Warner Music Group Corp. - Reconciliation of Net Income to Adjusted EBITDA, Three and Twelve Months Ended December 31, 2020 versus December 31, 2019(dollars in millions) For the Three Months Ended December 31, 2020 For the Three Months Ended December 31, 2019 For the Twelve Months Ended December 31, 2020 For the Twelve Months Ended December 31, 2019 (unaudited) (unaudited) (unaudited) (unaudited)Net Income (Loss)$99 $122 $(493) $294 Income tax (benefit) expense35 5 53 (36) Interest expense, net31 33 125 140 Depreciation and amortization71 71 261 271 Loss on extinguishment of debt (a)— — 34 4 Net gain on divestitures and sale of securities (b)— — (1) (4) Restructuring costs (c)3 5 20 26 Net hedging and foreign exchange losses (gains) (d)48 5 104 (23) Management fees (e)— 3 17 11 Transaction costs (f)— — 76 — Business optimization expenses (g)8 10 37 28 Non-cash stock compensation expense (h)6 (7) 621 30 Other non-cash charges (i)(14) 1 (5) (3) Pro forma impact of cost savings initiatives and specified transactions (j)10 1 55 2 Adjusted EBITDA$297 $249 $904 $740 ______________________________________ (a)For the twelve months ended December 31, 2020, reflects a net loss incurred on the early extinguishment of our debt incurred as part of the June 2020 redemption of our 4.125% Senior Secured Notes and 4.875% Senior Secured Notes, the June 2020 tender for and the August 2020 redemption of the 5.000% Senior Secured Notes and the August 2020 partial repayment of the Senior Term Loan Facility. warnermusic.com. Music Press Asia. Careers. Delivered Double-Digit Digital Revenue Growth Driven by Continued Momentum in Streaming We provide below a reconciliation of Free Cash Flow to the most directly comparable amount reported under U.S. GAAP, which is “net cash provided by operating activities.” Figure 9. We use Free Cash Flow, among other measures, to evaluate our operating performance. NEW YORK, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Warner Music Group Corp. (“Warner Music Group” or “WMG”) today announced that its Board of Directors declared a regular quarterly cash dividend of $0.12 per share on WMG’s Class A Common Stock and Class B Common Stock, representing an aggregate quarterly dividend of approximately $61.7 million (based on the issued and outstanding … (h)Reflects non-cash stock-based compensation expense related to the Warner Music Group Corp. Senior Management Free Cash Flow Plan and the Omnibus Incentive Plan. For /. Warner Music International, a leading company in national and international repertoire operates through numerous international affiliates and licensees in more than 50 countries. Warner Music Group uses its website as a channel of distribution of material Company information. press releases. Revenue was up 6.3% (or up 3.8% in constant currency). Please contact administrator. Nguyen joins Warner Music Vietnam after serving as Head of Zing Media, the digital media specialist owned by Vietnam’s VNG Corporation. All forward-looking statements are made as of today, and we disclaim any duty to update such statements. In addition, OIBDA, as we calculate it, may not be comparable to similarly titled measures employed by other companies. W8 5SW. Läs mer om våra artister eller skicka in din demo idag. Recorded Music operating income was $223 million, up from $191 million in the prior-year quarter and operating margin was up 1.6 percentage points to 19.2% versus 17.6% in the prior-year quarter. Our website and the information posted on it or connected to it shall not be deemed to be incorporated by reference into this communication. The definition of Adjusted EBITDA, in addition to adjusting net income to exclude interest expense, income taxes, and depreciation and amortization, also adjusts net income by excluding items or expenses such as, among other items, (1) the amount of any restructuring charges or reserves; (2) any non-cash charges (including any impairment charges); (3) any net loss resulting from hedging currency exchange risks; (4) the amount of management, monitoring, consulting and advisory fees paid to Access under the Management Agreement or otherwise; (5) business optimization expenses (including consolidation initiatives, severance costs and other costs relating to initiatives aimed at profitability improvement); (6) transaction expenses; (7) equity-based compensation expense; and (8) certain extraordinary, unusual or non-recurring items. WarnerMedia is a powerful portfolio of iconic entertainment, news, and sports brands. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Warner Chappell Production Music is a worldwide leader within the production and custom music industry, with over 40 years of experience and success. “We are extremely proud of our first-quarter results, which were highlighted by significant growth over a number of key metrics when compared to a previous record-breaking quarter," added Eric Levin, Executive Vice President and CFO, Warner Music Group. Warner Music ist die Heimat vieler großer nationaler und internationaler Künstler. Need Help? Warner Music Group Corp. - Reconciliation of Net Income to OIBDA, Three Months Ended December 31, 2020 versus December 31, 2019(dollars in millions) For the Three Months Ended December 31, 2020 For the Three Months Ended December 31, 2019 % Change (unaudited) (unaudited) Net income attributable to Warner Music Group Corp.$98 $120 -18%Income attributable to noncontrolling interest1 2 -50%Net income$99 $122 -19%Income tax expense35 5 —%Income including income taxes$134 $127 6%Other expense, net31 5 —%Interest expense, net31 33 -6%Operating income$196 $165 19%Amortization expense52 47 11%Depreciation expense19 24 -21%OIBDA$267 $236 13%Operating income margin14.7% 13.1% OIBDA margin20.0% 18.8% Figure 6. Cash provided by operating activities was $169 million compared to $78 million in the prior-year quarter. For the twelve months ended December 31, 2020, amounts include a one-time fee of $13 million related to termination of the management agreement with Access. Warner Music International (formerly WEA International) is the international copyright holder and distributor for North American artists on the Warner Music record labels. OIBDA increased to $269 million from $241 million in the prior-year quarter and OIBDA margin increased 1.0 percentage point to 23.2%. NEW YORK, NY / ACCESSWIRE / February 1, 2021 / Warner Music Group Corp. (NASDAQ:WMG) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on February 1, 2021 at 4:30 PM Eastern Time. Bei warnermusic.de gibt's alle … Figure 1. "The strong double-digit growth in our digital revenue and direct-to-consumer business more than offset the continued disruption to our performance, merchandising, and physical revenue. Warner Music Germany Die offizielle Homepage. Basis of Presentation The Company maintains a 52-53 week fiscal year ending on the last Friday in each reporting period. The Warner Music Shop will retail a signed version of the standard vinyl, while a coloured vinyl will also be available from specialist independent retailers. The definition of EBITDA under the Revolving Credit Facility also includes adjustments for the pro forma impact of certain projected cost savings, operating expense reductions and synergies and any quality of earnings analysis prepared by independent certified public accountants in connection with an acquisition, merger, consolidation or other investment. Certain of these costs savings initiatives and transactions were identified in the current quarter and as a result the proforma impact was not included in the three and twelve months ended September 30, 2020, the impact of which would have been approximately a $29 million increase in the previously reported quarters included in the twelve months ended December 30, 2020 Adjusted EBITDA. Financial details for the quarter can be found in the Company’s current Quarterly Report on Form 10-Q for the period ended December 31, 2020, filed today with the Securities and Exchange Commission. Warner Music Group Corp. (WMG) is an American multinational entertainment and record label conglomerate headquartered in New York City.It is one of the "big three" recording companies and the third largest in the global music industry, after Universal Music Group (UMG) and Sony Music Entertainment (SME).Formerly part of Time Warner (now WarnerMedia), WMG was publicly traded on … Listen to the single here Pre-add the EP here Johannesburg, 10th January 2020: MTV-EMA winning twins, Andrew & Brian Chaplin, aka Locnville kick the new year and decade off with a head bumping single Tribes & Angels. Careers. January 18, 2021. warner music nashville signs emerging country artist drew parker February 2, 2021 COUNTRY GROUP TEMECULA ROAD SET TO MAKE TV PERFORMANCE DEBUT ON ABC’S THE BACHELOR WITH “EVERYTHING I LOVE” Warner Music Group & Cisco Announce Strategic Agreement to Deliver Social Entertainment Experiences to Online Audiences August 13, 2009 Cisco EosTM Software Platform to Power Additional, New Warner Music Group Web Sites for Artists Paramore, Trey Songz, Halestorm, Sean Paul and More Accordingly, Adjusted EBITDA should be considered in addition to, not as a substitute for, net income (loss) and other measures of financial performance reported in accordance with U.S. GAAP. The decrease in net income and Adjusted net income was due to the unfavorable impact of exchange rates on the Company’s external euro-denominated debt, hedging activity, intercompany loans and higher income tax expense in the current quarter compared to the prior-year quarter, which included the release of $33 million of the Company's U.S. deferred tax valuation allowance on foreign tax credits, which was partially offset by higher operating income, lower interest expense due to refinancing activity and gains on investments. Also available are a super deluxe vinyl set and a cassette. Robust digital revenue growth across Recorded Music and Music Publishing was partially offset by a decline in Recorded Music physical and artist services and expanded-rights revenue and in Music Publishing performance, mechanical and synchronization revenue, which reflects the impact from COVID. Asia’s music market, made up from a bunch of unique industry experts, executives, and music professionals, aim to expand what is left of the industry boom in the West, create trends representing Asia’s latest generation of content covering technology, a geographically diverse yet complimenting demographic interests, and future interests towards a healthy growing Asia-based music industry. Warner Music Group Corp. - Consolidated Balance Sheets at December 31, 2020 versus September 30, 2020(dollars in millions) December 31, 2020 September 30, 2020 % Change (unaudited) Assets Current assets: Cash and equivalents$566 $553 2%Accounts receivable, net884 771 15%Inventories71 79 -10%Royalty advances expected to be recouped within one year246 220 12%Prepaid and other current assets61 55 11%Total current assets$1,828 $1,678 9 %Royalty advances expected to be recouped after one year307 269 14%Property, plant and equipment, net334 331 1%Operating lease right-of-use assets, net275 273 1%Goodwill1,851 1,831 1%Intangible assets subject to amortization, net1,968 1,653 19%Intangible assets not subject to amortization156 154 1%Deferred tax assets, net62 68 -9%Other assets162 153 6%Total assets$6,943 $6,410 8%Liabilities and Equity (Deficit) Current liabilities: Accounts payable$214 $264 -19%Accrued royalties1,722 1,628 6%Accrued liabilities414 382 8%Accrued interest36 30 20%Operating lease liabilities, current41 39 5%Deferred revenue326 297 10%Other current liabilities137 80 71%Total current liabilities$2,890 $2,720 6 %Long-term debt3,387 3,104 9%Operating lease liabilities, noncurrent298 299 —%Deferred tax liabilities, net166 163 2%Other noncurrent liabilities169 169 —%Total liabilities$6,910 $6,455 7%Deficit: Class A common stock$— $— —%Class B common stock1 1 —%Additional paid-in capital1,913 1,907 —%Accumulated deficit(1,713) (1,749) -2%Accumulated other comprehensive loss, net(185) (222) -17%Total Warner Music Group Corp. equity (deficit)$16 $(63) —%Noncontrolling interest17 18 -6%Total equity (deficit)33 (45) —%Total liabilities and equity (deficit)$6,943 $6,410 8% Figure 3. We use our website as a channel of distribution for material company information. Music Publishing Revenue(dollars in millions) For the Three Months Ended December 31, 2020 For the Three Months Ended December 31, 2019 For the Three Months Ended December 31, 2019 As reported As reported Constant (unaudited) (unaudited) (unaudited)Revenue by Segment: Music Publishing Performance$30 $46 $47 Digital99 73 73 Mechanical11 15 16 Synchronization33 36 37 Other2 3 3 Total Music Publishing$175 $173 $176 Music Publishing revenue increased 1.2% (or was down 0.6% in constant currency). These forward-looking statements include statements regarding expectations as to the intention to pay regular quarterly dividends. Warner Music Group Corp. will release its financial results on Monday, February 1, 2021, for the first quarter ended December 31, 2020, and will hold an earnings update conference call that afternoon at 4:30 p.m. ET.To access the conference call,... Read more.
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