World Wrestling Entertainment Beats On Q1 Despite 11% Topline Decline Hit By Shift In Timing Of Event Staging

  • World Wrestling Entertainment Inc WWE reported a first-quarter FY23 decline of 11% year-on-year to $297.6 million, beating the consensus of $291.46 million.
  • The revenue fall was primarily due to a shift in the timing of the staging of a large-scale international event, which occurred in the first quarter of 2022 but is expected to occur in the second quarter of 2023.
  • Operating expenses for the quarter dropped 2.8% to $175.6 million.
  • Operating margin was 17.8%, and operating income for the quarter plunged 43% to $53.1 million.
  • The company held $465.3 million in cash and equivalents as of March 31, 2023. Cash provided by operating activities for the quarter totaled $12.6 million, and the free cash out flow was $(20.6) million.
  • Adjusted OIBDA decreased 25% Y/Y to $84.2 million, and the margin decreased to 28% from 34%.
  • Adjusted EPS for the quarter was $0.50, beating the consensus of $0.42.
  • Outlook: World Wrestling reaffirms its expectations for 2023, which target record revenue and an Adjusted OIBDA range of $395 million-$410 million.
  • Price Action: WWE shares are trading higher by 0.50% at $106.25 on the last check Wednesday.
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