Warner Music Group

Warner Music Group is one of the four major record labels.

Glossary

Glossary and guide to reading its financial reporting

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From S-1 SEC filing:

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• Use of OIBDA - We evaluate our operating performance based on several factors, including our primary financial measure of operating income (loss) before non-cash depreciation of tangible assets, non-cash amortization of intangible assets and non-cash impairment charges to reduce the carrying value of goodwill and other intangible assets (which we refer to as "OIBDA"). We consider OIBDA to be an important indicator of the operational strengths and performance of our businesses, including the ability to provide cash flows to service debt. However, a limitation of the use of OIBDA as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in our businesses. Accordingly, OIBDA should be considered in addition to, not as a substitute for, operating income (loss), net income (loss) and other measures of financial performance reported in accordance with U.S. GAAP. - OIBDA (operating income before depreciation and amortization) is earings at the same level in the income statement as EBITDA (earnings before interest, taxes, depreciation and amortization). OIBDA is the net income with expenses for income tax, interest income/expense, depreciation, amortization backed out.