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WARNER MUSIC GROUP CORP. REPORTS RESULTS FOR FISCAL FOURTH QUARTER AND FULL YEAR ENDED SEPTEMBER 30, 2019
 
Total revenue for the full year grew 11.7% or 14.7% in constant currency
Digital revenue for the full year grew 15.9% or 18.7% in constant currency
Net income for the full year was $258 million versus $312 million in the prior year
OIBDA for the full year was $625 million versus $478 million in the prior year
Total revenue for the quarter grew 8.2% or 10.4% in constant currency
Digital revenue for the quarter grew 13.1% or 15.0% in constant currency
Net income for the quarter was $91 million versus a loss of $13 million in the prior-year quarter
OIBDA for the quarter was $95 million versus $72 million in the prior-year quarter

NEW YORK, New York, November 27, 2019—Warner Music Group Corp. today announced its fourth-quarter and full-year financial results for the periods ended September 30, 2019.  

“We are passionate champions for our recording artists and songwriters and work tirelessly to help them build long-term global careers,” said Steve Cooper, Warner Music Group’s CEO.  “Their talent and our focus and dedication made for an excellent fiscal year, and we're excited by the multitude of growth opportunities which lie ahead in 2020 and beyond."

“Our revenue and OIBDA performance was strong,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO.  “With $619 million on our balance sheet at year-end, the cash generating power of our business has never been clearer."

Total WMG
Total WMG Summary Results
 
 
 
 
 
 
 
 
 
 
(dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended September 30, 2019
 
For the Three Months Ended September 30, 2018
 
% Change
 
For the Twelve Months Ended September 30, 2019
 
For the Twelve Months Ended September 30, 2018
 
% Change
 
(unaudited)
 
(unaudited)
 
 
 
(audited)
 
(audited)
 
 
Revenue
$
1,124

 
$
1,039

 
8
 %
 
$
4,475

 
$
4,005

 
12
 %
Digital revenue
674

 
596

 
13
 %
 
2,610

 
2,252

 
16
 %
Operating income
29

 
16

 
81
 %
 
356

 
217

 
64
 %
Adjusted operating income(1)
41

 
39

 
5
 %
 
395

 
293

 
35
 %
OIBDA(1)
95

 
72

 
32
 %
 
625

 
478

 
31
 %
Adjusted OIBDA(1)
107

 
95

 
13
 %
 
664

 
554

 
20
 %
Net income (loss)
91

 
(13
)
 
 %
 
258

 
312

 
-17
 %
Adjusted net income(1)
103

 
10

 
 %
 
297

 
388

 
-23
 %
Net cash provided by operating activities
151

 
160

 
-6
 %
 
400

 
425

 
-6
 %
 
 
 
 
 
 
 
 
 
 
 
 
(1) See "Supplemental Disclosures Regarding Non-GAAP Financial Measures" at the end of this release for details regarding these measures.

Fourth-Quarter Results
Revenue grew 8.2% (or 10.4% in constant currency). Growth in Recorded Music digital and artist services and expanded-rights revenue and in Music Publishing digital and synchronization revenue was partially offset by declines in Recorded Music physical revenue and Music Publishing performance and mechanical revenue. Recorded Music licensing revenue

1

The following information was filed by Warner Music Group Corp. on Wednesday, November 27, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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