Balance Sheet Warner Music Group Corp.

Equities

WMG

US9345502036

Entertainment Production

Real-time Estimate Cboe BZX Other stock markets 18:09:00 16/01/2025 GMT			5-day change	1st Jan Change
30.01 ^USD	+1.42%		+2.04%	-3.42%

01-10	UBS Cuts Price Target on Warner Music Group to $41 From $43, Maintains Neutral Rating	MT
11-26	Warner Music Group names Australasia president Rosen as regional publishing head	RE

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Published financial data: WARNER MUSIC GROUP CORP.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2020	2021	2022	2023	2024
Revenues	4.46B	5.3B	5.92B	6.04B	6.43B
Total Revenues	4.46B	5.3B	5.92B	6.04B	6.43B
Cost of Goods Sold, Total	2.33B	2.74B	3.08B	3.18B	3.36B
Gross Profit	2.13B	2.56B	2.84B	2.86B	3.07B
Selling General & Admin Expenses, Total	2.03B	1.72B	1.86B	1.79B	1.8B
Amortization of Goodwill and Intangible Assets - (IS)	190M	229M	263M	245M	224M
Other Operating Expenses, Total	2.22B	1.95B	2.12B	2.03B	2.03B
Operating Income	-94M	606M	717M	829M	1.04B
Interest Expense, Total	-127M	-122M	-125M	-157M	-182M
Interest And Investment Income	-	-	-	16M	21M
Net Interest Expenses	-127M	-122M	-125M	-141M	-161M
Income (Loss) On Equity Invest.	-	-	-	-	8M
Currency Exchange Gains (Loss)	-56M	-5M	185M	37M	-73M
Other Non Operating Income (Expenses)	-3M	-	15M	-73M	4M
EBT, Excl. Unusual Items	-280M	479M	792M	652M	822M
Restructuring Charges	-19M	-	-	-47M	-253M
Merger & Related Restructuring Charges	-	-	-3M	-3M	-
Gain (Loss) On Sale Of Investments	2M	-4M	-49M	-	-
Gain (Loss) On Sale Of Assets	-	-	-	41M	32M
Other Unusual Items	-150M	-19M	-	-34M	-
EBT, Incl. Unusual Items	-447M	456M	740M	609M	601M
Income Tax Expense	23M	149M	185M	170M	123M
Earnings From Continuing Operations	-470M	307M	555M	439M	478M
Net Income to Company	-470M	307M	555M	439M	478M
Minority Interest	-5M	-3M	-4M	-9M	-43M
Net Income - (IS)	-475M	304M	551M	430M	435M
Preferred Dividend and Other Adjustments	1M	4M	7M	6M	6M
Net Income to Common Incl Extra Items	-476M	300M	544M	424M	429M
Net Income to Common Excl. Extra Items	-476M	300M	544M	424M	429M
Per Share Items
Net EPS - Basic	-0.94	0.58	1.06	0.82	0.83
Basic EPS - Continuing Operations	-0.94	0.58	1.06	0.82	0.83
Basic Weighted Average Shares Outstanding	505M	513M	515M	516M	518M
Net EPS - Diluted	-0.94	0.58	1.06	0.82	0.83
Diluted EPS - Continuing Operations	-0.94	0.58	1.06	0.82	0.83
Diluted Weighted Average Shares Outstanding	505M	513M	515M	516M	518M
Normalized Basic EPS	-0.36	0.58	0.95	0.77	0.91
Normalized Diluted EPS	-0.36	0.58	0.95	0.77	0.91
Dividend Per Share	0.12	0.51	0.61	0.65	0.72
Payout Ratio	-72.42	87.17	57.71	79.07	82.99
Supplemental Items
EBITDA	157M	912M	1.06B	1.16B	1.37B
EBITA	96M	835M	980M	1.07B	1.27B
EBIT	-94M	606M	717M	829M	1.04B
EBITDAR	219M	980M	1.12B	1.23B	1.44B
Effective Tax Rate - (Ratio)	-5.15	32.68	25	27.91	20.47
Current Domestic Taxes	6M	15M	44M	55M	34M
Current Foreign Taxes	74M	107M	128M	128M	137M
Total Current Taxes	80M	122M	172M	183M	171M
Deferred Domestic Taxes	-29M	32M	43M	-10M	-51M
Deferred Foreign Taxes	-28M	-5M	-30M	-3M	3M
Total Deferred Taxes	-57M	27M	13M	-13M	-48M
Normalized Net Income	-180M	296M	491M	398M	471M
Interest on Long-Term Debt	-	-	-	157M	182M
Non-Cash Pension Expense	4M	4M	3M	3M	3M
Supplemental Operating Expense Items
Advertising Expense	115M	149M	155M	136M	119M
Selling and Marketing Expenses	-	-	-	-	-
Net Rental Expense, Total	62M	68M	66M	65M	65M
Imputed Operating Lease Interest Expense	19.48M	18.49M	17.12M	19.74M	22.15M
Imputed Operating Lease Depreciation	42.52M	49.51M	48.88M	45.26M	42.85M
Stock-Based Comp., SG&A Exp. (Total)	-	45M	39M	49M	52M
Stock-Based Comp., Other (Total)	608M	-	-	-	-
Total Stock-Based Compensation	608M	45M	39M	49M	52M

Fiscal Period: September	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	553M	499M	584M	641M	694M
Trading Asset Securities, Total	-	-	2M	2M	-
Total Cash And Short Term Investments	553M	499M	586M	643M	694M
Accounts Receivable, Total	771M	839M	984M	1.12B	1.26B
Total Receivables	771M	839M	984M	1.12B	1.26B
Inventory	79M	99M	108M	126M	99M
Prepaid Expenses	55M	86M	89M	100M	125M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	220M	373M	372M	413M	470M
Total Current Assets	1.68B	1.9B	2.14B	2.4B	2.64B
Gross Property Plant And Equipment	959M	1.05B	1.1B	1.23B	1.32B
Accumulated Depreciation	-355M	-419M	-461M	-523M	-615M
Net Property Plant And Equipment	604M	632M	641M	703M	706M
Long-term Investments	47M	63M	52M	15M	9M
Goodwill	1.83B	1.83B	1.92B	1.99B	2.02B
Other Intangibles, Total	1.81B	2.17B	2.38B	2.5B	2.51B
Deferred Tax Assets Long-Term	68M	31M	29M	32M	52M
Other Long-Term Assets, Total	375M	588M	663M	898M	1.21B
Total Assets	6.41B	7.21B	7.83B	8.54B	9.16B
Liabilities
Accounts Payable, Total	264M	302M	268M	300M	289M
Accrued Expenses, Total	2.04B	2.36B	2.39B	2.77B	3.21B
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	39M	43M	40M	41M	45M
Unearned Revenue Current, Total	297M	348M	423M	371M	246M
Other Current Liabilities	80M	102M	245M	57M	110M
Total Current Liabilities	2.72B	3.15B	3.37B	3.54B	3.9B
Long-Term Debt	3.14B	3.37B	3.73B	3.96B	4.01B
Long-Term Leases	299M	287M	241M	255M	228M
Deferred Tax Liability Non Current	163M	207M	220M	216M	195M
Other Non Current Liabilities	131M	153M	99M	141M	146M
Total Liabilities	6.46B	7.16B	7.66B	8.12B	8.48B
Common Stock, Total	1M	1M	1M	1M	1M
Additional Paid In Capital	1.91B	1.94B	1.98B	2.02B	2.08B
Retained Earnings	-1.75B	-1.71B	-1.48B	-1.39B	-1.31B
Comprehensive Income and Other	-222M	-202M	-347M	-322M	-247M
Total Common Equity	-63M	31M	152M	307M	518M
Minority Interest	18M	15M	16M	123M	157M
Total Equity	-45M	46M	168M	430M	675M
Total Liabilities And Equity	6.41B	7.21B	7.83B	8.54B	9.16B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	510M	515M	515M	516M	518M
ECS Total Common Shares Outstanding	510M	514M	515M	516M	518M
Book Value / Share	-0.12	0.06	0.3	0.59	1
Tangible Book Value	-3.7B	-3.97B	-4.15B	-4.19B	-4.01B
Tangible Book Value Per Share	-7.26	-7.72	-8.06	-8.12	-7.75
Total Debt	3.48B	3.7B	4.01B	4.26B	4.29B
Net Debt	2.93B	3.2B	3.43B	3.62B	3.59B
Debt Equivalent of Unfunded Proj. Benefit Obligation	83M	83M	51M	52M	58M
Debt Equivalent Oper. Leases	496M	544M	528M	520M	520M
Minority Interest, Total (Incl. Fin. Div)	18M	15M	16M	123M	157M
Equity Method Investments, Total	47M	26M	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Finished Goods, Total	79M	99M	108M	126M	99M
Land - (BS)	12M	12M	11M	11M	11M
Buildings, Total	179M	185M	188M	194M	216M
Machinery, Total	431M	493M	518M	669M	737M
Full Time Employees	5.5K	5.9K	6.2K	5.9K	5.8K
Accumulated Allowance for Doubtful Accounts (Supple)	23M	20M	19M	19M	26M

Fiscal Period: September	2020	2021	2022	2023	2024
Net Income	-475M	304M	551M	430M	435M
Depreciation & Amortization - CF	61M	77M	76M	87M	103M
Amortization of Goodwill and Intangible Assets - (CF)	190M	229M	263M	245M	224M
Depreciation & Amortization, Total	251M	306M	339M	332M	327M
(Gain) Loss From Sale Of Asset	7M	-	-3M	-41M	-32M
(Gain) Loss on Sale of Investments - (CF)	-9M	4M	49M	-4M	-6M
Asset Writedown & Restructuring Costs	10M	-	-	-	57M
Stock-Based Compensation (CF)	608M	45M	39M	49M	52M
Other Operating Activities, Total	41M	60M	-146M	40M	69M
Change In Accounts Receivable	18M	-58M	-195M	-113M	-110M
Change In Inventories	-2M	-19M	-22M	-12M	30M
Change In Accounts Payable	-32M	91M	-21M	77M	86M
Change in Unearned Revenues	114M	47M	86M	-58M	-133M
Change in Other Net Operating Assets	-68M	-142M	65M	-13M	-21M
Cash from Operations	463M	638M	742M	687M	754M
Capital Expenditure	-85M	-93M	-135M	-127M	-116M
Cash Acquisitions	-81M	-	-	-	-
Divestitures	-	-	-	45M	19M
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-40M	-481M	-191M	-114M	-187M
Investment in Marketable and Equity Securities, Total	-13M	-64M	-498M	-104M	-27M
Cash from Investing	-219M	-638M	-824M	-300M	-311M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	1.45B	1.09B	535M	315M	104M
Total Debt Issued	1.45B	1.09B	535M	315M	104M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-1.38B	-849M	-	-151M	-104M
Total Debt Repaid	-1.38B	-849M	-	-151M	-104M
Repurchase of Common Stock	-	-	-6M	-	-5M
Common Dividends Paid	-344M	-265M	-318M	-340M	-361M
Common & Preferred Stock Dividends Paid	-344M	-265M	-318M	-340M	-361M
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-47M	-40M	-23M	-149M	-30M
Cash from Financing	-316M	-61M	188M	-325M	-396M
Foreign Exchange Rate Adjustments	6M	7M	-21M	-5M	6M
Net Change in Cash	-66M	-54M	85M	57M	53M
Supplemental Items
Cash Interest Paid	128M	137M	122M	157M	183M
Cash Income Tax Paid (Refund)	81M	124M	141M	219M	135M
Levered Free Cash Flow	405M	234M	487M	524M	779M
Unlevered Free Cash Flow	484M	310M	565M	622M	892M
Change In Net Working Capital	191M	-154M	-65M	36M	-164M
Net Debt Issued / Repaid	75M	244M	535M	164M	0

Fiscal Period: September	2020	2021	2022	2023	2024
Profitability
Return on Assets	-0.95	5.56	5.96	6.33	7.37
Return on Total Capital	-1.91	10.55	11.31	11.68	13.52
Return On Equity %	299.36	61.4K	518.69	146.82	86.52
Return on Common Equity	270.45	-1.88K	594.54	184.75	104
Margin Analysis
Gross Profit Margin %	47.73	48.27	47.96	47.37	47.79
SG&A Margin	45.57	32.52	31.41	29.58	28.06
EBITDA Margin %	3.52	17.2	17.84	19.23	21.34
EBITA Margin %	2.15	15.75	16.56	17.79	19.73
EBIT Margin %	-2.11	11.43	12.11	13.73	16.25
Income From Continuing Operations Margin %	-10.53	5.79	9.38	7.27	7.44
Net Income Margin %	-10.64	5.73	9.31	7.12	6.77
Net Avail. For Common Margin %	-10.67	5.66	9.19	7.02	6.68
Normalized Net Income Margin	-4.03	5.59	8.3	6.6	7.33
Levered Free Cash Flow Margin	9.07	4.4	8.23	8.68	12.12
Unlevered Free Cash Flow Margin	10.85	5.84	9.55	10.31	13.89
Asset Turnover
Asset Turnover	0.72	0.78	0.79	0.74	0.73
Fixed Assets Turnover	9.87	8.58	9.3	8.98	9.12
Receivables Turnover (Average Receivables)	5.77	6.59	6.49	5.74	5.41
Inventory Turnover (Average Inventory)	30.5	30.81	29.76	27.15	29.82
Short Term Liquidity
Current Ratio	0.62	0.6	0.64	0.68	0.68
Quick Ratio	0.49	0.42	0.47	0.5	0.5
Operating Cash Flow to Current Liabilities	0.17	0.2	0.22	0.19	0.19
Days Sales Outstanding (Average Receivables)	63.39	55.43	56.21	63.6	67.64
Days Outstanding Inventory (Average Inventory)	12	11.85	12.27	13.44	12.27
Average Days Payable Outstanding	41.01	37.4	33.68	32.44	32.39
Cash Conversion Cycle (Average Days)	34.38	29.88	34.8	44.6	47.52
Long Term Solvency
Total Debt/Equity	-7.73K	8.04K	2.39K	990.7	635.11
Total Debt / Total Capital	101.31	98.77	95.98	90.83	86.4
LT Debt/Equity	-7.65K	7.95K	2.36K	981.16	628.44
Long-Term Debt / Total Capital	100.17	97.62	95.03	89.96	85.49
Total Liabilities / Total Assets	100.7	99.36	97.85	94.97	92.63
EBIT / Interest Expense	-0.74	4.97	5.74	5.28	5.74
EBITDA / Interest Expense	1.72	8.03	8.98	7.81	7.89
(EBITDA - Capex) / Interest Expense	1.06	7.27	7.9	7	7.25
Total Debt / EBITDA	15.89	3.77	3.58	3.47	2.99
Net Debt / EBITDA	13.37	3.26	3.05	2.95	2.5
Total Debt / (EBITDA - Capex)