World Wrestling Entertainment, Inc. (NYSE: WWE) has released its financial results for the fourth quarter and fiscal year ended December 31, 2022. WWE CEO Nick Khan stated that 2022 will be another successful year for the company. They achieved record financial results, and their business continued to thrive as a result of the strength of their content and brand, which fueled audience engagement and monetization across multiple platforms.
“We plan to continue executing on our key operational initiatives in 2023, such as domestic licensing of our flagship programs, Raw and SmackDown, as well as international licensing of our content in key markets. At the same time, we’re concentrating on the strategic alternatives review that we announced earlier this year, with the goal of maximizing value for all shareholders.”
WWE President and Chief Financial Officer Frank Riddick added, “We achieved record revenue and Adjusted OIBDA for the year, which were at the upper end of our revised guidance range. Adjusted OIBDA increased 19% in 2022, reflecting 18% revenue growth. The return to a full year of ticketed live events, including the staging of two large-scale international events, as well as the contractual escalation of rights fees for our flagship weekly programming and premium live events, drove our financial performance. We expect Adjusted OIBDA to be $395 to $410 million in 2023, reflecting continued revenue growth and relatively flat operating expenses.”
In the fourth quarter of 2022, the Company paid out $8.9 million in dividends to shareholders. Under the Company’s existing stock repurchase program, there were no share repurchases.
The increase in cash flows generated by operating activities was offset by an increase in capital expenditures, so free cash flow was $125.7 million, down from $143.7 million. The Company spent $170.6 million on capital expenditures related to its new headquarters facility during the fiscal year ended December 31, 2022. Excluding capital expenditures for the new headquarters, Free Cash Flow for the fiscal year ended December 31, 2022 was $296.3 million.