Maintains Path to Record Full-Year
Performance
First Quarter 2019
Highlights
- Revenues were $182.4 million as
compared to $187.7 million in the prior year quarter
- Operating income reflected a loss of
$6.8 million as compared to income of $21.8 million in the prior
year quarter
- Adjusted OIBDA1 of $12.4 million was
within the range of guidance ($9 million to $14 million), and
reflected an anticipated year-over-year decline primarily due to
strategic investments
- WWE Network average paid subscribers2
increased 2% to 1.58 million paid subscribers, consistent with the
Company’s guidance
- Digital video views increased 15% to
7.7 billion; hours consumed increased 23% to 300 million hours
across digital platforms; and social media followers increased 12%
to over 1.0 billion3
Selected WrestleMania
Highlights
- WrestleMania (April 7, 2019) broke the
record for MetLife Stadium’s highest grossing entertainment event
at $16.9 million, attracting a capacity crowd of 82,265 fans
- WWE Network subscribers viewed 23.2
million hours during WrestleMania week, which was roughly on par
with the same week last year
- During WrestleMania week, 17.9 million
hours were consumed on digital and social media platforms, up 29%
from the prior year
- WWE Network’s total subscribers reached
2.0 million on April 8, 2019, the day after WrestleMania
- WrestleMania featured a historic,
first-ever women’s main event starring Ronda Rousey, Charlotte
Flair and Becky Lynch
WWE (NYSE: WWE) today announced financial results for its first
quarter ended March 31, 2019.
“During the quarter, we continued to execute our strategy and
achieved targeted financial results,” stated Vince McMahon,
Chairman and Chief Executive Officer. “While engagement metrics
over the past two quarters were impacted by Superstar absences, we
believe they will improve as our talent return and we launch our
new season following a successful WrestleMania. We remain excited
about the future, particularly with our debut on Fox in
October.”
George Barrios, Co-President, added “In the quarter, we
delivered Adjusted OIBDA within the range of our public guidance
and continue to target full-year record revenue of approximately $1
billion and record Adjusted OIBDA of at least $200 million. Our
primary focus is to deliver record results while investing in our
key priorities: content creation, localization and
digitization.”
First-Quarter Consolidated
Results
Revenues were $182.4 million as compared to $187.7
million from the prior year quarter as the increased monetization
of content as reflected in the Media segment was more than offset
by a reduction in live event ticket revenue and lower merchandise
sales.
Operating Income was a loss of $6.8 million as compared
to income of $21.8 million in the prior year quarter, reflecting a
decline in revenue and increased fixed costs, including strategic
investments, as well as higher stock compensation costs driven by
the increase in the Company’s stock price. The Company’s Operating
income margin declined to (4%) from 12% in the prior year
quarter.
Adjusted OIBDA (which excludes stock compensation) was
$12.4 million as compared to $35.2 million. The results reflected
an anticipated decline and were within the range of the Company’s
guidance ($9 million to $14 million). The Company’s Adjusted OIBDA
margin decreased to 7% from 19%.
Net Income reflected a loss of $8.4 million, or a loss of
$0.11 per diluted share, as compared to net income of $14.8
million, or earnings of $0.18 per diluted share, in the first
quarter of 2018. This decrease was primarily driven by the change
in operating performance.
Effective Tax Rate was 26%, consistent with that of the
prior year quarter.
Cash flows generated by operating activities reached $6.7
million as compared to $2.6 million in the prior year quarter as
favorable changes in working capital more than offset lower
operating performance.
Free Cash Flow demonstrated a $10.1 million use of cash
as compared to a $1.8 million use of cash in the first quarter of
2018 as the change in operating cash flow was offset by a $12.4
million increase in capital expenditures primarily associated with
the Company’s workspace plan.4
Cash, cash equivalents and short-term investments were
$338 million as of March 31, 2019, and the Company estimates
debt capacity under its revolving line of credit of
approximately $100 million.
First-Quarter Key Operating
Metrics
During the fourth quarter 2018 earnings call, WWE management
discussed the absence of several talent and their belief that these
absences had a negative impact on the Company’s engagement metrics.
Management believes that these absences continued to impact
engagement in the first quarter 2019 as domestic TV ratings for Raw
and SmackDown declined approximately 14% and 13%, respectively, and
average attendance at the Company’s live events in North America
declined 11%. WWE Network average paid subscribers increased 2% and
digital video consumption increased 23%. Looking to the future,
management believes the Company’s engagement metrics will improve
with the return of its talent, the emergence of new storylines and
new Superstars, and as the Company launches a new season of WWE
following a successful WrestleMania. Moreover, management remains
excited about the debut of SmackDown Live on Fox in October. The
debut will mark the first time WWE will be available live 52 weeks
a year on a premier broadcast platform. In addition to absolute
performance, management believes
relative performance is critically important as it illuminates
the value of WWE within the pay TV ecosystem. In the first quarter,
when excluding NASCAR’s premier event, The Daytona 500, WWE
delivered greater average viewership than any professional sports
league other than the NFL.5
The schedule below reflects WWE’s performance by operating
segment (in millions):1
Three Months
Ended March 31, 2019 2018 Net
Revenues: Media $ 135.4 $ 133.4 Live Events 26.2 30.8 Consumer
Products 20.8 23.5
Total Net Revenues $ 182.4
$ 187.7
Operating (Loss) Income: Media $ 16.3 $ 35.9
Live Events (0.2) 2.9 Consumer Products 5.0 6.0 Corporate
(27.9) (23.0)
Total Operating (Loss) Income $ (6.8) $
21.8
Adjusted OIBDA: Media $ 28.5 $ 43.6 Live Events
0.8 3.6 Consumer Products 6.0 6.9 Corporate (22.9)
(18.9)
Total Adjusted OIBDA $ 12.4 $ 35.2
Results by Operating
Segment
Media
Revenues increased to $135.4 million from $133.4 million
in the prior year quarter, primarily due to the contractual
escalation of core content rights fees. The growth was partially
offset by lower advertising sales, particularly on YouTube, and the
unfavorable timing of advertising and sponsorship sales across
other platforms.
WWE Network’s average paid subscribers increased 2% to
approximately 1.58 million. For the second quarter 2019, the
Company projects average paid subscribers of approximately 1.70
million, representing a year-over-year decline of 5%.2,6 The
Company’s primary focus for WWE Network is the launch of its new
platform in partnership with Endeavor Streaming and Massive. This
new platform will provide flexibility to bring new features and
experiences to the Company’s fans and enable the delivery of
content in multiple languages.
Three Months
Ended March 31, 2019 2018 Revenues:
Network (including pay-per-view) $ 47.0 $ 46.8 Core content rights
fees 7 68.1 65.5 Advertising and sponsorship 10.9 12.2 Other 8
9.4 8.9
Total Revenues $ 135.4 $ 133.4
Operating income was $16.3 million as compared to $35.9
million in the prior year quarter as the growth in revenue was more
than offset by increased fixed costs, including strategic
investments, and higher stock compensation costs driven by the
increase in the Company’s stock price.
Adjusted OIBDA was $28.5 million as compared to $43.6
million in the prior year quarter.
Key Highlights: During the quarter, Monday Night Raw and
SmackDown Live remained the highest-rated programs on USA Network.
The Company completed its fourth season of Total Bellas, renewed
Miz & Mrs for a second season in 2020 and announced the
development of new original content. This includes plans to create
a weekly studio show on Fox Sports 1, which will debut this fall,
and five documentaries on legendary WWE talent to be produced in
partnership with A&E Network under its iconic “Biography”
banner. On the Company’s streaming service, WWE Network,
pay-per-views, other in-ring content and original series continued
to drive viewer engagement. In addition to its pay-per-view events,
the Network’s most viewed programs included NXT TakeOver: Phoenix
and NXT UK TakeOver: Blackpool, the documentary series, WWE
Chronicle and WWE 24, and the Network exclusive, Halftime Heat,
which aired live during Super Bowl halftime and trended worldwide
on Twitter. The Company added more than 75 hours of original
content to WWE Network’s featured programming and 420 hours of
archival content, which resulted in an on-demand library of nearly
12,000 hours at quarter-end. For its social and digital platforms,
the Company produced nearly 200 hours of original content.
Live Events
Revenues declined 15% to $26.2 million due to weaker
performance of events in North America, which reflected lower
average attendance and the staging of nine fewer events. Average
attendance at these events declined 11% to 4,800. The average
ticket price of $52.38 was essentially unchanged from the prior
year quarter. There were no Raw or SmackDown events held in
international markets.
Three Months
Ended March 31, 2019 2018 Revenues:
North American ticket sales $ 24.1 $ 29.8 International ticket
sales 0.2 — Advertising and sponsorship 0.4 0.2 Other 9 1.5
0.8
Total Revenues $ 26.2 $ 30.8
Operating income reflected a loss of $0.2 million as
compared to income of $2.9 million in the prior year quarter,
primarily due to the reduction in ticket sales (as described
above).
Adjusted OIBDA was $0.8 million as compared to $3.6
million in the prior year quarter.
Key Highlights: WWE continued to stage large-scale,
action-packed events for its fans. During the quarter, Royal Rumble
attracted more than 48,000 fans at Chase Field in Phoenix, Arizona.
The Company also announced that Royal Rumble will be held at Minute
Maid Park in Houston, Texas in 2020, marking the second consecutive
year the event will be held at a Major League Baseball stadium.
Highlighting the success of its UK developmental brand, NXT UK held
its first-ever live special, NXT UK TakeOver: Blackpool, before a
sold-out crowd at the Empress Ballroom. Furthering the Company’s
efforts to expand its global talent base, WWE held its first-ever
tryout in India, the largest in WWE history, which featured more
than 70 participants, and recently announced a talent tryout in
China this Summer.
Consumer Products
Revenues decreased 11% to $20.8 million primarily due to
lower sales of merchandise at the Company’s e-commerce site, WWE
Shop, and live-event venues, where the latter can be attributed, in
part, to lower attendance (as described above).
Three Months
Ended March 31, 2019 2018 Revenues:
Consumer product licensing $ 9.4 $ 9.3 eCommerce 6.6 8.4 Venue
merchandise 4.8 5.8
Total Revenues $ 20.8 $
23.5
Operating income was $5.0 million as compared to $6.0
million in the prior year quarter reflecting the reduction in
revenue.
Adjusted OIBDA was $6.0 million as compared to $6.9
million in the prior year quarter.
Key Highlights: During the quarter, the Company continued
to develop new licensing partnerships across product categories.
This included recent agreements with New Era Cap, making the brand
the official headwear partner of WWE, and Roblox, a multiplayer
online platform with 80 million monthly active users, which are
primarily kids. As of quarter-end, the Company had nearly 110
million installs across its mobile game portfolio.
Second Quarter 2019 Business
Outlook
For the second quarter 2019, the Company estimates Adjusted
OIBDA of $19 million to $24 million.6 This range of results
represents a year-over-year decline in Adjusted OIBDA driven by
increases in fixed costs, including the timing of strategic
investments.
Financial Outlook 2019
In 2019, WWE management is targeting another year of record
revenue of approximately $1.0 billion and, as previously
communicated, Adjusted OIBDA of at least $200 million, which would
also be an all-time record (up at least 12% from Adjusted OIBDA of
$178.9 million in 2018).6
Achieving the targeted range of full year results assumes
substantial revenue, which supports Adjusted OIBDA of at least $100
million in the fourth quarter. Importantly, the Company’s new
content distribution agreements in the U.S., which become effective
in that period, provide significant visibility into that
expectation, and moreover, into the strong year-over-year growth
that is anticipated in 2020.
Management believes that increasing fan engagement over the next
few years can enhance WWE’s brand value and strengthen the
Company’s long-term growth. Supporting these objectives, the
Company plans to continue to invest in content, digitization and
international development. Key areas of investment for 2019 include
strengthening WWE’s talent base, delivering more localized content,
developing the next iteration of the WWE Network service, and
leveraging fan data to improve business performance. In 2019,
management will continue to evaluate WWE’s financial performance
and to balance current earnings with investments that strengthen
engagement and drive long-term growth.
WWE is unable to provide a reconciliation of second quarter or
full year guidance to GAAP measures as, at this time, WWE cannot
accurately determine all of the adjustments that would be
required.
Notes
(1) The definition of Adjusted OIBDA can be found in the
Non-GAAP Measures section of the release on page 7-8. A
reconciliation of three months ended March 31, 2019 and 2018
Operating Income to Adjusted OIBDA can be found in the Supplemental
Information in this release on pages 13-14
(2) Average paid subscribers are calculated based on the
arithmetic daily mean over the relevant period, and may differ
substantially from paid subscribers at the end of any period due to
the timing of paid subscriber additions and losses
(3) Consumption includes videos viewed on third party (Facebook,
YouTube, Twitter, Instagram, Snapchat, etc.) and WWE platforms
(WWE.com and WWE App). Social media followers represent the number
of followers for each individual platform as sourced from each
platform; as such, total followers shown have not been adjusted for
duplication among or within platforms and do not represent the
number of “unique” followers
(4) A reconciliation of three months ended March 31, 2019 and
2018 Free Cash Flow to Net cash provided by operating activities
can be found in the Supplemental Information in this release on
page 15
(5) Data based on average viewers per live episode/ game
measured on a Live+SD basis across broadcast and cable networks.
Source: Nielsen Media Research, NPOWER (for more information, see
WWE Q1 2019 earnings website presentation at corporate.wwe.com/investors)
(6) The Company’s business model and expected results (including
our outlook for the second quarter and rest of 2019) will continue
to be subject to significant execution and other risks, including
risks relating to entering into, maintaining and/ or renewing key
agreements, uncertainties associated with international markets and
risks inherent in large live events, and the other risks outlined
in the Company’s Form 10-K filing with the SEC
(7) Core content rights fees consist primarily of licensing
revenues earned from the distribution of our flagship programs, Raw
and SmackDown, through global broadcast, pay television and digital
platforms
(8) Other forms of media monetization reflect revenues earned
from the distribution of other content, including, but not limited
to, certain live in-ring programming content in international
markets, scripted, reality and other programming, theatrical and
direct-to-home video releases
(9) Other Live Events includes revenue from the sale of travel
packages associated with the Company’s live events, and commissions
earned through secondary ticketing as well as revenue from events
for which the Company receives a fixed fee
Non-GAAP Measures
The Company defines Adjusted OIBDA as operating income
excluding depreciation and amortization, stock-based compensation
expense, certain impairment charges and other non-recurring
material items that otherwise would impact the comparability of
results between periods. Adjusted OIBDA includes amortization
expenses directly related to the Company's revenue generating
activities, including feature film and television production asset
amortization, amortization of costs related to content delivery and
technology assets utilized for the WWE Network, as well as
amortization of right-of-use assets related to finance leases of
live event production equipment. The Company believes the
presentation of Adjusted OIBDA is relevant and useful for investors
because it allows them to view the Company’s segment performance in
the same manner as the primary method used by management to
evaluate segment performance and to make decisions regarding the
allocation of resources. Additionally, the Company believes that
Adjusted OIBDA is a primary measure used by media investors,
analysts and peers for comparative purposes.
Adjusted OIBDA is a non-GAAP financial measure and may be
different than similarly-titled non-GAAP financial measures used by
other companies. WWE views operating income as the most directly
comparable GAAP measure. Adjusted OIBDA (and other non-GAAP
measures such as Adjusted Operating Income, Adjusted Net Income and
Adjusted EPS presented to exclude certain material items that
impact the comparability between periods) should not be considered
in isolation from, or as a substitute for, operating income or
other GAAP measures, such as net income or operating cash flow, as
an indicator of operating performance or liquidity.
The Company defines Free Cash Flow as net cash provided
by operating activities less cash used for capital expenditures.
WWE views net cash provided by operating activities as the most
directly comparable GAAP measure. Although it is not a recognized
measure of liquidity under U.S. GAAP, Free Cash Flow provides
useful information regarding the amount of cash WWE’s continuing
business generates after capital expenditures and is available for
reinvesting in the business, debt service, and payment of
dividends.
Additional Information
Additional business metrics are made available to investors on
the corporate website - corporate.wwe.com/investors. Note: As previously
announced WWE will host a conference call at 11:00 a.m. ET on April
25th to discuss the Company's earnings results for the first
quarter of 2019. All interested parties are welcome to listen to a
live web cast that will be hosted through the Company’s website at
corporate.wwe.com/investors.
Participants can access the conference call by dialing
1-855-200-4993 (toll free) or 1-323-794-2092 from outside the U.S.
(conference ID for both lines: 3055483). Please reserve a line 5-10
minutes prior to the start time of the conference call.
The earnings presentation referenced during the call will be
made available on April 25, 2019 at corporate.wwe.com/investors. A replay of the call
will be available approximately two hours after the conference call
concludes, and can be accessed on the Company’s web site.
About WWE
WWE, a publicly traded company (NYSE: WWE), is an integrated
media organization and recognized leader in global entertainment.
The Company consists of a portfolio of businesses that create and
deliver original content 52 weeks a year to a global audience. WWE
is committed to family friendly entertainment on its television
programming, pay-per-view, digital media and publishing platforms.
WWE’s TV-PG, family-friendly programming can be seen in more than
800 million homes worldwide in 25 languages. WWE Network, the
first-ever 24/7 over-the-top premium network that includes all live
pay-per-views, scheduled programming and a massive video-on-demand
library, is currently available in more than 180 countries. The
Company is headquartered in Stamford, Conn., with offices in New
York, Los Angeles, London, Mexico City, Mumbai, Shanghai,
Singapore, Dubai, Munich and Tokyo.
Additional information on WWE (NYSE: WWE) can be found at
wwe.com and corporate.wwe.com. For information on our global
activities, go to http://www.wwe.com/worldwide/.
Trademarks: All WWE programming,
talent names, images, likenesses, slogans, wrestling moves,
trademarks, logos and copyrights are the exclusive property of WWE
and its subsidiaries. All other trademarks, logos and copyrights
are the property of their respective owners.
Forward-Looking Statements: This
press release contains forward-looking statements pursuant to the
safe harbor provisions of the Securities Litigation Reform Act of
1995, which are subject to various risks and uncertainties. These
risks and uncertainties include, without limitation, risks relating
to: entering, maintaining and renewing major distribution
agreements; WWE Network (including the risk that we are unable to
attract, retain and renew subscribers); our need to continue to
develop creative and entertaining programs and events; the
possibility of a decline in the popularity of our brand of sports
entertainment; the continued importance of key performers and the
services of Vincent K. McMahon; possible adverse changes in the
regulatory atmosphere and related private sector initiatives; the
highly competitive, rapidly changing and increasingly fragmented
nature of the markets in which we operate and greater financial
resources or marketplace presence of many of our competitors;
uncertainties associated with international markets including
possible disruptions and reputational risks; our difficulty or
inability to promote and conduct our live events and/or other
businesses if we do not comply with applicable regulations; our
dependence on our intellectual property rights, our need to protect
those rights, and the risks of our infringement of others’
intellectual property rights; the complexity of our rights
agreements across distribution mechanisms and geographical areas;
potential substantial liability in the event of accidents or
injuries occurring during our physically demanding events
including, without limitation, claims alleging traumatic brain
injury; large public events as well as travel to and from such
events; our feature film business; our expansion into new or
complementary businesses and/or strategic investments; our computer
systems and online operations; privacy norms and regulations; a
possible decline in general economic conditions and disruption in
financial markets; our accounts receivable; our indebtedness
including our convertible notes; litigation; our potential failure
to meet market expectations for our financial performance, which
could adversely affect our stock; Vincent K. McMahon exercises
control over our affairs, and his interests may conflict with the
holders of our Class A common stock; a substantial number of shares
are eligible for sale by the McMahons and the sale, or the
perception of possible sales, of those shares could lower our stock
price; and the volatility of our Class A common stock. In addition,
our dividend is dependent on a number of factors, including, among
other things, our liquidity and historical and projected cash flow,
strategic plan (including alternative uses of capital), our
financial results and condition, contractual and legal restrictions
on the payment of dividends (including under our revolving credit
facility), general economic and competitive conditions and such
other factors as our Board of Directors may consider relevant.
Forward-looking statements made by the Company speak only as of the
date made and are subject to change without any obligation on the
part of the Company to update or revise them. Undue reliance should
not be placed on these statements. For more information about risks
and uncertainties associated with the Company’s business, please
refer to the “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and “Risk Factors” sections of
the Company’s SEC filings, including, but not limited to, our
annual report on Form 10-K and quarterly reports on Form 10-Q.
World Wrestling Entertainment,
Inc.
Consolidated Income Statements
(In millions, except per share
data)
(Unaudited)
Three Months Ended
March 31, 2019 2018 Net revenues $ 182.4 $
187.7 Operating expenses 135.4 120.0 Marketing and selling expenses
23.1 19.9 General and administrative expenses 24.3 19.7
Depreciation and amortization 6.4 6.3 Operating
(loss) income (6.8) 21.8 Interest expense (1) 6.3 3.5
Other income, net 1.8 1.8 (Loss) income before income
taxes (11.3) 20.1 (Benefit from) provision for income taxes
(2.9) 5.3 Net (loss) income $ (8.4) $ 14.8 (Loss)
earnings per share: Basic $ (0.11) $ 0.19 Diluted $ (0.11) $ 0.18
Weighted average common shares outstanding: Basic 78.0 77.1
Diluted 78.0 82.5 Dividends declared per common share (Class A and
B) $ 0.12 $ 0.12
(1) During the current year quarter, the Company incurred
additional nonrecurring interest expense of $1.4 million under the
notes’ indenture related to the removal of the restrictive legend
and assignment of the unrestricted CUSIP on the Convertible Notes.
Additionally, during the current year quarter the Company recorded
a one-time expense of $1.2 million associated with immaterial
finance leases identified as part of our lease accounting adoption
on January 1, 2019
World Wrestling Entertainment,
Inc.
Consolidated Balance Sheets
(In millions)
(Unaudited)
As of March
31, December 31, 2019 2018 ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 152.8 $ 167.5
Short-term investments, net 185.4 191.7 Accounts receivable, net
55.0 78.9 Inventory 8.8 7.7 Prepaid expenses and other current
assets 37.6 28.2 Total current assets 439.6
474.0 PROPERTY AND EQUIPMENT, NET 155.5 148.1 FINANCE LEASE
RIGHT-OF-USE ASSETS, NET 14.6 — OPERATING LEASE RIGHT-OF-USE
ASSETS, NET 20.4 — FEATURE FILM PRODUCTION ASSETS, NET 13.0 13.6
TELEVISION PRODUCTION ASSETS, NET 4.0 7.5 INVESTMENT SECURITIES
30.2 30.2 NON-CURRENT DEFERRED INCOME TAX ASSETS 17.9 17.1 OTHER
ASSETS, NET 8.0 9.8 TOTAL ASSETS $ 703.2 $ 700.3
LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES:
Current portion of long-term debt $ 5.1 $ 5.1 Finance lease
liabilities 8.4 — Operating lease liabilities 7.2 — Convertible
debt 184.5 183.1 Accounts payable and accrued expenses 78.5 120.1
Deferred income 60.9 49.2 Total current liabilities
344.6 357.5 LONG-TERM DEBT 24.4 25.7 FINANCE LEASE
LIABILITIES 7.4 — OPERATING LEASE LIABILITIES 13.1 — OTHER
NON-CURRENT LIABILITIES 0.6 0.9 Total liabilities
390.1 384.1 COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY: Class A common stock 0.4 0.4 Class B
convertible common stock 0.3 0.3 Additional paid-in capital 429.2
415.3 Accumulated other comprehensive income 2.3 1.5 Accumulated
deficit (119.1) (101.3) Total stockholders’ equity
313.1 316.2 TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY $ 703.2 $ 700.3
World Wrestling Entertainment,
Inc.
Consolidated Statements of Cash
Flows
(In millions)
(Unaudited)
Three Months Ended
March 31, 2019 2018 OPERATING ACTIVITIES: Net
(loss) income $ (8.4) $ 14.8 Adjustments to reconcile net (loss)
income to net cashprovided by operating activities: Amortization
and impairments of feature film production assets 0.6 2.2
Amortization of television production assets 8.3 3.1 Depreciation
and amortization 8.0 7.9 Services provided in exchange for equity
instruments (0.8) (0.8) Other amortization 3.5 1.6 Stock-based
compensation 12.8 7.1 (Benefit from) provision for deferred income
taxes (0.8) 2.0 Other non-cash adjustments 1.3 — Cash (used in)
provided by changes in operating assets and liabilities: Accounts
receivable 24.0 (2.5) Inventory (1.0) (1.6) Prepaid expenses and
other assets (9.4) (12.0) Feature film production assets — (0.4)
Television production assets (4.8) (4.5) Accounts payable, accrued
expenses and other liabilities (38.8) (25.0) Deferred income
12.2 10.7 Net cash provided by operating activities
6.7 2.6 INVESTING ACTIVITIES: Purchases of property and
equipment and other assets (16.8) (4.4) Purchases of short-term
investments (13.4) (39.1) Proceeds from sales and maturities of
investments 20.5 18.5 Purchase of investment securities
(0.1) — Net cash used in investing activities (9.8)
(25.0) FINANCING ACTIVITIES: Repayment of debt (1.3) (1.2)
Repayment of finance leases (2.0) — Dividends paid (9.4) (9.3)
Taxes paid related to net settlement upon vesting of equity awards
(0.1) — Proceeds from issuance of stock 1.2 0.8 Net
cash used in financing activities (11.6) (9.7) NET
DECREASE IN CASH AND CASH EQUIVALENTS (14.7) (32.1) CASH AND CASH
EQUIVALENTS, BEGINNING OF PERIOD 167.5 137.7 CASH AND
CASH EQUIVALENTS, END OF PERIOD $ 152.8 $ 105.6 NON-CASH INVESTING
TRANSACTIONS: Purchases of property and equipment recorded in
accounts payableand accrued expenses $ 10.3 $ 2.1
World Wrestling Entertainment,
Inc.
Supplemental Information –
Reconciliation of Adjusted OIBDA
(In millions, except per share
data)
(Unaudited)
Three Months Ended
March 31, 2019
Operating(Loss)Income
Depreciation&Amortization
StockCompensation
OtherAdjustments
AdjustedOIBDA
Media $ 16.3 $ 2.8 $ 9.4 $
-
$ 28.5 Live Events (0.2)
-
1.0
-
0.8 Consumer Products 5.0
-
1.0
-
6.0 Corporate (27.9) 3.6 1.4
-
(22.9)
Total $ (6.8) $ 6.4 $ 12.8 $
-
$ 12.4
Three Months Ended March 31, 2018
OperatingIncome
Depreciation&Amortization
StockCompensation
OtherAdjustments
AdjustedOIBDA
Media $ 35.9 $ 3.0 $ 4.7 $
-
$ 43.6 Live Events 2.9
-
0.7
-
3.6 Consumer Products 6.0
-
0.9
-
6.9 Corporate (23.0) 3.3 0.8
-
(18.9)
Total $ 21.8 $ 6.3 $ 7.1 $
-
$ 35.2
World Wrestling Entertainment,
Inc.
Supplemental Information -
Reconciliation of Business Outlook
(In millions, except per share
data)
(Unaudited)
Reconciliation of Adjusted OIBDA to
Operating Income
Q1 2019 Q2 2019 FY 2019 Adjusted
OIBDA $ 12.4 $19 - $24 At least
$200 Depreciation & amortization (6.4)
-
-
Stock-based compensation (12.8)
-
-
Film impairments (1)
-
-
-
Asset impairments (1)
-
-
-
Gain (losses) on operating assets (1)
-
-
-
Restructuring charges (1)
-
-
-
Other operating income items (1)
-
-
-
Operating (loss) income (U.S. GAAP Basis) $
(6.8) Not estimable Not estimable
(1) Because of the nature of these items, WWE is unable to
estimate the amounts of any adjustments for these items for periods
after March 31, 2019 due to its inability to forecast if or when
such items will occur. These items are inherently unpredictable and
may not be reliably quantified.
World Wrestling Entertainment,
Inc.
Supplemental Information - Free Cash
Flow
(In millions)
(Unaudited)
Three Months Ended
March 31, 2019 2018 Net cash provided by
operating activities $ 6.7 $ 2.6 Less cash used for capital
expenditures: Purchase of property and equipment and other assets
(16.8) (4.4) Free Cash Flow $ (10.1) $ (1.8)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190425005495/en/
Investors:Michael Weitz 203-352-8642Michael Guido,
CFA 203-352-8779Media:Matthew Altman 203-352-1177
World Wrestling Entertai... (NYSE:WWE)
Historical Stock Chart
From Aug 2024 to Sep 2024
World Wrestling Entertai... (NYSE:WWE)
Historical Stock Chart
From Sep 2023 to Sep 2024