WWE Reports Financial Results For Second Quarter 2021

On July 29, 2021, WWE announced the company’s financial results for its second quarter, which concluded June 30, 2021.

It was revealed that the company revenue was $265.6 million for the second quarter. An “increase in Media segment revenue” was cited as the reason for the increase of 19%, or $42.2 million.

Commenting on the financial results, Vince McMahon stated:

“During the second quarter, we generated solid financial results as we continued to focus on building fan engagement. With the announced return to live event touring and robust ticket demand, we believe we can further consumption across platforms, maximize new business opportunities and drive long-term growth.”

Here are the second quarter 2021 highlights from the press release:

* (All comparisons are versus the prior year period unless stated otherwise)

Revenue was $265.6 million, an increase of 19% or $42.2 million, primarily due to an increase in Media segment revenue driven by the increased monetization of content and, to a lesser extent, an increase in Live Event segment revenue reflecting ticket sales from WrestleMania, the Company’s first ticketed live event since the first quarter 2020

Operating income was $46.3 million, a decrease of 17% or $9.4 million, primarily driven by higher television and event-related production expense related to WWE ThunderDome and WrestleMania 37 and, to a lesser extent, increased personnel expense, including $8.1 million in severance expense as well as higher compensation expense as employees returned from furlough

Adjusted OIBDA¹ was $68.1 million, a decrease of 7% or $5.4 million

WWE announced its return to live event touring beginning July 16, 2021, with tickets for events on sale through the end of September 2021. The five events that aired through July 26 have been at or close to full capacity with current demand for future events at least on par with 2019

Digital video views were a record 11.2 billion, an increase of 13%, and hours consumed were a record 394 million, an increase of 5%, across digital and social platforms²

Return of capital to shareholders totaled $27.9 million, including $18.8 million in share repurchases and $9.1 million in dividends paid

STAMFORD, Conn.–(BUSINESS WIRE)– WWE (NYSE: WWE) today announced financial results for its second quarter ended June 30, 2021.

“During the second quarter, we generated solid financial results as we continued to focus on building fan engagement,” said Vince McMahon, WWE Chairman & CEO. “With the announced return to live event touring and robust ticket demand, we believe we can further consumption across platforms, maximize new business opportunities and drive long-term growth.”

Kristina Salen, WWE Chief Financial Officer, added “In the quarter, Adjusted OIBDA results reflected an increase in television production expenses to enhance the viewing experience of WWE’s fans. Although Adjusted OIBDA declined, key performance metrics demonstrated positive trends and we continue to realize better than expected television production efficiencies, stronger sponsorship sales and heightened demand for our live events.”