It states more than just display: 'to use, incorporate, exploit, display, perform, reproduce, distribute, and prepare derivative works'
If they needed permissions for conversion, they'd have made a specific mention of that and thereafter confirmed legal ownership.
Officially it means they can legally do wat you want them to do (present the content to users, perhaps transforming it in various ways for some or all viewers), but of course it covers them being able to do far more than that.