$WMG
Warner Music Group Corp

2019 Q3 Form 10-Q Financial Statement

#000162828019010031 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $1.124B $1.058B $958.0M
YoY Change 8.18% 10.44% 4.47%
Cost Of Revenue $639.0M $577.0M $531.0M
YoY Change 9.61% 8.66% 2.31%
Gross Profit $485.0M $481.0M $427.0M
YoY Change 6.36% 12.65% 7.29%
Gross Profit Margin 43.15% 45.46% 44.57%
Selling, General & Admin $408.0M $372.0M $343.0M
YoY Change 2.51% 8.45% 15.88%
% of Gross Profit 84.12% 77.34% 80.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.00M $15.00M $15.00M
YoY Change 28.57% 0.0% 15.38%
% of Gross Profit 3.71% 3.12% 3.51%
Operating Expenses $408.0M $372.0M $343.0M
YoY Change 2.51% 8.45% 15.88%
Operating Profit $29.00M $58.00M $28.00M
YoY Change 81.25% 107.14% -45.1%
Interest Expense -$34.00M -$36.00M -$33.00M
YoY Change 3.03% 9.09% -8.33%
% of Operating Profit -117.24% -62.07% -117.86%
Other Income/Expense, Net $19.00M -$16.00M $394.0M
YoY Change 850.0% -104.06% -1976.19%
Pretax Income $14.00M $2.000M $382.0M
YoY Change -193.33% -99.48% -4344.44%
Income Tax -$77.00M -$12.00M $61.00M
% Of Pretax Income -550.0% -600.0% 15.97%
Net Earnings $90.00M $13.00M $320.0M
YoY Change -742.86% -95.94% 126.95%
Net Earnings / Revenue 8.01% 1.23% 33.4%
Basic Earnings Per Share
Diluted Earnings Per Share $176.5K $25.49K $627.5K
COMMON SHARES
Basic Shares Outstanding 1.060K shares 1.060K
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $619.0M $541.0M $905.0M
YoY Change 20.43% -40.22% 59.61%
Cash & Equivalents $619.0M $541.0M $905.0M
Short-Term Investments
Other Short-Term Assets $223.0M $228.0M $196.0M
YoY Change 28.9% 16.33% 1.55%
Inventory $74.00M $67.00M $40.00M
Prepaid Expenses
Receivables $775.0M $744.0M $444.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.691B $1.580B $1.585B
YoY Change 43.79% -0.32% 34.55%
LONG-TERM ASSETS
Property, Plant & Equipment $300.0M $296.0M $203.0M
YoY Change 31.0% 45.81% 0.0%
Goodwill $1.761B $1.772B
YoY Change 4.08%
Intangibles $1.874B $1.933B $2.030B
YoY Change -6.53% -4.78% -5.01%
Long-Term Investments
YoY Change
Other Assets $145.0M $158.0M $260.0M
YoY Change 85.9% -39.23% -21.45%
Total Long-Term Assets $4.326B $4.375B $4.179B
YoY Change 3.79% 4.69% -2.84%
TOTAL ASSETS
Total Short-Term Assets $1.691B $1.580B $1.585B
Total Long-Term Assets $4.326B $4.375B $4.179B
Total Assets $6.017B $5.955B $5.764B
YoY Change 12.59% 3.31% 5.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $260.0M $208.0M $168.0M
YoY Change -7.47% 23.81% 1.2%
Accrued Expenses $492.0M $448.0M $1.888B
YoY Change 16.31% -76.27% 21.18%
Deferred Revenue $180.0M $170.0M
YoY Change -13.46%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.819B $2.544B $2.287B
YoY Change 18.79% 11.24% 18.01%
LONG-TERM LIABILITIES
Long-Term Debt $2.974B $3.006B $2.814B
YoY Change 5.5% 6.82% 0.61%
Other Long-Term Liabilities $321.0M $302.0M $275.0M
YoY Change 4.56% 9.82% 5.77%
Total Long-Term Liabilities $3.295B $3.308B $3.089B
YoY Change 5.41% 7.09% 1.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.819B $2.544B $2.287B
Total Long-Term Liabilities $3.295B $3.308B $3.089B
Total Liabilities $6.286B $6.088B $5.589B
YoY Change 10.98% 8.93% 8.08%
SHAREHOLDERS EQUITY
Retained Earnings -$1.177B -$1.061B
YoY Change -7.47%
Common Stock $1.127B $1.128B
YoY Change -0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$289.0M -$152.0M $175.0M
YoY Change
Total Liabilities & Shareholders Equity $6.017B $5.955B $5.764B
YoY Change 12.59% 3.31% 5.2%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $90.00M $13.00M $320.0M
YoY Change -742.86% -95.94% 126.95%
Depreciation, Depletion And Amortization $18.00M $15.00M $15.00M
YoY Change 28.57% 0.0% 15.38%
Cash From Operating Activities $151.0M $150.0M $129.0M
YoY Change -5.63% 16.28% 55.42%
INVESTING ACTIVITIES
Capital Expenditures -$39.00M -$31.00M -$17.00M
YoY Change 5.41% 82.35% 6.25%
Acquisitions
YoY Change
Other Investing Activities $3.000M -$16.00M $496.0M
YoY Change -133.33% -103.23% 2154.55%
Cash From Investing Activities -$36.00M -$47.00M $479.0M
YoY Change -21.74% -109.81% 7883.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -31.00M -32.00M -304.0M
YoY Change -93.82% -89.47% 7500.0%
NET CHANGE
Cash From Operating Activities 151.0M 150.0M 129.0M
Cash From Investing Activities -36.00M -47.00M 479.0M
Cash From Financing Activities -31.00M -32.00M -304.0M
Net Change In Cash 84.00M 71.00M 304.0M
YoY Change -121.65% -76.64% 257.65%
FREE CASH FLOW
Cash From Operating Activities $151.0M $150.0M $129.0M
Capital Expenditures -$39.00M -$31.00M -$17.00M
Free Cash Flow $190.0M $181.0M $146.0M
YoY Change -3.55% 23.97% 47.47%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;padding-top:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Warner Music Group Corp. (the &#8220;Company&#8221;) was formed on November&#160;21, 2003. The Company is the direct parent of WMG Holdings Corp. (&#8220;Holdings&#8221;), which is the direct parent of WMG Acquisition Corp. (&#8220;Acquisition Corp.&#8221;). Acquisition Corp. is one of the world&#8217;s major music-based content companies.</font></div><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Acquisition of Warner Music Group by Access Industries</font></div><div style="line-height:120%;padding-top:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to an Agreement and Plan of Merger, dated as of May 6, 2011 (the &#8220;Merger Agreement&#8221;), by and among the Company, AI Entertainment Holdings LLC (formerly Airplanes Music LLC), a Delaware limited liability company (&#8220;Parent&#8221;) and an affiliate of Access Industries, Inc. (&#8220;Access&#8221;), and Airplanes Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (&#8220;Merger Sub&#8221;), on July 20, 2011 (the &#8220;Merger Closing Date&#8221;), Merger Sub merged with and into the Company with the Company surviving as a wholly owned subsidiary of Parent (the &#8220;Merger&#8221;). In connection with the Merger, the Company delisted its common stock from the NYSE. The Company continues voluntarily to file with the SEC current and periodic reports that would be required to be filed with the SEC pursuant to Section 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) as provided for in certain covenants contained in the instruments covering its outstanding indebtedness.</font></div><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recorded Music Operations</font></div><div style="line-height:120%;padding-top:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s Recorded Music business primarily consists of the discovery and development of artists and the related marketing, distribution and licensing of recorded music produced by such artists. The Company plays an integral role in virtually all aspects of the recorded music value chain from discovering and developing talent to producing music and promoting artists and their products.</font></div><div style="line-height:120%;padding-top:16px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the United States, Recorded Music operations are conducted principally through the Company&#8217;s major record labels&#8212; Warner Records and Atlantic Records. In October 2018, the Company launched Elektra Music Group in the United States as a standalone label group, which comprises the Elektra, Fueled by Ramen and Roadrunner labels. The Company&#8217;s Recorded Music operations also include Rhino, a division that specializes in marketing the Company&#8217;s music catalog through compilations and reissuances of previously released music and video titles. The Company also conducts its Recorded Music operations through a collection of additional record labels, including Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Nonesuch, Parlophone, Reprise, Sire, Spinnin&#8217;, Warner Classics and Warner Music Nashville.</font></div><div style="line-height:120%;padding-top:16px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outside the United States, Recorded Music activities are conducted in more than </font><font style="font-family:inherit;font-size:10pt;">50</font><font style="font-family:inherit;font-size:10pt;"> countries through various subsidiaries, affiliates and non-affiliated licensees. Internationally, the Company engages in the same activities as in the United States: discovering and signing artists and distributing, marketing and selling their recorded music. In most cases, the Company also markets and distributes the music of those artists for whom the Company&#8217;s domestic record labels have international rights. In certain smaller markets, the Company licenses the right to distribute the Company&#8217;s records to non-affiliated third-party record labels. The Company&#8217;s international artist services operations include a network of concert promoters through which it provides resources to coordinate tours for the Company&#8217;s artists and other artists as well as management companies that guide artists with respect to their careers.</font></div><div style="line-height:120%;padding-top:16px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s Recorded Music distribution operations include Warner-Elektra-Atlantic Corporation (&#8220;WEA Corp.&#8221;), which markets and sells music and video products to retailers and wholesale distributors; Alternative Distribution Alliance (&#8220;ADA&#8221;), which distributes the products of independent labels to retail and wholesale distributors; and various distribution centers and ventures operated internationally.</font></div><div style="line-height:120%;padding-top:16px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s Recorded Music products are sold in digital form to an expanded universe of digital partners, including digital streaming services such as Amazon, Apple Music, Deezer, Napster, Soundcloud, Spotify, Tencent and YouTube, digital radio services such as iHeart Radio, Pandora and Sirius XM and digital download services such as Apple&#8217;s iTunes and Google Play. In addition, Recorded Music products are sold in physical retail outlets and in physical form to online physical retailers such as Amazon.com and bestbuy.com</font></div><div style="line-height:120%;padding-top:16px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has integrated the exploitation of digital content into all aspects of its business, including artist and repertoire (&#8220;A&amp;R&#8221;), marketing, promotion and distribution. The Company&#8217;s 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. The Company also works side by side with its digital partners to test new concepts. The Company believes existing and new digital businesses will be a significant source of growth and will provide new opportunities to successfully monetize its assets and create new revenue streams. The proportion of digital revenues attributed to each distribution channel varies by region and proportions may change as the roll out of new technologies continues. As an owner of music content, the Company believes it is well positioned to take advantage of growth in digital distribution and emerging technologies to maximize the value of its assets.</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has diversified its revenues beyond its traditional businesses by entering into expanded-rights deals with recording artists in order to partner with artists in other aspects of their careers. Under these agreements, the Company provides services to and participates in artists&#8217; activities outside the traditional recorded music business such as touring, merchandising and sponsorships. The Company has built artist services capabilities and platforms for exploiting this broader set of music-related rights and participating more widely in the monetization of the artist brands it helps create.</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company believes that entering into expanded-rights deals and enhancing its artist services capabilities in areas such as concert promotion, merchandising and management have permitted it to diversify revenue streams and capitalize on other revenue opportunities. This provides for improved long-term relationships with artists and allows the Company to more effectively connect artists and fans.</font></div><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Music Publishing Operations</font></div><div style="line-height:120%;padding-top:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">While recorded music is focused on exploiting a recording of a composition, music publishing is an intellectual property business focused on the exploitation of the composition itself. In return for promoting, placing, marketing and administering the creative output of a songwriter, or engaging in those activities for other rightsholders, the Company&#8217;s Music Publishing business garners a share of the revenues generated from use of the composition.&#160;&#160;</font></div><div style="line-height:120%;padding-top:16px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s Music Publishing operations are conducted principally through Warner Chappell Music, its global Music Publishing company, headquartered in Los Angeles with operations in over </font><font style="font-family:inherit;font-size:10pt;">50</font><font style="font-family:inherit;font-size:10pt;"> countries through various subsidiaries, affiliates and non-affiliated licensees. The Company owns or controls rights to more than </font><font style="font-family:inherit;font-size:10pt;">one million</font><font style="font-family:inherit;font-size:10pt;"> musical compositions, including numerous pop hits, American standards, folk songs and motion picture and theatrical compositions. Assembled over decades, its award-winning catalog includes over </font><font style="font-family:inherit;font-size:10pt;">70,000</font><font style="font-family:inherit;font-size:10pt;"> 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. The Company has an extensive production music library collectively branded as Warner Chappell Production Music.</font></div></div>

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