Saturday, February 11, 2017

WWE 2016 Results - Data

90 Minutes of Wrestlenomics Radio talking through the results!
Host Chris Harrington w/ Fightful.com's Brandon Howard.

WWE 2016 Results




Prediction is operating income of 70M / OIBDA of $100M for 2017

PPVs

· 2016: $12.6M / = 858,310 Buys?
· 2015: $20.6M / = 1,403,000 buys = $14.68 ASP
· 2014: $45.2M / = 2,292,000 buys = $19.72 ASP
· 2013: $82.5M / $34.1M OIBDA (41%) = 3,858,000 buys = $21.38 ASP
· 2012: $83.6M / $46.0M Profit Contribution = 4,023,000 buys = $20.78 ASP
· 2011: $78.3M / $40.7M Profit Contribution = 3,842,100 buys = $20.38 ASP
· 2010: $70.2M / $39.8M Profit Contribution = 3,631,100 buys = $19.33 ASP

Another drop of $8m in PPV this year.

WWE Network
· 2016: $168.3m
· 2015: $138.8m
· 2014: $69.5m

Competition include subscription digital services from Amazon, CBS, ESPN, HBO, MLB, Hulu, Netflix, NFL Network, Nickelodeon, Showtime, YouTube and many others. WWE Network now has 4x hours (7,000 hours) compared to Feb 2014 launch.

Network Segment (PPV+VOD+WWE NETWORK)
· 2016: $180.9m / OIBDA: $43.0M (23.7% OIBDA) = 32.3% OIBDA if you exclude 15.4m cost
· 2015: $159.4m / OIBDA: $49.5M (31.0% OIBDA)
· 2014: $115.0m / OIBDA: -$1.8M (n/a OIBDA %)
· 2013: $86.3m / OIBDA: $27.9M (32.3% OIBDA)
· 2012: $87.7m / OIBDA: $41.3M (47.1% OIBDA)

Network segment took on $15.4m of “Certain shared costs and expenses between Network and TV segments” in 2016.

Television Rights
· 2016: 241.7m / OIBDA: 119.8m (49.5%) = 43% OIBDA if you include 15.4m cost
· 2015: 231.1m / OIBDA: 96.7m (41.8%)
· 2014: 176.6m / OIBDA: 61.9m (35.1%)
· 2013: 163.4m / OIBDA: 56.1m (34.3%)
· 2012: 140.9m / OIBDA: 51.6m (36.6%)
· 2011: 132.6m / OIBDA: 53.2m (40.1%)


We received $17.7 million in non-film related incentives associated with television production activities in 2016, as compared to $6.3 million in 2015. During the year ending December 31, 2017, we anticipate receiving approximately $5 million to $15 million on non-film related incentives.

During 2016, the Company spent $28.0 million to produce non-live event programming for television (Total Divas Season 6, Total Bellas and Total Divas Season 5, and various non-live event programs for WWE Network, including Holy Foley, Camp WWE and Swerved Season 2).

During 2015, the Company spent $36.2 million spent on comparable programming in 2015.

We anticipate spending approximately $10 million to $25 million to produce additional non-live event content during the year ending December 31, 2017.


Home Entertainment
 2016: 13.1 / OIBDA: 5.3m ( 40.4%)
2015: 13.4 / OIBDA: 4.6m ( 34.3%)
2014: 27.3 / OIBDA: 15.0m ( 54.9%)
2013: 24.3/ OIBDA: 8.8m ( 36.2%)
2012: 33.0 / OIBDA: 15.4m ( 46.7%)
2011: 30.4 / OIBDA: 13.7m (45.1%)

2016: released 24 new home video productions domestically and, in the U.S., shipped 1.6 million DVD and Blu-Ray units, including catalog titles released in prior years.
2015: released 28 new home video productions domestically and, in the U.S., shipped 2.1 million DVD and Blu-Ray units shipped in the U.S
Home Entertainment which include revenues generated from the sale of WWE produced content via home entertainment platforms such as DVD and Blu-Ray discs and digital downloads

Digital Media

2016: $26.9 / OIBDA: 4.6m (17%)
2015: $21.5 / OIBDA: 4.4m (20.4%)
2014: $18.2 / OIBDA w/ magazines: 0.3m [2.7 magazine publishing]
2013: $23.0 / OIBDA: 5.5m (23.9%) [5.7 magazine publishing]
2012: $19.7 / OIBDA: 8.2m (41.6%) [6.0 magazine publishing]
2011: $12.5 / OIBDA: 5.3m (42.4%) [7.7m magazine publishing]

The Company receives advertising revenues from YouTube and Facebook based on viewership of our content.
Previously the Company's pay-per-view webcasts via WWE.com The role of social media by fans and by us is an increasingly important factor in our brand perception.

4.9m of the increase in 2016 Digital Media came from YouTube. Spend increase of 3.2m for increased staff related and professional services costs to support various technology initiatives.


Live Events (including travel packages)
· 2016: 141.4m / 280 dom events + 64 intl events / 189 NXT events OIBDA: 40.1m (28.4%)
· 2015: 122.4m / 273 dom events + 56 intl events / 120 NXT events OIBDA: 36.1m (29.5%)
· 2014: 108.5m / 264 dom events + 54 intl events / OIBDA 27.0m (24.9%)
· 2013: 111.5m / 256 dom events + 65 intl events / OIBDA 30.1m (27.0%)
· 2012:103.7m / 248 dom events + 66 intl events / OIBDA 26.4m (25.4%)
· 2011: 104.7m / 241 dom events + 80 intl events / OIBDA 26.7m (25.5%)

2016: 189 NXT events = 187,800 paid att. ($37.26 avg ticket) = 994/show ($37k) = $7.0m in revenue
2015: 120 NXT events = 92,500 paid att. ($36.71 avg ticket) = 771/show ($28k) = $3.4m in revenue

Venue Merchandise
 · 2016: 24.2m / 9.8m OIBDA (40.5%) = $70k/show
· 2015: 22.4m / 8.9m OIBDA (39.7%) = $68k/show
· 2014: 19.3m / 7.7m OIBDA (39.8%) = $61k/show
· 2013: 19.4m / 7.5m OIBDA (38.7%) =$59k/show
· 2012: 18.8m / 6.7m OIBDA (35.6%) = $60k/show
· 2011: 18.3m / 7.3m OIBDA (39.8%) = $57k/show

Licensing
2016: 49.1m / 27.4m OIBDA (55.8%)
2015: 48.9m / 28.8m OIBDA (58.9%)
2014: 38.6m / 21.0m OIBDA (54.4%)
2013: 43.6m / 31.1m OIBDA (71.3%)
2012: 46.3m / 32.3m OIBDA (69.7%)
2011: 54.4m / 37.0m OIBDA (68.0%)

The OIBDA margin in the 2013 reflected a $2.0m benefit associated with the recognition of the advance received from THQ. Bankrupcy of THQ and transfer of video game license to Take-Two Interactive on 2014.

The decrease in Licensing OIBDA as a percentage of revenues in 2016 as compared to 2015 was primarily due to increased talent participation expenses driven by product mix.


WWEShop
2016: 34.6m / 771,500 orders ($45) / $7.3m OIBDA 21.0% OIBDA
2015: 27.1m / 590,000 orders ($46) / $5.1m OIBDA 18.9% OIBDA
2014: 20.2m / 426,000 orders ($47) / $3.5m OIBDA 17.3% OIBDA
2013: 15.5m / 320,000 orders ($48) / $2.4m OIBDA 15.5% OIBDA
2012: 14.8m / 307,000 orders ($48) / $2.1m OIBDA 14.2% OIBDA
2011: 15.6m / 330,000 orders ($47) / $1.8m OIBDA 11.5% OIBDA

Added Amazon UK for European customers in 2014
Orders increased primarily due to the impact of additional distribution channels, including in international territories, continued marketing efforts and a broader assortment of products offered. The increase in WWEShop OIBDA as a percentage of revenues in 2016 as compared to 2015 was due to leveraging our fixed costs and improved fulfillment processes.

WWEStudios
· 2016: 10.1m / -0.2m OIBDA [includes 3.0m from 2015 films]
· 2015: 7.1m / -1.5m OIBDA [includes 2.5m from 2014 films]
· 2014: 10.9m / 0.5m OIBDA [includes 3.8m from The Call released in 2013]
· 2013: 10.8m / -12.7m OIBDA
· 2012: 7.9m / -5.5m OIBDA
· 2011: 20.9m / -29.4m OIBDA

WWE released five films in 2016 (four on DVD):
· Countdown
· Scooby Doo! & WWE: Curse of the Speed Demon
· Interrogation
· Eliminators
· Incarnate (theatrical)

We have substantial capitalized film costs.
During 2016, the Company spent $6.6 million on feature film production activities, compared to $3.8 million in 2015. In 2016, we received $1.0 million in incentives related to feature film productions, as compared to $2.4 million in 2015. We anticipate spending between $10 million and $35 million on feature film production during the year ending December 31, 2017.

During the years ended December 31, 2016, 2015 and 2014, we recorded aggregate impairment charges of $0.8 million, $0.5 million, and $1.5 million, respectively, related to several of our feature films.

As of December 31, 2016, we had $27.1 million (net of accumulated amortization and impairment charges) in capitalized film production costs, which includes 32 released films, six films completed but not yet released, three films in production, and one film in development. No assurance can be given that additional unfavorable changes to revenue and cost estimates will not occur, which, in turn, may result in additional impairment charges that might materially affect our results of operations and financial condition.

We currently record revenues from our licensed products and WWE Studios film distribution revenues after receiving statements from the licensee and/or film distributor. Under the new revenue recognition rules, revenues will be recorded based on best estimates available in the period of sales or usage.

Corporate & Other
· 2016: -178.7m OIBDA (4.2m Rev) = 24.5% of Revenue
· 2015: -172.1m OIBDA (3.2m Rev) = 26.1% of Revenue
· 2014: -151.4m OIBDA (3.0m Rev) = 27.9% of Revenue
· 2013: -127.3m OIBDA (2.9m Rev) = 25.1% of Revenue
· 2012: -116.4m OIBDA (2.3m Rev) = 24.0% of Revenue
· 2011: -103.4m OIBDA (2.4m Rev) = 21.4% of REvenue

Corporate and Other expenses increased by $14.7 million, or 9%, in 2016 as compared to 2015. This increase is primarily due to increases in professional fees of $4.7 million in support of company-wide strategic initiatives, staff related costs of $3.7 million due to increased headcount, talent related costs of $2.6 million in support of talent development and investments of $1.6 million in global branding.

International Breakout



Cultural norms and regulatory frameworks vary in the markets in which we operate and our products' nonconformance to local norms or applicable law, regulations or licensing requirements could interrupt our operations or affect our sales, viewership and success in the markets.


Talent
Approximately 185 Superstars under exclusive contracts.. highly trained and motivated independent contractors.
Our NXT division, which continues to grow in popularity, features developmental talent training to become WWE Superstars. NXT has produced approximately 90% of our current active main roster stars, such as Kevin Owens, Charlotte Flair, American Alpha, Alexa Bliss, and Sami Zayn. NXT has now evolved into our third brand after Raw and SmackDown and has transitioned into a global touring brand broadcasting live specials on WWE Network throughout the year. In 2016, we focused on recruiting international talent, resulting in approximately 40% of our developmental talent coming from outside the U.S., including China, Japan, Australia, Ireland, Scotland and Poland.

Competition
While we believe that we have a loyal fan base, the entertainment industry is highly competitive and subject to fluctuations in popularity, which are not easy to predict. For our live, television, WWE Network, pay-per-view and movie audiences, we face competition from professional and college sports, other live, filmed, televised and streamed entertainment, and other leisure activities. We compete with entertainment companies, professional and college sports leagues and other makers of branded apparel and merchandise.

The demand for entertainment and leisure activities tends to be highly sensitive to the level of consumers’ disposable income.


Investments
During the year ended December 31, 2016, we invested $1,000,000 in a fantasy sports content provider, $1,000,000 in a subscription-based sports media company and $250,000 in a virtual reality platform operator. During the year ended December 31, 2015, we invested $515,000 in a live event touring business and $400,000 in Series F Preferred Stock of a software application developer.

Risks

We could incur substantial liability in the event of accidents or injuries occurring during our physically demanding events.
 

We hold numerous live events each year. This schedule exposes our performers and our employees who are involved in the production of those events to the risk of travel and performance-related accidents, the consequences of which are not fully covered by insurance. The physical nature of our events exposes our performers to the risk of serious injury or death. Although our performers, as independent contractors, are responsible for maintaining their own health, disability and life insurance, we self-insure medical costs for our performers for injuries that they incur while performing. We also self-insure a substantial portion of any other liability that we could incur relating to such injuries. Liability to us resulting from any death or serious injury sustained by one of our performers while performing, to the extent not covered by our insurance, could adversely affect our business, financial condition and operating results. As noted below, we are the defendant in litigation claiming that professional wrestling as currently and historically performed by us has resulted in significant injuries to our performers including, but not limited to, chronic traumatic encephalopathy or "CTE". 

We could incur substantial liabilities if litigation is resolved unfavorably.
The Company has been named as a defendant in lawsuits alleging, among other things, that performers received traumatic brain injuries while performing for the Company and may have CTE. One such suit also alleges that the Company misclassified its talent as independent contractors rather than employees. The Company strongly disputes the merit of this type of case and moved to dismiss the lawsuits, which were consolidated for most purposes. Several of the claims have been dismissed, and the Company has moved to dismiss or for summary judgment on all remaining claims. If our current dispositive motions are not granted, or if any dismissals are reversed on appeal (once an appeal can be taken), the Company plans to continue to defend itself vigorously (including, if necessary, opposing class certification in the two cases filed as putative class actions). The Company’s insurance coverage for these cases is unclear. The Company has also been named in a suit that alleges class action status and alleges claims for breach of contract, among other things, relating to WWE’s alleged failure to pay royalties for streaming video on WWE Network. The Company believes all these claims are without merit and intends to continue to defend itself vigorously. In the ordinary course of business we become subject to various other complaints and litigation matters.

By its nature, the outcome of litigation is difficult to assess and quantify, and its continuing defense is costly. Any adverse judgment or settlement could have a material adverse impact on our financial condition or results of operations.


Servicing our debt will require a significant amount of cash, and we could have insufficient cash flow from operations or lack of access to sources of financing to meet these obligations and/or our other liquidity needs.


Our total consolidated debt, including the $200.0 million aggregate principal amount of 3.375% convertible senior notes due 2023 that the Company issued in a private offering in December 2016 (the "Notes"), is significant. In January 2017, pursuant to the exercise of an over-allotment option, an additional $15.0 million aggregate principal amount of the Notes was issued. We also have availability under our $100.0 million revolving credit facility (the "Revolving Credit Facility"). Through certain of our subsidiaries, the Company also has in place a films financing credit facility secured by certain of our films, a term loan secured by the Company’s jet and a real estate mortgage in the principal amount of $23.0 million secured by the related real estate (the “Asset-Backed Facilities”).

We believe we have sufficient liquidity for at least the next twelve months for our needs (including the payment of our dividend). However, our ability to make scheduled principal and interest payments on the Notes and under the Revolving Credit Facility, the Asset-Backed Facilities and any other indebtedness that may be outstanding at the time will depend on our future performance, which is subject to economic, financial, competitive and other factors beyond our control, including the items described elsewhere in these Risk Factors. Our business may not continue to generate cash flow from operations in the future sufficient to service our debt and provide for all our other uses of cash including capital and operating expenditures and paying our dividend. If we are unable to generate sufficient cash flow, we could be required to adopt one or more alternatives which, assuming they are, in fact, available, could be onerous, dilutive or otherwise affect our operations and/or the market price of our Common Stock. Such alternatives could include, for example, substantially reducing our cost structure, selling assets, reducing or eliminating our dividend, obtaining additional equity capital and/or refinancing/replacing the indebtedness. We may not be able to engage in any of these activities on desirable terms or at all due to our then existing financial condition, market conditions, regulatory matters or contractual obligations (including, for example, any restrictions under our Revolving Credit Facility or other credit agreement or debt instruments that may exist at that time). Any failure to make a required payment under our indebtedness may constitute a default under that indebtedness and under other indebtedness due to cross-default provisions and could trigger acceleration clauses causing the obligations to become immediately due and payable. The occurrence of one or more of these risks could materially and adversely affect our financial condition and operating results.


Class B Shares
There were 7,725 holders of record of Class A common stock and three holders of record of Class B common stock on February 7, 2017. Vincent K. McMahon, Chairman of the Board of Directors and Chief Executive Officer, controls a substantial majority of the voting power of the issued and outstanding shares of our common stock, and as a result, can effectively exercise control over our affairs.

@mookieghana

Monday, February 06, 2017

WWE 2016 Financial Overview

This is a draft of the article that was included in the Cubed Circle Newsletter 2016 Yearbook.
---------------------------------------------------------------------------------------------------------
World Wrestling Entertainment revenues grossed $542 million in 2014
and $659 million in 2015.  2016 will be another gargantuan year for
WWE with revenue in excess of $700 million.

WWE’s narrative is simple: escalating TV rights plus explosive WWE
Network revenues equals massive success.

And it’s true that WWE has experienced a windfall of television rights
over the past decade. In 2006, WWE earned about $93 million for their
TV programming. That number grew 2.5x times to $231 million by 2015.

Meanwhile, the real story on the consolidated “Network + Cannibalized”
segments of business is murkier. When you look at this group
(specifically WWE Network, traditional Pay-Per-View, WWE Classics on
Demand, Home Entertainment/Home Video, Digital Media/WWE.com/Online
PPV) there has not been steady growth. These segments went from
combined $170 million in 2007-2008 but slipped down to about $120
million by 2010-2011.

The WWE Network launched and quickly grew into a major revenue stream
($70 million in 2014, $140 million in 2015, estimated $170 million in
2016). Meanwhile, cannibalized segments have whittled down to less
than $50 million for 2016. Yes, on a net revenue basis, WWE is able to
achieve record net revenues. However, profitability tells a very
different story.

From 2006 to 2010, average OIBDA (operating income before depreciation
& amortization) was $84 million. The high was $94 million in 2010 and
low was $74 million in 2006. From 2011 to 2015, WWE averaged $35
million OIBDA with high of $63 million 2012 and low of negative $15.5
million in 2015. WWE expects 2016 will finish between $80 million and
$84 million. While that would be the highest OIBDA in five years it
will certainly not set a company record. WWE has gone from achieving
double-digit OIBDA as a percentage of net revenues (18% average
between 2006-2010) to single digit (7% average between 2011-2015).
2016 will be an inflection point as this year, WWE hopes to hit about
12% OIBDA %.

This speaks volumes about how WWE has used their lucrative television
contract to subsidize the WWE Network business. It brings in higher
net revenues at a much lower margin. In fact, the OIBDA on the Network
segment (PPV+WWE Network) will probably be lower in 2016 (about $45
million OIBDA) compared to 2015 (which was $49 million OIBDA) despite
almost $31 million more in net revenues generated by the WWE Network.
That’s stunning.

While some of this is related to how much WWE is allocating on WWE
programming for the WWE Network the reality is that in 2016 the WWE
Network is generating just at or slightly below the amount of profit
that the traditional pay-per-view model was generating in the
mid-2000s. That’s on a base of 1.42 million average paid subscriptions
in 2016. With the entire world (save China) able to subscribe to the
WWE Network, how many people are really waiting to pull the trigger on
ordering a wrestling-driven over-the-top subscription service?

So, why does WWE tout their new model over the tried-and-true
pay-per-view delivery system? One important difference between the
traditional PPV model and the modern OTT model is the ability WWE has
to observe the viewing and browsing habits of their WWE Network
customers. In March 2016, WWE announced that Pamela Murrin was joining
the company in a SVP of Data Strategy role as part of Tandy
O’Donoghue’s Strategy and Analytics division. This is an area of the
company that WWE has been quietly beefing up. It’s likely that WWE is
applying their improved data segmentation and audience models to
invest in programming such as the Cruiserweight Classic.

Increasingly, we’re seeing the WWE Network positioned for their
current content and modern material as opposed to marketing their
archival library.  In fact, WWE CFO and Chief Strategy Officer George
Barrios himself recently suggested that people wouldn’t pay ten
dollars a month for the premium content unless they watched the
television shows. Otherwise that would be like “only watching episode
10 of the Walking Dead”. This challenges the notion that WWE really
sees opportunity in the WWE Network as a conduit for their older tape
libraries or that WWE will be expending additional marketing dollars
and effort to recapture lapsed fans beyond the current strategy of
bringing back WCW stars (such as Sting, Goldberg) for nostalgia runs
on the current programming.

It’s important to remember that WWE didn’t need to put all their eggs
in a single basket. Now that they’ve run WrestleMania on domestic WWE
Network (2014), WrestleMania on international WWE Network (2015) and
free WrestleMania (2016) – there’s really no special tricks left in
the hat. WWE acknowledges that growth for 2017 will be at slower rate
than 2016 which demonstrates they understand that it’s getting harder
to attract and retain new subscribers in the increasingly crowded
world of OTT-subscription apps. Meanwhile, WWE continues to position
themselves price-wise against Hulu and Netflix while their programming
is still uniquely niche professional wrestling reality and sports
entertainment shows.

Among the most interesting WWE financial developments of 2016 was the
December 12 announcement that the company would be offering $200
million in convertible senior notes due in 2023 at 3.375% annual
interest. The purpose? A delightfully vague statement about
“supporting the execution of the company’s long-term growth strategy
and for general corporate purposes”. While WWE is certainly not a
professional wrestling monopoly (they would fail either the legal or
economic definition and tests), they are a already financial
juggernaut when it comes to professional wrestling. What do they
intend to do with this all money? Did WWE CFO George Barrios seeking
this financing so he could capitalize on all those appearances at bank
& investors conferences with this credit line of “start-up”-esque
financing (convertible senior notes)? Some have noted that WWE
regularly pays out higher dividends than their free cash flow. Is this
just insurance against the next television rights deal?

Where the company goes from here is difficult to ascertain. While the
brand split has revitalized the relevance of SmackDown, it’s
ultimately insufficient to pull against the waning forces of sliding
television ratings. WWE wants a big television rights deal once their
current bundle of major league deals expire in late 2019, but the
landscape is evolving at such a pace it’s questionable that anyone is
going to bring a big money offer to the table. Instead, we may just
see a series of concessions – change in exclusivity on Raw/Smackdown
rights or reducing number of live hours of content while maintaining
similar TV rights. WWE talks a big game about new international
markets and has done extensive hiring campaigns to find new athletes
in Brazil, India & China, but it’s still questionable whether these
markets will ever deliver the growth that WWE promises or whether
markets like India have also reached the peak of their media bubble.
WWE is certainly doubling down in the United Kingdom marketplace
(interestingly, one of the places they did make a pricing exception
for the over-the-top WWE Network) with the new U.K. tournament and
additional U.K. focused programming. This is a much safer bet than
volatile emerging markets or content-restrictive regimes like China.

Vince McMahon is still emperor of his kingdom. He’s still the Chairman
of the Board, Chief Executive Officer and running the ship when it
comes to creative direction. WWE’s inner circle obviously includes
both Paul and Stephanie Levesque (both sit on the board of directors)
but also key executives like Chief Strategy Officer and CFO George
Barrios (who joined the company in 2008). While we’ve seen McMahon
family members come and go (and come back), it’s a different story
when it comes to top executives.

It was telling that when the WWE President of International Gerrit
Meier quietly left WWE in June 2016. There was a significant
restructuring on international divisions and Meier’s position
(President of International) was eliminated. We’ve seen this before.
For instance, in 2011, WWE removed the COO (Chief Operating Officer)
role after high-level executive Donna Goldsmith left the company.
She’d worked for WWE for a decade and reported directly to Vince
McMahon. Ian Frisch spoke with a former top level WWE executive who
described the experience of working for Vince McMahon as such: “You
are treated like a commodity—just a barrel of corn. You are only a
piece of talent, cultivated and developed, until they need to blame
you and fire you and bring someone else in.”

Financially WWE is stable. They get guarantee rights fess with
built-in quarterly escalators. The WWE Network isn’t likely to break
two million paid subscribers in 2017 (beyond possibly for a single
WrestleMania month), but the subscriber base isn’t likely to collapse
any time soon. They’ve found ways to run more live events annually and
extract higher and higher ticket prices as domestic live events have
grown from $64 million in revenue (2008) to $93 million in revenue
(2015). WWE is set up to have successful 2017 and 2018 years, but
there is still a serious reckoning awaiting in 2019 when it’s time to
pivot and position themselves with new television rights deals.

It’s imperative that WWE finds a way to either effectively monetize
their over-the-top WWE Network through raising prices to achieve a
much higher OIBDA % per subscriber, creating new access tiers (free
with video ads, mobile-only), or striking meaningful partnerships with
other streaming services to provide an OTT bundle. It will be
fascinating to see whether the same inner circle is advising Vince
McMahon in a few years or whether we’ll see another significant
leadership turnover.

Chris Harrington (@mookieghana) writes about professional wrestling
financials and statistics at wrestlenomics.com and indeedwrestling.com
---------------------------------------------------------------------------------

Saturday, February 04, 2017

Mr. Barrios and the Two Hundred Million Dollars

Mr. Barrios and the Two Hundred Million Dollars by @mookieghana
On Monday, December 12, shortly after the New York Stock Exchange closed, World Wrestling Entertainment sent out a press release. WWE was announcing their “intention to offer, subject to market conditions and other factors, $175 million aggregate principal amount of convertible senior notes due [in] 2023 in a private placement to qualified institutional buyers.” This was a staggeringly large transaction. A few hours later, WWE increased the offer and “upsized” the offering to $200 million in convertible notes.

The sales to the initial purchasers was expected to settle by that Friday, December 16, 2016. In the end, WWE expected the “to result in approximately $193.4 million in net proceeds to WWE after deducting the initial purchasers’ discount and estimated offering expenses payable by WWE (assuming no exercise of the initial purchasers’ option).”

Notably, these convertible notes were “unsecured, senior obligations of WWE” with 3.375% annual interest and semi-annually payments starting June 15, 2017. The maturity date for the notes is December 15, 2023 “unless earlier repurchased or converted” whereas WWE could settle “in cash, shares of WWE Class A common stock or a combination thereof, at WWE’s election.”

What is WWE going to do with 193 million dollars? According to the press release, the company was expecting “to use a portion of the net proceeds of the offering of the notes to support the execution of the company’s long-term growth strategy and for general corporate purposes.” That doesn’t tell us much at all.

The decision to use convertible senior notes was unusual and noteworthy.





WWE Chief Financial Officer and Chief Strategy Officer George Barrios joined the WWE in 2008. The hallmark of his tenure has been the series of appearances at various media and banking investor conferences. At first, Mr. Barrios extolled the virtues of WWE’s upcoming domestic television rights renewal. Later, he moved to pitching the future of media with the over-the-top media WWE Network. Each time he presents a similar “investor presentation” with a financial and corporate summary of WWE’s customer-facing strategy.

On January 6, 2017, Mr. Barrios spoke at the 19th Annual Needham Growth Conference in New York City. In addition to Mr. Barrios’ usual investor presentation, he briefly mentioned raising $200 million of convertible debt for purposes “supporting execution of long-term strategy”.

While the company hasn’t released their 2016 results yet, current revenue trends suggests that WWE probably finished the year with north of $700 million in net revenue and around $80 million in profits (adjusted operating income before depreciation and amortisation). UFC had an exceptional year with a sky-high sale price to WME-IMG ($4 billion) on a similar amount of revenue. Significantly, UFC is generating higher profits than WWE in recent years, but also had taken on an enormous amount of debt ($1.8 billion from the WME-IMG sale).

Unlike UFC, WWE has historically had very little debt. In 2015, its debt balance was a paltry $21.6 million was related to the company’s 2013 purchase of a Bombardier Global 5000 aircraft. WWE also had a $200 million unsecured revolving credit facility (that was untapped) and $35 million secured revolving credit facility for the purposes of Film production. Why would WWE suddenly decide to take on $200 million in debt in December 2016?

One reason could be WWE’s cash generated from operating activities versus their free cash flow.


(*) In October 2014, WWE took a $50.0 million advance payment related to their domestic television rights distribution agreement with NBC Universal.

In recent years, WWE has paid $36 million annually in dividends to shareholders. This includes about $20 million paid annually to the four Class B shareholders who are, by design, only Vince, Linda, and their family. The WWE annual report makes clear that the Class B shareholder are limited to “Vincent McMahon, Linda McMahon, any descendant of either of them, any entity which is wholly owned and is controlled by any combination of such persons or any trust, all the beneficiaries of which are any combination of such persons.”

Ideally, a company pays their dividends not just from their cash generated from operating activities, but from their free cash flow (cash generated from operations minus capital expenditures). The challenge is that free cash flow for WWE has only been able to cover the WWE dividends one time in the past five years (2014).

Could the $200 million in convertible debt be part of Barrios’ strategy to fix their pernickety free cash flow issue? Or is it a side effect from attending so many investors conferences? Does the company have a specific acquisition target – a competitor in the over-the-top streaming space (like FloSports) or in professional wrestling (like New Japan Pro Wrestling)? Anything is possible, but so far, WWE hasn’t dropped any meaningful clues.

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Need additional information about WWE's Convertible Notes offering?
 Read this terrific primer from @sirmartingale

Intro 

WWE is looking to raise capital to finance a new growth opportunity(ies).

They can do so through:
(a) issuing new shares of stock
(b) borrowing money to be repaid with interest (issuing debt/bonds/notes)
(c) a combination of both.

Issuing new shares of stock is not preferred because doing so will decrease ("dilute") the value of stock already owned. That is, the same total equity value of the company divided by a larger number of shares outstanding equals a lower price per share.

The company, then wanting to issue notes, looks to do so cheaply (meaning, with as low an interest rate as possible). Because there is an expectation of future growth resulting from the usage of new capital, the company utilizes option (c): the convertible note.

A convertible note allows an investor the choice to receive a predetermined number of shares of stock in place of the debt it is owed from the note (the investor converts the debt into equity). This gives the investor the ability to participate in the potential future growth/upside of the company if the stock price goes "high enough." In exchange for this benefit, the investor is induced to lend its money to WWE at a lower interest rate than if the investor lent the money without the benefit.

As part of this offering to raise capital, WWE did three things:

(1) issued convertible notes to a select group of private investment banks,
(2) executed "convertible note hedge transactions" with affiliates of some of those private investors, (3) executed warrants with the investors.

The convertible notes

WWE issued convertible notes that allows the investor to receive 40 shares (rounding down for simplicity) for every $1000 of debt. This implies a value per share of $25. If the stock price exceeds $25 in the future, then it is "high enough" to convert the bond. For reference, the stock price at the time of this offering was $19.93, so there is a need for the stock to appreciate by over $5 a share to have conversion make sense. That's not a small amount. If the stock never hits that level, the investor will not convert, but is still owed the original $1000 (plus interest) it lent to WWE. On the other hand, if the stock price reaches, say, $30, the investor can convert the notes and receive 40 shares of stock worth $1200 (40 x $30) by only giving up the $1000 it is owed. The investor is, in effect, only paying $25 for something worth $30 - profit for the investor.

A quick aside: When a company is unable to repay its debt obligations under a note issuance, the company defaults. When that happens, the holder of an unconverted convertible note is much more likely to recover some of its losses than if the holder converted the note to shares, since the stock will be worthless, and noteholders have a much higher priority when a company's assets are liquidated to satisfy debts.

The convertible note hedge transactions A drawback for the company is that when an investor converts the debt, the shares given to the investor are newly issued shares of stock. Recall that newly issued shares dilute the value of existing shares. To counteract this effect, WWE entered into what is referred to as "convertible note hedge transactions." This is a fancy way of saying that when an investor chooses to convert the note - that is, "buy" 40 shares of stock at $25 a piece - WWE will choose to purchase the same number of already existing shares at the same price. The conversion increases the number of shares outstanding by 40, and WWE's purchase (similar to a share buyback) reduces the number of shares outstanding by 40. The net effect is that the number of outstanding shares remains unchanged, preventing dilution. These transactions are executed with affiliates of the original investors, and WWE pays these affiliates a fee/premium to have this option.

The warrants
When a company issues convertible notes, it sometimes needs to offer extra inducement to investors in order to receive the desired low and favorable interest rate. This inducement may come in the form of warrants. Warrants, when issued in conjunction with convertible notes, give the investors the option to purchase shares of stock in the event the company significantly exceeds expectations (moreso than the already high expectations associated with the convertible notes). In the case of WWE's offering, this option will be exercised when the stock price exceeds $32 a share (rounding up), which represents a 60% appreciation from the stock price at the time of the offering. So, for example, if the stock price hits $40 a share, the investor will gladly exercise the option to pay $32 for something that is actually worth $8 more. The investors must pay WWE a fee/premium for this option. However, the amount of that fee is dependent upon the estimated probability of WWE's stock price appreciating that much over the next seven years. That probability will be minuscule no matter what sophisticated mathematical model you use, and so too, will be that fee. But that probability is not zero, and in fact, is perceived to be high enough to induce the investors to accept the long-shot bet.

When an investor buys shares of stock under an exercised warrant, it is buying newly issued stock. This again creates dilution, but there is no additional transactions in place to counteract the dilution. WWE may use the money it receives from the share purchases to "buyback" already existing shares to counteract the dilution. Or, it may use that money to fund new growth opportunities.

Monday, January 16, 2017

WWE Attendance 2016

I have been going through 2016-2017 issues of Wrestling Observer Newsletter in an attempt to pull attendance numbers per event.

01/03/16: American Bank Center in Corpus Christi, Texas -- WWE Live = unknown
01/03/16: State Farm Arena in Hidalgo, Texas -- WWE Live = 4,600
01/04/16: AT&T Center in San Antonio, Texas -- WWE Monday Night RAW #1180/WWE Superstars #352 = 8,500
01/05/16: Laredo Energy Arena in Laredo, Texas -- WWE Main Event #170/WWE Thursday Night SmackDown #855 = unknown
01/07/16: Full Sail University in Winter Park, Florida -- WWE NXT #179-#182 = 400 sellout
01/08/16: Toyota Center in Houston, Texas -- WWE Live = 7,000
01/08/16: UACD Gymnasium in Tampa, Florida -- WWE NXT Live = 550 sellout
01/09/16: CenturyLink Center in Bossier City, Louisiana -- WWE Live = 3,500
01/09/16: Citrus Springs Convention Center in Citrus Springs, Florida -- WWE NXT Live = 250
01/09/16: Garrett Coliseum in Montgomery, Alabama -- WWE Live = 2,800
01/10/16: Mobile Civic Center in Mobile, Alabama -- WWE Live = 2,000
01/10/16: Monroe Civic Center in Monroe, Louisiana -- WWE Live = 3,000
01/11/16: Smoothie King Center in New Orleans, Louisiana -- WWE Monday Night RAW #1181/WWE Superstars #353 = 9,000
01/12/16: Cajundome in Lafayette, Louisiana -- WWE Main Event #171/WWE Thursday Night SmackDown #856 = unknown
01/14/16: Turner Hall Ballroom in Milwaukee, Wisconsin -- WWE NXT Live = 750
01/14/16: Winter Haven Armory in Winter Haven, Florida -- WWE NXT Live = unknown
01/15/16: Cocoa Armory in Cocoa, Florida -- WWE NXT Live = unknown
01/15/16: Shopko Hall in Green Bay, Wisconsin -- WWE NXT Live = 2000
01/15/16: Indira Gandhi Indoor Stadium in New Delhi, India -- WWE Live = 11500
01/16/16: Portage Theater in Chicago, Illinois -- WWE NXT Live - Afternoon Show = 1850
01/16/16: Charleston Civic Center in Charleston, West Virginia -- WWE Live = 3000
01/16/16: Havert L. Fenn Center in Fort Pierce, Florida -- WWE NXT Live = 400
01/16/16: Indira Gandhi Indoor Stadium in New Delhi, India -- WWE Live = 11500
01/16/16: Portage Theater in Chicago, Illinois -- WWE NXT Live - Noon Show = 1850
01/17/16: Canton Civic Center in Canton, Ohio -- WWE Live = 2900
01/18/16: Nationwide Arena in Columbus, Ohio -- WWE Monday Night RAW #1182/WWE Superstars #354 = 9,500
01/19/16: Wright State University's Nutter Center in Dayton, Ohio -- WWE Main Event #172/WWE Thursday Night SmackDown #857 = 3,000
01/22/16: CFE Arena in Orlando, Florida -- WWE NXT #183-#186 = 5,500
01/23/16: Germain Arena in Fort Myers, Florida -- WWE Live SuperShow = 3,700
01/24/16: Amway Center in Orlando, Florida -- WWE Royal Rumble 2016 = 12000
01/25/16: AmericanAirlines Arena in Miami, Florida -- WWE Monday Night RAW #1183/WWE Superstars #355 = 10,000
01/26/16: Amalie Arena in Tampa, Florida -- WWE Main Event #173/WWE Thursday Night SmackDown #858 = 7,000
01/27/16: Full Sail University in Winter Park, Florida -- WWE NXT #187-#190 = 400 sellout
01/29/16: Minnreg Hall in Largo, Florida -- WWE NXT Live = unknown
01/29/16: Stage AE in Pittsburgh, Pennsylvania -- WWE NXT Live = 1,700 sellout
01/30/16: McKenzie Arena in Chattanooga, Tennessee -- WWE Live Road To WrestleMania = 3,500
01/30/16: Macon Centreplex Coliseum in Macon, Georgia -- WWE Live Road To WrestleMania = 5000
01/30/16: Royal Oak Music Theatre in Royal Oak, Michigan -- WWE NXT Live = 1,200 sellout
01/30/16: Venice Community Center in Venice, Florida -- WWE NXT Live = unknown
01/31/16: Columbius Civic Center in Columbus, Georgia -- WWE Live Road To WrestleMania = unknown
01/31/16: Bancorpsouth Arena in Tupelo, Mississippi -- WWE Live Road To WrestleMania = 2,000
02/01/16: Legacy Arena in Birmingham, Alabama -- WWE Monday Night RAW #1184/WWE Superstars #356 = 7,000
02/02/16: FedExForum in Memphis, Tennessee -- WWE Main Event #174/WWE Thursday Night SmackDown #859 = unknown
02/04/16: Minglewood Hall in Memphis, Tennessee -- WWE NXT Live = 850 sellout
02/05/16: Stampede Corral in Calgary, Alberta -- WWE Live Road To WrestleMania = 4,000
02/05/16: Lakeland Armory in Lakeland, Florida -- WWE NXT Live = 250
02/05/16: War Memorial Auditorium in Nashville, Tennessee -- WWE NXT Live = 1,100
02/06/16: Bartow Armory in Bartow, Florida -- WWE NXT Live = 150 sellout
02/06/16: Egyptian Room At Old National Center in Indianapolis, Indiana -- WWE NXT Live = 1,400 sellout
02/06/16: South Okanagan Events Centre in Penticton, British Columbia -- WWE Live Road To WrestleMania = 2,500
02/06/16: SAP Center in San Jose, California -- WWE Live Road To WrestleMania = 6407
02/07/16: Abbotsford Center in Abbotsford, British Columbia -- WWE Live Road To WrestleMania = 4,500
02/08/16: KeyArena in Seattle, Washington -- WWE Monday Night RAW #1185/WWE Superstars #357 = 10,000
02/09/16: Moda Center in Portland, Oregon -- WWE Main Event #175/WWE Thursday Night SmackDown #860 = 5077
02/10/16: ÖVB-Arena in Bremen, Germany -- WWE Live Road To WrestleMania = unknown
02/11/16: Maxwell Snyder Armory in Jacksonville, Florida -- WWE NXT Live = unknown
02/11/16: Lanxess Arena in Köln, Nordrhein-Westfalen, Germany -- WWE Live Road To WrestleMania = unknown
02/12/16: SAP Arena in Mannheim, Baden-Württemberg, Germany -- WWE Live Road To WrestleMania = unknown
02/12/16: UACD Gymnasium in Tampa, Florida -- WWE NXT Live = 500 sellout
02/13/16: Save Mart Center in Fresno, California -- WWE Live Road To WrestleMania = 5190
02/13/16: GETEC Arena in Magdeburg, Sachsen-Anhalt, Germany -- WWE Live Road To WrestleMania = unknown
02/13/16: Palatka Armory in Palatka, Florida -- WWE NXT Live = 150
02/14/16: Rabobank Arena in Bakersfield, California -- WWE Live Road To WrestleMania = 4,000
02/15/16: Honda Center in Anaheim, California -- WWE Monday Night RAW #1186/WWE Superstars #358 = 11,900 sellout
02/16/16: Citizens Business Bank Arena in Ontario, California -- WWE Main Event #176/WWE Thursday Night SmackDown #861 = 7,000
02/18/16: National Guard Armory in Crystal River, Florida -- WWE NXT Live = 150
02/18/16: Tower Theater in Upper Darby, Pennsylvania -- WWE NXT Live = 2,200
02/19/16: Asbury Park Convention Center in Asbury Park, New Jersey -- WWE NXT Live = 2,500 sellout
02/19/16: Martin Luther King Jr. Recreational Center in Gainesville, Florida -- WWE NXT Live = unknown
02/20/16: Washington Avenue Armory in Albany, New York -- WWE NXT Live = 2,000
02/20/16: Covelli Centre in Youngstown, Ohio -- WWE Live Road To WrestleMania = 3,700
02/21/16: Quicken Loans Arena in Cleveland, Ohio -- WWE Fastlane 2016 = 14406
02/22/16: Joe Louis Arena in Detroit, Michigan -- WWE Monday Night RAW #1187/WWE Superstars #359 = 10,400
02/23/16: Bankers Life Fieldhouse in Indianapolis, Indiana -- WWE Main Event #177/WWE Thursday Night SmackDown #862 = 7,600
02/25/16: Orlando Armory in Orlando, Florida -- WWE NXT Live = 400 sellout
02/26/16: Pepsi Center in Denver, Colorado -- WWE Live Road To WrestleMania = 5,700
02/26/16: Minnreg Hall in Largo, Florida -- WWE NXT Live = 250 sellout
02/27/16: Show Me Center in Cape Girardeau, Missouri -- WWE Live Road To WrestleMania = 3,500
02/27/16: KFC Yum! Center in Louisville, Kentucky -- WWE Live Road To WrestleMania = 7,500
02/27/16: Highlands Today Center in Sebring, Florida -- WWE NXT Live = 200
02/28/16: The Ford Center in Evansville, Indiana -- WWE Live Road To WrestleMania = 3,000
02/28/16: ASU Convocation Center in Jonesboro, Arkansas -- WWE Live Road To WrestleMania = 3,500
02/29/16: Bridgestone Arena in Nashville, Tennessee -- WWE Monday Night RAW #1188/WWE Superstars #360 = 9,700
03/01/16: Philips Arena in Atlanta, Georgia -- WWE Main Event #178/WWE Thursday Night SmackDown #863 = 8029
03/03/16: LC Pavilion in Columbus, Ohio -- WWE NXT Live = 1,400 sellout
03/04/16: Citrus Springs Convention Center in Citrus Springs, Florida -- WWE NXT Live = unknown
03/04/16: Agora Theatre in Cleveland, Ohio -- WWE NXT Live = 1,400 sellout
03/04/16: Target Center in Minneapolis, Minnesota -- WWE Live Road To WrestleMania = 4,000
03/05/16: Bartow Armory in Bartow, Florida -- WWE NXT Live = unknown
03/05/16: US Cellular Center in Cedar Rapids, Iowa -- WWE Live Road To WrestleMania = 3,000
03/05/16: Greater Columbus Convention Center in Columbus, Ohio -- WWE Experience 2016 - Tag 1 = unknown
03/05/16: The Dow Event Center in Saginaw, Michigan -- WWE Live Road To WrestleMania = 4,800
03/06/16: Greater Columbus Convention Center in Columbus, Ohio -- WWE Experience 2016 - Tag 2 = unknown
03/06/16: Wings Event Center in Kalamazoo, Michigan -- WWE Live Road To WrestleMania = 2,800
03/06/16: I Wireless Center in Moline, Illinois -- WWE Live Road To WrestleMania = 3,500
03/07/16: Allstate Arena in Rosemont, Illinois -- WWE Monday Night RAW #1189/WWE Superstars #361 = 10800
03/08/16: BMO Harris Bradley Center in Milwaukee, Wisconsin -- WWE Main Event #179/WWE Thursday Night SmackDown #864 = unknown
03/10/16: Maxwell Snyder Armory in Jacksonville, Florida -- WWE NXT Live = 250 sellout
03/11/16: Bell Centre in Montreal, Quebec -- WWE Live Road To WrestleMania = 7,000
03/11/16: Palatka Armory in Palatka, Florida -- WWE NXT Live = 100
03/12/16: Boardwalk Hall in Atlantic City, New Jersey -- WWE Live Road To WrestleMania = 4317
03/12/16: Havert L. Fenn Center in Fort Pierce, Florida -- WWE NXT Live = 400
03/12/16: Ricoh Coliseum in Toronto, Ontario -- WWE Roadblock = 9000
03/13/16: Erie Insurance Arena in Erie, Pennsylvania -- WWE Live Road To WrestleMania = 4,500
03/13/16: GIANT Center in Hershey, Pennsylvania -- WWE Live Road To WrestleMania = 3,500
03/14/16: CONSOL Energy Center in Pittsburgh, Pennsylvania -- WWE Monday Night RAW #1190/WWE Superstars #362 = 11,000 sellout
03/15/16: US Bank Arena in Cincinnati, Ohio -- WWE Main Event #180/WWE Thursday Night SmackDown #865 = 5818
03/17/16: Fieldhouse At Bank United Center in Coral Gables, Florida -- WWE NXT Live = 700
03/18/16: Oncenter War Memorial Arena in Syracuse, New York -- WWE Live Road To WrestleMania = 4145
03/18/16: UACD Gymnasium in Tampa, Florida -- WWE NXT Live = 450 sellout
03/18/16: Palm Beach County Convention Center in West Palm Beach, Florida -- WWE NXT Live = unknown
03/19/16: First Niagara Center in Buffalo, New York -- WWE Live Road To WrestleMania = 7,000
03/19/16: Cocoa Armory in Cocoa, Florida -- WWE NXT Live = 250
03/19/16: Hardee Civic Center in Wachula, Florida -- WWE NXT Live = 175
03/19/16: Westchester County Center in White Plains, New York -- WWE Live Road To WrestleMania = 4,200
03/20/16: Floyd L. Maines Veterans Memorial Arena in Binghamton, New York -- WWE Live Road To WrestleMania = 3,600
03/20/16: Mohegan Sun Arena in Wilkes-Barre, Pennsylvania -- WWE Live Road To WrestleMania = unknown
03/21/16: Wells Fargo Center in Philadelphia, Pennsylvania -- WWE Monday Night RAW #1191/WWE Superstars #363 = 14267
03/22/16: TD Garden in Boston, Massachusetts -- WWE Main Event #181/WWE Thursday Night SmackDown #866 = 9,600
03/24/16: Minnreg Hall in Largo, Florida -- WWE NXT Live = 300 sellout
03/25/16: Madison Square Garden in New York City, New York -- WWE Live Road To WrestleMania = 13500
03/25/16: Venice Community Center in Venice, Florida -- WWE NXT Live = unknown
03/26/16: Orlando Armory in Orlando, Florida -- WWE NXT Live = 350
03/26/16: The Richmond Coliseum in Richmond, Virginia -- WWE Live Road To WrestleMania = 6,300
03/26/16: Sun National Bank Center in Trenton, New Jersey -- WWE Live Road To WrestleMania = 3,300
03/27/16: Verizon Center in Washington, District Of Columbia -- WWE Live Road To WrestleMania = 6141
03/28/16: Barclays Center in New York City, New York -- WWE Main Event #182/WWE Monday Night RAW #1192/WWE Superstars #364/WWE Thursday Night SmackDown #867 = 14414
03/31/16: Kay Bailey Hutchison Convention Center in Dallas, Texas -- WWE WrestleMania Axxess 2016 - Tag 1 = unknown
04/01/16: Kay Bailey Hutchison Convention Center in Dallas, Texas -- WWE NXT #191/WWE NXT TakeOver: Dallas = 9000
04/02/16: Kay Bailey Hutchison Convention Center in Dallas, Texas -- WWE WrestleMania Axxess 2016 - Tag 2 = unknown
04/02/16: Kay Bailey Hutchison Convention Center in Dallas, Texas -- WWE NXT #192-#194 = unknown
04/03/16: AT&T Stadium in Arlington, Texas -- WWE WrestleMania 32 = 97,769
04/03/16: Kay Bailey Hutchison Convention Center in Dallas, Texas -- WWE WrestleMania Axxess 2016 - Tag 3 = unknown
04/04/16: American Airlines Center in Dallas, Texas -- WWE Monday Night RAW #1193/WWE Superstars #365 = 12735
04/05/16: Toyota Center in Houston, Texas -- WWE Main Event #183/WWE Thursday Night SmackDown #868 = 6,800
04/07/16: Cabarrus Arena in Concord, North Carolina -- WWE NXT Live = 1900
04/08/16: Township Auditorium in Columbia, South Carolina -- WWE NXT Live = 2000
04/08/16: Martin Luther King Jr. Recreational Center in Gainesville, Florida -- WWE NXT Live = unknown
04/09/16: Minnreg Hall in Largo, Florida -- WWE NXT Live = unknown
04/09/16: Charleston Area Convention Center in North Charleston, South Carolina -- WWE NXT Live = 1650
04/11/16: Staples Center in Los Angeles, California -- WWE Monday Night RAW #1194/WWE Superstars #366 = 13,900
04/12/16: Valley View Casino Events Center in San Diego, California -- WWE Main Event #184/WWE Thursday Night SmackDown #869 = unknown
04/13/16: Mediolanum Forum in Mailand, Italy -- WWE Live WrestleMania Revenge Tour = 10386
04/14/16: Citrus Springs Convention Center in Citrus Springs, Florida -- WWE NXT Live = 300
04/14/16: Dubai Duty Free Tennis Stadium in Dubai, Vereinigte Arabische Emirate -- WWE WrestleMania Revenge Tour = 3300
04/14/16: Nelson Mandela Forum in Florenz, Italy -- WWE Live WrestleMania Revenge Tour = 5829
04/15/16: Ziggo Dome in Amsterdam, Niederlande -- WWE Live WrestleMania Revenge Tour = 5947
04/15/16: Dubai Duty Free Tennis Stadium in Dubai, Vereinigte Arabische Emirate -- WWE Live WrestleMania Revenge Tour = 3300
04/15/16: Orlando Armory in Orlando, Florida -- WWE NXT Live = 350 sellout
04/16/16: Barclaycard Arena in Birmingham, England, UK -- WWE Live WrestleMania Revenge Tour = 10918
04/16/16: Havert L. Fenn Center in Fort Pierce, Florida -- WWE NXT Live = 275
04/17/16: First Direct Arena in Leeds, England, UK -- WWE Live WrestleMania Revenge Tour = 3283
04/17/16: Nottingham Capital FM Arena in Nottingham, East Midlands, England, UK -- WWE Live WrestleMania Revenge Tour = 7683
04/18/16: The O2 in London, England, UK -- WWE Monday Night RAW #1195/WWE Superstars #367 = 13713
04/19/16: The O2 in London, England, UK -- WWE Main Event #185/WWE Thursday Night SmackDown #870 = 13713
04/19/16: Manchester Arena in Manchester, England, UK -- WWE Live WrestleMania Revenge Tour = 12491
04/20/16: SSE Arena in Belfast, Northern Ireland, UK -- WWE Live WrestleMania Revenge Tour = 7000
04/20/16: Metro Radio Arena in Newcastle, Tyne And Wear, England, UK -- WWE Live WrestleMania Revenge Tour = 8099
04/21/16: Forest National in Brüssel, Belgien -- WWE Live WrestleMania Revenge Tour = 5115
04/21/16: O2 Arena in Dublin, Ireland -- WWE Live WrestleMania Revenge Tour = 9400
04/21/16: Lowell Memorial Auditorium in Lowell, Massachusetts -- WWE NXT Live = 2400
04/22/16: Ryan Center in Kingston, Rhode Island -- WWE NXT Live = 3000
04/22/16: AccorHotels Arena in Paris, Frankreich -- WWE Live WrestleMania Revenge Tour = 11000
04/22/16: Motorpoint Arena in Sheffield, England, UK -- WWE Live WrestleMania Revenge Tour = 9882
04/22/16: UACD Gymnasium in Tampa, Florida -- WWE NXT Live = 300
04/23/16: The SSE Hydro in Glasgow, Scotland, UK -- WWE Live WrestleMania Revenge Tour = 11957
04/23/16: Maxwell Snyder Armory in Jacksonville, Florida -- WWE NXT Live = 250
04/23/16: Palacio de Deportes José María Martín Carpena in Malaga, Spain-- WWE Live WrestleMania Revenge Tour = unknown
04/23/16: Mid-Hudson Civic Center in Poughkeepsie, New York -- WWE NXT Live = 2100
04/25/16: XL Center in Hartford, Connecticut -- WWE Monday Night RAW #1196/WWE Superstars #368 = 11,000 sellout
04/26/16: Verizon Wireless Arena in Manchester, New Hamshire -- WWE Main Event #186/WWE Thursday Night SmackDown #871 = 5,100
04/28/16: Full Sail University in Winter Park, Florida -- WWE NXT #195-#197 = 450 sellout
04/30/16: Cocoa Armory in Cocoa, Florida -- WWE NXT Live = 200
05/01/16: Allstate Arena in Rosemont, Illinois -- WWE Payback 2016 = 12540
05/02/16: Scottrade Center in St. Louis, Missouri -- WWE Monday Night RAW #1197/WWE Superstars #369 = 10,000
05/03/16: Sprint Center in Kansas City, Missouri -- WWE Main Event #187/WWE Thursday Night SmackDown #872 = unknown
05/05/16: Salina Bicentennial Center in Salina, Kansas -- WWE NXT Live = 1,200
05/06/16: Bismarck Event Center in Bismarck, North Dakota -- WWE Live = 3,500
05/06/16: Citrus Springs Convention Center in Citrus Springs, Florida -- WWE NXT Live = 150
05/06/16: Cox Convention Center in Oklahoma City, Oklahoma -- WWE NXT Live = 1,200
05/07/16: NMSU Pan American Center in Las Cruces, New Mexico -- WWE Live = 6,800
05/07/16: Orlando Armory in Orlando, Florida -- WWE NXT Live = 300
05/07/16: Rushmore Plaza Civic Center in Rapid City, South Dakota -- WWE Live = 4,500
05/07/16: in Tulsa, Oklahoma -- WWE NXT Live = 1,000 sellout
05/08/16: Santa Ana Star Center in Rio Rancho, New Mexico -- WWE Live = 3,700
05/08/16: Denny Sanford Premier Center in Sioux Falls, South Dakota -- WWE Live = 4,000
05/09/16: CenturyLink Center Omaha in Omaha, Nebraska -- WWE Monday Night RAW #1198/WWE Superstars #370 = 10,000
05/10/16: Wells Fargo Arena in Des Moines, Iowa -- WWE Main Event #188/WWE Thursday Night SmackDown #873 = 4,500
05/12/16: Bartow Armory in Bartow, Florida -- WWE NXT Live = 100
05/12/16: Paramount Theatre in Seattle, Washington -- WWE NXT Live = 2469
05/13/16: Williams Arena in Greenville, North Carolina -- WWE Live = 4,600
05/13/16: Minnreg Hall in Largo, Florida -- WWE NXT Live = 250
05/13/16: Spokane Arena in Spokane, Washington -- WWE NXT Live = 1,000
05/14/16: Maxwell Snyder Armory in Jacksonville, Florida -- WWE NXT Live = 200
05/14/16: Moda Center in Portland, Oregon -- WWE NXT Live = 2783
05/14/16: PNC Arena in Raleigh, North Carolina -- WWE Live = 4,500
05/14/16: Berglund Center in Roanoke, Virginia -- WWE Live = 4,000
05/15/16: John Paul Jones Arena in Charlottesville, Virginia -- WWE Live = 2204
05/15/16: Colonial Life Arena in Columbia, South Carolina -- WWE Live = 3,800
05/16/16: Greensboro Coliseum Complex in Greensboro, North Carolina -- WWE Monday Night RAW #1199/WWE Superstars #371 = 10,000
05/17/16: Bon Secours Wellness Arena in Greenville, South Carolina -- WWE Main Event #189/WWE Thursday Night SmackDown #874 = unknown
05/19/16: Full Sail University in Winter Park, Florida -- WWE NXT #198-#199 = 450 sellout
05/20/16: Utica Memorial Auditorium in Utica, New York -- WWE Live = 2,500
05/20/16: Venice Community Center in Venice, Florida -- WWE NXT Live = 350
05/21/16: Times Union Center in Albany, New York -- WWE Live = 6,000
05/21/16: The Santander Arena in Reading, Pennsylvania -- WWE Live = 2,900
05/21/16: Winter Haven Armory in Winter Haven, Florida -- WWE NXT Live = 350 sellout
05/22/16: Prudential Center in Newark, New Jersey -- WWE Extreme Rules 2016 = 12500
05/23/16: Royal Farms Arena in Baltimore, Maryland -- WWE Monday Night RAW #1200/WWE Superstars #372 = 7,000
05/24/16: Norfolk Scolpe Arena in Norfolk, Virginia -- WWE Main Event #190/WWE Thursday Night SmackDown #875 = unknown
05/26/16: Lakeland Armory in Lakeland, Florida -- WWE NXT Live = 350 sellout
05/27/16: Cocoa Armory in Cocoa, Florida -- WWE NXT Live = 250
05/27/16: Prairie Capital Convention Center in Springfield, Illinois -- WWE Live = 2,600
05/28/16: Peoria Civic Center in Peoria, Illinois -- WWE Live = 2,200
05/28/16: MTS Centre in Winnepeg, Manitoba -- WWE Live = 6,000
05/29/16: La Crosse Center in La Crosse, Wisconsin -- WWE Live = 3,500
05/29/16: Alliant Energy Center in Madison, Wisconsin -- WWE Live = 2,300
05/30/16: Resch Center in Green Bay, Wisconsin -- WWE Monday Night RAW #1201/WWE Superstars #373 = 8,000 sellout
05/31/16: BMO Harris Bank Center in Rockford, Illinois -- WWE Main Event #191/WWE Thursday Night SmackDown #876 = unknown
06/02/16: Old National Events Plaza in Evansville, Indiana -- WWE NXT Live = 936
06/02/16: UACD Gymnasium in Tampa, Florida -- WWE NXT Live = 300
06/03/16: National Guard Armory in Crystal River, Florida -- WWE NXT Live = 200
06/03/16: War Memorial Auditorium in Nashville, Tennessee -- WWE NXT Live = 1,200 sellout
06/03/16: Ector County Coliseum in Odessa, Texas -- WWE Live = 3,000
06/04/16: Center Stage in Atlanta, Georgia -- WWE NXT Live = 780 sellout
06/04/16: Havert L. Fenn Center in Fort Pierce, Florida -- WWE NXT Live = 400
06/04/16: in Lubbock, Texas -- WWE Live = unknown
06/04/16: BOK Center in Tulsa, Oklahoma -- WWE Live = 4,500
06/05/16: Amarillo Civic Center in Amarillo, Texas -- WWE Live = 4,500
06/05/16: Great Plains Coliseum in Lawton, Oklahoma -- WWE Live = 1,500
06/06/16: Chesapeake Energy Arena in Oklahoma City, Oklahoma -- WWE Monday Night RAW #1202/WWE Superstars #374 = 7,000
06/07/16: INTRUST Bank Arena in Wichita, Kansas -- WWE Main Event #192/WWE Thursday Night SmackDown #877 = 3803
06/08/16: Full Sail University in Winter Park, Florida -- WWE NXT TakeOver: The End = 450
06/09/16: Full Sail University in Winter Park, Florida -- WWE NXT #200-#202 = 450 sellout
06/10/16: Campsite Village in Donington Park, Leicestershire, England, UK -- WWE NXT At Download 2016 - Tag 1 = unknown
06/10/16: Extraco Event Center in Waco, Texas -- WWE Live = 3,700
06/11/16: Reed Arena in College Station, Texas -- WWE Live = 3,800
06/11/16: Campsite Village in Donington Park, Leicestershire, England, UK -- WWE NXT At Download 2016 - Tag 2 = unknown
06/11/16: Mississippi Coliseum in Jackson, Mississippi -- WWE Live = 4,200
06/12/16: Baton Rouge River Civic Arena in Baton Rouge, Louisiana -- WWE Live = unknown
06/12/16: Campsite Village in Donington Park, Leicestershire, England, UK -- WWE NXT At Download 2016 - Tag 3 = unknown
06/12/16: Lake Charles Civic Center in Lake Charles, Louisiana -- WWE Live = 3,000
06/13/16: The SSE Arena in Belfast, Northern Ireland, UK -- WWE NXT Live = 1942
06/13/16: Smoothie King Center in New Orleans, Louisiana -- WWE Monday Night RAW #1203/WWE Superstars #375 = 7572
06/14/16: Mississippi Coast Coliseum in Biloxi, Mississippi -- WWE Main Event #193/WWE Thursday Night SmackDown #878 = unknown
06/14/16: 3Arena in Dublin, Ireland -- WWE NXT Live = 2615
06/15/16: Echo Arena in Liverpool, Merseyside, England, UK -- WWE NXT Live = 4547
06/16/16: Bournemouth International Center in Bournemouth, Dorset, England, UK -- WWE NXT Live = 3,000
06/17/16: Plymouth Pavilions in Plymouth, Devon, England, UK -- WWE NXT Live = 2,500 sellout
06/17/16: Maverik Center in Salt Lake City, Utah -- WWE Live = 4,500
06/18/16: Staples Center in Los Angeles, California -- WWE Live = 8,500
06/19/16: T-Mobile Arena in Las Vegas, Nevada -- WWE Money In The Bank 2016 = 12000
06/20/16: Talking Stick Resort Arena in Phoenix, Arizona -- WWE Monday Night RAW #1204/WWE Superstars #376 = 10,000
06/21/16: Tucson Convention Center in Tucson, Arizona -- WWE Main Event #194/WWE Thursday Night SmackDown #879 = 6,000
06/23/16: Minnreg Hall in Largo, Florida -- WWE NXT Live = 350
06/23/16: Full Sail University in Winter Park, Florida -- WWE Cruiserweight Classic #1-#4 = 250
06/24/16: Full Sail University in Winter Park, Florida -- WWE NXT #203-#205 = 400 sellout
06/25/16: TD Garden in Boston, Massachusetts -- WWE Live = 5,300
06/25/16: Cocoa Armory in Cocoa, Florida -- WWE NXT Live = 250
06/26/16: Jacksonville Veterans Memorial Arena in Jacksonville, Florida -- WWE Live = 4,000
06/26/16: Amway Center in Orlando, Florida -- WWE Live = 3899
06/27/16: Amalie Arena in Tampa, Florida -- WWE Monday Night RAW #1205/WWE Superstars #377 = 8,000
06/28/16: AmericanAirlines Arena in Miami, Florida -- WWE Thursday Night SmackDown #880/WWE Main Event #195 = unknown
06/29/16: in Honolulu, Hawaii -- WWE Live = 6500
06/30/16: Winter Haven Armony in Winter Haven, Florida -- WWE NXT Live = 250
07/01/16: Ryogoku Kokugikan in Tokyo, Japan -- WWE Live = 8516
07/02/16: Easter Kentucky Expo Center in Pikeville, Kentucky -- WWE Live SummerSlam Heatwave Tour = 4,400
07/02/16: Ryogoku Kokugikan in Tokyo, Japan -- WWE Live = 8764
07/03/16: Big Sandy Superstone Arena in Huntington, West Virginia -- WWE Live SummerSlam Heatwave Tour = 2,400
07/04/16: Nationwide Arena in Columbus, Ohio -- WWE Monday Night RAW #1206/WWE Superstars #378 = 8,700
07/05/16: Huntington Center in Toledo, Ohio -- WWE Main Event #196/WWE Thursday Night SmackDown #881 = 4,500
07/07/16: Havert L. Fenn Center in Fort Pierce, Florida -- WWE NXT Live = 350
07/08/16: General Motors Centre in Oshawa, Ontario -- WWE Live SummerSlam Heatwave Tour = 4481
07/08/16: Venice Community Center in Venice, Florida -- WWE NXT Live = 325 sellout
07/09/16: David S. Palmer Arena in Danville, Illinois -- WWE Live SummerSlam Heatwave Tour = 2,400
07/09/16: UACD Gymnasium in Tampa, Florida -- WWE NXT Live = 400 sellout
07/09/16: Ricoh Coliseum in Toronto, Ontario -- WWE Live SummerSlam Heatwave Tour = 8,000
07/10/16: Allen County War Memorial Coliseum in Fort Wayne, Indiana -- WWE Live SummerSlam Heatwave Tour = 2597
07/10/16: Budweiser Gardens in London, Ontario -- WWE Live SummerSlam Heatwave Tour = 5286
07/11/16: Joe Louis Arena in Detroit, Michigan -- WWE Monday Night RAW #1207/WWE Superstars #379 = 11588
07/12/16: Van Andel Arena in Grand Rapids, Michigan -- WWE Main Event #197/WWE Thursday Night SmackDown #882 = 4663
07/13/16: Full Sail University in Winter Park, Florida -- WWE NXT #206-#209 = 400 sellout
07/14/16: Egyptian Room At Old National Centre in Indianapolis, Indiana -- WWE NXT Live = 900
07/14/16: Full Sail University in Winter Park, Florida -- WWE Cruiserweight Classic #5-#7 = 350
07/15/16: Arena At Harbor Yard in Bridgeport, Connecticut -- WWE Live SummerSlam Heatwave Tour = 3,800
07/15/16: BB&T Arena in Highland Heights, Kentucky -- WWE NXT Live = 1,500
07/16/16: Cross Insurance Center in Bangor, Maine -- WWE Live SummerSlam Heatwave Tour = 1,700
07/16/16: Minnreg Hall in Largo, Florida -- WWE NXT Live = 300
07/16/16: Broadbent Arena in Louisville, Kentucky -- WWE NXT Live = 1,800
07/16/16: Madison Square Garden in New York City, New York -- WWE Live SummerSlam Heatwave Tour = 11000
07/17/16: Augusta Civic Center in Augusta, Maine -- WWE Live SummerSlam Heatwave Tour = 2,000
07/17/16: Glens Falls Civic Center in Glens Falls, New York -- WWE Live SummerSlam Heatwave Tour = 1,800
07/18/16: Dunkin' Donuts Center in Providence, Rhode Island -- WWE Monday Night RAW #1208/WWE Superstars #380 = 8,000 sellout
07/19/16: DCU Center in Worcester, Massachusetts -- WWE Main Event #198/WWE SmackDown Live #883 = 6,000
07/21/16: Lakeland Armory in Lakeland, Florida -- WWE NXT Live = 250
07/22/16: Bob Carpenter Center in Newark, Delaware -- WWE Live SummerSlam Heatwave Tour = 3,500
07/22/16: Reserve Pavilion in Ocala, Florida -- WWE NXT Live = 300
07/23/16: Cocoa Armory in Cocoa, Florida -- WWE NXT Live = 250
07/23/16: Wicomico Youth & Civic Center in Salisbury, Maryland -- WWE Live SummerSlam Heatwave Tour = unknown
07/23/16: Wildwood Convention Center in Wildwood, New Jersey -- WWE Live SummerSlam Heatwave Tour = 3,700
07/24/16: Verizon Center in Washington, District Of Columbia -- WWE Battleground 2016 = 13500
07/25/16: CONSOL Energy Center in Pittsburgh, Pennsylvania -- WWE Monday Night RAW #1209/WWE Superstars #381 = 9,500
07/26/16: First Niagara Center in Buffalo, New York -- WWE Main Event #199/WWE SmackDown Live #884 = 6,000
07/28/16: Aztec Theatre in San Antonio, Texas -- WWE NXT Live = 1,500 sellout
07/29/16: Central Pavilion Arena in Corpus Christi, Texas -- WWE NXT Live = 1,000
07/29/16: Orlando Armory in Orlando, Florida -- WWE NXT Live = 350
07/29/16: Donald L. Tucker Civic Center in Tallahassee, Florida -- WWE Live SummerSlam Heatwave Tour = 3,000
07/30/16: Revention Center in Houston, Texas -- WWE NXT Live = 2,100
07/30/16: Maxwell Snyder Armory in Jacksonville, Florida -- WWE NXT Live = 300
07/30/16: Boling Arena in Knoxville, Tennessee -- WWE Live SummerSlam Heatwave Tour = 5,000
07/30/16: Maxwell Snyder Armory in Savannah, Georgia -- WWE Live SummerSlam Heatwave Tour = 6,000
07/31/16: Kimmel Arena in Asheville, North Carolina -- WWE Live SummerSlam Heatwave Tour = 3,000
07/31/16: Augusta Entertainment Complex in Augusta, Georgia -- WWE Live SummerSlam Heatwave Tour = 3,500
08/01/16: Philips Arena in Atlanta, Georgia -- WWE Monday Night RAW #1210/WWE Superstars #382 = 11660
08/02/16: Bridgestone Arena in Nashville, Tennessee -- WWE Main Event #200/WWE SmackDown Live #885 = 4,500
08/04/16: BJCC Concert Hall in Birmingham, Alabama -- WWE NXT Live = 650
08/04/16: Winter Haven Armory in Winter Haven, Florida -- WWE NXT Live = 300
08/05/16: Martin Luther King Jr. Recreation Center in Gainesville, Florida -- WWE NXT Live = 300 sellout
08/05/16: Pensacola Bay Center in Pensacola, Florida -- WWE NXT Live = 990
08/06/16: Minnreg Hall in Largo, Florida -- WWE NXT Live = 250
08/06/16: New Orleans Morial Convention Center in New Orleans, Louisiana -- WWE NXT Live = 500
08/06/16: Stockton Arena in Stockton, California -- WWE Live SummerSlam Heatwave Tour = 5,600
08/07/16: Save Mart Center in Fresno, California -- WWE Live SummerSlam Heatwave Tour = 4817
08/08/16: Honda Center in Anaheim, California -- WWE Monday Night RAW #1211/WWE Superstars #383 = 11,300
08/09/16: Rabobank Arena in Bakersfield, California -- WWE Main Event #201/WWE SmackDown Live #886 = 5,000
08/10/16: Vector Arena in Auckland, New Zealand -- WWE Live = 8,000
08/11/16: Rod Laver Arena in Melbourne, Victoria, Australia -- WWE Live = 10,500 sellout
08/11/16: University Area CDC Gymnasium in Tampa, Florida -- WWE NXT Live = 400
08/12/16: Adelaide Entertainment Center in Adelaide, South Australia, Australia -- WWE Live = 8,000
08/12/16: Venice Community Center in Venice, Florida -- WWE NXT Live = 325 sellout
08/13/16: Havert L. Fenn Center in Fort Pierce, Florida -- WWE NXT Live = 400
08/13/16: State Farm Arena in Hidalgo, Texas -- WWE Live SummerSlam Heatwave Tour = 4655
08/13/16: Qudos Bank Arena in Sydney, New South Wales, Australia -- WWE Live = 14,000
08/14/16: Laredo Energy Arena in Laredo, Texas -- WWE Live SummerSlam Heatwave Tour = 2741
08/15/16: American Bank Center in Corpus Christi, Texas -- WWE Monday Night RAW #1212/WWE Superstars #384 = 6000
08/16/16: Frank Erwin Center in Austin, Texas -- WWE Main Event #202/WWE SmackDown Live #887 = 4000
08/20/16: Barclays Center in New York City, New York -- WWE NXT #210/WWE NXT TakeOver: Brooklyn II = 14540
08/21/16: Barclays Center in New York City, New York -- WWE SummerSlam 2016 = 13400
08/22/16: Barclays Center in New York, New York -- WWE Monday Night RAW #1213 = 15128
08/22/16: Barclays Center in New York City, New York -- WWE Superstars #385 = 15128
08/23/16: Mohegan Sun Arena in Uncasville, Connecticut -- WWE Main Event #203/WWE SmackDown Live #888 = 5977
08/25/16: Full Sail University in Winter Park, Florida -- WWE NXT #211-#213 = 400 sellout
08/26/16: Taylor County Coliseum in Abilene, Texas -- WWE Live = 1,800
08/26/16: Citrus Springs Community Center in Citrus Springs, Florida -- WWE NXT Live = 250
08/26/16: Full Sail University in Winter Park, Florida -- WWE Cruiserweight Classic #8/WWE Cruiserweight Classic #9 = unknown
08/27/16: Acropolis in Heroica Puebla de Zaragoza, Puebla, Mexiko -- WWE Live = 4185
08/27/16: Maxwell Snyder Armory in Jacksonville, Florida -- WWE NXT Live = 300 sellout
08/27/16: Foster Communications Coliseum in San Angelo, Texas -- WWE Live = 3,000
08/28/16: Domo de la Feria de Leon in Leon de los Aldamas, Guanajuato, Mexiko -- WWE Live = 3577
08/28/16: Freeman Coliseum in San Antonio, Texas -- WWE Live = 5,000
08/29/16: Toyota Center in Houston, Texas -- WWE Monday Night RAW #1214/WWE Superstars #386 = 8936
08/29/16: Four States Entertainment Center in Texarkana, Arkansas -- WWE Live = 3,000
08/30/16: American Airlines Center in Dallas, Texas -- WWE Main Event #204/WWE SmackDown Live #889 = 7469
09/05/16: Sprint Center in Kansas City, Missouri -- WWE Monday Night RAW #1215/WWE Superstars #387 = 7620
09/06/16: Pinnacle Bank Arena in Lincoln, Nebraska -- WWE Main Event #205/WWE SmackDown Live #890 = 3,000
09/07/16: The O2 Arena in Greenwich, Greater London, England, UK -- WWE Live = 13750
09/08/16: Minnreg Hall in Largo, Florida -- WWE NXT Live = 300
09/08/16: Mall Of Asia Arena in Manila, The Philippines -- WWE Live = 11,500
09/09/16: Martin Luther King Jr. Recreation Center in Gainesville, Florida -- WWE NXT Live = 300
09/10/16: PNC Arena in Raleigh, North Carolina -- WWE Live = 6,000
09/10/16: Mercedes Benz Arena in Shanghai, China -- WWE Live = 6,500
09/11/16: Richmond Coliseum in Richmond, Virginia -- WWE Backlash 2016 = 7000
09/12/16: Royal Farms Arena in Baltimore, Maryland -- WWE Monday Night RAW #1216/WWE Superstars #388 = 7,000
09/12/16: EagleBank Arena in Fairfax, Virginia -- WWE Live = 2007
09/13/16: Wells Fargo Center in Philadelphia, Pennsylvania -- WWE Main Event #206/WWE SmackDown Live #891 = 9,000
09/14/16: Full Sail University in Winter Park, Florida -- WWE Cruiserweight Classic #10 = 400
09/15/16: Full Sail University in Winter Park, Florida -- WWE NXT #214 - #217 = 400
09/16/16: Cocoa Armory in Cocoa Beach, Florida -- WWE NXT Live = 200
09/16/16: Hy-Vee Hall in Des Moines, Iowa -- WWE NXT Live = 1500
09/16/16: KFC Yum! Center in Louisville, Kentucky -- WWE Live = 5000
09/17/16: Ford Center in Evansville, Indiana -- WWE Live = 3319
09/17/16: Ralston Arena in Omaha, Nebraska -- WWE NXT Live = 1000
09/17/16: JQH Arena in Springfield, Missouri -- WWE Live = 4300
09/17/16: UACD Gymnasium in Tampa, Florida -- WWE NXT Live = 300
09/18/16: Von Braun Civic Center in Huntsville, Alabama -- WWE Live = 5000
09/18/16: Verizon Arena in Little Rock, Arkansas -- WWE Live = 3700
09/18/16: Roy Wilkins Auditorium in Minneapolis, Minnesota -- WWE NXT Live = 1700
09/19/16: FedExForum in Memphis, Tennessee -- WWE Superstars #389/WWE Monday Night RAW #1217 = 6,400
09/19/16: Bancorpsouth Arena in Tupelo, Mississippi -- WWE Live = 3,500
09/20/16: Legacy Arena in Birmingham, Alabama -- WWE Main Event #207/WWE SmackDown Live #892 = 5,000
09/22/16: Venice Community Center in Venice, Florida -- WWE NXT Live = 250
09/23/16: Maxwell Snyder Armory in Jacksonville, Florida -- WWE NXT Live = 400
09/23/16: iWireless Center in Moline, Illinois -- WWE Live = 4,700
09/24/16: Allstate Arena in Chicago, Illinois -- WWE Live = 10226
09/24/16: GIANT Center in Hershey, Pennsylvania -- WWE Live = 4,000
09/25/16: Bankers Life Fieldhouse in Indianapolis, Indiana -- WWE Clash Of Champions 2016 = 7500
09/25/16: Bryce Jordan Center in State College, Pennsylvania -- WWE Live = 3,500
09/26/16: US Bank Arena in Cincinnati, Ohio -- WWE Monday Night RAW #1218/WWE Superstars #390 = 6359
09/26/16: WesBanco Arena in Wheeling, West Virginia -- WWE Live = 2,500
09/27/16: Quicken Loans Arena in Cleveland, Ohio -- WWE Main Event #208/WWE SmackDown Live #893 = 6,400
09/29/16: Lakeland Armory in Lakeland, Florida -- WWE NXT Live = 250
09/30/16: Engelwood Neighborhood Center in Orlando, Florida -- WWE NXT Live = 450
10/01/16: Minnreg Hall in Largo, Florida -- WWE NXT Live = 300
10/01/16: Thomas & Mack Center in Las Vegas, Nevada -- WWE Live = 3,800
10/02/16: Citizens Business Bank Arena in Ontario, California -- WWE Live = 4,000
10/03/16: Staples Center in Los Angeles, California -- WWE Monday Night RAW #1219/WWE Superstars #391 = 11619
10/03/16: Palm Springs Convention Center in Palm Springs, California -- WWE Live = 1,000
10/04/16: Valley View Casino Center in San Diego, California -- WWE Main Event #209/WWE SmackDown Live #894 = 6,000
10/05/16: Movistar Arena in Santiago De Chile, Chile -- WWE Live = 11,000 sellout
10/06/16: Ted Constant Convocation Center in Norfolk, Virginia -- WWE NXT Live = 1,000
10/06/16: Movistar Arena in Santiago De Chile, Chile -- WWE Live = 11,000 sellout
10/07/16: Jockey Club Del Perú in Lima, Peru -- WWE Live = 2,500
10/07/16: Altria Theater in Richmond, Virginia -- WWE NXT Live = 2,300
10/08/16: APG Federal Credit Union Arena in Bel Air, Maryland -- WWE NXT Live = 1,800
10/08/16: Moda Center in Portland, Oregon -- WWE Live = 2,700
10/08/16: Coliseo General Ruminahui in Quito, Ecuador -- WWE Live = 12,000 sellout
10/09/16: Golden 1 Center in Sacramento, California -- WWE No Mercy 2016 = 12000
10/10/16: Oracle Arena in Oakland, California -- WWE Monday Night RAW #1220/WWE Superstars #392 = 8212
10/10/16: Lawlor Events Center in Reno, Nevada -- WWE Live = 1,500
10/11/16: SAP Center in San Jose, California -- WWE Main Event #210/WWE SmackDown Live #895 = 7,000
10/13/16: Full Sail University in Winter Park, Florida -- WWE NXT #218 - #222 = 400 sellout
10/14/16: Northlands Coliseum in Edmonton, Alberta -- WWE Live = 4,500
10/14/16: Havert L. Fenn Center in Fort Pierce, Florida -- WWE NXT Live = 350
10/15/16: Stampede Corral in Calgary, Alberta -- WWE Live = 4,500
10/15/16: Talking Stick Resort Arena in Phoenix, Arizona -- WWE Live = 6,000
10/15/16: Winter Haven Armory in Winter Heaven, Florida -- WWE NXT Live = 300
10/16/16: Broadmoor World Arena in Colorado Springs, Colorado -- WWE Live = 2,000
10/16/16: Ford Idaho Center in Nampa, Idaho -- WWE Live = 2,700
10/17/16: Pepsi Center in Denver, Colorado -- WWE Monday Night RAW #1221/WWE Superstars #393 = 6,500
10/17/16: Arena-Auditorium in Laramie, Wyoming -- WWE Live = 2,500
10/18/16: Pepsi Center in Denver, Colorado -- WWE Main Event #211/WWE SmackDown Live #896 = 4,000
10/20/16: Lakeland Armory in Lakeland, Florida -- WWE NXT Live = 200
10/21/16: Hammond Civic Center in Hammond, Indiana -- WWE Live = 3,100 sellout
10/21/16: UACD Gymnasium in Tampa, Florida -- WWE NXT Live = 275
10/22/16: BMO Harris Bradley Center in Milwaukee, Wisconsin -- WWE Live = 4,000
10/22/16: Reserve Pavilion in Ocala, Florida -- WWE NXT Live = 300 sellout
10/22/16: Tyson Events Center in Sioux City, Iowa -- WWE Live = 2,500
10/23/16: Wells Fargo Arena in Des Moines, Iowa -- WWE Live = 2,200
10/23/16: Mayo Civic Center Arena in Rochester, Minnesota -- WWE Live = 2,500
10/24/16: Five Flags Center in Dubuque, Iowa -- WWE Live = unknown
10/24/16: Target Center in Minneapolis, Minnesota -- WWE Monday Night RAW #1222/WWE Superstars #394 = 8,500
10/25/16: Resch Center in Green Bay, Wisconsin -- WWE Main Event #212/WWE SmackDown Live #897 = 3,000
10/26/16: Selland Arena in Fresno, California -- WWE NXT Live = 800
10/27/16: Citrus Springs Convention Center in Citrus Springs, Florida -- WWE NXT Live = 100
10/27/16: Sacramento Memorial Auditorium in Sacramento, California -- WWE NXT Live = 900
10/28/16: Maxwell Snyder Armory in Jacksonville, Florida -- WWE NXT Live = 250
10/28/16: San Jose University Event Center in San Jose, California -- WWE NXT Live = 2,000
10/29/16: Rabobank Theater in Bakersfield, California -- WWE NXT Live = 1,257
10/29/16: National Guard Armory in Crystal River, Florida -- WWE NXT Live = 150
10/30/16: PPL Center in Allentown, Pennsylvania -- WWE Live = 4,000
10/30/16: TD Garden in Boston, Massachusetts -- WWE Hell In A Cell 2016 = 13000
10/30/16: Palladium Theater in Los Angeles, California -- WWE NXT Live = 2,400 sellout
10/31/16: XL Center in Hartford, Connecticut -- WWE Monday Night RAW #1223/WWE Superstars #395 = 6,000
10/31/16: Sun National Bank Center in Trenton, New Jersey -- WWE Live = 1,500
11/01/16: Prudential Center in Newark, New Jersey -- WWE Main Event #213/WWE SmackDown Live #898 = 7,000
11/02/16: Festhalle in Frankfurt am Main, Hessen, Germany -- WWE Live = 6000
11/03/16: Havert L. Fenn Center in Fort Pierce, Florida -- WWE NXT Live = 250
11/03/16: Olympiahalle in München, Bayern, Germany -- WWE Live = 7000
11/03/16: Green Halls Stadium in Riyadh, Saudi-Arabien -- WWE Live = unknown
11/04/16: Green Halls Stadium in Riyadh, Saudi-Arabien -- WWE Live = unknown
11/04/16: Venice Community Center in Venice, Florida -- WWE NXT Live = 240
11/04/16: SSE Arena in Wembley, Greater London, England, UK -- WWE Live = 9000
11/05/16: Martin Luther King Jr. Recreation Center in Gainesville, Florida -- WWE NXT Live = 350
11/05/16: Manchester Arena in Manchester, England, UK -- WWE Live = 13000
11/05/16: Butlins Arena in Minehead, Somerset, England, UK -- WWE Live = 3500
11/06/16: First Direct Arena in Leeds, West Yorkshire, England, UK -- WWE Live = 8,000
11/06/16: Metro Radio Arena in Newcastle, Tyne And Wear, England, UK -- WWE Live = 7,000
11/07/16: GE Oil & Gas Arena in Aberdeen, Scotland, UK -- WWE Live = 5,000
11/07/16: The SSE Hydro in Glasgow, Scotland, UK -- WWE Monday Night RAW #1224/WWE Superstars #396 = 11,000 sellout
11/08/16: The SSE Hydro in Glasgow, Scotland, UK -- WWE Main Event #214/WWE SmackDown Live #899 = 10,800
11/08/16: König-Pilsener-Arena in Oberhausen, Nordrhein-Westfalen, Germany -- WWE Live = unknown
11/09/16: Mercedes-Benz Arena in Berlin, Germany -- WWE Live = 4,000
11/09/16: Genting Arena in Birmingham, West Midlands, England, UK -- WWE Live = 9,000
11/10/16: Motorpoint Arena Cardiff in Cardiff, Wales, UK -- WWE Live = 4,300 sellout
11/10/16: Wiener Stadthalle in Wien, Österreich -- WWE Live = 6,000
11/11/16: Palau Sant Jordi in Barcelona, Spain-- WWE Live = 11,000
11/11/16: Halle Tony Garnier in Lyon, Frankreich -- WWE Live = 4,500
11/11/16: Mark W. Lance Armory in St. Augustine, Florida -- WWE NXT Live = 150
11/12/16: Cocoa Armory in Cocoa, Florida -- WWE NXT Live = 250
11/12/16: Barclaycard Arena in Madrid, Spain-- WWE Live = 11,000 sellout
11/12/16: Zenith De Strasbourg in Strasbourg, Frankreich -- WWE Live = unknown
11/13/16: Bilbao Exhibition Centre in Bilbao, Spain-- WWE Live = 7,000
11/14/16: First Niagara Center in Buffalo, New York -- WWE Monday Night RAW #1225/WWE Superstars #397 = 11,000
11/15/16: Mohegan Sun Arena in Wilkes-Barre, Pennsylvania -- WWE Main Event #215/WWE SmackDown Live #900 = 7,500 sellout
11/16/16: The Theater At Madison Square Garden in New York City, New York -- WWE NXT Live = 3,000
11/17/16: Agganis Arena in Boston, Massachusetts -- WWE NXT Live = 800
11/17/16: Dr. Phillips Center in Orlando, Florida -- WWE WrestleMania 33 On-Sale Party = unknown
11/18/16: UACD Gymnasium in Tampa, Florida -- WWE NXT Live = 250
11/19/16: Air Canada Centre in Toronto, Ontario -- WWE NXT #223/WWE NXT TakeOver: Toronto = 11000
11/20/16: Air Canada Centre in Toronto, Ontario -- WWE Survivor Series 2016 = 15000
11/21/16: Rogers K-Rock Centre in Kingston, Ontario -- WWE Live = 1,500
11/21/16: Air Canada Centre in Toronto, Ontario -- WWE Monday Night RAW #1226/WWE Superstars #398 = 13,500 sellout
11/22/16: Canadian Tire Centre in Ottawa, Ontario -- WWE Main Event #216/WWE NXT #224/WWE SmackDown Live #901 = 6,500
11/26/16: Sprint Center in Kansas City, Missouri -- WWE Live Holiday Tour = 3500
11/26/16: Dunkin' Donuts Center in Providence, Rhode Island -- WWE Live Holiday Tour = 6000
11/27/16: Crown Coliseum in Fayetteville, North Carolina -- WWE Live Holiday Tour = unknown
11/27/16: North Charleston Coliseum in North Charleston, South Carolina -- WWE Live Holiday Tour = 4500
11/28/16: Spectrum Center in Charlotte, North Carolina -- WWE Main Event #217/WWE Monday Night RAW #1227 = 9000
11/28/16: Florence Civic Center in Florence, South Carolina -- WWE Live Holiday Tour = 1500
11/29/16: Colonial Life Arena in Columbia, South Carolina -- WWE 205 Live #1/WWE SmackDown Live #902 = 2500
11/30/16: Full Sail University in Winter Park, Florida -- WWE NXT #225 - #227/NXT-Tapings = unknown
12/02/16: Tingley Coliseum in Albuquerque, New Mexico -- WWE Live = unknown
12/02/16: National Guard Armory in Crystal River, Florida -- WWE NXT Live = 150
12/03/16: Minnreg Hall in Largo, Florida -- WWE NXT Live = 350
12/03/16: Arena Ciudad de Mexico in Mexico City, Mexico -- WWE Live = 7,000
12/03/16: Chesapeake Energy Arena in Oklahoma City, Oklahoma -- WWE Live Holiday Tour = 1,500
12/03/16: EDION Arena Osaka in Osaka, Japan -- WWE NXT #228 = 4,531
12/04/16: American Airlines Center in Dallas, Texas -- WWE TLC: Tables, Ladders & Chairs 2016 = 12500
12/04/16: Arena Monterrey in Monterrey, Mexico -- WWE Live Holiday Tour = 4,500
12/05/16: Frank Erwin Center in Austin, Texas -- WWE Main Event #218/WWE Monday Night RAW #1228 = 6,000
12/05/16: HBF Stadium in Perth, Western Australia, Australia -- WWE NXT Live = 2,000
12/05/16: Oil Palace in Tyler, Texas -- WWE Live Holiday Tour = 2,000
12/06/16: Toyota Center in Houston, Texas -- WWE SmackDown Live #903/WWE 205 Live #2 = 5,500
12/07/16: AIS Arena in Canberra, Australian Capital Territory, Australia -- WWE NXT Live = 950
12/08/16: Margaret Court Arena in Melbourne, Victoria, Australia -- WWE NXT #229 = 5,000
12/08/16: St. Petersburg Armory in St. Petersburg, Florida -- WWE NXT Live = 250
12/09/16: Winter Haven Armory in Winter Haven, Florida -- WWE NXT Live = 250
12/10/16: Tsongas Center in Lowell, Massachusetts -- WWE Live = 4,000
12/10/16: Newcastle Entertainment Centre in Newcastle, New South Wales, Australia -- WWE NXT Live = 1,200
12/10/16: Scope Arena in Norfolk, Virginia -- WWE Live = unknown
12/10/16: Venice Community Center in Venice, Florida -- WWE NXT Live = 250
12/11/16: Gold Coast Convention & Exhibition Centre in Broadbeach, Queensland, Australia -- WWE NXT Live = 1,200
12/11/16: Minges Coliseum in Greenville, North Carolina -- WWE Live Holiday Tour = 2,000
12/11/16: Westchester County Center in White Plains, New York -- WWE Live = 4,200 sellout
12/12/16: Wells Fargo Center in Philadelphia, Pennsylvania -- WWE 205 Live #3/WWE Monday Night RAW #1229 = 11,700
12/12/16: Berglund Center Coliseum in Roanoke, Virginia -- WWE Live = unknown
12/13/16: Qudos Bank Arena in Sydney, New South Wales, Australia -- WWE NXT Live = 4,000
12/13/16: Verizon Center in Washington, District Of Columbia -- WWE SmackDown Live #904/WWE Tribute To The Troops 2016 = 4,500
12/15/16: Maxwell Snyder Armory in Jacksonville, Florida -- WWE NXT Live = 250
12/15/16: Riverside Municipal Auditorium in Riverside, California -- WWE NXT Live = 1300
12/16/16: Citrus Springs Convention Center in Citrus Springs, Florida -- WWE NXT Live = 200
12/16/16: Blue Cross Arena in Rochester, New York -- WWE Live Holiday Tour = 4000
12/17/16: Mandalay Bay Events Center in Las Vegas, Nevada -- WWE NXT Live = 4,000
12/17/16: Peterborough, Ontario -- WWE Live Holiday Tour = 2,900
12/17/16: UACD Gymnasium in Tampa, Florida -- WWE NXT Live = 250
12/17/16: Covelli Centre in Youngstown, Ohio -- WWE Live Holiday Tour = 2,500
12/18/16: Barrie, Ontario -- WWE Live Holiday Tour = 1,750
12/18/16: CONSOL Energy Center in Pittsburgh, Pennsylvania -- WWE Roadblock: End Of The Line 2016 = 8000
12/19/16: Ohio State College in Columbus, Ohio -- WWE Main Event #220/WWE Monday Night RAW #1230 = 7,800
12/19/16: Hamilton, Ontario -- WWE Live Holiday Tour = 3,300
12/20/16: Joe Louis Arena in Detroit, Michigan -- WWE 205 Live #4/WWE SmackDown Live #905 = 9,500
12/26/16: Madison Square Garden in New York City, New York -- WWE Live Holiday Tour = 13,000
12/26/16: Allstate Arena in Rosemont, Illinois -- WWE Main Event #221/WWE Monday Night RAW #1231 = 11,000 sellout
12/27/16: Allstate Arena in Rosemont, Illinois -- WWE 205 Live #5/WWE SmackDown Live #906 = 11,300 sellout
12/27/16: Scottrade Center in St. Louis, Missouri -- WWE Live Holiday Tour = 7,500
12/28/16: Barclays Center in Brooklyn, New York -- WWE Live Holiday Tour = 9,000
12/28/16: Bridgestone Arena in Nashville, Tennessee -- WWE Live Holiday Tour = 5,500
12/29/16: Philips Arena in Atlanta, Georgia -- WWE Live Holiday Tour = 8,000
12/29/16: TD Garden in Boston, Massachusetts -- WWE Live Holiday Tour = 6,700
12/30/16: Staples Center in Los Angeles, California -- WWE Live Holiday Tour = 8,400
12/30/16: American Airlines Arena in Miami, Florida -- WWE Live Holiday Tour = 5,000

Some of this came from the WON Results section. I have supplemented this data with other records in other parts of the newsletter.

Research by @mookieghana