Wrestling News
WWE News: WWE Second Quarter Earnings Report Released, Record Revenue
| World Wrestling Entertainment, Inc.
Consolidated Income Statements (In millions, except per share data) (Unaudited) |
||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||
| Net revenues | $ | 281.6 | $ | 214.6 | $ | 469.3 | $ | 403.0 | ||||
| Operating expenses | 198.9 | 158.0 | 318.9 | 289.4 | ||||||||
| Marketing and selling expenses | 29.7 | 21.6 | 49.6 | 42.1 | ||||||||
| General and administrative expenses | 24.9 | 18.0 | 44.6 | 43.6 | ||||||||
| Depreciation and amortization | 6.9 | 6.3 | 13.2 | 13.2 | ||||||||
| Operating income | 21.2 | 10.7 | 43.0 | 14.7 | ||||||||
| Interest expense | 4.7 | 3.7 | 8.2 | 7.2 | ||||||||
| Loss on equity investment | 3.0 | — | 3.0 | — | ||||||||
| Investment income, net | 1.4 | 0.8 | 2.8 | 1.7 | ||||||||
| Other income (expense), net | (0.4) | — | — | — | ||||||||
| Income before income taxes | 14.5 | 7.8 | 34.6 | 9.2 | ||||||||
| Provision for income taxes | 4.5 | 2.7 | 9.8 | 3.2 | ||||||||
| Net income | $ | 10.0 | $ | 5.1 | $ | 24.8 | $ | 6.0 | ||||
| Earnings per share: | ||||||||||||
| Basic | $ | 0.13 | $ | 0.07 | $ | 0.32 | $ | 0.08 | ||||
| Diluted | $ | 0.11 | $ | 0.06 | $ | 0.29 | $ | 0.08 | ||||
| Weighted average common shares outstanding: | ||||||||||||
| Basic | 77.2 | 76.5 | 77.2 | 76.4 | ||||||||
| Diluted | 87.1 | 78.6 | 85.2 | 78.4 | ||||||||
| 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) |
||||||
| As of | ||||||
| June 30,
2018 |
December 31,
2017 |
|||||
| ASSETS | ||||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ | 154.8 | $ | 137.7 | ||
| Short-term investments, net | 186.8 | 159.7 | ||||
| Accounts receivable, net | 83.0 | 65.3 | ||||
| Inventory | 8.6 | 8.3 | ||||
| Prepaid expenses and other current assets | 24.8 | 20.0 | ||||
| Total current assets | 458.0 | 391.0 | ||||
| PROPERTY AND EQUIPMENT, NET | 130.1 | 131.3 | ||||
| FEATURE FILM PRODUCTION ASSETS, NET | 19.3 | 22.3 | ||||
| TELEVISION PRODUCTION ASSETS, NET | 8.2 | 7.3 | ||||
| INVESTMENT SECURITIES | 24.3 | 27.4 | ||||
| NON-CURRENT DEFERRED INCOME TAX ASSETS | 16.2 | 19.0 | ||||
| OTHER ASSETS, NET | 12.8 | 16.2 | ||||
| TOTAL ASSETS | $ | 668.9 | $ | 614.5 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Current portion of long-term debt | $ | 5.0 | $ | 4.6 | ||
| Convertible debt | 180.4 | — | ||||
| Accounts payable and accrued expenses | 89.9 | 77.7 | ||||
| Deferred income | 66.6 | 55.9 | ||||
| Total current liabilities | 341.9 | 138.2 | ||||
| LONG-TERM DEBT | 28.3 | 31.0 | ||||
| CONVERTIBLE DEBT | — | 177.9 | ||||
| NON-CURRENT INCOME TAX LIABILITIES | 0.5 | 0.5 | ||||
| NON-CURRENT DEFERRED INCOME | 5.3 | 14.0 | ||||
| Total liabilities | 376.0 | 361.6 | ||||
| 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 | 446.8 | 422.2 | ||||
| Accumulated other comprehensive income | 1.4 | 2.4 | ||||
| Accumulated deficit | (156.0) | (172.4) | ||||
| Total stockholders’ equity | 292.9 | 252.9 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 668.9 | $ | 614.5 | ||
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