Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 23, 2019 | |
Class of Stock [Line Items] | ||
Entity Registrant Name | WORLD WRESTLING ENTERTAINMENTINC | |
Entity Central Index Key | 0001091907 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Trading Symbol | wwe | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Current Fiscal Year End Date | --12-31 | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding (in Shares) | 46,946,375 | |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding (in Shares) | 31,099,011 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated Statements Of Operations [Abstract] | ||
Net revenues | $ 182,448 | $ 187,721 |
Operating expenses | 135,450 | 120,061 |
Marketing and selling expenses | 23,144 | 19,896 |
General and administrative expenses | 24,293 | 19,675 |
Depreciation and amortization | 6,420 | 6,339 |
Operating (loss) income | (6,859) | 21,750 |
Interest expense | 6,339 | 3,513 |
Other income, net | 1,849 | 1,815 |
(Loss) income before income taxes | (11,349) | 20,052 |
(Benefit from) provision for income taxes | (2,953) | 5,217 |
Net (loss) income | $ (8,396) | $ 14,835 |
(Loss) earnings per share: basic | $ (0.11) | $ 0.19 |
(Loss) earnings per share: diluted | $ (0.11) | $ 0.18 |
Weighted average common shares outstanding: | ||
Basic | 78,040 | 77,142 |
Diluted | 78,040 | 82,453 |
Dividends declared per common share (Class A and B) | $ 0.12 | $ 0.12 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (8,396) | $ 14,835 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 33 | (205) |
Unrealized holding gains (losses) on available-for-sale debt securities (net of tax expense (benefit) of $230 and $(188), respectively) | 727 | (595) |
Total other comprehensive income (loss) | 760 | (800) |
Comprehensive (loss) income | $ (7,636) | $ 14,035 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Unrealized holding gains (losses) on available-for-sale securities, tax (benefit) expense | $ 230 | $ (188) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 152,764 | $ 167,457 |
Short-term investments, net | 185,444 | 191,686 |
Accounts receivable (net of allowance for doubtful accounts and returns of $1,101 and $1,009, respectively) | 54,983 | 78,925 |
Inventory, net | 8,771 | 7,753 |
Prepaid expenses and other current assets | 37,641 | 28,187 |
Total current assets | 439,603 | 474,008 |
PROPERTY AND EQUIPMENT, NET | 155,509 | 148,089 |
FINANCE LEASE RIGHT-OF-USE ASSETS, NET | 14,624 | |
OPERATING LEASE RIGHT-OF-USE ASSETS, NET | 20,426 | |
FEATURE FILM PRODUCTION ASSETS, NET | 12,948 | 13,558 |
TELEVISION PRODUCTION ASSETS, NET | 3,967 | 7,473 |
INVESTMENT SECURITIES | 30,193 | 30,196 |
DEFERRED INCOME TAX ASSETS, NET | 17,918 | 17,138 |
OTHER ASSETS, NET | 8,032 | 9,837 |
TOTAL ASSETS | 703,220 | 700,299 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 5,148 | 5,118 |
Finance lease liabilities | 8,406 | |
Operating lease liabilities | 7,218 | |
Convertible debt | 184,448 | 183,090 |
Accounts payable and accrued expenses | 78,501 | 120,158 |
Deferred income | 60,867 | 49,173 |
Total current liabilities | 344,588 | 357,539 |
LONG-TERM DEBT | 24,398 | 25,696 |
FINANCE LEASE LIABILITIES | 7,364 | |
OPERATING LEASE LIABILITIES | 13,113 | |
OTHER NON-CURRENT LIABILITIES | 588 | 827 |
Total liabilities | 390,051 | 384,062 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Additional paid-in-capital | 429,217 | 415,281 |
Accumulated other comprehensive income | 2,262 | 1,502 |
Accumulated deficit | (119,090) | (101,326) |
Total stockholders' equity | 313,169 | 316,237 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 703,220 | 700,299 |
Common Class A [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | 437 | 437 |
Common Class B [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | $ 343 | $ 343 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance for doubtful accounts and returns | $ 1,101 | $ 1,009 |
Common Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, shares issued | 43,739,412 | 43,721,411 |
Common stock, shares outstanding | 43,739,412 | 43,721,411 |
Common Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 34,303,438 | 34,303,438 |
Common stock, shares outstanding | 34,303,438 | 34,303,438 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Common Class A [Member] | Common Class B [Member] | Total |
Balance, Shares at Dec. 31, 2017 | 42,498,000 | 34,609,000 | ||||||
Balance at Dec. 31, 2017 | $ 425 | $ 346 | $ 422,208 | $ 2,371 | $ (172,391) | $ 252,959 | ||
Cumulative effect of adopting ASC 606 at Dec. 31, 2017 | 10,086 | 10,086 | ||||||
Net loss | 14,835 | 14,835 | ||||||
Other comprehensive income | (800) | (800) | ||||||
Stock issuances, net, Shares | 42,000 | |||||||
Stock issuances, net | $ 1 | 749 | 750 | |||||
Taxes paid related to net settlement upon vesting of equity awards | (24) | (24) | ||||||
Cash dividends declared | 2 | (9,260) | (9,258) | |||||
Stock-based compensation | 7,073 | 7,073 | ||||||
Balance, Shares at Mar. 31, 2018 | 42,540,000 | 34,609,000 | ||||||
Balance at Mar. 31, 2018 | $ 426 | $ 346 | 430,008 | 1,571 | (156,730) | 275,621 | ||
Balance, Shares at Dec. 31, 2018 | 43,721,000 | 34,303,000 | 43,721,411 | 34,303,438 | ||||
Balance at Dec. 31, 2018 | $ 437 | $ 343 | 415,281 | 1,502 | (101,326) | 316,237 | ||
Net loss | (8,396) | (8,396) | ||||||
Other comprehensive income | 760 | 760 | ||||||
Stock issuances, net, Shares | 18,000 | |||||||
Stock issuances, net | 1,157 | 1,157 | ||||||
Taxes paid related to net settlement upon vesting of equity awards | (51) | (51) | ||||||
Cash dividends declared | 2 | (9,368) | (9,366) | |||||
Stock-based compensation | 12,828 | 12,828 | ||||||
Balance, Shares at Mar. 31, 2019 | 43,739,000 | 34,303,000 | 43,739,412 | 34,303,438 | ||||
Balance at Mar. 31, 2019 | $ 437 | $ 343 | $ 429,217 | $ 2,262 | $ (119,090) | $ 313,169 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES: | ||
Net (loss) income | $ (8,396) | $ 14,835 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Amortization and impairments of feature film production assets | 631 | 2,211 |
Amortization of television production assets | 8,321 | 3,149 |
Depreciation and amortization | 8,003 | 7,916 |
Services provided in exchange for equity instruments | (760) | (767) |
Other amortization | 3,496 | 1,568 |
Stock-based compensation | 12,828 | 7,073 |
(Benefit from) provision for deferred income taxes | (780) | 2,043 |
Other non-cash adjustments | 1,229 | (41) |
Cash (used in)/provided by changes in operating assets and liabilities: | ||
Accounts receivable | 23,989 | (2,472) |
Inventory | (1,018) | (1,651) |
Prepaid expenses and other assets | (9,425) | (12,000) |
Feature film production assets | (21) | (370) |
Television production assets | (4,815) | (4,472) |
Accounts payable, accrued expenses and other liabilities | (38,757) | (25,089) |
Deferred income | 12,224 | 10,689 |
Net cash provided by operating activities | 6,749 | 2,622 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment and other assets | (16,831) | (4,452) |
Purchases of short-term investments | (13,398) | (39,103) |
Proceeds from sales and maturities of short-term investments | 20,478 | 18,498 |
Purchase of investment securities | (120) | |
Net cash used in investing activities | (9,871) | (25,057) |
FINANCING ACTIVITIES: | ||
Repayment of long-term debt | (1,268) | (1,150) |
Repayment of finance leases | (2,043) | |
Dividends paid | (9,366) | (9,258) |
Taxes paid related to net settlement upon vesting of equity awards | (51) | (24) |
Proceeds from issuance of stock | 1,157 | 750 |
Net cash used in financing activities | (11,571) | (9,682) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (14,693) | (32,117) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 167,457 | 137,700 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 152,764 | 105,583 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||
Purchases of property and equipment recorded in accounts payable and accrued expenses (See Note 13) | $ 10,325 | $ 2,078 |
Basis Of Presentation And Busin
Basis Of Presentation And Business Description | 3 Months Ended |
Mar. 31, 2019 | |
Basis Of Presentation And Business Description [Abstract] | |
Basis Of Presentation And Business Description | 1. B asis of Presentation and Business Description The accompanying consolidated financial statements include the accounts of WWE. “WWE” refers to World Wrestling Entertainment, Inc. and its subsidiaries, unless the context otherwise requires. References to “we,” “us,” “our” a nd the “Company” refer to WWE. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense s during the reporting period. Actual results could differ from those estimates. The accompanying consolidated finan cial statements are unaudited. All adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. All intercompany balances are eliminated in consolidation. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted from these interim financial statements; these financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2018 . We are an integrated media and entertainment company, principally engaged in the production and distribution of wrestling entertainment content through various channels, including our premium over-the-top subscription network (“ WWE Network ”) , content rights agreements, pay-per-view event programming, filmed entertainment, live events , licensing of various WWE themed products, and the sale of consumer products featuring our brands. Our operations are organized around the following principal activities: Media : · The Media segment reflects the production and monetization of long-form and short-form video content across various platforms, including WWE Network, pay television, digital and social media , as well as filmed entertainment. Across these platforms, revenue s principally consist of content rights fees , subscriptions to WWE Network , and advertising and sponsorships. Live Events : · Live events provide ongoing content for our media platforms. Live Event segment revenues consist primarily of ticket sales, including primary and secondary distribution, revenues from events for which we receive a fixed fee, as well as the sale of travel packages associated with the Company’s global live events. Consumer Products : · The Consumer Products segment engages in the merchandising of WWE branded products, such as video games, toys and apparel, through licensing arrangements and direct-to-consumer sales. R evenue s principally consist of royalties and licensee fees related to WWE branded products, and sales of merchandise distributed at our live events and through eCommerce platforms. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Our significant accounting policies are detailed in Note 2, Summary of Significant Accounting Policies , in the Notes to Consolidated Financial Statements within our Annual Report on Form 10-K for the year ended December 31, 201 8 . Refer to Note 8 , Leases , for revision s made to our lease accounting policies resulting from our adoption of the new lease accounting standard starting in 201 9 . Operating Expenses Operating expenses consist of our production costs associated with developing our content, costs associated with operating our WWE Network, venue rental and related costs associated with the staging of our live events, compensation costs for our talent, and material and related costs associated with our consumer product merchandise sales. In addition, operating expenses include certain business operating support function costs, including our talent development, data analytics, data engineering, business strategy and real estate and facilities functions, as these activities directly support the operations of our segments. Included within Operating expenses are the following: Three Months Ended March 31, 2019 2018 Amortization and impairment of feature film assets $ 631 $ 2,211 Amortization of television production assets 8,321 3,149 Amortization of WWE Network content delivery and technology assets 1,582 1,574 Amortization of right-of-use assets - finance leases of equipment 1,996 — Total amortization and impairment included in operating expenses $ 12,530 $ 6,934 Costs to produce our live event programming are expensed when the event is first broadcast, and are not included in the amortization table noted above. Recent Accounting Pronouncement s In March 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-02, “ Improvements to Accounting for Costs of Films and License Agreements for Program Materials .” The amendments in this ASU align the accounting for production costs of an episodic television series with the accounting for production costs of films. In addition, the ASU modifies certain aspects of the capitalization, impairment, presentation and disclosure requirements under the current film and broadcaster entertainment industry guidance. The new guidance is effective for interim and annual reporting periods starting in fiscal year 2020, with early adoption permitted. The new guidance will be applied on a prospective basis. The Company is currently in the process of evaluating the impact, if any, of this new guidance on its consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, “ Collaborative Arrangements (Topic 808) – Clarifying the Interaction between Topic 808 and Topic 606 .” The amendments in this ASU clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606, Revenue from Contracts with Customers , when the collaborative arrangement participant is a customer in the context of a unit of account and precludes recognizing as revenue consideration received from a collaborative arrangement participant if the participant is not a customer. The new guidance is effective for interim and annual reporting periods starting in fiscal year 2020 for the Company, with early adoption permitted. The new guidance should be applied retrospectively to the date of initial application of the new revenue guidance in Topic 606 (January 1, 2018 for the Company). The Company does not expect the adoption of the amendments to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, “ Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract .” The new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. The new guidance is effective for interim and annual reporting periods starting in fiscal year 2020 for the Company, with early adoption permitted. The new guidance should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company expects to adopt the new guidance prospectively and does not expect the adoption to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ”, which modifies the disclosure requirements on fair value measurements. The new guidance is effective for interim and annual reporting periods starting in fiscal year 2020 for the Company. Upon the effective date, certain provisions are to be applied prospectively, while others are to be applied retrospectively to all periods presented. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. We are currently evaluating the impact of the amendments on our consolidated financial statement disclosures. Since the amendments impact only disclosure requirements, we do not expect the amendments to have an impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes existing guidance for lease accounting. This new standard requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The new standard requires a dual approach for lessee accounting under which a lessee accounts for leases as finance leases or operating leases with the recognition of a right-of-use asset and a corresponding lease liability. For finance leases, the lessee recognizes interest expense and amortization of the right-of-use asset, and for operating leases, the lessee recognizes straight-line lease expense. The new lease accounting standard along with the clarifying amendments subsequently issued by the FASB, collectively became effective for the Company on January 1, 2019. The Company adopted the new lease accounting standard by applying the new lease guidance at the adoption date on January 1, 2019, and as allowed under the standard, elected not to restate comparative periods. There was no cumulative-effect adjustment recorded in connection with our adoption. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard. We did not elect the hindsight practical expedient to determine the lease term for existing leases. As of January 1, 2019, in connection with the adoption of the new lease accounting standard, the Company recorded a right-of-use lease asset totaling $39,266 with a corresponding lease liability totaling $40,458 . Refer to Note 8, Leases , for further details on our adoption of the new standard. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Information [Abstract] | |
Segment Information | 3. Segment Information T he Company currently classifies its operations into three reportable segments: Media, Live Events and Consumer Products. Segment information is prepared on the same basis that our chief operating decision maker manages the segments, evaluates financial results, and makes key operating decisions. C ertain business support functions including sales and marketing, our international offices and talent development are allocated to the three reportable segments based primarily on a percentage of revenue contribution. The remaining unallocated corporate expenses largely relate to corporate functions such as finance, legal, human resources, facilities and information technology . The Company does not allocate these costs to its business segments, as they do not directly relate to revenue generating activities . These unallocated corporate expenses will be shown, as applicable, as a reconciling item in tables where segment and consolidated results are both shown. Revenues from transactions between our operating segments are not material. The Company presents Adjusted OIBDA as the primary measure of segment profit (loss). The Company defines Adjusted OIBDA as operating income before depreciation and amortization, excluding stock-based compensation, certain impairment charges and other non-recurring material items. Adjusted OIBDA includes amortization expenses directly related to our revenue generating activities, including feature film and television production asset amortization, amortization of costs related to content delivery and technology assets utilized for our WWE Network, as well as amortization of right-of-use assets related to finance leases of live event production equipment. The Company believes the presentation of Adjusted OIBDA is relevant and useful for investors because it allows investors to view our segment performance in the same manner as the primary method used by management to evaluate segment performance and make decisions about allocating resources. Additionally, we believe that Adjusted OIBDA is a primary measure used by media investors, analysts and peers for comparative purposes. We do not disclose assets by segment information. W e do not provide assets by segment information to our chief operating decision maker, as that information is not typically used in the determination of resource allocation and assessing business performance of each reportable segment. The following tables present summarized financial information for each of the Company's reportable segments: Three Months Ended March 31, 2019 2018 Net revenues: Media $ 135,447 $ 133,373 Live Events 26,239 30,770 Consumer Products 20,762 23,578 Total net revenues $ 182,448 $ 187,721 Adjusted OIBDA: Media $ 28,500 $ 43,569 Live Events 794 3,605 Consumer Products 6,020 6,869 Corporate (22,925) (18,881) Total Adjusted OIBDA $ 12,389 $ 35,162 Reconciliation of Total Operating (Loss) Income to Total Adjusted OIBDA Three Months Ended March 31, 2019 2018 Total operating (loss) income $ (6,859) $ 21,750 Depreciation and amortization 6,420 6,339 Stock-based compensation 12,828 7,073 Other adjustments — — Total Adjusted OIBDA $ 12,389 $ 35,162 |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Revenues [Abstract] | |
Revenues | 4. Revenues Revenues are generally recognized when control of the promised goods or services is transferred to our customers either at a point in time or over time, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Most of our contracts have one performance obligation and all consideration is allocated to that performance obligation. Our revenues do not include material amounts of variable consideration. The variable consideration contained in our contracts relate primarily to sales or usage-based royalties earned on consumer product licensing contracts. The variability related to these sales or usage-based royalties will be resolved in the periods when the licensee generates sales related to the intellectual property license. As it relates to our Consumer Products segment, the Company accounts for shipping and handling activities as fulfillment activities. We derive our revenues principally from the following sources: (i) content rights fees associated with the distribution of WWE’s media content, (ii) subscriptions to WWE Network, (iii) fees for viewing our pay-per-view programming, (iv) feature film distribution, (v) advertising and sponsorship sales, (vi) live event ticket sales, (vii) consumer product licensing royalties from the sale by third-party licensees of WWE branded merchandise, (viii) direct-to-consumer sales of merchandise at our live event venues, and (ix) direct-to-consumer sales of our merchandise through eCommerce platforms. Payment Terms Our payment terms vary by the type of products or services offered, and may be subject to contractual payment terms, which may include advance payment requirements. The time between invoicing and when payment is due is not significant, generally within 30 to 60 days. We have elected the practical expedient to not adjust the total consideration within a contract to reflect a financing component when the duration of the financing is one year or less. Our contracts do not generally include a significant financing component. Our contracts with customers do not generally result in significant obligations associated with returns, refunds or warranties. Disaggregated Revenues The following table presents our revenues disaggregated by primary revenue sources. Sales and usage-based taxes are excluded from revenues. Three Months Ended March 31, 2019 2018 Net revenues: Media Segment: Network (including pay-per-view) $ 47,013 $ 46,752 Core content rights fees (1) 68,096 65,505 Advertising and sponsorships 10,873 12,232 Other (2) 9,465 8,884 Total Media Segment net revenues 135,447 133,373 Live Events Segment: North American ticket sales 24,160 29,802 International ticket sales 193 — Advertising and sponsorships 405 152 Other (3) 1,481 816 Total Live Events Segment net revenues 26,239 30,770 Consumer Products Segment: Consumer product licensing 9,428 9,267 eCommerce 6,577 8,460 Venue merchandise 4,757 5,851 Total Consumer Products Segment net revenues 20,762 23,578 Total net revenues $ 182,448 $ 187,721 (1) Core content rights fees consist primarily of licensing revenues earned from the distribution of our flagship programs, Raw and SmackDown Live , through global broadcast, pay television and digital platforms. (2) Other revenues within our Media segment reflect revenues earned from the distribution of other WWE content, including, but not limited to, certain live in-ring programming in international markets, scripted , reality and other programming, as well as theatrical and direct-to-home video releases . (3) Other revenues within our Live Events segment primarily consists of the sale of travel packages associated with the Company’s global live events and commissions earned through secondary ticketing , as well as revenues from events for which the Company receives a fixed fee . Except for our WWE Network subscriptions revenues, which are recorded over time during the subscription term and our consumer product licensing revenues which are recorded over time during the licensing period, our other revenue streams identified in the table above are generally recognized at a point-in-time when the performance obligations are satisfied. Remaining Performance Obligations As of March 31, 201 9 , for contracts greater than one year, the aggregate amount of the transaction price allocated to remaining performance obligations is $3,284,215 , comprised of our multi-year content distribution, consumer product licensing and sponsorship contracts. We will recognize rights fees related to our multi-year content distribution contracts as content is delivered to the distributors during the periods 201 9 through 20 28 . We will recognize the revenues associated with the minimum guarantees on our multi-year consumer product licensing arrangements by the end of the licensing periods , which range from 201 9 through 202 4 . For our multi-year sponsorship arrangements, we will recognize sponsorship revenues as the sponsorship obligations are satisfied during the periods 201 9 through 202 8 . The transaction price related to these future obligations do not include any variable consideration , which generally consists of sales or usage-based royalties earned on consumer product licensing and certain other content rights contracts. The variability related to these sales or usage-based royalties will be resolved in the periods when the licensee generates sales related to the intellectual property license . Contract Assets and Contract Liabilities (Deferred Revenues) A contract asset results when goods or services have been transferred to the customer, but payment is contingent upon a future event, other than the passage of time (i.e. type of unbilled receivable). The Company does not have any material unbilled receivables, therefore, does not have any contract assets, only accounts receivable as disclosed on the face of our consolidated balance sheet. We record deferred revenues (also referred to as contract liabilities under ASC Topic 606) when cash payments are received or due in advance of our performance. Our deferred revenue balance primarily relates to advance payments received related to our content distribution rights agreements, our consumer product licensing agreements, and our sponsorship and advertising arrangements. The Company’s deferred revenue (i.e. contract liabilities) as of March 31, 2019 and December 31, 2018 was $60,951 and $49,487 , respectively, and are included within Deferred income and Other non-current liabilities on our Consolidated Balance Sheets. The net increase in the deferred revenue balance for the three months ended March 31, 2019 of $11,464 is primarily driven by licensing advances received, partially offset by revenue recognized during the period as a result of satisfying our performance obligations. Contract Costs (Costs of Obtaining a Contract) Except for certain multi-year television content arrangements, we generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within Marking and selling expenses within our Consolidated Statements of Operations. Capitalized commission fees of $1,541 and $1,886 at March 31, 2019 and December 31, 2018, respectively, relate primarily to incremental costs of obtaining our long-term television content arrangements and these costs are being amortized over the duration of the underlying content agreements on a straight-line basis to marketing and selling expense. During the three months ended March 31, 2019 and 2018, the amount of amortization was $345 and $320 , respectively , and there was no impairment in relation to the costs capitalized. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
(Loss) Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | 5 . (Loss) Earni ngs Per Share For purposes of calculating ba sic and diluted (loss) earnings per share, we used the following weighted average common shares outstanding (in thousands): Three Months Ended March 31, 2019 2018 Net (loss) income $ (8,396) $ 14,835 Weighted average basic common shares outstanding 78,040 77,142 Dilutive effect of restricted and performance stock units (1) — 1,969 Dilutive effect of convertible debt instruments (1) — 3,338 Dilutive effect of employee share purchase plan (1) — 4 Weighted average dilutive common shares outstanding 78,040 82,453 (Loss) earnings per share: Basic $ (0.11) $ 0.19 Diluted $ (0.11) $ 0.18 Anti-dilutive shares (excluded from per-share calculations): Shares issued under Convertible Notes and Warrants 11,429 N/A Shares received on purchased call of convertible debt hedge (6,072) (2,524) Outstanding restricted and performance stock units 1,798 699 (1) Due to a net loss during the three months ended March 31, 2019, zero incremental shares are included because the effect would be antidilutive . Effect of Convertible Notes and Related Convertible Note Hedge and Warrants In connection with the issuance of the Convertible Notes, the Company entered into Convertible Note Hedge and Warrant transactions as described further in Note 14, Convertible Debt . The collective impact of the Convertible Note Hedge and Warrants effectively eliminates any economic dilution that may occur from the actual conversion of the Convertible Notes between the conversion price of $24.91 per share and the strike price of the Warrants of $31.89 per share. The denominator of our diluted earnings per share calculation includes the effect of additional shares issued using the treasury stock method since the average price of our common stock exceeded the conversion price of the Convertible Notes of $24.91 per share. In addition, the denominator of our diluted earnings per share calculation includes the additional shares issued related to the Warrants using the treasury stock method since the average price of our common stock exceeded the strike price of the Warrants of $31.89 per share. Due to a net loss during the three months ended March 31, 2019, there was no impact on diluted earnings per share as the effect would have been antidilutive. The dilution from the Convertible Notes had a $0.01 impact on diluted earnings per share for the three months ended March 31, 2018 . Prior to actual conversion, the Convertible Note Hedges are not considered for purposes of the calculation of diluted earnings per share, as their effect would be anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 6 . Stock- b ased Compensation Our 2016 Omnibus Incentive Plan (the “2016 Plan”) provides for the grant of incentive or non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards and performance awards to eligible participants as determined by the Compensation Committee of the Board of Directors. Awards may be granted as incentives and rewards to encourage officers, employees, consultants, advisors and independent contractors of the Company and its affiliates and to non-employee directors of the Company to participate in our long-term success. Stock-based compensation costs, which includes costs related to RSUs, PSUs , PSU-TSRs and the Company's qualified e mployee s tock p urchase p lan, totaled $ 12,828 and $7,073 for the three months ended March 31, 2019 and 2018 , respectively. Restricted Stock Units The Company grants restricted stock units ("RSUs") to officers and employees under the 2016 Plan. Stock-based compensation costs associated with our RSUs are determined using the fair market value of the Company’s common stock on the date of the grant. These costs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. RSUs have a service requirement typically over a three and one-half year vesting schedule and vest in equal annual installments. We estimate forfeitures based on historical trends when recognizing compensation expense and adjust the estimate of forfeitures when they are expected to differ or as forfeitures occur. Unvested RSUs accrue dividend equivalents at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying RSUs. The following table summarizes the RSU activity during the three months ended March 31, 2019 : Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2019 409,665 $ 26.52 Granted 82,653 $ 83.12 Vested (1,583) $ 16.74 Forfeited (230) $ 19.38 Dividend equivalents 674 $ 36.10 Unvested at March 31, 2019 491,179 $ 36.10 Performance Stock Units The Company grants performance stock units (“PSUs”) to officers and employees under the 2016 Plan. Stock-based compensation costs associated with our PSUs are initially determined using the fair market value of the Company’s common stock on the date the awards are approved by our Compensation Commi ttee (service inception date). The vesting of these PSUs are subject to certain performance conditions and a service requirement of typically three and one-half years. Until the performance conditions are met, stock compensation costs associated with these PSUs are re-measured each reporting period based upon the fair market value of the Company's common stock and the estimated performance att ainment on the reporting date. The ultimate number of PSUs that are issued to an employee is the result of the actual performance of the Company at the end of the performance period compared to the performance conditions. Stock compensation costs for our PSUs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. We estimate forfeitures based on historical trends when recognizing compensation expense and adjust the estimate of forfeitures when they are expected to differ or as forfeitures occur. Unvested PSUs accrue dividend equivalents once the performance conditions are met at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying PSUs. The following table summarizes the PSU activity during the three months ended March 31, 2019 : Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2019 1,116,085 $ 39.98 Granted 155,872 $ 86.78 Achievement adjustment 297,061 $ 83.51 Dividend equivalents 1,944 $ 51.08 Unvested at March 31, 2019 1,570,962 $ 54.62 During the year ended December 31, 2018 , we granted 369,996 PSUs , which were subject to performance conditions. During the first quarter of 2019 , it was determined that the performance conditions related to these PSUs were exceeded, whi ch resulted in an achievement adjustment increase of 297,061 PSUs in 2019 relating to the initial 2018 PSU grant. Performance Stock Units with a Market Condition Tied to Relative Total Shareholder Return In March 2018, the Compensation Committee approved certain agreements to grant PSUs with a market condition (“PSU-TSRs”) where vesting is conditioned upon the total shareholder return performance of the Company’s stock relative to the performance of a peer group over five distinct performance periods from 2018 through 2024. The payout for each performance period can vest at between 50% and 175% of the target award based on the percentile ranking of WWE’s total shareholder return performance with vesting capped at 100% if WWE’s absolute total shareholder return is negative. The grant date fair value of the award was calculated using a Monte-Carlo simulation model which factors in the number of awards to be earned based on the achievement of the market condition. This model simulates the various stock price movements of the Company and peer group companies using certain assumptions, including the stock price of WWE and those of the peer group, stock price volatility, the risk-free interest rate, correlation coefficients, and expected dividend yield. The grant date fair value of the award totaled $16,168 and is being amortized as compensation cost over the requisite service period using the graded vesting method from March 2018 through July 2024. The following table summarizes the PSU-TSR activity during the three months ended March 31, 2019: Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2019 340,971 $ 47.42 Granted — $ — Vested — $ — Unvested at March 31, 2019 340,971 $ 47.42 |
Property And Equipment
Property And Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Property And Equipment [Abstract] | |
Property And Equipment | 7 . Property and Equipment Property and equipment consisted of the following: As of March 31, December 31, 2019 2018 Land, buildings and improvements $ 142,328 $ 141,070 Equipment and projects in progress 141,712 129,367 Corporate aircraft 32,249 32,249 Vehicles 942 942 317,231 303,628 Less: accumulated depreciation and amortization (161,722) (155,539) Total $ 155,509 $ 148,089 Depreciation expense for property and equipment totaled $ 6,173 and $6,101 for the three months ended March 31, 2019 and 2018 , respectively. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 8 . Leases Lease Adoption on January 1, 2019 The Company adopted the new lease standard and applied the new rules starting on January 1, 2019 and elected not to restate prior periods as provided by the transition rules of the standard. Upon the a doption of the new lease standard on January 1, 2019, we recorded a right-of-use asset of $39,266 and a lease liability of $40,458 . Included as a component of the adoption entry is the immaterial out-of-period correction of previously omitted capital leases embedded in our service agreements that were identified in our lease portfolio review. These leases were comprised of a right-of-use asset of $16,620 and a lease liability of $17,812 , with the resulting difference of $1,192 recorded as expense in the period. Based on quantitative and qualitative considerations, we do not believe the omitted capital leases were material to our historical consolidated financial statements. As of March 31, 2019, net lease assets and lease liabilities were $35,050 and $36,101 , respectively . The Company ’s lease portfolio currently consists of operating real estate leases for its sales offices, performance centers, warehouses and corporate related facilities. In addition, we have various live event production service arrangements that contain operating and finance equipment leases. Our real estate leases have remaining lease terms of approximately one to 10 years, some of which may include options to extend the leases. Our equipment leases, which are included as part of various operating service arrangements, generally have terms of approximately one to five years. Generally, no covenants are imposed by our lease agreements. Practical Expedient Elections The Company applied the “package” of transition practical expedients which allows for the Company as of the adoption date on January 1, 2019 to (i) not reassess whether any expired or existing contracts are or contain leases, (ii) to not reassess lease classification for any expired or existing leases, and (iii) to not reassess treatment of initial direct costs, if any, for any expired or existing leases. The Company did not elect the “hindsight” practical expedient which would have allowed the Company to use hindsight when determining the remaining lease term as of the adoption date on January 1, 2019. Lease Accounting Policy The Company determines if a contract contains a lease at the inception of the arrangement. The Company has elected the short-term lease exemption, whereby leases with initial terms of one year or less are not capitalized and instead expensed generally on a straight-line basis over the lease term. The depreciable life of the underlying leased assets are generally limited to the expected lease term inclusive of any optional lease terms where we conclude at the inception of the lease that we are reasonably certain of exercising those renewal options. The Company is primarily a lessee with a lease portfolio comprised mainly of real estate and equipment leases. Operating and finance lease assets are included on our consolidated balance sheets in non-current assets as an operating or finance right-of-use asset. Operating and finance lease liabilities are included on our consolidated balance sheets in non-current liabilities for the portion that is due on a long-term basis and in current liabilities for portion that is due within 12 months of the financial statement date. The right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term using an appropriate discount rate. Since the implicit rate is not readily available for our leases, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The right-of-use asset also may include any initial direct costs paid and is reduced by any lease incentives provided by the lessor. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term for our operating leases and for our finance leases, we record interest expense on the lease liability and straight-line amortization of the right-of-use asset over the lease term. Quantitative Disclosures Related to Leases The following table provides quantitative disclosure about the Company’s operating and financing leases for the periods presented: Three Months Ended March 31, 2019 Lease costs Finance lease costs: Amortization of right-of-use assets $ 1,996 Interest on lease liabilities 1,377 Operating lease costs 2,467 Other short-term and variable lease costs 536 Sublease income (1) (16) Total lease costs $ 6,360 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 185 Operating cash flows from operating leases $ 2,208 Finance cash flows from finance leases $ 2,043 Right-of-use assets obtained in exchange for new finance lease liabilities $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ — Weighted-average remaining lease term - finance leases 4.7 years Weighted-average remaining lease term - operating leases 5.3 years Weighted-average discount rate - finance leases 4.5% Weighted-average discount rate - operating leases 4.6% (1) Sublease income excludes rental income from owned properties. Maturity of lease liabilities as of March 31, 2019 were as follows: Operating Finance Leases Leases 2019 $ 6,319 $ 6,685 2020 5,718 8,096 2021 4,319 1,585 2022 1,548 48 2023 1,232 7 Thereafter 3,478 — Total lease payment 22,614 16,421 Less: imputed interest (2,283) (651) Total future minimum lease payments $ 20,331 $ 15,770 Other Lease Related Information On March 18, 2019, the Company entered into a lease with Stamford Washington Office LLC (the “Landlord”) under which the Company will lease approximately 415,266 rentable square feet in an office complex located in Stamford, Connecticut. The new location will allow the Company to bring together its operations, including its production studios and corporate offices at its new site. The lease commencement date is expected to be no earlier than July 1, 2019. Upon lease commencement, the Company will construct interior tenant improvements with a move-in expected in early 2021. The Landlord will provide an allowance of up to $40,338 to be applied to the cost of the Company’s tenant improvements. The lease provides the Company with an eighteen -month free rent period from the lease commencement date, followed by an initial base term of 15 years with base rental payments of $19,101 per year for the first five years, and increasing to $20,927 per year over the second five-year term, and $22,754 per year over the third five-year term. The lease includes five , five -year renewal options, with the first three renewal options renewing at the lower of the then-escalated rent per the lease agreement or the fair market value rent, and the last two renewal options renewing at the fair market value rent. The lease is expected to be accounted for as a finance lease pursuant to the new lease accounting standard . |
Feature Film Production Assets,
Feature Film Production Assets, Net | 3 Months Ended |
Mar. 31, 2019 | |
Feature Film Production Assets, Net [Abstract] | |
Feature Film Production Assets, Net | 9 . Feature Film Production Assets, Net Feature film production assets consisted of the following: As of March 31, December 31, 2019 2018 In release $ 11,799 $ 12,430 Completed but not released 736 — In production — 707 In development 413 421 Total $ 12,948 $ 13,558 Approximately 32% of “In release” film production assets are estimated to be amortized over the next 12 months, and approximately 66% of “In release” film production assets are estimated to be amortized over the next three years. We anticipate amortizing approximately 80% of our "In release" film production assets within five years as we receive revenues associated with television distr ibution of ou r licensed films. During the three months ended March 31, 2019 and 2018 , we amortized $417 and $842 , respectively, of feature film production assets. During the three months ended March 31, 2019, one of our feature film s , Fighting With My Family , was released via theatrical distribution. We currently have one film designated as “Completed but not released . ” We also have capitalized certain script development costs and pre-production costs for various other film projects designated as “In development.” Capitalized script d evelopment costs are evaluated at each reporting period for impairment and to determine if a project is deemed to be abandoned. During the three months ended March 31, 2019 and 2018, we expensed $16 and $444 , respectively , related to previously capitalized development costs related to abandoned projects . Unamortized feature film production assets are evaluated for imp airment each reporting period. We review and revise estimates of ultimate revenue and participation costs at each reporting period to reflect the most current information available. If estimates for a film’s ultimate revenue and/or costs are revised and indicate a significant decline in a film’s profitability or if events or circumstances change that indicate we should assess whether the fair value of a film is less than its unamortized film costs, we calculate the film's estimated fair value using a discounted cash flows model. If fair value is less than unamortized cost, the film asset is written down to fair value. We record ed impairmen t charges of $198 and $925 related to our feature films during the three months ended March 31, 2019 and 2018 , respectively. These impairment charges represent the excess of the recorded net carrying value over the estimated fair value. |
Television Production Assets, N
Television Production Assets, Net | 3 Months Ended |
Mar. 31, 2019 | |
Television Production Assets, Net [Abstract] | |
Television Production Assets, Net | 10 . Television Production Assets, Net Television production assets consisted of the following: As of March 31, December 31, 2019 2018 In release $ 920 $ 1,308 Completed but not released 35 — In production 3,012 6,165 Total $ 3,967 $ 7,473 Television production assets consist primarily of non-live event episodic television series we have produced for distribution through a variety of platforms including on our WWE Network. Amounts capitalized include development costs, production costs, production overhead and employee salaries. Costs to produce episodic programming for television or distribution on WWE Network are amortized in the proportion that revenues bear to management's estimates of the ultimate revenue expected to be recognized from exploitation, exhibition or sale. Amortization of television production assets consisted of the following: Three Months Ended March 31, 2019 2018 WWE Network programming $ 1,286 $ 231 Television programming 7,035 2,918 Total $ 8,321 $ 3,149 Costs to produce our live event programming are expensed when the event is first broadcast , and are not included in the capitalized costs or amortization tables noted above. Unamortized television production assets are evaluated for impairment each reporting period. If conditions indicate a potential impairment, and the estimated future cash flows are not sufficient to recover the unamortized asset, the asset is written down to fair value. In addition, if we determine that a program will not likely air, we will expense the remaining unamortized asset. During the three months ended March 31, 2019 and 2018 , we did no t record any impairments related to our television production assets. |
Investment Securities And Short
Investment Securities And Short-Term Investments | 3 Months Ended |
Mar. 31, 2019 | |
Investment Securities And Short-Term Investments [Abstract] | |
Investment Securities And Short-Term Investments | 11. Investment Securities and Short-Term Investments Investment Securities Included with in Investment Securities are the following: As of March 31, December 31, 2019 2018 Equity method investments $ 14,579 $ 14,508 Nonmarketable equity investments without readily determinable fair values 10,959 10,840 Marketable equity investments with readily determinable fair values 4,655 4,848 Total investment securities $ 30,193 $ 30,196 Equity Method Investments Our equity method investments relate primarily to our investment in Tapout. In March 2015, WWE and Authentic Brands Group (“ABG”) formed a joint venture to re-launch an apparel and lifestyle brand, Tapout. ABG agreed to contribute certain intangible assets for the Tapout brand, licensing contracts, systems, and other administrative functions to Tapout. The Company agreed to contribute promotional and marketing services related to the venture for a period of at least five years in exchange for a 50% interest in the profits and losses and voting interest in Tapout. The Company valued its initial investment of $13,800 based on the fair value of the existing licensing contracts contributed by ABG. To the extent that Tapout records income or losses, we record our share proportionate to our ownership percentage, and any dividends received reduce the carrying amount of the investment. Net equity method earnings from Tapout are included as a component of Other income, net on the Consolidated Statements of Operations. Net dividends received from Tapout are reflected on the Consolidated Statements of Cash Flows within Net cash provided by operating activities. The Company did not record any impairment charges related to our investment in Tapout during the three months ended March 31, 2019 and 2018. The following table presents the net equity method earnings from Tapout and net dividends received from Tapout for the periods presented: Three Months Ended March 31, 2019 2018 Net equity method earnings from Tapout $ 232 $ 379 Net dividends received from Tapout (161) (343) Equity in earnings of affiliate, net of dividends received $ 71 $ 36 As promotional services are provided to Tapout, we record revenue and reduce th e existing service obligation. During the three months ended March 31, 2019 and 2018 , we recorded revenues of $760 and $767 , respectively, related to our fulfillment of our promotional services obligation to Tapout. The remaining service obligation as of March 31, 2019 was $2,230 , and was included in Deferred Income. Our known maximum exposure to loss approximates the remaining service obligation to Tapout, which was $2,230 as of March 31, 2019 . Creditors of Tapout do not have recourse against the general credit of the Company. Nonmarketable Equity Investments Without Readily Determinable Fair Values We evaluate our nonmarketable equity investments without readily determinable fair values for impairment if factors indicate that a significant decrease in value has occurred. The Company has elected to use the measurement alternative to fair value that will allow these investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes. The Company did no t record any impairment charges on these investments during the three months ended March 31, 2019 and 2018 . In addition, there were no observable price changes events that were completed during the three months ended March 31, 2019 and 2018. Marketable Equity Investments With Readily Determinable Fair Values As of March 31, 2019, our investment portfolio includes one investment in a marketable equity security of a publicly traded company. The Company accounts for the equity investment in the common stock of Phunware Inc. (“Phunware”), a software application developer, as a marketable equity investment with readily determinable fair values based on quoted prices on the NASDAQ. During the three months ended March 31, 2019, the Company recorded an unrealized holding loss of $194 based on the closing price of the investee company as of the last trading day of March 29, 2019, which is included as a component of Other income, net in the Consolidated Statements of Operations. As the underlying stock price of Phunware fluctuates, WWE is exposed to future earnings volatility to the extent WWE continues to hold this investment. Short-Term Investments Short-term investments consist of available-for-sale debt securities which are measured at fair value and consisted of the following: As of March 31, 2019 As of December 31, 2018 Gross Unrealized Gross Unrealized Amortized Fair Amortized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value U.S. Treasury securities $ 45,110 $ 11 $ (270) $ 44,851 $ 62,847 $ 4 $ (439) $ 62,412 Corporate bonds 113,881 25 (378) 113,528 100,543 — (1,037) 99,506 Municipal bonds 7,834 — (17) 7,817 7,900 — (41) 7,859 Government agency bonds 19,332 — (84) 19,248 22,066 — (157) 21,909 Total $ 186,157 $ 36 $ (749) $ 185,444 $ 193,356 $ 4 $ (1,674) $ 191,686 We classify the investments listed in the above table as available-for-sale debt securities. Such investments consist of U.S. Treasury securities, corporate bonds, municipal bonds, including pre-refunded municipal bonds, and government agency bonds. These investments are stated at fair value as required by the applicable accounting guidance. Unrealized gains and losses on such securities are reflected, net of tax, as other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income. Our U.S. Treasury securities, corporate bonds, municipal bonds and government agency bonds are included in Short-term investments, net on ou r Consolidated Balance Sheets. Realized gains and losses on investments are included in earnings and are derived using the specific identification method for determinin g the cost of securities sold. As of March 31, 2019 , contractual maturities of these securities are as follows: Maturities U.S. Treasury securities 1 month - 2 years Corporate bonds 1 month - 4 years Municipal bonds 2 months - 9 months Government agency bonds 2 months - 3 years During the three months ended March 31, 2019 and 2018, we recognized $1,450 and $1,058 , respectively , of interest income on our short-term investments. Interest income is reflected as a component of Other income, net within our Consolidated Statements of Operations. The following table summarizes the short-term investment activity: Three Months Ended March 31, 2019 2018 Proceeds from sales and maturities of short-term investments $ 20,478 $ 18,498 Purchases of short-term investments $ 13,398 $ 39,103 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 12. Fair Value Measurement Fair value is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market partici pants at the measurement date. Fair value is a market-based measurement based on assumptions that market participants would use to price the asset or liability. Accordingly, the framework considers markets or observable inputs as the preferred source of value followed by assumptions based on hypothetical transactions, in the absence of market inputs. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, including the Company's own credit risk. Additionally, the accounting guidance establishes a three-level hierarchy that ranks the quality and reliability of information used in developing fair value estimates. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. In cases where two or more levels of inputs are used to determine fair value, a financial instrument's level is determined based on the lowest level input that is considered significant to the fair valu e measurement in its entirety. The three input levels of the fair value hierarchy are summarized as follows: Level 1- Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2- Inputs other than quoted prices in active markets for similar assets and liabilities that are directly or indirectly observable; or Level 3- Unobservable inputs, such as discounted cash flow models or valuations, in which little or no market data exists. Certain financial instruments are carried at cost on the Consolidated Balance Sheets, which approximates fair value due to their sho rt-term, highly liquid nature. The carrying amounts of cash and cash equivalents, money market accounts, accounts receivable, and accounts payable approximate fair value because of the short-term nature of such instruments. We have classifi ed our investment in U.S. Treasury securities, corporate bonds, municipal bonds and government agency bonds, which collectively are investments in available-for-sale debt securities, within Level 2, as their valuation requires quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and/or model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observab le market data. The U.S. Treasury securities, corporate bonds, municipal bonds and government agency bonds are valued based on model-driven valuations. A third-party service provider assists the Company with compiling market prices from a variety of industry standard data sources, security master files from large financial institutions and other third-party sources that a re used to value our corporate bond, U.S. Treasury securities, municipal bond and government agency bond investments. The Company did no t have any transfers between Level 1, Level 2, and Level 3 fair value investments during the periods presented. The fair value measurements of our equity investments without readily determinable fair value are classified within Level 3 as significant unobservable inputs are used as part of the determination of fair value . Significant unobservable inputs include variables such as near-term prospects of the investees, recent financing activities of the investees, and the investees' capital structure, as well as other economic variables, which reflect assumptions market participants wou ld use in pricing these assets. The Company has elected to use the measurement alternative to fair value that will allow these investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes. The Company did no t record an y impairment charge s on these assets and there were no observable pricing events durin g the three months ended March 31, 2019 and 2018 . The Company's long-lived property and equipment, feature film and television production assets are required to be measured at fair value on a non-recurring basis if it is determined that i ndicators of impairment exist. These assets are recorded at fair value only whe n an impairment is recognized. The Company did no t record any impairment charges on long lived property and equipment and television production assets during the three months ended March 31, 2019 and 2018 . T he Company classifies these assets as Level 3 within the fair value hierarchy due to significant unobservable inputs. During the three months ended March 31, 2019 and 2018, the Company recorded impairment charges of $198 and $925 on feature film production assets based upon fair value measurements of $0 and $899 , respectively. See Note 9, Feature Film Production Assets, Net , for further discussion. The Company classifies these assets as Level 3 within the fair value hierarchy due to significant unobservable inputs. The Company utilizes a discounted cash flows model to determine the fair value of these impaired films where indicators of impairment exist. The significant unobservable inputs to this model are the Company’s expected cash flows for the film, including projected home video sales, pay and free TV sales and international sales, and a discount rate of 13% that we estimate market participants would seek for bearing the risk associated with such assets. The Company utilizes an independent third-party valuation specialist who assists us in gathering the necessary inputs used in our model. The fair value of the Company’s long-term debt, consisting of a mortgage loan assumed in connection with a building purchase and a promissory note secured by the Company's Corporate Jet, is estimated based upon quoted price estimates for similar debt arrangements. At March 31, 2019 , the face amount of the mortgage loan and promissory note approximates their fair value. The convertible debt is not marked to fair value at the end of each reporting period, but instead is reported at amortized cost. As of March 31, 2019 and December 31, 2018 , the calculation of the fair value of the debt component of the Company’s convertible debt required the use of Level 3 inputs, and was determined by calculating the fair value of similar debt without the associated conversion feature based on market conditions at that time: March 31, 2019 December 31, 2018 Fair Value Carrying Value (1) Fair Value Carrying Value (1) Convertible senior notes $ 195,466 $ 188,564 $ 189,323 $ 187,371 (1) The carrying value of the convertible debt instrument presented in the table above represents the face value of the convertible note less unamortized debt discount. |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 3 Months Ended |
Mar. 31, 2019 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Accounts Payable And Accrued Expenses | 1 3 . Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: As of March 31, December 31, 2019 2018 Trade related $ 11,186 $ 12,198 Staff related 7,670 10,255 Management incentive compensation 6,525 37,103 Talent related 4,975 8,799 Accrued WWE Network related expenses 3,345 2,054 Accrued event and television production 6,902 13,881 Accrued legal and professional 8,413 4,906 Accrued purchases of property and equipment 10,325 13,464 Accrued film liability 2,864 2,774 Accrued other 16,296 14,724 Total $ 78,501 $ 120,158 Accrued other includes accruals for our international and licensing business activities, as well as other miscellaneous accruals, none of which categories individually exceeds 5% of current liabilities. The decrease in accrued expenses is primarily due to the payout of the Company’s fiscal 2018 bonus. |
Convertible Debt
Convertible Debt | 3 Months Ended |
Mar. 31, 2019 | |
Convertible Debt [Abstract] | |
Convertible Debt | 14. Convertible Debt In December 2016 and January 2017, we issued $215,000 aggregate principal amount of 3.375% convertible senior notes due 2023 ( the “Convertible Notes”). The Convertible Notes are due December 15, 2023, unless earlier repurchased by us or converted. Interest is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2017. The Convertible Notes are governed by an Indenture between us, as issuer, and U.S. Bank, National Association, as trustee. The Convertible Notes will be our general unsecured obligations and will rank senior in right of payment to any of our indebtedness that is expressly subordinated in right of payment to the Convertible Notes; equal in right of payment to any of our unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. In the event of our bankruptcy, liquidation, reorganization or other winding up, our assets that secure secured debt will be available to pay obligations on the Convertible Notes only after all indebtedness under such secured debt has been repaid in full from such assets. Upon conversion of the Convertible Notes, we will pay or deliver, as the case may be, cash, shares of our Class A common stock or a combination of cash and shares of Class A common stock, at our election, at a conversion rate of approximately 40.1405 shares of common stock per $1 principal amount of the Convertible Notes, which corresponds to an initial conversion price of approximately $24.91 per share of our Class A common stock. At any time, prior to the close on the business day immediately preceding June 15, 2023, the Convertible Notes will be convertible under the following circumstances: a) During any calendar quarter beginning after the calendar quarter ending on December 31, 2016 (and only during such calendar quarter), if the last reported sale price of our Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding quarter is greater than or equal to 130% of the conversion price on each applicable trading day; b) During the 5 business day period after any 10 consecutive trading day period (the “measurement period”) in which the trading price per $1 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A common stock and the conversion rate on each such trading day; c) Upon the occurrence of specified corporate events; or d) On or after June 15, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Convertible Notes, in multiples of $1 principal amount, at the option of the holder regardless of the foregoing circumstances. Pursuance to item (a) noted above, the Convertible Notes have been convertible since April 1, 2018 , and holders of the Convertible Notes have the right to convert their notes at any time through at least June 30, 2019. As of March 31, 2019, since the Convertible Notes are convertible at the option of the holders, the Convertible Notes are reflected in current liabilities on our Consolidated Balance Sheet. As of March 31, 2019, no actual conversions have occurred to date. See Note 5, Earnings Per Share , for a description of the dilutive nature of the Convertible Notes. The Convertible Notes consisted of the following components: As of March 31, December 31, 2019 2018 Debt component : Principal $ 215,000 $ 215,000 Less: Unamortized debt discount (26,436) (27,629) Less: Unamortized debt issuance costs (4,116) (4,281) Net carrying amount $ 184,448 $ 183,090 Equity component (1) $ 35,547 $ 35,547 (1) Recorded in the Consolidated Balance Sheets within additional paid-in capital. The following table sets forth total interest expense recognized related to the Convertible Notes: Three Months Ended March 31, 2019 2018 3.375% contractual coupon $ 1,814 $ 1,814 Amortization of debt discount 1,193 1,119 Amortization of debt issuance costs 165 148 Additional interest on Convertible Notes (1) 1,370 — Interest expense $ 4,542 $ 3,081 (1) During the three months ended March 31, 2019, additional nonrecurring interest expense was incurred pursuant to the notes’ indenture related to the removal of the restrictive legend and assignment of the unrestricted CUSIP on the Convertible Notes . Convertible Note Hedge In connection with the pricing of the Convertible Notes in December 2016 and January 2017, we entered into convertible note hedge transactions with respect to our Class A common stock (the “Note Hedge”). The Note Hedge transactions cover approximately 8.63 million shares of our Class A common stock and are exercisable upon conversion of the Convertible Notes. The Note Hedge will expire on December 15, 2023, unless earlier terminated. The Note Hedge transactions have been accounted for as part of additional paid-in capital. Warrant Transactions In connection with entering into the Note Hedge transactions described above, we also concurrently entered into separate warrant transactions (the “Warrants”), to sell warrants to acquire approximately 8.63 million shares of our Class A common stock in connection with the Note Hedge transactions at an initial strike price of approximately $31.89 per share, which represents a premium of approximately 60.0% over the last reported sale price of our Class A common stock of $19.93 on December 12, 2016 (initial issuance date of the Convertible Notes). The Warrants transactions have been accounted for as part of additional paid-in capital. |
Long-Term Debt And Credit Facil
Long-Term Debt And Credit Facility | 3 Months Ended |
Mar. 31, 2019 | |
Long-Term Debt And Credit Facility [Abstract] | |
Long-Term Debt And Credit Facility | 1 5. Long-Term Debt and Credit Facility Long-Term Debt Included within Long-Term Debt are the following: As of March 31, December 31, 2019 2018 Current portion of long-term debt : Aircraft financing $ 4,766 $ 4,740 Mortgage 382 378 Total current portion of long-term debt $ 5,148 $ 5,118 Long-term debt : Aircraft financing $ 2,017 $ 3,218 Mortgage 22,381 22,478 Total long-term debt $ 24,398 $ 25,696 Total $ 29,546 $ 30,814 Mortgage In September 2016, the Company acquired real property and assumed future obligations under a loan agreement, dated June 8, 2015, in the principal amount of $23,000 , which loan is secured by a mortgage on the property. The loan bears interest at the rate of 4.50% per annum and requires monthly interest only payments of $86 until June 2018 and interest and principal payments of $117 per month thereafter, with a balloon payment on maturity in July 2025 . There is a significant yield maintenance premium for prepayments. Pursuant to the loan agreement, since the assets of WWE Real Estate, a subsidiary of the Company, represent collateral for the underlying mortgage, these assets will not be available to satisfy debts and obligations due to any other creditors of the Company. Aircraft Financing In August 2013, the Company entered into a $31,568 promissory note (the “ Aircraft Note”) with Citizens Asset Finance, Inc., for the purchase of a 2007 Bombardier Global 5000 aircraft and refurbishments. In August 2017, the Aircraft Note was assigned to Fifth Third Equipment Finance Company. The Aircraft Note bears interest at a rate of 2.18% per annum, is payable in monthly installments of $406 , inclusive of interest, and has a final maturity of August 7, 2020 . The Aircraft Note is secured by a first priority perfected security interest in the purchased aircraft. Credit Facili ty Revolving Credit Facility In December 2016, in connection with the issuance of the Convertible Notes, as defined below, the Company entered into an amended and restated $100,000 senior unsecured revolving credit facility with a syndicated group of banks, with JPMorgan Chase Bank, N.A. acting as Administrative Agent (the “Revolving Credit Facility”). The Revolving Credit Facility has a maturity date of July 29, 2021 . Applicable interest rates for the borrowings under the Revolving Credit Facility are based on the Company's current consolidated leverage ratio. As of March 31 , 2019 , the LIBOR-based rate plus margin was 4.10% . The Company is required to pay a commitment fee calculated at a rate per annum of 0.30% on the average daily unused portion of the Revolving Credit Facility. Under the terms of the Revolving Credit Facility, the Company is subject to certain financial covenants and restrictions, including restrictions on our ability to pay dividends and limitations with respect to our indebtedness, liens, mergers and acquisitions, dispositions of assets, investments, capital expenditures and transactions with affiliates. As of March 31, 2019 , the Company was in compliance with the Revolving Credit Facility and had available debt capacity under the terms of the Revolving Credit Facility of $100,000 . As of March 31, 2019 and December 31, 2018 , there were no amounts outstanding under the Revolving Credit Facility. |
Concentration Of Credit Risk
Concentration Of Credit Risk | 3 Months Ended |
Mar. 31, 2019 | |
Concentration Of Credit Risk [Abstract] | |
Concentration Of Credit Risk | 1 6 . Concentration of Credit Risk We continually monitor our position with, and the credit quality of, the financial institutions that are counterparties to our financial instruments. Our accounts receivable relate principally to a limited number of distributors, including our WWE Network, television, pay-per-view, and home video distributors, and licensees . We closely monitor the status of receivables with these customers and maintain allowances for anticipated losses as deemed appropriate. At March 31, 2019 , our largest receivabl e balance from custome rs was 23% of our gross accounts receivable. At December 31, 2018 , our largest receivable balance from customers was 30% of our gross accounts receivable. No other customers individually exceeded 10% of our gross accounts receivable balance. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 1 7 . Income Taxes A s of March 31, 2019 and December 31, 2018, we had $17,918 and $17,138 , respectively, of deferred tax assets, net, included in our Consolidated Balance Sheets. The Company considers all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is required to reduce the net deferred tax assets to the amount that is more likely than not to be realized in future periods. The Company believes that based on past performance, expected future taxable income and prudent and feasible tax planning strategies, it is more likely than not that the net deferred tax asset s will be realized. Changes in these factors may cause us to increase our valuation allowance on deferred tax assets, which would impact our income tax expense in the period we determine that these factors have changed. |
Film And Television Production
Film And Television Production Incentives | 3 Months Ended |
Mar. 31, 2019 | |
Film And Television Production Incentives [Abstract] | |
Film And Television Production Incentives | 1 8 . Film and Television Production Incentives The Company has access to various governmental programs that are designed to promote film and television production within the United States of America and certain international jurisdictions. Incentives earned with respect to expenditures on qualifying film production activities and capital projects are recorded as an offset to the related asset balances. Incentives earned with respect to television and other production activities are recorded as an offset to production expenses. The Company recognizes these benefits when we have reasonable assurance regarding the realizable amount of the incentives. We recorded $279 and $15 of feature film production incentives during the three months ended March 31, 2019 and 2018, respectively. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 19 . Commitments and Contingencies Refer to Note 8, Leases , for a description of the Company’s new global headquarters lease. Legal Proceeding s On October 23, 2014, a lawsuit was filed in the U. S. District Court for the District of Oregon, entitled William Albert Haynes III, on behalf of himself and others similarly situated, v. World Wrestling Entertainment, Inc. This complaint was amended on January 30, 2015 and alleged that the Company ignored, downplayed, and/or failed to disclose the risks associated with traumatic brain injuries suffered by WWE’s performers and seeks class action status. On March 31, 2015, the Company filed a motion to dismiss the first amended class action complaint in its entirety or, if not dismissed, to transfer the lawsuit to the U.S. District Court for the District of Connecticut. Without addressing the merits of the Company's motion to dismiss, the Court transferred the case to Connecticut on June 25, 2015. The plaintiffs filed an objection to such transfer, which was denied on July 27, 2015. On January 16, 2015, a second lawsuit was filed in the U.S. District Court for the Eastern District of Pennsylvania, entitled Evan Singleton and Vito LoGrasso, individually and on behalf of all others similarly situated, v. World Wrestling Entertainment, Inc. , alleging many of the same allegations as Haynes . On February 27, 2015, the Company moved to transfer venue to the U.S. District Court for the District of Connecticut due to forum-selection clauses in the contracts between WWE and the plaintiffs and that motion was granted on March 23, 2015. The plaintiffs filed an amended complaint on May 22, 2015 and, following a scheduling conference in which the court ordered the plaintiffs to cure various pleading deficiencies, the plaintiffs filed a second amended complaint on June 15, 2015. On June 29, 2015, WWE moved to dismiss the second amended complaint in its entirety. On April 9, 2015, a third lawsuit was filed in the U. S. District Court for the Central District of California, entitled Russ McCullough, a/k/a “Big Russ McCullough,” Ryan Sakoda, and Matthew R. Wiese a/k/a “Luther Reigns,” individually and on behalf of all others similarly situated, v. World Wrestling Entertainment, Inc. , asserting similar allegations to Haynes . The Company again moved to transfer the lawsuit to Connecticut due to forum-selection clauses in the contracts between WWE and the plaintiffs, which the California court granted on July 10, 2015. On September 21, 2015, the plaintiffs amended this complaint, and, on November 16, 2015, the Company moved to dismiss the amended complaint. Each of these suits seeks unspecified actual, compensatory and punitive damages and injunctive relief, including ordering medical monitoring. The Haynes and McCullough cases purport to be class actions. On February 18, 2015, a lawsuit was filed in Tennessee state court and subsequently removed to the U.S. District Court for the Western District of Tennessee, entitled Cassandra Frazier, individually and as next of kin to her deceased husband, Nelson Lee Frazier, Jr., and as personal representative of the Estate of Nelson Lee Frazier, Jr. Deceased, v. World Wrestling Entertainment, Inc. A similar suit was filed in the U. S. District Court for the Northern District of Texas entitled Michelle James, as mother and next friend of Matthew Osborne, minor child, and Teagan Osborne, a minor child v. World Wrestling Entertainment, Inc. These lawsuits contain many of the same allegations as the other lawsuits alleging traumatic brain injuries and further allege that the injuries contributed to these former talents’ deaths. WWE moved to transfer the Frazier and Osborne lawsuits to the U.S. District Court for the District of Connecticut based on forum-selection clauses in the decedents’ contracts with WWE, which motions were granted by the respective courts. On November 23, 2015, amended complaints were filed in Frazier and Osborne , which the Company moved to dismiss on December 16, 2015 and December 21, 2015, respectively. On November 10, 2016, the Court granted the Company’s motions to dismiss the Frazier and Osborne lawsuits in their entirety. On June 29, 2015, the Company filed a declaratory judgment action in the U. S. District Court for the District of Connecticut entitled World Wrestling Entertainment, Inc. v. Robert Windham, Thomas Billington, James Ware, Oreal Perras and various John and Jane Does seeking a declaration against these former performers that their threatened claims related to alleged traumatic brain injuries and/or other tort claims are time-barred. On September 21, 2015, the defendants filed a motion to dismiss this complaint, which the Company opposed. The Court previously ordered a stay of discovery in all cases pending decisions on the motions to dismiss. On January 15, 2016, the Court partially lifted the stay and permitted discovery only on three issues in the case involving Singleton and LoGrasso. Such discovery was completed by June 1, 2016. On March 21, 2016, the Court issued a memorandum of decision granting in part and denying in part the Company’s motions to dismiss the Haynes, Singleton/LoGrasso, and McCullough lawsuits. The Court granted the Company’s motions to dismiss the Haynes and McCullough lawsuits in their entirety and granted the Company’s motion to dismiss all claims in the Singleton/LoGrasso lawsuit except for the claim of fraud by omission. On March 22, 2016, the Court issued an order dismissing the Windham lawsuit based on the Court’s memorandum of decision on the motions to dismiss. On April 4, 2016, the Company filed a motion for reconsideration with respect to the Court’s decision not to dismiss the fraud by omission claim in the Singleton/LoGrasso lawsuit and, on April 5, 2016, the Company filed a motion for reconsideration with respect to the Court dismissal of the Windham lawsuit. On July 21, 2016, the Court denied the Company’s motion in the Singleton/LoGrasso lawsuit and granted in part the Company’s motion in the Windham lawsuit. On April 20, 2016, the plaintiffs filed notices of appeal of the Haynes and McCullough lawsuits. On April 27, 2016, the Company moved to dismiss the appeals for lack of appellate jurisdiction, which motions were granted, and the appeals were dismissed with leave to appeal upon the resolution of all of the consolidated cases. The Company filed a motion for summary judgment on the sole remaining claim in the Singleton/LoGrasso lawsuit, which was granted on March 28, 2018. The Company also filed a motion for judgment on the pleadings against the Windham defendants. Lastly, on July 18, 2016, a lawsuit was filed in the U.S. District Court for the District of Connecticut, entitled Joseph M. Laurinaitis, et al. vs. World Wrestling Entertainment, Inc. and Vincent K. McMahon, individually and as the trustee of certain trusts . This lawsuit contains many of the same allegations as the other lawsuits alleging traumatic brain injuries and further alleges, among other things, that the plaintiffs were misclassified as independent contractors rather than employees denying them, among other things, rights and benefits under the Occupational Safety and Health Act (OSHA), the National Labor Relations Act (NLRA), the Family and Medical Leave Act (FMLA), federal tax law, and various state Worker’s Compensation laws. This lawsuit also alleges that the booking contracts and other agreements between the plaintiffs and the Company are unconscionable and should be declared void, entitling the plaintiffs to certain damages relating to the Company’s use of their intellectual property. The lawsuit alleges claims for violation of RICO, unjust enrichment, and an accounting against Mr. McMahon. The Company and Mr. McMahon moved to dismiss this complaint on October 19, 2016. On November 9, 2016, the Laurinaitis plaintiffs filed an amended complaint. On December 23, 2016, the Company and Mr. McMahon moved to dismiss the amended complaint. On September 29, 2017, the Court issued an order on the motion to dismiss pending in the Laurinaitis case and on the motion for judgment on the pleadings pending in the Windham case. The Court reserved judgment on the pending motions and ordered that within thirty-five (35) days of the date of the order the Laurinaitis plaintiffs and the Windham defendants file amended pleadings that comply with the Federal Rules of Civil Procedure. The Court further ordered that each of the Laurinaitis plaintiffs and the Windham defendants submit to the Court for in camera review affidavits signed and sworn under penalty of perjury setting forth facts within each plaintiff’s or declaratory judgment-defendant’s personal knowledge that form the factual basis of their claim or defense. On November 3, 2017, the Laurinaitis plaintiffs filed a second amended complaint. The Company and Mr. McMahon believe that the second amended complaint failed to comply with the Court’s September 29, 2017 order and otherwise remained legally defective for all of the reasons set forth in their motion to dismiss the amended complaint. Also on November 3, 2017, the Windham defendants filed a second answer. The Company does not know if the Laurinaitis Plaintiffs and Windham Defendants submitted the affidavits required under the Court’s September 29, 2017 order. On November 17, 2017, the Company and Mr. McMahon filed a response that, among other things, urged the Court to grant the motion for judgment on the pleadings against the Windham defendants and dismiss the Laurinaitis plaintiffs’ complaint with prejudice and award sanctions against the Laurinaitis plaintiffs’ counsel because the amended pleadings fail to comply with the Court’s September 29, 2017 order and the Federal Rules of Civil Procedure. On September 17, 2018, the Court granted the motion to dismiss filed by the Company and Mr. McMahon in the Laurinaitis case in its entirety, awarded sanctions against the Laurinaitis plaintiffs’ counsel, and granted the Company’s motion for judgment on the pleadings against the Windham defendants. The plaintiffs have attempted to appeal these decisions. On November 16, 2018, the Company moved to dismiss all of the appeals, except for the appeal of the dismissal of the Laurinaitis case, for being filed untimely. On April 4, 2019, the Second Circuit issued an order referring the Company’s motions to dismiss to the panel that will determine the merits of the appeals and directing the plaintiffs-appellants to file a scheduling notification letter indicating the date on which they will file their opening briefs . The Company believes all claims and threatened claims against the Company in these various lawsuits were prompted by the same plaintiffs’ lawyer and that all are without merit. The Company intends to continue to defend itself against the attempt to appeal these decisions vigorously. In addition to the foregoing, from time to time we become a party to other lawsuits and claims. By its nature, the outcome of litigation is not known, but the Company does not currently expect this ordinary course litigation to have a material adverse effect on our financial condition, results of operations or liquidity. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 20 . Related Party Transactions I n April 2018, the Company entered into transactions with Alpha Entertainment, LLC (“Alpha”), an entity controlled by Vincent K. McMahon, granting Alpha rights to launch a professional football league under the name “XFL”. Alpha has announced that it expects that this launch will occur in early 2020. Under these agreements, WWE received, among other things, an equity interest in Alpha without payment by, or other financial obligation on the part of, WWE. The investment will be accounted for under the equity method of accounting. WWE’s equity interest in the net assets of Alpha at the transaction closing date on April 3, 2018 was insignificant. After Alpha’s formation, we recorded our proportionate share of Alpha’s reported net losses which exceeded the carrying amount of the investment and reduced the investment value to zero as of June 30, 2018. Subsequent losses after that date are not required or provided for, after which we will resume accounting for the investment under the equity method if Alpha subsequently has net income and our share of that net income exceeds the share of net losses we did not recognize during the period the equity method of accounting was suspended. In addition, WWE entered into a support services agreement to provide Alpha with certain administrative support services with such services billed to Alpha on a cost-plus margin basis. During the three months ended March 31, 2019, the Company billed Alpha $1,317 for services rendered under the support services agreement. As o f March 31, 2019, the Company had $1,037 of current receivables for amounts billed to Alpha under the support services agreement. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Operating Expenses | Operating Expenses Operating expenses consist of our production costs associated with developing our content, costs associated with operating our WWE Network, venue rental and related costs associated with the staging of our live events, compensation costs for our talent, and material and related costs associated with our consumer product merchandise sales. In addition, operating expenses include certain business operating support function costs, including our talent development, data analytics, data engineering, business strategy and real estate and facilities functions, as these activities directly support the operations of our segments. Included within Operating expenses are the following: Three Months Ended March 31, 2019 2018 Amortization and impairment of feature film assets $ 631 $ 2,211 Amortization of television production assets 8,321 3,149 Amortization of WWE Network content delivery and technology assets 1,582 1,574 Amortization of right-of-use assets - finance leases of equipment 1,996 — Total amortization and impairment included in operating expenses $ 12,530 $ 6,934 Costs to produce our live event programming are expensed when the event is first broadcast, and are not included in the amortization table noted above. |
Recent Accounting Pronouncements | Recent Accounting Pronouncement s In March 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-02, “ Improvements to Accounting for Costs of Films and License Agreements for Program Materials .” The amendments in this ASU align the accounting for production costs of an episodic television series with the accounting for production costs of films. In addition, the ASU modifies certain aspects of the capitalization, impairment, presentation and disclosure requirements under the current film and broadcaster entertainment industry guidance. The new guidance is effective for interim and annual reporting periods starting in fiscal year 2020, with early adoption permitted. The new guidance will be applied on a prospective basis. The Company is currently in the process of evaluating the impact, if any, of this new guidance on its consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, “ Collaborative Arrangements (Topic 808) – Clarifying the Interaction between Topic 808 and Topic 606 .” The amendments in this ASU clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606, Revenue from Contracts with Customers , when the collaborative arrangement participant is a customer in the context of a unit of account and precludes recognizing as revenue consideration received from a collaborative arrangement participant if the participant is not a customer. The new guidance is effective for interim and annual reporting periods starting in fiscal year 2020 for the Company, with early adoption permitted. The new guidance should be applied retrospectively to the date of initial application of the new revenue guidance in Topic 606 (January 1, 2018 for the Company). The Company does not expect the adoption of the amendments to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, “ Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract .” The new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. The new guidance is effective for interim and annual reporting periods starting in fiscal year 2020 for the Company, with early adoption permitted. The new guidance should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company expects to adopt the new guidance prospectively and does not expect the adoption to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ”, which modifies the disclosure requirements on fair value measurements. The new guidance is effective for interim and annual reporting periods starting in fiscal year 2020 for the Company. Upon the effective date, certain provisions are to be applied prospectively, while others are to be applied retrospectively to all periods presented. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. We are currently evaluating the impact of the amendments on our consolidated financial statement disclosures. Since the amendments impact only disclosure requirements, we do not expect the amendments to have an impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes existing guidance for lease accounting. This new standard requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The new standard requires a dual approach for lessee accounting under which a lessee accounts for leases as finance leases or operating leases with the recognition of a right-of-use asset and a corresponding lease liability. For finance leases, the lessee recognizes interest expense and amortization of the right-of-use asset, and for operating leases, the lessee recognizes straight-line lease expense. The new lease accounting standard along with the clarifying amendments subsequently issued by the FASB, collectively became effective for the Company on January 1, 2019. The Company adopted the new lease accounting standard by applying the new lease guidance at the adoption date on January 1, 2019, and as allowed under the standard, elected not to restate comparative periods. There was no cumulative-effect adjustment recorded in connection with our adoption. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard. We did not elect the hindsight practical expedient to determine the lease term for existing leases. As of January 1, 2019, in connection with the adoption of the new lease accounting standard, the Company recorded a right-of-use lease asset totaling $39,266 with a corresponding lease liability totaling $40,458 . Refer to Note 8, Leases , for further details on our adoption of the new standard. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Schedule Of Operating Expenses | Three Months Ended March 31, 2019 2018 Amortization and impairment of feature film assets $ 631 $ 2,211 Amortization of television production assets 8,321 3,149 Amortization of WWE Network content delivery and technology assets 1,582 1,574 Amortization of right-of-use assets - finance leases of equipment 1,996 — Total amortization and impairment included in operating expenses $ 12,530 $ 6,934 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Information [Abstract] | |
Summary Of Financial Information For Reportable Segments | Three Months Ended March 31, 2019 2018 Net revenues: Media $ 135,447 $ 133,373 Live Events 26,239 30,770 Consumer Products 20,762 23,578 Total net revenues $ 182,448 $ 187,721 Adjusted OIBDA: Media $ 28,500 $ 43,569 Live Events 794 3,605 Consumer Products 6,020 6,869 Corporate (22,925) (18,881) Total Adjusted OIBDA $ 12,389 $ 35,162 |
Reconciliation Of Total Operating Income To Total Adjusted OIBDA | Three Months Ended March 31, 2019 2018 Total operating (loss) income $ (6,859) $ 21,750 Depreciation and amortization 6,420 6,339 Stock-based compensation 12,828 7,073 Other adjustments — — Total Adjusted OIBDA $ 12,389 $ 35,162 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenues [Abstract] | |
Schedule Of Revenues Disaggregated By Source | Three Months Ended March 31, 2019 2018 Net revenues: Media Segment: Network (including pay-per-view) $ 47,013 $ 46,752 Core content rights fees (1) 68,096 65,505 Advertising and sponsorships 10,873 12,232 Other (2) 9,465 8,884 Total Media Segment net revenues 135,447 133,373 Live Events Segment: North American ticket sales 24,160 29,802 International ticket sales 193 — Advertising and sponsorships 405 152 Other (3) 1,481 816 Total Live Events Segment net revenues 26,239 30,770 Consumer Products Segment: Consumer product licensing 9,428 9,267 eCommerce 6,577 8,460 Venue merchandise 4,757 5,851 Total Consumer Products Segment net revenues 20,762 23,578 Total net revenues $ 182,448 $ 187,721 (1) Core content rights fees consist primarily of licensing revenues earned from the distribution of our flagship programs, Raw and SmackDown Live , through global broadcast, pay television and digital platforms. (2) Other revenues within our Media segment reflect revenues earned from the distribution of other WWE content, including, but not limited to, certain live in-ring programming in international markets, scripted , reality and other programming, as well as theatrical and direct-to-home video releases . (3) Other revenues within our Live Events segment primarily consists of the sale of travel packages associated with the Company’s global live events and commissions earned through secondary ticketing , as well as revenues from events for which the Company receives a fixed fee . |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
(Loss) Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Three Months Ended March 31, 2019 2018 Net (loss) income $ (8,396) $ 14,835 Weighted average basic common shares outstanding 78,040 77,142 Dilutive effect of restricted and performance stock units (1) — 1,969 Dilutive effect of convertible debt instruments (1) — 3,338 Dilutive effect of employee share purchase plan (1) — 4 Weighted average dilutive common shares outstanding 78,040 82,453 (Loss) earnings per share: Basic $ (0.11) $ 0.19 Diluted $ (0.11) $ 0.18 Anti-dilutive shares (excluded from per-share calculations): Shares issued under Convertible Notes and Warrants 11,429 N/A Shares received on purchased call of convertible debt hedge (6,072) (2,524) Outstanding restricted and performance stock units 1,798 699 (1) Due to a net loss during the three months ended March 31, 2019, zero incremental shares are included because the effect would be antidilutive . |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of RSU Activity | Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2019 409,665 $ 26.52 Granted 82,653 $ 83.12 Vested (1,583) $ 16.74 Forfeited (230) $ 19.38 Dividend equivalents 674 $ 36.10 Unvested at March 31, 2019 491,179 $ 36.10 |
Summary Of PSU Activity | Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2019 1,116,085 $ 39.98 Granted 155,872 $ 86.78 Achievement adjustment 297,061 $ 83.51 Dividend equivalents 1,944 $ 51.08 Unvested at March 31, 2019 1,570,962 $ 54.62 |
Performance Stock Units, Market Condition [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of PSU Activity | Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2019 340,971 $ 47.42 Granted — $ — Vested — $ — Unvested at March 31, 2019 340,971 $ 47.42 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | As of March 31, December 31, 2019 2018 Land, buildings and improvements $ 142,328 $ 141,070 Equipment and projects in progress 141,712 129,367 Corporate aircraft 32,249 32,249 Vehicles 942 942 317,231 303,628 Less: accumulated depreciation and amortization (161,722) (155,539) Total $ 155,509 $ 148,089 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Quantitative Information About Leases | Three Months Ended March 31, 2019 Lease costs Finance lease costs: Amortization of right-of-use assets $ 1,996 Interest on lease liabilities 1,377 Operating lease costs 2,467 Other short-term and variable lease costs 536 Sublease income (1) (16) Total lease costs $ 6,360 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 185 Operating cash flows from operating leases $ 2,208 Finance cash flows from finance leases $ 2,043 Right-of-use assets obtained in exchange for new finance lease liabilities $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ — Weighted-average remaining lease term - finance leases 4.7 years Weighted-average remaining lease term - operating leases 5.3 years Weighted-average discount rate - finance leases 4.5% Weighted-average discount rate - operating leases 4.6% (1) Sublease income excludes rental income from owned properties. |
Maturity Of Lease Liabilities | Operating Finance Leases Leases 2019 $ 6,319 $ 6,685 2020 5,718 8,096 2021 4,319 1,585 2022 1,548 48 2023 1,232 7 Thereafter 3,478 — Total lease payment 22,614 16,421 Less: imputed interest (2,283) (651) Total future minimum lease payments $ 20,331 $ 15,770 |
Feature Film Production Asset_2
Feature Film Production Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Feature Film Production Assets, Net [Abstract] | |
Schedule Of Feature Film Production Assets | As of March 31, December 31, 2019 2018 In release $ 11,799 $ 12,430 Completed but not released 736 — In production — 707 In development 413 421 Total $ 12,948 $ 13,558 |
Television Production Assets,_2
Television Production Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Television Production Assets, Net [Abstract] | |
Schedule Of Television Production Assets | As of March 31, December 31, 2019 2018 In release $ 920 $ 1,308 Completed but not released 35 — In production 3,012 6,165 Total $ 3,967 $ 7,473 |
Amortization Of Television Production Assets | Three Months Ended March 31, 2019 2018 WWE Network programming $ 1,286 $ 231 Television programming 7,035 2,918 Total $ 8,321 $ 3,149 |
Investment Securities And Sho_2
Investment Securities And Short-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investment Securities And Short-Term Investments [Abstract] | |
Schedule Of Investment Securities | As of March 31, December 31, 2019 2018 Equity method investments $ 14,579 $ 14,508 Nonmarketable equity investments without readily determinable fair values 10,959 10,840 Marketable equity investments with readily determinable fair values 4,655 4,848 Total investment securities $ 30,193 $ 30,196 |
Schedule Of Tapout Investment | Three Months Ended March 31, 2019 2018 Net equity method earnings from Tapout $ 232 $ 379 Net dividends received from Tapout (161) (343) Equity in earnings of affiliate, net of dividends received $ 71 $ 36 |
Schedule Of Short-Term Investments Measured At Fair Value | As of March 31, 2019 As of December 31, 2018 Gross Unrealized Gross Unrealized Amortized Fair Amortized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value U.S. Treasury securities $ 45,110 $ 11 $ (270) $ 44,851 $ 62,847 $ 4 $ (439) $ 62,412 Corporate bonds 113,881 25 (378) 113,528 100,543 — (1,037) 99,506 Municipal bonds 7,834 — (17) 7,817 7,900 — (41) 7,859 Government agency bonds 19,332 — (84) 19,248 22,066 — (157) 21,909 Total $ 186,157 $ 36 $ (749) $ 185,444 $ 193,356 $ 4 $ (1,674) $ 191,686 |
Schedule Of Contractual Maturities Of Short-Term Investment Bonds | Maturities U.S. Treasury securities 1 month - 2 years Corporate bonds 1 month - 4 years Municipal bonds 2 months - 9 months Government agency bonds 2 months - 3 years |
Summary Of Short-Term Investment Activity | Three Months Ended March 31, 2019 2018 Proceeds from sales and maturities of short-term investments $ 20,478 $ 18,498 Purchases of short-term investments $ 13,398 $ 39,103 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurement [Abstract] | |
Schedule Of Fair Value Of Debt Instruments | March 31, 2019 December 31, 2018 Fair Value Carrying Value (1) Fair Value Carrying Value (1) Convertible senior notes $ 195,466 $ 188,564 $ 189,323 $ 187,371 (1) The carrying value of the convertible debt instrument presented in the table above represents the face value of the convertible note less unamortized debt discount. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | As of March 31, December 31, 2019 2018 Trade related $ 11,186 $ 12,198 Staff related 7,670 10,255 Management incentive compensation 6,525 37,103 Talent related 4,975 8,799 Accrued WWE Network related expenses 3,345 2,054 Accrued event and television production 6,902 13,881 Accrued legal and professional 8,413 4,906 Accrued purchases of property and equipment 10,325 13,464 Accrued film liability 2,864 2,774 Accrued other 16,296 14,724 Total $ 78,501 $ 120,158 |
Convertible Debt (Tables)
Convertible Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Convertible Debt [Abstract] | |
Schedule Of Convertible Notes | As of March 31, December 31, 2019 2018 Debt component : Principal $ 215,000 $ 215,000 Less: Unamortized debt discount (26,436) (27,629) Less: Unamortized debt issuance costs (4,116) (4,281) Net carrying amount $ 184,448 $ 183,090 Equity component (1) $ 35,547 $ 35,547 (1) Recorded in the Consolidated Balance Sheets within additional paid-in capital. |
Schedule Of Interest Expense Recognized | Three Months Ended March 31, 2019 2018 3.375% contractual coupon $ 1,814 $ 1,814 Amortization of debt discount 1,193 1,119 Amortization of debt issuance costs 165 148 Additional interest on Convertible Notes (1) 1,370 — Interest expense $ 4,542 $ 3,081 (1) During the three months ended March 31, 2019, additional nonrecurring interest expense was incurred pursuant to the notes’ indenture related to the removal of the restrictive legend and assignment of the unrestricted CUSIP on the Convertible Notes . |
Long-Term Debt And Credit Fac_2
Long-Term Debt And Credit Facility (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Long-Term Debt And Credit Facility [Abstract] | |
Schedule Of Debt | As of March 31, December 31, 2019 2018 Current portion of long-term debt : Aircraft financing $ 4,766 $ 4,740 Mortgage 382 378 Total current portion of long-term debt $ 5,148 $ 5,118 Long-term debt : Aircraft financing $ 2,017 $ 3,218 Mortgage 22,381 22,478 Total long-term debt $ 24,398 $ 25,696 Total $ 29,546 $ 30,814 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Significant Accounting Policies [Abstract] | ||
Operating and finance right of use asset | $ 35,050 | $ 39,266 |
Operating and finance lease liabilities | $ 36,101 | $ 40,458 |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Operating Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Significant Accounting Policies [Abstract] | ||
Amortization and impairment of feature film assets | $ 631 | $ 2,211 |
Amortization of television production assets | 8,321 | 3,149 |
Amortization of WWE Network content delivery and technology assets | 1,582 | 1,574 |
Amortization of right-of-use assets - finance leases of equipment | 1,996 | |
Total amortization and impairment included in operating expenses | $ 12,530 | $ 6,934 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019segment | |
Segment Information [Abstract] | |
Number of reportable segments | 3 |
Segment Information (Summary of
Segment Information (Summary of Financial Information For Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 182,448 | $ 187,721 |
Total Adjusted OIBDA | 12,389 | 35,162 |
Media [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 135,447 | 133,373 |
Total Adjusted OIBDA | 28,500 | 43,569 |
Live Events [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 26,239 | 30,770 |
Total Adjusted OIBDA | 794 | 3,605 |
Consumer Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 20,762 | 23,578 |
Total Adjusted OIBDA | 6,020 | 6,869 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Adjusted OIBDA | $ (22,925) | $ (18,881) |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Total Operating Income To Total Adjusted OIBDA) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Information [Abstract] | ||
Operating (loss) income | $ (6,859) | $ 21,750 |
Depreciation and amortization | 6,420 | 6,339 |
Stock-based compensation | 12,828 | 7,073 |
Total Adjusted OIBDA | $ 12,389 | $ 35,162 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Remaining performance obligations | $ 3,284,215,000 | ||
Contract liabilities | 60,951,000 | $ 49,487,000 | |
Increase in deferred revenue | 11,464,000 | ||
Capitalized contract cost | 1,541,000 | $ 1,886,000 | |
Capitalized cost amortization | 345,000 | $ 320,000 | |
Capitalized cost, impairment | $ 0 | $ 0 | |
Maximum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Payment term | 60 days | ||
Minimum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Payment term | 30 days |
Revenues (Schedule Of Revenues
Revenues (Schedule Of Revenues Disaggregated By Source) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Disaggregation of Revenue [Line Items] | |||
Net revenues | $ 182,448 | $ 187,721 | |
Media [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 135,447 | 133,373 | |
Media [Member] | Network (Including Pay-Per-View) [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 47,013 | 46,752 | |
Media [Member] | Core Content Rights Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | [1] | 68,096 | 65,505 |
Media [Member] | Advertising And Sponsorships [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 10,873 | 12,232 | |
Media [Member] | Other Content Rights Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | [2] | 9,465 | 8,884 |
Live Events [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 26,239 | 30,770 | |
Live Events [Member] | Ticket Sales [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 24,160 | 29,802 | |
Live Events [Member] | Ticket Sales [Member] | International [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 193 | ||
Live Events [Member] | Advertising And Sponsorships [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 405 | 152 | |
Live Events [Member] | Other Live Events [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | [3] | 1,481 | 816 |
Consumer Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 20,762 | 23,578 | |
Consumer Products [Member] | Consumer Product Licensing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 9,428 | 9,267 | |
Consumer Products [Member] | eCommerce [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 6,577 | 8,460 | |
Consumer Products [Member] | Venue Merchandise [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | $ 4,757 | $ 5,851 | |
[1] | Core content rights fees consist primarily of licensing revenues earned from the distribution of our flagship programs, Raw and SmackDown Live, through global broadcast, pay television and digital platforms. | ||
[2] | Other revenues within our Media segment reflect revenues earned from the distribution of other WWE content, including, but not limited to, certain live in-ring programming in international markets, scripted, reality and other programming, as well as theatrical and direct-to-home video releases. | ||
[3] | Other revenues within our Live Events segment primarily consists of the sale of travel packages associated with the Company's global live events and commissions earned through secondary ticketing, as well as revenues from events for which the Company receives a fixed fee. |
(Loss) Earnings Per Share (Narr
(Loss) Earnings Per Share (Narrative) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2019 | |
Debt Instrument [Line Items] | ||
Warrant strike price | $ 31.89 | |
Impact on diluted EPS | $ 0.01 | |
3.375% Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Conversion price | 24.91 | |
Warrant strike price | $ 31.89 |
(Loss) Earnings Per Share (Sche
(Loss) Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net (loss) income | $ (8,396) | $ 14,835 | |
Weighted average basic common shares outstanding | 78,040 | 77,142 | |
Dilutive effect of restricted and performance stock units | [1] | 1,969 | |
Dilutive effect of convertible debt instruments | [1] | 3,338 | |
Dilutive effect of employee share purchase plan | [1] | 4 | |
Weighted average dilutive common shares outstanding | 78,040 | 82,453 | |
Basic | $ (0.11) | $ 0.19 | |
Diluted | $ (0.11) | $ 0.18 | |
Convertible Notes And Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares (excluded from per-share calculations) | 11,429 | ||
Convertible Debt Securities [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares (excluded from per-share calculations) | (6,072) | (2,524) | |
Stock Compensation Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares (excluded from per-share calculations) | 1,798 | 699 | |
[1] | Due to a net loss during the three months ended March 31, 2019, zero incremental shares are included because the effect would be antidilutive |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 12,828 | $ 7,073 | |
Weighted-average grant-date fair value of units granted | $ 16,168 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period | 3 years 6 months | ||
Awards granted | 82,653 | ||
Performance Stock Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period | 3 years 6 months | ||
Awards granted | 155,872 | 369,996 | |
Increase in units | 297,061 | ||
Performance Stock Units, Market Condition [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance issuance as percent or original grant, in the event of negative shareholder return | 100.00% | ||
Awards granted | |||
Performance Stock Units, Market Condition [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance issuance as percent or original grant | 50.00% | ||
Performance Stock Units, Market Condition [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance issuance as percent or original grant | 175.00% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Unvested at January 1, 2019 | shares | 409,665 |
Units, Granted | shares | 82,653 |
Units, Vested | shares | (1,583) |
Units, Forfeited | shares | (230) |
Units, Dividend equivalents | shares | 674 |
Units, Unvested at March 31, 2019 | shares | 491,179 |
Weighted-Average Grant-Date Fair Value, Unvested at January 1, 2019 | $ / shares | $ 26.52 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 83.12 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 16.74 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 19.38 |
Weighted-Average Grant-Date Fair Value, Dividend equivalents | $ / shares | 36.10 |
Weighted-Average Grant-Date Fair Value, Unvested at March 31, 2019 | $ / shares | $ 36.10 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of PSU Activity) (Details) - Performance Stock Units (PSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units, Unvested at January 1, 2019 | 1,116,085 | |
Units, Granted | 155,872 | 369,996 |
Units, Achievement adjustment | 297,061 | |
Units, Dividend equivalents | 1,944 | |
Units, Unvested at March 31, 2019 | 1,570,962 | 1,116,085 |
Weighted-Average Grant-Date Fair Value, Unvested at January 1, 2019 | $ 39.98 | |
Weighted-Average Grant-Date Fair Value, Granted | 86.78 | |
Weighted-Average Grant-Date Fair Value, Achievement adjustment | 83.51 | |
Weighted-Average Grant-Date Fair Value, Dividend equivalents | 51.08 | |
Weighted-Average Grant-Date Fair Value, Unvested at March 31, 2019 | $ 54.62 | $ 39.98 |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary Of PSU-TSR Activity) (Details) - Performance Stock Units, Market Condition [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Unvested at January 1, 2019 | shares | 340,971 |
Units, Granted | shares | |
Units, Vested | shares | |
Units, Unvested at March 31, 2019 | shares | 340,971 |
Weighted-Average Grant-Date Fair Value, Unvested at January 1, 2019 | $ / shares | $ 47.42 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | |
Weighted-Average Grant-Date Fair Value, Unvested at March 31, 2019 | $ / shares | $ 47.42 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Property And Equipment [Abstract] | ||
Depreciation expense | $ 6,173 | $ 6,101 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Gross | $ 317,231 | $ 303,628 |
Less accumulated depreciation and amortization | (161,722) | (155,539) |
Total | 155,509 | 148,089 |
Land, Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 142,328 | 141,070 |
Equipment And Projects In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 141,712 | 129,367 |
Corporate Aircraft [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 32,249 | 32,249 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | $ 942 | $ 942 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)ft²item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Operating and finance right of use asset | $ 35,050 | $ 39,266 | |
Operating and finance lease liabilities | 36,101 | 40,458 | |
Finance lease, right of use asset | 14,624 | ||
Finance lease liability | $ 15,770 | ||
Cumulative effect of adoption | $ 10,086 | ||
Area of leased office | ft² | 415,266 | ||
Tenant improvement allowance | $ 40,338 | ||
Term of free rent | 18 months | ||
Lease term | 15 years | ||
Lease payments, first five years | $ 19,101 | ||
Lease payments, second five years | 20,927 | ||
Lease payments, third five years | $ 22,754 | ||
Number of renewal options | item | 5 | ||
Lease renewal term | 5 years | ||
Number of renewal terms at lower than escalated rent or fair market value | item | 3 | ||
Number of renewal terms at fair market value rent | item | 2 | ||
Accounting Standards Update 2016-02 [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Finance lease, right of use asset | 16,620 | ||
Finance lease liability | 17,812 | ||
Cumulative effect of adoption | $ 1,192 | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease terms | 1 year | ||
Minimum [Member] | Equipment And Projects In Progress [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease term | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease terms | 10 years | ||
Maximum [Member] | Equipment And Projects In Progress [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease term | 5 years |
Leases (Quantitative Informatio
Leases (Quantitative Information About Leases) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | ||
Leases [Abstract] | ||
Amortization of right-of-use assets | $ 1,996 | |
Interest on lease liabilities | 1,377 | |
Operating lease costs | 2,467 | |
Other short-term and variable lease costs | 536 | |
Sublease income | (16) | [1] |
Total lease costs | 6,360 | |
Operating cash flows from finance leases | 185 | |
Operating cash flows from operating leases | 2,208 | |
Finance cash flows from finance leases | 2,043 | |
Right-of-use assets obtained in exchange for new finance lease liabilities | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | ||
Weighted-average remaining lease term - finance leases | 4 years 8 months 12 days | |
Weighted-average remaining lease term - operating leases | 5 years 3 months 18 days | |
Weighted-average discount rate - finance leases | 4.50% | |
Weighted-average discount rate - operating leases | 4.60% | |
[1] | Sublease income excludes rental income from owned properties. |
Leases (Maturity Of Lease Liabi
Leases (Maturity Of Lease Liabilities) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Leases | |
2019 | $ 6,319 |
2020 | 5,718 |
2021 | 4,319 |
2022 | 1,548 |
2023 | 1,232 |
Thereafter | 3,478 |
Total lease payment | 22,614 |
Less: imputed interest | (2,283) |
Total future minimum lease payments | 20,331 |
Finance Leases | |
2019 | 6,685 |
2020 | 8,096 |
2021 | 1,585 |
2022 | 48 |
2023 | 7 |
Total lease payment | 16,421 |
Less: imputed interest | (651) |
Total future minimum lease payments | $ 15,770 |
Feature Film Production Asset_3
Feature Film Production Assets, Net (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)item | Mar. 31, 2018USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||
Future amortization expense, percentage, within twelve months | 32.00% | |
Future amortization expense, percentage, one through three years | 66.00% | |
Future amortization expense, percentage, one through five years | 80.00% | |
Amortization of feature film production assets | $ 417 | $ 842 |
Number of feature films | item | 1 | |
Number of theatrical films completed but not released | item | 1 | |
Previously capitalized costs, expensed upon project abandonment | $ 16 | 444 |
Feature Film Production Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Asset impairment charges | $ 198 | $ 925 |
Feature Film Production Asset_4
Feature Film Production Assets, Net (Schedule Of Feature Film Production Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Feature Film Production Assets, Net [Abstract] | ||
In release | $ 11,799 | $ 12,430 |
Completed but not released | 736 | |
In production | 707 | |
In development | 413 | 421 |
Total | $ 12,948 | $ 13,558 |
Television Production Assets,_3
Television Production Assets, Net (Schedule Of Television Production Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Television Production Assets, Net [Abstract] | ||
In release | $ 920 | $ 1,308 |
Completed but not released | 35 | |
In production | 3,012 | 6,165 |
Total | $ 3,967 | $ 7,473 |
Television Production Assets,_4
Television Production Assets, Net (Amortization Of Television Production Assets) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization | $ 417,000 | $ 842,000 |
Television Production Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization | 8,321,000 | 3,149,000 |
Asset impairment charges | 0 | 0 |
Television Production Assets [Member] | Television [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization | 7,035,000 | 2,918,000 |
Television Production Assets [Member] | Network [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization | $ 1,286,000 | $ 231,000 |
Investment Securities And Sho_3
Investment Securities And Short-Term Investments (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)security | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Investment [Line Items] | |||
Deferred revenue | $ 60,951,000 | $ 49,487,000 | |
Loss on equity impairments | $ 0 | $ 0 | |
Number of marketable equity security investments | security | 1 | ||
Unrealized holding loss | $ 194,000 | ||
Short-term investments, interest income | $ 1,450,000 | 1,058,000 | |
Tapout [Member] | |||
Investment [Line Items] | |||
Duration of joint venture | 5 years | ||
Ownership interest | 50.00% | ||
Interest in Tapout | $ 13,800,000 | ||
Equity investment, impairment | 0 | 0 | |
Investment revenue | 760,000 | $ 767,000 | |
Deferred revenue | 2,230,000 | ||
Tapout [Member] | Maximum [Member] | |||
Investment [Line Items] | |||
Maximum exposure to loss | $ 2,230,000 |
Investment Securities And Sho_4
Investment Securities And Short-Term Investments (Schedule Of Investment Securities ) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investment Securities And Short-Term Investments [Abstract] | ||
Equity method investments | $ 14,579 | $ 14,508 |
Nonmarketable equity investments without readily determinable fair values | 10,959 | 10,840 |
Marketable equity investments with readily determinable fair values | 4,655 | 4,848 |
Total investment securities | $ 30,193 | $ 30,196 |
Investment Securities And Sho_5
Investment Securities And Short-Term Investments (Schedule Of Tapout Investment ) (Details) - Tapout [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Investments [Line Items] | ||
Net equity method earnings from Tapout | $ 232 | $ 379 |
Net dividends received from Tapout | (161) | (343) |
Equity in earnings of affiliate, net of dividends received | $ 71 | $ 36 |
Investment Securities And Sho_6
Investment Securities And Short-Term Investments (Schedule Of Short-Term Investments Measured at Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 186,157 | $ 193,356 |
Gross Unrealized Gain | 36 | 4 |
Gross Unrealized (Loss) | (749) | (1,674) |
Fair Value | 185,444 | 191,686 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 45,110 | 62,847 |
Gross Unrealized Gain | 11 | 4 |
Gross Unrealized (Loss) | (270) | (439) |
Fair Value | 44,851 | 62,412 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 113,881 | 100,543 |
Gross Unrealized Gain | 25 | |
Gross Unrealized (Loss) | (378) | (1,037) |
Fair Value | 113,528 | 99,506 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,834 | 7,900 |
Gross Unrealized (Loss) | (17) | (41) |
Fair Value | 7,817 | 7,859 |
Government Agency Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 19,332 | 22,066 |
Gross Unrealized (Loss) | (84) | (157) |
Fair Value | $ 19,248 | $ 21,909 |
Investment Securities And Sho_7
Investment Securities And Short-Term Investments (Schedule Of Contractual Maturities Of Short-Term Investment Bonds) (Details) | 3 Months Ended |
Mar. 31, 2019 | |
US Treasury Securities [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 1 month |
US Treasury Securities [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 2 years |
Corporate Bonds [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 1 month |
Corporate Bonds [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 4 years |
Municipal Bonds [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 2 months |
Municipal Bonds [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 9 months |
Government Agency Bonds [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 2 months |
Government Agency Bonds [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 3 years |
Investment Securities And Sho_8
Investment Securities And Short-Term Investments (Summary Of Short-Term Investment Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investment Securities And Short-Term Investments [Abstract] | ||
Proceeds from sales and maturities of short-term investments | $ 20,478 | $ 18,498 |
Purchases of short-term investments | $ 13,398 | $ 39,103 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Feature Film Production Assets [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset impairment charges | $ 198,000 | $ 925,000 |
Fair value of assets | $ 0 | 899,000 |
Feature Film Production Assets [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 13 | |
Long-Lived Property And Equipment [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset impairment charges | $ 0 | |
Television Production Assets [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset impairment charges | 0 | 0 |
Equity Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset impairment charges | $ 0 | $ 0 |
Fair Value Measurement (Schedul
Fair Value Measurement (Schedule Of Fair Value Of Debt Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Convertible senior notes | $ 195,466 | $ 189,323 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Convertible senior notes | [1] | $ 188,564 | $ 187,371 |
[1] | The carrying value of the convertible debt instrument presented in the table above represents the face value of the convertible note less unamortized debt discount. |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Expenses (Narrative) (Details) | Mar. 31, 2019 |
Accounts Payable And Accrued Expenses [Abstract] | |
Individual accrual categories percentage of current liabilities | 5.00% |
Accounts Payable And Accrued _4
Accounts Payable And Accrued Expenses (Schedule of Accounts Payable and Accrued Expenses) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Payable And Accrued Expenses [Abstract] | ||
Trade related | $ 11,186 | $ 12,198 |
Staff related | 7,670 | 10,255 |
Management incentive compensation | 6,525 | 37,103 |
Talent related | 4,975 | 8,799 |
Accrued WWE Network related expenses | 3,345 | 2,054 |
Accrued event and television production | 6,902 | 13,881 |
Accrued legal and professional | 8,413 | 4,906 |
Accrued purchases of property and equipment | 10,325 | 13,464 |
Accrued film liability | 2,864 | 2,774 |
Accrued other | 16,296 | 14,724 |
Total | $ 78,501 | $ 120,158 |
Convertible Debt (Narrative) (D
Convertible Debt (Narrative) (Details) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019item$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | |
Debt Instrument [Line Items] | ||
Warrant strike price | $ / shares | $ 31.89 | |
Percentage of warrant strike price in excess of stock price | 60.00% | |
Share Price | $ / shares | $ 19.93 | |
Initial Purchasers [Member] | ||
Debt Instrument [Line Items] | ||
Convertible note hedge, shares covered by hedge | shares | 8,630 | |
Shares issuable under warrant agreement | shares | 8,630 | |
3.375% Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.375% | |
Conversion ratio, shares | 40.1405 | |
Conversion price | $ / shares | $ 24.91 | |
Warrant strike price | $ / shares | $ 31.89 | |
3.375% Convertible Notes [Member] | Initial Purchasers [Member] | ||
Debt Instrument [Line Items] | ||
Convertible debt authorized for issuance | $ | $ 215,000,000 | |
Interest rate | 3.375% | |
Maturity date | Dec. 15, 2023 | |
3.375% Convertible Notes [Member] | Conversion Scenario 1 [Member] | ||
Debt Instrument [Line Items] | ||
Threshold within consecutive trading days | item | 20 | |
Threshold of consecutive trading days | item | 30 | |
3.375% Convertible Notes [Member] | Conversion Scenario 1 [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stock price trigger percent | 130.00% | |
3.375% Convertible Notes [Member] | Conversion Scenario 2 [Member] | ||
Debt Instrument [Line Items] | ||
Threshold within consecutive trading days | item | 5 | |
Threshold of consecutive trading days | item | 10 | |
Threshold percentage of stock price and conversion rate | 98.00% |
Convertible Debt (Schedule Of C
Convertible Debt (Schedule Of Convertible Notes) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Debt | $ 29,546 | $ 30,814 | |
3.375% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 215,000 | 215,000 | |
Less: Unamortized debt discount | (26,436) | (27,629) | |
Less: Unamortized debt issuance costs | (4,116) | (4,281) | |
Debt | 184,448 | 183,090 | |
Equity component | [1] | $ 35,547 | $ 35,547 |
[1] | Recorded in the Consolidated Balance Sheets within additional paid-in capital. |
Convertible Debt (Schedule Of I
Convertible Debt (Schedule Of Interest Expense Recognized) (Details) - 3.375% Convertible Notes [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Debt Instrument [Line Items] | |||
3.375% contractual coupon | $ 1,814 | $ 1,814 | |
Amortization of debt discount | 1,193 | 1,119 | |
Amortization of debt issuance costs | 165 | 148 | |
Additional interest on Convertible Notes | [1] | 1,370 | |
Interest expense | $ 4,542 | $ 3,081 | |
Interest rate | 3.375% | ||
[1] | During the three months ended March 31, 2019, additional nonrecurring interest expense was incurred pursuant to the notes' indenture related to the removal of the restrictive legend and assignment of the unrestricted CUSIP on the Convertible Notes. |
Long-Term Debt And Credit Fac_3
Long-Term Debt And Credit Facility (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 23,000,000 | |
Interest rate | 4.50% | |
Monthly installments, interest only | $ 86,000 | |
Monthly installments, interest and principal | $ 117,000 | |
Maturity date | Jul. 1, 2025 | |
Aircraft Financing [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 31,568,000 | |
Interest rate | 2.18% | |
Monthly installments, interest and principal | $ 406,000 | |
Maturity date | Aug. 7, 2020 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility borrowing capacity | $ 100,000,000 | |
Credit Facility amount outstanding | $ 0 | $ 0 |
Credit Facility interest rate | 4.10% | |
Credit Facility unutilized commitment fee rate | 0.30% | |
Credit Facility available debt capacity | $ 100,000,000 | |
Credit Facility maturity date | Jul. 29, 2021 |
Long-Term Debt And Credit Fac_4
Long-Term Debt And Credit Facility (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 5,148 | $ 5,118 |
Long-term debt | 24,398 | 25,696 |
Debt | 29,546 | 30,814 |
Aircraft Financing [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 4,766 | 4,740 |
Long-term debt | 2,017 | 3,218 |
Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 382 | 378 |
Long-term debt | $ 22,381 | $ 22,478 |
Concentration Of Credit Risk (D
Concentration Of Credit Risk (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 23.00% | 30.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Abstract] | ||
Deferred tax assets, net, included in non-current assets | $ 17,918 | $ 17,138 |
Film And Television Productio_2
Film And Television Production Incentives (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Film And Television Production Incentives [Abstract] | ||
Feature film production incentives | $ 279 | $ 15 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Related Party Transaction [Line Items] | |||
Equity method investments | $ 14,579,000 | $ 14,508,000 | |
Alpha Entertainment, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Equity method investments | $ 0 | ||
Related party billings | 1,317,000 | ||
Related party accounts receivable | $ 1,037,000 |