Warner Music Group Corp. (WMG) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	3,176	2,984	- -	2,780	2,871	3,027	2,966	3,246	3,576	4,005	4,475	4,463	5,301	5,919	6,037
+ Sales & Services Revenue	3,176	2,984	- -	2,780	2,871	3,027	2,966	3,246	3,576	4,005	4,475	4,463	5,301	5,919	6,037
- Cost of Revenue	1,698	1,572	- -	1,459	1,499	1,570	1,511	1,707	1,931	2,171	2,401	2,333	2,742	3,080	3,177
+ Cost of Goods & Services	1,698	1,572	- -	1,459	1,499	1,570	1,511	1,707	1,931	2,171	2,401	2,333	2,742	3,080	3,177
Gross Profit	1,478	1,412	- -	1,321	1,372	1,457	1,455	1,539	1,645	1,834	2,074	2,130	2,559	2,839	2,860
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	1,343	1,322	- -	1,212	1,297	1,438	1,328	1,325	1,423	1,617	1,718	2,359	1,950	2,125	2,071
+ Selling, General & Admin	1,118	1,103	- -	1,019	1,090	1,117	1,073	1,082	1,222	1,411	1,510	2,169	1,721	1,862	1,826
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	225	219	- -	193	207	321	255	243	201	206	208	190	229	263	245
Operating Income (Loss)	135	90	- -	109	75	19	127	214	222	217	356	-229	609	714	789
- Non-Operating (Income) Loss	185	194	- -	217	300	348	202	173	224	-225	89	218	153	-26	180
+ Interest Expense, Net	195	-190	- -	-225	203	203	181	173	149	138	142	127	122	125	141
+ Interest Expense	195	-190	- -	-225	203	203	181	173	149	138	142	127	122	125	141
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-10	384	- -	442	97	145	21	- -	75	-363	-53	91	31	-151	39
Pretax Income	-50	-104	- -	-108	-225	-329	-75	41	-2	442	267	-447	456	740	609
- Income Tax Expense (Benefit)	50	41	- -	1	-31	-26	13	11	-151	130	9	23	149	185	170
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-100	-145	- -	-109	-194	-303	-88	30	149	312	258	-470	307	555	439
- Net Extraordinary Losses (Gains)	-4	-4	- -	6	8	10	6	10	12	10	4	10	6	8	18
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-4	-4	- -	6	8	10	6	10	12	10	4	10	6	8	18
Income (Loss) Incl. MI	-96	-141	- -	-115	-202	-313	-94	20	137	302	254	-480	301	547	421
- Minority Interest	4	2	- -	-3	-4	-5	-3	-5	-6	-5	-2	-5	-3	-4	-9
Net Income, GAAP	-100	-143	- -	-112	-198	-308	-91	25	143	307	256	-475	304	551	430
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-100	-143	- -	-112	-198	-308	-91	25	143	307	256	-475	304	551	430
Basic Weighted Avg Shares	149	150	- -	502	502	502	502	502	503	503	502	505	513	515	516
Basic EPS, GAAP	-0.67	-0.96	- -	-0.22	-0.39	-0.61	-0.18	0.05	0.28	0.61	0.51	-0.94	0.59	1.07	0.83
Basic EPS from Cont Ops	-0.67	-0.97	- -	-0.22	-0.39	-0.6	-0.18	0.06	0.3	0.62	0.51	-0.93	0.6	1.08	0.85
Diluted Weighted Avg Shares	149	150	155	502	502	502	502	502	503	503	502	505	513	515	516
Diluted EPS, GAAP	-0.67	-0.96	- -	-0.22	-0.39	-0.61	-0.18	0.05	0.28	0.61	0.51	-0.94	0.59	1.07	0.83
Diluted EPS from Cont Ops	-0.67	-0.97	- -	-0.22	-0.39	-0.6	-0.18	0.06	0.3	0.62	0.51	-0.93	0.6	1.08	0.85
EBITDA	397	348	- -	353	333	340	436	507	473	478	625	32	915	1,053	1,121
EBITDA Margin (%)	12.5	11.66	- -	12.7	11.6	11.23	14.7	15.62	13.23	11.94	13.97	0.72	17.26	17.79	18.57
EBITA	135	90	- -	109	75	19	181	214	272	272	417	-158	686	790	876
EBIT	135	90	- -	109	75	19	127	214	222	217	356	-229	609	714	789
Gross Margin (%)	46.54	47.32	- -	47.52	47.79	48.13	49.06	47.41	46	45.79	46.35	47.73	48.27	47.96	47.37
Operating Margin (%)	4.25	3.02	- -	3.92	2.61	0.63	4.28	6.59	6.21	5.42	7.96	-5.13	11.49	12.06	13.07
Profit Margin (%)	-3.15	-4.79	- -	-4.03	-6.9	-10.18	-3.07	0.77	4	7.67	5.72	-10.64	5.73	9.31	7.12
Sales per Employee	934,118	806,486	- -	783,099	663,815	699,884	704,346	730,259	791,150	859,442	828,704	811,455	898,475	954,677	1,023,220
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	0.17	1.84	0.19	0.68	0.52	0.62	0.66
Depreciation Expense	262	258	- -	244	258	321	255	293	201	206	208	190	229	263	245

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	1,222	1,129	802	939	894	782	879	908	1,275	1,176	1,691	1,678	1,896	2,139	2,402
+ Cash, Cash Equivalents & STI	384	439	154	302	155	157	246	359	647	514	619	553	499	584	641
+ Cash & Cash Equivalents	384	439	154	302	155	157	246	359	647	514	619	553	499	584	641
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	544	434	385	398	511	383	349	329	404	447	775	771	839	984	1,120
+ Accounts Receivable, Net	544	434	385	398	511	383	349	329	404	447	775	771	839	984	1,120
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	46	37	29	28	33	39	42	41	39	42	74	79	99	108	126
+ Raw Materials	44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	2	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	36	29	28	33	39	42	41	39	42	74	79	99	108	126
+ Other ST Assets	248	219	234	211	195	203	242	179	185	173	223	275	459	463	515
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	2,848	2,650	4,578	4,339	5,358	5,172	4,792	4,461	4,443	4,168	4,326	4,732	5,315	5,689	6,143
+ Property, Plant & Equip, Net	100	121	182	152	180	227	83	203	3	229	-7	249	213	180	180
+ Property, Plant & Equip	340	374	191	212	288	371	220	369	213	486	300	604	632	641	703
- Accumulated Depreciation	240	253	9	60	108	144	137	166	210	257	307	355	419	461	523
+ LT Investments & Receivables	227	9	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	227	9	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	2,521	2,520	4,396	4,187	5,178	4,945	4,709	4,258	4,440	3,939	4,333	4,483	5,102	5,509	5,963
+ Total Intangible Assets	2,457	2,276	4,152	3,981	4,895	4,665	4,265	3,944	3,892	3,697	3,635	3,638	4,001	4,304	4,495
+ Goodwill	1,040	1,057	1,372	1,380	1,668	1,661	1,632	1,627	1,685	1,692	1,761	1,831	1,830	1,920	1,993
+ Other Intangible Assets	1,417	1,219	2,780	2,601	3,227	3,004	2,633	2,317	2,207	2,005	1,874	1,807	2,171	2,384	2,502
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	64	244	244	206	283	280	444	314	548	242	698	845	1,101	1,205	1,468
Total Assets	4,070	3,779	5,380	5,278	6,252	5,954	5,671	5,369	5,718	5,344	6,017	6,410	7,211	7,828	8,545
+ Payables & Accruals	1,743	1,613	1,411	1,500	1,823	1,650	1,614	1,643	1,877	2,131	2,353	2,304	2,657	2,660	3,070
+ Accounts Payable	219	206	165	156	280	215	173	204	208	281	260	264	302	268	300
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	1,524	1,407	1,246	1,344	1,543	1,435	1,441	1,439	1,669	1,850	2,093	2,040	2,355	2,392	2,770
+ ST Debt	- -	- -	- -	- -	13	13	13	- -	- -	- -	- -	39	43	40	41
+ ST Borrowings	- -	- -	- -	- -	13	13	13	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	39	43	40	41
+ Other ST Liabilities	129	108	111	106	164	222	230	199	223	242	466	377	450	668	428
+ Deferred Revenue	113	100	101	101	139	219	206	178	197	208	180	297	348	423	371
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	16	8	10	5	25	3	24	21	26	34	286	80	102	245	57
Total Current Liabilities	1,872	1,721	1,522	1,606	2,000	1,885	1,857	1,842	2,100	2,373	2,819	2,720	3,150	3,368	3,539
+ LT Debt	1,939	1,945	2,217	2,206	2,854	3,017	2,981	2,812	2,811	2,819	2,974	3,403	3,633	3,973	4,219
+ LT Borrowings	1,939	1,945	2,217	2,206	2,854	3,017	2,981	2,812	2,811	2,819	2,974	3,104	3,346	3,732	3,964
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	299	287	241	255
+ Other LT Liabilities	402	324	559	522	655	662	594	505	499	472	493	332	382	319	357
+ Accrued Liabilities	172	169	411	375	439	383	352	269	190	165	172	163	207	220	216
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	230	155	148	147	216	279	242	236	309	307	321	169	175	99	141
Total Noncurrent Liabilities	2,341	2,269	2,776	2,728	3,509	3,679	3,575	3,317	3,310	3,291	3,467	3,735	4,015	4,292	4,576
Total Liabilities	4,213	3,990	4,298	4,334	5,509	5,564	5,432	5,159	5,410	5,664	6,286	6,455	7,165	7,660	8,115
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	601	611	1,129	1,129	1,128	1,128	1,128	1,128	1,128	1,128	1,129	1,908	1,943	1,976	2,016
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	1
+ Additional Paid in Capital	601	611	1,129	1,129	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,907	1,942	1,975	2,015
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-786	-929	-31	-143	-341	-649	-740	-715	-654	-1,272	-1,177	-1,749	-1,710	-1,477	-1,387
+ Other Equity	42	53	-33	-59	-61	-108	-167	-218	-181	-190	-240	-222	-202	-347	-322
Equity Before Minority Interest	-202	-265	1,065	927	726	371	221	195	293	-334	-289	-63	31	152	307
+ Minority/Non Controlling Interest	59	54	17	17	17	19	18	15	15	14	20	18	15	16	123
Total Equity	-143	-211	1,082	944	743	390	239	210	308	-320	-269	-45	46	168	430
Total Liabilities & Equity	4,070	3,779	5,380	5,278	6,252	5,954	5,671	5,369	5,718	5,344	6,017	6,410	7,211	7,828	8,545
Shares Outstanding	155	155	157	502	502	502	502	502	503	503	502	510	514	515	516
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	338	330	281	296
Net Debt	1,555	1,506	2,063	1,904	2,712	2,873	2,748	2,453	2,164	2,305	2,355	2,551	2,847	3,148	3,323
Net Debt to Equity	-1,087.41	-713.74	190.67	201.69	365.01	736.67	1,149.79	1,168.1	702.6	-720.31	-875.46	-5,668.89	6,189.13	1,873.81	772.79
Tangible Common Equity Ratio	-161.19	-165.47	-250	-234.16	-305.97	-331.65	-286.34	-262.04	-196.28	-243.9	-163.9	-132.86	-123.21	-117.37	-100.37
Current Ratio	0.65	0.66	0.53	0.58	0.45	0.41	0.47	0.49	0.61	0.5	0.6	0.62	0.6	0.64	0.68
Cash Conversion Cycle	25.86	19.83	- -	18.35	12.3	4.95	8.05	6.66	5.99	4.54	18.07	34.28	29.88	34.8	44.6
Number of Employees	3,400	3,700	3,700	3,550	4,325	4,325	4,211	4,445	4,520	4,660	5,400	5,500	5,900	6,200	5,900

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-100	-145	- -	-109	-194	-303	-88	30	149	312	258	-470	307	555	439
+ Depreciation & Amortization	262	258	- -	244	258	321	309	293	251	261	269	261	306	339	332
+ Non-Cash Items	61	31	- -	-30	47	105	31	-7	-38	-227	-53	642	106	-65	35
+ Stock-Based Compensation	11	10	- -	- -	19	8	3	23	70	62	50	608	45	39	49
+ Deferred Income Taxes	- -	- -	- -	-26	-73	-55	-11	-26	-192	66	-68	-57	27	13	-13
+ Asset Impairment Charge	40	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	10	20	- -	-4	101	152	39	-4	84	-355	-35	91	34	-117	-1
+ Chg in Non-Cash Work Cap	11	6	- -	104	48	7	-30	26	173	79	-74	30	-81	-87	-119
+ (Inc) Dec in Accts Receiv	-8	118	- -	-16	-15	72	6	17	-60	-43	-90	18	-58	-195	-113
+ (Inc) Dec in Inventories	10	8	- -	1	-5	-7	-6	- -	1	-3	3	-2	-19	-22	-12
+ (Inc) Dec in Prepaid Assets	-20	16	- -	47	-1	-32	-46	-13	17	31	-110	-108	-332	-94	-191
+ Inc (Dec) in Accts Payable	40	-145	- -	95	65	-77	8	52	187	94	136	- -	292	140	334
+ Inc (Dec) in Other	-11	9	- -	-23	4	51	8	-30	28	- -	-13	122	36	84	-137
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	234	150	- -	209	159	130	222	342	535	425	400	463	638	742	687
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	8	- -	- -	12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	8	- -	- -	12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-49	-123	- -	-96	-108	-128	-95	-92	-76	-102	-186	-165	-1,055	-517	-241
+ Acq of Fixed Prod Assets	-38	-87	- -	-64	-71	-102	-79	-67	-60	-88	-145	-125	-574	-326	-241
+ Acq of Intangible Assets	-11	-36	- -	-32	-37	-26	-16	-25	-16	-14	-41	-40	-481	-191	- -
+ Net Change in LT Investment	128	9	- -	-6	-737	-53	-16	17	-66	493	-231	-94	-64	-498	-104
+ Dec in LT Investment	128	9	- -	- -	- -	- -	- -	45	73	516	- -	- -	- -	11	22
+ Inc in LT Investment	- -	- -	- -	-6	-737	-53	-16	-28	-139	-23	-231	-94	-64	-509	-126
+ Net Cash From Acq & Div	-16	-7	- -	-8	-737	-79	- -	-8	-66	-23	-231	-94	-64	- -	45
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	45	73	- -	- -	- -	- -	- -	45
+ Cash for Acq of Subs	-16	-7	- -	-8	-737	-79	- -	-53	-139	-23	-231	-94	-64	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	11	36	- -	40	774	105	16	75	82	37	272	134	545	191	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	82	-85	- -	-58	-808	-155	-95	-8	-126	405	-376	-219	-638	-824	-300
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	-84	-925	-94	-344	-265	-318	-340
+ Net Cash From Debt	-320	- -	- -	- -	706	157	-16	-197	1	10	197	75	244	535	- -
+ Cash From Debt	1,059	- -	- -	- -	2,275	2,135	516	300	652	645	514	1,450	1,093	535	- -
+ Repayments of Debt	-1,379	- -	- -	- -	-1,569	-1,978	-532	-497	-651	-635	-317	-1,375	-849	- -	- -
+ Cash (Repurchase) of Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	-23	-3	- -	-3	-195	-120	-3	-19	-45	-40	-15	-47	-40	-29	15
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-343	-3	- -	-3	511	37	-19	-216	-128	-955	88	-316	-61	188	-325
Effect of Foreign Exchange Rates	- -	-7	- -	- -	-9	-10	-19	-5	7	-8	-7	6	7	-21	-5
Net Changes in Cash	-27	62	- -	148	-138	12	108	118	281	-125	112	-72	-61	106	62
EBITDA	397	348	- -	353	333	340	436	507	473	478	625	32	915	1,053	1,121
EBITDA Margin (%)	12.5	11.66	- -	12.7	11.6	11.23	14.7	15.62	13.23	11.94	13.97	0.72	17.26	17.79	18.57
Net Cash Paid for Acquisitions	16	7	- -	8	737	79	- -	8	66	23	231	94	64	- -	-45
Free Cash Flow	185	27	- -	113	51	2	127	250	459	323	214	298	-417	225	446
Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	377	- -	420	351	- -	-335	319	548
Free Cash Flow to Equity	-116	63	- -	157	794	185	127	78	476	347	452	413	308	951	446
Free Cash Flow per Basic Share	1.24	0.18	- -	0.23	0.1	- -	0.25	0.5	0.91	0.64	0.43	0.59	-0.81	0.44	0.86
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	22.58	12.61	9.43	17.37
Cash Flow to Net Income	-2.34	-1.05	- -	-1.87	-0.8	-0.42	-2.44	13.68	3.74	1.38	1.56	-0.97	2.1	1.35	1.6

Warner Music Group Corp.

WMG US

31.47

31.47