Notes from WWE’s 2022 Fiscal 2nd Quarter Report

WWE held an investor’s meeting earlier today discussing the results from their fiscal 2022 second quarter report.

In regards to revenues, WWE generated $328.2 million in net revenues for the fiscal quarter, up 24% compared last year’s fiscal second quarter. Operating income for the fiscal quarter was $69.3 million, up 50% compared to last year’s fiscal second quarter.

WWE generated a net income of $49 million for the fiscal quarter, which was up compared to last year’s fiscal second quarter of $29 million.

In regards to other financial areas, WWE’s Adjusted OIBDA for the fiscal quarter was $91.5 million, up 34% compared to last year’s fiscal second quarter. WWE’s events revenue for the fiscal quarter was $41 million, up compared to last year’s fiscal second quarter of $9.2 million. WWE’s consumer revenue for the fiscal quarter was $44.1 million, up compared to last year’s fiscal second quarter of $22.5 million.

In regards to WrestleMania 38, WrestleMania Backlash 2022, and Hell in a Cell 2022, it was stated that all three events were the most viewed events in series history on NBC’s Peacock. WrestleMania 38 saw an increase of 60%, WrestleMania Backlash saw an increase of 49%, and Hell in a Cell saw an increase of 45% compared to last year’s events.

Other notable highlights from WWE’s investor’s meeting:

• WWE co-CEO Nick Khan stated that the company will be holding another event in Saudi Arabia this November.
• On the topic of early ticket sales for WrestleMania 39, WWE Head of Talent Relations Paul “Triple H” Levesque stated that the first day sales were the highest ever in WrestleMania history at around 90,000 tickets sold combined for both nights.
• On the topic of WWE’s NIL program, Levesque stated that they currently have over 30 college athletes signed to deals with the company.
• In regards to WWE’s recent set of tryouts, Levesque stated that the company has signed 50 new developmental talents from their WrestleMania and SummerSlam weekend tryouts this year.
• On the topic of ad revenues being down for the fiscal quarter, WWE co-CEO Stephanie McMahon stated that while the revenues were down compared to last year’s fiscal quarter, they did get more advertisers to sign onboard with the company.
• On the topic of her return to the company to a CEO position, McMahon stated “I have worked in WWE since I’ve been about eight years old, modeling merchandise for our then-catalog, in any variety of capacities. My parents couldn’t afford a nanny when we were bringing up the business, so on weekends, I would sit in with our receptionist at headquarters. I’ve worked my entire life for this business, I love this business. I took a leave of absence, realizing that I needed a little bit of time with my family given the grueling schedule and nature. I got about three weeks, which is more than a lot of other folks get. I was not forced into returning as CEO and Chairman in the interim position. I offered. That was an opportunity for me to come back and be part of this company that I love and have the opportunity to lead this company. This business is something I believe in to my core. I believe in the impact we make on people’s lives, not only growing the business, which I believe we have so many opportunities to do as has been laid out by all of us, but because of the impact we make. We truly bring people together for generations from all over the world with all different backgrounds. We give them relief, entertainment, an opportunity to come together that is very rare, unusual, and special. Whatever we can do to continue to deliver on that promise is what we want to do.”
• McMahon also provided an update on the remaining level of control her father Vince McMahon still has in the company. McMahon stated “That being said, Vince McMahon, is still very much the controlling shareholder. He still has his eyes for what is best for our business in terms of maximizing return to our shareholders, of which he is the biggest shareholder. Nick, Paul, Frank, and I remain focused on delivering the maximum results to our shareholders. We will properly evaluate any opportunity that comes our way with that lens in mind.“
• On the topic of the upcoming Clash at the Castle event, Khan stated that they have received a large subsidiary to hold the event in Wales and currently expect it to be very profitable for the company as a result.
• On the topic of expanding their international events, Khan stated that they are currently working on plans on holding another major event outside of the United States not counting their Saudi events.

Following WWE’s investor meeting and fiscal report release, WWE’s stocks rose from $72.17 per share to $73.46 per share during after-hours trading.

Sources: PWInsider.com 1 & 2, Fightful.com