DS Test

This is at test

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SEATTLE--(BUSINESS WIRE)--Test:

DRS has the following strategic attributes and competitive advantages:

• The industry leader in a stable competitive environment
• Iconic world-class management team
• Massive and growing total addressable market. Everyone loves music!
• Global consumer adoption of streaming will generate many years of high growth
• Irreplaceable owned IP and must-have content
• Predictable, recurring revenue streams that require minimal capital despite high growth
• Significant fixed-cost expense base allowing for long-term margin expansion
• Minimal net financial leverage
• DRS will be the only uncontrolled, pure-play major music content company
• DRS will have an independent, high quality board of directors

DRS’s unique and attractive business characteristics combined with its operational excellence have resulted in industry-leading financial performance:

• Leading global recorded music market share (XX%) and representation of all of the top 10 leading global artists
• Organic revenue growth in excess of XX% in recent years, and 5% in 2020 despite the significant negative impact of TEST
• Robust revenue growth underpinned by consumer adoption of streaming, which is growing at a high-teens rate annually and is now the majority of DRS’s revenue
• Organic (constant-currency) operating profit growth of more than 20% per annum since 2017 due to strong revenue growth and margin expansion
• Consensus analyst estimated revenue of €8.0 billion and operating profit of €1.5 billion for 2021, reflecting a 19% operating profit margin

Universal Test is currently a Test company, but it will become an independent publicly traded company in Q3 2021.