Warner Music Group has reported a $74 million net loss on revenues of $1.071 billion for the three-month period ended March 31, versus a net income of $67 million on $1.09 billion over the same quarter in 2019. That represents a net income decline of $141 million and a 1.7% drop in revenue. The net income was impacted by a $169 million charge due to its management variable incentive income plan, versus $5 million in the previous quarter; and by $4 million in expenses related to the now-delayed planned initial public offering.

Operating loss was $49 million compared to operating income of $122 million in last year’s first quarter. OIBDA was $12 million, down 93.7% from $191 million in the prior-year quarter and OIBDA margin decreased 16.4 percentage points to 1.1% from 17.5% in the prior-year quarter. When depreciation and amortization are subtracted, that leaves an operating income of $116 million versus operating income of $269 million for 2019’s first six months.

Streaming grew in revenue, totaling $1.175 billion for the six-month period, a 13.1% increase from the $1.04 billion in the first half of  2019. Downloads fell 30.6% to $84 million from $121 million, while physical fell 30.6% to $278 million from $361 million.

As of March 31, 2020, the Company reported a cash balance of $484 million, total debt of $2.983 billion and net debt (defined as total long-term debt, net of deferred financing costs, minus cash and equivalents) of $2.499 billion.

Warner Music has quite the roster of artists, including Ed Sheeran, Red Hot Chili Peppers, Alt-J, Amanda Palmer, Bruno Mars, Twenty-One Pilots, Dua Lipa and Kehlani, who recently released her sophomore effort It Was Good Until It Wasn’t. Fellow Warner Music signee Charli XCX released her latest single “I Finally Understand” from her upcoming quarantine album how i’m feeling now, releasing on May 15. The album will follow the singers 2019 album, Charli