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IXIC13,583.65+391.31 2.97%

Press Release: WWE(R) Reports Record 2020 Results -5-

· 02/04/2021 16:11
Accounts receivable 70.0 (41.5) Inventory (1.3) (0.5) Prepaid expenses and other assets (12.1) 2.6 Content production assets (25.6) (34.3) Accounts payable, accrued expenses and other liabilities 5.1 (32.0) Deferred income 6.1 10.3 ------ ------ Net cash provided by operating activities 319.9 121.7 ------ ------ INVESTING ACTIVITIES: Purchases of property and equipment and other assets (27.6) (69.1) Purchases of short-term investments (153.9) (124.3) Proceeds from sales and maturities of short-term investments 182.3 157.5 Purchase of equity investments (0.6) (1.4) Proceeds from sale of investment securities 11.7 -- Other -- 1.4 ------ ------ Net cash provided by (used in) investing activities 11.9 (35.9) ------ ------ FINANCING ACTIVITIES: Repayment of debt (103.6) (5.1) Repayment of finance leases (10.8) (8.4) Dividends paid (37.2) (37.4) Debt issuance costs -- (0.7) Proceeds from borrowings under the credit facility 200.0 -- Taxes paid related to net settlement upon vesting of equity awards (11.1) (30.2) Proceeds from issuance of stock 2.6 2.3 Repurchase and retirement of common stock -- (83.4) ------ ------ Net cash provided by (used in) financing activities 39.9 (162.9) ------ ------ NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 371.7 (77.1) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 90.4 167.5 ------ ------ CASH AND CASH EQUIVALENTS, END OF PERIOD $ 462.1 $ 90.4 ====== ====== SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for income taxes, net of refunds $ 45.6 $ 7.4 Cash paid for interest $ 12.3 $ 10.7 NON-CASH INVESTING TRANSACTIONS: Purchases of property and equipment recorded in accounts payable and accrued expenses $ 4.4 $ 5.0 World Wrestling Entertainment, Inc. Supplemental Information -- Reconciliation of Adjusted Net Income (In millions, except per share data) (Unaudited) Three Months Ended December 31, -------------------------------------------------------------------------------- 2020 2019 ---------------------------------------------------------- -------------------- As Loss on Other As Reported Investments (1) Adjustments (3) Adjusted Reported Adjusted ---------- ---------------- ---------------- ---------- -------- ---------- Operating income $ 36.2 $ -- $ 1.5 $ 37.7 $ 99.8 $ 99.8 Interest expense 9.1 -- -- 9.1 7.9 7.9 Other (expense) income, net (7.0) 8.6 -- 1.6 1.5 1.5 ----- --------------- --------------- ------ ------- ------ Income before taxes 20.1 8.6 1.5 30.2 93.4 93.4 Provision for income taxes 6.5 2.8 0.5 9.8 24.1 24.1 ----- --------------- --------------- ------ ------- ------ Net income $ 13.6 $ 5.8 $ 1.0 $ 20.4 $ 69.3 $ 69.3 ===== =============== =============== ====== ======= ====== Earnings per share - diluted $ 0.16 $ 0.07 $ 0.01 $ 0.24 $ 0.78 $ 0.78 ===== =============== =============== ====== ======= ====== Year Ended December 31, -------------------------------------------------------------------------------- 2020 2019 ---------------------------------------------------------- -------------------- As Loss on Other As Reported Investments (2) Adjustments (3) Adjusted Reported Adjusted ---------- ---------------- ---------------- ---------- -------- ---------- Operating income $ 208.6 $ -- $ 7.0 $ 215.6 $ 116.5 $ 116.5 Interest expense 35.6 -- -- 35.6 26.1 26.1 Other expense income, net (1.9) 5.7 -- 3.8 4.3 4.3 ----- --------------- --------------- ------ ------- ------ Income before taxes 171.1 5.7 7.0 183.8 94.7 94.7 Provision for income taxes 39.3 1.3 1.6 42.2 17.6 17.6 ----- --------------- --------------- ------ ------- ------ Net income $ 131.8 $ 4.4 $ 5.4 $ 141.6 $ 77.1 $ 77.1 ===== =============== =============== ====== ======= ====== Earnings per share - diluted $ 1.56 $ 0.05 $ 0.06 $ 1.68 $ 0.85 $ 0.85 ===== =============== =============== ====== ======= ====== (1) During the three months ended December 31, 2020, the Company recognized $8.6 million of losses, primarily related to $4.4 million of impairment charges coupled with $4.2 million in fair market value adjustments of marketable securities prior to their sale. The Company did not recognize any such material net gains or losses, or impairment charges related to its equity investments during the three months ended December 31, 2019 (2) During the twelve months ended December 31, 2020, the Company recognized a net loss of $5.7 million related to certain equity investments, which included $15.9 million of impairment charges partially offset by $10.2 million in fair market value adjustments of marketable securities prior to their sale. The Company did not recognize any such material net gains or losses, or impairment charges related to its equity investments during the twelve months ended December 31, 2019 (3) During the three and twelve months ended December 31, 2020, the Company recorded severance expense of $1.5 million and $7.0 million, respectively, resulting from a reduction in force due to COVID-19. The Company did not record any such expense during the three and twelve months ended December 31, 2019 World Wrestling Entertainment, Inc. Supplemental Information -- Reconciliation of Adjusted OIBDA (In millions, except per share data) (Unaudited) Three Months Ended December 31, 2020 ----------------------------------------------------------------------------- Operating Depreciation Income & Stock Other Adjusted (Loss) Amortization Compensation Adjustments (1) OIBDA ------------ ------------- ---------------- ---------------- ------------ Media $ 67.1 $ 3.7 $ 2.2 $ -- $ 73.0 Live Events (7.0) -- 0.3 -- (6.7) Consumer Products 8.9 -- 0.2 -- 9.1 Corporate (32.8) 6.7 0.4 1.5 (24.2) ------ ------------ ----- ----- --------------- ----- Total $ 36.2 $ 10.4 $ 3.1 $ 1.5 $ 51.2 ====== === ============ ===== ===== =============== ===== Three Months Ended December 31, 2019 ----------------------------------------------------------------------------- Operating Depreciation Income & Stock Other Adjusted (Loss) Amortization Compensation Adjustments OIBDA ------------ ------------- ---------------- ---------------- ------------

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