Business
Warner Music Group Corp. Reports Results For Fiscal First Quarter Ended December 31, 2022
Financial Highlights Underlying Growth in Total Streaming Revenue Despite a Challenged Macroeconomic Environment and the Impact of an Additional Week in the
About this update from Warner Music Group Corp.
[{"type":"text","content":"Financial Highlights Underlying Growth in Total Streaming Revenue Despite a Challenged Macroeconomic Environment and the Impact of an Additional Week in the Prior-Year QuarterContinued Momentum in Music Publishing with Double-Digit Revenue GrowthAdjusted OIBDA Margin Improvement Underpinned by Disciplined Operating PerformanceRobust Growth in Operating and Free Cash Flow with Strong Conversion For the three months ended December 31, 2022 Total revenue decreased 8% or 3% in constant currencyDigital revenue decreased 5% or 1% in constant currencyNet income was $124 million versus $188 million in the prior-year quarterOIBDA increased 9% to $349 million versus $320 million in the prior-year quarter or 16% in constant currencyAdjusted OIBDA decreased 6% to $335 million versus $355 million in the prior-year quarter or was flat in constant currencyCash provided by operating activities increased 62% to $209 million versus $129 million in the prior-year quarter NEW YORK, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Warner Music Group Corp. today announced its first-quarter financial results for the period ended December 31, 2022. “Music’s value, power, and ubiquity are among the many reasons I decided to join WMG and lead the next phase of our evolution,” said Robert Kyncl, CEO. “As we navigate a challenging business environment, we expect to have a strong release schedule in the second half of 2023 while managing our costs throughout. The foundations of this company are strong, and our addressable market is continuously growing. We are excited to drive new monetization opportunities through our investments in new artists and songwriters, our catalog, and our global expansion.” “Our results reflect our resilience and operational discipline in the face of macroeconomic headwinds, as well as the impact of the extra week in the prior-year quarter,” said Eric Levin, CFO, Warner Music Group. “Our continued focus on efficiency enabled us to deliver strong operating and free cash flow growth, even while certain revenue lines came under pressure. We are enthusiastic about our release schedule for the second half of the fiscal year, which will feature amazing music from some of our biggest artists.” Total WMG Total WMG Summary Results (dollars in millions) For the ThreeMonths EndedDecember 31,2022 For the ThreeMonths EndedDecember 31,2021 % Change (unaudite...