WWE News: WWE Second Quarter Earnings Report Released, Record Revenue

Published

6 years ago

July 26, 2018

World Wrestling Entertainment, Inc. Consolidated Statements of Cash Flows (In millions) (Unaudited)

	Six Months Ended
	June 30,
	2018		2017
OPERATING ACTIVITIES:
Net income	$	24.8	$	6.0
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and impairments of feature film production assets		3.5		5.8
Amortization of television production assets		12.8		10.7
Depreciation and amortization		16.6		16.6
Loss on equity investment		3.0		—
Services provided in exchange for equity instruments		(1.6)		(1.4)
Other amortization		3.1		3.2
Stock-based compensation		22.5		12.8
Benefit from deferred income taxes		(0.1)		—
Other non-cash adjustments		2.1		0.4
Cash (used in) provided by changes in operating assets and liabilities:
Accounts receivable		(7.2)		(2.6)
Inventory		(0.3)		(1.8)
Prepaid expenses and other assets		(5.2)		(5.4)
Feature film production assets		(0.6)		(7.8)
Television production assets		(14.4)		(7.6)
Accounts payable, accrued expenses and other liabilities		6.4		(9.2)
Deferred income		11.4		(5.9)
Net cash provided by operating activities		76.8		13.8
INVESTING ACTIVITIES:
Purchases of property and equipment and other assets		(12.2)		(12.5)
Purchases of short-term investments		(64.5)		(88.7)
Proceeds from sales and maturities of investments		36.1		13.7
Purchase of investment securities		—		(0.1)
Other		1.0		—
Net cash used in investing activities		(39.6)		(87.6)
FINANCING ACTIVITIES:
Repayment of debt		(2.3)		(2.6)
Dividends paid		(18.5)		(18.3)
Proceeds from borrowings under the credit facilities		—		1.4
Proceeds from borrowings on convertible notes, net of issuance costs		—		14.5
Proceeds from issuance of warrants		—		1.5
Purchase of convertible note hedge		—		(2.6)
Taxes paid related to net settlement upon vesting of equity awards		(0.2)		(0.1)
Proceeds from issuance of stock		0.9		0.8
Net cash used in financing activities		(20.1)		(5.4)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		17.1		(79.2)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		137.7		212.0
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	154.8	$	132.8
NON-CASH INVESTING TRANSACTIONS:
Purchases of property and equipment recorded in accounts payable and accrued expenses	$	3.6	$	2.0

World Wrestling Entertainment, Inc. Supplemental Information – Reconciliation of Adjusted Net Income (In millions, except per share data) (Unaudited)

	Three Months Ended June 30,
	2018						2017
	As Reported		Loss on Investment		Adjusted		As Reported		Film Impairments		Adjusted
Operating income	$	21.2	$	—	$	21.2	$	10.7	$	1.1	$	11.8
Interest expense		4.7		—		4.7		3.7		—		3.7
Loss on equity investment (1)		3.0		(3.0)		—		—		—		—
Investment and other income, net		1.0		—		1.0		0.8		—		0.8
Income before taxes		14.5		3.0		17.5		7.8		1.1		8.9
Provision for income taxes (2)		4.5		0.6		5.1		2.7		0.4		3.1
Net income	$	10.0	$	2.4	$	12.4	$	5.1	$	0.7	$	5.8
Earnings per share – diluted (3)	$	0.11	$	0.03	$	0.14	$	0.06	$	0.01	$	0.07

Let us know what you think on social media @ChairshotMedia and always remember to use the hashtag #UseYourHead!

Mitchell’s AEW Continental Classic Update! (11/27/23)

What a start to the tournament!

Published

6 months ago

November 27, 2023

Steven Mitchell

Did your picks win points?

The AEW Continental Classic is underway, with almost everyone competing. Check in here if you haven’t seen the winners and losers of week 1!

Here are your Gold League standings!

Jon Moxley: 1-0, 3 points
Swerve Strickland: 1-0, 3 points
Jay White: 1-0, 3 points
Rush: 0-1, 0 points
Mark Briscoe: 0-1, 0 points.
Jay Lethal: 0-1, 0 points

Here are your Blue League standings!

Brody King: 1-0, 3 points
Claudio Castagnoli: 1-0, 3 points
Daniel Garcia: 0-1, 0 points
Eddie Kingston: 0-1, 0 points
Bryan Danielson: Yet to Compete
Andrade El Idolo: Yet to Compete

My Thoughts:

Nothing too crazy, nothing too wild, this tournament only just got started. The only disappointing point is that they could not get Bryan “cleared to compete” Saturday night. Not sure how much of that is shoot given the bad eye, but this was kinda the problem of wanting him in the tournament over tons of other choices. Bryan wants to face Okada for WrestleKingdom 18, how is Bryan supposed to do that at his best if he’s also gonna be in a round robin, doing five top level matches in about as many weeks? And it takes away from Andrade being able to do something. Also a little surprised we didn’t even hear from Andrade on Saturday.

Now as we heard on Saturday, round two’s matches are set. Gold League will see Mark Briscoe VS Rush, White VS Swerve, and of course, Moxley VS Lethal. Nice variety there, a couple 0-1 guys facing off, as well as two 1-0 guys, and then 1-0 VS 0-1. No offense to Lethal, but he feels like an 0-2 going up against Moxley. Hard to call the other ones but that’s the fun of it. Meanwhile, Blue League sees Brody VS Claudio in a showdown to be 2-0, then Bryan and Andrade finally jump in, Bryan against Eddie and Andrade against Garcia. Sadly, feels like Eddie and Garcia are going 0-2, no way Tony Khan is booking Bryan and Andrade to lose their first shots.

In fact, that could be half the reason they did wait on those two, that’s almost too good for just a first round opener. But I still would’ve done it, same as NJPW does stuff like that for round robins, which this is all modeled after anyway.

Let us know what you think on social media @ChairshotMedia and always remember to use the hashtag #UseYourHead!

AEW Coverage

AEW announces Continental Classic entrants

The C2 is set!

Published

6 months ago

November 22, 2023

Steven Mitchell

Tony Khan Reveals the Blue and Gold “Leagues!”

Originally livestreamed, Tony Khan and Tony Schiavone officially announced the twelve total entrants and divided them into the two round robin blocks known as the “Blue League” and “Gold League.” If you don’t feel like sifting through the almost 30 minute video, the groups are:

Blue League

Bryan Danielson
Andrade El Idolo
Brody King
Claudio Castagnoli
Daniel Garcia
Eddie Kingston

Gold League

Jon Moxley
Swerve Strickland
Rush
Mark Briscoe
Jay Lethal
Jay White

Tony Khan also explains the rules for the Continental Classic:

Every match has a 20 minute time limit
The winner of each match earns 3 points, losers earn 0, 1 point for a draw
EVERYONE ELSE is banned from ringside for true 1v1 action

Eddie Kingston also joined the selection special as his “life’s work” is on the line in this tournament, both the ROH World Championship and NJPW Strong Openweight Championship on the line as part of the modern day North American Triple Crown Eddie, Tony Khan, AEW, ROH and NJPW are looking to create together. Gold League competes tonight on Dynamite while Blue League will have their start this Saturday on Collision. Look for more articles like this one to keep up with the Continental Classic standings over the next six weeks of tournament action!

Let us know what you think on social media @ChairshotMedia and always remember to use the hashtag #UseYourHead!