On Thursdays, WWE typically presented its financial quarterly reports. Because of a high-profile live event this weekend in Saudi Arabia, a large portion of the organization is either traveling or concentrating on this year’s third quarter 2022 stats and associated activities are taking place right now.
— WWE (@WWE) October 30, 2022
Nick Khan and Stephanie McMahon, who together serve as WWE’s co-CEOs said, “We generated strong financial results in the quarter, highlighted by record revenue and Adjusted OIBDA for a third quarter, and remain firmly on track to deliver record revenue and Adjusted OIBDA for the full year,”
“We continue to effectively execute our strategy, including staging a record-setting international stadium event, Clash at the Castle, in early September. Clash at the Castle, as well as our other premium live events (“PLEs”) including SummerSlam and Extreme Rules all continue our streak of delivering record viewership for each respective event.”
Also, WWE President and Chief Financial Officer Frank Riddick added, “In the quarter, we exceeded our guidance. Adjusted OIBDA increased 17% reflecting 19% revenue growth over the prior year. Our financial performance was primarily driven by growth in our Media segment as well as a shift in the timing of revenue related to certain licensing agreements.”
“These items more than offset an increase in certain costs to support the creation of content. For 2022, we now anticipate Adjusted OIBDA at the upper-end of the range of $370 to $385 million.”
The investigation into the misconduct of ex-WWE Chairman and CEO Vince McMahon, who left his position earlier this year, is also included in the whole report. The final report on the company’s earnings and performance for the most recent quarter is available below:
Results for the third quarter of 2022 from WWE®
2022 third-quarter highlights:
- Revenue increased by 19% to $304.6 million, operating income fell by 8% to $58.9 million, and adjusted OIBDA1 rose by 17% to $91.2 million.
- Paid dividends to stockholders, returning $9.1 million in capital.
- The Principality Stadium in Cardiff, Wales hosted Clash at the Castle, the first significant WWE stadium event to take place in the UK in more than 30 years. The most widely watched WWE event ever was Clash at the Castle.
- Money in the Bank, SummerSlam, and Extreme Rules, three WWE domestic premium live events, were each the most watched events in its history, with domestic unique viewership on Peacock increasing by 17%, 20%, and 36%, respectively, year over year.
- The Foxtel Group, WWE’s longtime partner, and the company announced a multi-year agreement to increase the distribution of the company’s content in Australia.
- To take the NXT brand global, WWE announced the formation of NXT Europe, which is scheduled to debut in 2023.
- To further improve the Company’s talent development program, WWE announced its “Campus Rush” recruitment tour in October.
2022 Business Outlook
The company provided adjusted OIBDA guidance of $360 to $375 million for the entire year 2022 in February. The company increased its forecast in August from $370 to $385 million. The Company currently anticipates that Adjusted OIBDA for the entire year 2022 will be at the higher end of the range of $370 – $385 million, based on performance through the first nine months of the year as well as management’s current estimates for the fourth quarter.
WWE closes investigation on former CEO Vince McMahon’s misconduct
In the wake of allegations about the inquiry, McMahon stepped down as CEO in July, but he is still WWE’s majority shareholder. WWE previously disclosed that the business paid out $14.6 million to resolve sexual misconduct claims. Later, $5 million in unrelated payments were discovered. According to CNBC, that cash was given to Donald Trump’s former foundation.
— Vince McMahon (@VinceMcMahon) July 22, 2022
According to a quarterly earnings report submitted to the Securities and Exchange Commission on Wednesday, World Wrestling Entertainment has concluded its investigation into alleged misbehavior by founder and former CEO Vince McMahon.
WWE stated in the report that “the Special Committee investigation is now completed and the Special Committee has been dissolved.” According to the report, WWE spent $19.4 million on investigation-related expenses.