First Quarter 2022
Highlights
- Revenue was $333.4 million, an increase of 27% and a quarterly
record; Operating Income was $92.4 million, an increase of 42%; and
Adjusted OIBDA1 was $111.7 million, an increase of 33% and a
quarterly record
- Returned capital to shareholders totaling $38.9 million,
including share repurchases and dividends paid
- Announced a multi-year expansion of the Company’s original
programming partnership with A&E that includes more than 130
new hours of premium WWE-themed series and specials
- Announced a broadcast partnership with MBC Group, the largest
and leading group in the Middle East and North Africa (MENA)
region, to air WWE premium live events, live episodes of Raw and
SmackDown as well as WWE Network’s vast library of content
- Announced a comprehensive, long-term partnership with Fanatics
to create a new, enhanced digital platform for e-commerce and
licensed merchandise, as well as physical, digital, and
non-fungible token (NFT) trading cards
- WWE 2K22, the latest installment of the Company’s flagship
video game franchise, was released to strong consumer demand and
rave reviews
WrestleMania Highlights (April 2-3, 2022)
- WrestleMania was held at AT&T Stadium in Dallas over two
consecutive nights in front of a combined 156,352 fans.
WrestleMania was WWE’s highest-grossing and most-attended event in
company history
- WrestleMania was the most viewed WWE premium live event of all
time. Global unique viewership increased 54% and domestic unique
viewership increased 61% year-over-year
- WrestleMania was the second most viewed event on Peacock to
date, behind only Super Bowl LVI
- WrestleMania generated 2.2 billion social media impressions,
more than the 1.8 billion impressions generated by Super Bowl
LVI
- WrestleMania viewership in India was a record 56.1 million, a
29% increase year-over-year
2022 Business Outlook2
- The Company reaffirms its expectations for 2022, which assume
ticketed audiences at the Company’s live events for the full year,
and target record revenue and an Adjusted OIBDA range of $360 -
$375 million, which would be an all-time record. This range of
anticipated performance reflects the continued ramp-up of live
events, including large-scale international events, and increased
monetization of content, partially offset by increased production,
content-related, and other expenses.
WWE (NYSE: WWE) today announced financial results for its first
quarter ended March 31, 2022.
“We are off to a strong start in 2022, highlighted by record
quarterly revenue and Adjusted OIBDA,” said Vince McMahon, WWE
Chairman & CEO. “We continued to effectively execute our
strategy, including staging the most stupendous WrestleMania ever
in early April. WrestleMania, as well as our other successful
premium live events such as Day 1, Royal Rumble and Elimination
Chamber, further expanded the reach of our brands and enhanced the
value of our content as evidenced by increased ticket revenue and
viewership. We continue to monetize our intellectual property
across various platforms through our media rights agreements, both
domestically and abroad, as well as through the monetization of new
original series, including our expanded partnership with
A&E.”
Frank Riddick, WWE Chief Financial and Administrative Officer,
added “In the quarter, we exceeded the high end of our guidance.
Adjusted OIBDA increased 33% reflecting 27% revenue growth. Our
strong financial performance was primarily driven by our return to
a full live event schedule, including the staging of a successful
large-scale international event. These items more than offset the
absence of one-time upfront revenue recognition related to the
delivery of certain WWE Network intellectual property rights in the
prior year period.”
First-Quarter Consolidated
Results
Revenue increased 27% to $333.4 million, primarily due to
the timing of a large-scale international event as well as higher
ticket sales due to the return of ticketed audiences at our live
events. These increases were partially offset by a decline in
network revenues primarily due to the impact of upfront revenue
recognition in the prior year quarter related to the delivery of
certain WWE Network intellectual property rights.
Operating Income increased 42%, or $27.3 million, to
$92.4 million, driven by the increase in revenue partially offset
by an increase in operating expenses. The increase in operating
expenses was primarily driven by return to live event touring,
including the timing of a large-scale international event,
partially offset by lower television production costs associated
with the creation of the Company’s weekly, in-ring content. In the
prior year period, WWE produced its weekly, televised programs
utilizing the higher cost environment of WWE ThunderDome at
Tropicana Field in Tampa, Florida. The Company’s operating income
margin increased to 28% from 25%.
Adjusted OIBDA (which excludes stock compensation)
increased 33%, or $27.8 million, to $111.7 million. The Company’s
adjusted OIBDA margin increased to 34% from 32%.
Net Income was $66.1 million, or $0.77 per diluted share,
an increase from $43.8 million, or $0.51 per diluted share in the
first quarter of 2021, primarily reflecting higher operating
performance.
Cash flows generated by operating activities were $95.5
million, an increase from $59.9 million, primarily due to the
timing of collections associated with WWE Network revenue and, to a
lesser extent, higher net income. These increases were partially
offset by the increased payout of management incentive
compensation.
Free Cash Flow3 was $74.0 million, an increase from $53.8
million, primarily due to the change in operating cash flow,
partially offset by an increase in capital expenditures.4 For the
three months ended March 31, 2022, the Company incurred $13.1
million of capital expenditures related to its new headquarter
facility. Excluding the capital expenditures related to the new
headquarter facility, Free Cash Flow for the three months ended
March 31, 2022 was $87.1 million.
Return of Capital to
Shareholders
The Company returned $38.9 million to shareholders in the first
quarter of 2022, including $30.0 million in share
repurchases and $8.9 million in dividends paid. Under
the Company’s existing stock repurchase program, approximately
525,000 shares were repurchased at an average price of $57.21 per
share. As of March 31, 2022, the Company had $221 million available
under its $500 million stock repurchase authorization.
Results by Operating
Segment
The schedules below reflect WWE’s performance by operating
segment (in millions):1
Three Months Ended
March 31,
2022
2021
Net Revenue:
Media
$
278.1
$
242.0
Live Events
23.1
0.5
Consumer Products
32.2
21.0
Total Net Revenue
$
333.4
$
263.5
Operating Income (Loss):
Media
$
117.4
$
97.1
Live Events
2.0
(4.5)
Consumer Products
11.2
6.2
Corporate
(38.2)
(33.7)
Total Operating Income
$
92.4
$
65.1
Adjusted OIBDA:
Media
$
128.2
$
106.6
Live Events
2.8
(4.3)
Consumer Products
11.9
6.7
Corporate
(31.2)
(25.1)
Total Adjusted OIBDA
$
111.7
$
83.9
Media
First-Quarter 2022
Revenue increased 15%, or $36.1 million, to $278.1
million, primarily due to the timing of a large-scale international
event and, to a lesser extent, an increase in domestic media rights
fees related to the Company’s flagship programs and premium events.
These factors were partially offset by the upfront revenue
recognition in the prior year quarter related to the delivery of
certain WWE Network intellectual property rights.
Three Months Ended
March 31,
2022
2021
Media Revenue:
Network (a)
$
56.3
$
79.4
Core content rights fees (b)
141.5
139.7
Advertising and sponsorship (c)
19.8
15.6
Other (d)
60.5
7.3
Total Revenue
$
278.1
$
242.0
(a) Network revenue consists primarily of license fees
associated with the distribution of WWE Network content on the
Peacock service in the U.S. (effective March 18, 2021), as well as
subscription fees from customers of WWE Network and license fees
associated with the Company’s international licensed partner
agreements. Network revenue for the three-month period ended March
31, 2021, includes the upfront revenue recognition related to the
delivery of certain WWE Network intellectual property rights to
Peacock.
(b) Core content rights fees consist primarily of licensing
revenue from the distribution of the Company’s flagship programs,
Raw and SmackDown, as well as its NXT programming, through global
broadcast, pay television and digital platforms.
(c) Advertising and sponsorship revenue within the Media segment
consists primarily of advertising revenue from the Company’s
content on third-party social media platforms and sponsorship fees
from sponsors who promote products utilizing the Company’s media
platforms, including promotion on the Company’s digital websites
and on-air promotional media spots.
(d) Other revenue within the Media segment reflects revenue from
the distribution of other WWE content, including, but not limited
to, certain live in-ring programming content in international
markets, scripted, reality and other programming, as well as
theatrical and direct-to-home video releases
Operating income increased 21%, or $20.3 million, to
$117.4 million, primarily driven by the increase in revenue (as
described above) partially offset by an increase in operating
expenses. The increase in operating expenses was primarily driven
by the timing of a large-scale international event, partially
offset by lower television production costs associated with the
creation of the Company’s weekly, in-ring content.
Adjusted OIBDA increased 20%, or $21.6 million, to $128.2
million.
Live Events
First-Quarter 2022
Revenue was $23.1 million, an increase of $22.6 million,
driven by the resumption of ticket sales as the Company returned to
staging ticketed live events. There were 53 total ticketed live
events in the current quarter, consisting of 52 events in North
America and 1 event in international markets. Average attendance at
the Company’s North America events was approximately 5,700.
Three Months Ended
March 31,
2022
2021
Live Events Revenue:
North American ticket sales
$
19.9
$
—
International ticket sales
—
—
Advertising and sponsorship (e)
1.1
—
Other (f)
2.1
0.5
Total Revenue
$
23.1
$
0.5
(e) Advertising and sponsorship revenue consists primarily of
fees from advertisers and sponsors that promote products utilizing
the Company’s live events (i.e., presenting sponsor of fan
engagement events and advertising signage at events).
(f) Other Live Events includes revenue from the sale of travel
packages associated with the Company’s global live events,
commissions earned through secondary ticketing, and revenue from
events for which the Company receives a fixed fee
Operating income increased to $2.0 million as compared to
an operating loss of $4.5 million, as the increase in ticket sales
(as described above) was partially offset by an increase in
event-related expenses.
Adjusted OIBDA increased to $2.8 million as compared to a
loss of $4.3 million.
Consumer Products
First-Quarter 2022
Revenue increased 53%, or $11.2 million, to $32.2
million, primarily due to higher sales of the Company’s licensed
video games, including our franchise game WWE 2K22, as well as
higher venue merchandise sales driven by the return to ticketed
live events. These items were partially offset by a decrease in
eCommerce merchandise sales due, in part, to a difficult comparison
to elevated Covid-related sales in the prior year period.
Three Months Ended
March 31,
2022
2021
Consumer Products Revenue:
Consumer product licensing
$
20.0
$
11.0
eCommerce
7.7
10.0
Venue merchandise
4.5
—
Total Revenue
$
32.2
$
21.0
Operating income increased 83%, or $5.0 million, to $11.2
million, reflecting the increase in revenue (as described above)
partially offset by an increase in certain variable costs,
including higher costs related to global supply chain
constraints.
Adjusted OIBDA increased 78%, or $5.2 million, to $11.9
million.
2022 Business Outlook2
In February, the Company issued its outlook for 2022 Adjusted
OIBDA. The Company reaffirms its expectations for 2022, which
assume ticketed audiences at the Company’s live events for the full
year, and target record revenue and an Adjusted OIBDA range of $360
- $375 million, which would be an all-time record. This range of
anticipated performance reflects the continued ramp-up of live
events, including large-scale international events, and increased
monetization of content, partially offset by increased production,
content-related, and other expenses.
Second Quarter 2022 Business
Outlook2
The Company estimates second quarter 2022 Adjusted OIBDA of $80
- $90 million, which represents an increase of approximately 17% -
32% from the prior year quarter. The estimate reflects strong
revenue growth from the impact of WWE’s return to live event
touring (which did not occur in the prior year quarter) and the
contractual escalation of domestic media rights fees for the
Company’s flagship programs and premium events. The Company also
anticipates that second quarter results will reflect an increase in
operating expenses.
Notes
(1) The definition of Adjusted OIBDA can be found in the
Non-GAAP Measures section of the release on page 7. A
reconciliation of Operating Income to Adjusted OIBDA for the
three-month periods ended March 31, 2022 and 2021 can be found in
the Supplemental Information in this release on page 13.
(2) The Company’s business model and expected results will
continue to be subject to significant execution and other risks,
including risks relating to the impact of COVID-19 on WWE’s
business, results of operations and financial condition; entering,
maintaining and renewing major distribution agreements; WWE
Network; uncertainties associated with international markets and
risks inherent in large live events, and other risk factors
disclosed in our annual report on Form 10-K for the year ended
December 31, 2021. In addition, WWE is unable to provide a
reconciliation of second quarter or full year 2022 guidance to GAAP
measures as, at this time, WWE cannot accurately determine all of
the adjustments that would be required. See Supplemental
Information in this release on page 14.
(3) A reconciliation of Net Cash Provided by Operating
Activities to Free Cash Flow for the three-month periods ended
March 31, 2022 and 2021 can be found in the Supplemental
Information in this release on page 15.
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 and
depreciation expenses directly related to supporting the operations
of our segments, including content production asset amortization,
depreciation and 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
equipment used to produce and broadcast our live events. 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 from 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 which are defined as the GAAP
measures excluding certain nonrecurring, material items that impact
the comparability between periods) should not be considered in
isolation from, or as a substitute for, operating income, net
income, EPS or other GAAP measures, such as 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, share repurchases and
payment of dividends.
Additional Information
As previously announced WWE will host a conference call at 5:00
p.m. ET on May 5, 2022, to discuss its first quarter 2022 results.
All interested parties are welcome to listen to a live webcast 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:
9020389). 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 May 5, 2022, 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 website.
Additional business metrics are made available to investors on
the corporate website - corporate.wwe.com/investors.
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, premium live events, digital media, and publishing
platforms. WWE’s TV-PG programming can be seen in more than 1
billion homes worldwide in 30 languages through world-class
distribution partners including NBCUniversal, FOX Sports, BT Sport,
Sony India and Rogers. The award-winning WWE Network includes all
premium live events, scheduled programming and a massive
video-on-demand library and is currently available in more than 180
countries. In the United States, NBCUniversal’s streaming service,
Peacock, is the exclusive home to WWE Network.
Additional information on WWE can be found at wwe.com and corporate.wwe.com.
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: the COVID-19 outbreak, which may continue to affect negatively
world economies as well as our industry, business and results of
operations; entering, maintaining and renewing major distribution
and licensing agreements; a rapidly evolving and highly competitive
media landscape; WWE Network; computer systems, content delivery
and online operations of our Company and our business partners;
privacy norms and regulations; our need to continue to develop
creative and entertaining programs and events; our need to retain
and continue to recruit key performers; the possibility of a
decline in the popularity of our brand of sports entertainment; the
possible unexpected loss of 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/or our inability to compete effectively, especially
against competitors with greater financial resources or marketplace
presence; 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; large
public events as well as travel to and from such events; our
expansion into new or complementary businesses, strategic
investments and/or acquisitions; our accounts receivable; the
construction and move to our new leased corporate and media
production headquarters; litigation; a change in the tax laws of
key jurisdictions; our feature film business; a possible decline in
general economic conditions and disruption in financial markets
including any resulting from COVID-19; our indebtedness including
our convertible notes; our potential failure to meet market
expectations for our financial performance; Vincent K. McMahon
exercises control over our affairs, and his interests may conflict
with the holders of our Class A common stock; our share repurchase
program; 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,
2022
2021
Net revenues
$
333.4
$
263.5
Operating expenses
180.7
142.1
Marketing and selling expenses
18.4
18.9
General and administrative expenses
32.2
26.6
Depreciation and amortization
9.7
10.8
Operating income
92.4
65.1
Interest expense
6.3
8.5
Other income, net
0.3
0.5
Income before income taxes
86.4
57.1
Provision for income taxes
20.3
13.3
Net income
$
66.1
$
43.8
Earnings per share:
Basic
$
0.88
$
0.57
Diluted
$
0.77
$
0.51
Weighted average common shares
outstanding:
Basic
74.8
77.4
Diluted
87.6
85.7
Dividends declared per common share (Class
A and B)
$
0.12
$
0.12
World Wrestling Entertainment,
Inc.
Consolidated Balance
Sheets
(In millions)
(Unaudited)
As of
March 31,
December 31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
105.6
$
134.8
Short-term investments, net
342.2
281.0
Accounts receivable, net
163.2
171.2
Inventory
9.2
8.0
Prepaid expenses and other current
assets
30.7
32.2
Total current assets
650.9
627.2
Property and equipment, net
183.8
172.7
Finance lease right-of-use assets, net
308.6
313.4
Operating lease right-of-use assets,
net
14.7
9.0
Content production assets, net
15.8
13.8
Investment securities
11.6
11.6
Deferred income tax assets, net
16.7
13.1
Other assets, net
43.2
43.3
Total assets
$
1,245.3
$
1,204.1
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of long-term debt
$
0.4
$
0.4
Finance lease liabilities
12.5
12.2
Operating lease liabilities
3.8
4.8
Convertible debt
213.4
201.1
Accounts payable and accrued expenses
111.1
120.5
Deferred revenues
83.9
74.6
Total current liabilities
425.1
413.6
Long-term debt
21.2
21.3
Finance lease liabilities
371.0
374.7
Operating lease liabilities
11.5
5.1
Other non-current liabilities
10.7
8.1
Total liabilities
839.5
822.8
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
386.6
409.9
Accumulated other comprehensive income
0.7
2.4
Retained earnings (accumulated
deficit)
17.8
(31.7)
Total stockholders’ equity
405.8
381.3
Total liabilities and stockholders'
equity
$
1,245.3
$
1,204.1
World Wrestling Entertainment,
Inc.
Consolidated Statements of
Cash Flows
(In millions)
(Unaudited)
Three Months Ended
March 31,
2022
2021
OPERATING ACTIVITIES:
Net income
$
66.1
$
43.8
Adjustments to reconcile net income to net
cash provided by operating activities:
Amortization and impairments of content
production assets
9.8
5.8
Depreciation and amortization
12.0
12.6
Other amortization
3.5
4.2
Stock-based compensation
9.6
8.0
Provision for (benefit from) deferred
income taxes
0.3
(0.4)
Other non-cash adjustments
0.3
0.8
Cash provided by (used in) changes in
operating assets and liabilities:
Accounts receivable
7.8
(32.8)
Inventory
(0.9)
0.3
Prepaid expenses and other assets
(1.4)
12.2
Content production assets
(11.7)
(5.8)
Accounts payable, accrued expenses and
other liabilities
(9.2)
12.5
Deferred revenues
9.3
(1.3)
Net cash provided by operating
activities
95.5
59.9
INVESTING ACTIVITIES:
Purchases of property and equipment and
other assets
(21.5)
(6.1)
Purchases of short-term investments
(111.6)
(52.4)
Proceeds from sales and maturities of
investments
47.4
22.8
Purchase of investment securities
—
(0.2)
Net cash used in investing activities
(85.7)
(35.9)
FINANCING ACTIVITIES:
Repayment of debt
(0.1)
(100.1)
Repayment of finance leases
(3.4)
(2.7)
Dividends paid
(8.9)
(9.2)
Proceeds from tenant improvement
allowances
2.3
—
Taxes paid related to net settlement upon
vesting of equity awards
(0.1)
(0.6)
Proceeds from issuance of stock
1.2
1.9
Repurchase and retirement of common
stock
(30.0)
(75.0)
Net cash used in financing activities
(39.0)
(185.7)
NET DECREASE IN CASH AND CASH
EQUIVALENTS
(29.2)
(161.7)
CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD
134.8
462.1
CASH AND CASH EQUIVALENTS, END OF
PERIOD
$
105.6
$
300.4
NON-CASH INVESTING TRANSACTIONS:
Purchases of property and equipment
recorded in accounts payable and accrued expenses
$
21.4
$
2.7
World Wrestling Entertainment,
Inc.
Supplemental Information –
Reconciliation of Adjusted OIBDA
(In millions, except per share
data)
(Unaudited)
Three Months Ended March 31,
2022
Operating Income
(Loss)
Depreciation &
Amortization
Stock Compensation
Other Adjustments
Adjusted OIBDA
Media
$
117.4
$
3.6
$
7.2
$
—
$
128.2
Live Events
2.0
—
0.8
—
2.8
Consumer Products
11.2
0.1
0.6
—
11.9
Corporate
(38.2)
6.0
1.0
—
(31.2)
Total
$
92.4
$
9.7
$
9.6
$
—
$
111.7
Three Months Ended March 31,
2021
Operating Income
(Loss)
Depreciation &
Amortization
Stock Compensation
Other Adjustments
Adjusted OIBDA
Media
$
97.1
$
3.7
$
5.8
$
—
$
106.6
Live Events
(4.5)
—
0.2
—
(4.3)
Consumer Products
6.2
—
0.5
—
6.7
Corporate
(33.7)
7.1
1.5
—
(25.1)
Total
$
65.1
$
10.8
$
8.0
$
—
$
83.9
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 2022
Q2 2022
FY 2022
Adjusted OIBDA
$
111.7
$80 - $90
$360 - $375
Depreciation & amortization (1)
(9.7)
—
—
Stock-based compensation (1)
(9.6)
—
—
Other operating income items (1)
—
—
—
Operating income (U.S. GAAP
Basis)
$
92.4
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, 2022 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,
2022
2021
Net cash provided by operating
activities
$
95.5
$
59.9
Less cash used for capital
expenditures:
Purchases of property and equipment and
other assets (1)
(21.5)
(6.1)
Free Cash Flow (1)
$
74.0
$
53.8
(1) Purchases of property and equipment and other assets
includes $13.1 million and $0.5 million of capital expenditures
related to the Company’s new headquarter facility for the three
months ended March 31, 2022 and 2021, respectively. Excluding the
capital expenditures related to the Company’s new headquarter
facility, Free Cash Flow was $87.1 million and $54.3 million for
the three months ended March 31, 2022 and 2021, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220505006001/en/
Investors: Seth Zaslow 203-352-1026 Media: Matthew Altman
203-352-1177
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