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WWE Releases Q4 & Full Year Financial Highlights

Posted By Caroline Walsh on 02/08/18


WWE today announced financial results for its fourth quarter and year ended December 31, 2017. For the quarter, the Company reported Net income of $4.8 million, or $0.06 per share, as compared to a Net income of $8.0 million, or $0.10 per share, in the prior year quarter. As discussed below, Net income in the fourth quarter 2017 reflected charges totaling $11.3 million ($0.14 per diluted share) arising from the enactment of the new tax law. Operating income increased to $27.0 million from Operating income of $13.9 million. Excluding items affecting comparability, Adjusted OIBDA increased to $34.8 million from $20.5 million.

Vince McMahon: “In 2017, WWE achieved record financial results, generating the highest level of revenue and Adjusted OIBDA in the Company’s history. Our operating metrics demonstrate the strength of our content and brands worldwide, which positions us well to achieve our long-term objectives. We will continue to focus on creating compelling content for multiple platforms, leveraging data analytics and capitalizing on international opportunities to drive our continued growth.”

George Barrios: “We achieved record revenue that exceeded $800 million, record Adjusted OIBDA that was within the range of our guidance, and record subscriber levels. As we continue to drive WWE’s digital and direct-to-consumer transformation while optimizing the monetization of our long-form content, we expect to balance 2018 OIBDA growth with investment in strategic areas, maximizing our long-term opportunities and shareholder value.”

Fourth-Quarter 2017 Highlights:
* Revenue increased 9% to $211.6 million as compared to the prior year quarter

* Operating income was $27.0 million. Adjusted OIBDA1 reached $34.8 million, which was in line with guidance

* WWE Network’s average paid subscribers increased to 1.48 million during the fourth quarter 2017, consistent with the Company’s guidance

* Celebrated the 25th anniversary of Monday Night Raw in January 2018; SmackDown surpassed 950 episodes and remained the second longest running episodic program in history (behind only Raw)

* Formed partnerships to create content across platforms, including the series Mixed Match Challenge™ which streams live on Facebook Watch, Miz & Mrs. which will air on USA, as well as virtual reality experiences from select 2018 special events available on a new WWE channel within the NextVR app

Full Year 2017 Highlights
* Revenue increased 10% to $801.0 million, the highest in the Company’s history

* Operating income increased 36% to $75.6 million. Adjusted OIBDA increased 40% to $111.9 million, which was within the range of Company guidance and represented all-time record performance

* Supporting the global reach of WWE content, completed multi-year distribution agreements in France, Japan, South Korea, Australia, Philippines and sub-Saharan Africa among other countries and regions

* Digital engagement continued to grow with video views up 32% to 20 billion and social media engagements up 4% to approximately 1.2 billion from the prior year

* WWE’s YouTube channel remained the #1 most viewed Sports Channel and the 2nd most viewed channel on YouTube with 20 billion lifetime views (as of January 31, 2018)

* Demonstrated strength in consumer products with the #1 selling action figure property in the U.S. ahead of Star Wars and Marvel Avengers4

* Forbes named WrestleMania as one of the world’s top 10 most valuable sports event brands for the fourth year in a row, alongside the Super Bowl, Olympics, FIFA World Cup and NCAA Men’s Final Four