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Warner Music Group Corp. (Exact Name of Registrant As Specified in Its Charter)

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Warner Music Group Corp. (Exact Name of Registrant As Specified in Its Charter) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2013 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-32502 Warner Music Group Corp. (Exact name of Registrant as specified in its charter) Delaware 13-4271875 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 75 Rockefeller Plaza New York, NY 10019 (Address of principal executive offices) (212) 275-2000 (Registrant’s telephone number, including area code) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ¨ No x Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer x (Do not check if a smaller reporting company) Smaller reporting company ¨ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ¨ No x There is no public market for the Registrant’s common stock. As of May 14, 2013 the number of shares of the Registrant’s common stock, par value $0.001 per share, outstanding was 1,055. All of the Registrant’s common stock is owned by affiliates of Access Industries, Inc. The Registrant has filed all Exchange Act reports for the preceding 12 months. Table of Contents WARNER MUSIC GROUP CORP. INDEX Page Part I. Financial Information Item 1. Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of March 31, 2013 and September 30, 2012 3 Consolidated Statements of Operations for the Three and Six Months Ended March 31, 2013 and March 31, 2012 4 Consolidated Statement of Comprehensive Income for the Three and Six Months Ended March 31, 2013 and March 31, 2012 5 Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2013 and March 31, 2012 6 Consolidated Statement of Equity for the Six Months Ended March 31, 2013 7 Notes to Consolidated Interim Financial Statements 8 Supplementary Information—Consolidating Financial Statements 20 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3. Quantitative and Qualitative Disclosures About Market Risk 71 Item 4. Controls and Procedures 72 Part II. Other Information 73 Item 1. Legal Proceedings 73 Item 1A. Risk Factors 74 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 85 Item 3. Defaults Upon Senior Securities 85 Item 4. Mine Safety Disclosures 85 Item 5. Other Information 85 Item 6. Exhibits 86 Signatures 88 2 Table of Contents ITEM 1. FINANCIAL STATEMENTS Warner Music Group Corp. Consolidated—Balance Sheets September March 31, 30, 2013 2012 (unaudited) (audited) (in millions) Assets Current assets: Cash and equivalents $ 294 $ 302 Accounts receivable, less allowances of $54 and $63 million 328 398 Inventories 25 28 Royalty advances expected to be recouped within one year 119 116 Deferred tax assets 51 51 Other current assets 66 44 Total current assets 883 939 Royalty advances expected to be recouped after one year 147 142 Property, plant and equipment, net 138 152 Goodwill 1,384 1,380 Intangible assets subject to amortization, net 2,371 2,499 Intangible assets not subject to amortization 102 102 Other assets 83 64 Total assets $ 5,108 $ 5,278 Liabilities and Equity Current liabilities: Accounts payable $ 137 $ 156 Accrued royalties 993 997 Accrued liabilities 198 253 Accrued interest 76 89 Deferred revenue 145 101 Current portion of long-term debt 30 — Other current liabilities 9 10 Total current liabilities 1,588 1,606 Long-term debt 2,181 2,206 Deferred tax liabilities 343 375 Other noncurrent liabilities 141 147 Total liabilities 4,253 4,334 Equity: Common stock ($0.001 par value; 10,000 shares authorized; 1,055 and 1,000 shares issued and outstanding) — — Additional paid-in capital 1,128 1,129 Accumulated deficit (221) (143) Accumulated other comprehensive loss, net (71) (59) Total Warner Music Group Corp. equity 836 927 Noncontrolling interest 19 17 Total equity 855 944 Total liabilities and equity $ 5,108 $ 5,278 See accompanying notes 3 Table of Contents Warner Music Group Corp. Consolidated Statements of Operations (Unaudited) Three Months Six Months Ended Ended March 31, March 31, 2013 2012 2013 2012 (in millions) Revenues $ 675 $ 623 $ 1,444 $ 1,398 Costs and expenses: Cost of revenues (329) (318) (737) (738) Selling, general and administrative expenses (a) (242) (233) (504) (501) Amortization of intangible assets (47) (50) (95) (98) Total costs and expenses (618) (601) (1,336) (1,337) Operating income 57 22 108 61 Loss on extinguishment of debt — — (83) — Interest expense, net (49) (56) (102) (113) Other (expense) income, net (4) 2 (9) — Income (loss) before income taxes 4 (32) (86) (52) Income tax (expense) benefit — (2) 11 (8) Net income (loss) 4 (34) (75) (60) Less: income attributable to noncontrolling interest (2) (2) (3) (2) Net income (loss) attributable to Warner Music Group Corp. $ 2 $ (36) $ (78) $ (62) (a) Includes depreciation expense of: $ (12) $ (13) $ (25) $ (25) 4 Table of Contents Warner Music Group Corp. Consolidated Statement of Comprehensive Loss (Unaudited) Three Months Six Months Ended Ended March 31, March 31, 2013 2012 2013 2012 (in millions) Net income (loss) $ 4 $ (34) $(75) $ (60) Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (14) 6 (12) (8) Other comprehensive (loss) income, net of tax: (14) 6 (12) (8) Total comprehensive loss (10) (28) (87) (68) Less: comprehensive income attributable to noncontrolling interest (2) (2) (3) (2) Comprehensive loss attributable to Warner Music Group Corp. $(12) $ (30) $ (90) $ (70) See accompanying notes 5 Table of Contents Warner Music Group Corp. Consolidated Statements of Cash Flows (Unaudited) Six Months Ended March 31, 2013 2012 (in millions) Cash flows from operating activities Net loss $ (75) $ (60) Adjustments to reconcile net loss to net cash provided by operating activities: Loss on extinguishment of debt 83 — Depreciation and amortization 120 123 Deferred income taxes (12) (9) Non-cash interest expense (income) 6 (1) Equity losses, including distributions 4 — Stock-based compensation 4 — Changes in operating assets and liabilities: Accounts receivable 64 76 Inventories 2 2 Royalty advances (10) 21 Accounts payable and accrued liabilities (74) (41) Royalty payables 12 26 Accrued interest (13) 34 Deferred income 46 2 Other balance sheet changes (32) (27) Net cash provided by operating activities 125 146 Cash flows from investing activities Investment and acquisition of businesses (5) (5) Acquisition of publishing rights (11) (13) Proceeds from the sale of music catalog — 2 Capital expenditures (13) (13) Net cash used in investing activities (29) (29) Cash flows from financing activities Proceeds from draw down of the New Revolving Credit Facility 31 — Repayment of the New Revolving Credit Facility (31) — Proceeds from issuance of Acquisition Corp 6.00% Senior Secured Notes 500 — Proceeds from issuance of Acquisition Corp 6.25% Senior Secured Notes 227 — Proceeds from Acquisition Corp Term Loan Facility, net 594 — Repayment of Acquisition Corp 9.5% Senior Subordinated Notes (1,250) — Financing fees paid for early redemption of debt (127) — Deferred financing costs paid (33) — Amortization of Term Loan (8) — Distribution to noncontrolling interest holders — (2) Net cash used in financing activities (97) (2) Effect of exchange rate changes on cash and equivalents (7) 3 Net (decrease) increase in cash and equivalents (8) 118 Cash and equivalents at beginning of period 302 154 Cash and equivalents at end of period $ 294 $272 See accompanying notes 6 Table of Contents Warner Music Group Corp. Consolidated Statement of Equity (Unaudited) Accumulated Total Additional Other Warner Music Common Stock Paid-in Accumulated Comprehensive Group Corp. Noncontrolling Total Shares Value Capital Deficit Loss Equity Interests Equity (in millions, except per share amounts) Balance at September 30, 2012 1,000 $0.001 $ 1,129 $ (143) $ (59) $ 927 $ 17 $ 944 Net (loss) income — — — (78) — (78) 3 (75) Deconsolidation of entity — — (1) — — (1) — (1) Other comprehensive loss — — — — (12) (12) — (12) Distribution to noncontrolling interests — — — — — — (1) (1) Stock dividend 55 — — — — — — — Balance at March 31, 2013 1,055 $0.001 $ 1,128 $ (221) $ (71) $ 836 $ 19 $ 855 See accompanying notes 7 Table of Contents Warner Music Group Corp. Notes to Consolidated Interim Financial Statements (Unaudited) 1. Description of Business Warner Music Group Corp. (the “Company”) was formed on November 21, 2003. The Company is the direct parent of WMG Holdings Corp. (“Holdings”), which is the direct parent of WMG Acquisition Corp. (“Acquisition Corp.”). Acquisition Corp. is one of the world’s major music-based content companies. Pursuant to the Agreement and Plan of Merger, dated as of May 6, 2011 (the “Merger Agreement”), by and among the Company, AI Entertainment Holdings LLC, a Delaware limited liability company (“Parent”) and an affiliate of Access Industries, Inc.
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