Company Quick10K Filing
⚲
Warner Music Group
Financials
Price-0.00 EPS241,509
Shares0 P/E-0
MCap-0 P/FCF-0
Net Debt2,355 EBIT299
TEV2,355 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-03-31 Filed 2020-05-07
S-1 2020-02-06 Public Filing
10-Q 2019-12-31 Filed 2020-01-31
10-K 2019-09-30 Filed 2019-11-27
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-Q 2018-12-31 Filed 2019-02-05
10-K 2018-09-30 Filed 2018-12-20
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-07
10-Q 2017-12-31 Filed 2018-02-02
10-K 2017-09-30 Filed 2017-12-05
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-Q 2016-12-31 Filed 2017-02-07
10-K 2016-09-30 Filed 2016-12-08
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-06
10-Q 2015-12-31 Filed 2016-02-04
10-K 2015-09-30 Filed 2015-12-10
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-11
10-Q 2014-12-31 Filed 2015-02-12
10-K 2014-09-30 Filed 2014-12-11
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-Q 2013-12-31 Filed 2014-02-06
10-K 2013-09-30 Filed 2013-12-12
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-14
10-Q 2012-12-31 Filed 2013-02-14
10-K 2012-09-30 Filed 2012-12-13
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-15
10-Q 2011-12-31 Filed 2012-02-09
10-K 2011-09-30 Filed 2011-12-08
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-10
10-Q 2010-12-31 Filed 2011-02-08
10-K 2010-09-30 Filed 2010-11-17
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-06
10-Q 2009-12-31 Filed 2010-02-09
Reports
8-K 2020-06-10
8-K 2020-05-07
8-K 2020-04-03
8-K 2020-01-31
8-K 2019-11-27
8-K 2019-08-06
8-K 2019-05-07
8-K 2019-04-30
8-K 2019-04-16
8-K 2019-02-07
8-K 2019-02-05
8-K 2018-10-10
8-K 2018-10-09
8-K 2018-10-04
8-K 2018-10-02
8-K 2018-10-01
8-K 2018-09-12
8-K 2018-09-11
8-K 2018-09-05
8-K 2018-06-07
8-K 2018-05-07
8-K 2018-03-14
8-K 2018-02-28
8-K 2018-02-02

WMG 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements and Supplementary Data
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-3.1 wmg-ex31.htm
EX-3.2 wmg-ex32.htm
EX-10.2 wmg-ex102.htm
EX-31.1 q22020ex311.htm
EX-31.2 q22020ex312.htm
EX-32.1 q22020ex321.htm
EX-32.2 q22020ex322.htm

Warner Music Group Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.07.95.83.81.7-0.42012201420172020
Assets, Equity
 2.11.71.20.80.3-0.12012201420172020
Rev, G Profit, Net Income
 0.30.1-0.1-0.2-0.4-0.62012201420172020
Ops, Inv, Fin
wmg-20200331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q

(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-32502

Warner Music Group Corp.
(Exact name of Registrant as specified in its charter)


Delaware
(State or other jurisdiction of
incorporation or organization)
13-4271875
(I.R.S. Employer
Identification No.)
1633 Broadway
New York, NY 10019
(Address of principal executive offices)
(212) 275-2000
(Registrant’s telephone number, including area code)
___________________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☐    No  ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☐
Non-accelerated filer
☒
Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)    Yes  ☐    No  ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each class (a)Trading
Symbol(s)		Name of each exchange on which registered
NoneNoneNone
(a)There is no public market for the registrant’s common stock. As of May 7, 2020, the registrant had no shares of Class A common stock, par value $0.001 per share, and 510,000,000 shares of Class B common stock, par value $0.001 per share, outstanding. All of the registrant’s common stock is owned by affiliates of Access Industries, Inc. The registrant has filed all Exchange Act reports for the preceding 12 months.



WARNER MUSIC GROUP CORP.
INDEX
Page
Number



PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Warner Music Group Corp.
Consolidated Balance Sheets (Unaudited)
March 31, 2020September 30, 2019
(in millions, except share data)
Assets
Current assets:
Cash and equivalents$484  $619  
Accounts receivable, net of allowances of $21 million and $17 million
763  775  
Inventories65  74  
Royalty advances expected to be recouped within one year189  170  
Prepaid and other current assets82  53  
Total current assets1,583  1,691  
Royalty advances expected to be recouped after one year232  208  
Property, plant and equipment, net294  300  
Operating lease right-of-use assets, net281  —  
Goodwill1,761  1,761  
Intangible assets subject to amortization, net1,644  1,723  
Intangible assets not subject to amortization151  151  
Deferred tax assets, net55  38  
Other assets123  145  
Total assets$6,124  $6,017  
Liabilities and Deficit
Current liabilities:
Accounts payable$246  $260  
Accrued royalties1,591  1,567  
Accrued liabilities564  492  
Accrued interest34  34  
Operating lease liabilities, current39  —  
Deferred revenue167  180  
Other current liabilities91  286  
Total current liabilities2,732  2,819  
Long-term debt2,983  2,974  
Operating lease liabilities, noncurrent312  —  
Deferred tax liabilities, net154  172  
Other noncurrent liabilities228  321  
Total liabilities$6,409  $6,286  
Equity:
Common A stock ($0.001 par value; 1,000,000,000 shares authorized; 0 and 0 shares issued and outstanding as of March 31, 2020 and September 30, 2019, respectively)
$—  $—  
Common B stock ($0.001 par value; 1,000,000,000 shares authorized; 510,000,000 and 505,830,022 issued and outstanding as of March 31, 2020 and September 30, 2019, respectively)
1  1  
Additional paid-in capital1,127  1,127  
Accumulated deficit(1,166) (1,177) 
Accumulated other comprehensive loss, net(268) (240) 
Total Warner Music Group Corp. deficit  (306) (289) 
Noncontrolling interest21  20  
Total deficit(285) (269) 
Total liabilities and deficit$6,124  $6,017  
See accompanying notes
1

Warner Music Group Corp.
Consolidated Statements of Operations (Unaudited)
Three Months Ended
March 31,		Six Months Ended
March 31,
2020201920202019
(in millions, except share and per share data)
Revenue$1,071  $1,090  $2,327  $2,293  
Costs and expenses:
Cost of revenue(535) (559) (1,200) (1,185) 
Selling, general and administrative expenses (a)(538) (354) (917) (730) 
Amortization expense(47) (55) (94) (109) 
Total costs and expenses(1,120) (968) (2,211) (2,024) 
Operating (loss) income (49) 122  116  269  
Loss on extinguishment of debt—  —  —  (3) 
Interest expense, net(33) (36) (66) (72) 
Other (expense) income (4) 29  (9) 57  
(Loss) income before income taxes (86) 115  41  251  
Income tax benefit (expense) 12  (48) 7  (98) 
Net (loss) income (74) 67  48  153  
Less: Income attributable to noncontrolling interest—  —  (2) —  
Net (loss) income attributable to Warner Music Group Corp. $(74) $67  $46  $153  
(a) Includes depreciation expense:$(14) $(14) $(38) $(28) 
Net (loss) income per share attributable to Warner Music Group Corp.’s stockholders:
Basic and Diluted$(0.15) $0.13  $0.09  $0.30  
Weighted average common shares:
Basic and Diluted501,991,944  501,991,944  501,991,944501,991,944
See accompanying notes
2

Warner Music Group Corp.
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended
March 31,		Six Months Ended
March 31,
2020201920202019
(in millions)
Net (loss) income$(74) $67  $48  $153  
Other comprehensive loss, net of tax:
Foreign currency adjustment(15) (10) (8) (26) 
Deferred loss on derivative financial instruments(23) (3) (20) (9) 
Other comprehensive loss, net of tax(38) (13) (28) (35) 
Total comprehensive (loss) income(112) 54  20  118  
Less: Income attributable to noncontrolling interest—  —  (2) —  
Comprehensive (loss) income attributable to Warner Music Group Corp.
$(112) $54  $18  $118  
See accompanying notes
3

Warner Music Group Corp.
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended
March 31,
20202019
(in millions)
Cash flows from operating activities
Net income  $48  $153  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization132  137  
Unrealized gains and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts
(7) (24) 
Deferred income taxes(31) 27  
Loss on extinguishment of debt—  3  
Net loss (gain) on divestitures and investments15  (32) 
Non-cash interest expense3  3  
Equity-based compensation expense160  14  
Changes in operating assets and liabilities:
Accounts receivable, net6  (90) 
Inventories9  13  
Royalty advances(47) (61) 
Accounts payable and accrued liabilities(109) (100) 
Royalty payables38  46  
Accrued interest—  1  
Operating lease liabilities(2) —  
Deferred revenue(14) (19) 
Other balance sheet changes(37) 28  
Net cash provided by operating activities164  99  
Cash flows from investing activities
Acquisition of music publishing rights and music catalogs, net(18) (16) 
Capital expenditures(28) (59) 
Investments and acquisitions of businesses, net of cash received(5) (218) 
Net cash used in investing activities(51) (293) 
Cash flows from financing activities
Proceeds from issuance of Acquisition Corp. 3.625% Senior Secured Notes
—  287  
Repayment of Acquisition Corp. 4.125% Senior Secured Notes
—  (40) 
Repayment of Acquisition Corp. 4.875% Senior Secured Notes
—  (30) 
Repayment of Acquisition Corp. 5.625% Senior Secured Notes
—  (27) 
Call premiums paid and deposit on early redemption of debt—  (2) 
Deferred financing costs paid—  (4) 
Distribution to noncontrolling interest holder(1) (2) 
Dividends paid(244) (31) 
Net cash (used in) provided by financing activities(245) 151  
Effect of exchange rate changes on cash and equivalents(3) (1) 
Net decrease in cash and equivalents  (135) (44) 
Cash and equivalents at beginning of period619  514  
Cash and equivalents at end of period$484  $470  
See accompanying notes
4

Warner Music Group Corp.
Consolidated Statements of Deficit (Unaudited)
Six Months Ended March 31, 2020
Class A
Common Stock		Class B
Common Stock		Additional
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive
Loss		Total
Warner Music
Group Corp.
Deficit		Noncontrolling
Interest		Total
Deficit
SharesValueSharesValue
(in millions, except share and per share data)
Balance at September 30, 2019—  $—  505,830,022  $1  $1,127  $(1,177) $(240) $(289) $20  $(269) 
Cumulative effect of ASC 842 adoption—  —  —  —  —  7  —  7  —  7  
Cumulative effect of ASC 718 accounting policy change
—  —  —  —  —  33  —  33  —  33  
Net income—  —  —  —  —  46  —  46  2  48  
Other comprehensive loss, net of tax—  —  —  —  —  —  (28) (28) —  (28) 
Dividends ($0.15 per share)
—  —  —  —  —  (75) —  (75) —  (75) 
Distribution to noncontrolling interest holders—  —  —  —  —  —  —  —  (1) (1) 
Other—  —  4,169,978  —  —  —  —  —  —  —  
Balance at March 31, 2020—  $—  510,000,000  $1  $1,127  $(1,166) $(268) $(306) $21  <