Business
Warner Music Group Corp. Reports Results for Fiscal Third Quarter Ended June 30, 2023
Financial Highlights Improved Streaming Growth Driven by Stronger Release Slate with Momentum Expected to Carry into Q4Robust Growth in Music Publishing
About this update from Warner Music Group Corp.
[{"type":"text","content":"Financial Highlights Improved Streaming Growth Driven by Stronger Release Slate with Momentum Expected to Carry into Q4Robust Growth in Music Publishing Underpinned by Acceleration in Digital RevenueAdjusted OIBDA Growth and Margin Expansion Reinforce Confidence in High End of Full-Year Margin Guidance (100 basis points)Operating Cash Flow Conversion of 49% of Adjusted OIBDA with Expectation to Deliver 50% - 60% Conversion for Full Year For the three months ended June 30, 2023 Total revenue increased 9% or 10% in constant currencyDigital revenue increased 9% or 10% in constant currencyNet income was $124 million versus $125 million in the prior-year quarterOIBDA increased 18% to $275 million versus $233 million in the prior-year quarter or 20% in constant currencyAdjusted OIBDA increased 16% to $297 million versus $255 million in the prior-year quarter or 18% in constant currencyCash from operating activities decreased 10% to $146 million from $163 million in the prior-year quarter NEW YORK, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Warner Music Group Corp. today announced its third-quarter financial results for the period ended June 30, 2023. “Our Q3 results were driven by a wide diversity of music, and our strength came from many different territories, labels, and revenue lines. We succeeded with artists and songwriters across the spectrum of genres and generations, with both new releases and catalog projects,” said Robert Kyncl, CEO, Warner Music Group. “We expect our momentum to build, led by our extraordinary music and inventive campaigns, as well as improving macro and industry trends. We continue to invest in new creative talent, and evolve our expertise and resources, while collaborating with partners across the entertainment economy to drive long term success.” “In the third quarter, we delivered solid growth across key metrics which give us increased confidence in our full-year margin and operating cash flow targets,” said Eric Levin, CFO, Warner Music Group. “The market’s adoption of subscription price increases, combined with the ongoing evolution of our key partnerships, gives us tremendous optimism for the future of streaming growth.” Total WMG Total WMG Summary Results (dollars in millions) For the Three Months Ended June 30, 2023 For the Three Months Ended June 30, 2022 % Change For the Nine Months Ended June 30, 2023 Fo...