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Quarterly Financial Information
 12 Months Ended
Sep. 30, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information

WARNER MUSIC GROUP CORP.

2014 QUARTERLY FINANCIAL INFORMATION

(unaudited)

The following table sets forth the quarterly information for Warner Music Group Corp.

 

 

 

Three months ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2014 (b)

 

 

2014 (b)

 

 

2014 (b)

 

 

2013 (b)

 

 

(in millions)

 

Revenues

 

$

771

 

 

$

788

 

 

$

653

 

 

$

815

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

(393

)

 

 

(417

)

 

 

(319

)

 

 

(441

)

Selling, general and administrative expenses (a)

 

 

(287

)

 

 

(319

)

 

 

(273

)

 

 

(293

)

Amortization expense

 

 

(67

)

 

 

(67

)

 

 

(66

)

 

 

(66

)

Total costs and expenses

 

 

(747

)

 

 

(803

)

 

 

(658

)

 

 

(800

)

Operating (loss) income

 

 

24

 

 

 

(15

)

 

 

(5

)

 

 

15

 

Loss on extinguishment of debt

 

 

—

 

 

 

(141

)

 

 

—

 

 

 

—

 

Interest expense, net

 

 

(46

)

 

 

(48

)

 

 

(54

)

 

 

(55

)

Other income (expense)

 

 

(1

)

 

 

4

 

 

 

(3

)

 

 

(4

)

Loss before income taxes

 

 

(23

)

 

 

(200

)

 

 

(62

)

 

 

(44

)

Income tax benefit

 

 

(1

)

 

 

16

 

 

 

3

 

 

 

8

 

Net loss

 

 

(24

)

 

 

(184

)

 

 

(59

)

 

 

(36

)

Less: income attributable to noncontrolling interest

 

 

(2

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Net loss attributable to Warner Music Group Corp.

 

$

(26

)

 

$

(185

)

 

$

(60

)

 

$

(37

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Includes depreciation expense of:

 

$

(16

)

 

$

(14

)

 

$

(13

)

 

$

(12

)

 

(b) Quarterly operating results can be disproportionately affected by a particularly strong or weak quarter. Therefore, these quarterly operating results are not necessarily indicative of the results that may be expected for the full fiscal year.

 

 

 

WARNER MUSIC GROUP CORP.

2013 QUARTERLY FINANCIAL INFORMATION

(unaudited)

The following table sets forth the quarterly information for Warner Music Group Corp.

 

 

 

Three months ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2013 (b)

 

 

2013 (b)

 

 

2013 (b)

 

 

2012 (b)

 

 

(in millions)

 

Revenues

 

$

764

 

 

$

663

 

 

$

675

 

 

$

769

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

(389

)

 

 

(369

)

 

 

(327

)

 

 

(407

)

Selling, general and administrative expenses (a)

 

 

(352

)

 

 

(238

)

 

 

(244

)

 

 

(263

)

Amortization expense

 

 

(64

)

 

 

(48

)

 

 

(47

)

 

 

(48

)

Total costs and expenses

 

 

(805

)

 

 

(655

)

 

 

(618

)

 

 

(718

)

Operating income

 

 

(41

)

 

 

8

 

 

 

57

 

 

 

51

 

Loss on extinguishment of debt

 

—

 

 

 

(2

)

 

 

—

 

 

 

(83

)

Interest expense, net

 

 

(54

)

 

 

(47

)

 

 

(49

)

 

 

(53

)

Other (expense) income

 

 

(1

)

 

 

(2

)

 

 

(4

)

 

 

(5

)

Loss (income) before income taxes

 

 

(96

)

 

 

(43

)

 

 

4

 

 

 

(90

)

Income tax (expense) benefit

 

 

39

 

 

 

(19

)

 

 

—

 

 

 

11

 

Net (loss) income

 

 

(57

)

 

 

(62

)

 

 

4

 

 

 

(79

)

Less: income attributable to noncontrolling interest

 

—

 

 

 

(1

)

 

 

(2

)

 

 

(1

)

Net (loss) income attributable to Warner Music Group Corp.

 

$

(57

)

 

$

(63

)

 

$

2

 

 

$

(80

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Includes depreciation expense of:

 

$

(13

)

 

$

(13

)

 

$

(12

)

 

$

(13

)

 

(b) Quarterly operating results can be disproportionately affected by a particularly strong or weak quarter. Therefore, these quarterly operating results are not necessarily indicative of the results that may be expected for the full fiscal year.