$WMG
Warner Music Group Corp

2022 Q1 Form 10-Q Financial Statement

#000131916122000017 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $1.376B $1.250B
YoY Change 10.08% 16.71%
Cost Of Revenue $697.0M $623.0M
YoY Change 11.88% 16.45%
Gross Profit $679.0M $627.0M
YoY Change 8.29% 16.98%
Gross Profit Margin 49.35% 50.16%
Selling, General & Admin $444.0M $418.0M
YoY Change 6.22% -22.3%
% of Gross Profit 65.39% 66.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.00M $19.00M
YoY Change 5.26% 35.71%
% of Gross Profit 2.95% 3.03%
Operating Expenses $444.0M $418.0M
YoY Change 6.22% -22.3%
Operating Profit $166.0M $151.0M
YoY Change 9.93% -408.16%
Interest Expense -$32.00M -$32.00M
YoY Change 0.0% -3.03%
% of Operating Profit -19.28% -21.19%
Other Income/Expense, Net -$8.000M $49.00M
YoY Change -116.33% -1325.0%
Pretax Income $126.0M $168.0M
YoY Change -25.0% -295.35%
Income Tax $34.00M $51.00M
% Of Pretax Income 26.98% 30.36%
Net Earnings $92.00M $117.0M
YoY Change -21.37% -258.11%
Net Earnings / Revenue 6.69% 9.36%
Basic Earnings Per Share
Diluted Earnings Per Share $178.7K $227.5K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $385.0M $588.0M
YoY Change -34.52% 21.49%
Cash & Equivalents $385.0M $588.0M
Short-Term Investments
Other Short-Term Assets $519.0M $306.0M
YoY Change 69.61% 12.92%
Inventory $94.00M $79.00M
Prepaid Expenses
Receivables $914.0M $783.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.912B $1.756B
YoY Change 8.88% 10.93%
LONG-TERM ASSETS
Property, Plant & Equipment $386.0M $339.0M
YoY Change 13.86% 15.31%
Goodwill $1.922B $1.842B
YoY Change 4.34% 4.6%
Intangibles $2.563B $2.081B
YoY Change 23.16% 15.93%
Long-Term Investments
YoY Change
Other Assets $189.0M $202.0M
YoY Change -6.44% 64.23%
Total Long-Term Assets $5.869B $5.074B
YoY Change 15.67% 11.74%
TOTAL ASSETS
Total Short-Term Assets $1.912B $1.756B
Total Long-Term Assets $5.869B $5.074B
Total Assets $7.781B $6.830B
YoY Change 13.92% 11.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $320.0M $235.0M
YoY Change 36.17% -4.47%
Accrued Expenses $371.0M $315.0M
YoY Change 17.78% -44.15%
Deferred Revenue $239.0M $298.0M
YoY Change -19.8% 78.44%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.131B $2.784B
YoY Change 12.46% 1.9%
LONG-TERM LIABILITIES
Long-Term Debt $3.829B $3.354B
YoY Change 14.16% 12.44%
Other Long-Term Liabilities $143.0M $169.0M
YoY Change -15.38% -25.88%
Total Long-Term Liabilities $3.972B $3.523B
YoY Change 12.74% 9.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.131B $2.784B
Total Long-Term Liabilities $3.972B $3.523B
Total Liabilities $7.608B $6.757B
YoY Change 12.59% 5.43%
SHAREHOLDERS EQUITY
Retained Earnings -$1.587B -$1.659B
YoY Change -4.34% 42.28%
Common Stock $1.971B $1.924B
YoY Change 2.44% 70.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $154.0M $57.00M
YoY Change
Total Liabilities & Shareholders Equity $7.781B $6.830B
YoY Change 13.92% 11.53%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $92.00M $117.0M
YoY Change -21.37% -258.11%
Depreciation, Depletion And Amortization $20.00M $19.00M
YoY Change 5.26% 35.71%
Cash From Operating Activities $44.00M $150.0M
YoY Change -70.67% 74.42%
INVESTING ACTIVITIES
Capital Expenditures -$32.00M -$23.00M
YoY Change 39.13% 15.0%
Acquisitions
YoY Change
Other Investing Activities $7.000M -$38.00M
YoY Change -118.42% -3900.0%
Cash From Investing Activities -$25.00M -$61.00M
YoY Change -59.02% 221.05%
FINANCING ACTIVITIES
Cash Dividend Paid $78.00M $63.00M
YoY Change 23.81%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -85.00M -64.00M
YoY Change 32.81% 68.42%
NET CHANGE
Cash From Operating Activities 44.00M 150.0M
Cash From Investing Activities -25.00M -61.00M
Cash From Financing Activities -85.00M -64.00M
Net Change In Cash -66.00M 25.00M
YoY Change -364.0% -13.79%
FREE CASH FLOW
Cash From Operating Activities $44.00M $150.0M
Capital Expenditures -$32.00M -$23.00M
Free Cash Flow $76.00M $173.0M
YoY Change -56.07% 63.21%

Facts In Submission

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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%">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 Class A common stock of the Company, par value $0.001 per share (“Class A Common Stock”). 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.</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%">Access continues to hold all of the Class B common stock of the Company, par value $0.001 per share (“Class B Common Stock”), representing approximately 98% of the total combined voting power of the Company’s outstanding common stock and approximately 73% of the economic interest as of March 31, 2022. 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: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 shares the revenues generated from use of the musical compositions with the songwriter or other rightsholders.</span></div>
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2171000000 USD
us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
250000000 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3873000000 USD
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3383000000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
44000000 USD
CY2021Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
37000000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
3829000000 USD
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
3346000000 USD
CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-32000000 USD
CY2021Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-32000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-62000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-63000000 USD
CY2022Q1 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.033
CY2021Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.032
CY2021Q1 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.037
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
69000000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1376000000 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
166000000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
109000000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
86000000 USD
CY2022Q1 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
2000000 USD
us-gaap Maximum Length Of Time Hedged In Interest Rate Cash Flow Hedge1
MaximumLengthOfTimeHedgedInInterestRateCashFlowHedge1
P2Y
CY2022Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
12000000 USD
CY2022Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
10000000 USD
CY2022Q1 us-gaap Depreciation
Depreciation
20000000 USD
CY2022Q1 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
255000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1250000000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
151000000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
58000000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
19000000 USD
CY2021Q1 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
228000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2990000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
405000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
129000000 USD
us-gaap Depreciation
Depreciation
41000000 USD
wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
575000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2585000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
347000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
110000000 USD
us-gaap Depreciation
Depreciation
38000000 USD
wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
495000000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
44000000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
37000000 USD
us-gaap Interest Paid Net
InterestPaidNet
57000000 USD
us-gaap Interest Paid Net
InterestPaidNet
64000000 USD
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
37000000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
35000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
66000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
52000000 USD
CY2022Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
78000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
156000000 USD
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.15
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.30
CY2022Q1 us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
NoncashOrPartNoncashAcquisitionInvestmentsAcquired1
125000000 USD

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