WWE® Reports Record Full Year 2022 Results
WWE reported solid financial results for Q4 2022 and the full year, achieving record revenues of $1.3 billion, an 18% year-over-year increase. Q4 revenue rose 5% to $325.3 million, despite operating income falling 22% to $62.7 million. Adjusted OIBDA decreased 4% to $90.2 million. The company returned $8.9 million in dividends in Q4 and $75.7 million for the year. Notably, Crown Jewel became WWE’s most viewed international event, and several live events saw significant viewership increases. WWE anticipates a record Adjusted OIBDA of $395 to $410 million and overall revenue growth in 2023, backed by strong media rights renewals and live events.
- Record annual revenue of $1.3 billion for 2022, an 18% increase.
- Fourth-quarter revenue increased 5% to $325.3 million.
- Crown Jewel was the most viewed international event in WWE history.
- Increased domestic unique viewership on Peacock by 70% compared to the prior year event.
- Returned $75.7 million to shareholders in 2022, including dividends and share repurchases.
- Anticipated record Adjusted OIBDA of $395 to $410 million for 2023.
- Growth in audience engagement and monetization across platforms.
- Operating income decreased 22% year-over-year in Q4 2022.
- Adjusted OIBDA for Q4 declined 4%, with a margin drop from 30% to 28%.
- Consumer products revenue decreased 33% in Q4, primarily due to licensing and eCommerce declines.
- Increased operating expenses, particularly related to content creation and investigation costs.
Fourth Quarter 2022 Highlights
-
Revenue was
, an increase of$325.3 million 5% ; Operating income was , a decrease of$62.7 million 22% ; and Adjusted OIBDA1 was , a decrease of$90.2 million 4% -
Returned
of capital to shareholders through dividend payments$8.9 million -
Crown Jewel was the most viewed international event in WWE’s history. Domestic unique viewership on Peacock increased
70% over the prior year event -
Each WWE domestic premium live event (Extreme Rules and Survivor Series) was the most viewed event in its history with year-over-year increases of
36% and46% , respectively, in domestic unique viewership - WWE announced a multi-year extension of its partnership with MultiChoice to expand the distribution of the Company’s content in Sub-Saharan Africa
-
In
January 2023 , WWE heldRoyal Rumble at theAlamodome inSan Antonio, TX. The event was the most viewedRoyal Rumble in WWE’s history, with a52% year-over-year increase in domestic unique viewership, and generated the highest gate in the event’s history
Full Year 2022 Highlights
-
Revenue increased
18% to , the highest in the Company’s history$1.3 billion -
Operating income increased
11% to a record$283.3 million -
Adjusted OIBDA increased
19% to a record$384.6 million -
Returned
of capital to shareholders, including share repurchases and dividends paid$75.7 million
2023 Business Outlook2
-
The Company is targeting Adjusted OIBDA of
to$395 for the full year 2023, which would be an all-time record. The Company also expects to generate an all-time record for revenue in 2023.$410 million
“2022 was another strong year for WWE. We generated record financial results and our business continued to perform well due to the strength of our content and brand, which drove audience engagement and monetization across multiple platforms,” said
Fourth-Quarter Consolidated Results
Revenue increased
Operating Income decreased
Adjusted OIBDA decreased
Net Income was
Cash flows generated by operating activities were
Free Cash Flow3 was
Return of Capital to Shareholders
The Company returned
Full Year 2022 Consolidated Results
Revenue increased
Operating Income increased
Adjusted OIBDA increased
Net Income increased to
Cash flows generated by operating activities were
Free Cash Flow was
Cash, cash equivalents and short-term investments were
Return of Capital to Shareholders
The Company returned
Results by Operating Segment
The schedule below reflects WWE’s performance by operating segment (in million):
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Three Months Ended |
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Year Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Net Revenue: |
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Media |
|
$ |
279.7 |
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$ |
257.6 |
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$ |
1,033.9 |
|
|
$ |
936.2 |
|
Live Events |
|
|
23.8 |
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|
20.1 |
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|
123.1 |
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|
57.8 |
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Consumer Products |
|
|
21.8 |
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32.6 |
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|
134.5 |
|
|
|
101.2 |
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Total Net Revenue |
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$ |
325.3 |
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$ |
310.3 |
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$ |
1,291.5 |
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$ |
1,095.2 |
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Operating Income (Loss): |
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Media |
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$ |
105.6 |
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$ |
106.3 |
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$ |
387.5 |
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$ |
363.4 |
|
Live Events |
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0.2 |
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1.4 |
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25.0 |
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6.9 |
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Consumer Products |
|
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8.8 |
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12.5 |
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|
54.4 |
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|
33.8 |
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Corporate |
|
|
(51.9 |
) |
|
|
(39.6 |
) |
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|
(183.6 |
) |
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|
(148.1 |
) |
Total Operating Income |
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$ |
62.7 |
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$ |
80.6 |
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$ |
283.3 |
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$ |
256.0 |
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Adjusted OIBDA: |
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Media |
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$ |
115.9 |
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$ |
112.1 |
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$ |
428.7 |
|
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$ |
390.5 |
|
Live Events |
|
|
0.8 |
|
|
|
1.6 |
|
|
|
27.2 |
|
|
|
7.7 |
|
Consumer Products |
|
|
9.4 |
|
|
|
12.9 |
|
|
|
56.6 |
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|
35.5 |
|
Corporate |
|
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(35.9 |
) |
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(32.4 |
) |
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(127.9 |
) |
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(109.6 |
) |
Total Adjusted OIBDA |
|
$ |
90.2 |
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$ |
94.2 |
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$ |
384.6 |
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$ |
324.1 |
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Media
Fourth-Quarter 2022
Revenue increased
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Three Months Ended |
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Year Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Media Revenue: |
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Network (a) |
|
$ |
47.1 |
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$ |
33.9 |
|
$ |
222.0 |
|
$ |
225.0 |
Core content rights fees (b) |
|
|
155.2 |
|
|
150.5 |
|
|
596.8 |
|
|
566.2 |
Advertising and sponsorship (c) |
|
|
15.7 |
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|
21.1 |
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66.6 |
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71.5 |
Other (d) |
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61.7 |
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52.1 |
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148.5 |
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|
73.5 |
Total Revenue |
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$ |
279.7 |
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$ |
257.6 |
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$ |
1,033.9 |
|
$ |
936.2 |
(a) |
Network revenue consists primarily of license fees associated with the distribution of WWE Network content on the Peacock service in the |
|
(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. |
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(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. |
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(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 decreased
Adjusted OIBDA increased
Full Year 2022
Revenue increased
Operating income increased
Adjusted OIBDA increased
Live Events
Fourth-Quarter 2022
Revenue increased
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Three Months Ended |
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Year Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Live Events Revenue: |
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North American ticket sales |
|
$ |
19.0 |
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$ |
15.8 |
|
$ |
97.9 |
|
$ |
46.3 |
International ticket sales |
|
|
1.9 |
|
|
2.2 |
|
|
12.1 |
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|
4.6 |
Advertising and sponsorship (e) |
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0.8 |
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0.2 |
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4.8 |
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0.9 |
Other (f) |
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2.1 |
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1.9 |
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|
8.3 |
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|
6.0 |
Total Revenue |
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$ |
23.8 |
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$ |
20.1 |
|
$ |
123.1 |
|
$ |
57.8 |
(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 decreased to
Adjusted OIBDA decreased to
Full Year 2022
Revenue increased
Operating income increased
Adjusted OIBDA increased
Consumer Products
Fourth-Quarter 2022
Revenue decreased
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Three Months Ended |
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Year Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Consumer Products Revenue: |
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Consumer product licensing |
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$ |
12.3 |
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$ |
18.1 |
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$ |
77.5 |
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$ |
52.0 |
eCommerce |
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5.0 |
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11.0 |
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33.2 |
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|
39.1 |
Venue merchandise |
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4.5 |
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3.5 |
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|
23.8 |
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|
10.1 |
Total Revenue |
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$ |
21.8 |
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$ |
32.6 |
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$ |
134.5 |
|
$ |
101.2 |
Operating income decreased
Adjusted OIBDA decreased
Full Year 2022
Revenue increased
Operating income increased
Adjusted OIBDA increased
2023 Business Outlook2
The Company is targeting Adjusted OIBDA of
Management believes WWE is well positioned to capitalize on significant future opportunities. In 2023, key initiatives that could have meaningful implications on the Company’s performance include the renewal of the domestic licensing agreement for NXT, the renewal of licensing agreements for WWE content in certain international markets, the monetization of new third-party original programming, growth in advertising and sponsorship sales, and the performance of the latest installment of the Company’s flagship video game franchise, WWE 2K23.
Providing perspective on WWE’s targeted revenue growth and Adjusted OIBDA outlook,
2023 Capital Expenditures Outlook2
For 2023, the Company estimates total capital expenditures of
First Quarter 2023 Business Outlook2
The Company estimates first quarter 2023 Adjusted OIBDA of
Strategic Alternatives Review Process
As previously disclosed,
Special Committee Investigation and Related Matters
As previously announced, a Special Committee of independent members of the Board of Directors was formed to investigate alleged misconduct by
Other Matters
For the three-month period ended
Notes
(1) |
The definition of Adjusted OIBDA can be found in the Non-GAAP Measures section of the release on page 10. A reconciliation of three and twelve-month periods ended |
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(2) |
The Company’s business model and expected results will continue to be subject to significant execution and other risks, including, without limitation, risks relating to the Special Committee investigation and related matters noted above; 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 |
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(3) |
A reconciliation of three and twelve-month periods ended |
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 items that management deems 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
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
The earnings presentation referenced during the call will be made available on
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 25 languages through world-class distribution partners including NBCUniversal,
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, and oral statements made from time to time by our representatives may contain, forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our outlook regarding future financial results, the impact of recent changes to management and our board of directors (the “Board”); the timing and outcome of the Company’s media and other rights negotiations including major domestic programming licenses expected to be negotiated in 2023; the Company’s review of strategic alternatives; our plans to remediate identified material weaknesses in our disclosure control and procedures and our internal control over financial reporting; and regulatory, investigative or enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters. The words “may,” “will,” “could,” “anticipate,” “plan,” “continue,” “project,” “intend,” “estimate,” “believe,” “expect,” “outlook,” “target,” “goal,” “guidance” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These statements relate to future possible events, as well as our plans, objectives, expectations and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or the performance by us to be materially different from expected future results or performance expressed or implied by any forward-looking statements.
These forward-looking statements are subject to uncertainties relating to, without limitation, the impact of actions by
The following additional factors, among others, could cause actual results to differ materially from those contained in forward-looking statements: COVID-19, which may continue to affect negatively world economies as well as our industry, business and results of operations; 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; 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; 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 and other actions, investigations or proceedings; a change in the tax laws of key jurisdictions; inflationary pressures and interest rate changes; our indebtedness including our convertible notes; our potential failure to meet market expectations for our financial performance; 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 cause our stock price to decline; and the volatility in trading prices of our Class A common stock. In addition, our dividend and share repurchases are 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, general economic and competitive conditions and such other factors as our Board 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 any documents filed, or to be filed, by the Company with the
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Consolidated Income Statements |
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(In millions, except per share data) |
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(Unaudited) |
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Three Months Ended |
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Year Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Net revenues |
|
$ |
325.3 |
|
$ |
310.3 |
|
$ |
1,291.5 |
|
$ |
1,095.2 |
Operating expenses |
|
|
186.4 |
|
|
171.0 |
|
|
730.6 |
|
|
608.2 |
Marketing and selling expenses |
|
|
20.4 |
|
|
16.6 |
|
|
78.9 |
|
|
69.3 |
General and administrative expenses |
|
|
46.9 |
|
|
33.0 |
|
|
161.4 |
|
|
120.8 |
Depreciation and amortization |
|
|
8.9 |
|
|
9.1 |
|
|
37.3 |
|
|
40.9 |
Operating income |
|
|
62.7 |
|
|
80.6 |
|
|
283.3 |
|
|
256.0 |
Interest expense |
|
|
4.8 |
|
|
8.1 |
|
|
21.2 |
|
|
33.6 |
Other income, net |
|
|
2.3 |
|
|
6.8 |
|
|
2.3 |
|
|
7.5 |
Income before income taxes |
|
|
60.2 |
|
|
79.3 |
|
|
264.4 |
|
|
229.9 |
Provision for income taxes |
|
|
21.4 |
|
|
18.4 |
|
|
68.8 |
|
|
52.5 |
Net income |
|
$ |
38.8 |
|
$ |
60.9 |
|
$ |
195.6 |
|
$ |
177.4 |
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Earnings per share: |
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Basic |
|
$ |
0.52 |
|
$ |
0.78 |
|
$ |
2.63 |
|
$ |
2.33 |
Diluted |
|
$ |
0.45 |
|
$ |
0.73 |
|
$ |
2.29 |
|
$ |
2.09 |
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Weighted average common shares outstanding: |
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Basic |
|
|
74.4 |
|
|
77.8 |
|
|
74.5 |
|
|
76.3 |
Diluted |
|
|
88.7 |
|
|
83.7 |
|
|
88.2 |
|
|
84.9 |
Dividends declared per common share (Class A and B) |
|
$ |
0.12 |
|
$ |
0.12 |
|
$ |
0.48 |
|
$ |
0.48 |
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Consolidated Balance Sheets |
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(In millions) |
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(Unaudited) |
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As of |
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|
2022 |
|
2021 |
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Assets |
|
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Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
220.2 |
|
$ |
134.8 |
Short-term investments, net |
|
|
258.5 |
|
|
281.0 |
Accounts receivable, net |
|
|
112.4 |
|
|
171.2 |
Inventory |
|
|
2.9 |
|
|
8.0 |
Prepaid expenses and other current assets |
|
|
33.2 |
|
|
32.2 |
Total current assets |
|
|
627.2 |
|
|
627.2 |
Property and equipment, net |
|
|
329.1 |
|
|
172.7 |
Finance lease right-of-use assets, net |
|
|
296.6 |
|
|
313.4 |
Operating lease right-of-use assets, net |
|
|
16.3 |
|
|
9.0 |
Content production assets, net |
|
|
16.5 |
|
|
13.8 |
Investment securities |
|
|
11.8 |
|
|
11.6 |
Deferred income tax assets, net |
|
|
45.6 |
|
|
13.1 |
Other assets, net |
|
|
12.5 |
|
|
43.3 |
Total assets |
|
$ |
1,355.6 |
|
$ |
1,204.1 |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
0.4 |
|
$ |
0.4 |
Finance lease liabilities |
|
|
11.7 |
|
|
12.2 |
Operating lease liabilities |
|
|
3.6 |
|
|
4.8 |
Convertible debt |
|
|
214.1 |
|
|
201.1 |
Accounts payable and accrued expenses |
|
|
122.9 |
|
|
122.7 |
Deferred income |
|
|
79.8 |
|
|
74.6 |
Total current liabilities |
|
|
432.5 |
|
|
415.8 |
Long-term debt |
|
|
20.8 |
|
|
21.3 |
Finance lease liabilities |
|
|
364.9 |
|
|
374.7 |
Operating lease liabilities |
|
|
13.2 |
|
|
5.1 |
Other non-current liabilities |
|
|
7.0 |
|
|
12.6 |
Total liabilities |
|
|
838.4 |
|
|
829.5 |
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 |
|
|
424.0 |
|
|
422.9 |
Accumulated other comprehensive income |
|
|
0.2 |
|
|
2.4 |
Retained earnings (accumulated deficit) |
|
|
92.3 |
|
|
(51.4) |
Total stockholders’ equity |
|
|
517.2 |
|
|
374.6 |
Total liabilities and stockholders' equity |
|
$ |
1,355.6 |
|
$ |
1,204.1 |
|
||||||
Consolidated Statements of Cash Flows |
||||||
(In millions) |
||||||
(Unaudited) |
||||||
|
|
|
|
|
|
|
|
|
Year Ended |
||||
|
|
|
||||
|
|
2022 |
|
2021 |
||
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income |
|
$ |
195.6 |
|
$ |
177.4 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
Amortization and impairments of content production assets |
|
|
33.0 |
|
|
19.7 |
Depreciation and amortization |
|
|
46.4 |
|
|
48.8 |
Other amortization |
|
|
13.0 |
|
|
18.8 |
Loss on equity investments, net |
|
|
— |
|
|
0.8 |
Stock-based compensation |
|
|
34.9 |
|
|
19.1 |
Benefit from deferred income taxes |
|
|
(28.6) |
|
|
(3.0) |
Other non-cash adjustments |
|
|
11.2 |
|
|
(3.3) |
Cash provided by (used in) changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
54.0 |
|
|
(116.3) |
Inventory |
|
|
5.6 |
|
|
1.2 |
Prepaid expenses and other assets |
|
|
(3.7) |
|
|
3.0 |
Content production assets |
|
|
(35.8) |
|
|
(17.7) |
Accounts payable, accrued expenses and other liabilities |
|
|
(5.1) |
|
|
22.7 |
Deferred income |
|
|
5.1 |
|
|
11.7 |
Net cash provided by operating activities |
|
|
325.6 |
|
|
182.9 |
INVESTING ACTIVITIES: |
|
|
|
|
|
|
Purchases of property and equipment and other assets |
|
|
(199.9) |
|
|
(39.2) |
Purchases of short-term investments |
|
|
(245.9) |
|
|
(374.5) |
Proceeds from sales and maturities of short-term investments |
|
|
263.8 |
|
|
222.1 |
Purchase of equity investments |
|
|
(0.2) |
|
|
(1.5) |
Proceeds from sale of investment securities |
|
|
— |
|
|
— |
Proceeds from infrastructure improvement incentives |
|
|
4.3 |
|
|
— |
Net cash used in investing activities |
|
|
(177.9) |
|
|
(193.1) |
FINANCING ACTIVITIES: |
|
|
|
|
|
|
Repayment of debt |
|
|
(0.4) |
|
|
(100.4) |
Repayment of finance leases |
|
|
(14.0) |
|
|
(12.0) |
Dividends paid |
|
|
(35.7) |
|
|
(36.4) |
Proceeds from tenant improvement allowances |
|
|
34.2 |
|
|
— |
Taxes paid related to net settlement upon vesting of equity awards |
|
|
(8.9) |
|
|
(5.6) |
Proceeds from issuance of stock |
|
|
2.5 |
|
|
2.9 |
Repurchase and retirement of common stock |
|
|
(40.0) |
|
|
(165.6) |
Net cash used in financing activities |
|
|
(62.3) |
|
|
(317.1) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
|
85.4 |
|
|
(327.3) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
134.8 |
|
|
462.1 |
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
220.2 |
|
$ |
134.8 |
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
|
|
|
Cash paid for income taxes, net of refunds |
|
$ |
90.0 |
|
$ |
55.5 |
Cash paid for interest |
|
$ |
9.6 |
|
$ |
9.9 |
NON-CASH INVESTING TRANSACTIONS: |
|
|
|
|
|
|
Purchases of property and equipment recorded in accounts payable and accrued expenses |
|
$ |
18.6 |
|
$ |
22.2 |
Principal shareholder contributions |
|
$ |
2.7 |
|
$ |
1.2 |
Infrastructure improvement incentives |
|
$ |
— |
|
$ |
4.3 |
|
||||||||||||||||||
Supplemental Information – Reconciliation of Adjusted Net Income |
||||||||||||||||||
(In millions, except per share data) |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||||||||
|
|
2022 |
|
2021 |
||||||||||||||
|
|
As
|
|
Other
|
|
Adjusted |
|
As
|
|
Gain on Partial
|
|
Adjusted |
||||||
Operating income |
|
$ |
62.7 |
|
$ |
9.7 |
|
$ |
72.4 |
|
$ |
80.6 |
|
$ |
— |
|
$ |
80.6 |
Interest expense |
|
|
4.8 |
|
|
— |
|
|
4.8 |
|
|
8.1 |
|
|
— |
|
|
8.1 |
Other income, net |
|
|
2.3 |
|
|
|
|
|
2.3 |
|
|
6.8 |
|
|
(6.7) |
|
|
0.1 |
Income before taxes |
|
|
60.2 |
|
|
9.7 |
|
|
69.9 |
|
|
79.3 |
|
|
(6.7) |
|
|
72.6 |
Provision for income taxes |
|
|
21.4 |
|
|
3.4 |
|
|
24.8 |
|
|
18.4 |
|
|
(1.5) |
|
|
16.9 |
Net income |
|
$ |
38.8 |
|
$ |
6.3 |
|
$ |
45.1 |
|
$ |
60.9 |
|
$ |
(5.2) |
|
$ |
55.7 |
Earnings per share - diluted |
|
$ |
0.45 |
|
$ |
0.07 |
|
$ |
0.52 |
|
$ |
0.73 |
|
$ |
(0.06) |
|
$ |
0.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|||||||||||||||||||
|
|
2022 |
|
2021 |
|||||||||||||||||
|
|
As
|
|
Other
|
|
Adjusted |
|
As
|
|
Gain on
|
|
Other
|
|
Adjusted |
|||||||
Operating income |
|
$ |
283.3 |
|
$ |
29.1 |
|
$ |
312.4 |
|
$ |
256.0 |
|
$ |
— |
|
$ |
8.1 |
|
$ |
264.1 |
Interest expense |
|
|
21.2 |
|
|
— |
|
|
21.2 |
|
|
33.6 |
|
|
— |
|
|
— |
|
|
33.6 |
Other income, net |
|
|
2.3 |
|
|
— |
|
|
2.3 |
|
|
7.5 |
|
|
(6.7) |
|
|
— |
|
|
0.8 |
Income before taxes |
|
|
264.4 |
|
|
29.1 |
|
|
293.5 |
|
|
229.9 |
|
|
(6.7) |
|
|
8.1 |
|
|
231.3 |
Provision for income taxes |
|
|
68.8 |
|
|
7.6 |
|
|
76.4 |
|
|
52.5 |
|
|
(1.5) |
|
|
1.8 |
|
|
52.8 |
Net income |
|
$ |
195.6 |
|
$ |
21.5 |
|
$ |
217.1 |
|
$ |
177.4 |
|
$ |
(5.2) |
|
$ |
6.3 |
|
$ |
178.5 |
Earnings per share - diluted |
|
$ |
2.29 |
|
$ |
0.24 |
|
$ |
2.53 |
|
$ |
2.09 |
|
$ |
(0.06) |
|
$ |
0.07 |
|
$ |
2.10 |
(1) |
During the three and twelve months ended |
|
|
||
(2) |
During the three and twelve months ended |
|
|||||||||||||||
Supplemental Information – Reconciliation of Adjusted OIBDA |
|||||||||||||||
(In millions, except per share data) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|||||||||||||
|
|
Operating
|
|
Depreciation
|
|
Stock
|
|
Other
|
|
Adjusted
|
|||||
Media |
|
$ |
105.6 |
|
$ |
3.8 |
|
$ |
6.5 |
|
$ |
— |
|
$ |
115.9 |
Live Events |
|
|
0.2 |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
0.8 |
Consumer Products |
|
|
8.8 |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
9.4 |
Corporate |
|
|
(51.9) |
|
|
5.1 |
|
|
1.2 |
|
|
9.7 |
|
|
(35.9) |
Total |
|
$ |
62.7 |
|
$ |
8.9 |
|
$ |
8.9 |
|
$ |
9.7 |
|
$ |
90.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|||||||||||||
|
|
Operating
|
|
Depreciation
|
|
Stock
|
|
Other
|
|
Adjusted
|
|||||
Media |
|
$ |
106.3 |
|
$ |
2.4 |
|
$ |
3.4 |
|
$ |
— |
|
$ |
112.1 |
Live Events |
|
|
1.4 |
|
|
— |
|
|
0.2 |
|
|
— |
|
|
1.6 |
Consumer Products |
|
|
12.5 |
|
|
0.1 |
|
|
0.3 |
|
|
— |
|
|
12.9 |
Corporate |
|
|
(39.6) |
|
|
6.6 |
|
|
0.6 |
|
|
— |
|
|
(32.4) |
Total |
|
$ |
80.6 |
|
$ |
9.1 |
|
$ |
4.5 |
|
$ |
— |
|
$ |
94.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|||||||||||||
|
|
Operating
|
|
Depreciation
|
|
Stock
|
|
Other
|
|
Adjusted
|
|||||
Media |
|
$ |
387.5 |
|
$ |
14.8 |
|
$ |
26.4 |
|
$ |
— |
|
$ |
428.7 |
Live Events |
|
|
25.0 |
|
|
0.1 |
|
|
2.1 |
|
|
— |
|
|
27.2 |
Consumer Products |
|
|
54.4 |
|
|
0.2 |
|
|
2.0 |
|
|
— |
|
|
56.6 |
Corporate |
|
|
(183.6) |
|
|
22.2 |
|
|
4.4 |
|
|
29.1 |
|
|
(127.9) |
Total |
|
$ |
283.3 |
|
$ |
37.3 |
|
$ |
34.9 |
|
$ |
29.1 |
|
$ |
384.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|||||||||||||
|
|
Operating
|
|
Depreciation
|
|
Stock
|
|
Other
|
|
Adjusted
|
|||||
Media |
|
$ |
363.4 |
|
$ |
13.4 |
|
$ |
13.7 |
|
$ |
— |
|
$ |
390.5 |
Live Events |
|
|
6.9 |
|
|
— |
|
|
0.8 |
|
|
— |
|
|
7.7 |
Consumer Products |
|
|
33.8 |
|
|
0.2 |
|
|
1.5 |
|
|
— |
|
|
35.5 |
Corporate |
|
|
(148.1) |
|
|
27.3 |
|
|
3.1 |
|
|
8.1 |
|
|
(109.6) |
Total |
|
$ |
256.0 |
|
$ |
40.9 |
|
$ |
19.1 |
|
$ |
8.1 |
|
$ |
324.1 |
(1) |
During the three and twelve months ended |
|
||||||||||||||
Supplemental Information – Reconciliation of Business Outlook |
||||||||||||||
(In millions, except per share data) |
||||||||||||||
(Unaudited) |
||||||||||||||
|
||||||||||||||
|
||||||||||||||
Reconciliation of Adjusted OIBDA to Operating Income |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Q4 2022 |
|
FY 2022 |
|
Q1 2023 |
|
FY 2023 |
||||||
Adjusted OIBDA |
|
$ |
90.2 |
|
|
$ |
384.6 |
|
|
|
|
|
||
Depreciation & amortization (1) |
|
|
(8.9 |
) |
|
|
(37.3 |
) |
|
— |
|
— |
||
Stock-based compensation (1) |
|
|
(8.9 |
) |
|
|
(34.9 |
) |
|
— |
|
— |
||
Other operating income items (1) |
|
|
(9.7 |
) |
|
|
(29.1 |
) |
|
— |
|
— |
||
Operating income ( |
|
$ |
62.7 |
|
|
$ |
283.3 |
|
|
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 |
|
||||||||||||||||
Supplemental Information - Free Cash Flow |
||||||||||||||||
(In millions) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net cash provided by operating activities |
|
$ |
120.3 |
|
|
$ |
46.6 |
|
|
$ |
325.6 |
|
|
$ |
182.9 |
|
Less cash used for capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchase of property and equipment and other assets (1) |
|
|
(77.3 |
) |
|
|
(14.8 |
) |
|
|
(199.9 |
) |
|
|
(39.2 |
) |
Free Cash Flow (1) |
|
$ |
43.0 |
|
|
$ |
31.8 |
|
|
$ |
125.7 |
|
|
$ |
143.7 |
|
(1) |
Purchases of property and equipment and other assets includes |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230202005758/en/
Investors:
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Source: WWE
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