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Press Release: WWE(R) Reports Record 2020 Results -4-

· 02/04/2021 16:11
December 31, December 31, --------------- -------------- 2020 2019 2020 2019 ------ ------- ------ ------ Live Events Revenue: North American ticket sales $ -- $ 17.8 $ 15.2 $ 93.8 International ticket sales -- 7.0 0.2 19.0 Advertising and sponsorship -- 0.4 0.4 2.1 Other (3) 0.7 2.2 4.1 10.7 ----- ------ ----- ----- Total Revenue $ 0.7 $ 27.4 $ 19.9 $125.6 ===== ====== ===== ===== Three Months Ended Year Ended December 31, December 31, --------------- -------------- 2020 2019 2020 2019 ------ ------- ------ ------ Consumer Products Revenue: Consumer product licensing $ 13.5 $ 16.6 $ 41.7 $ 43.2 eCommerce 13.5 11.0 41.2 29.9 Venue merchandise -- 3.2 3.2 18.6 ----- ------ ----- ----- Total Revenue $ 27.0 $ 30.8 $ 86.1 $ 91.7 ===== ====== ===== ===== (1) 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 (2) 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 (3) Other Live Events includes revenue from the sale of travel packages associated with the Company's global live events, and commissions earned through secondary ticketing as well as 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) Three Months Ended Year Ended ------------------------ --------------- December 31, December 31, ------------------------ --------------- 2020 2019 2020 2019 --------------- ------- ------- ------ Net revenues $ 238.2 $ 322.8 $974.2 $960.4 Operating expenses 148.7 171.6 549.5 638.2 Marketing and selling expenses 16.6 20.3 71.3 84.7 General and administrative expenses 26.3 20.5 102.2 86.9 Depreciation and amortization 10.4 10.6 42.6 34.1 ------- ------ ----- ----- Operating income 36.2 99.8 208.6 116.5 ------- ------ ----- ----- Interest expense 9.1 7.9 35.6 26.1 Other (expense) income, net (7.0) 1.5 (1.9) 4.3 ------- ------ ----- ----- Income before income taxes 20.1 93.4 171.1 94.7 Provision for income taxes 6.5 24.1 39.3 17.6 ------- ------ ----- ----- Net income $ 13.6 $ 69.3 $131.8 $ 77.1 ======= ====== ===== ===== Earnings per share: Basic $ 0.17 $ 0.89 $ 1.70 $ 0.99 ======= ====== ===== ===== Diluted $ 0.16 $ 0.78 $ 1.56 $ 0.85 ======= ====== ===== ===== Weighted average common shares outstanding: Basic 77.8 78.1 77.6 78.2 Diluted 83.7 88.3 84.2 90.2 Dividends declared per common share (Class A and B) $ 0.12 $ 0.12 $ 0.48 $ 0.48 ======= ====== ===== ===== World Wrestling Entertainment, Inc. Consolidated Balance Sheets (In millions) (Unaudited) As of -------------------------------- December 31, December 31, 2020 2019 -------------- ---------------- Assets Current assets: Cash and cash equivalents $ 462.1 $ 90.4 Short-term investments, net 131.3 160.0 Accounts receivable, net 52.0 124.8 Inventory 8.4 8.3 Prepaid expenses and other current assets 73.1 20.8 --------- --------- Total current assets 726.9 404.3 --------- --------- Property and equipment, net 161.5 174.8 Finance lease right-of-use assets, net 310.8 289.9 Operating lease right-of-use assets, net 13.5 20.8 Content production assets, net 15.4 20.1 Investment securities 11.1 28.1 Deferred income tax assets, net 10.1 7.2 Other assets, net 48.0 47.0 --------- --------- Total assets $ 1,297.3 $ 992.2 ========= ========= Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt $ 100.4 $ 3.6 Finance lease liabilities 9.6 7.9 Operating lease liabilities 4.0 6.6 Convertible debt 194.7 188.7 Accounts payable and accrued expenses 124.7 80.6 Deferred income 62.9 56.9 --------- --------- Total current liabilities 496.3 344.3 --------- --------- Long-term debt 21.7 22.1 Finance lease liabilities 379.9 335.5 Operating lease liabilities 9.7 14.6 Other non-current liabilities 0.9 0.4 --------- --------- Total liabilities 908.5 716.9 --------- --------- 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 424.7 405.4 Accumulated other comprehensive income 3.0 2.8 Accumulated deficit (39.7) (133.7) --------- --------- Total stockholders' equity 388.8 275.3 --------- --------- Total liabilities and stockholders' equity $ 1,297.3 $ 992.2 ========= ========= World Wrestling Entertainment, Inc. Consolidated Statements of Cash Flows (In millions) (Unaudited) Year Ended -------------------- December 31, -------------------- 2020 2019 -------- ---------- OPERATING ACTIVITIES: Net income $ 131.8 $ 77.1 Adjustments to reconcile net income to net cash provided by operating activities: Amortization and impairments of content production assets 26.3 35.7 Depreciation and amortization 48.5 39.6 Other amortization 18.0 13.9 Loss on equity investments, net 5.7 3.3 Stock-based compensation 28.0 29.4 (Benefit from) provision for deferred income taxes (3.0) 9.9 Other non-cash adjustments 22.4 8.2 Cash provided by (used in) changes in operating assets and liabilities:

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February 04, 2021 16:11 ET (21:11 GMT)