World Wrestling Entertainment, Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net revenue of $211.6 million as compared to $194.9 million for the same period last year. Net income was $4.80 million or $0.06 basic and diluted per share as compared to $8.00 million or $0.10 basic and diluted per share for the same period last year. Net cash provided by operating activities was $55.60 million as compared to $36.90 million for the same period last year. Purchase of property and equipment and other assets was $7.00 million as compared to $6.00 million for the same period last year. Net income for the fourth quarter 2017 was reduced by one-time charges totaling $11.3 million that arose from the enactment of the new tax law. This included a $10.9 million non-cash charge due to the remeasurement of deferred tax assets and $0.4 million associated with the deemed repatriation of foreign earnings.

For the year, the company reported net revenue of $801.00 million as compared to $729.20 million for the same period last year. Net income was $32.60 million or $0.42 diluted per share as compared to $33.80 million or $0.44 basic and diluted per share for the same period last year. Net cash provided by operating activities was $96.60 million as compared to $62.10 million for the same period last year. Purchase of property and equipment and other assets was $24.70 million as compared to $29.90 million for the same period last year. Operating income, over the trailing 12 months, is up $22 million to $63 million. Adjusted OIBDA is up to $98 million, up $27 million over the comparable period, and free cash flow is up $39 million or -- to $54 million. Operating income increased 36% to $75.6 million from $55.7 million in the prior year, primarily due to the increased monetization of content across platforms as reflected in the Company's Network and Television segments. Net income for 2017 was reduced by one-time charges totaling $11.3 million that arose from the enactment of the new tax law. Excluding the impact of these charges, net income would have increased to $43.9 million.

The company provided earnings guidance for the first quarter and full year 2018. For the quarter, the company estimates Adjusted OIBDA (excluding stock-based compensation expense) of $23 million to $27 million. As compared to first quarter 2017 results, this range represents higher profits from the increased monetization of video content, which are offset by the timing of lower licensing revenue associated with the adoption of a new FASB standard for revenue recognition. For the first quarter 2018, the company also projects average paid subscribers to WWE Network of approximately 1.53 million.

For the full year, management expects the company to achieve another year of revenue and previously targeted adjusted OIBDA of at least $115 million, which would represent another all time. Based on the company's revised definition of adjusted OIBDA, which excludes projected stock compensation expense, this equates to an approximate 2018 adjusted OIBDA target of at least $140 million.

The company reported impairment charges of $4.70 million.