TKO Group Holdings Inc (TKO) 2001 Q4 法說會逐字稿

Good morning, ladies and gentlemen,

and welcome to the World Wrestling Entertainment

fourth-quarter 2002 earnings release conference

call. At this time, all participants have been

placed on a listen-only mode and the floor will be

open for your questions and comments following the

presentation.

It is now my pleasure to turn the floor over to

your host, Mr. Tom Gibbons. Sir, the floor is

yours.

Thank you, operator, and welcome, everyone, to

WWE's fourth-quarter conference call and webcast.

This is Tom Gibbons, vice president of investor

relations. Joining me on the call this morning

are Linda McMahon, chief executive officer, and

Auguste Liguori, chief financial officer.

As you know, we issued fourth-quarter - our

fourth-quarter press release this morning and if

you have not received a copy, you can download one

from our corporate website, www.WWEcorpBIS.com.

Please note that we are also what, if anything,

our conference call on this website.

We'll follow the same format as in prior quarters.

Linda will begin the call with a general overview

of the quarter and then update you on some of the

initiatives that we are currently undertaking.

Auguste will then discuss the fourth-quarter

financial results in detail and then talk briefly

about our guidance for the current fiscal year.

At the conclusion of the prepared remarks, we will

open it up to questions.

I'd like to first begin today by saying that our

discussion may include forward-looking statements

that are subject to various risks, factors, and

uncertainties, particularly those described in

WWE's filings with the SEC. Actual results could

differ materially from those currently

anticipated.

with that being said, I will now turn the call

over to Linda McMahon.

Thanks, Tom. Good morning, everyone, and thank

you for joining us today.

As you know, we issued our fourth-quarter earnings

release this morning. We had a very good quarter,

especially in an environment that was challenging

for most media and entertainment companies but as

I've always stated, one of the hallmarks of our

company is our ability to respond to change.

During the past few months, we have made some

significant strides in this regard, with the

implementation of our new strategic initiatives.

Specifically, our brand extension and

international expansion efforts. This will be a

gradual process as there will definitely be some

adjustments along the way, as we determine the

optimal creative formula.

As in all forms of entertainment, determining the

optimal creative formula is not an exact science

and there are a lot of variables in play. We

often introduce new story lines and talent. Some

work and some don't. There are times when this

process takes longer than we anticipate, but in

the end, we have a proven track record of success.

As many of you know, this past May, we changed our

name to World Wrestling Entertainment, Inc. Our

new name puts the emphasis on E for entertainment,

which is what our company does best. With the

name change, we now have a global identity that is

distinctive, unencumbered and supports our U.S.

and international growth plans and our brand

extension initiatives.

Relative to our brand extension, to further expand

our creative efforts, we created two separate

brands under the WWE umbrella. Raw and Smackdown.

We now deliver two unique story lines with two

distinct groups of talents to our fans around the

world. This effectively doubles the content we're

delivering to our fans. Our new program lineup

consists of Sunday night heat, velocity and

confidential, as well our new syndicated promises,

bottom line and after-burn, which allows us to

further develop separate and distinct identities,

talent for our Raw and Smackdown brands. The

introduce of new talent into our story lines has

infused new blood into our creative mix. We now

have an increased talent pool that translates to

additional revenue streams. In other words, more

pay purview events, more live events, more

international tours, more branded merchandise and

more television programming with newly developing

stars. It is also a major impetus behind our

international expansion plans.

Turning to our international business for a

minute, we continue to make excellent progress

here. Given our strong television penetration

around the world, live event touring was the next

logical step. Our initial Asian and European

tours were a huge success for the company as we

performed to sellout audiences. Building upon

this, our aggressive global expansion tour

includes an event scheduled for this summer in

Australia. More than 50,000 fans hold tickets for

this event, which is a sellout for Melbourne's

colonial stadium. We recently announced new

consumer product licensing, DVD and live

sponsorship arrangements. In Japan, we have

retained sports marketing Japan as our agent to

develop consumer product licensing N Europe, the

copyright promotions licensing group will be our

agent handling licenses for consumer products in

the United Kingdom, Ireland and the channel

islands. We enclosed three agreements for

Australia. Both in Australia and in New Zealand.

Chock records has been appointed the exclusive

home video and DVD licensee. Victoria Major

Events company, a group responsible for bringing

live events to Melbourne will be a sponsor in

Melbourne as well as Xbox. We are off to a great

start. Our success thus far has surpassed our

expectations and validates our assertions that the

potential in the international markets will

provide an attractive boost to our revenues. We

expect to begin to see the benefits of the sale of

our branded merchandise in the next 6 to 9 months

as our new licensees build inventory in the

marketplace.

In addition, we expect to increase, again, our

international tours from 4 this year to 6 to 8 for

next year. I would like to turn your attention to

the key drivers of our business. We have always

stated the key drivers of our business, namely,

live event attendance, pay purview buys and

television ratings, are the barometers that we

look at to gauge the health of our business.

While our drivers have softened over the last

year, we are continuing to generate considerable

revenues from our loyal fan base. Our mission in

the brand extension is to further drive the casual

fan back into our followed and we bring the

addition of our creative efforts will prove to be

successful over and over again.

Our television ratings have decreased reflecting

the increased competition for eyeballs across all

programming. The number of people within our

target demographic are spending less time watching

television and more time on other activities such

as playing video games. Additionally, the

proliferation of reality-based television series

and the increase in the number of new episodes in

some of the established television programs have

also been a factor.

Increased competition from new television

programs, such as the Osbornes, Fear Factor,

Sponge Bob Square Pants and Dog Eat Dog as well as

Survivor have pulled away some of our key demos

and while there's been some softness in television

ratings, our flagship programs, Raw and Smackdown,

continue to hold their leadership position. It is

also important to keep in mind that our

programming (inaudible) for male teen and young

adult demographics. Raw on TNN remains the

highest rated regularly scheduled program on basic

cable television and Smackdown on UPN is

consistently the top rated program on network

television among male teens on Thursday nights.

We continue to fine-tune our creative and in doing

so, we expect to see a concurrent increase in

ratings. We believe that the introduction of new

talent and the creative boost in producing two

separate programs will translate into higher

ratings as we develop compelling story lines and

reinvigorate the demand.

In summary, while we did have a good quarter, we

believe there is more room for improvement and

growth, both in our core business and beyond. As

you can see, we are moving along on a number of

new fronts that will leverage the popularity of

the WWE brand, our talent and our unique and

creative story lines. Since this is a talent

driven business, we believe we can build on the

popularity of our talent and bolster our current

programming. As we work - as we are at work on

the creative side of our business throughout the

year, we will simultaneously be focusing on

improving our overall profitability.

I'd like now, if I may, to turn things over to

Auguste to take you through the precise

financials.

Thanks, Linda. I'd like to walk you through

the financials and give you some color as to

what's behind the numbers. After I'm finished, we

will open it up to Q and A. Engine total revenues for

the quarter increased 4% to 135.9 million compared

to the fourth quarter last year, as increases in

our live and tell advised business were able to

more than offset a decline in our branded

merchandise businesses.

Live and tell advised revenues, which represented

about 77% of total revenues increased 6% to

105 million.

As far as live events are concerned, revenues were

27.9 million, or 8% above last year. There were

78 events, including three international events

during the quarter. This compares to 59 events

during the same period last year.

Attendance for the quarter was approximately

693,000, which included attendance of about 38,400

from our international live event tour. This

compares to attendance of 695,000 in the prior

year quarter.

As planned, we increased the number of events with

the launch of our brand extension, and we are now

playing smaller markets that we have not played in

several years.

Coupled with some softness in our overall

attendance, 9 average attendance per event was

8,900 for this quarter versus 11,800 last year.

the company enjoyed its highest grossing event

ever, wrestle mania 18, with attendance of 68,237

or approximately $3.9 million.

This event established a new attendance and box

office record at the Toronto sky dome. Although

attendance declined slightly, the average price

per ticket increased 10% to when $37.91 for the

quarter.

Pay purview revenues for the quarter were

40.6 million as compared to 39.3 million in the

prior year quarter.

the number of domestic buys was at about

2.4 million versus 2.3 million last year, or a 4%

increase.

Prior period buys were 400,000, versus 300,000

last year, and we did about a hundred thousand

buys from our fanatic series in both quarters.

Our estimates for wrestle mania 18 pay purview

buys are in line with last year's record results

of approximately 1 million buys. Commencing with

our April pay purview backlash, the price of our

pay purview programs increased from 29.95 to

34.95, while wrestle mania will remain at 39.95.

Looking forward, the launch of our brand extension

and international expansion strategies has opened

the doors for additional pay purviews. For the

quarter, our revenues for - from television

rights fees increased 17%, principally due to the

growth in international rights fees. Rights fees

for our tough enough television series and other

television specials. We produced two television

specials this year, namely, deaf a sex on the

beach and history of wrestle mania.

Based on our initial success, we plan to do more

of this type of programming in the future.

Working off the success of tough enough 1 and 2,

we signed on to produce tough enough 3, with MTV.

For those of you who are unfamiliar with this

program, it was the number one rated program on

cable among persons 12 to 34 on Thursday night.

Advertising revenues of 21 point 9 million for the

quarter were essentially the same, as compared to

the prior-year quarter. This, once again,

demonstrates the strength of our brand in the down

market and the success in delivering key male

demos that the advertisers seek.

Separately, we've enjoyed a very successful up

front this year. We'll report on those results

during our first-quarter conference call. Branded

merchandise revenues decreased 3% to 30.9 million.

The market for branded merchandise is still weak,

although there are some pockets of strength in the

DVDs and the video games.

Merchandise revenues were about 8.8 million, as

compared to 78.5 million in the prior year.

Included in the 8.8 million was 6.6 million from

merchandise sold at venues and 2.2 million from

our shop zone website and catalog.

the increase in venue sales was due to our higher

per caps in the quarter of $9.47 as compared to

$9.09 last year.

Publishing revenues increased 5%, to 5.9 million,

primarily due to the increase in the number of

special magazine titles and increases in cover

prices of war magazine and deaf a 2002 magazine.

Licensing revenues were 5.6 million in the quarter

as compared to 7.5 million in the prior-year

quarter.

As - an increase in video game revenues was I

don't have set by lower sales of our books in the

quarter. Video game revenues increased by 83% to

1.6 million in the current quarter, primarily due

to Xbox video game, WWE, which sold the most units

for any Xbox third-party software in its first

weeks of launch.

Our video revenues increased 4.9 million due to an

8 6% increase in the number of home video units

sold, principally attributable to the shift in the

DVD formats.

DVD accounted for 49% of the current quarter unit

sales, versus 13% in the prior year quarter. This

trend should continue as the popularity of the DVD

format expands.

the media revenues increased 13% to 1.2 million,

and the world revenues were 3.8 million for the

quarter, as compared to 4.4 million last year.

the company has re-branded this venue and has

expanded into new areas such as rock concerts and

corporate hospitality events. May of 2002,

metropolitan entertainment was contracted to be

the exclusive producer of all concerts and comedy

acts at the world. Our club, the world, has

become increasingly popular as indicative of our

other revenue opportunities that we can develop at

this venue.

Total profit contribution for the quarter was

59.5 million as compared to 55.7 million for the

prior-year quarter. Total profit contribution

margin increased to 44%, up from 43% last year.

the profit contribution margin for the live and

tell advised business was approximately 44% versus

45% in the fourth quarter of last year. Profit

contribution margin for the branded merchandise

business was 44%, as compared to 35% during the

same period last year. In the fourth quarter

2001, the company recorded additional inventory

and return reserves which impacted the margins in

our branded merchandise business segment.

SG and A expenses for the quarter increased 5% to

31.1 million as compared to 29.6 million last

year. This increase was primarily due to costs

associated with the company's name change as well

as the increased costs at the - increased

expenses at the world.

These increases were slightly offset by lower

professional fees. EBITDA grew to 28.5 million

versus 26.1 million last year.

Income from continuing operations was 16 million,

and EPS from continuing operations was 22 cents

per share versus 17 million and 23 cents per share

respectively in the same period last year,

primarily due to higher depreciation and lower

interest income for the year.

We have essentially completed the shutdown of the

XFL. There are still a few minor points yet to be

resolved. We should not see any further

adjustments in subsequent periods.

for the year, net revenues were 425 million versus

456 million, or a 7% decrease from the prior year.

While there has been some softness in our drivers

and our costs have expanded, we finished the year

with EBITDA of 55.2 million versus 92.9 million in

the prior year. Free cash flow for the year was

approximately 23 million. And as Linda indicated,

the company is continuing to review its continuing

operations in all of its operation - investments

in its operations.

For the year, and from the balance sheet point of

view for the year, we finished roughly with about

487 million in total assets, with approximately

294 million in cash and short-term investments,

64 million in receivables. Our long-term debt was

10 million, and our total shareholders' equity was

approximately 390 million.

Our capital expenditures for the year were about

$19 million.

As we indicated in our press release, we have put

forth some guidance for fiscal 2003. We've

assumed the same level of television ratings and

pay purview buys. Attendance is projected to

increase to the number - to increase in the

number of events, and we are using a lower average

attendance per event in our projections.

the full-year impact of our price increases in pay

purview are also a factor in our assumptions, and

as Linda pointed out, we have a very strong and

loyal core fan base who continue to watch our

television programs, attend our live events, and

purchase our branded merchandise. The launch of

our brand extension and the growth of our

international business is designed to capture more

of the casual fan.

As always, and as mentioned earlier, we are

reviewing our continuing investment in our

operations, and as we move forward to maximize our

profitability. We have provided additional

details on our website, as Tom pointed out.

At this point, I'd like to open it up for

questions.

Thank you. The floor is now open

for questions. If you do have a question or

comment, please press 1 followed by 4 on your

touch-tone phones. If you're on a speakerphone,

we ask that you please pick up your handset to

minimize any background noise and if at any point

your question has been answered, you may remove

yourself from the queue by pressing the pound key.

Once again, ladies and gentlemen, if you do have a

question or comment, please press 1, followed by

4, on your touch-tone phone.

and our first question is coming from Mr. Jeff

Hoskins of Gerard Klauer Mattison. Sir, your line

is live. If you're on a speakerphone, please pick

up your handset to pose your question.

Can you hear me now.

Yeah.

Okay. Congratulations on a great quarter,

guys. Well done.

Thanks.

I wanted to ask you a question. You talked a

little bit about the ratings on Raw and Smackdown

but can you talk a little bit maybe just in

general terms on your level of satisfaction with

the new shows?

the new shows - let me just clarify one thing.

The new shows are new titles and new content, in

the new hours, so that we're all clear that we

have revitalized some of our shows. On Saturday

night on TNN we now have velocity followed by

confidential. Confidential has been - has been

getting great reviews for us. In fact, I think we

increased our ratings the first week by about 53%,

and bumped up the male viewing audience during

that time as well.

Prior to that, we've had a block on, you know,

from 10:00 to 12:00 on sat night, and that was

a - the excess program, and that was not doing as

well. So these two new programs, I think, are -

are really doing well for us. We're pleased, and

TNN is certainly pleased as well that we, you

know, have changed that format.

In fact, with now the addition of those two

programs and as well as heat, which is on MTV, Raw

and those three programs on the, you know, cable

prime time rankers, Raw is number one and those

three programs, heat, velocity, and tough enough,

are like No. 14. So we're - we're right in there

in the marketplace. We're pleased with the new

formats.

and then the other programs that are in

syndication are recap and magazine shows which

then give the audience a bit more flavor for both

Raw and for Smackdown, as each of those individual

programs, you know, cover those particular either

cable or broadcast programs for the week.

So we're pleased with that. It seems to be going

well for us, and as usual, we're always tweaking

our content to provide our fans with more

information. They like to be on the inside.

Great. And just one question on capex for

2002, if I may. $15 million, is that - are there

any projects that you can identify for us that

make that up?

Jeff, did you mean for fiscal 2003?

Excuse me. Fiscal 2003, yeah, Auguste.

We have some of those projects. Some of them

relate to our IT projects. Some of them - and

some relate to some of our expansions in our

production facilities and finishing off some of

the expenditures in our world operation.

Okay. Thanks a lot.

Thanks, Jeff.

Thank you. Our next question is

coming from Paul Molson of Business Capital

Management.

Hello?

Hi, Paul.

Hi. How are you doing. Linda, I have a

question for you. You mentioned that the ratings

were down because of competition on other

networks. Let me ask you this: How much do you

think is due to the actual story lines that have

been turning people off, the fact that the writing

team has been hot-shotting the angles, making

changing them from week to week, where you have

major story lines being dropped, and what effect

do you think having Austin no longer with the

company temporarily or permanent is going to have

an effect, going forward? I have another question

after you're done.

Okay. Paul, you're obviously a fan. Or at

least a viewer.

I've been a viewer and a fan for well over 20

years.

First of all, we would stand up straight and

tall and say that the first obligation we have to

our fans is through our writing and our

creativity. We have taken a particular course in,

you know, expanding the two brands and to voting

story lines and content on Monday night for Raw

and a particular talent group and the same thing

on Thursday, with the Smackdown show.

We expected, when we did that, to take a half step

backwards. We were not surprised to see some

decline in the ratings with that, as we get those

talents organized and working together, as we also

create better story lines with longer story a. I

think your point is very well taken. Those are

all the things that we're working on. When we

bought WCW and integrated those talents into our

brand, it wasn't as simple as we thought and we

believe that this tactic with the brand

extension - and as I mentioned earlier - will

add, you know, eventually - it already has added

more live events because now we have a Raw tour

and a Smackdown tour, but eventually we will add,

you know, more pay purview, and I know I'm going

on a bit, but the brand extension also gives us

the opportunity to tour more internationally.

For instance, last May when we were in Europe, we

had the Raw tour. When we go back in October,

we'll have the Smackdown tour. If we didn't have

the two separate shows and brands at this point,

we wouldn't be able make those international jumps

like we're doing now.

Okay. Going back to attendance for a second,

would you say that your large growth right now

rests overseas because attendance at the stateside

shows has not been good. I believe it's to the

point now where you're not even selling out Raw

and Smackdown tapings. And some of the house

shows, I know, have played to well less than

capacity. So would you say going forward, you're

going to concentrate more on having the

international shows?

Not more. Not more of a concentration but we

will increase the number of international shows.

But we will not decrease the number of our

domestic shows. In fact, we've already increased

those.

I do think that the softening in ratings does

translate into, you know, the softening at live

events. If you have, you know, fewer eyeballs

watching. Hey, we're all about presenting to the

public and the fans what they want to see.

Sometimes we're great at it. Sometimes we're

right on. And sometimes, you know, if you're

writing 52 weeks a year, you can't hit the button

every time.

Of course, of course.

We do have a proven track record of success for

over now about three generations so we're

confident that our programming will be more

creative and inventive, even in a very competitive

marketplace, so we know that we are always capable

of adjusting and retooling and reinventing

ourselves, and it's all about, you know, building

new characters and personalities.

You asked about stone cold. You know, when stone

cold was injured a couple of years ago and was out

for eight months, everyone wondered, well, who was

going to take his place. Well, there was this

young and upcoming star called The Rock. The Rock

came in and clearly took his place now. So now

the conversation is well, now, The Rock is doing

movies so who is going to come in and take his

place. Well, we've got this really bright and up

and coming star, you know, Brock less inner.

Those are just small examples of a very deep

talent roster with a lot of talented people, you

know, HHH, Undertaker that's really a staple with

us. You know, Chris Jericho, Ron Van Damme. All

of these are really talented performers. Booker T

is just an exceptional fellow who is coming along

very well. So it's always about building new

talent and we're always doing that with our

training camps, et cetera.

So stone cold has, I think, a short-term impact.

Not a long-term impact. The ratings were not, you

know, affected by his absence. Clearly it's a

loss when you have a popular star like that, but

it's short-term.

I do have - regarding the progression of other

stars, you know, I know I may be getting a little

bit too much into fan dome where it's not really

going to count on the business. I would like to

ask you about that but I don't know if you would

think that's appropriate right here and now, in

terms of you mentioned these ear people, the

Undertaker who has been around for well over, I

believe it's 12 years now and then there's the

reputation of having the glass ceiling in the WWF

where other wrestlers can't get pushed, which like

I don't know it's going to be broken, but right

now, there's no one really to step in that void

right now. Yes, you're trying to push Brock less

inner, yes, you're trying to push Booker T, but

there really is no one there to take over the

void. Like you said, Rock is going to be going

for movies. HHH has not been drawing that well.

So, you know, at what level will these people

really get a full frontal push to help fill the

void?

Well, Paul, you really are into fan dome at

this point.

Right. That's what I thought.

But, you know, we're no different, you know,

with a coach with a new team that puts in a new

quarterback. You just have to have time to play

on the field and gel with the team. With that

experience and the creativity comes building the

fans.

It took us about two-and-a-half years to build The

Rock, so I think - I think we're on the right

track of knowing and having the right formula. It

just takes some time to do it.

Thank you very much.

Thank you, Paul.

Thank you. Our next question is

coming from Dennis MAC Alpine of MAC Alpine

associates.

Good morning. Would you - as a follow-up to

that, I gather we can assume, then, that The Rock

and stone cold are essentially gone as far as the

television shows?

No, no, no. Not The Rock. Stone cold is - he

is on a suspension at this particular point for

his conduct. The Rock is, you know, splitting

time between careers of movie world as well as

WWE. Now, that has also a positive impact on WWE.

He will be, again in August and September, filming

a new movie, El Dorado, which again we are the

executive producers of and participant not only

with an executive producer's fee but also in

profit participation on gross, so with The Rock

being out on the one hand, we still have, you

know, a driver of revenues and brand extension and

growth by having one of our superstars into a

different medium.

Also, The Rock, you know, will be in and out

during our television programming, and will be

written into the story line, you know, where

appropriate.

So The Rock is still very much a part of who we

are and what we're about.

I think it's interesting, if you say okay, well,

The Rock was out, maybe that had something to do

with some decline in revenues. If you want to see

exactly what a driver is with the popularity of

the Rock outside of our own programming, we have

two of our shows on in Mexico City. The largest

viewing internationally of scorpion king happened

in Mexico City which absolutely blew us away that

there were that many screens in Mexico city to

view scorpion king and we are now going to have a

tour in Mexico city on September 28th is not only

did Rock being in Scorpion King also help drive

our brand but also opened a couple of doors for us

now to be in the 20,000 capacity stadium. I think

it's (inaudible) if you'll forgive my

pronunciation in Spanish. So brand extension,

brand rub, growth of our superstars outside of our

own medium is positive for us.

Can you comment as to what the - the total

take for the WWE was from Scorpion King?

It hasn't been finalized yet except for our

executive producer's fee which was $2 million.

But there will - there's a participation in the

gross now, as we've gone over certain thresholds,

but that won't be settled out for a while.

Okay. And then in your expectations for next

year, you talked about advertising revenues of

about 75 million, which would be down, I guess,

about 10% from last year. In view of your comment

on the up front being strong, how did - how do

you get from one to the other?

We've been particularly conservative, Dennis,

given some softness in the ratings to projects, I

think, what's a reasonable expectation in the

advertising marketplace. We did have a very good

up front. We reached the levels that we expected

to reach, which is good, and I think, you know,

our programming last year in the worst advertising

market where, you know, some advertising dollars

were off 15, 20, 25 percent and more, you know, we

were down about 7%. So as the market and the

advertising comes back strong, we can expect to go

25 to 30% above where we were, so we - you know,

we projected conservatively based on holding

ratings where they are now and I think that's a

realistic approach. I have to tell you I expect

to beat that and I hope to.

But you did, as far as the up front goes, sell

at the same ratings as you had for the last year?

No. We didn't sell at the same ratings. We

adjusted our ratings and sold our up front what we

believe to be will be a very realistic stretch for

us this year.

Okay. Thank you.

Thank you, Dennis.

Thank you. Our next question is

coming from Mario Cabelli of Marathon partners.

Hi.

Hi, Mario.

I'm wondering, have you been pleased with the

restructuring you announced in November? Have you

been getting the improved efficiencies that were

announced in the press release with the smaller

workforce? Thanks.

the answer is yes and no. We accomplished what

we had opened with that restructuring. I am

not - I am not pleased at this particular point

with, you know, total SG and A, and that is something

that we will be working on throughout this year.

Thank you.

I'd like to remind our audience for

any further questions or comments, to please press

1 followed by 4 on your touch-tone phones at this

time.

Once again, ladies and gentlemen, for any further

questions or comments, please press 1, followed by

4, on your touch-tone phones.

Ma'am, there appears to be no further questions in

our queue at this time. Do you have any closing

comments or remarks?

I would just like to thank everyone for

participating with us this morning. We are - we

are really focusing and concentrating on our

creative and our programming, and as always,

looking to focus on our - you know, our

operations and maximizing our profitability. We

have some challenges and opportunities ahead of us

this year, and we will rise to the occasion on

both.

I just want to - this is Tom Gibbons again. I

just want to thank everyone for joining us this

morning, and I want to remind you once again that

we do have more detailed guidance on our corporate

website, WWW.WWEcorpBIS.com. With that being

said, I want to thank you and we'll see you again

next quarter.

Thank you, ladies and gentlemen, for

your participation. This does conclude this

morning's teleconference. You may disconnect your

lines at this time and have a wonderful day.