WWE® Reports Second Quarter 2021 Results
WWE (NYSE: WWE) reported its second-quarter financial results for the period ended June 30, 2021, revealing a revenue increase of 19% to $265.6 million, driven by higher Media segment revenues and live event ticket sales from WrestleMania. Adjusted OIBDA fell 7% to $68.1 million due to increased production expenses. Operating income dropped 17% to $46.3 million, impacted by higher personnel costs including a $8.1 million severance expense. WWE returned $27.9 million to shareholders via repurchases and dividends. The company maintains its 2021 guidance amid ongoing COVID-19 uncertainties.
- Revenue increased by 19% to $265.6 million, chiefly from Media segment growth and WrestleMania ticket sales.
- Live Events revenue surged 8x to $9.2 million, attributed to successful WrestleMania events.
- WWE returned $27.9 million to shareholders through share repurchases and dividends.
- Adjusted OIBDA declined by 7% to $68.1 million due to higher production expenses.
- Operating income decreased by 17% to $46.3 million, influenced by a $8.1 million severance expense.
- Net income dropped 33% to $29.2 million, reflecting lower operating performance.
WWE (NYSE: WWE) today announced financial results for its second quarter ended June 30, 2021.
“During the second quarter, we generated solid financial results as we continued to focus on building fan engagement,” said Vince McMahon, WWE Chairman & CEO. “With the announced return to live event touring and robust ticket demand, we believe we can further consumption across platforms, maximize new business opportunities and drive long-term growth.”
Kristina Salen, WWE Chief Financial Officer, added “In the quarter, Adjusted OIBDA results reflected an increase in television production expenses to enhance the viewing experience of WWE’s fans. Although Adjusted OIBDA declined, key performance metrics demonstrated positive trends and we continue to realize better than expected television production efficiencies, stronger sponsorship sales and heightened demand for our live events.”
Second-Quarter Consolidated Results*
* (All comparisons are versus the prior year period unless stated otherwise)
Revenue was
Operating Income was
Adjusted OIBDA (which excludes stock compensation) was
Net Income was
Cash flows generated by operating activities were
Free Cash Flow was
Cash, cash equivalents and short-term investments were
Debt totaled
Return of Capital to Shareholders
The Company returned
Basis of Presentation
For the three and six-month periods ended June 30, 2021, the Company’s consolidated pre-tax results included the impact of
Results by Operating Segment*
* (All comparisons are versus the prior year period unless stated otherwise)
Media
Second-Quarter 2021
Revenue was
Operating income was
Adjusted OIBDA (which excludes stock compensation) was
Live Events
Second-Quarter 2021
Revenue was
Operating income was
Adjusted OIBDA was
Consumer Products
Second-Quarter 2021
Revenue was
Operating income was
Adjusted OIBDA was
Business Outlook5
In January, the Company issued Adjusted OIBDA guidance of
Additionally, the Company anticipates spending on its new headquarters buildout as the projects re-starts in the second half of 2021. For the full year 2021, the Company estimates total capital expenditures of [
Notes
- The definition of Adjusted OIBDA can be found in the Non-GAAP Measures section of the release on page 5. A reconciliation of three and six-month periods ended June 30, 2021 and 2020 Operating Income to Adjusted OIBDA can be found in the Supplemental Information in this release on page 14
- Consumption includes videos viewed on third-party (Facebook, YouTube, Twitter, Instagram, Snapchat, TikTok, Twitch, etc.) and WWE platforms (WWE.com and WWE App, including the Free Version of WWE Network). Facebook consumption, which is a primary driver of the growth in digital consumption, reflects an increase in the related measurement window from 30 days to 6 months after posting- effective April 1, 2021
- A reconciliation of three and six-month periods ended June 30, 2021 and 2020 Net Income to Adjusted Net Income can be found in the Supplemental Information in this release on page 13
- A reconciliation of three and six-month periods ended June 30, 2021 and 2020 Free Cash Flow to Net cash provided by operating activities can be found in the Supplemental Information in this release on page 15
- 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, 2020. In addition, WWE is unable to provide a reconciliation of full year 2021 guidance to GAAP measures as, at this time, WWE cannot accurately determine all of the adjustments that would be required
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 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 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, 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 5:00 p.m. ET on July 29, 2021, to discuss the Company's earnings results for the second quarter ended 2021. 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: 1324046). 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 July 29, 2021 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.
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 programming can be seen in more than 900 million homes worldwide in 28 languages through world-class distribution partners including NBCUniversal, FOX Sports, BT Sport, Sony India and Rogers. The award-winning WWE Network includes all live pay-per-views, 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. The Company is headquartered in Stamford, Connecticut.
Additional information on WWE (NYSE: 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 impact of the COVID-19 outbreak on our business, results of operations and financial condition; entering, maintaining and renewing major distribution and licensing agreements; a rapidly evolving media landscape; WWE Network; 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. Operating Segment Performance (In millions) (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
June 30, |
|
June 30, |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Net Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Media |
|
$ |
233.9 |
|
$ |
200.1 |
|
$ |
475.9 |
|
$ |
456.7 |
Live Events |
|
|
9.2 |
|
|
1.0 |
|
|
9.7 |
|
|
18.5 |
Consumer Products |
|
|
22.5 |
|
|
22.3 |
|
|
43.5 |
|
|
39.2 |
Total Net Revenue |
|
$ |
265.6 |
|
$ |
223.4 |
|
$ |
529.1 |
|
$ |
514.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Media |
|
$ |
80.8 |
|
$ |
81.6 |
|
$ |
177.9 |
|
$ |
170.9 |
Live Events |
|
|
0.9 |
|
|
(4.5) |
|
|
(3.6) |
|
|
(7.7) |
Consumer Products |
|
|
7.9 |
|
|
7.6 |
|
|
14.1 |
|
|
10.5 |
Corporate (1) |
|
|
(43.3) |
|
|
(29.0) |
|
|
(77.0) |
|
|
(64.7) |
Total Operating Income |
|
$ |
46.3 |
|
$ |
55.7 |
|
$ |
111.4 |
|
$ |
109.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted OIBDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Media |
|
$ |
86.2 |
|
$ |
90.5 |
|
$ |
192.8 |
|
$ |
193.1 |
Live Events |
|
|
1.1 |
|
|
(4.2) |
|
|
(3.2) |
|
|
(6.8) |
Consumer Products |
|
|
8.4 |
|
|
8.1 |
|
|
15.1 |
|
|
11.9 |
Corporate (1) |
|
|
(27.6) |
|
|
(20.9) |
|
|
(52.7) |
|
|
(47.4) |
Total Adjusted OIBDA |
|
$ |
68.1 |
|
$ |
73.5 |
|
$ |
152.0 |
|
$ |
150.8 |
(1) During the three and six-month periods ended June 30, 2021, corporate expense increased
World Wrestling Entertainment, Inc. Operating Segment Performance (In millions) (Unaudited) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
June 30, |
|
June 30, |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Media Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Network (including pay-per-view) (1) |
|
$ |
61.5 |
|
$ |
49.4 |
|
$ |
140.9 |
|
$ |
92.9 |
Core content rights fees (2) |
|
|
141.8 |
|
|
132.9 |
|
|
281.5 |
|
|
266.1 |
Advertising and sponsorship (3) |
|
|
18.7 |
|
|
13.3 |
|
|
34.3 |
|
|
30.7 |
Other (4) |
|
|
11.9 |
|
|
4.5 |
|
|
19.2 |
|
|
67.0 |
Total Revenue |
|
$ |
233.9 |
|
$ |
200.1 |
|
$ |
475.9 |
|
$ |
456.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
June 30, |
|
June 30, |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Live Events Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
North American ticket sales |
|
$ |
6.7 |
|
$ |
— |
|
$ |
6.7 |
|
$ |
15.2 |
International ticket sales |
|
|
— |
|
|
— |
|
|
— |
|
|
0.2 |
Advertising and sponsorship (5) |
|
|
0.3 |
|
|
0.3 |
|
|
0.3 |
|
|
0.4 |
Other (6) |
|
|
2.2 |
|
|
0.7 |
|
|
2.7 |
|
|
2.7 |
Total Revenue |
|
$ |
9.2 |
|
$ |
1.0 |
|
$ |
9.7 |
|
$ |
18.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
June 30, |
|
June 30, |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Consumer Products Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer product licensing |
|
$ |
11.3 |
|
$ |
9.7 |
|
$ |
22.3 |
|
$ |
17.4 |
eCommerce |
|
|
9.9 |
|
|
12.6 |
|
|
19.9 |
|
|
18.6 |
Venue merchandise |
|
|
1.3 |
|
|
— |
|
|
1.3 |
|
|
3.2 |
Total Revenue |
|
$ |
22.5 |
|
$ |
22.3 |
|
$ |
43.5 |
|
$ |
39.2 |
(1) Network revenue consists of revenue earned from fees from customers of WWE Network and license fees under international licensed partner agreements, as well as amounts earned from our pay-per-view broadcasts. Effective March 18, 2021, Network revenue includes the domestic monetization of WWE Network generated from content license fees. Network revenue for the six months ended June 30, 2021, includes the upfront revenue recognition related to the delivery of certain WWE Network intellectual property rights recorded in the first quarter 2021
(2) Core content rights fees consist primarily of licensing revenue earned from the distribution of our flagship programs, Raw and SmackDown, as well as our NXT programming, through global broadcast, pay television and digital platforms
(3) Advertising and sponsorship revenue consists primarily of advertising revenue generated from the Company’s content on third-party social media platforms and sponsorship fees from sponsors that promote products utilizing the Company’s media platforms, including promotion on the Company’s digital websites and on-air promotional media spots
(4) Other forms of media monetization reflect revenue earned 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
(5) 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)
(6) 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
World Wrestling Entertainment, Inc. Consolidated Income Statements (In millions, except per share data) (Unaudited) |
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|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
June 30, |
|
June 30, |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Net revenues |
|
$ |
265.6 |
|
$ |
223.4 |
|
$ |
529.1 |
|
$ |
514.4 |
Operating expenses |
|
|
156.1 |
|
|
117.4 |
|
|
298.2 |
|
|
292.8 |
Marketing and selling expenses |
|
|
16.0 |
|
|
17.5 |
|
|
34.9 |
|
|
40.2 |
General and administrative expenses |
|
|
36.3 |
|
|
22.0 |
|
|
62.9 |
|
|
50.7 |
Depreciation and amortization |
|
|
10.9 |
|
|
10.8 |
|
|
21.7 |
|
|
21.7 |
Operating income |
|
|
46.3 |
|
|
55.7 |
|
|
111.4 |
|
|
109.0 |
Interest expense |
|
|
8.5 |
|
|
9.1 |
|
|
17.0 |
|
|
17.3 |
Other (expense) income, net |
|
|
(0.1) |
|
|
8.5 |
|
|
0.4 |
|
|
(1.9) |
Income before income taxes |
|
|
37.7 |
|
|
55.1 |
|
|
94.8 |
|
|
89.8 |
Provision for income taxes |
|
|
8.5 |
|
|
11.3 |
|
|
21.8 |
|
|
19.8 |
Net income |
|
$ |
29.2 |
|
$ |
43.8 |
|
$ |
73.0 |
|
$ |
70.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.38 |
|
$ |
0.57 |
|
$ |
0.95 |
|
$ |
0.90 |
Diluted |
|
$ |
0.34 |
|
$ |
0.52 |
|
$ |
0.85 |
|
$ |
0.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
76.3 |
|
|
77.4 |
|
|
76.8 |
|
|
77.4 |
Diluted |
|
|
85.5 |
|
|
83.9 |
|
|
85.6 |
|
|
84.5 |
Dividends declared per common share (Class A and B) |
|
$ |
0.12 |
|
$ |
0.12 |
|
$ |
0.24 |
|
$ |
0.24 |
World Wrestling Entertainment, Inc. Consolidated Balance Sheets (In millions) (Unaudited) |
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|
|
|
|
|
|
As of |
||||
|
|
June 30, |
|
December 31, |
||
|
|
2021 |
|
2020 |
||
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
322.6 |
|
$ |
462.1 |
Short-term investments, net |
|
|
120.2 |
|
|
131.3 |
Accounts receivable, net |
|
|
113.9 |
|
|
52.0 |
Inventory |
|
|
7.0 |
|
|
8.4 |
Prepaid expenses and other current assets |
|
|
57.5 |
|
|
73.1 |
Total current assets |
|
|
621.2 |
|
|
726.9 |
Property and equipment, net |
|
|
152.0 |
|
|
161.5 |
Finance lease right-of-use assets, net |
|
|
301.8 |
|
|
310.8 |
Operating lease right-of-use assets, net |
|
|
11.9 |
|
|
13.5 |
Content production assets, net |
|
|
8.8 |
|
|
15.4 |
Investment securities |
|
|
10.8 |
|
|
11.1 |
Deferred income tax assets, net |
|
|
11.9 |
|
|
10.1 |
Other assets, net |
|
|
47.5 |
|
|
48.0 |
Total assets |
|
$ |
1,165.9 |
|
$ |
1,297.3 |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
0.4 |
|
$ |
100.4 |
Finance lease liabilities |
|
|
9.5 |
|
|
9.6 |
Operating lease liabilities |
|
|
5.0 |
|
|
4.0 |
Convertible debt |
|
|
197.9 |
|
|
194.7 |
Accounts payable and accrued expenses |
|
|
128.1 |
|
|
124.7 |
Deferred income |
|
|
55.4 |
|
|
62.9 |
Total current liabilities |
|
|
396.3 |
|
|
496.3 |
Long-term debt |
|
|
21.5 |
|
|
21.7 |
Finance lease liabilities |
|
|
374.7 |
|
|
379.9 |
Operating lease liabilities |
|
|
7.4 |
|
|
9.7 |
Other non-current liabilities |
|
|
5.1 |
|
|
0.9 |
Total liabilities |
|
|
805.0 |
|
|
908.5 |
Commitments and contingencies |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Class A common stock |
|
|
0.5 |
|
|
0.5 |
Class B convertible common stock |
|
|
0.3 |
|
|
0.3 |
Additional paid-in capital |
|
|
419.2 |
|
|
424.7 |
Accumulated other comprehensive income |
|
|
2.9 |
|
|
3.0 |
Accumulated deficit |
|
|
(62.0) |
|
|
(39.7) |
Total stockholders’ equity |
|
|
360.9 |
|
|
388.8 |
Total liabilities and stockholders' equity |
|
$ |
1,165.9 |
|
$ |
1,297.3 |
World Wrestling Entertainment, Inc. Consolidated Statements of Cash Flows (In millions) (Unaudited) |
||||||
|
|
|
|
|
|
|
|
|
Six Months Ended |
||||
|
|
June 30, |
||||
|
|
2021 |
|
2020 |
||
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income |
|
$ |
73.0 |
|
$ |
70.0 |
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
Amortization and impairments of content production assets |
|
|
16.0 |
|
|
12.0 |
Depreciation and amortization |
|
|
25.4 |
|
|
24.3 |
Other amortization |
|
|
9.0 |
|
|
8.8 |
Loss on equity investments, net |
|
|
0.8 |
|
|
3.8 |
Stock-based compensation |
|
|
10.8 |
|
|
20.1 |
(Benefit from) provision for deferred income taxes |
|
|
(1.9) |
|
|
2.6 |
Other non-cash adjustments |
|
|
0.4 |
|
|
9.4 |
Cash provided by (used in) changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(63.1) |
|
|
(6.2) |
Inventory |
|
|
2.7 |
|
|
0.4 |
Prepaid expenses and other assets |
|
|
15.2 |
|
|
6.7 |
Content production assets |
|
|
(9.1) |
|
|
(14.7) |
Accounts payable, accrued expenses and other liabilities |
|
|
7.7 |
|
|
(3.8) |
Deferred income |
|
|
(7.5) |
|
|
7.3 |
Net cash provided by operating activities |
|
|
79.4 |
|
|
140.7 |
INVESTING ACTIVITIES: |
|
|
|
|
|
|
Purchases of property and equipment and other assets |
|
|
(12.3) |
|
|
(15.4) |
Purchases of short-term investments |
|
|
(132.6) |
|
|
(31.0) |
Proceeds from sales and maturities of investments |
|
|
143.0 |
|
|
67.7 |
Purchase of investment securities |
|
|
(0.6) |
|
|
— |
Net cash (used in) provided by investing activities |
|
|
(2.5) |
|
|
21.3 |
FINANCING ACTIVITIES: |
|
|
|
|
|
|
Repayment of debt |
|
|
(100.2) |
|
|
(2.6) |
Repayment of finance leases |
|
|
(5.4) |
|
|
(5.4) |
Dividends paid |
|
|
(18.3) |
|
|
(18.6) |
Proceeds from borrowings under Revolving Credit Facility |
|
|
— |
|
|
200.0 |
Taxes paid related to net settlement upon vesting of equity awards |
|
|
(0.7) |
|
|
(2.6) |
Proceeds from issuance of stock |
|
|
2.0 |
|
|
1.4 |
Repurchase and retirement of common stock |
|
|
(93.8) |
|
|
— |
Net cash (used in) provided by financing activities |
|
|
(216.4) |
|
|
172.2 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
(139.5) |
|
|
334.2 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
462.1 |
|
|
90.4 |
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
322.6 |
|
$ |
424.6 |
NON-CASH INVESTING TRANSACTIONS: |
|
|
|
|
|
|
Purchases of property and equipment recorded in accounts payable
|
|
$ |
3.0 |
|
$ |
3.4 |
World Wrestling Entertainment, Inc. Supplemental Information – Reconciliation of Adjusted Net Income (In millions, except per share data) (Unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
||||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||
|
|
As
|
|
Other
|
|
Adjusted |
|
As
|
|
Gain on
|
|
Adjusted |
||||||
Operating income |
|
$ |
46.3 |
|
$ |
8.1 |
|
$ |
54.4 |
|
$ |
55.7 |
|
$ |
— |
|
$ |
55.7 |
Interest expense |
|
|
8.5 |
|
|
— |
|
|
8.5 |
|
|
9.1 |
|
|
— |
|
|
9.1 |
Other (expense) income, net |
|
|
(0.1) |
|
|
— |
|
|
(0.1) |
|
|
8.5 |
|
|
(7.7) |
|
|
0.8 |
Income before taxes |
|
|
37.7 |
|
|
8.1 |
|
|
45.8 |
|
|
55.1 |
|
|
(7.7) |
|
|
47.4 |
Provision for income taxes |
|
|
8.5 |
|
|
1.8 |
|
|
10.3 |
|
|
11.3 |
|
|
(1.6) |
|
|
9.7 |
Net income |
|
$ |
29.2 |
|
$ |
6.3 |
|
$ |
35.5 |
|
$ |
43.8 |
|
$ |
(6.1) |
|
$ |
37.7 |
Earnings per share - diluted |
|
$ |
0.34 |
|
$ |
0.07 |
|
$ |
0.42 |
|
$ |
0.52 |
|
$ |
(0.07) |
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||
|
|
As
|
|
Other
|
|
Adjusted |
|
As
|
|
Loss on
|
|
Adjusted |
||||||
Operating income |
|
$ |
111.4 |
|
$ |
8.1 |
|
$ |
119.5 |
|
$ |
109.0 |
|
$ |
— |
|
$ |
109.0 |
Interest expense |
|
|
17.0 |
|
|
— |
|
|
17.0 |
|
|
17.3 |
|
|
— |
|
|
17.3 |
Other (expense) income, net |
|
|
0.4 |
|
|
— |
|
|
0.4 |
|
|
(1.9) |
|
|
3.8 |
|
|
1.9 |
Income before taxes |
|
|
94.8 |
|
|
8.1 |
|
|
102.9 |
|
|
89.8 |
|
|
3.8 |
|
|
93.6 |
Provision for income taxes |
|
|
21.8 |
|
|
1.9 |
|
|
23.7 |
|
|
19.8 |
|
|
0.8 |
|
|
20.6 |
Net income |
|
$ |
73.0 |
|
$ |
6.2 |
|
$ |
79.2 |
|
$ |
70.0 |
|
$ |
3.0 |
|
$ |
73.0 |
Earnings per share - diluted |
|
$ |
0.85 |
|
$ |
0.07 |
|
$ |
0.93 |
|
$ |
0.83 |
|
$ |
0.04 |
|
$ |
0.86 |
(1) During the three and six-month periods ended June 30, 2021, the Company’s consolidated pre-tax results included the impact of
(2) During the three-month period ended June 20, 2020, the Company’s consolidated pre-tax results included an unrealized gain of
World Wrestling Entertainment, Inc. Supplemental Information – Reconciliation of Adjusted OIBDA (In millions, except per share data) (Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2021 |
|||||||||||||
|
|
Operating
|
|
Depreciation
|
|
Stock
|
|
Other
|
|
Adjusted
|
|||||
Media |
|
$ |
80.8 |
|
$ |
3.8 |
|
$ |
1.6 |
|
$ |
— |
|
$ |
86.2 |
Live Events |
|
|
0.9 |
|
|
— |
|
|
0.2 |
|
|
— |
|
|
1.1 |
Consumer Products |
|
|
7.9 |
|
|
0.1 |
|
|
0.4 |
|
|
— |
|
|
8.4 |
Corporate |
|
|
(43.3) |
|
|
7.0 |
|
|
0.6 |
|
|
8.1 |
|
|
(27.6) |
Total |
|
$ |
46.3 |
|
$ |
10.9 |
|
$ |
2.8 |
|
$ |
8.1 |
|
$ |
68.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2020 |
|||||||||||||
|
|
Operating
|
|
Depreciation
|
|
Stock
|
|
Other
|
|
Adjusted
|
|||||
Media |
|
$ |
81.6 |
|
$ |
3.8 |
|
$ |
5.1 |
|
$ |
— |
|
$ |
90.5 |
Live Events |
|
|
(4.5) |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
(4.2) |
Consumer Products |
|
|
7.6 |
|
|
— |
|
|
0.5 |
|
|
— |
|
|
8.1 |
Corporate |
|
|
(29.0) |
|
|
7.0 |
|
|
1.1 |
|
|
— |
|
|
(20.9) |
Total |
|
$ |
55.7 |
|
$ |
10.8 |
|
$ |
7.0 |
|
$ |
— |
|
$ |
73.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2021 |
|||||||||||||
|
|
Operating
|
|
Depreciation
|
|
Stock
|
|
Other
|
|
Adjusted
|
|||||
Media |
|
$ |
177.9 |
|
$ |
7.5 |
|
$ |
7.4 |
|
$ |
— |
|
$ |
192.8 |
Live Events |
|
|
(3.6) |
|
|
— |
|
|
0.4 |
|
|
— |
|
|
(3.2) |
Consumer Products |
|
|
14.1 |
|
|
0.1 |
|
|
0.9 |
|
|
— |
|
|
15.1 |
Corporate |
|
|
(77.0) |
|
|
14.1 |
|
|
2.1 |
|
|
8.1 |
|
|
(52.7) |
Total |
|
$ |
111.4 |
|
$ |
21.7 |
|
$ |
10.8 |
|
$ |
8.1 |
|
$ |
152.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020 |
|||||||||||||
|
|
Operating
|
|
Depreciation
|
|
Stock
|
|
Other
|
|
Adjusted
|
|||||
Media |
|
$ |
170.9 |
|
$ |
7.7 |
|
$ |
14.5 |
|
$ |
— |
|
$ |
193.1 |
Live Events |
|
|
(7.7) |
|
|
— |
|
|
0.9 |
|
|
— |
|
|
(6.8) |
Consumer Products |
|
|
10.5 |
|
|
— |
|
|
1.4 |
|
|
— |
|
|
11.9 |
Corporate |
|
|
(64.7) |
|
|
14.0 |
|
|
3.3 |
|
|
— |
|
|
(47.4) |
Total |
|
$ |
109.0 |
|
$ |
21.7 |
|
$ |
20.1 |
|
$ |
— |
|
$ |
150.8 |
(1) During the three-month period ended June 30, 2021, stock compensation expense decreased
(2) During the three and six-month periods ended June 30, 2021, the Company’s consolidated pre-tax results included the impact of
World Wrestling Entertainment, Inc. Supplemental Information - Free Cash Flow (In millions) (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
June 30, |
|
June 30, |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Net cash provided by operating activities |
|
$ |
19.5 |
|
$ |
74.8 |
|
$ |
79.4 |
|
$ |
140.7 |
Less cash used for capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and other assets |
|
|
(6.2) |
|
|
(7.1) |
|
|
(12.3) |
|
|
(15.4) |
Free Cash Flow |
|
$ |
13.3 |
|
$ |
67.7 |
|
$ |
67.1 |
|
$ |
125.3 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210729006097/en/
FAQ
What are WWE's financial highlights for Q2 2021?
How did the return of live events impact WWE's revenue?
What are WWE's plans for capital expenditures in 2021?
How much did WWE return to shareholders in Q2 2021?
What are WWE's adjusted OIBDA results for Q2 2021?
