WWE Reports Q3 2022 Revenue of $304.6M, Shows Commendable Year-Over-Year Increase

WWE News: WWE Revenue for Q3 2022: This year has been a tough time for WWE with the resignation of Vince McMahon as…

WWE News: WWE Revenue for Q3 2022: This year has been a tough time for WWE with the resignation of Vince McMahon as CEO of the company. But capable people like Stephanie McMahon, Triple H and Nick Khan stepped up during the time of concern and brought a whole new angle to the creation of the promotion. Frontline leader The Game took full control of creation and brought back many superstars who didn’t get a chance to show their full potential under the former boss. The 14-time world champion’s WWE management style has also sparked the interest of many superstars from other promotions to jump ships in WWE.

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WWE has now released its financial results for the third quarter of 2022 on its official website. The report shows revenue of $304.6 million, a 19% year-over-year increase. Here are the highlights as listed on the website:

Third Quarter 2022 Highlights from WWE:

  • Revenues were $304.6 million, an increase of 19%; Operating profit was $58.9 million, down 8%; and adjusted OIBDA was $91.2 million, an increase of 17%
  • Return of $9.1 million in capital to shareholders through dividends paid
  • Clash at the Castle, WWE’s first major stadium event in the UK in over 30 years, took place at the Principality Stadium in Cardiff, Wales. Clash at the Castle was the most-watched international event in WWE history
  • Every WWE live premium domestic event (Money in the Bank, SummerSlam and Extreme Rules) has been the most-watched event in its history with year-over-year increases of 17%, 20% and 36 %, respectively, of the number of national unique viewers on Peacock
  • WWE has announced a multi-year deal with longtime partner Foxtel Group to expand distribution of the company’s content in Australia
  • WWE has announced the creation of NXT Europe, scheduled to launch in 2023, to expand the NXT brand internationally
  • In October, WWE announced its “Campus Rush” recruiting tour to further enhance the company’s talent development program.

WWE News: A look at the third quarter 2022 consolidated results for WWE

Along with the highlights, WWE also gave us a look at the results on their official website.

Consolidated third quarter results

Revenue increased 19% to $304.6 million, primarily due to an increase in base content rights fees for the company’s flagship programs, Raw and SmackDown, and the monetization of original programming from third. To a lesser extent, higher consumer product licensing revenue and international ticket sales also contributed to the revenue increase.

Operating result decreased 8%, or $5.1 million, to $58.9 million, as higher revenue was offset by higher operating expenses. The increase in operating expenses is primarily due to higher content creation support costs as well as the impact of certain costs related to the Special Committee investigation. (See the “Special Committee Investigation” discussion for more details.) The company’s operating profit margin declined from 25% to 19%.

Adjusted OIBDA (which excludes stock-based compensation and other items included in operating income) increased 17%, or $13.3 million, to $91.2 million. The company’s adjusted OIBDA margin remained stable at 30%.

Net revenue was $41.7 million, or $0.49 per diluted share, a slight decrease from $43.5 million, or $0.52 per diluted share in the third quarter of 2021, primarily reflecting lower performance operational.

Cash flow generated by operating activities were $54.5 million, down slightly from $56.9 million, primarily due to lower net income and higher working capital requirements.

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Free movement of capital3 was $3.5 million, a decrease from $44.8 million, primarily due to an increase in capital expenditures. For the quarter ended September 30, 2022, the Company incurred $42.3 million in capital expenditures related to its new headquarters. Excluding capital expenditures related to the new headquarters, free cash flow for the three months ended September 30, 2022 was $45.8 million.

Return of capital to shareholders

The Company returned $9.1 million of capital to shareholders in the form of dividends in the third quarter. There have been no share buybacks under the Company’s existing share buyback program. As of September 30, 2022, the Company had $210.9 million available under its existing $500 million stock repurchase authorization.

WWE News: WWE Reports Q3 2022 Revenue of $304.6M, Shows Commendable Year-Over-Year Increase

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Sallie R. Loera