News
WWE News: WWE Second Quarter Earnings Report Released, Record Revenue
This morning, WWE released its second quarter earnings report for 2018 as the company has seen a new record in revenue for the period:
WWE® Reports Record Revenue and Strong Q2 2018 Results
Raises Full Year 2018 Guidance
Second Quarter 2018 Highlights
- Revenues increased 31% to $281.6 million, which was the highest quarterly revenue in WWE history
- Operating income nearly doubled to $21.2 million from $10.7 million in the prior year quarter
- Adjusted OIBDA1 increased 79% to $43.5 million
- WWE completed agreements with USA Network and Fox Sports, effective October 1, 2019, which increase the average annual value (AAV) of WWE’s U.S. distribution to 3.6 times that of the prior deal with NBCU
- WWE Network average paid subscribers2 increased 10% to 1.80 million paid subscribers, consistent with the Company’s guidance
- Digital engagement continued to grow through the first six months of 2018 with video views up 58% to 14.4 billion and hours consumed up 71% to 509 million across digital and social media platforms
July 26, 2018 08:30 AM Eastern Daylight Time
STAMFORD, Conn.–(BUSINESS WIRE)–WWE (NYSE: WWE) today announced financial results for its second quarter ended June 30, 2018.
“We’re pleased with our continued success in increasing the monetization of WWE content globally,” said Vince McMahon, WWE Chairman and Chief Executive Officer. “This success is evidenced by the completion of our new U.S. distribution agreements with USA Network and Fox Sports, the staging of another record-breaking WrestleMania, and the development of a 10-year strategic partnership with the Saudi General Sports Authority.”
George Barrios, Co-President, added, “During the second quarter, we generated a 79% increase in Adjusted OIBDA. We are raising our 2018 Adjusted OIBDA target to a range of $160 million to $170 million, which would be an all-time record.4 By executing our strategy and engaging our passionate global fan base, we can continue to deepen the moat around our business. We believe this will enable us to drive long-term growth and shareholder value.”
Second-Quarter Consolidated Results
Revenues increased 31% to $281.6 million driven by the increased monetization of content as reflected in the Media segment.
Operating Income nearly doubled to $21.2 million from $10.7 million in the prior year quarter reflecting increased profits from the Media segment, which were partially offset by an increase in management incentive compensation based on anticipated strong full-year results and the rise in the Company’s stock price. The Company’s Operating income margin was 8% as compared to 5% in the prior year quarter.
Adjusted OIBDA (which excludes stock compensation) increased 79% to $43.5 million. The Company’s Adjusted OIBDA margin increased to 15% from 11% in the prior year quarter.
Net Income increased to $10.0 million, or $0.11 per diluted share, as compared to $5.1 million, or $0.06 per diluted share, in the prior year quarter.
Effective Tax Rate declined to 31% from 35% in the prior year quarter driven by the reduced federal income tax rate in the Tax Cuts and Jobs Act of 2017 (the “Tax Act”).
During the third quarter of 2018, in connection with the vesting of annual stock-based awards, the Company expects to recognize an income tax benefit between $20 million and $25 million, as compared to $1.6 million during the prior year quarter. This benefit results from the difference between the deduction for tax purposes and the compensation cost recognized related to these awards. The increase in the tax benefit during the current year is driven by the increase in the Company’s stock price. The Company expects this benefit to have a significant impact on its effective tax rate during the three months ended September 30, 2018.
Cash flows generated by operating activities reached $74.2 million and Free Cash Flow totaled $66.4 million as compared to $10.8 million and $2.6 million, respectively, in the prior year quarter.5 The growth in both measures was primarily due to improved operating performance.
Year-to-date 2018 Consolidated Results
For the six months ended June 30, 2018, Revenues increased 16% to $469.3 million from $403.0 million. Operating income increased to $43.0 million from $14.7 million, and Adjusted OIBDA increased to $78.7 million from $49.5 million. Net income increased to $24.8 million ($0.29 per diluted share) from $6.0 million ($0.08 per diluted share) in the prior year period.
Cash flows generated by operating activities reached $76.8 million and Free Cash Flow totaled $64.6 million as compared to $13.8 million and $1.3 million, respectively, in the prior year period.5 The growth in both measures was primarily due to improved operating performance.
Cash, cash equivalents and short-term investments were $342 million as of June 30, 2018, and the Company estimates debt capacity under its revolving line of credit of approximately $100 million.
The schedule below reflects WWE’s performance by operating segment (in millions):1
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||
Net Revenues: | ||||||||||||
Media | $ | 202.6 | $ | 137.2 | $ | 336.0 | $ | 258.4 | ||||
Live Events | 52.3 | 52.8 | 83.1 | 84.9 | ||||||||
Consumer Products | 26.7 | 24.6 | 50.2 | 59.7 | ||||||||
Total Net Revenues | $ | 281.6 | $ | 214.6 | $ | 469.3 | $ | 403.0 | ||||
Operating Income: | ||||||||||||
Media | $ | 32.0 | $ | 9.6 | $ | 67.9 | $ | 24.8 | ||||
Live Events | 13.4 | 17.1 | 16.3 | 20.8 | ||||||||
Consumer Products | 4.6 | 5.5 | 10.6 | 19.9 | ||||||||
Corporate | (28.8) | (21.5) | (51.8) | (50.8) | ||||||||
Total Operating Income | $ | 21.2 | $ | 10.7 | $ | 43.0 | $ | 14.7 | ||||
Adjusted OIBDA: | ||||||||||||
Media | $ | 44.5 | $ | 17.8 | $ | 88.1 | $ | 42.9 | ||||
Live Events | 14.7 | 17.7 | 18.3 | 22.2 | ||||||||
Consumer Products | 6.9 | 6.3 | 13.8 | 21.5 | ||||||||
Corporate | (22.6) | (17.5) | (41.5) | (37.1) | ||||||||
Total Adjusted OIBDA | $ | 43.5 | $ | 24.3 | $ | 78.7 | $ | 49.5 |
About Chairshot Radio Network
Launched in 2017, the Chairshot Radio Network presents you with the best in sports, entertainment, and sports entertainment. Wrestling and wrestling crossover podcasts + the most interesting content + the most engaging hosts = the most entertaining podcasts you’ll find!
MONDAY - Bandwagon Nerds (entertainment & popular culture)
TUESDAY - Musical Chairs (music) / Hockey Talk (NHL)
WEDNESDAY - The Greg DeMarco Show (wrestling)
THURSDAY - Keeping the news ridiculous... The Oddity / Chairshot NFL (NFL)
FRIDAY - DWI Podcast (Drunk Wrestling Intellect)
SATURDAY - The Mindless Wrestling Podcast
SUNDAY - The Front and Center Sports Podcast
CHAIRSHOT RADIO NETWORK PODCAST SPECIALS
Attitude Of Aggression Podcast & The Big Five Project (chronologically exploring WWE's PPV/PLE history)
TheChairshot.com PRESENTS...IMMEDIATE POST WWE PLE REACTIONS w/ DJ(Mindless), Tunney(DWI) & Friends
Patrick O'Dowd's 5X5
Classic POD is WAR
Chairshot Radio Network Your home for the hardest hitting podcasts... Sports, Entertainment and Sports Entertainment!
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Let us know what you think on social media @ChairshotMedia and always remember to use the hashtag #UseYourHead!
News
Chairshot News Report: TNA Impact Results, AEW Speculation For Ricochet & Shane McMahon, Vince McMahon, More!
Your Wrestling News for July 5, 2024, including TNA Impact, Ricochet, Shane McMahon, his daddy Vince, and more!
Your Wrestling News for July 5, 2024, including TNA Impact, Ricochet, Shane McMahon, his daddy Vince, and more!
Welcome to your daily dose of pro wrestling news–and analysis you can trust! We take all wrestling news with a grain of salt here at The Chairshot, and we hope to steer you in the right direction.
Results: TNA Impact (July 4, 2024)
Here are your results from Thursday night’s edition of TNA Impact (originally taped on June 28 at the 2300 Arena in Philly):
- Trey Miguel vs. Leon Slater ends in a no-contest after WWE NXT star Charlie Dempsey attacks everyone.
- Dani Luna battled Jody Threat to a time limit draw in the 10-Minute Challenge. They were granted the customary “5 more minutes” but were attacked by Alisha Edwards & Masha Slamovich. During the match it was revealed that Nic Nemeth had been attacked backstage.
- Frankie Kazarian defeated Mike Santana by countout to advance to the TNA World Championship Match at Slammiversary.
- Matt Hardy & Reby Hardy beat Eddie Edwards & Alisha Edwards.
- Joe Hendry pinned Jake Something to advance to the TNA World Championship Match at Slammiversary.
No surprise that Joe Hendry advanced to the world title match, but Santana-Kazarian could have gone either way. A promo video to end the show implied that Kazarian was the one who took out Nic Nemeth backstage, seemingly creating a story for them within the Slammiversary title match. No shocker that The Hardys won the tag team match, but a great surprise with Charlie Dempsey getting involved in the opener. That TNA/NXT collaboration continues to be a lot of fun.
You can catch Andrew’s Review of the event here.
Ricochet Expected To Sign With AEW
Many outlets are reporting that Ricochet’s expected landing spot remains AEW, with additional reports surfacing that his agent has been working out the details on his behalf.
Personally, I’d rather see him back in WWE. Even after an initial push in AEW, he will be a novelty act much like PAC, so I don’t see the difference. But if he’s going to AEW, here’s hoping that agent does a great job and secures quite the bag for ol’ Ric.
Vince Russo Suggests Shane McMahon As A Front Man For Vince McMahon to Purchase AEW
”We saw this with WCW, it happened before. It (purchasing AEW) could be under the guise of Shane, that’s what I’m saying. Shane is as clean as whistle. Vince could be behind it without anybody knowing it, bro.”
Those are the words of Vince Russo, who on the surface seems to be spouting nonsense. Time will tell if there is something to it all, but I wouldn’t place any wagers on this one. Shane McMahon to AEW would be an entertaining shocker, but that–like many things in AEW–would quickly wear off.
Shawn Michaels Discusses NXT Releases, Referencing Drew Gulak
During the NXT Heatwave media call, Shawn Michaels was asked about the release of Gable Steveson, but also lumped Drew Gulak in his response about main roster viability:
“From my understanding, nothing on anyone’s part other than contracts being up. Certainly, in the place of Drew Gulak. From a company standpoint, there not being anything from a main roster standpoint that they were going to be using him in. In NXT, over the last year and a half to two years, we’ve been trying to get into the process of keeping it fluid. It’s all about getting to the main roster when everything is said and done. In two or three years, if that doesn’t happen, we bring other people in or see if we’re ready to move on.”
If anything, it’s a stark reminder that NXT still exists to, above all else, populate the main roster. It’s quite the delicate balance between booking your own television show and preparing for the future, one that HBK has arguably done better than Triple H himself.
Other Odds & Ends:
- According to reports, the mini-stroke referenced by Britt Baker (DMD) on AEW Dynamite is legitimate. If so, both she and Adam Cole have been through a ton over the past 24 months.
- Mason Madden (Mace) and Mansoor, now known as the MxM Collection, showed up in ROH when featured in a vignette on this week’s broadcast. They might not have made it in WWE, but it’s good to see them getting work, and a second chance to make this gimmick their own. YEAH!
- Cody Rhodes continues to be the ultimate good dude, this time helping a fan who won tickets to Money In The Bank actually attend the event. The fan who won the tickets is in a wheelchair, and there were no more accessible seats left. That was, of course, until Cody got involved. Now the fan can be there and enjoy the show as intended when he won the contest. Cody wins again!
About Chairshot Radio Network
Launched in 2017, the Chairshot Radio Network presents you with the best in sports, entertainment, and sports entertainment. Wrestling and wrestling crossover podcasts + the most interesting content + the most engaging hosts = the most entertaining podcasts you’ll find!
MONDAY - Bandwagon Nerds (entertainment & popular culture)
TUESDAY - Musical Chairs (music) / Hockey Talk (NHL)
WEDNESDAY - The Greg DeMarco Show (wrestling)
THURSDAY - Keeping the news ridiculous... The Oddity / Chairshot NFL (NFL)
FRIDAY - DWI Podcast (Drunk Wrestling Intellect)
SATURDAY - The Mindless Wrestling Podcast
SUNDAY - The Front and Center Sports Podcast
CHAIRSHOT RADIO NETWORK PODCAST SPECIALS
Attitude Of Aggression Podcast & The Big Five Project (chronologically exploring WWE's PPV/PLE history)
TheChairshot.com PRESENTS...IMMEDIATE POST WWE PLE REACTIONS w/ DJ(Mindless), Tunney(DWI) & Friends
Patrick O'Dowd's 5X5
Classic POD is WAR
Chairshot Radio Network Your home for the hardest hitting podcasts... Sports, Entertainment and Sports Entertainment!
Powered by RedCircle
Let us know what you think on social media @ChairshotMedia and always remember to use the hashtag #UseYourHead!
Did your picks win points?
The AEW Continental Classic is underway, with almost everyone competing. Check in here if you haven’t seen the winners and losers of week 1!
Here are your Gold League standings!
- Jon Moxley: 1-0, 3 points
- Swerve Strickland: 1-0, 3 points
- Jay White: 1-0, 3 points
- Rush: 0-1, 0 points
- Mark Briscoe: 0-1, 0 points.
- Jay Lethal: 0-1, 0 points
Here are your Blue League standings!
- Brody King: 1-0, 3 points
- Claudio Castagnoli: 1-0, 3 points
- Daniel Garcia: 0-1, 0 points
- Eddie Kingston: 0-1, 0 points
- Bryan Danielson: Yet to Compete
- Andrade El Idolo: Yet to Compete
My Thoughts:
Nothing too crazy, nothing too wild, this tournament only just got started. The only disappointing point is that they could not get Bryan “cleared to compete” Saturday night. Not sure how much of that is shoot given the bad eye, but this was kinda the problem of wanting him in the tournament over tons of other choices. Bryan wants to face Okada for WrestleKingdom 18, how is Bryan supposed to do that at his best if he’s also gonna be in a round robin, doing five top level matches in about as many weeks? And it takes away from Andrade being able to do something. Also a little surprised we didn’t even hear from Andrade on Saturday.
Now as we heard on Saturday, round two’s matches are set. Gold League will see Mark Briscoe VS Rush, White VS Swerve, and of course, Moxley VS Lethal. Nice variety there, a couple 0-1 guys facing off, as well as two 1-0 guys, and then 1-0 VS 0-1. No offense to Lethal, but he feels like an 0-2 going up against Moxley. Hard to call the other ones but that’s the fun of it. Meanwhile, Blue League sees Brody VS Claudio in a showdown to be 2-0, then Bryan and Andrade finally jump in, Bryan against Eddie and Andrade against Garcia. Sadly, feels like Eddie and Garcia are going 0-2, no way Tony Khan is booking Bryan and Andrade to lose their first shots.
In fact, that could be half the reason they did wait on those two, that’s almost too good for just a first round opener. But I still would’ve done it, same as NJPW does stuff like that for round robins, which this is all modeled after anyway.
About Chairshot Radio Network
Launched in 2017, the Chairshot Radio Network presents you with the best in sports, entertainment, and sports entertainment. Wrestling and wrestling crossover podcasts + the most interesting content + the most engaging hosts = the most entertaining podcasts you’ll find!
MONDAY - Bandwagon Nerds (entertainment & popular culture)
TUESDAY - Musical Chairs (music) / Hockey Talk (NHL)
WEDNESDAY - The Greg DeMarco Show (wrestling)
THURSDAY - Keeping the news ridiculous... The Oddity / Chairshot NFL (NFL)
FRIDAY - DWI Podcast (Drunk Wrestling Intellect)
SATURDAY - The Mindless Wrestling Podcast
SUNDAY - The Front and Center Sports Podcast
CHAIRSHOT RADIO NETWORK PODCAST SPECIALS
Attitude Of Aggression Podcast & The Big Five Project (chronologically exploring WWE's PPV/PLE history)
TheChairshot.com PRESENTS...IMMEDIATE POST WWE PLE REACTIONS w/ DJ(Mindless), Tunney(DWI) & Friends
Patrick O'Dowd's 5X5
Classic POD is WAR
Chairshot Radio Network Your home for the hardest hitting podcasts... Sports, Entertainment and Sports Entertainment!
Powered by RedCircle
Let us know what you think on social media @ChairshotMedia and always remember to use the hashtag #UseYourHead!