$WMG
Warner Music Group Corp

2022 Q2 Form 10-Q Financial Statement

#000131916122000025 Filed on August 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q3 2021 Q2
Revenue $1.432B $1.376B $1.340B
YoY Change 6.87% 22.2% 32.67%
Cost Of Revenue $766.0M $752.0M $681.0M
YoY Change 12.48% 24.09% 29.22%
Gross Profit $666.0M $624.0M $659.0M
YoY Change 1.06% 20.0% 36.44%
Gross Profit Margin 46.51% 45.35% 49.18%
Selling, General & Admin $451.0M $445.0M $437.0M
YoY Change 3.2% 21.92% -49.71%
% of Gross Profit 67.72% 71.31% 66.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.00M $79.00M $19.00M
YoY Change -5.26% 17.91% 26.67%
% of Gross Profit 2.7% 12.66% 2.88%
Operating Expenses $451.0M $524.0M $437.0M
YoY Change 3.2% 21.3% -49.71%
Operating Profit $146.0M $100.0M $162.0M
YoY Change -9.88% 13.64% -137.41%
Interest Expense -$32.00M -$29.00M -$30.00M
YoY Change 6.67% 0.0% -6.25%
% of Operating Profit -21.92% -29.0% -18.52%
Other Income/Expense, Net $50.00M -$9.000M -$18.00M
YoY Change -377.78% -80.0% 500.0%
Pretax Income $164.0M $52.00M $102.0M
YoY Change 60.78% -360.0% -121.79%
Income Tax $39.00M $22.00M $41.00M
% Of Pretax Income 23.78% 42.31% 40.2%
Net Earnings $124.0M $28.00M $61.00M
YoY Change 103.28% -2900.0% -111.73%
Net Earnings / Revenue 8.66% 2.03% 4.55%
Basic Earnings Per Share
Diluted Earnings Per Share $240.9K $54.44K $118.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $345.0M $499.0M $442.0M
YoY Change -21.95% -9.76% -16.92%
Cash & Equivalents $345.0M $499.0M $442.0M
Short-Term Investments
Other Short-Term Assets $493.0M $459.0M $379.0M
YoY Change 30.08% 66.91% 46.33%
Inventory $93.00M $99.00M $79.00M
Prepaid Expenses
Receivables $970.0M $839.0M $834.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.901B $1.896B $1.734B
YoY Change 9.63% 12.99% 9.61%
LONG-TERM ASSETS
Property, Plant & Equipment $403.0M $364.0M $347.0M
YoY Change 16.14% 9.97% 11.94%
Goodwill $1.932B $1.830B $1.836B
YoY Change 5.23% -0.05% 3.73%
Intangibles $2.494B $2.171B $2.217B
YoY Change 12.49% 20.14% 24.83%
Long-Term Investments
YoY Change
Other Assets $208.0M $194.0M $213.0M
YoY Change -2.35% 26.8% 46.9%
Total Long-Term Assets $5.798B $5.315B $5.306B
YoY Change 9.27% 12.32% 16.21%
TOTAL ASSETS
Total Short-Term Assets $1.901B $1.896B $1.734B
Total Long-Term Assets $5.798B $5.315B $5.306B
Total Assets $7.699B $7.211B $7.040B
YoY Change 9.36% 12.5% 14.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $265.0M $302.0M $226.0M
YoY Change 17.26% 14.39% 10.24%
Accrued Expenses $395.0M $461.0M $385.0M
YoY Change 2.6% 20.68% 11.27%
Deferred Revenue $197.0M $348.0M $275.0M
YoY Change -28.36% 17.17% 51.1%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.123B $3.150B $2.902B
YoY Change 7.62% 15.81% 14.93%
LONG-TERM LIABILITIES
Long-Term Debt $3.785B $3.346B $3.367B
YoY Change 12.41% 7.8% 12.23%
Other Long-Term Liabilities $123.0M $175.0M $172.0M
YoY Change -28.49% 3.55% -4.97%
Total Long-Term Liabilities $3.908B $3.521B $3.539B
YoY Change 10.43% 7.58% 11.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.123B $3.150B $2.902B
Total Long-Term Liabilities $3.908B $3.521B $3.539B
Total Liabilities $7.527B $7.165B $6.945B
YoY Change 8.38% 11.0% 12.58%
SHAREHOLDERS EQUITY
Retained Earnings -$1.542B -$1.710B -$1.660B
YoY Change -7.11% -2.23% -1.48%
Common Stock $1.975B $1.942B $1.934B
YoY Change 2.12% 1.84% 1.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.0M $31.00M $81.00M
YoY Change
Total Liabilities & Shareholders Equity $7.699B $7.211B $7.040B
YoY Change 9.36% 12.5% 14.51%

Cashflow Statement

Concept 2022 Q2 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income $124.0M $28.00M $61.00M
YoY Change 103.28% -2900.0% -111.73%
Depreciation, Depletion And Amortization $18.00M $79.00M $19.00M
YoY Change -5.26% 17.91% 26.67%
Cash From Operating Activities $163.0M $228.0M $91.00M
YoY Change 79.12% 29.55% -26.02%
INVESTING ACTIVITIES
Capital Expenditures -$44.00M -$57.00M -$152.0M
YoY Change -71.05% 16.33% 406.67%
Acquisitions
YoY Change
Other Investing Activities -$70.00M -$15.00M -$10.00M
YoY Change 600.0% -81.93% 66.67%
Cash From Investing Activities -$114.0M -$72.00M -$162.0M
YoY Change -29.63% -45.45% 350.0%
FINANCING ACTIVITIES
Cash Dividend Paid $79.00M $62.00M
YoY Change 27.42%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -83.00M -96.00M -79.00M
YoY Change 5.06% 242.86% 83.72%
NET CHANGE
Cash From Operating Activities 163.0M 228.0M 91.00M
Cash From Investing Activities -114.0M -72.00M -162.0M
Cash From Financing Activities -83.00M -96.00M -79.00M
Net Change In Cash -34.00M 60.00M -150.0M
YoY Change -77.33% 275.0% -440.91%
FREE CASH FLOW
Cash From Operating Activities $163.0M $228.0M $91.00M
Capital Expenditures -$44.00M -$57.00M -$152.0M
Free Cash Flow $207.0M $285.0M $243.0M
YoY Change -14.81% 26.67% 58.82%

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 June 30, 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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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022Q2 wmg Lessee Operating Lease Liability To Be Paid After Year Four
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2021Q3 us-gaap Debt Instrument Carrying Amount
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CY2022Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2021Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2022Q2 us-gaap Long Term Debt
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us-gaap Interest Income Expense Nonoperating Net
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CY2022Q2 us-gaap Longterm Debt Weighted Average Interest Rate
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CY2021Q3 us-gaap Longterm Debt Weighted Average Interest Rate
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CY2021Q2 us-gaap Longterm Debt Weighted Average Interest Rate
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CY2022Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2022Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
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us-gaap Maximum Length Of Time Hedged In Interest Rate Cash Flow Hedge1
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CY2022Q2 us-gaap Depreciation
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CY2021Q2 us-gaap Operating Income Loss
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CY2021Q2 us-gaap Amortization Of Intangible Assets
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CY2021Q2 us-gaap Depreciation
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CY2021Q2 wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
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wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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wmg Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
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CY2022Q2 us-gaap Interest Paid Net
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CY2022Q2 us-gaap Income Taxes Paid Net
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CY2022Q2 us-gaap Payments Of Dividends
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CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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us-gaap Common Stock Dividends Per Share Cash Paid
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