$WMG
Warner Music Group Corp

2020 Q4 Form 10-Q Financial Statement

#000131916121000010 Filed on February 01, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4
Revenue $1.335B $1.256B
YoY Change 6.29% 4.41%
Cost Of Revenue $686.0M $665.0M
YoY Change 3.16% 6.23%
Gross Profit $649.0M $591.0M
YoY Change 9.81% 2.43%
Gross Profit Margin 48.61% 47.05%
Selling, General & Admin $401.0M $379.0M
YoY Change 5.8% 0.8%
% of Gross Profit 61.79% 64.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $71.00M $71.00M
YoY Change 0.0% 4.41%
% of Gross Profit 10.94% 12.01%
Operating Expenses $401.0M $379.0M
YoY Change 5.8% 0.8%
Operating Profit $196.0M $165.0M
YoY Change 18.79% 12.24%
Interest Expense -$31.00M -$33.00M
YoY Change -6.06% -8.33%
% of Operating Profit -15.82% -20.0%
Other Income/Expense, Net -$31.00M -$5.000M
YoY Change 520.0% -117.86%
Pretax Income $134.0M $127.0M
YoY Change 5.51% -6.62%
Income Tax $35.00M $5.000M
% Of Pretax Income 26.12% 3.94%
Net Earnings $98.00M $120.0M
YoY Change -18.33% 39.53%
Net Earnings / Revenue 7.34% 9.55%
Basic Earnings Per Share
Diluted Earnings Per Share $190.5K $235.3K
COMMON SHARES
Basic Shares Outstanding 1.060K shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $566.0M $462.0M
YoY Change 22.51% -15.69%
Cash & Equivalents $566.0M $462.0M
Short-Term Investments
Other Short-Term Assets $307.0M $247.0M
YoY Change 24.29% 30.69%
Inventory $71.00M $65.00M
Prepaid Expenses
Receivables $884.0M $882.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.828B $1.656B
YoY Change 10.39% 15.56%
LONG-TERM ASSETS
Property, Plant & Equipment $334.0M $295.0M
YoY Change 13.22% 10.07%
Goodwill $1.851B $1.768B
YoY Change 4.69%
Intangibles $2.124B $1.864B
YoY Change 13.95% -6.43%
Long-Term Investments
YoY Change
Other Assets $162.0M $152.0M
YoY Change 6.58% 63.44%
Total Long-Term Assets $5.115B $4.658B
YoY Change 9.81% 11.36%
TOTAL ASSETS
Total Short-Term Assets $1.828B $1.656B
Total Long-Term Assets $5.115B $4.658B
Total Assets $6.943B $6.314B
YoY Change 9.96% 12.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $214.0M $202.0M
YoY Change 5.94% 12.85%
Accrued Expenses $414.0M $549.0M
YoY Change -24.59% 30.09%
Deferred Revenue $326.0M $159.0M
YoY Change 105.03% -12.15%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.890B $2.799B
YoY Change 3.25% 13.92%
LONG-TERM LIABILITIES
Long-Term Debt $3.387B $2.988B
YoY Change 13.35% -0.33%
Other Long-Term Liabilities $169.0M $204.0M
YoY Change -17.16% -33.77%
Total Long-Term Liabilities $3.556B $3.192B
YoY Change 11.4% 936.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.890B $2.799B
Total Long-Term Liabilities $3.556B $3.192B
Total Liabilities $6.910B $6.483B
YoY Change 6.59% 12.05%
SHAREHOLDERS EQUITY
Retained Earnings -$1.713B -$1.088B
YoY Change 57.44% -3.97%
Common Stock $1.913B $1.128B
YoY Change 69.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.00M -$190.0M
YoY Change
Total Liabilities & Shareholders Equity $6.943B $6.314B
YoY Change 9.96% 12.43%

Cashflow Statement

Concept 2020 Q4 2019 Q4
OPERATING ACTIVITIES
Net Income $98.00M $120.0M
YoY Change -18.33% 39.53%
Depreciation, Depletion And Amortization $71.00M $71.00M
YoY Change 0.0% 4.41%
Cash From Operating Activities $169.0M $78.00M
YoY Change 116.67% -15.22%
INVESTING ACTIVITIES
Capital Expenditures $18.00M $15.00M
YoY Change 20.0% -148.39%
Acquisitions $1.000M $6.000M
YoY Change -83.33% -97.1%
Other Investing Activities -$1.000M -$6.000M
YoY Change -83.33% -97.1%
Cash From Investing Activities -$343.0M -$32.00M
YoY Change 971.88% -86.55%
FINANCING ACTIVITIES
Cash Dividend Paid $62.00M $206.0M
YoY Change -69.9%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $178.0M -$207.0M
YoY Change -185.99% -213.74%
NET CHANGE
Cash From Operating Activities $169.0M $78.00M
Cash From Investing Activities -$343.0M -$32.00M
Cash From Financing Activities $178.0M -$207.0M
Net Change In Cash $13.00M -$157.0M
YoY Change -108.28% -561.76%
FREE CASH FLOW
Cash From Operating Activities $169.0M $78.00M
Capital Expenditures $18.00M $15.00M
Free Cash Flow $151.0M $63.00M
YoY Change 139.68% -48.78%

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Description of Business<div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Warner Music Group Corp. (the “Company”) was formed on November 21, 2003. The Company is the direct parent of WMG Holdings Corp. (“Holdings”), which is the direct parent of WMG Acquisition Corp. (“Acquisition Corp.”). Acquisition Corp. is one of the world’s major music entertainment companies.</span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Acquisition of Warner Music Group by Access Industries</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Agreement and Plan of Merger, dated as of May 6, 2011 (the “Merger Agreement”), by and among the Company, AI Entertainment Holdings LLC (formerly Airplanes Music LLC), a Delaware limited liability company (“Parent”) and an affiliate of Access Industries, Inc., and Airplanes Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), on July 20, 2011 (the “Merger Closing Date”), Merger Sub merged with and into the Company with the Company surviving as a wholly owned subsidiary of Parent (the “Merger”). In connection with the Merger, the Company delisted its common stock from the New York Stock Exchange.</span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Initial Public Offering</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 5, 2020, the Company completed an initial public offering (“IPO”) of 77,000,000 shares of Class A common stock of the Company, par value $0.001 per share (“Class A Common Stock”) at a public offering price of $25 per share. The Company listed these shares on the NASDAQ stock market under the ticker symbol “WMG.” The offering consisted entirely of secondary shares sold by Access Industries, LLC (collectively with its affiliates, “Access”) and certain related selling stockholders. On July 7, 2020, the Company completed the sale of an additional 11,550,000 shares of Class A Common Stock from the selling stockholders to the underwriters of the Company’s IPO pursuant to the exercise by the underwriters of their option to purchase additional shares of Class A Common Stock. The Company did not receive any of the proceeds of the IPO or exercise of the underwriters’ option.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the completion of the IPO and the exercise in full of the underwriters’ option to purchase additional shares, Access and its affiliates held an aggregate of 421,450,000 shares of Class B common stock of the Company, par value $0.001 per share (“Class B Common Stock”), representing approximately 99% of the total combined voting power of the Company’s outstanding common stock and approximately 83% of the economic interest. As a result, the Company is a “controlled company” within the meaning of the corporate governance standards of NASDAQ.</span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recorded Music Operations</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Recorded Music business primarily consists of the discovery and development of recording artists and the related marketing, promotion, distribution, sale and licensing of music created by such recording artists. We play an integral role in virtually all aspects of the recorded music value chain from discovering and developing talent to producing, distributing and selling music to marketing and promoting recording artists and their music.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the United States, our Recorded Music business is conducted principally through our major record labels—Atlantic Records and Warner Records. In October 2018, we launched Elektra Music Group in the United States as a standalone label group, which comprises the Elektra, Fueled by Ramen and Roadrunner labels. Our Recorded Music business also includes Rhino Entertainment, a division that specializes in marketing our recorded music catalog through compilations, reissuances of previously released music and video titles and releasing previously unreleased material from our vault. We also conduct our Recorded Music business through a collection of additional record labels including Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Nonesuch, Parlophone, Reprise, Sire, Spinnin’ Records, Warner Classics and Warner Music Nashville.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Outside the United States, our Recorded Music business is conducted in more than 70 countries through various subsidiaries, affiliates and non-affiliated licensees. Internationally, we engage in the same activities as in the United States: discovering and signing artists and distributing, selling, marketing and promoting their music. In most cases, we also market, promote, distribute and sell the music of those recording artists for whom our domestic record labels have international rights. In certain smaller markets, we license the right to distribute and sell our music to non-affiliated third-party record labels.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Recorded Music business’ distribution operations include Warner-Elektra-Atlantic Corporation (“WEA Corp.”), which markets, distributes and sells music and video products to retailers and wholesale distributors; Alternative Distribution Alliance (“ADA”), which markets, distributes and sells the products of independent labels to retail and wholesale distributors; and various distribution centers and ventures operated internationally.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to our music being sold in physical retail outlets, our music is also sold in physical form to online physical retailers, such as amazon.com, barnesandnoble.com and bestbuy.com, and distributed in digital form to an expanded universe of digital partners, including streaming services such as those of Amazon, Apple, Deezer, SoundCloud, Spotify, Tencent Music Entertainment Group and YouTube, radio services such as iHeart Radio and SiriusXM and download services.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have integrated the marketing of digital content into all aspects of our business, including artists and repertoire (“A&amp;R”) and distribution. Our business development executives work closely with A&amp;R departments to ensure that while music is being produced, digital assets are also created with all distribution channels in mind, including streaming services, social networking sites, online portals and music-centered destinations. We also work side-by-side with our online and mobile partners to test new concepts. We believe existing and new digital businesses will be a significant source of growth and will provide new opportunities to successfully monetize our assets and create new revenue streams. The proportion of digital revenues attributable to each distribution channel varies by region and proportions may change as the introduction of new technologies continues. As one of the world’s largest music entertainment companies, we believe we are well positioned to take advantage of growth in digital distribution and emerging technologies to maximize the value of our assets.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have diversified our revenues beyond our traditional businesses by entering into expanded-rights deals with recording artists in order to partner with such artists in other aspects of their careers. Under these agreements, we provide services to and participate in recording artists’ activities outside the traditional recorded music business such as touring, merchandising and sponsorships. We have built and acquired artist services capabilities and platforms for marketing and distributing this broader set of music-related rights and participating more widely in the monetization of the artist brands we help create. We believe that entering into expanded-rights deals and enhancing our artist services capabilities in areas such as merchandising, VIP ticketing, fan clubs, concert promotion and management has permitted us to diversify revenue streams and capitalize on other revenue opportunities. This provides for improved long-term relationships with our recording artists and allows us to more effectively connect recording artists and fans.</span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Music Publishing Operations</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While Recorded Music is focused on marketing, promoting, distributing and licensing a particular recording of a musical composition, Music Publishing is an intellectual property business focused on generating revenue from uses of the musical composition itself. In return for promoting, placing, marketing and administering the creative output of a songwriter, or engaging in those activities for other rightsholders, our Music Publishing business garners a share of the revenues generated from use of the musical compositions.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The operations of our Music Publishing business are conducted principally through Warner Chappell Music, our global music publishing company headquartered in Los Angeles, with operations in over 70 countries through various subsidiaries, affiliates and non-affiliated licensees and sub-publishers. We own or control rights to more than one million musical compositions, including numerous pop hits, American standards, folk songs and motion picture and theatrical compositions. Assembled over decades, our award-winning catalog includes over 80,000 songwriters and composers and a diverse range of genres including pop, rock, jazz, classical, country, R&amp;B, hip-hop, rap, reggae, Latin, folk, blues, symphonic, soul, Broadway, techno, alternative and gospel. Warner Chappell Music also administers the music and soundtracks of several third-party television and film producers and studios. We have an extensive production music catalog collectively branded as Warner Chappell Production Music.</span></div>
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Depreciation
19000000 USD
CY2020Q4 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
267000000 USD
CY2019Q4 us-gaap Revenues
Revenues
1256000000 USD
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
165000000 USD
CY2019Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
47000000 USD
CY2019Q4 us-gaap Depreciation
Depreciation
24000000 USD
CY2020Q4 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
17000000 USD
CY2019Q4 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
236000000 USD
CY2020Q4 us-gaap Interest Paid Net
InterestPaidNet
27000000 USD
CY2019Q4 us-gaap Interest Paid Net
InterestPaidNet
44000000 USD
CY2019Q4 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
20000000 USD
CY2020Q4 us-gaap Payments Of Dividends
PaymentsOfDividends
62000000 USD
CY2020Q4 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
16000000 USD
CY2020Q3 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
3000000 USD
CY2020Q4 us-gaap Maximum Length Of Time Hedged In Interest Rate Cash Flow Hedge1
MaximumLengthOfTimeHedgedInInterestRateCashFlowHedge1
P3Y

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