Q2 2025 Warner Music Group Corp Earnings Call
Speaker Change: The way I'm done, covert fatigue Like I've never been done Baby, I'm obsessed with you and there's no replica Baby, if it's messy, if it's messy, if it's messy Then you know it's really love I want all of your complicated Get me howlin' over you
Speaker Change: Kareem Chin, Robert Kyncl, Bryan Castellani Kareem Chin, Robert Kyncl, Bryan Castellani Kareem Chin, Robert Kyncl, Bryan Castellani
Speaker Change: I'm on the floor, I can't sleep at night So baby, let's get, let's see, let's get it all the way undone Come over and touch me just like I've never been touched
Speaker Change: Baby, all I've got is you, a little replica Baby, if it's a scene, if it's a scene, if it's a scene Then you know it's really tough Tough Then you know it's really tough Tough
Speaker Change: Welcome to Warner Music Group's second quarter earnings call for the period ended March 31, 2025. 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.
Speaker Change: Good morning everyone and welcome to Warner Music Group's second quarter earned conference call. Please note that our earnings press release, earning snapshot and form 10Q are available on our website.
Speaker Change: On today's call, we have our CEO , Robert Kyncl, and our departing CFO , Bryan Castellani, who will take you through our results, and then we will answer your questions.
Speaker Change: Before our prepared remarks, I'd like to refer you to the second slide of the earnings 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.
Speaker Change: 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 gap results in our earnings press release. All of these materials are posted on our website.
Speaker Change: 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 just claim any duty to update
Speaker Change: Our expectations will lead to projections expressed in good faith, and we believe there is a reasonable basis for them.
Speaker Change: However, there can be no assurance that management's expectations, beliefs and projections will results will be achieved. Investors should not rely on forward-looking statements because there are subject to a variety of risks, uncertainties, and other factors that can cause actual results than different materially from our expectations.
Speaker Change: Information concerning factors that could cause actual results to differ materially from those in the former looking statements is contained in our files with the SEC and with that, I'll turn it over to Robert.
Robert Kyncl: Thanks, Gareem, and hello everyone. While you were waiting, you just heard new tracks from Rosé and Don Oliver, both features in the hardly anticipated F1 movie.
Speaker Change: The blockbuster Apple Film starring Brad Fitz will be released in June .
Speaker Change: It's soundtrack will add to our run of hit albums for movies such as Barbie and The Greatest Showman.
Speaker Change: As many of you know, Bryan Castellani will be leaving us, and I'd like to thank him for his counsel, partnership, and contributions to our company. I know everyone joins me in wishing him the best in his next endeavor.
Speaker Change: Armin Zerza joined out the CFO this week, and he brings a strong track record of operational excellence, commercial innovation, and financial discipline.
Speaker Change: He was previously CFO at Gaming Giant Activision Blizzard where he played pivotal roles in the company's growth for almost a decade. I look forward to working with Armin as we enter the next exciting era for music.
Speaker Change: I'll get into our broader strategy shortly, but first, let's talk about the quarter.
Speaker Change: Our results in Q2 reflect a lighter release schedule, market share pressure in China, and a tough year over year comparison in subscription streaming, where we saw strong double digit growth in the prior year quarter.
Speaker Change: As a result, the company's revenue increased 1% as recorded music revenue grew 1% and music publishing revenue grew 3%. Within recorded music, subscription streaming grew 3%.
Speaker Change: Total company adjusted or if that decreased 1% and adjusted or if the margin decreased 50 basis points.
Speaker Change: We recognize this is a moment of transition in the industry and for our company [inaudible]
Speaker Change: Even so, we are very optimistic for many reasons, but three in particular.
Speaker Change: One, against the backdrop of global uncertainty, music is the most resilient art form, and currently the least expensive.
Speaker Change: 2. The industry across music companies and DSPs is aligned behind driving growth through subscribers and pricing increases.
Speaker Change: And three, WMG has the right creative and commercial strategies in place, and we're sharpening our execution as we stay focused on our long-term growth and profitability.
Speaker Change: I'd like to dive deeper here and give you insight into the progress we're making across the three priorities we previously share. Grow market share, grow the value of music and become more efficient, bringing up more capital, both for reinvestment and to drive greater shareholder return.
I'll start with growing market share.
Speaker Change: From great new signings, to returning superstars, to timeless legends across genres and geographies, every aspect of a recordist and songwriter development engine is heating up.
Speaker Change: We are investment activities, also gathering pace, or a world position to take bigger slice of the pie.
Speaker Change: In recorded music, our new talent is really shining through. From mega hits like Teddy Swim's loose control, the longest running Latin song in the history of Billboard Hot 100, to Ben Swinburne's beautiful things, the number one song in the world for all of 2024.
Speaker Change: The next wave for rising stars includes Alex Warren, who's its ordinary, has stopped the UK chart for seven consecutive weeks, and also rose to number one on the Billboard Global 200.
Speaker Change: and O.V. on the drums, W. Sound whose love line-up is the biggest Latin song in the world reaching number one in 13 markets.
Speaker Change: There's also huge momentum behind artists like Maria, Thomber, Raven Lene, and Forrest Frank.
Speaker Change: At the same time, our superstars continue to build momentum. Ed Sheeran's Azizam is a top-down in several markets, including the UK, in advance of his latest album, Play, which comes out in September .
Speaker Change: Grozen, Bruno Mars, APT, Spence's 27th week in the Spotify Global Top 5, and Bruno Mars record breaking to it with Lady Gaga, Ty with a smile, currently sits at number 1 for the 29th week.
Speaker Change: And we have more number ones across established markets with domestic artists like S.C.H. and France, Praminsen, Germany, Gangperate in Japan, and many more.
Speaker Change: We're also seeing real progress in high growth markets, such as Meena, Nigeria, and India, where we've meaningfully increased our market share and an environment where monetization is rapidly shifting towards
Speaker Change: We recently signed a promising new deal with highly regarded entrepreneur, Angela Acharya, to help break audits of self-Asian heritage in North America. I've known Angela since my days at Netflix, and I partnered with her at YouTube, and I'm very excited to be working with her again.
Speaker Change: Our legendary catalog also consistently performs. We recently commanded nearly half of the top 50 best-selling albums for record-store day in the US, the biggest vinyl sales day of the year.
Speaker Change: Classic Tracks continue to research and impact today's culture. For example, while a 2013 single love-hate thing, when viral on TikTok and so streams rise more than 6,000% over 7 weeks.
Speaker Change: In Music Publishing, Warner Chapples for Billboard's Publishers Quarterly for the first time taking the number one spot on the radio airplane, hot 100 songs and country airplane charts.
Speaker Change: Composer Daniel Blumber, won the best original score Oscar for the brutalist, and we continue to make exciting new signings including superstar DJ Diplo and
Speaker Change: I'd like to highlight that our creative engine is firing on all cylinders. Our share on the Spotify global charts has grown very consistently and by nearly 50% since mid-2023, with Q3 entrant to be our highest charger in two years.
Speaker Change: In addition, right now, WMGs recording artists hold five of the top ten tracks on the Billboard Global Chart, including the top three with Alex Warren, Bruno Mars, and Rosé. These results are a promising sign that our strategy is working. [inaudible]
Speaker Change: We take a twin engine approach to growing our market share. Alongside organically and our investment, we're also increasing our M&A activity. We expect to have more news about our M&A investment plans in the near future.
Speaker Change: Now let's turn to our second priority, growing the value of music.
Speaker Change: One key shift in the industry is that it's moving from just subscriber growth to growth driven by both subscribers and price increases.
Speaker Change: Our collaboration with many of the biggest tech companies in the world, including Spotify and Amazon, provides more opportunities for innovation along with greater certainty around our economic participation as price increases become more regular.
Speaker Change: Growing the value of music starts with protecting our artists and songwriters
And today, nowhere is that more crucial than with AI.
Speaker Change: I was in DC last month to support a revised No Fakes Act, the same legislation that I testified for at a Senate hearing last April .
Speaker Change: The bill provides protections against unauthorized deepfakes while setting up a licensing framework, saving the way for new revenue streams and more trustworthy products.
Speaker Change: This is not only a bipartisan bill that we have gathered support across music and attainment and tech industries, including MPA, SAGAFRA, YouTube, OpenAI, and others.
Speaker Change: You also could serve as blueprint for the treatment of name, image, likeness, and voice rights around the world.
Speaker Change: Our role as a music company has never been more relevant and is becoming increasingly pivotal as the ecosystem gets more complex.
Speaker Change: Bringing together millions of copyrights across recorded music and publishing, we use our scale and expertise to create value for artists and songwriters across a vast global network of multi-billion dollar tech companies.
Finally, let's turn to efficiency [inaudible]
Speaker Change: As we make organizational changes to optimize our performance, while yielding benefits from tech upgrades, we are driving a virtuous cycle, so we can invest more for the benefit of artists, songwriters, and shareholders.
Speaker Change: Since 2023, we've announced plans to achieve a cumulative total of more than 300 million in annualized cost savings.
Speaker Change: the majority of which is being reinvested in music and technology. This is an ongoing process that has become part of our DNA and we will continue to look for ways to drive even more efficiencies.
Speaker Change: By doing so, we will free up additional resources to pursue the most attractive opportunities to a disciplined capital allocation flat.
Speaker Change: As I told you in our last turning school, we saw our NR spent increased double digits last year and it will increase by even more this year.
Speaker Change: We're starting to see signs of our strategy paying off. As I mentioned earlier, we have the strongest chart present that we've had in a long time, which is translating to the expanding market share in new releases across the US, the largest market in the world.
Speaker Change: As we replicate this strategy across our other labels and geographies, we will augment our growth with M&A. In short, we're putting more wood behind fewer arrows to interpret charge our core business.
Speaker Change: Our temple investment is a good signpost for the kinds of acquisitions you can expect us to make.
Speaker Change: The deal is a prime example of our M&A strategy in action, reinvesting cost savings into high-quality essential music with high marches.
Speaker Change: And we continue to invest in technology to sharpen our competitive edge and improve services for our artists and song writers.
Speaker Change: A key example is the recent beta launch of WMG Pulse.
Speaker Change: This is an app which offers real-time insights drawn from every major DSP and social media platform. This week, we invited 100 artists and strong editors to use the app and we'll be adding more sophisticated features and potential data in the coming months.
Speaker Change: However, we expect these challenges, we experience this quarter to persist for the remainder of the fiscal year, resulting in lower subscription streaming growth than previously expected.
Speaker Change: As Armin settles into his new role, we'll provide updates on our business and capital allocation priorities on the next earnings call.
Speaker Change: with highly anticipated new releases from Ed Sheeran, Lizzo, David Gettath, Benson Boone, Alex Warren, Rosé, Bernard Boy, Teddy Swins, Mike Towers, and others coming this year. We are excited about the momentum we're building into 2026.
Bryan Castellani: I'll now pass it over to Bryan, who will take you through the numbers.
Bryan Castellani: Before I get into our results, I want to remind everyone that growth rate comparisons will be in constant currency.
Bryan Castellani: In Q2, total revenue increased 1% and adjusted Oybeda declined 1% with a margin of 20.4%
Bryan Castellani: A decrease of 50 basis points over the prior year quarter, primarily due to revenue mix.
Bryan Castellani: Physical revenue increased 2% due to strong releases in the US and Japan, which was partially offset by the BMG Roll Off.
Bryan Castellani: Artist Services and Expanded Rights Revenue Decrease 6% Due to Lower Concert Promotion Revenue primarily in France as well as ongoing weakness in our e-commerce business TMP.
Bryan Castellani: Driven primarily by activity in Japan and the US partially offset by timing of legal settlements.
Bryan Castellani: Recorded music adjusted Oyba to increase 1%, with a margin of 23%, an increase of 10 basis points.
Bryan Castellani: Music publishing total revenue increased 3%, while streaming revenue increased 2% due to the impact of digital deal renewals primarily in the US.
Bryan Castellani: We had a tough comparison against the prior year quarter, which saw a robust streaming revenue growth of 29%.
Bryan Castellani: Performance revenue grew 6%, driven by an increase in concerts, radio and live events, primarily outside the US.
Bryan Castellani: Sink Revenue increased 2% due to higher TV and commercial licensing activity, and Mechanical Revenue increased 14% due to higher physical sales.
Bryan Castellani: Music Publishing Adjusted Oibita Increased 5% with the margin of 27.4% and uptick a 50 basis points.
Bryan Castellani: Q2 operating cashflow increased to $69 million from a use of $31 million in the prior year quarter. The increase was primarily due to timing of working capital items.
Operating cashflow conversion was 23% of adjusted oibirat
Bryan Castellani: Free cash flow increased to $33 million from the use of $57 million in the prior year quarter.
Bryan Castellani: As of March 31st, we had a cash balance of $637 million for $1 million.
Bryan Castellani: Total debt of $4.3 billion, and net debt of $3.7 billion. Total debt includes approximately $300 million related to our acquisition of Tempo. Our weighted average cost of debt was 4.1% and our nearest maturity date remains 2028.
Speaker Change: As I wrap up, I'd like to welcome Armin and thank Robert, our board and everyone at Warner Music Group, especially our global finance team.
Speaker Change: I'm also grateful to everyone in the investment community who supports and follows Warner Music Group so thoughtfully. It's been a pleasure working with you. With that, we will take your questions.
Speaker Change: Thank you. If you would like to ask a question, please press star one on your telephone keypad. If you would like to withdraw your question, simply press star one again. Please ensure you are not on speakerphone and that your phone is not on mute when called upon. Thank you.
Speaker Change: Your first question comes from Michael Morris of Guggenheim Securities. Your line is open.
Michael Morris: Thank you. Good morning. I want to ask a big picture question to start, Robert, you know, given the challenging quarter we had in the limited visibility.
What confidence can you give investors?
Michael Morris: to reinforce why you think Warner Music remains attractively positioned with an opportunity to return on a path to the growth goals that you have put out.
Michael Morris: And maybe if I could ask just one follow-up as well, can you give us an update of how you're thinking about subscription streaming growth for the year at this point relative to the high single digits?
Michael Morris: And how much inter-quarter volatility should investors be considering given your release rate timing?
Thank you, appreciate it.
Thank you, Michael.
Speaker Change: So the reason the reason works at it and we believe all investors should be excited.
is our strategy.
Speaker Change: I spoke about our strategy on the last turning school, we just three pillars.
Speaker Change: to grow market share, grow and learn the value of music with our CSPs.
Speaker Change: and Grow Efficiency, so that we can free up more capital to reinvest into music and tech, so that we can spend the flywheel for long-term profitable growth.
Speaker Change: That's exactly what we've been doing. We have increased our ANR spent last year from the proceeds that we freed up, and we've done exactly the same in this disclaimer, and our investments in that area are starting to show early signs of success.
Speaker Change: I'll give you two, I'll give you a couple examples. One, doing my remarks.
I mentioned our charts success [inaudible]
which is the biggest in a very, very long time.
Speaker Change: on Spotify Global 200 in the last two years were up 50% in our torture, which is incredible. And Spotify Global Daily, today, yesterday, we have five of the top 10.
Speaker Change: Same on the Billboard chart, and that one Spotify, US Daily, we have six of top ten. So clearly our investment into A&R, into artists and artists songwriter development as well as into our superstars.
Speaker Change: is yielding hits and I'm really excited that the creative engine of the company is humming.
Speaker Change: It's also starting to translate into new release market share in the US for example, obviously the biggest market
Speaker Change: It's the home of our largest divisions, Warner Records, and the Plantic music.
Speaker Change: and seeing the early times of success in growing market drove new releases is very, very encouraging, and we have to make sure that we sharpen our execution focus to make sure we do the same thing across the entire business.
Speaker Change: The second early sign is also on technology. Yesterday we rolled out an app called WMG Pulse.
Speaker Change: which is a co-pilot for artists' careers, which is giving them lots of transactional data about their albums.
Streams
audiences and money.
Speaker Change: And it's a result of a lot of infrastructure work that we've done in terms of investing into our digital supply chain, financial transformation, and then data infrastructure to collect a minus amount of data and process it in a simple and easy to use way.
Speaker Change: and what we will do is we'll continue to roll out to more and more artists.
Speaker Change: and songwriters, and we will continue to add a lot of features to this, so this is just the beginning of where this will go, so it's a new surface for us to do.
interact with artists.
David Karnovsky, David Karnovsky,
David Karnovsky, David Karnovsky,
Speaker Change: The next question comes from Benjamin Black with Deutsche Bank. Your line is open.
Great, good morning. Thank you for taking my questions. Robert, so...
You know, from the outside looking, you know, to appear that, you know, [inaudible]
Speaker Change: At least some of that the heavy lift has been completed, the potential...
Speaker Change: Secondly, just on subscription streaming, just a quick clarification question. Here's what exactly happened in China with a just release rate driven and
Speaker Change: Can you maybe expand upon, you know, exactly what happened there and how big the impact was and will that persist for the, for the bounce of the year as well thank you.
Sure. Thank you. So...
Speaker Change: An alignment with our biggest partners. As I said last time, we've been making great progress on it. Our job isn't done yet. We continue to work through it.
Speaker Change: and also as we achieve it, it takes time for it to participate through the agreements and go into effect but it is a core pillar of our strategy and we're executing against it and we're very encouraged by the collaborative nature with our largest partners. [inaudible]
Speaker Change: As relates to double-pin markets, we have some great success, great leadership in places like Mexico and Brazil, two of the top and global markets.
Speaker Change: and also high growth markets. So we've been doing a great job driving growth over there and we have some more opportunities in other parts of the world. Thank you.
Speaker Change: You're asking specifically about China, that is a big opportunity obviously.
Speaker Change: We have a new head of Asia starting in two months.
Speaker Change: who will play a pivotal role in helping us drive growth around the largest markets in Asia, and in terms of the current impact from China we expect the same trend to continue for the balance of the year. [inaudible]
Cutgun Murrell: The next question comes from Kutgun Maral with Evercore ISI. Your line is open.
Cutgun Murrell: Good morning, and thanks for taking the question. Sorry for all the focus on subscription streaming, but maybe if we kind of take a step back away from this year, I think there's a lot of excitement around the DSP renewals and how they would flow through, and now maybe it seems like more of a calendar 26 benefit maybe I'm wrong on that, but can you flesh out how to think about...
Speaker Change: Yeah, sure, obviously I can go into the details of the agreement, but I would say through your questions, you can't
most clear way to say it.
Speaker Change: Okay, and there's obviously still more work to do.
Andersett, thank you.
David Karnovsky, David Karnovsky,
Kareem.
Speaker Change: The next question comes from Batya Lovey with UBS. Your line is open.
Batia Levy: Great, thank you. Can you provide a little bit more color on what change versus your original expectation for high single digit subscription growth is it?
Batia Levy: Is it mostly impact from China had you assumed that we would have some price increases and I know that you don't disclose
Batia Levy: Cored Grills, but Toth Combs is a major driver of that.
Batia Levy: If you didn't have that situation, what would be the run rate growth that we would see in subscription, and maybe just one more on the lighter release slate? Is that lighter than you had originally expected? Because I thought you were originally, it would be a more linear release schedule going forward than not fluctuate as much as in the past. Thank you. Thank you.
Speaker Change: Jared, thank you. So there's a, our results are basically compounded through four different things. One, which is the top comps that you mentioned from last year. And I'll let Brian Chime on that later on to a question to pressure in the market.
Speaker Change: 38 The Lighter Lit, or these schedules that you mentioned and weakness in China.
Speaker Change: Those four compounded to the results that we're currently seeing has relates to the slight obviously we always plan for growth. [inaudible]
Speaker Change: The volume that's coming out, albums make it shifted out of quarters, et cetera. So it's a bit of an ebb and flow that simply happens. And so it is something that we're used to and it is harder to predict, but it is part of our life. [inaudible]
Speaker Change: Yeah, and Batya, thanks. Just on the tough comp, it was 13.5% prior to your quarter, so we did expect some diesel and you know, we've also stopped talking about BND and normalizing, but that would have been a point here in this quarter as well.
Thank you [inaudible]
David Karnovsky, David Karnovsky
Speaker Change: The next question comes from David Karnovsky with JP Morgan. Your line is open.
Speaker Change: Hi, this is Scott Hastings on for David Karnovsky. I just wanted to ask a little bit about management at some of the labels, so it seems like you have some to...
Speaker Change: Two different philosophies that your flag should labels now with Aaron Beishock at Warner, who seems to have more of a long form and deliberate approach to artist management and Elliott Green and Atlantic now who seems to be pretty good at quickly identifying and building up artists. Is this the right way to understand it and how do you think the structure will help drive market share growth going forward for WMG's whole? No, no, no.
Thank you.
Speaker Change: Yeah, so I would say one as a company we have to walk into government at the same time and it is there different ways to succeed in the market and I am actually very pleased that we don't have just a singular approach.
Speaker Change: to our business, right, that we have talent that has different strengths [inaudible]
Speaker Change: You've highlighted some of those, but it doesn't mean, for instance, in case of Elliot, there is all inclusively focused on Quikets [inaudible]
Elliot also very much focused on the artist's development. [inaudible]
Speaker Change: You know, we are working much, much closer together as the leadership team across all the operators [inaudible]
Speaker Change: So that people also are sharing insights, not just competing with each other, but actually sharing insights together so that as a whole as a company we do better. So I think this is exactly the kind of mix of executives we need.
Perfect, well thank you.
David Karnovsky, David Karnovsky,
Speaker Change: The next question comes from Stephen Laszczyk with Goldman Sachs. Your line is open.
Stephen Lesizik: Great. Good morning. Thanks for taking the questions. Robert, could you perhaps talk a little bit more about the investments you're making in A&R? I'm curious what genres or markets. You see the most opportunity in maybe how should we think about any near-term long-term goals? Do you have on market share for Warner? And then to what extent could we expect A&R expense to increase, I think you mentioned, up more than double digits last year in any context there would be helpful? And then maybe you're related to that for Brian to be curious.
is the co-founder and CEO of Netflix.
Robert Kyncl: Sounds good. Thanks, Stephen. So let me take the first one on the investment focus.
Speaker Change: What we've been spending a lot of time on capital allocation, and by the way also with Armin starting we'll also continue to do that, you know, over the next border and make sure we really sharpen our focus on that.
Speaker Change: And the best way to think about it is that we evaluate the world based on global value of local repertoire and think about where we get the most bank for the buck in the near and the long term.
Speaker Change: And so there's two different ways to get the world country lens or repertoire lens and we're starting to shift way more towards the repertoire lens [inaudible]
Speaker Change: So that really drives how we think about the world, how we think about resourcing, and how we think about more sharp capital allocation.
Bryan Castellani: And Stephen and Brian on margins in the quarter, what we pointed to was the revenue mix, the lower streaming growth of course translated the lower margin for us.
Bryan Castellani: And just point out, if you exclude DMT or physical was up 15% which was a bright spot.
But again, that comes with lower margin. Thank you.
Bryan Castellani: And then on the cause side, there were a couple of things that created some quarter to quarter variability. We mentioned the continued re-investment in tax, including the launch of the app.
Bryan Castellani: As well, we continue to point to investing in the A&R, even though you will see overall that was sound slightly within it, our unproven A&R was up modestly in dollar terms, more than double digits on percentage terms.
Bryan Castellani: and that on proven gets expense to the PNL. So those created some margin headwinds.
Bryan Castellani: FX, as you know, was a significant headwind in Q1. Some of that did come back in Q2, but at this time, it's too early to update on any guidance. And as we said,
Thank you.
Bryan Castellani: This concludes a question and answer session. I'll turn the call to Robert Kyncl for closing remarks.
Robert Kyncl: Alright, so thank you all for dialing in paying attention to our company. I want to reiterate that
Robert Kyncl: Our strategy, we firmly believe in the strategy that we set ourselves on.
Robert Kyncl: of growing market share, growing the value of music and growing efficiency to reinvestant music and technology and drive long-term profitable growth.
and the early signs of success.
Robert Kyncl: through our chart share success on a global level as well as US level and in many markets around the world are very very encouraging and as well as our growing market share in the United States in new releases.
Robert Kyncl: So, and I'm very pleased that we're starting to shift technology products into the hands of artists and songwriters to start paying back on some of our investments in technology and to transform the company. So, thank you so much. And we'll talk to you next quarter.
Speaker Change: This concludes today's conference call. Thank you for joining. You may now disconnect.
Speaker Change: They say the holy water's watered down, and this town's lost its faith. Our colors will fade, eventually, soon, if our time is running out. Day after day, we'll make the mundane our masterpiece. Oh my, my, oh my.
Speaker Change: I'm my love, I take one look at you, you're taking me out of the ordinary I want you laying me down to the dead in the airy On the edge of your eyes, you're staring drunk as a bite The angels up in the clouds are jealous, no one's allowed something so wild I'm the ordinary You're going to be kissing the crowd, when you say it's your larry [inaudible]
Speaker Change: So.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Yes.