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Jun 30, 2023
WMG Q3 2023 Earnings Report
Reported results for the fiscal third quarter, showing revenue growth and adjusted OIBDA increase.
Key Takeaways
Warner Music Group reported a 9% increase in total revenue and a 16% increase in Adjusted OIBDA for the third quarter of 2023. The company's growth was driven by improvements in streaming and music publishing revenue.
Improved Streaming Growth Driven by Stronger Release Slate with Momentum Expected to Carry into Q4
Robust Growth in Music Publishing Underpinned by Acceleration in Digital Revenue
Adjusted 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
Revenue by Segment
Forward Guidance
Warner Music Group is confident in its full-year margin and operating cash flow targets. 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.
Positive Outlook
- Momentum expected to carry into Q4
- Acceleration in Digital Revenue
- Confidence in High End of Full-Year Margin Guidance (100 basis points)
- Expectation to Deliver 50% - 60% Conversion for Full Year
- Tremendous optimism for the future of streaming growth
Historical Earnings Impact
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Avg. Return Before/After Earnings
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