Welcome to Warner Music Group's Fourth Quarter and Fiscal Year Earnings Call for the period ended September 30, 2019. At the request of Warner Music Group, today's call is being recorded for replay purposes. [Operator Instructions] Now I would like to turn the call over to your host, Mr. James Steven, Executive Vice President and Chief Communications Officer. You may begin.

Good morning, everyone. Welcome to Warner Music Group's Fiscal Fourth Quarter and Year Ended September 30, 2019, Conference Call. Both our earnings press release and the Form 10-K we filed this morning are available on our website. Today, our CEO, Steve Cooper, will update you on our business performance and strategy; our Executive Vice President and CFO, Eric Levin, will discuss our financial condition and results, and then we'll take your questions. Before Steve's comments, let me remind you that this communication includes forward-looking statements that reflect the current views of Warner Music Group about future events and financial performance. 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 earnings press release, our Form 10-K and other SEC filings. We plan to present certain non-GAAP results during this conference call. We have provided schedules reconciling these results to our GAAP results in our earnings press release posted on our website. Please note that all revenue figures and comparisons discussed today will be presented in constant currency unless otherwise noted. And with that, I will turn it over to Steve Cooper.

Thanks, James. Good morning, everyone, and thanks for joining us. Our fiscal year '19 results were excellent. We grew total revenue by 15% and OIBDA by 31%. We grew revenue in all regions of the world with the U.S. up 11%; Europe, 26%; Asia, 25% and Latin America, 17%. Our streaming revenue jumped by 26% this fiscal year, surging past $2 billion for the first time. It's now well over 50% of our total revenue, compared with under 20% just 5 years ago and next to nothing a decade ago. Recorded Music revenue grew an impressive 17%, thanks to incredible music from our artists and world-class execution by our people. Among our global top sellers were Ed Sheeran, whose album, No.6 Collaborations Project, was a monster hit, featuring an all-star cast of performance, including Bruno Mars, Stormzy and Chris Stapleton. The record debuted #1 in 16 countries, including Australia, Belgium, Sweden, Taiwan, the U.K. and the U.S. Our powerful presence in one of the world's most popular genres, hip-hop, was showcased by outstanding music from Cardi B, Meek Mill, A Boogie wit da Hoodie and Mac Miller. We also celebrated chart toppers from the likes of Warner Music Nashville's Dan + Shay; Japanese stars Aimyon and Twice; and French Legend, Johnny Hallyday. Atlantic Records, the leading record label in the U.S. during both '17 and '18, remains on track to claim #1 again in '19. Atlantic's ability to discover and develop the world's most exciting and original artists was shown once again with Lizzo, the breakout star of 2019, who recently received 8 Grammy nominations, the most of any artist this year. Her album, Cuz I love You, spawned 3 hit singles, including Truth Hurts, which spent 7 weeks at #1 on the Billboard Hot 100. Three of our other…

Thank you, Steve, and good morning, everyone. We had a good fourth quarter with revenue growth of 10% in constant currency. There are a few factors impacting the numbers that I'd like to call out on a constant currency basis. First, the net impact of M&A, which was about 2 percentage points of revenue. The revenue increase includes $54 million related to the acquisition of EMP, which was partially offset by $31 million decrease related to the sale of a concert promotion business. Second, the impact of adopting the new revenue recognition standard, ASC 606. In the fourth quarter, it had a negative $1 million impact to our total revenue. This was comprised of a negative $4 million impact on Recorded Music and $3 million positive impact on Publishing. Adjusting for these items, our total Q4 revenue would still have been strong, up 8% in constant currency. From an OIBDA perspective, certain adjustments are also necessary to make the year-over-year comparisons more meaningful. The details are in our press release. But in the current quarter, we had $12 million of onetime expenses related to restructuring and other related costs in our L.A. consolidation versus $23 million of adjustments in the prior year quarter. Q4 adjusted OIBDA rose 13% to $107 million, and margin rose 1.6 percentage points to 8.5%. The improvement was driven by revenue growth, which was partially offset by higher product costs related to revenue mix and a negative $17 million impact related to ASC 606. Our Recorded Music revenue in the fourth quarter was up 12%, with digital up 15%, driven by a 20% increase in streaming. Physical declined 21% due to industry trends and timing of releases. Licensing rose 4% or 12% adjusting for ASC 606 due to higher broadcast fees. Artist services and expanded rights…

[Operator Instructions] I now return the call back to Mr. Steve Cooper for closing remarks.

Thanks again, everyone, for joining us. I hope you all have a wonderful Thanksgiving and a safe and wonderful holiday season. We look forward to chatting with you in 2020. Thanks again. Bye-bye now.

This concludes today's conference call. Thank you for attending. You may now disconnect.