Financial Highlights Strong Recorded Music Subscription Streaming Growth Underpinned by a Robust Slate and Healthy Industry Trends Continued Momentum in Music Publishing Led by Strength in Digital and Performance Strong Margin Expansion and Double-Digit Growth in Operating and Free Cash Flow Reflect Solid Underlying Performance and Disciplined Cost Management Reiterating Full-Year Operating Cash Flow Conversion Guidance of 50-60% For the three months ended June 30, 2024 Total revenue decreased 1%, or increa ...

Financial Highlights Strong Recorded Music Subscription Streaming Growth Underpinned by a Robust Slate and Healthy Industry Trends Continued Momentum in Music Publishing Led by Strength in Digital and Performance Strong Margin Expansion and Double-Digit Growth in Operating and Free Cash Flow Reflect Solid Underlying Performance and Disciplined Cost Management Reiterating Full-Year Operating Cash Flow Conversion Guidance of 50-60% For the three months ended June 30, 2024 Total revenue decreased 1%, or increa ...

Financial Performance - For the fiscal quarter ended June 30, 2024, the company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[103]. - The company's Adjusted OIBDA for the same period was $300 million, reflecting a 20% increase compared to the previous year[104]. - Total revenues decreased by $10 million, or 1%, to $1,554 million for the three months ended June 30, 2024, compared to $1,564 million for the same period in 2023[124]. - Digital revenues increased by $48 million, or 5%, to $1,075 million for the three months ended June 30, 2024, from $1,027 million for the same period in 2023[126]. - Net income attributable to Warner Music Group Corp. increased by $17 million, or 14%, to $139 million for the three months ended June 30, 2024, from $122 million for the same period in 2023[141]. - Total revenues increased by $345 million, or 8%, to $4,796 million for the nine months ended June 30, 2024, compared to $4,451 million for the same period in 2023[174]. - Digital revenues increased by $293 million, or 10%, to $3,214 million for the nine months ended June 30, 2024, from $2,921 million for the same period in 2023[175]. - Net income increased by $145 million to $430 million for the nine months ended June 30, 2024, from $285 million for the same period in 2023, reflecting a 51% increase[202]. Revenue Segments - The recorded music segment contributed $900 million in revenue, accounting for 75% of total revenue, with a 10% increase in streaming revenue[107]. - The music publishing segment generated $300 million, which is a 25% increase year-over-year, driven by strong performance in digital licensing[107]. - Recorded Music revenues totaled $1,251 million for the three months ended June 30, 2024, a decrease of $31 million, or 2%, compared to $1,282 million for the same period in 2023[124]. - Music Publishing revenues increased by $22 million, or 8%, to $305 million for the three months ended June 30, 2024, compared to $283 million for the same period in 2023[124]. - U.S. Recorded Music revenues decreased by $40 million, or 7%, to $517 million for the three months ended June 30, 2024, compared to $557 million for the same period in 2023[124]. - International Recorded Music revenues increased by $9 million, or 1%, to $734 million for the three months ended June 30, 2024, compared to $725 million for the same period in 2023[124]. - U.S. Music Publishing revenues increased by $14 million, or 10%, to $161 million for the three months ended June 30, 2024, driven by an increase in digital revenue[132]. Cost Management - The company is focusing on reducing overhead costs, aiming for a 10% reduction in fixed costs over the next fiscal year[104]. - Total cost of revenues decreased by $20 million, or 2%, to $830 million for the three months ended June 30, 2024, from $850 million for the same period in 2023[135]. - General and administrative expenses increased by $20 million, or 8%, to $264 million for the three months ended June 30, 2024, from $244 million for the same period in 2023[138]. - Selling, general and administrative expenses increased by $31 million, or 2%, to $1,384 million for the nine months ended June 30, 2024, with a decrease in total expenses as a percentage of revenue to 29%[185]. Strategic Initiatives - The company plans to expand its market presence by entering three new international markets by the end of 2025[107]. - The company has launched a new digital distribution platform aimed at enhancing artist engagement and monetization opportunities[107]. - The company is actively pursuing strategic acquisitions to enhance its catalog and artist roster, with a target of completing two acquisitions in the next 12 months[107]. - The company expects to incur total non-recurring restructuring charges of approximately $135 million under the Strategic Restructuring Plan, with $80 million of total nonrecurring after-tax charges[120]. Shareholder Value - The company is committed to returning value to shareholders through a planned dividend increase of 5% in the upcoming quarter[107]. - The company declared a cash dividend of $0.17 per share, totaling approximately $267 million for the nine months ended June 30, 2024[236]. Debt and Liquidity - At June 30, 2024, the company had $3.978 billion in debt and $607 million in cash and equivalents, resulting in net debt of $3.371 billion[220]. - The company expects its primary sources of liquidity to be sufficient to support operations over the next twelve months[225]. - The company continues to evaluate opportunities for debt repayment, dividend payments, and potential refinancing of its Senior Credit Facilities based on market conditions[245]. - The company had $4.013 billion of principal debt outstanding as of June 30, 2024, with 67% of this debt being fixed-rate[250]. Market Outlook - The company anticipates continued growth in the digital music sector, projecting a 15% increase in overall digital revenue for the next fiscal year[107]. - The company expects to generate sufficient funds from operations and available cash to meet debt service and capital expenditure requirements for the foreseeable future[245].

WARNER MUSIC GROUP CORP. REPORTS RESULTS FOR FISCAL THIRD QUARTER ENDED JUNE 30, 2024 Financial Highlights • Strong Recorded Music Subscription Streaming Growth Underpinned by a Robust Slate and Healthy Industry Trends • Continued Momentum in Music Publishing Led by Strength in Digital and Performance • Strong Margin Expansion and Double-Digit Growth in Operating and Free Cash Flow Reflect Solid Underlying Performance and Disciplined Cost Management • Reiterating Full-Year Operating Cash Flow Conversion Gui ...

Warner Music Group Corp. (WMG) has been on a downward spiral lately with significant selling pressure. After declining 9.6% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier. How to Determine if a Stock is Oversold We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting ...

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. Zacks Consensus Estimate This company is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of -10.7%. Investors should keep in mind that the direction of estimate revisions by each of the coverin ...

To access the conference call, please register here. Once registered, you will receive an email with the dial-in number along with your personalized pin needed to join the call. We suggest you call in 10 minutes prior to the start time. If you do not anticipate asking a question, we recommend joining via the webcast at www.wmg.com. The replay of the conference call will also be available via the webcast at www.wmg.com. About Warner Music Group Investor Relations Contact: Kareem Chin Kareem.Chin@wmg.com NEW ...

To access the conference call, please register here. Once registered, you will receive an email with the dial-in number along with your personalized pin needed to join the call. We suggest you call in 10 minutes prior to the start time. If you do not anticipate asking a question, we recommend joining via the webcast at www.wmg.com. The replay of the conference call will also be available via the webcast at www.wmg.com. Warner Music Group (WMG) brings together artists, songwriters, entrepreneurs, and technol ...

NEW YORK, July 10, 2024 (GLOBE NEWSWIRE) -- Warner Music Group Corp. will release its financial results on Thursday, August 8, 2024, for the third quarter ended June 30, 2024, and will hold an earnings conference call that morning at 8:30 a.m. ET. To access the conference call, please register here. Once registered, you will receive an email with the dial-in number along with your personalized pin needed to join the call. We suggest you call in 10 minutes prior to the start time. If you do not anticipate as ...

NEW YORK, June 6, 2024 /PRNewswire/ -- Michael Ryan-Southern (MRS) is being appointed by Warner Music Group (Nasdaq: WMG) to the newly created post of Executive Vice President, Corporate Development, effective August 5th. MRS, who comes to WMG with two decades of investment, finance, and music industry experience, most recently served as Global Head of Music & Live Entertainment Investment Banking at Goldman Sachs. MRS will lead all stages of M&A activity, working in partnership with WMG's leaders and depar ...