World Wrestling Entertainment Inc. (NYSE:WWE) Q4 2018 Earnings Conference Call Transcript

Feb 07, 2019 • 11:00 am ET

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World Wrestling Entertainment Inc. (NYSE:WWE) Q4 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Hello and welcome to the webcast entitled WWE Fourth Quarter Earnings. We have just a few announcements before we begin. First, please use the question mark icon in the upper right hand corner of your web console for technical assistance. The option to enlarge slides is located in the right on your slides with the arrows pointing in different direction. You may ask your question at any time by typing your question into the question box located on the web interface and clicking send. (Operator Instructions)

I will now turn the call over to Michael Weitz, SVP Financial Planning and Investor Relations. Please go ahead, sir.

Executive
Michael Weitz

Thank you, Amanda, and good morning everyone. Welcome to WWE's fourth quarter 2018 earnings call. Leading today's discussion are Vince McMahon, our Chairman and CEO; as well as George Barrios and Michelle Wilson, our Co-Presidents. Their remarks will be followed by a Q&A session. We issued two releases earlier this morning, one pertaining to our 2018 earnings and the second announcing a share repurchase program. These releases, our earnings presentation, other supporting materials have been posted on our website, corporate.wwe.com/investors.

Today's discussion will include forward-looking statements. These forward-looking statements reflect our current views are based on various assumptions and are subject to risks and uncertainties disclosed in our SEC filings. Actual results may differ materially and undue reliance should not be placed on them.

Additionally, the matters we will be discussing today may include non-GAAP financial measures. Reconciliation of non-GAAP to GAAP information is set forth in our earnings release and presentation, which are available on our website. Finally, as a reminder, today's call is being recorded and the replay will be available on our website later today.

At this time, it's my privilege to turn the call over to Vince.

Executive
Vincent K. McMahon

Good morning, everyone. For the year, we achieved record revenue and profit as well demonstrating we continue to effectively execute our strategy. In other words, we know what we're doing.

Our international revenue surpassed $300 million for the first time in the history and of course always been one of our goals to achieve more international revenue we're getting there. Just a reminder, we completed our agreements with Fox in USA to provide much more powerful platform for broadening our audience and driving growth. It's not just that, it's also the promotion behind it, which we think will be exponential with both parties, which is going to help us, not just in terms of television, that's overall exposure. As you know everything else come behind that in terms of CPG, et cetera, et cetera.

Of course, we performed large-scale record breaking events; Greatest Royal Rumble, WWE Super Show-Down, which is in Australia, and actually it was like as the largest attendees we had for an event overseas in the past 25 years. It grew our WWE network with 8%, an increase in average paid subs to 1.65 million. We are focused on other deepening engagement in terms of production of content Miz & Mrs.,