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Wwe Q4 and Full Year 2018 Results – February 7, 2019 Forward-Looking Statements

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Wwe Q4 and Full Year 2018 Results – February 7, 2019 Forward-Looking Statements WWE Q4 AND FULL YEAR 2018 RESULTS – FEBRUARY 7, 2019 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to: entering, maintaining and renewing major distribution agreements; WWE Network (including the risk that we are unable to attract, retain and renew subscribers); our need to continue to develop creative and entertaining programs and events; the possibility of a decline in the popularity of our brand of sports entertainment; the continued importance of key performers and the services of Vincent K. McMahon; possible adverse changes in the regulatory atmosphere and related private sector initiatives; the highly competitive, rapidly changing and increasingly fragmented nature of the markets in which we operate and greater financial resources or marketplace presence of many of our competitors; uncertainties associated with international markets; our difficulty or inability to promote and conduct our live events and/or other businesses if we do not comply with applicable regulations; our dependence on our intellectual property rights, our need to protect those rights, and the risks of our infringement of others’ intellectual property rights; the complexity of our rights agreements across distribution mechanisms and geographical areas; potential substantial liability in the event of accidents or injuries occurring during our physically demanding events including, without limitation, claims relating to CTE; large public events as well as travel to and from such events; our feature film business; our expansion into new or complementary businesses and/or strategic investments; our computer systems and online operations; privacy norms and regulations; a possible decline in general economic conditions and disruption in financial markets; our accounts receivable; our indebtedness; litigation; our potential failure to meet market expectations for our financial performance, which could adversely affect our stock; Vincent K. McMahon exercises control over our affairs, and his interests may conflict with the holders of our Class A common stock; a substantial number of shares are eligible for sale by the McMahons and the sale, or the perception of possible sales, of those shares could lower our stock price; and the relatively small public “float” of our Class A common stock. In addition, our dividend is dependent on a number of factors, including, among other things, our liquidity and historical and projected cash flow, strategic plan (including alternative uses of capital), our financial results and condition, contractual and legal restrictions on the payment of dividends (including under our revolving credit facility), general economic and competitive conditions and such other factors as our Board of Directors may consider relevant. Forward-looking statements made by the Company speak only as of the date made and are subject to change without any obligation on the part of the Company to update or revise them. Undue reliance should not be placed on these statements. For more information about risks and uncertainties associated with the Company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. This presentation contains non-GAAP financial information, including OIBDA, Adjusted OIBDA, Net Debt and Free Cash Flow. We define OIBDA as operating income before depreciation and amortization, excluding feature film and television production amortization and related impairments. OIBDA is a non-GAAP financial measure and may be different than similarly-titled non-GAAP financial measures used by other companies. A limitation of OIBDA is that it excludes depreciation and amortization, which represents the periodic charge for certain fixed assets and intangible assets used in generating revenues for the Company's business. In addition, we define Free Cash Flow as net cash provided by operating activities less cash used for capital expenditures. We believe that operating income is the most directly comparable GAAP financial measure to OIBDA and Adjusted OIBDA, Total Debt is the most directly comparable GAAP financial measure to Net Debt, and net cash provided by operating activities is the most directly comparable GAAP financial measure to Free Cash Flow. Neither OIBDA, Adjusted OIBDA, Net Debt nor Free Cash Flow should be regarded as an alternative to the most directly comparably GAAP financial measure as an indicator of operating performance, or to the statement of cash flows as a measure of liquidity, nor should either metric be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. See the Appendix at the end of this presentation for a reconciliation of the non-GAAP measures presented herein. Reconciliations of non-GAAP measures presented herein can be found in the Appendix at the end of this presentation or in the Company’s earnings release dated February 7, 2019. 1 2018: ANOTHER YEAR OF MILESTONES . In 2018, WWE achieved record revenue of $930 million and record Adjusted OIBDA of $179 million, demonstrating the effective execution of the Company’s strategy . International revenue increased 58% to $318 million, surpassing $300 million for the first time . Completed historic agreements with USA Network and Fox Sports, effective Oct. 1, 2019, that collectively provide a powerful platform for broadening WWE’s audience and driving growth . Successfully performed large-scale, record-breaking international events, including: - Greatest Royal Rumble in Jeddah, Saudi Arabia became one of our largest international events ever - WWE Super Show-Down attracted more than 70,000 attendees and became the highest attended event outside the U.S. in the past 25 years . Grew WWE Network with an 8% increase in average paid subscribers to 1.65 million for 2018 . Focused on deepening engagement, increasing the production of original content across platforms, including: - Miz & Mrs. – Season 1 launch on USA Network. 8th season of Total Divas and 3rd season of Total Bellas on E! (TV) - WWE Evolution – first-ever all-women’s pay-per-view event (WWE Network) - Mixed Match Challenge – 2nd season on Facebook Watch (Digital) . Pleased with performance, which shows how we continue to transform WWE. Look forward to another year of record results 2 2018: WWE FINANCIAL HIGHLIGHTS Revenue Operating Income Adjusted OIBDA1 +16% $930.2 +51% $114.5 +31% $178.9 $801.0 $136.1 $75.6 2017 2018 2017 2018 2017 2018 . Revenues increased 16% to a record $930.2 million, reflecting higher content rights fees, increased advertising and sponsorship sales, and the continued growth of our direct-to-consumer WWE Network . Operating income increased 51% to $114.5 million, driven primarily by the growth in revenue, which was partially offset by higher staff-related costs, including management incentive compensation and stock compensation resulting from improved operating performance and the rise in the Company’s stock price . Adjusted OIBDA increased 31% to a record $178.9 million, exceeding Company guidance primarily due to cost savings and the timing of certain initiatives that shifted from the fourth quarter into the current year 1 A definition of Adjusted OIBDA and a reconciliation to Operating Income can be found in the Company’s Q4 2018 earnings materials and in the appendix to this presentation Note: Figures in millions of USD 3 Q4 2018: WWE FINANCIAL HIGHLIGHTS Revenue Operating Income Adjusted OIBDA1 +29% $272.5 $53.4 $64.4 +98% +57% $211.6 $41.0 $27.0 Q4 2017 Q4 2018 Q4 2017 Q4 2018 Q4 2017 Q4 2018 . Revenues increased 29% to $272.5 million from the prior year quarter primarily driven by the increased monetization of content and, to a lesser extent, an $8.1 million favorable impact on licensing revenue due to the adoption of the new FASB standard for revenue recognition (ASC Topic 606) . Operating income nearly doubled to $53.4 million from $27.0 million in the prior year quarter driven by increased profits from the Media segment . Adjusted OIBDA increased 57% to $64.4 million, exceeding the Company’s guidance and representing an all- time record quarter 1 A definition of Adjusted OIBDA and a reconciliation to Operating Income can be found in the Company’s Q4 2018 earnings materials and in the appendix to this presentation Note: Figures in millions of USD 4 Q4 2018: FINANCIAL HIGHLIGHTS BY SEGMENT Revenue Operating Income Adjusted OIBDA1 +29% $272.5 +98% $53.4 +57% $64.4 32.8 10.0 10.6 1.4 2.0 $211.6 34.4 $27.0 $41.0 30.0 7.6 8.4 0.8 1.3 35.2 65.9 72.1 40.5 49.3 205.3 146.4 (21.9) (23.9) (18.0) (20.3) Q4 2017 Q4 2018 Q4 2017 Q4 2018 Q4 2017 Q4 2018 Media Live Events Consumer Products Corporate 1 A definition of Adjusted OIBDA and a reconciliation to Operating Income can be found in the Company’s Q4 2018 earnings materials and in the appendix to this presentation Note: Figures in millions of USD 5 Q4 2018: MEDIA Revenue Operating Income Adjusted OIBDA1 $205.3 $65.9 $72.1 +40% +63% +46% $146.4 $49.3 $40.5 Q4 2017 Q4 2018 Q4 2017 Q4 2018 Q4 2017 Q4 2018 . Revenues increased 40%, or $58.9 million, driven by the distribution of new content in international markets and higher rights fees in core content agreements. Additionally, WWE Network average paid subscribers increased 7% to nearly 1.6 million. Operating income increased 63% to $65.9 million. Adjusted OIBDA increased 46% to $72.1 million . Operational achievements: produced ~425 hours of content, worked to optimize future distribution and capitalized on new opportunities to expand audience across platforms − TV: Raw and SmackDown remained the highest-rated shows on USA; Completed 8th season of Total Divas with a 9th season planned in 2019, and announced new seasons of Total Bellas and Miz & Mrs.
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