Warner Music Group Corp. (WMG) [Rocket]

In millions, except per share items	Jun-30-23	Mar-31-23	Sep-30-22	Jun-30-22	Mar-31-22	Dec-31-21	Sep-30-21	Jun-30-21
	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q
Revenues:
Recorded music	1,282	1,143	1,244	1,189	1,147	1,386	1,172	1,152
United States	704	657	734	652	635	723	632	594
Music publishing	283	257	254	245	230	229	205	189
Total revenues	1,564	1,399	1,497	1,432	1,376	1,614	1,376	1,340
Revenue growth [+]	9.2%	1.7%	8.8%	6.9%	10.1%	20.9%	22.2%	32.7%
Recorded music	7.8%	-0.3%	6.1%	3.2%	8.3%	19.4%	22.3%	33.8%
United States	8.0%	3.5%	16.1%	9.8%	12.4%	26.4%	26.1%	37.5%
Music publishing	15.5%	11.7%	23.9%	29.6%	19.8%	30.9%	21.3%	26.8%
Cost of goods sold	850	721	799	766	697	818	752	681
Gross profit	714	678	698	666	679	796	624	659
Gross margin	45.7%	48.5%	46.6%	46.5%	49.3%	49.3%	45.3%	49.2%
Selling, general and administrative [+]	461	452	470	451	444	497	465	437
General and administrative			470				465
Equity in earnings
Other operating expenses	64	61	65	69	69	60	59	60
EBITDA [+]	275	287	245	233	255	320	179	241
EBITDA growth	18.0%	12.5%	36.9%	-3.3%	11.8%	19.9%	15.5%	-165.0%
EBITDA margin	17.6%	20.5%	16.4%	16.3%	18.5%	19.8%	13.0%	18.0%
Depreciation and amortization	22	61	17	18	20	21	20	19
EBITA	253	226	228	215	235	299	159	222
EBITA margin	16.2%	16.2%	15.2%	15.0%	17.1%	18.5%	11.6%	16.6%
Amortization of intangibles	64	61	65	69	69	60	59	60
EBIT [+]	189	165	163	146	166	239	100	162
EBIT growth	29.5%	-0.6%	63.0%	-9.9%	9.9%	21.9%	13.6%	-137.4%
EBIT margin	12.1%	11.8%	10.9%	10.2%	12.1%	14.8%	7.3%	12.1%
Non-recurring items		41
Interest expense	38	35	31	32	32	30	29	30
Interest expense	38	35	31	32	32	30	29	30
Other income (expense), net [+]	16	-31	55	50	-8	54	-19	-30
Gain (loss) on debt retirement	-4						-10	-12
Other	20	-31	55	50	-8	54	-9	-18
Pre-tax income	167	58	187	164	126	263	52	102
Income taxes	43	21	37	39	34	75	22	41
Tax rate	25.7%	36.2%	19.8%	23.8%	27.0%	28.5%	42.3%	40.2%
Minority interest	2	3	2	1		1	2
Net income	122	34	148	124	92	187	28	61
Net margin	7.8%	2.4%	9.9%	8.7%	6.7%	11.6%	2.0%	4.6%

Basic EPS [+]	$0.24	$0.07	$0.29	$0.24	$0.18	$0.36	$0.05	$0.12
Growth	-1.8%	-63.1%	427.3%	103.1%	-21.4%	89.3%	-2851.2%	-111.5%
Diluted EPS [+]	$0.24	$0.07	$0.29	$0.24	$0.18	$0.36	$0.05	$0.12
Growth	-1.8%	-63.1%	427.3%	103.1%	-21.4%	89.3%	-2851.2%	-111.5%

Dividends per share [+]	$0.16	$0.16	$0.16	$0.15	$0.15	$0.15	$0.15	$0.12
Growth	6.1%	6.2%	6.2%	27.3%	23.7%	24.8%	21.7%	64.2%

Shares outstanding (basic) [+]	516	516	515	515	515	515	513	514
Growth	0.2%	0.2%	0.2%	0.1%	0.1%	0.8%	1.8%	2.0%
Shares outstanding (diluted) [+]	516	516	515	515	515	515	513	514
Growth	0.2%	0.2%	0.2%	0.1%	0.1%	0.8%	1.8%	2.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.