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Mechanical revenue remained flat on an as-reported basis, but increased in constant currency.
Source: https://variety.com/2023/music/news/warner-music-group-tough-quarter-q1-2023-1235517906/
Revenue for our second quarter grew to $102.6 million, up 2% on an as-reported basis, or 1% in constant currency.
With the acquisition of Concorde, a concern clearly not up to publicly traded company standards from an accounting standpoint - why else would Universal report on an "as-reported" basis.