World Wrestling Entertainment Inc. (NYSE:WWE) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 05:00 pm ET


World Wrestling Entertainment Inc. (NYSE:WWE) Q2 2020 Earnings Conference Call - Final Transcript


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[Operator Instructions] Hello. And welcome to the webcast entitled WWE Second Quarter Earnings. [Operator Instructions] I will now turn the call over to Michael Weitz, SVP, Financial Planning and Investor Relations. Please go ahead, Michael.

Michael Weitz

Thank you. And good morning -- good afternoon, everyone. Welcome to WWE second quarter 2020 earnings conference call. Leading today's discussion are Vince McMahon, our Chairman and CEO, as well as Frank Riddick, our Interim Chief Financial Officer. Their remarks will be followed by a Q&A session. We issued our second quarter earnings release earlier this afternoon and posted the release, our earnings presentation and other supporting materials on our website.

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. And additionally, the matters we will be discussing 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 conference 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.

Vincent K. McMahon

Good afternoon, everyone. Thank you for joining us today. As you know, we generated strong financial results, so in a very challenging environment, driven by significant cost savings. And in spite of the current environment, we also created scripted, non scripted content for a multiple broadcast cable casting streaming partners. Taking advantage of the strong engagement on our digital platforms in terms of WWE Network, especially we set Wrestlemania viewership records with nearly 1 billion video views across digital and social platforms, that's up 20% from last year.

We successfully launched our free version of the WWE Network, which is designed to further engage fans with explosive content and of course convert viewers to subscribers. We preserve -- while we preserve the value of a premium content versus last year with the new free network, we achieved a 6% increase in WWE Network's paid subscribers through Q2. And of course we are constantly strengthening our leadership team and with the announcement of the hiring of Kristina Salen as our CFO. And we believe more than ever that we have the right team in place and it maybe not so much appropriate, but I'd like to thank Frank Riddick who stepped in from the Board, who is the Interim CFO, is doing extraordinary job.

Thank you, Frank. And I'll turn it over to you.

Frank A. Riddick

Thanks very much, Vince. There are several key topics which we would like to review today, including a discussion of our financial performance., liquidity in capital structure and our business outlook. We generated second quarter revenue of approximately $223 million and adjusted OIBDA of $73.5 million, which more than doubled from the prior year quarter. Significant growth in profit