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