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			4,966	4,894	4,857	4,769	4,544	4,330
United States			2,744	2,642	2,584	2,514	2,363	2,232
Music publishing			958	909	853	815	761	725
Total revenues			5,919	5,798	5,706	5,580	5,301	5,051
Revenue growth [+]			11.7%	14.8%	20.9%	22.9%	18.8%	13.2%
Recorded music			9.3%	13.0%	20.3%	22.7%	19.3%	13.8%
United States			16.1%	18.4%	24.8%	27.5%	22.2%	15.4%
Music publishing			25.9%	25.4%	24.5%	23.7%	15.8%	9.7%
Cost of goods sold			3,080	3,033	2,948	1,628	1,496	1,350
Gross profit			2,839	2,765	2,758	3,952	3,805	3,701
Gross margin			48.0%	47.7%	48.3%	70.8%	71.8%	73.3%
Selling, general and administrative [+]			1,862	1,857	1,843	1,817	1,721	1,639
Sales and marketing				1,392	1,378	1,352		1,256
General and administrative			470				465
Other operating expenses			263	257	248	1,483	1,475	1,465
EBITDA [+]			1,053	987	995	968	915	891
EBITDA growth			15.1%	10.8%	256.6%	1436.5%	2759.4%	-3282.1%
EBITDA margin			17.8%	17.0%	17.4%	17.3%	17.3%	17.6%
Depreciation and amortization			76	79	80	79	77	75
EBITA			977	908	915	889	838	816
EBITA margin			16.5%	15.7%	16.0%	15.9%	15.8%	16.2%
Amortization of intangibles			263	257	248	237	229	219
EBIT [+]			714	651	667	652	609	597
EBIT growth			17.2%	9.0%	33250.0%	-429.3%	-365.9%	-307.3%
EBIT margin			12.1%	11.2%	11.7%	11.7%	11.5%	11.8%
Interest expense			125	123	121	121	122	122
Interest expense			125	123	121	121	122	122
Other income (expense), net [+]			151	77	-3	54	-31	-91
Gain (loss) on debt retirement							-22	-46
Other			151	87	19	76	-9	-45
Pre-tax income			740	605	543	585	456	384
Income taxes			185	170	172	189	149	106
Tax rate			25.0%	28.1%	31.7%	32.3%	32.7%	27.6%
Minority interest			4	4		3	3
Net income			551	431	368	393	304	275
Net margin			9.3%	7.4%	6.4%	7.0%	5.7%	5.4%

Basic EPS [+]			$1.07	$0.84	$0.72	$0.76	$0.59	$0.54
Growth			80.7%	55.7%	-218.9%	-177.7%	-147.1%	-152.8%
Diluted EPS [+]			$1.07	$0.84	$0.72	$0.76	$0.59	$0.54
Growth			80.7%	55.7%	-218.9%	-177.7%	-147.1%	-152.8%

Dividends per share [+]	$0.00	$0.00	$0.62	$0.61	$0.58	$0.55	$0.52	$0.49
Growth	-100.0%	-100.0%	19.6%	24.4%	30.0%	38.1%	-43.3%	-40.9%

Shares outstanding (basic) [+]			515	514	514	514	513	511
Growth			0.3%	0.7%	1.2%	1.8%	35.9%	35.5%
Shares outstanding (diluted) [+]			515	514	514	514	513	511
Growth			0.3%	0.7%	1.2%	1.8%	35.9%	35.5%

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