Investor Presentaiton
FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are
subject to various risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to: risks relating to entering, maintaining and
renewing major distribution agreements, including our principal domestic television license which currently expires in September 2019; WWE Network
(including the risk that we are unable to attract, retain and renew subscribers); our need to continue to develop creative and entertaining programs and
events; the possibility of a decline in the popularity of our brand of sports entertainment; the continued importance of key performers and the services of
Vincent K. McMahon; possible adverse changes in the regulatory atmosphere and related private sector initiatives; the highly competitive, rapidly changing
and increasingly fragmented nature of the markets in which we operate and greater financial resources or marketplace presence of many of our competitors;
uncertainties associated with international markets; our difficulty or inability to promote and conduct our live events and/or other businesses if we do not
comply with applicable regulations; our dependence on our intellectual property rights, our need to protect those rights, and the risks of our infringement of
others' intellectual property rights; the complexity of our rights agreements across distribution mechanisms and geographical areas; potential substantial
liability in the event of accidents or injuries occurring during our physically demanding events including, without limitation, claims relating to CTE; large public
events as well as travel to and from such events; our feature film business; our expansion into new or complementary businesses and/or strategic
investments; our acquisitions; our computer systems and online operations; privacy norms and regulations; a possible decline in general economic conditions
and disruption in financial markets; our accounts receivable; our indebtedness; litigation; our potential failure to meet market expectations for our financial
performance, which could adversely affect our stock; Vincent K. McMahon exercises control over our affairs, and his interests may conflict with the holders
of our Class A common stock; a substantial number of shares are eligible for sale by the McMahons and the sale, or the perception of possible sales, of those
shares could lower our stock price; and the relatively small public "float" of our Class A common stock. In addition, our dividend is dependent on a number of
factors, including, among other things, our liquidity and historical and projected cash flow, strategic plan (including alternative uses of capital), our financial
results and condition, contractual and legal restrictions on the payment of dividends (including under our revolving credit facility), general economic and
competitive conditions and such other factors as our Board of Directors may consider relevant. Forward-looking statements made by the Company speak
only as of the date made and are subject to change without any obligation on the part of the Company to update or revise them. Undue reliance should not
be placed on these statements. For more information about risks and uncertainties associated with the Company's business, please refer to the
"Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's SEC filings, including,
but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q.
This presentation contains non-GAAP financial information, including OIBDA, Adjusted OIBDA, Net Debt and Free Cash Flow. We define OIBDA as operating
income before depreciation and amortization, excluding feature film and television production amortization and related impairments. OIBDA is a non-GAAP
financial measure and may be different than similarly-titled non-GAAP financial measures used by other companies. A limitation of OIBDA is that it excludes
depreciation and amortization, which represents the periodic charge for certain fixed assets and intangible assets used in generating revenues for the
Company's business. In addition, we define Free Cash Flow as net cash provided by operating activities less cash used for capital expenditures. We believe
that operating income is the most directly comparable GAAP financial measure to OIBDA and Adjusted OIBDA, Total Debt is the most directly comparable
GAAP financial measure to Net Debt, and net cash provided by operating activities is the most directly comparable GAAP financial measure to Free Cash
Flow. Neither OIBDA, Adjusted OIBDA, Net Debt nor Free Cash Flow should be regarded as an alternative to the most directly comparably GAAP financial
measure as an indicator of operating performance, or to the statement of cash flows as a measure of liquidity, nor should either metric be considered in
isolation or as a substitute for financial measures prepared in accordance with GAAP. See the Appendix at the end of this presentation for a reconciliation of
the non-GAAP measures presented herein.
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