WWE Reports Financial Results For Third Quarter 2021

7 months ago by Taylor Sanchez

WWE Reports Financial Results For Third Quarter 2021

On November 4, 2021, WWE announced the company’s financial results for its third quarter, which concluded September 30, 2021.

It was revealed that the company revenue was $255.8 million for the third quarter. “Higher ticket sales and, to a lesser extent, venue merchandise sales, resulting from the Company’s return to ticketed live events” were the reasons cited for the increase of 15% or $34.2 million, compared to last year’s Q3 earnings.

Commenting on the financial results, WWE Chairman & CEO Vince McMahon stated:

“During the third quarter, we returned to live event touring with record average attendance, driving our better-than-expected performance. Even with only one large-scale international event due to COVID-related circumstances, we will exceed our previous financial guidance given the overall strength in each of our business lines. We think our performance highlights the strength of our brand globally and supports our belief that we are well-positioned to maximize the value of our content and drive long-term shareholder value.”

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

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

  • Revenue was $255.8 million, an increase of 15% or $34.2 million, primarily driven by higher ticket sales and, to a lesser extent, venue merchandise sales, resulting from the Company’s return to ticketed live events, including SummerSlam
  • Operating income was $64.0 million, an increase of 1% or $0.6 million, benefitting from the growth in revenue and the absence of COVID-associated severance expense as compared to the prior year. This benefit was largely offset by higher television and event-related production expense
  • Adjusted OIBDA1 was $77.9 million, a decrease of 8% or $6.4 million. Adjusted OIBDA in the prior year quarter excludes COVID-associated severance expense
  • WWE returned to live event touring beginning July 16, 2021, with strong demand for tickets that outpaced expectations. WWE live events in North America attracted the highest quarterly average attendance in more than a decade
  • SummerSlam was held at Allegiant Stadium in Las Vegas in front of a record-breaking, sold-out crowd of more than 51,000 fans. As the most watched SummerSlam in the Company’s history, the event also set a record for sponsorship and grew merchandise sales by 155% compared with 2019’s SummerSlam
  • Digital video views were a record 12.8 billion, an increase of 39%, and hours consumed were a record 411 million, an increase of 20%, across digital and social platforms2
  • Return of capital to shareholders totaled $31.0 million, including $21.9 million in share repurchases and $9.1 million in dividends paid

In January, the Company issued Adjusted OIBDA guidance of $270 million to $305 million for the full year 2021. Based on outperformance to-date and revised expectations for the full year, the Company is raising its guidance. Adjusted OIBDA is now expected to be within a range of $305 million to $315 million with the staging of only one large-scale international event. The revised full year guidance implies fourth quarter Adjusted OIBDA of $75 million to $85 million as compared to $51.2 million in the fourth quarter 2020. The year-over-year increase in fourth quarter 2021 is driven by the staging of one large-scale international event, which the Company was unable to stage in fourth quarter 2020

STAMFORD, Conn.,November 4, 2021 – WWE (NYSE: WWE) today announced financial results for its third quarter ended September 30, 2021.

“During the third quarter, we returned to live event touring with record average attendance, driving our better-than-expected performance,” said Vince McMahon, WWE Chairman & CEO. “Even with only one large-scale international event due to COVID-related circumstances, we will exceed our previous financial guidance given the overall strength in each of our business lines. We think our performance highlights the strength of our brand globally and supports our belief that we are well-positioned to maximize the value of our content and drive long-term shareholder value.”

Kristina Salen, WWE Chief Financial Officer, added “In the quarter, our better-than-expected revenue of $255.8 million and Adjusted OIBDA of $77.9 million reflected robust demand for our live events as we returned to touring and attracted average attendance above 2019 levels. Even with only one large-scale international event this year, we are raising our full-year 2021 Adjusted OIBDA guidance to a range of $305 million to $315 million.”

The previous financial results report revealed the company revenue to be $265.6 million for the second quarter. You can read the Q2, 2021 results here.

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