In this thread I'll be tweeting about the $WWE Q1 2020 earnings release. Documents release after 4pm ET. Conference call at 5pm.

Also, I'm making the 48-page @Wrestlenomics Pro Wrestling Industry Report 2019 is available again today only for just $5. https://payhip.com/b/qICi 

Consensus analyst EPS estimate is $0.23. Based on 88.6mm diluted shares, implies a net income of $22mm. https://seekingalpha.com/symbol/WWE/earnings/estimates#figure_type=quarterly

Some questions WWE might answer or analysts might want to ask today:

*Do Raw & Smackdown TV contracts require live programming? Is there a limit on taped broadcasts? Would library content (e.g. replaying PPVs) suffice?

*What's the outlook on a 2nd Saudi show in 2020?

*Is a deal to sell Network content (PPV rights) to a major streaming player off the table due to COVID? Is this something WWE will attempt to complete in the near future?

*Any news on the MENA TV rights deal? Are there other markets that are in renegotiation?

*Has there been an impact to media sponsorships related to COVID19 economic impact?

*To reassure public and investors that talent and crew are protected, should WWE be doing more to explain precautions around COVID19 prevent in production of TV?

*Will the WWE2K video game be delayed or cancelled?

*Is there any plan to reschedule international events that will be missed due to COVID19?

*Will a new CFO and CMO (replacing Barrios and Wilson) be hired soon or is this something more likely to happen after COVID19 crisis?

*Considering the issues with profitability with the Live Events division, are non-televised events something WWE will resume after COVID19?

*How many WWE Network subscribers were there the day after Wrestlemania? If not this quarter, will we learn this in the Q2 report?

*What was the purpose of Vince's stock agreement with Morgan Stanley for 3.5mm shares?

*WWE spent $83 million in 2019 on stock buybacks. Considering cost cutting recently, are buybacks something views differently now?

*There were reports WWE may be considering bringing an NXT brand to Japan as the next step in Paul Levesque's "global localization" strategy. Is this something the company plans to do? What other markets is WWE considering?

*Does WWE have any reaction to speculation that the company used government influence to be deemed an essential service in Florida?

*The XFL bankruptcy filing shows Alpha doesn't owe WWE for support services. Is there any reason why XFL bankruptcy or other actives will impact WWE?

*In talent releases, apparently no NXT UK wrestlers were cut. Is there a difference between UK and US contracts? Is it more difficult legally to release UK wrestlers?

*Will reality TV programs or WWE Studios projects be impacted by interruption in production due to COVID restrictions?

The market is about to close for the day. Not much movement on WWE's share price today.

Documents have dropped!

Press release: https://corporate.wwe.com/~/media/Files/W/WWE/press-releases/2020/1q20-earnings-pr.pdf

Trending schedules: https://corporate.wwe.com/~/media/Files/W/WWE/press-releases/2020/q1-2020-trending-schedules.pdf

KPIs: https://corporate.wwe.com/~/media/Files/W/WWE/press-releases/2020/q1-2020-kpi.pdf

WWE outperforms consensus analyst estimates on revenue and net income.

Remember cost-cutting happened after Q1.

(I had estimated $288mm on revenue. Operating income of $53.3mm is way over what I estimated.)

Despite withdrawing its earlier Q1 guidance, after COVID19 was recognized as a crisis, WWE's adjusted OIBDA (WWE's preferred non-GAAP profit metric) still exceeded the Feb guidance for Q1 of $60mm-$65mm.

WWE reports $77.3mm in adjusted OIBDA for Q1.
https://corporate.wwe.com/~/media/Files/W/WWE/press-releases/2020/1q20-earnings-pr.pdf

WWE is touting that Network subscribers for Wrestlemania this year exceed last year's Mania. On a closer look, that includes more than twice as many free subs as last year. Paid subs for Wrestlemania were down from Mania last year and the year before.
https://corporate.wwe.com/~/media/Files/W/WWE/press-releases/2020/q1-2020-kpi.pdf

KPIs show North American (US & Canada) avg att in Q1 was up from previous Q1s, but that's with less than half the number of events. Only 41, versus 90 and 99 in previous Q1s.

No int'l att... except for a KSA event. Not saying what att was.
https://corporate.wwe.com/~/media/Files/W/WWE/press-releases/2020/q1-2020-kpi.pdf

Bullet points in the earnings release about COVID-19 largely restate the information in the April 15 press release about cost cutting.
https://corporate.wwe.com/~/media/Files/W/WWE/press-releases/2020/1q20-earnings-pr.pdf

Quotes in the earnings release from CEO Vince McMahon and intern CFO Frank Riddick, on the company's response to COVID19.
https://corporate.wwe.com/~/media/Files/W/WWE/press-releases/2020/1q20-earnings-pr.pdf

Due to economic uncertainty WWE temporarily suspends its stock buyback program. In 2019, WWE spent $83mm on a stock repurchases.

Cash flow in Q1 greatly exceeds last year's Q1.
https://corporate.wwe.com/~/media 
/Files/W/WWE/press-releases/2020/1q20-earnings-pr.pdf

WWE shares appear to be jumping in after-market trading.