$WMG
Warner Music Group Corp

2012 Q4 Form 10-K Financial Statement

#000119312512500884 Filed on December 13, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 2011 Q3
Revenue $769.0M $2.780B $556.0M
YoY Change -0.77% -3.1% -26.06%
Cost Of Revenue $407.0M $1.459B $288.0M
YoY Change -3.1% -5.93% -25.39%
Gross Profit $362.0M $1.321B $268.0M
YoY Change 1.97% 0.23% -26.78%
Gross Profit Margin 47.07% 47.52% 48.2%
Selling, General & Admin $263.0M $1.019B $186.0M
YoY Change -1.87% 4.51% -33.81%
% of Gross Profit 72.65% 77.14% 69.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $61.00M $244.0M $47.00M
YoY Change 1.67% -5.43% -27.69%
% of Gross Profit 16.85% 18.47% 17.54%
Operating Expenses $263.0M $1.019B $186.0M
YoY Change -1.87% -17.36% -46.24%
Operating Profit $51.00M $109.0M $34.00M
YoY Change 30.77% 28.24% 70.0%
Interest Expense $53.00M $225.0M $62.00M
YoY Change -7.02% -205.63% -231.91%
% of Operating Profit 103.92% 206.42% 182.35%
Other Income/Expense, Net -$5.000M $8.000M $0.00
YoY Change 150.0% 60.0% -100.0%
Pretax Income -$90.00M -$84.00M -$28.00M
YoY Change 350.0% -52.27% -3.45%
Income Tax -$11.00M $1.000M $3.000M
% Of Pretax Income
Net Earnings -$80.00M -$112.0M -$31.00M
YoY Change 207.69% -45.37% -32.61%
Net Earnings / Revenue -10.4% -4.03% -5.58%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 1.000K shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $189.0M $302.0M $154.0M
YoY Change 12.5% 96.1% -64.92%
Cash & Equivalents $189.0M $302.0M $154.0M
Short-Term Investments
Other Short-Term Assets $52.00M $211.0M $45.00M
YoY Change -78.24% -9.83% -82.07%
Inventory $27.00M $28.00M $29.00M
Prepaid Expenses
Receivables $418.0M $398.0M $385.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $869.0M $939.0M $802.0M
YoY Change 1.4% 17.08% -30.92%
LONG-TERM ASSETS
Property, Plant & Equipment $147.0M $152.0M $182.0M
YoY Change -16.95% -16.48% 50.41%
Goodwill $1.384B $1.372B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $82.00M $206.0M $71.00M
YoY Change -66.94% -15.57% -71.94%
Total Long-Term Assets $4.330B $4.339B $4.578B
YoY Change -4.1% -5.22% 72.75%
TOTAL ASSETS
Total Short-Term Assets $869.0M $939.0M $802.0M
Total Long-Term Assets $4.330B $4.339B $4.578B
Total Assets $5.199B $5.278B $5.380B
YoY Change -3.22% -1.9% 41.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $149.0M $156.0M $165.0M
YoY Change 9.56% -5.45% -19.9%
Accrued Expenses $215.0M $1.344B $217.0M
YoY Change -83.44% 7.87% -84.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $30.00M
YoY Change
Total Short-Term Liabilities $1.641B $1.606B $1.522B
YoY Change 3.99% 5.52% -13.18%
LONG-TERM LIABILITIES
Long-Term Debt $2.195B $2.206B $2.217B
YoY Change -0.86% -0.5% 13.98%
Other Long-Term Liabilities $141.0M $147.0M $148.0M
YoY Change 4.44% -0.68% -4.52%
Total Long-Term Liabilities $2.336B $2.353B $2.365B
YoY Change -0.55% -0.51% 12.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.641B $1.606B $1.522B
Total Long-Term Liabilities $2.336B $2.353B $2.365B
Total Liabilities $4.335B $4.351B $4.298B
YoY Change -0.28% 0.83% 5.45%
SHAREHOLDERS EQUITY
Retained Earnings -$223.0M -$31.00M
YoY Change
Common Stock $0.00 $1.129B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $847.0M $927.0M $1.065B
YoY Change
Total Liabilities & Shareholders Equity $5.199B $5.278B $5.380B
YoY Change -3.22% -1.9% 41.17%

Cashflow Statement

Concept 2012 Q4 2012 2011 Q3
OPERATING ACTIVITIES
Net Income -$80.00M -$112.0M -$31.00M
YoY Change 207.69% -45.37% -32.61%
Depreciation, Depletion And Amortization $61.00M $244.0M $47.00M
YoY Change 1.67% -5.43% -27.69%
Cash From Operating Activities -$10.00M $209.0M -$64.00M
YoY Change -140.0% -501.92% -228.0%
INVESTING ACTIVITIES
Capital Expenditures -$15.00M -$64.00M -$18.00M
YoY Change 15.38% -41.82% 0.0%
Acquisitions $8.000M
YoY Change
Other Investing Activities $0.00 $6.000M -$1.278B
YoY Change -100.0% -100.45% 21200.0%
Cash From Investing Activities -$15.00M -$58.00M -$1.292B
YoY Change 36.36% -95.99% 5283.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -86.00M -3.000M 1.199B
YoY Change 8500.0% -100.25% -120000.0%
NET CHANGE
Cash From Operating Activities -10.00M 209.0M -64.00M
Cash From Investing Activities -15.00M -58.00M -1.292B
Cash From Financing Activities -86.00M -3.000M 1.199B
Net Change In Cash -111.0M 148.0M -157.0M
YoY Change -953.85% -150.17% -728.0%
FREE CASH FLOW
Cash From Operating Activities -$10.00M $209.0M -$64.00M
Capital Expenditures -$15.00M -$64.00M -$18.00M
Free Cash Flow $5.000M $273.0M -$46.00M
YoY Change -86.84% 370.69% -167.65%

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CY2010 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2010 us-gaap Share Based Compensation
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CY2010 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2012 dei Document Fiscal Period Focus
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CY2012 dei Entity Voluntary Filers
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CY2012 dei Document Fiscal Year Focus
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CY2012 dei Document Type
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10-K
CY2012 dei Document Period End Date
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2012-09-30
CY2012 dei Entity Central Index Key
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CY2012 dei Current Fiscal Year End Date
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CY2012 dei Trading Symbol
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wmg
CY2012 dei Entity Registrant Name
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Warner Music Group Corp.
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CY2012 dei Entity Filer Category
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Concentration of Credit Risk</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company has ten significant Recorded Music customers that individually represent less than 10% of the Company&#x2019;s consolidated gross accounts receivable, and approximately 33% in the aggregate. Based on a history of cash collection, the Company does not believe there is any significant collection risk from such customers.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In the Music Publishing business, the Company collects a significant portion of its royalties from copyright collection societies around the world. Collection societies and associations generally are not-for-profit organizations that represent composers, songwriters and music publishers. These organizations seek to protect the rights of their members by licensing, collecting license fees and distributing royalties for the use of the members&#x2019; works. Accordingly, the Company does not believe there is any significant collection risk from such societies.</font></p> </div>
CY2012 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
8000000
CY2012 us-gaap Profit Loss
ProfitLoss
-109000000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-58000000
CY2012 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
83000000
CY2011Q3 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
157000000
CY2012 wmg Accounts Receivable Concentration Percentage
AccountsReceivableConcentrationPercentage
0.33 pure
CY2012 wmg Cash Paid For Refinancing
CashPaidForRefinancing
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CY2012 us-gaap Increase Decrease In Accounts Receivable
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CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2012 us-gaap Basis Of Accounting
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>2. Basis of Presentation</b></font></p> <!-- xbrl,body --> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Basis of Consolidation</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The accompanying financial statements present the consolidated accounts of all entities in which the Company has a controlling voting interest and/or variable interest entities required to be consolidated in accordance with U.S. GAAP. All inter-company balances and transactions have been eliminated. Certain reclassifications have been made to the prior fiscal years&#x2019; consolidated financial statements to conform with the current fiscal-year presentation.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Financial Accounting Standards Board (&#x201C;FASB&#x201D;) Accounting Standards Codification (&#x201C;ASC&#x201D;) Topic 810, Consolidation (&#x201C;ASC 810&#x201D;) requires the Company first evaluate its investments to determine if any investments qualify as a variable interest entity (&#x201C;VIE&#x201D;). A VIE is consolidated if the Company is deemed to be the primary beneficiary of the VIE, which is the party involved with the VIE that has both (i)&#xA0;the power to control the most significant activities of the VIE and (ii)&#xA0;either the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If an entity is not deemed to be a VIE, the Company consolidates the entity if the Company has a controlling voting interest.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company maintains a 52-53 week fiscal year ending on the last Friday in each reporting period. The fiscal year ended September&#xA0;30, 2012 ended on September&#xA0;28, 2012, the twelve months ended September&#xA0;30, 2011 ended on September&#xA0;30, 2011, and the fiscal year 2010 ended on September&#xA0;24, 2010. For convenience purposes, the Company continues to date its financial statements as of September&#xA0;30.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company has performed a review of all subsequent events through the date the financial statements were issued, and has determined that other than described in Note 18, no additional disclosures are necessary.</font></p> </div>
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12000000
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DeferredIncomeTaxExpenseBenefit
-26000000
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NetIncomeLoss
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CostsAndExpenses
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CY2012 us-gaap Increase Decrease In Due To Related Parties
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375000
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IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
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NetCashProvidedByUsedInFinancingActivities
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RevolvingCreditFacilityRetirement
60000000
CY2012 wmg Debt Redemption Premium Payment
DebtRedemptionPremiumPayment
1377000000
CY2012 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
34000000
CY2012 us-gaap Revenues
Revenues
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CY2012 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1019000000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2012 us-gaap Increase Decrease In Other Current Assets And Liabilities Net
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CY2012 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2012 us-gaap Payments To Acquire Productive Assets
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CY2012 us-gaap Amortization Of Intangible Assets
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CY2012 us-gaap Use Of Estimates
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<div> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.</font></p> </div>
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209000000
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CY2012 wmg Number Of Songwriters And Composers
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CY2012 wmg Minimum Annual Management Fee
MinimumAnnualManagementFee
6000000
CY2012 wmg Number Of Customers That Individually Accounted For Ten Percent Or More Of Companys Accounts Receivable
NumberOfCustomersThatIndividuallyAccountedForTenPercentOrMoreOfCompanysAccountsReceivable
10 Customer
CY2012 wmg Earn Out Payments Subject To Meeting Revenue Targets Period
EarnOutPaymentsSubjectToMeetingRevenueTargetsPeriod
P5Y
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CY2012 wmg Term Loan Facility Interest Rate Description
TermLoanFacilityInterestRateDescription
(i) the rate for deposits in U.S. dollars in the London interbank market (adjusted for maximum reserves) for the applicable interest period (“Term Loan LIBOR Rate”), plus 4.00% per annum, or (ii) the base rate, which is the highest of (x) the corporate base rate established by the administrative agent from time to time, (y) the overnight federal funds rate plus 0.50% and (z) the one-month Term Loan LIBOR Rate plus 1.0% per annum, plus, in each case, 3.00% per annum.
CY2012 wmg Repayments Of Old Senior Secured Notes
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1250000000
CY2012 wmg Annual Management Fee
AnnualManagementFee
8000000
CY2012 wmg Revolving Credit Facility Fee Rate
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0.0050 pure
CY2012 wmg Payment Of Debt Redemption Accrued Interest
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45000000
CY2012 wmg Payments Of Call Premiums Related To Refinancing Of Debt
PaymentsOfCallPremiumsRelatedToRefinancingOfDebt
93000000
CY2012 wmg Consent Fee
ConsentFee
34000000
CY2012 wmg Non Cash Interest Income Expense
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CY2012 wmg Percentage Of Amortization Of Term Loan
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0.0500 pure
CY2011Q3 us-gaap Depreciation Depletion And Amortization
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47000000
CY2011Q3 us-gaap Profit Loss
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CY2011Q3 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2011Q3 us-gaap Repayments Of Subordinated Debt
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CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2011Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2011Q3 us-gaap Operating Income Loss
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CY2011Q3 us-gaap Net Income Loss
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CY2011Q3 us-gaap Costs And Expenses
CostsAndExpenses
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CY2011Q3 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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30000000
CY2011Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2011Q3 us-gaap Payments Of Financing Costs
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70000000
CY2011Q3 us-gaap Increase Decrease In Interest Payable Net
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30000000
CY2011Q3 us-gaap Revenues
Revenues
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CY2011Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
186000000
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3000000
CY2011Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-8000000
CY2011Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2011Q3 us-gaap Payments To Acquire Productive Assets
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CY2011Q3 us-gaap Amortization Of Intangible Assets
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CY2011Q3 us-gaap Interest Expense
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CY2011Q3 us-gaap Net Cash Provided By Used In Operating Activities
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CY2011Q3 us-gaap Cost Of Revenue
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288000000
CY2011Q3 wmg Increase Decrease In Advance Royalties
IncreaseDecreaseInAdvanceRoyalties
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CY2011Q3 wmg Repayment Of Senior Secured Notes
RepaymentOfSeniorSecuredNotes
258000000
CY2011Q3 wmg Annual Management Fee
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CY2011Q3 wmg Payments For Purchase Of Predecessor
PaymentsForPurchaseOfPredecessor
1278000000
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