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WWE News: WWE Second Quarter Earnings Report Released, Record Revenue
| Six Months Ended June 30, | |||||||||||||||||||||
| 2018 | 2017 | ||||||||||||||||||||
| As Reported |
Loss on Investment | Adjusted | As Reported |
Film Impairments |
Other (4) | Adjusted | |||||||||||||||
| Operating income | $ | 43.0 | $ | — | $ | 43.0 | $ | 14.7 | $ | 3.2 | $ | 5.6 | $ | 23.5 | |||||||
| Interest expense | 8.2 | — | 8.2 | 7.2 | — | — | 7.2 | ||||||||||||||
| Loss on equity investment (1) | 3.0 | (3.0) | — | — | — | — | — | ||||||||||||||
| Investment and other income, net | 2.8 | — | 2.8 | 1.7 | — | — | 1.7 | ||||||||||||||
| Income before taxes | 34.6 | 3.0 | 37.6 | 9.2 | 3.2 | 5.6 | 18.0 | ||||||||||||||
| Provision for income taxes (2) | 9.8 | 0.6 | 10.4 | 3.2 | 1.1 | 2.0 | 6.3 | ||||||||||||||
| Net income | $ | 24.8 | $ | 2.4 | $ | 27.2 | $ | 6.0 | $ | 2.1 | $ | 3.6 | $ | 11.7 | |||||||
| Earnings per share – diluted (3) | $ | 0.29 | $ | 0.03 | $ | 0.32 | $ | 0.08 | $ | 0.03 | $ | 0.05 | $ | 0.15 | |||||||
| (1) During the second quarter of 2018, we recorded an impairment charge of $3.0 million on our investment in a mobile
video publishing business for the excess of the carrying value over its estimated fair value resulting from going concern issues of the underlying investee company. (2) The reduction in the effective tax rate in the current year quarter was primarily driven by the reduction of the federal corporate income tax rate as a result of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), which was enacted on December 22, 2017. (3) The convertible notes due 2023 have a $0.01 per share impact on diluted earnings per share for the three and six months ended June 30, 2018, as the average price of our common stock exceeded the conversion and warrant prices of $24.91 per share and $31.89 per share, respectively, during the periods. (4) Other during the six months ended June 30, 2017 reflects non-recurring expenses of $5.6 million primarily related to certain legal matters and other contractual obligations within Corporate. |
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| World Wrestling Entertainment, Inc.
Supplemental Information – Reconciliation of Adjusted OIBDA (In millions, except per share data) (Unaudited) |
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| Three Months Ended June 30, 2018 | |||||||||||||||
| Operating Income | Depreciation & Amortization | Stock Compensation | Other Adjustments | Adjusted OIBDA | |||||||||||
| Media | $ | 32.0 | $ | 3.0 | $ | 9.5 | $ | — | $ | 44.5 | |||||
| Live Events | 13.4 | — | 1.3 | — | 14.7 | ||||||||||
| Consumer Products | 4.6 | — | 2.3 | — | 6.9 | ||||||||||
| Corporate | (28.8) | 3.9 | 2.3 | — | (22.6) | ||||||||||
| Total | $ | 21.2 | $ | 6.9 | $ | 15.4 | $ | — | $ | 43.5 | |||||
| Three Months Ended June 30, 2017 | |||||||||||||||
| Operating Income | Depreciation & Amortization | Stock Compensation | Other Adjustments (1) | Adjusted OIBDA | |||||||||||
| Media | $ | 9.6 | $ | 2.9 | $ | 4.2 | $ | 1.1 | $ | 17.8 | |||||
| Live Events | 17.1 | — | 0.6 | — | 17.7 | ||||||||||
| Consumer Products | 5.5 | — | 0.8 | — | 6.3 | ||||||||||
| Corporate | (21.5) | 3.4 | 0.6 | — | (17.5) | ||||||||||
| Total | $ | 10.7 | $ | 6.3 | $ | 6.2 | $ | 1.1 | $ | 24.3 | |||||
| Six Months Ended June 30, 2018 | |||||||||||||||
| Operating Income | Depreciation & Amortization | Stock Compensation | Other Adjustments | Adjusted OIBDA | |||||||||||
| Media | $ | 67.9 | $ | 6.0 | $ | 14.2 | $ | — | $ | 88.1 | |||||
| Live Events | 16.3 | — | 2.0 | — | 18.3 | ||||||||||
| Consumer Products | 10.6 | — | 3.2 | — | 13.8 | ||||||||||
| Corporate | (51.8) | 7.2 | 3.1 | — | (41.5) | ||||||||||
| Total | $ | 43.0 | $ | 13.2 | $ | 22.5 | $ | — | $ | 78.7 | |||||
| Six Months Ended June 30, 2017 | |||||||||||||||
| Operating Income | Depreciation & Amortization | Stock Compensation | Other Adjustments (1) | Adjusted OIBDA | |||||||||||
| Media | $ | 24.8 | $ | 6.0 | $ | 8.9 | $ | 3.2 | $ | 42.9 | |||||
| Live Events | 20.8 | — | 1.4 | — | 22.2 | ||||||||||
| Consumer Products | 19.9 | — | 1.6 | — | 21.5 | ||||||||||
| Corporate | (50.8) | 7.2 | 0.9 | 5.6 | (37.1) | ||||||||||
| Total | $ | 14.7 | $ | 13.2 | $ | 12.8 | $ | 8.8 | $ | 49.5 | |||||
| (1) Other adjustments during the three and six months ended June 30, 2017 include certain film impairment charges
within our Media segment, and non-recurring legal matters and other contractual obligations within Corporate |
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