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Home / Business / WWE Reports Record Fourth Quarter and Full Year 2018 Results, Vince McMahon Comments

WWE Reports Record Fourth Quarter and Full Year 2018 Results, Vince McMahon Comments



WWE issued the following today. Remember to join us at 11 am ET for live coverage of the WWE revenue call.

Fourth and Full Year 2018 WWE® Report Results

Fourth Quarter 2018 Highlights

* Revenue increased 29% to $ 272.5 million compared to the previous quarter
* Revenue nearly doubled to 53 , $ 4 million from $ 27.0 million a year before
* Adjusted OIBDA increased 57% to $ 64.4 million, exceeding company guidance and representing a full-time record quarter
* WWE Network average paid subscribers increased 7% to approx. 1.59 million paid subscribers, in line with company guidance

Full year 2018 Highlights

* Revenue increased 1

6% to $ 930.2 million, the highest in the company's history
* Revenue increased by 51% to a record $ 114.5 million
* Adjusted OIBDA increased 31% to $ 178.9 million, and exceeded company guidance and represented all-time record performance for the second c consecutive year
* International revenue increased by 58% to 317 $ 8 million from $ 201.3 million a year earlier, highest in the company's history and first-time international revenue has exceeded $ 300 million.
* WWE concluded agreements with the United States Network NBCU) and Fox Sports, effective October 1, 2019, increasing the average annual value (AAV) of its US distribution to 3.6 times the previous agreement
* Produced New major international events (Greatest Royal Rumble, Crown Jewel and Super Show-Down) and compelling cross-platform content, including WWE Evolution (WWE Network) Mrs. (USA Network)
* Digital engagement continued to grow with video views up 57% to 31.4 billion and hours of consumption up 77% to 1.2 billion across digital and social media platforms

STAMFORD, Conn., February 7, 2019 – WWE (NYSE: WWE) announced today finan The fourth quarter results ended December 31, 2018.

"In 2018, WWE generated the highest level of revenue and earnings in the company's history by leveraging our branding power to increase revenue generators our content worldwide, "said Vince McMahon, Chairman and CEO. "Our long-term growth strategy will continue to focus on content creation, digitization and international development."

George Barrios, co-chairman of WWE, added: "We increased our revenue by nearly $ 130 million and achieved a record level of Adjusted OIBDA and network subscribers. We expect to balance 2019 revenue growth with investments in strategic areas expanding the tomb around our business. that we can continue our transformation and maximize shareholder value. "

Consolidated Quarterly Results

Revenue increased 29% to $ 272.5 million from the previous quarter, driven mainly by increased revenue revenue from content and, to a lesser extent, $ 8.1 million beneficial impact on license revenue due to the adoption of the new FASB standard for revenue recognition (ASC Topic 606).

Operating revenues nearly doubled to $ 53.4 million from $ 27.0 million last year driven by increased earnings from the Media segment. The company's operating profit margin increased to 20% from 13% in the quarter last year.

Adjusted OIBDA (which excludes stock compensation) increased 57% to $ 64.4 million compared to $ 41.0 million in the quarter last year. The company's adjusted OIBDA margin increased to 24% from 19%.

Net income was $ 41.2 million, or $ 0.46 per diluted share, compared to $ 4.8 million, or $ 0.06 per diluted share in the fourth quarter of 2017. The increase was primarily driven by improved operating profit and The effect of a one-time tax of $ 11.3 million in the quarter due to re-measurement of our deferred tax assets as a result of tax matters and the 2017 Labor Act ("Tax Act"), adopted in December 2017.

Effective tax rate went down to 23% from 80% in the quarter last year, the latter reflecting the tax effect of the $ 11.3 million charge mentioned above. In addition, the decline in the effective tax rate has reflected the impact of the tax law, which reduced the federal corporate tax rate to 21% from 35%.

Cash flow from operating activities reached $ 65.2 million and Free cash flow amounted to $ 54.3 million against $ 55.6 million and $ 48.6 million, respectively, in the previous quarter.4 Growth in both measures is mainly due to improved operating profit, partly offset by the time of working capital.

Full Year 2018 Consolidated Results

For twelve months ending December 31, 2018, revenue increased 16% to $ 930.2 million from $ 801.0 million, primarily driven by growth in the media segment. Operating revenues increased by 51% to $ 114.5 million from $ 75.6 million, mainly driven by revenue growth (less related operating expenses), partly offset by higher staff-related costs, including management compensation compensation and equity compensation due to improved operating profit and the increase in the company's share price. Adjusted OIBDA increased by 31% to $ 178.9 million from $ 136.1 million. Net income increased to $ 99.6 million ($ 1.12 per diluted share) from $ 32.6 million ($ 0.42 per diluted share) in the previous year.

Cash flow from operating activities reached $ 186.7 million and Free Cash Flow amounted to $ 154.4 million compared to $ 96.6 million and $ 71.9 million in the previous year.4 Growth in both measures is primarily due to improved operating profit.

Cash, cash equivalents and short-term investments were approx. $ 360 million as of December 31, 2018, and the company estimates debt capacity under its revolutionary line of approx. $ 100 million.

You can read the full press release on the WWE Corporate website by clicking here.


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