8 unchanged sentences
Dividend Policy
−Removed: The Company’s ability to pay dividends may be restricted by covenants in certain of the indentures governing its notes and in the credit agreements for the Senior Term Loan Facility and the Revolving Credit Facility.
−Removed: In the first quarter of fiscal year 2019, the Company instituted a regular quarterly dividend policy whereby it intended to pay a modest regular quarterly dividend in each of the first three fiscal quarters and a variable dividend for the fourth fiscal quarter in an amount commensurate with cash expected to be generated from operations in such fiscal year, in each case, after taking into account other potential uses for cash, including acquisitions, investment in our business and repayment of indebtedness.
+Added: The Company’s ability to pay dividends may be restricted by covenants in the credit agreement for the Revolving Credit Facility which are currently suspended but which will be reinstated if Acquisition Corp.’s Total Indebtedness to EBITDA Ratio increases above 3.50:1.00 and the term loans do not achieve an investment grade rating.
In connection with the IPO, the Company amended its dividend policy whereby it intends to pay quarterly cash dividends to holders of its Class A Common Stock and Class B Common Stock.
−Removed: The Company paid the first dividend under this policy of $0.12 per share in September 2020.
+Added: The Company paid the first dividend under this policy of $0.12 per share in September 2020, and in August 2021, the Company’s board of directors approved an increase in the quarterly dividend to $0.15 per share, which was paid in September 2021.
The declaration of each dividend will continue to be at the discretion of the Company’s board of directors and will depend on the Company’s financial condition, earnings, liquidity and capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends, restrictions imposed by Delaware law, general business conditions and any other factors that the Company’s board of directors deems relevant in making such a determination.
4 unchanged sentences
The graph uses the closing market price on June 3, 2020 of $30.12 per share as the initial value of our common stock, which had an initial public offering price of $25.00.
−Removed: The monthly intervals below are based on the Company’s 52-53 week fiscal year in which each reporting period ends on the last Friday of the respective period.
+Added: The quarterly intervals below are based on the Company’s 52-week fiscal year in which each reporting period ended on the last Friday of the respective reporting period.
The comparisons in the graph below are based on historical data and are not indicative of, nor intended to forecast, future performance of our Class A Common Stock.
6 unchanged sentences
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
−Removed: SELECTED FINANCIAL DATA
−Removed: The following selected financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes thereto included elsewhere in this Annual Report.
−Removed: The following selected financial data have been derived from the Company’s consolidated financial statements.
−Removed: The financial data for the fiscal years ended September 30, 2020, September 30, 2019 and September 30, 2018, and as of September 30, 2020 and September 30, 2019 have been derived from the Company’s consolidated financial statements included elsewhere in this Annual Report.
−Removed: The financial data for the fiscal years ended September 30, 2017 and September 30, 2016, and as of September 30, 2018, September 30, 2017 and September 30, 2016 have been derived from the Company’s consolidated financial statements not included in this Annual Report.
−Removed: Historical results are not indicative of future operating results.
−Removed: Fiscal Year Ended September 30,
−Removed: 2020 2019 2018 2017 2016
−Removed: (in millions, except per share data)
−Removed: Consolidated Statements of Operations Data:
−Removed: Revenues $ 4,463 $ 4,475 $ 4,005 $ 3,576 $ 3,246
−Removed: Interest expense, net (127) (142) (138) (149) (173)
−Removed: Net (loss) income (470) 258 312 149 30
−Removed: Income attributable to noncontrolling interest (5) (2) (5) (6) (5)
−Removed: Net (loss) income attributable to Warner Music Group Corp.
−Removed: (1) (475) 256 307 143 25
−Removed: Net (loss) income per share attributable to common stockholders:
−Removed: Class A – Basic and Diluted $ (0.82) $ — $ — $ — $ —
−Removed: Class B – Basic and Diluted (0.95) 0.51 0.61 0.29 0.05
−Removed: Cash dividends declared per common share:
−Removed: Class A Common Stock $ 0.12 $ — $ — $ — $ —
−Removed: Class B Common Stock 0.27 0.59 1.84 0.17 —
−Removed: Consolidated Balance Sheet Data (at period end):
−Removed: Cash and equivalents $ 553 $ 619 $ 514 $ 647 $ 359
−Removed: Total assets 6,410 6,017 5,344 5,718 5,335
−Removed: Total debt (including current portion of long-term debt) 3,104 2,974 2,819 2,811 2,778
−Removed: Total (deficit) equity (45) (269) (320) 308 210
−Removed: Consolidated Statements of Cash Flows Data:
−Removed: Cash flows provided by (used in):
−Removed: Operating activities $ 463 $ 400 $ 425 $ 535 $ 342
−Removed: Investing activities (219) (376) 405 (126) (8)
−Removed: Financing activities (316) 88 (955) (128) (216)
−Removed: Depreciation and amortization 261 269 261 251 293
−Removed: Capital expenditures (85) (104) (74) (44) (42)
−Removed: ______________________________________
−Removed: (1) Net loss attributable to Warner Music Group Corp.
−Removed: for the fiscal year ended September 30, 2020 includes a net loss on extinguishment of debt of $34 million, non-cash stock-based compensation expense of $608 million, and a one-time management agreement termination fee and IPO-related expenses of $89 million.
−Removed: Net income attributable to Warner Music Group Corp.
−Removed: for the fiscal year ended September 30, 2019 includes a net loss on extinguishment of debt of $7 million, variable compensation costs associated with the Senior Management Free Cash Flow Plan of $71 million and a benefit due to the reversal of the U.S.
−Removed: valuation allowance of $59 million related to foreign tax credits.
−Removed: Net income attributable to Warner Music Group Corp.
−Removed: for the fiscal year ended September 30, 2018 includes a net loss on extinguishment of debt of $31 million, variable compensation costs associated with the Senior Management Free Cash Flow Plan of $108 million, net gain on the Spotify share sale of $317 million after taxes and restructuring charges of $44 million.
−Removed: Net income attributable to Warner Music Group Corp.
−Removed: for the fiscal year ended September 30, 2017 includes a benefit due to the reversal of the U.S.
−Removed: valuation allowance of $125 million, net loss on extinguishment of debt of $35 million, variable compensation costs associated with the Senior Management Free Cash Flow Plan of $102 million and net gain on divestitures primarily related to
−Removed: PLG of $6 million.
−Removed: Net income attributable to Warner Music Group Corp.
−Removed: for the fiscal year ended September 30, 2016 includes net loss on extinguishment of debt of $18 million, gain on sale of real estate of $24 million and net gain on divestitures primarily related to PLG of $9 million.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.