Warner Music Group — Nov 21, 2024 release

Capital expenditures decreased to $33 million, from $38 million in the prior-year quarter. Free Cash Flow, as defined below, decreased 10% to $271 million from $300 million in the prior-year quarter. Last week, the Company’s board of directors authorized a new $100 million share repurchase program. Full-Year Results Total revenue increased 6.4% (or 6.5% in constant currency). As previously disclosed, the year includes $68 million of Recorded Music licensing revenue from a licensing agreement extension for an artist’s catalog (the “Licensing Extension”). In addition, revenue growth was unfavorably impacted by the BMG Termination, which resulted in $86 million of lower Recorded Music digital revenue, partially offset by $16 million in incremental Recorded Music streaming revenue resulting from the Digital License Renewal. Music Publishing digital revenue growth was also unfavorably impacted by the CRB Rate Benefit of $24 million in the prior year. Adjusted for these items, total revenue was up 7.0% (or 7.1% in constant currency). Digital revenue increased 7.3% (or 7.6% in constant currency) and streaming revenue increased 8.2% (or 8.5% in constant currency). Recorded Music streaming revenue increased 6.9% (or 7.3% in constant currency); however, adjusted for the impact of the BMG Termination of $81 million and the Digital License Renewal of $16 million, Recorded Music streaming revenue increased 9.1% (or 9.6% in constant currency). Music Publishing st