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WARNER MUSIC GROUP CORP. REPORTS RESULTS FOR FISCAL FOURTH QUARTER AND FULL YEAR ENDED SEPTEMBER 30, 2021
Financial Highlights
Continued Momentum Across Traditional and Emerging Streaming Platforms Drove Double-Digit Digital Revenue Growth for the Quarter and Full Year
Recovery in COVID-Impacted Areas Led by Strong Growth in Artist Services and Physical Revenue
Delivered Margin Improvement and Double-Digit Growth in Adjusted OIBDA and Adjusted EBITDA
Robust Free Cash Flow Conversion and Growth Underpinned by Strong Operating Leverage and Financially Disciplined Investments
For the three months ended September 30, 2021
Total revenue grew 22% or 21% in constant currency
Digital revenue grew 19% or 18% in constant currency
Net income was $30 million versus $1 million in the prior-year quarter
OIBDA increased 15% to $179 million versus $155 million in the prior-year quarter
Adjusted OIBDA increased 25% to $218 million versus $174 million in the prior-year quarter
Adjusted EBITDA increased 34% to $237 million versus $177 million in the prior-year quarter
For the twelve months ended September 30, 2021
Total revenue grew 19% or 15% in constant currency
Digital revenue grew 22% or 19% in constant currency
Net income was $307 million versus net loss of $470 million in the prior year
OIBDA was $915 million versus $32 million in the prior year
Adjusted OIBDA increased 29% to $1,018 million versus $790 million in the prior year
Adjusted EBITDA increased 30% to $1,090 million versus $837 million in the prior year

NEW YORK, New York, November 15, 2021—Warner Music Group Corp. today announced its fourth-quarter and full-year financial results for the periods ended September 30, 2021.

“Music is essential to billions of people across the globe. But now, more than ever, great talent needs help to cut through the noise. By delivering for new artists and songwriters, returning superstars, and global legends, we’ve also delivered outstanding results in 2021,” said Steve Cooper, CEO, Warner Music Group. “Looking to 2022, we’re excited to release incredible new music from the world’s hottest artists and most influential songwriters. We’re also planning innovative moves and collaborations that will strengthen our leadership position across a vast universe of opportunities, in both the digital and physical worlds.”

“Our strong fourth-quarter results put an exclamation point on an outstanding year,” said Lou Dickler, Acting CFO, Warner Music Group. “Even as certain revenue was impacted by COVID, the strength and resilience of our music propelled us to double-digit revenue growth and margin expansion in 2021. As the possibilities for music continue to evolve, we remain focused on delivering shareholder value through our financially disciplined investment strategy and positioning ourselves for the next wave of growth.”
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The following information was filed by Warner Music Group Corp. (WMG) on Monday, November 15, 2021 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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