STAMFORD, Conn.–(BUSINESS WIRE)–Oct 25, 2018–WWE (NYSE:WWE) today appear banking after-effects for its third analysis concluded September 30, 2018.
“During the quarter, we remained actively focused on deepening assurance with our all-around fan abject by carrying acute aboriginal agreeable above media platforms,” said Vince McMahon, WWE Chairman and Chief Executive Officer. “We accept that deepening assurance will accredit us to booty advantage of favorable all-around industry trends and drive abiding growth.”
George Barrios, Co-President, added “We abide to finer assassinate our action and accomplished Adjusted OIBDA that surpassed our accessible guidance. Our achievement maintains our aisle to accomplish almanac revenue, almanac Adjusted OIBDA and almanac subscribers for the abounding year 2018.”
Third-Quarter Consolidated Results
Revenues of $188.4 actor added hardly from the third analysis 2017, as the added monetization of agreeable as reflected in the Media articulation was about account by lower admission sales at the Company’s alive contest and a $2.6 actor abortive appulse on licensing acquirement due to the acceptance of the new FASB accepted for acquirement acceptance (ASC Topic 606).
Operating Assets decreased to $18.1 actor from $33.9 actor in the above-mentioned year quarter, absorption the slight admission in revenue, which was added than account by added operating expenses, including increases in anchored costs, the timing of assorted business initiatives, and college administration allurement advantage based on advancing able full-year after-effects as able-bodied as the acceleration in the Company’s banal price. The Company’s Operating assets allowance was 10% as compared to 18% in the above-mentioned year quarter.
Adjusted OIBDA (which excludes banal compensation) was $35.8 actor as compared to $45.6 actor in the above-mentioned year quarter. The Company’s Adjusted OIBDA allowance decreased to 19% from 24%.
Net Assets was $33.6 million, or $0.37 per adulterated share, as compared to $21.8 million, or $0.28 per adulterated share, in the above-mentioned year quarter.
Effective Tax Bulk was (87%) as compared to 30% in the above-mentioned year analysis apprenticed by the acceptance of $20.7 actor of balance tax allowances accompanying to the Company’s share-based advantage awards at vesting, as compared to $1.6 actor in the above-mentioned year quarter. Excluding this detached tax item, our able tax bulk was 28% in the accepted year analysis as compared to 35% in the above-mentioned year quarter. The tax account recorded during the accepted year is apprenticed by the admission in the Company’s banal bulk amid the aboriginal admission date of the awards and their consecutive vesting date in the third analysis of 2018. Further impacting the abatement in the able tax bulk was the abridgement of the federal accumulated assets tax bulk as a aftereffect of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), which was allowable on December 22, 2017.
Cash flows generated by operating activities accomplished $44.7 actor and Chargeless Banknote Breeze totaled $35.5 actor as compared to $27.2 actor and $22.0 million, respectively, in the above-mentioned year quarter. 5 The advance in both measures was primarily due to the favorable timing of alive capital.
Year-to-date 2018 Consolidated Results
For the nine months concluded September 30, 2018, revenues added 12% to $657.7 actor from $589.4 million. Operating assets added 26% to $61.1 actor from $48.6 million, and Adjusted OIBDA added 20% to $114.5 actor from $95.1 million. Net assets added 110% to $58.4 actor ($0.66 per adulterated share) from $27.8 actor ($0.36 per adulterated share) in the above-mentioned year period.
Cash flows generated by operating activities accomplished $121.5 actor and Chargeless Banknote Breeze totaled $100.1 actor as compared to $41.0 actor and $23.3 million, respectively, in the above-mentioned year period. 5 The advance in both measures was primarily due to bigger operating achievement and favorable timing of alive capital.
Cash, banknote equivalents and concise investments were about $316 actor as of September 30, 2018, and the Aggregation estimates debt accommodation beneath its revolving band of acclaim of about $100 million.
The agenda beneath reflects WWE’s achievement by operating articulation (in millions): 1
Basis of Presentation
For the nine months concluded September 30, 2017, Operating assets included $5.6 actor in costs primarily accompanying to assertive acknowledged diplomacy and added acknowledged obligations, and $3.2 actor in blur crime charges. As these items appulse the allegory of after-effects on a year-over-year basis, they accept been afar from the Company’s 2017 Adjusted OIBDA. A adaptation of 2018 Adjusted OIBDA to Operating assets (GAAP) for the three and nine-month periods concluded September 30, 2018 can be begin in the added schedules on pages 14-15 of this release.
For the third analysis of 2018, Net assets included a $2.2 actor advancement acclimation of an disinterestedness advance which was recorded beneath Operating assets as a accretion on investment. For the nine-month aeon concluded September 30, 2018, Net assets included a $0.8 actor net crime on advance which was recorded beneath Operating assets as a accident on investment. A adaptation of Net Assets to Adjusted Net Assets for the three and nine-month periods concluded September 30, 2018 and 2017 can be begin in the added agenda on folio 13 of this release.
Third-Quarter After-effects by Operating Segment
Revenues added 9% to $142.1 million, primarily due to the acknowledged accretion of bulk agreeable rights fees, namely authorization fees associated with the Company’s flagship programs Raw and SmackDown, as able-bodied as the assembly and monetization of programming reflected in “Other,” including the barrage of Miz & Mrs, an aboriginal alternation which debuted on USA Network, and the analysis eight premiere of Absolute Divas. Additionally, the advance in Media acquirement reflected added sales of announcement and sponsorships above platforms, and the connected advance of WWE Arrangement that yielded a 9% admission in boilerplate paid subscribers to added than 1.66 million.
Operating assets beneath to $39.3 actor from $42.9 actor in the above-mentioned year analysis as the advance in acquirement was added than account by added assembly costs associated with changes in artefact mix and, added significantly, by increases in accrued administration allurement compensation, based on advancing able full-year after-effects and the acceleration in the Company’s banal price.
Adjusted OIBDA added to $50.4 actor from $49.5 actor in the above-mentioned year quarter.
Key Highlights:During the quarter, WWE connected to aftermath acute content, monetize new opportunities above platforms, and optimize its approaching distribution. Monday Night Raw and SmackDown Alive remained the highest-rated programs on USA Network, which advertisement the 1,000th adventure of SmackDown Alive on October 16, 2018. Extending its ability on television, WWE completed its third arresting analysis of Absolute Bellas, auspiciously launched a accepted new series, Miz & Mrs., and afresh premiered the eighth analysis of Absolute Divas. On the Company’s alive service, WWE Network, alive in-ring agreeable and aboriginal alternation connected to drive eyewitness engagement. Amid the network’s best beheld programs were its aristocrat pay-per-view event, SummerSlam, and the women’s tournament, Mae Young Classic 2018, which culminates in the first-ever all women’s pay-per-view event, WWE Evolution (October 28, 2018). In October, the Aggregation connected to aggrandize its alms of alive in-ring agreeable with the barrage of a new account series, NXT UK, and the staging of WWESuper Show-Down, which was amid the best beheld programs to-date in 2018. For its amusing and agenda platforms, the Aggregation produced added than 170 hours of content, which were accent by the added analysis alpha of Mixed Match Challenge on Facebook Watch.
Revenues beneath to $26.7 actor absorption lower boilerplate appearance at the Company’s contest accepted and a abridgement in the boilerplate admission bulk at contest captivated in all-embracing markets. The year-over-year changes in admission prices and boilerplate appearance were due, in part, to changes in the mix of venues and territories.
There were 90 absolute contest (excluding NXT) in the accepted quarter, consisting of 86 contest in North America and four contest in all-embracing markets, as compared to 96 contest in the above-mentioned year quarter, including 89 contest in North America and seven in all-embracing markets.North American admission sales beneath $2.9 actor primarily due to an 8% abatement in boilerplate appearance to 4,500 and three beneath contest staged during the quarter. The boilerplate admission bulk of $53.68 was about banausic from the above-mentioned year quarter.International alive accident acquirement beneath $2.8 actor apprenticed by an 18% abatement in boilerplate appearance to 5,600 and a 13% abridgement in the boilerplate admission bulk at these contest to $93.18.
Operating assets reflected a accident of $1.1 actor as compared to assets of $3.1 actor in the above-mentioned year quarter, primarily due to the abridgement in admission sales and an admission in accrued banal advantage bulk (as declared above).
Adjusted OIBDA was $0.2 actor as compared to $3.6 actor in the above-mentioned year quarter.
Key Highlights: WWE connected to date all-embracing contest for agreeable its admirers with live, action-packed entertainment. During the quarter, SummerSlam admiring added than 40,000 admirers to the accompanying weekend contest at the Barclays Center in Brooklyn, New York. In October, WWESuper Show-Down admiring added than 70,000 attendees and became the accomplished abounding accident alfresco the U.S. in the accomplished 25 years. Continuing to strengthen and alter its all-around aptitude base, which makes such contest possible, the Aggregation appear it will authority its first-ever aptitude tryouts in Germany and Chile to allure aptitude from above Europe and Latin America, respectively.
Revenues beneath 18% to $19.6 actor primarily due to the acceptance of a new FASB accepted for acquirement acceptance (ASC Topic 606) that abnormally impacted licensing acquirement by $2.6 actor and, to a bottom extent, lower sales of commodity at WWE venues and e-commerce site, WWE Shop.
Operating assets was $2.8 actor as compared to $7.3 actor in the above-mentioned year analysis absorption the change in acquirement and an admission in accrued banal advantage bulk (as declared above).
Adjusted OIBDA was $4.0 actor as compared to $7.8 actor in the above-mentioned year analysis based on the change in revenue.
Key Highlights: During the quarter, the Aggregation connected to advance new articles to serve the interests of its fans. The Aggregation alien WWE Custom Tees, a new basic of its e-commerce website, WWE Shop, which enables admirers to baddest accoutrement that reflects their preferences for blush and style. Additionally, the Aggregation connected to admission the assimilation of its adaptable games. As of quarter-end, the Aggregation had added than 95 actor installs above its d portfolio, led by WWE Champions and WWE Supercard and including WWE’s newest game, WWE Mayhem, which afresh surpassed 15 actor installs. WWE Champions generated allusive advance afterward the contempo accession of the Women’s analysis to the game.
Fourth Analysis and Abounding Year 2018 Business Outlook
In the aboriginal nine months of 2018, the Aggregation accomplished a 12% admission in acquirement to $657.7 actor and a 20% admission in Adjusted OIBDA to $114.5 million. As ahead communicated, the Aggregation anticipates allusive acquirement advance in the fourth analysis based on the accretion of agreeable rights fees and the favorable timing of licensing acquirement associated with the accomplishing of a new FASB accepted (ASC Topic 606). The Aggregation estimates fourth analysis 2018 Adjusted OIBDA of about $45 actor to $55 million. 3 The Aggregation additionally projects boilerplate paid subscribers to WWE Arrangement of about 1.56 actor for the fourth analysis 2018, which contributes to advance of about 8% for the abounding year. 3,9
The ambit of projected fourth analysis after-effects would aftereffect in abounding year 2018 Adjusted OIBDA of $160 actor to $170 million, which would be an best almanac constant with the Company’s antecedent guidance. 3
Fourth analysis and abounding year 2018 advice are predicated on the staging of an accident in Riyadh, Saudi Arabia on November 2, 2018. 4
WWE is clumsy to accommodate a adaptation of abounding year or fourth analysis advice to GAAP measures as, at this time, WWE cannot accurately actuate all of the adjustments that would be required.
Financial Outlook 2019
The Aggregation is developing its operating and banking diplomacy for 2019 and consecutive years. Given the abundant acquirement advance provided by its new U.S. administration agreements, the Aggregation is currently targeting Adjusted OIBDA of at atomic $200 actor for 2019, during which the new agreements’ ante are able for alone three months. 3
Management recognizes the transformative attributes of these agreements and expects to accommodate added abiding angle on the Company’s cardinal and banking diplomacy afterwards its agreeable administration strategies in all-embracing markets, including the U.K. and India, accept been finalized. Administration currently expects to agree its agreeable administration diplomacy in the U.K. by anniversary 2018; and in India during the aboriginal bisected of 2019. The Company’s agreeable administration action could be bent either afore or afterwards these dates; therefore, accepted expectations should not be advised a agreement of back approaching announcements will be made. The Aggregation does not acknowledge the banking agreement of alone agreements but expects such approaching announcements will accommodate angle on the accumulated banking appulse of its all-embracing plans.
(1) The analogue of Adjusted OIBDA can be begin in the Non-GAAP Measures area of the absolution on folio 8. A adaptation of three and nine months concluded September 30, 2018 and 2017 Operating Assets to Adjusted OIBDA can be begin in the Added Advice in this absolution on pages 14-15 (2) Consumption includes videos beheld on third affair (Facebook, YouTube, Twitter, Instagram, Snapchat, etc.) and WWE platforms (WWE.com and WWE App) (3) The Company’s business archetypal and accepted after-effects will abide to be accountable to cogent beheading and added risks, including those risks categorical in the Company’s Form 10-K filing with the SEC (4) The Aggregation is continuing to adviser advancing developments in the region, and there can be no assurances in this regard. If the accident were to be cancelled, there could be a actual adverse appulse on 2018 Adjusted OIBDA guidance. While not anticipated, it is accessible that a abandoning could additionally appulse accepted after-effects above 2018 (5) A adaptation of three and nine months concluded September 30, 2018 and 2017 Chargeless Banknote Breeze to Net banknote provided by operating activities can be begin in the Added Advice in this absolution on folio 16 (6) Bulk agreeable rights fees abide primarily of licensing revenues becoming from the administration of our flagship programs, Raw and SmackDown, through all-around broadcast, pay television and agenda platforms (7) Added forms of media monetization reflect revenues becoming from the administration of added content, including, but not bound to, scripted, absoluteness and added in-ring programming, as able-bodied as affected and direct-to-home video releases (8) Added Alive Contest includes acquirement from the auction of biking bales associated with the Company’s alive events, and commissions becoming through accessory ticketing (9) Boilerplate paid subscribers are affected based on the accession circadian beggarly over the accordant period, and may alter essentially from paid subscribers at the end of any aeon due to the timing of paid subscriber additions and losses
The Aggregation defines Adjusted OIBDA as operating assets excluding abrasion and amortization, stock-based advantage expense, assertive crime accuse and added non-recurring actual items that contrarily would appulse the allegory of after-effects amid periods. Adjusted OIBDA includes acquittal costs anon accompanying to the Company’s acquirement breeding activities, including the acquittal of affection film, television assembly and WWE Arrangement programming assets. The Aggregation believes the presentation of Adjusted OIBDA is accordant and advantageous for investors because it allows them to appearance the Company’s articulation achievement in the aforementioned address as the primary adjustment acclimated by administration to appraise articulation achievement and to accomplish decisions apropos the allocation of resources. Additionally, the Aggregation believes that Adjusted OIBDA provides a allusive representation of operating banknote flows generated by our business segments, and is a primary admeasurement acclimated by media investors, analysts and aeon for allusive purposes.
Adjusted OIBDA is a non-GAAP banking admeasurement and may be altered than similarly-titled non-GAAP banking measures acclimated by added companies. WWE angle operating assets as the best anon commensurable GAAP measure. Adjusted OIBDA (and added non-GAAP measures such as Adjusted Operating Income, Adjusted Net Assets and Adjusted EPS presented to exclude assertive actual items that appulse the allegory amid periods) should not be advised in a from, or as a acting for, operating assets or added GAAP measures, such as net assets or operating banknote flow, as an indicator of operating achievement or liquidity.
The Aggregation defines Chargeless Banknote Breeze as net banknote provided by operating activities beneath banknote acclimated for basic expenditures. WWE angle net banknote provided by operating activities as the best anon commensurable GAAP measure. Although it is not a accustomed admeasurement of clamminess beneath U.S. GAAP, Chargeless Banknote Breeze provides advantageous advice apropos the bulk of banknote WWE’s continuing business generates afterwards basic expenditures and is accessible for reinvesting in the business, debt service, and acquittal of dividends.
Additional business metrics are fabricated accessible to investors on the accumulated website – corporate.wwe.com/investors. Note: As ahead appear WWE will host a appointment alarm at 11:00 a.m. ET on October 25 th to altercate the Company’s balance after-effects for the third analysis of 2018. All absorbed parties are acceptable to accept to a alive web casting that will be hosted through the Company’s web armpit at corporate.wwe.com/investors. Participants can admission the appointment alarm by dialing 1-855-200-4993 (toll free) or 1-323-794-2092 from alfresco the U.S. (conference ID for both lines: 1543754). Amuse assets a band 5-10 account above-mentioned to the alpha time of the appointment call.
The balance presentation referenced during the alarm will be fabricated accessible on October 25, 2018 at corporate.wwe.com/investors. A epitomize of the alarm will be accessible about two hours afterwards the appointment alarm concludes, and can be accessed on the Company’s web site.
WWE, a about traded aggregation (NYSE: WWE), is an chip media alignment and accustomed baton in all-around entertainment. The Aggregation consists of a portfolio of businesses that actualize and bear aboriginal agreeable 52 weeks a year to a all-around audience. WWE is committed to ancestors affable ball on its television programming, pay-per-view, agenda media and publishing platforms. WWE’s TV-PG, family-friendly programming can be apparent in added than 800 actor homes accepted in 24 languages. WWE Network, the first-ever 24/7 over-the-top exceptional arrangement that includes all alive pay-per-views, appointed programming and a massive video-on-demand library, is currently accessible in added than 180 countries. The Aggregation is headquartered in Stamford, Conn., with offices in New York, Los Angeles, London, Mexico City, Mumbai, Shanghai, Singapore, Dubai, Munich and Tokyo.
Additional advice on WWE (NYSE: WWE) can be begin at wwe.com and corporate.wwe.com. For advice on our all-around activities, go to http://www.wwe.com/worldwide/.
Trademarks: All WWE programming, aptitude names, images, likenesses, slogans, angry moves, trademarks, logos and copyrights are the absolute acreage of WWE and its subsidiaries. All added trademarks, logos and copyrights are the acreage of their corresponding owners.
Forward-Looking Statements: This columnist absolution contains advanced statements pursuant to the safe anchorage accoutrement of the Securities Litigation Reform Act of 1995, which are accountable to assorted risks and uncertainties. These risks and uncertainties include, after limitation, risks apropos to: entering, advancement and renewing above administration agreements; WWE Arrangement (including the accident that we are clumsy to attract, absorb and renew subscribers); our charge to abide to advance artistic and absorbing programs and events; the achievability of a abatement in the acceptance of our cast of sports entertainment; the connected accent of key performers and the casework of Vincent K. McMahon; accessible adverse changes in the authoritative atmosphere and accompanying clandestine area initiatives; the awful competitive, rapidly alteration and added burst attributes of the markets in which we accomplish and greater banking assets or exchange attendance of abounding of our competitors; uncertainties associated with all-embracing markets; our adversity or disability to advance and conduct our alive contest and/or added businesses if we do not accede with applicative regulations; our assurance on our bookish acreage rights, our charge to assure those rights, and the risks of our contravention of others’ bookish acreage rights; the complication of our rights agreements above administration mechanisms and bounded areas; abeyant abundant accountability in the accident of accidents or injuries occurring during our physically ambitious contest including, after limitation, claims apropos to CTE; ample accessible contest as able-bodied as biking to and from such events; our affection blur business; our amplification into new or commutual businesses and/or cardinal investments; our computer systems and online operations; aloofness norms and regulations; a accessible abatement in accepted bread-and-er altitude and disruption in banking markets; our accounts receivable; our indebtedness; litigation; our abeyant abortion to accommodated bazaar expectations for our banking performance, which could abnormally affect our stock; Vincent K. McMahon contest ascendancy over our affairs, and his interests may battle with the holders of our Class A accepted stock; a abundant cardinal of shares are acceptable for auction by the McMahons and the sale, or the acumen of accessible sales, of those shares could lower our banal price; and the almost baby accessible “float” of our Class A accepted stock. In addition, our allotment is abased on a cardinal of factors, including, amid added things, our clamminess and actual and projected banknote flow, cardinal plan (including another uses of capital), our banking after-effects and condition, acknowledged and acknowledged restrictions on the acquittal of assets (including beneath our revolving acclaim facility), accepted bread-and-er and aggressive altitude and such added factors as our Board of Directors may accede relevant. Advanced statements fabricated by the Aggregation allege alone as of the date fabricated and are accountable to change after any obligation on the allotment of the Aggregation to amend or alter them. Undue assurance should not be placed on these statements. For added advice about risks and uncertainties associated with the Company’s business, amuse accredit to the “Management’s Discussion and Analysis of Banking Action and After-effects of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not bound to, our anniversary address on Form 10-K and annual letters on Form 10-Q.
World Angry Entertainment, Inc.Consolidated Assets Statements(In millions, except per allotment data)(Unaudited)
World Angry Entertainment, Inc.Consolidated Balance Sheets(In millions)(Unaudited)
World Angry Entertainment, Inc.Consolidated Statements of Banknote Flows(In millions)(Unaudited)
World Angry Entertainment, Inc.Supplemental Advice – Adaptation of Adjusted Net Income(In millions, except per allotment data)(Unaudited)
World Angry Entertainment, Inc.Supplemental Advice – Adaptation of Adjusted OIBDA(In millions, except per allotment data)(Unaudited)
World Angry Entertainment, Inc.Supplemental Advice – Adaptation of Business Outlook(In millions, except per allotment data)(Unaudited)
Reconciliation of Adjusted OIBDA to Operating Income
World Angry Entertainment, Inc.Supplemental Advice – Chargeless Banknote Flow(In millions)(Unaudited)
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PUB: 10/25/2018 08:30 AM/DISC: 10/25/2018 08:30 AM
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