WWE Releases 3rd Quarter Financial Information; Vince McMahon Comments

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WWE released their 3rd quarter financial information this morning preceeding today’s conference call. You can find all of the information, including 2018 goals here, but here are some of the highlights, including WWE Network subscriber numbers.

Third Quarter 2017 Highlights

• Revenue increased 14% to $186.4 million based primarily on the strong performance of the Company’s media, licensing and live event businesses
• Operating income was $33.9 million.Adjusted and reported OIBDA reached $40.4 million, representing an all-time record quarter on a reported basis1
• WWE Network’s average paid subscribers2 increased to 1.52 million over the third quarter 2017, consistent with the Company’s guidance
• Launched WWE Network in China with PPTV (a Suning media company). The service showcases WWE’s major live events, ground-breaking original series, documentaries and classic matches
• Launched localized weekly TV shows in Mexico and Central America. WWE Saturday Night, produced in Spanish with Fox Sports Mexico, will feature highlights of Raw and SmackDown
• Through the first nine months of 2017, digital engagement continued to grow with video views up 23% to 14.2 billion and social media engagements up 5% to 912 million from the prior year
• NBCU secured 20 new advertisers for WWE programs in the 2017-18 upfront, adding 70 over the past 3 years, and reaching a total of nearly 200 advertisers for WWE shows

2017 and 2018 Business Outlook

• The Company is increasing its guidance for 2017 Adjusted OIBDA1 to a range of $108 million to $112 million from its previous target of at least $100 million3
• The Company outlines its expectations for 2018, which include continued WWE Network subscriber growth, record revenue and targeted Adjusted OIBDA1 of at least $115 million3
• WWE’s current license agreements for Raw and SmackDown in the U.S. will expire on September 30, 2019 and in the U.K. and India on December 31, 2019. Management currently expects to announce its plans for U.S. distribution between May – September 2018, for the U.K. by year-end 2018, and for India in the first half of 2019

STAMFORD, Conn.–(BUSINESS WIRE)– WWE (NYSE:WWE) today announced financial results for its third quarter ended September 30, 2017. For the quarter, the Company reported Net income of $21.8 million, or $0.28 per diluted share, as compared to Net Income of $11.1 million, or $0.14 per diluted share, in the prior year quarter.4 Operating income increased to $33.9 million from $18.3 million. Adjusted OIBDA1 increased to $40.4 million from $24.5 million.

“We are pleased with our continued success in growing and engaging a large, global audience across multiple platforms. The increased production of original content, our focus on localization and the further development of a diverse talent base contributed to that important achievement, reinforcing the significant scale and power of our brands,” stated Vince McMahon, WWE Chairman and Chief Executive Officer.

George Barrios, WWE Chief Strategy & Financial Officer, added “We achieved a 14% increase in revenue from the monetization of video content and generated results that exceeded the range of our guidance. As we continue to drive WWE’s digital and direct-to-consumer transformation, we have increased our 2017 guidance, which calls for record revenue, record Adjusted OIBDA results, and record subscriber levels.”

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