WWE reported their third-quarter financial results for 2020, noting that revenue was ১ 221.6 million, an increase of 19% or. 33.3 million.
“Our third-quarter financial performance was strong and reflected our ongoing creativity in a challenging environment,” WWE Chairman and CEO Vince McMahon said in a statement. “We continue to adapt to our business, as demonstrated by the creation of the WWE Thunderdom, with a focus on increasing audience engagement and engagement to support the value of our content worldwide.”
Christina Salin, WWE’s Chief Financial Officer, added, “This quarter we’ve raised ১ 221 million for programming and flag 4.3 million for adjusted OIBDA, based on quarterly ৮৮ 87 million in investments based on increased rights fees for the company’s flagship programming.” With the end of the quarter, we believe that WWE has sufficient capital to meet the challenges and deliver key strategic initiatives. “
Stay tuned for more information on the Q32020 earnings report and join ET at 5pm from our WWW headquarters call for live coverage of investors.
Maintains solid performance in challenging environments
Third Quarter 2020 Highlights *
* (All comparisons vs. previous year vs. otherwise stated)
• Revenue was 22 221.6 million, an increase of 19% or .3 35.3 million
পরিমাণ Operating income was 63.4 million, an increase of about 9x or .0 57.0 million.
• Integrated OIBDA 1 was 84.3 million, more than 2x or 58 58.9 million increase
WWW Thunder debuted at the MOY Center in Orlando, Florida. It provides an interactive virtual experience for WWE fans and recreates the interior environment (WWE has not performed an event with ticketed fans since March 2020).
গ The average number of subscribers to the WWE network was 1.6 million, an increase of %%
ভিডিও Digital video views were 9.2 billion, an increase of 3%, and hourly spending was 342 million, an increase of 3%, across digital and social media platforms.
Com eCommerce’s revenue was ১ 9.1 million, an increase of 60%, with sales losses at the venue declining due to less than 4 events in the quarter.
The company is adapting its business to the changing environment with Thunderdom and its staff in the fourth quarter (4Q20 vs. 3Q20) মূলত 27 – incremental $ 22 – content with an investment of 27 million to increase the quality of content production and more fan engagement. Staff costs are rising as they return from
• Withdraws full year 2020 guidance prior to management. WWW is not returning guidance at this time due to the persistent uncertainty surrounding the potential impact of COVID-19 on business 4
Management continues to believe that WWE has significant long-term opportunities and is well-positioned to deliver its strategic initiatives (see COVID-19 Action and Business Perspectives on page 4).
Stamford, Can., October 29, 2020 – WWE (NYSE: WWE) today announced its financial results for the third quarter ending September 30, 2020.
“Our third-quarter financial performance was strong and reflected our ongoing creativity in a challenging environment,” said VW McMahon, chairman and chief executive of WWE. “We continue to adapt to our business, as demonstrated by the creation of the WWE Thunderdom, with a focus on increasing audience engagement and engagement to support the value of our content worldwide.”
Christina Salen, WWW’s Chief Financial Officer, added: “We’ve raised ব্যবস্থা 221. million in revenue this quarter and flag 4.3 million in adjusted OIBDA. Quarterly and ৮৮ 6 million in cash and quarterly িতে 6 million in cash based on the company’s increased rights to flagship programming. Quarterly – to the end, we believe that WWE has sufficient capital to meet the challenges ahead and deliver key strategic initiatives. “
Third-margin consolidated results *
* (All comparisons vs. previous year vs. otherwise stated)
Revenue It was বৃদ্ধি 221.6 million, an increase of 19% or .3 35.3 million, primarily driven by an increase in key content rights fees in the media segment. This revenue growth was partly offset by a decline in ticket and product sales due to continued cancellations, suspensions and relocations of live events due to public health concerns with the COVID-19 outbreak starting in mid-March 2020.
Operating income Increased revenue-related production costs and short-term costs due to COVD resulted in an increase of revenue 3.4 million in revenue, an increase of about 9x or .0 57.0 million, and an increase in operating income, partly by 5.5 million in isolated expenses There was an offset, which resulted in a reduction in the ball due to Covid-19. The company’s operating income margin increased by 28.6%.
Integrated OIBDA (Excluding stock compensation) was 84.3 million, an increase of more than 2x or .9 58.9 million. Integrated OIBDA excludes isolated costs of 5.5 million (described above). The company’s adjusted OIBDA margin increased to 38.0%.
Income tax provisions Was .0 13.0 million, an increase of .1 20.1 million. This increase was driven by .2 8.2 million reduction in tax benefits associated with the collection of share-based compensation and strong operating performance. The effective tax rate for the quarter was 21%.
Net income The third quarter reflected strong operating performance in the third quarter of 2017, reflecting the strong operating performance of the partial offset due to the effect of the reduction in tax benefits as described above. By.2.52 million is largely related to the value of the company’s DraftKings investment which is partially offset by the tax deductible expenses above 4.3 million (described above). Excluding these items, the Adjusted Net Income 5 was 47 47.3 million or পাত 0.56 per thin share.
Cash flow is generated by operating activities There was ১১ 611.6 million, which increased from উন্নত 3.2 million driven by improved working capital, reflecting the time of collections related to our larger international events, and stronger operating performance.
Free money flow Due to a change in operating cash flow and a slight reduction in capital expenditure, the amount of cash used increased from $ 1.4 million to ৮ 110.7 million.
Cash, cash equivalent and short-term investment As of September 30, 2020, the company had 36 million, of which নিয়ে 200 million was taken by the company under revision in the second quarter of 2020.
Click here to view the full press release on the WWE Corporate website.