Warner Music Group (WMG) Q1 2023 Earnings Call Transcript

For the period ending December 31, 2022

February 9, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to Warner Music Group's First Quarter Earnings Call for the Period Ended December 31, 2022. At the request of Warner Music Group, today's call is being recorded for replay purposes and if you object, you may disconnect at any time.

Now I would like to turn today's call over to your host, Mr. Kareem Chin, Head of Investor Relations. You may begin.

Kareem Chin

Good morning, everyone. Welcome to Warner Music Group's fiscal first quarter earnings conference call. Please note that our earnings press release, earnings snapshot and the Form 10-Q we filed this morning will be available on our website. On today's call, we have our CEO, Robert Kyncl; and our CFO, Eric Levin, who will take you through our results and then we will answer your questions.

Before our prepared remarks, I'd like to refer you to the second slide of the earning snapshot to remind you that this communication includes forward-looking statements that reflect the current views of Warner Music Group about future events and financial performance. We plan to present certain non-GAAP results during this conference call and in our earning snapshot slides and have provided schedules reconciling these results to our GAAP results in our earnings press release. All of these materials are posted on our website.

Also, please note that all revenue figures and comparisons discussed today will be presented in constant-currency unless otherwise noted. All forward-looking statements are made as of today and we disclaim any duty to update such statements. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved.

Investors should not rely on forward-looking statements, because they are subject to a variety of risks, uncertainties and other factors that can cause actual results that differ materially from our expectations. Information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in our filings with the SEC.

And with that I will turn it over to Robert.

Robert Kyncl

Thank you, Kareem, and good morning, everyone.

I'm pleased to be here speaking with all of you for my first earnings call at Warner Music Group. I've been on the job for five weeks and I'm grateful to our Board of Directors, and our employees, artists and songwriters for giving me such a warm welcome. I would especially like to thank my predecessor, Steve Cooper, for everything he has done to position the company for long-term success, and for all his insights as I've been getting up to speed. Thanks also to you, our valued shareholders and everyone who follows the company for your continued support.