts and other information about Warner Music Group
by enrolling your email address through the “email alerts” section
at http://investors.wmg.com. Our website and the information posted
on it or connected to it shall not be deemed to be incorporated by
reference into this communication.
Basis of Presentation
The Company maintains a 52-53 week fiscal year ending on the
last Friday in each reporting period. The fiscal year ended
September 30, 2022 includes 53 weeks, and the fiscal year ended
September 30, 2021 included 52 weeks. The additional week in fiscal
year 2022 falls in the fiscal quarter ended December 31, 2021.
Accordingly, the results of operations for the three months ended
December 31, 2021 reflect 14 weeks compared to 13 weeks for the
three months ended December 31, 2020. All references to
December 31, 2021 and December 31, 2020 relate to the
periods ended December 31, 2021 and December 25, 2020,
respectively. For convenience purposes, the Company continues to
date its financial statements as of December 31.
| Figure 1.
Warner Music Group Corp. - Consolidated Statements of Operations,
Three Months Ended December 31, 2021 versus December 31,
2020 |
| (dollars in
millions) |
|
|
|
|
|
| |
|
|
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
|
% Change |
| |
(unaudited) |
|
(unaudited) |
|
|
|
Revenue |
$ |
1,614 |
|
|
$ |
1,335 |
|
|
21 |
% |
| Cost and
expenses: |
|
|
|
|
|
| Cost of revenue |
|
(818 |
) |
|
|
(686 |
) |
|
19 |
% |
| Selling, general and
administrative expenses |
|
(497 |
) |
|
|
(401 |
) |
|
24 |
% |
| Amortization expense |
|
(60 |
) |
|
|
(52 |
) |
|
15 |
% |
| Total costs and
expenses |
$ |
(1,375 |
) |
|
$ |
(1,139 |
) |
|
21 |
% |
| Operating
income |
$ |
239 |
|
|
$ |
196 |
|
|
22 |
% |
| Interest expense, net |
|
(30 |
) |
|
|
(31 |
) |
|
-3 |
% |
| Other income (expense),
net |
|
54 |
|
|
|
(31 |
) |
|
— |
% |
| Income before income
taxes |
$ |
263 |
|
|
$ |
134 |
|
|
96 |
% |
| Income tax expense |
|
(75 |
) |
|
|
(35 |
) |
|
— |
% |
| Net
income |
$ |
188 |
|
|
$ |
99 |
|
|
90 |
% |
| Less: Income attributable to
noncontrolling interest |
|
(1 |
) |
|
|
(1 |
) |
|
— |
% |
| Net income
attributable to Warner Music Group Corp. |
$ |
187 |
|
|
$ |
98 |
|
|
91 |
% |
| |
|
|
|
|
|
| Net income per share
attributable to common stockholders: |
|
|
|
|
|
|
Class A – Basic and Diluted |
$ |
0.36 |
|
|
$ |
0.18 |
|
|
|
|
Class B – Basic and Diluted |
$ |
0.36 |
|
|
$ |
0.19 |
|
|
|
| Figure 2.
Warner Music Group Corp. - Consolidated Balance Sheets at December
31, 2021 versus September 30, 2021 |
| (dollars in
millions) |
|
|
|
|
|
| |
|
|
|
|
|
| |
December 31, 2021 |
|
September 30, 2021 |
|
% Change |
| |
(unaudited) |
|
|
|
|
| Assets |
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
Cash and equivalents |
$ |
450 |
|
|
$ |
499 |
|
|
-10 |
% |
|
Accounts receivable, net |
|
941 |
|
|
|
839 |
|
|
12 |
% |
|
Inventories |
|
84 |
|
|
|
99 |
|
|
-15 |
% |
|
Royalty advances expected to be recouped within one year |
|
468 |
|
|
|
373 |
|
|
25 |
% |
|
Prepaid and other current assets |
|
78 |
|
|
|
86 |
|
|
-9 |
% |
| Total current
assets |
$ |
2,021 |
|
|
$ |
1,896 |
|
|
7 |
% |
| Royalty advances expected to
be recouped after one year |
|
566 |
|
|
|
457 |
|
|
24 |
% |
| Property, plant and equipment,
net |
|
378 |
|
|
|
364 |
|
|
4 |
% |
| Operating lease right-of-use
assets, net |
|
258 |
|
|
|
268 |
|
|
-4 |
% |
| Goodwill |
|
1,945 |
|
|
|
1,830 |
|
|
6 |
% |
| Intangible assets subject to
amortization, net |
|
2,472 |
|
|
|
2,017 |
|
|
23 |
% |
| Intangible assets not subject
to amortization |
|
152 |
|
|
|
154 |
|
|
-1 |
% |
| Deferred tax assets, net |
|
3 |
|
|
|
31 |
|
|
-90 |
% |
| Other assets |
|
220 |
|
|
|
194 |
|
|
13 |
% |
| Total
assets |
$ |
8,015 |
|
|
$ |
7,211 |
|
|
11 |
% |
| Liabilities and
Equity |
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
274 |
|
|
$ |
302 |
|
|
-9 |
% |
|
Accrued royalties |
|
1,974 |
|
|
|
1,880 |
|
|
5 |
% |
|
Accrued liabilities |
|
466 |
|
|
|
461 |
|
|
1 |
% |
|
Accrued interest |
|
30 |
|
|
|
14 |
|
|
— |
% |
|
Operating lease liabilities, current |
|
43 |
|
|
|
43 |
|
|
— |
% |
|
Deferred revenue |
|
298 |
|
|
|
348 |
|
|
-14 |
% |
|
Other current liabilities |
|
272 |
|
|
|
102 |
|
|
— |
% |
| Total current
liabilities |
$ |
3,357 |
|
|
$ |
3,150 |
|
|
7 |
% |
| Long-term debt |
|
3,846 |
|
|
|
3,346 |
|
|
15 |
% |
| Operating lease liabilities,
noncurrent |
|
275 |
|
|
|
287 |
|
|
-4 |
% |
| Deferred tax liabilities,
net |
|
195 |
|
|
|
207 |
|
|
-6 |
% |
| Other noncurrent
liabilities |
|
170 |
|
|
|
175 |
|
|
-3 |
% |
| Total
liabilities |
$ |
7,843 |
|
|
$ |
7,165 |
|
|
9 |
% |
| Equity: |
|
|
|
|
|
| Class A common stock |
$ |
— |
|
|
$ |
— |
|
|
— |
% |
| Class B common stock |
|
1 |
|
|
|
1 |
|
|
— |
% |
| Additional paid-in
capital |
|
1,973 |
|
|
|
1,942 |
|
|
2 |
% |
| Accumulated deficit |
|
(1,601 |
) |
|
|
(1,710 |
) |
|
-6 |
% |
| Accumulated other
comprehensive loss, net |
|
(220 |
) |
|
|
(202 |
) |
|
9 |
% |
| Total Warner Music
Group Corp. equity |
$ |
153 |
|
|
$ |
31 |
|
|
— |
% |
| Noncontrolling interest |
|
19 |
|
|
|
15 |
|
|
27 |
% |
| Total
equity |
|
172 |
|
|
|
46 |
|
|
— |
% |
| Total liabilities and
equity |
$ |
8,015 |
|
|
$ |
7,211 |
|
|
11 |
% |
| Figure 3.
Warner Music Group Corp. - Summarized Statements of Cash Flows,
Three Months Ended December 31, 2021 versus December 31,
2020 |
| (dollars in
millions) |
|
|
|
| |
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
| |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
129 |
|
|
$ |
169 |
|
| Net cash used in investing
activities |
|
(624 |
) |
|
|
(343 |
) |
| Net cash provided by financing
activities |
|
448 |
|
|
|
178 |
|
| Effect of foreign currency
exchange rates on cash and equivalents |
|
(2 |
) |
|
|
9 |
|
| Net (decrease) increase in
cash and equivalents |
$ |
(49 |
) |
|
$ |
13 |
|
| Figure 4.
Warner Music Group Corp. - Digital Revenue Summary, Three Months
Ended December 31, 2021 versus December 31, 2020 |
| (dollars in
millions) |
|
|
|
|
|
| |
|
|
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
|
% Change |
| |
(unaudited) |
|
(unaudited) |
|
|
| Recorded
Music |
|
|
|
|
|
|
Streaming |
$ |
836 |
|
|
$ |
692 |
|
|
21 |
% |
|
Downloads and Other Digital |
|
34 |
|
|
|
35 |
|
|
-3 |
% |
| Total Recorded Music
Digital Revenue |
$ |
870 |
|
|
$ |
727 |
|
|
20 |
% |
| |
|
|
|
|
|
| Music
Publishing |
|
|
|
|
|
|
Streaming |
$ |
129 |
|
|
$ |
94 |
|
|
37 |
% |
|
Downloads and Other Digital |
|
4 |
|
|
|
5 |
|
|
-20 |
% |
| Total Music Publishing
Digital Revenue |
$ |
133 |
|
|
$ |
99 |
|
|
34 |
% |
| |
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
Streaming |
$ |
965 |
|
|
$ |
786 |
|
|
23 |
% |
|
Downloads and Other Digital |
|
38 |
|
|
|
40 |
|
|
-5 |
% |
|
Intersegment Eliminations |
|
(1 |
) |
|
|
(1 |
) |
|
— |
% |
| Total Digital
Revenue |
$ |
1,002 |
|
|
$ |
825 |
|
|
21 |
% |
Supplemental Disclosures Regarding Non-GAAP Financial
Measures
We evaluate our operating performance based on several factors,
including the following non-GAAP financial measures:
OIBDA
OIBDA reflects our operating income before non-cash depreciation
of tangible assets and non-cash amortization of intangible assets.
We consider OIBDA to be an important indicator of the operational
strengths and performance of our businesses, and believe the
presentation of OIBDA helps improve the ability to understand our
operating performance and evaluate our performance in comparison to
comparable periods. However, a limitation of the use of OIBDA as a
performance measure is that it does not reflect the periodic costs
of certain capitalized tangible and intangible assets used in
generating revenue in our businesses. Accordingly, OIBDA should be
considered in addition to, not as a substitute for, operating
income (loss), net income (loss) and other measures of financial
performance reported in accordance with U.S. GAAP. In addition,
OIBDA, as we calculate it, may not be comparable to similarly
titled measures employed by other companies.
| Figure 5.
Warner Music Group Corp. - Reconciliation of Net Income to OIBDA,
Three Months Ended December 31, 2021 versus December 31,
2020 |
| (dollars in
millions) |
|
|
|
|
|
| |
|
|
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
|
% Change |
| |
(unaudited) |
|
(unaudited) |
|
|
|
Net income attributable to Warner Music Group
Corp. |
$ |
187 |
|
|
$ |
98 |
|
|
91 |
% |
| Income attributable to
noncontrolling interest |
|
1 |
|
|
|
1 |
|
|
— |
% |
| Net
income |
$ |
188 |
|
|
$ |
99 |
|
|
90 |
% |
| Income tax expense |
|
75 |
|
|
|
35 |
|
|
— |
% |
| Income including
income taxes |
$ |
263 |
|
|
$ |
134 |
|
|
96 |
% |
| Other (income) expense,
net |
|
(54 |
) |
|
|
31 |
|
|
— |
% |
| Interest expense, net |
|
30 |
|
|
|
31 |
|
|
-3 |
% |
| Operating
income |
$ |
239 |
|
|
$ |
196 |
|
|
22 |
% |
| Amortization expense |
|
60 |
|
|
|
52 |
|
|
15 |
% |
| Depreciation expense |
|
21 |
|
|
|
19 |
|
|
11 |
% |
| OIBDA |
$ |
320 |
|
|
$ |
267 |
|
|
20 |
% |
| Operating income
margin |
|
14.8 |
% |
|
|
14.7 |
% |
|
|
| OIBDA
margin |
|
19.8 |
% |
|
|
20.0 |
% |
|
|
| Figure 6.
Warner Music Group Corp. - Reconciliation of Segment Operating
Income to OIBDA, Three Months Ended December 31, 2021 versus
December 31, 2020 |
| (dollars in
millions) |
|
|
|
|
|
| |
|
|
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
|
% Change |
| |
(unaudited) |
|
(unaudited) |
|
|
|
Total WMG operating income – GAAP |
$ |
239 |
|
|
$ |
196 |
|
|
22 |
% |
| Depreciation and amortization
expense |
|
(81 |
) |
|
|
(71 |
) |
|
14 |
% |
| Total WMG
OIBDA |
$ |
320 |
|
|
$ |
267 |
|
|
20 |
% |
| Operating income
margin |
|
14.8 |
% |
|
|
14.7 |
% |
|
|
| OIBDA
margin |
|
19.8 |
% |
|
|
20.0 |
% |
|
|
| |
|
|
|
|
|
| Recorded Music
operating income – GAAP |
$ |
276 |
|
|
$ |
223 |
|
|
24 |
% |
| Depreciation and amortization
expense |
|
(54 |
) |
|
|
(46 |
) |
|
17 |
% |
| Recorded Music
OIBDA |
$ |
330 |
|
|
$ |
269 |
|
|
23 |
% |
| Recorded Music
operating income margin |
|
19.9 |
% |
|
|
19.2 |
% |
|
|
| Recorded Music OIBDA
margin |
|
23.8 |
% |
|
|
23.2 |
% |
|
|
| |
|
|
|
|
|
| Music Publishing
operating income – GAAP |
$ |
32 |
|
|
$ |
18 |
|
|
78 |
% |
| Depreciation and amortization
expense |
|
(22 |
) |
|
|
(21 |
) |
|
5 |
% |
| Music Publishing
OIBDA |
$ |
54 |
|
|
$ |
39 |
|
|
38 |
% |
| Music Publishing
operating income margin |
|
14.0 |
% |
|
|
10.3 |
% |
|
|
| Music Publishing OIBDA
margin |
|
23.6 |
% |
|
|
22.3 |
% |
|
|
Adjusted Operating Income (Loss), Adjusted OIBDA and
Adjusted Net Income (Loss)
Adjusted operating income (loss), Adjusted OIBDA and Adjusted
net income (loss) is operating income (loss), OIBDA and net income
(loss), respectively, adjusted to exclude the impact of certain
items that affect comparability. Factors affecting period-to-period
comparability of the unadjusted measures in the quarter included
the items listed in Figure 7 below. We use Adjusted operating
income (loss), Adjusted OIBDA and Adjusted net income (loss) to
evaluate our actual operating performance. We believe that the
adjusted results provide relevant and useful information for
investors because they clarify our actual operating performance,
make it easier to compare our results with those of other companies
in our industry and allow investors to review performance in the
same way as our management. Since these are not measures of
performance calculated in accordance with U.S. GAAP, they should
not be considered in isolation of, or as a substitute for,
operating income (loss), OIBDA and net income (loss) as indicators
of operating performance, and they may not be comparable to
similarly titled measures employed by other companies.
| Figure 7.
Warner Music Group Corp. - Reconciliation of Reported to Adjusted
Results, Three Months Ended December 31, 2021 versus December 31,
2020 |
| (dollars in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total WMG Operating Income |
|
Recorded Music Operating Income |
|
Music Publishing Operating Income |
|
Total WMG OIBDA |
|
Recorded Music OIBDA |
|
Music Publishing OIBDA |
|
Net Income |
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Reported Results |
$ |
239 |
|
|
$ |
276 |
|
|
$ |
32 |
|
|
$ |
320 |
|
|
$ |
330 |
|
|
$ |
54 |
|
|
$ |
188 |
| Factors Affecting
Comparability: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and Other Transformation Related Costs |
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Non-Cash Stock-Based Compensation and Other Related Costs |
|
24 |
|
|
|
6 |
|
|
|
1 |
|
|
|
24 |
|
|
|
6 |
|
|
|
1 |
|
|
|
24 |
| Adjusted Results |
$ |
274 |
|
|
$ |
282 |
|
|
$ |
33 |
|
|
$ |
355 |
|
|
$ |
336 |
|
|
$ |
55 |
|
|
$ |
223 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Margin |
|
17.0 |
% |
|
|
20.3 |
% |
|
|
14.4 |
% |
|
|
22.0 |
% |
|
|
24.2 |
% |
|
|
24.0 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total WMG Operating Income |
|
Recorded Music Operating Income |
|
Music Publishing Operating Income |
|
Total WMG OIBDA |
|
Recorded Music OIBDA |
|
Music Publishing OIBDA |
|
Net Income |
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
| Reported Results |
$ |
196 |
|
|
$ |
223 |
|
|
$ |
18 |
|
|
$ |
267 |
|
|
$ |
269 |
|
|
$ |
39 |
|
|
$ |
99 |
| Factors Affecting
Comparability: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and Other Transformation Related Costs |
|
8 |
|
|
|
— |
|
|
|
1 |
|
|
|
8 |
|
|
|
— |
|
|
|
1 |
|
|
|
8 |
|
COVID-19 Related Costs |
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Non-Cash Stock-Based Compensation and Other Related Costs |
|
6 |
|
|
|
5 |
|
|
|
— |
|
|
|
6 |
|
|
|
5 |
|
|
|
— |
|
|
|
6 |
| Adjusted Results |
$ |
211 |
|
|
$ |
229 |
|
|
$ |
19 |
|
|
$ |
282 |
|
|
$ |
275 |
|
|
$ |
40 |
|
|
$ |
114 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Margin |
|
15.8 |
% |
|
|
19.7 |
% |
|
|
10.9 |
% |
|
|
21.1 |
% |
|
|
23.7 |
% |
|
|
22.9 |
% |
|
|
Constant Currency
Because exchange rates are an important factor in understanding
period-to-period comparisons, we believe the presentation of
revenue on a constant-currency basis in addition to reported
revenue helps improve the ability to understand our operating
results and evaluate our performance in comparison to prior
periods. Constant-currency information compares results between
periods as if exchange rates had remained constant period over
period. We use results on a constant-currency basis as one measure
to evaluate our performance. We calculate constant-currency results
by applying current-year foreign currency exchange rates to
prior-year results. However, a limitation of the use of the
constant-currency results as a performance measure is that it does
not reflect the impact of exchange rates on our revenue. These
results should be considered in addition to, not as a substitute
for, results reported in accordance with U.S. GAAP. Results on a
constant-currency basis, as we present them, may not be comparable
to similarly titled measures used by other companies and are not a
measure of performance presented in accordance with U.S. GAAP.
| Figure 8.
Warner Music Group Corp. - Revenue by Geography and Segment, Three
Months Ended December 31, 2021 versus December 31, 2020 As Reported
and Constant Currency |
| (dollars in
millions) |
|
|
|
|
|
| |
|
|
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
|
For the Three Months Ended December 31, 2020 |
| |
As reported |
|
As reported |
|
Constant |
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
| U.S. revenue |
|
|
|
|
|
|
Recorded Music |
$ |
608 |
|
|
$ |
481 |
|
|
$ |
481 |
|
|
Music Publishing |
|
115 |
|
|
|
91 |
|
|
|
91 |
|
| International revenue |
|
|
|
|
|
|
Recorded Music |
|
778 |
|
|
|
680 |
|
|
|
665 |
|
|
Music Publishing |
|
114 |
|
|
|
84 |
|
|
|
83 |
|
| Intersegment eliminations |
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
| Total
Revenue |
$ |
1,614 |
|
|
$ |
1,335 |
|
|
$ |
1,319 |
|
| |
|
|
|
|
|
| Revenue by
Segment: |
|
|
|
|
|
| Recorded Music |
|
|
|
|
|
|
Digital |
$ |
870 |
|
|
$ |
727 |
|
|
$ |
722 |
|
|
Physical |
|
195 |
|
|
|
174 |
|
|
|
171 |
|
|
Total Digital and Physical |
|
1,065 |
|
|
|
901 |
|
|
|
893 |
|
|
Artist services and expanded-rights |
|
232 |
|
|
|
180 |
|
|
|
174 |
|
|
Licensing |
|
89 |
|
|
|
80 |
|
|
|
79 |
|
| Total Recorded
Music |
|
1,386 |
|
|
|
1,161 |
|
|
|
1,146 |
|
| Music Publishing |
|
|
|
|
|
|
Performance |
|
38 |
|
|
|
30 |
|
|
|
30 |
|
|
Digital |
|
133 |
|
|
|
99 |
|
|
|
99 |
|
|
Mechanical |
|
14 |
|
|
|
11 |
|
|
|
11 |
|
|
Synchronization |
|
42 |
|
|
|
33 |
|
|
|
32 |
|
|
Other |
|
2 |
|
|
|
2 |
|
|
|
2 |
|
| Total Music
Publishing |
|
229 |
|
|
|
175 |
|
|
|
174 |
|
| Intersegment eliminations |
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
| Total
Revenue |
$ |
1,614 |
|
|
$ |
1,335 |
|
|
$ |
1,319 |
|
| |
|
|
|
|
|
| Total Digital
Revenue |
$ |
1,002 |
|
|
$ |
825 |
|
|
$ |
820 |
|
Free Cash Flow
Our definition of Free Cash Flow is defined as cash flow
provided by operating activities less capital expenditures. We use
Free Cash Flow, among other measures, to evaluate our operating
performance. Management believes Free Cash Flow provides investors
with an important perspective on the cash available to fund our
debt service requirements, ongoing working capital requirements,
capital expenditure requirements, strategic acquisitions and
investments, and any dividends, prepayments of debt or repurchases
or retirement of our outstanding debt or notes in open market
purchases, privately negotiated purchases, any repurchases of our
common stock or otherwise. As a result, Free Cash Flow is a
significant measure of our ability to generate long-term value. It
is useful for investors to know whether this ability is being
enhanced or degraded as a result of our operating performance. We
believe the presentation of Free Cash Flow is relevant and useful
for investors because it allows investors to view performance in a
manner similar to the method management uses.
Free Cash Flow is not a measure of performance calculated in
accordance with U.S. GAAP and therefore it should not be considered
in isolation of, or as a substitute for, net income (loss) as an
indicator of operating performance or cash flow provided by
operating activities as a measure of liquidity. Free Cash Flow, as
we calculate it, may not be comparable to similarly titled measures
employed by other companies. In addition, Free Cash Flow does not
necessarily represent funds available for discretionary use and is
not necessarily a measure of our ability to fund our cash needs.
Because Free Cash Flow deducts capital expenditures from “net cash
provided by operating activities” (the most directly comparable
U.S. GAAP financial measure), users of this information should
consider the types of events and transactions that are not
reflected. We provide below a reconciliation of Free Cash Flow to
the most directly comparable amount reported under U.S. GAAP, which
is “net cash provided by operating activities.”
| Figure 9.
Warner Music Group Corp. - Calculation of Free Cash Flow, Three
Months Ended December 31, 2021 versus December 31,
2020 |
| (dollars in
millions) |
|
|
|
| |
|
|
|
| |
For the Three Months Ended December 31, 2021 |
|
For the Three Months Ended December 31, 2020 |
| |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
129 |
|
$ |
169 |
| Less: Capital
expenditures |
|
34 |
|
|
18 |
| |
|
|
|
| Free Cash
Flow |
$ |
95 |
|
$ |
151 |
Adjusted EBITDA
Adjusted EBITDA is equivalent to “EBITDA” as defined in our
Revolving Credit Facility and our 2020 indenture and substantially
similar to “EBITDA” as defined under our Senior Term Loan Facility,
respectively. Adjusted EBITDA differs from the term “EBITDA” as it
is commonly used. The definition of Adjusted EBITDA, in addition to
adjusting net income to exclude interest expense, income taxes, and
depreciation and amortization, also adjusts net income by excluding
items or expenses such as, among other items, (1) the amount of any
restructuring charges or reserves; (2) any non-cash charges
(including any impairment charges); (3) any net loss resulting from
hedging currency exchange risks; (4) the amount of management,
monitoring, consulting and advisory fees paid to Access under the
Management Agreement or otherwise; (5) business optimization
expenses (including consolidation initiatives, severance costs and
other costs relating to initiatives aimed at profitability
improvement); (6) transaction expenses; (7) equity-based
compensation expense; and (8) certain extraordinary, unusual or
non-recurring items. The definition of EBITDA under the Revolving
Credit Facility also includes adjustments for the pro forma impact
of certain projected cost savings, operating expense reductions and
synergies and any quality of earnings analysis prepared by
independent certified public accountants in connection with an
acquisition, merger, consolidation or other investment.
Adjusted EBITDA is a key measure used by our management to
understand and evaluate our operating performance, generate future
operating plans and make strategic decisions regarding the
allocation of capital. Adjusted EBITDA has limitations as an
analytical tool, and you should not consider it in isolation or as
a substitute for analysis of our results as reported under U.S.
GAAP. Some of those limitations include: (1) it does not reflect
the periodic costs of certain capitalized tangible and intangible
assets used in generating revenue for our business; (2) it does not
reflect the significant interest expense or cash requirements
necessary to service interest or principal payments on our
indebtedness; and (3) it does not reflect every cash expenditure,
future requirements for capital expenditures or contractual
commitments. In particular, this measure adds back certain
non-cash, extraordinary, unusual or non-recurring charges that are
deducted in calculating net income; however, these are expenses
that may recur, vary greatly and are difficult to predict. In
addition, Adjusted EBITDA is not the same as net income or cash
flow provided by operating activities as those terms are defined by
U.S. GAAP and does not necessarily indicate whether cash flows will
be sufficient to fund cash needs. Accordingly, Adjusted EBITDA
should be considered in addition to, not as a substitute for, net
income (loss) and other measures of financial performance reported
in accordance with U.S. GAAP.
| Figure
10. Warner Music Group Corp. - Reconciliation of Net Income to
Adjusted EBITDA, Three and Twelve Months Ended December 31, 2021
versus December 31, 2020 |
| (dollars in
millions) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
For the Three Months EndedDecember 31,
2021 |
|
For the Three Months EndedDecember 31,
2020 |
|
For the Twelve Months EndedDecember 31,
2021 |
|
For the Twelve Months EndedDecember 31,
2020 |
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net Income (Loss) |
$ |
188 |
|
|
$ |
99 |
|
|
$ |
396 |
|
|
$ |
(493 |
) |
| Income tax expense |
|
75 |
|
|
|
35 |
|
|
|
189 |
|
|
|
53 |
|
| Interest expense, net |
|
30 |
|
|
|
31 |
|
|
|
121 |
|
|
|
125 |
|
| Depreciation and
amortization |
|
81 |
|
|
|
71 |
|
|
|
316 |
|
|
|
261 |
|
| Loss on extinguishment of debt
(a) |
|
— |
|
|
|
— |
|
|
|
22 |
|
|
|
34 |
|
| Net gain on divestitures and
sale of securities (b) |
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
(1 |
) |
| Restructuring costs (c) |
|
4 |
|
|
|
3 |
|
|
|
30 |
|
|
|
20 |
|
| Net hedging and foreign
exchange (gains) losses (d) |
|
(41 |
) |
|
|
48 |
|
|
|
(78 |
) |
|
|
104 |
|
| Management fees (e) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17 |
|
| Transaction costs (f) |
|
7 |
|
|
|
— |
|
|
|
17 |
|
|
|
76 |
|
| Business optimization expenses
(g) |
|
14 |
|
|
|
8 |
|
|
|
48 |
|
|
|
37 |
|
| Non-cash stock-based
compensation expense (h) |
|
23 |
|
|
|
6 |
|
|
|
62 |
|
|
|
621 |
|
| Other non-cash charges
(i) |
|
(11 |
) |
|
|
(14 |
) |
|
|
8 |
|
|
|
(5 |
) |
| Pro forma impact of cost
savings initiatives and specified transactions (j) |
|
19 |
|
|
|
10 |
|
|
|
79 |
|
|
|
55 |
|
| Adjusted
EBITDA |
$ |
389 |
|
|
$ |
297 |
|
|
$ |
1,207 |
|
|
$ |
904 |
|
______________________________________
|
(a) |
Reflects loss on extinguishment of debt, primarily including tender
fees and unamortized deferred financing costs. |
| (b) |
Reflects net gain on sale of
securities and divestitures. |
| (c) |
Reflects severance costs and
other restructuring related expenses. |
| (d) |
Reflects unrealized losses
(gains) due to foreign exchange on our Euro-denominated debt,
losses (gains) from hedging activities and intercompany
transactions. |
| (e) |
Reflects management fees and
related expenses paid to Access pursuant to the management
agreement, which was terminated upon completion of the IPO in June
2020. |
| (f) |
Reflects mainly transaction and
qualifying IPO costs. |
| (g) |
Reflects costs associated with
our transformation initiatives and IT system updates, which
includes costs of $10 million and $37 million related to our
finance transformation for the three and twelve months ended
December 31, 2021, respectively, as well as $6 million and $27
million for the three and twelve months ended December 31, 2020,
respectively. |
| (h) |
Reflects non-cash stock-based
compensation expense related to the Omnibus Incentive Plan and the
Warner Music Group Corp. Senior Management Free Cash Flow
Plan. |
| (i) |
Reflects non-cash activity,
including the unrealized losses (gains) on the mark-to-market of
equity investments, investment losses (gains) and other non-cash
impairments. |
| (j) |
Reflects expected savings
resulting from transformation initiatives and the pro forma impact
of certain specified transactions for the three and twelve months
ended December 31, 2021. Certain of these cost savings initiatives
and transactions impacted quarters prior to the quarter during
which they were identified within the last twelve-month period. The
pro forma impact of these specified transactions and initiatives
resulted in a $31 million increase in the twelve months ended
December 31, 2021 Adjusted EBITDA. |
| Media Contact: |
Investor Contact: |
| James
Steven |
Kareem Chin |
| (212)
275-2213 |
|
| James.Steven@wmg.com |
Investor.Relations@wmg.com |
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