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BEVERLY HILLS, Calif.–(BUSINESS WIRE)–Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor” or the “Company”), a global sports and entertainment company, today released its financial results for the quarterly period ended June 30, 2024.
Highlights
Q2 2024 Consolidated Financial Results
“TKO and PBR benefited from strong consumer demand and engagement during the quarter, and we continued to drive growth in our representation segment,” said Ariel Emanuel, CEO, Endeavor. “We remain focused on delivering for our clients and partners and maintaining momentum throughout the business as we work toward the close of our take-private transaction with Silver Lake.”
Segment Operating Results
Sports Data & Technology Segment Update
As part of the Silver Lake take-private transaction announced in April 2024, the Company disclosed its intent to transfer, divest or sell certain business units or assets excluding TKO and any of its subsidiaries and the agency representation business WME. During the quarter, we began to actively market the businesses comprising the Sports Data & Technology segment, OpenBet and IMG ARENA. As such, for financial reporting purposes, these businesses are considered Held for Sale and the Sports Data & Technology segment is presented as discontinued operations in the Q2 2024 consolidated interim financial statements. During this process, these businesses will continue operating as usual.
Balance Sheet and Liquidity
At June 30, 2024, cash and cash equivalents totaled $697.7 million, compared to $778.6 million at March 31, 2024. Total debt was $5.073 billion at June 30, 2024, compared to $5.010 billion at March 31, 2024.
For further information regarding the Company’s financial results, as well as certain non-GAAP financial measures, and the reconciliations thereof, please refer to the following pages of this release or visit the Company’s Investor Relations site at investor.endeavorco.com.
Silver Lake Transaction
On April 2, 2024, Endeavor announced that it entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with the Endeavor management team and additional anchor investors. Under the terms of the agreement, Silver Lake will acquire 100% of the outstanding shares it does not already own, other than rolled interests. Endeavor stockholders will receive $27.50 per share in cash. The merger agreement requires the Company to, in each calendar quarter prior to the closing, declare and pay a dividend in respect of each issued and outstanding share of the Company’s Class A common stock at a price equal to $0.06 per share. The transaction is subject to the satisfaction of customary closing conditions and required regulatory approvals. No other stockholder approval is required. The transaction is expected to close by the end of the first quarter of 2025.
Webcast Details
Following the prior announcement of Endeavor’s definitive agreement to be acquired by Silver Lake, the Company will not be hosting an earnings conference call this quarter.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, the expected take-private of the Company by Silver Lake; the payment to be made to the Company’s stockholders; the expected timing of the closing of the take-private transaction; and the expected sale of the businesses comprising the Company’s Sports Data & Technology segment. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from what is expressed or implied by the forward-looking statements, including, but not limited to: risks related to the Company’s potential transaction with Silver Lake; changes in public and consumer tastes and preferences and industry trends; impacts from changes in discretionary and corporate spending on entertainment and sports events due to factors beyond our control, such as adverse economic conditions, on our operations; Endeavor’s ability to adapt to or manage new content distribution platforms or changes in consumer behavior resulting from new technologies; Endeavor’s reliance on its professional reputation and brand name; Endeavor’s dependence on the relationships of its management, agents, and other key personnel with clients; Endeavor’s dependence on key relationships with television and cable networks, satellite providers, digital streaming partners, corporate sponsors, and other distribution partners; Endeavor’s ability to effectively manage the integration of and recognize economic benefits from businesses acquired, its operations at its current size, and any future growth; failure to protect the Company’s IT systems and confidential information against breakdowns, security breaches, and other cybersecurity risks; risks related to Endeavor’s gaming business and applicable regulatory requirements; risks related to Endeavor’s organization and structure; risks related to the business combination of UFC and WWE into TKO; and other important factors discussed in Part I, Item 1A “Risk Factors” in Endeavor’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as any such factors may be updated from time to time in the Company’s other filings with the SEC, including without limitation, the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, accessible on the SEC’s website at www.sec.gov and Endeavor’s Investor Relations site at investor.endeavorco.com. Forward-looking statements speak only as of the date they are made and, except as may be required under applicable law, Endeavor undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized under United States generally accepted accounting principles (“GAAP”). Please see “Note Regarding Non-GAAP Financial Measures” and the reconciliation tables below for additional information and a reconciliation of the Non-GAAP financial measures to the most comparable GAAP financial measures.
About Endeavor
Endeavor (NYSE: EDR) is a global sports and entertainment company, home to many of the world’s most dynamic and engaging storytellers, brands, live events, and experiences. The Endeavor network specializes in talent representation through entertainment agency WME; sports operations and advisory, event management, media production and distribution, and brand licensing through IMG; live event experiences and hospitality through On Location; full-service marketing through global cultural marketing agency 160over90; and sports data and technology through OpenBet. Endeavor is also the majority owner of TKO Group Holdings (NYSE: TKO), a premium sports and entertainment company comprising UFC and WWE.
Website Disclosure
Investors and others should note that we announce material financial and operational information to our investors using press releases, SEC filings and public conference calls and webcasts, as well as our Investor Relations site at investor.endeavorco.com. We may also use our website as a distribution channel of material Company information. In addition, you may automatically receive email alerts and other information about Endeavor when you enroll your email address by visiting the “Investor Email Alerts” option under the Resources tab on investor.endeavorco.com.
Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data) |
|||||||||||||||||
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenue |
$ |
1,751,274 |
|
$ |
1,305,648 |
|
$ |
3,510,918 |
|
$ |
2,801,626 |
|
|||||
Operating expenses: | |||||||||||||||||
Direct operating costs |
|
741,989 |
|
|
515,902 |
|
|
1,532,804 |
|
|
1,187,487 |
|
|||||
Selling, general and administrative expenses |
|
759,244 |
|
|
585,274 |
|
|
1,805,145 |
|
|
1,213,063 |
|
|||||
Depreciation and amortization |
|
138,562 |
|
|
49,833 |
|
|
281,032 |
|
|
105,113 |
|
|||||
Total operating expenses |
|
1,639,795 |
|
|
1,151,009 |
|
|
3,618,981 |
|
|
2,505,663 |
|
|||||
Operating income (loss) from continuing operations |
|
111,479 |
|
|
154,639 |
|
|
(108,063 |
) |
|
295,963 |
|
|||||
Other (expense) income: | |||||||||||||||||
Interest expense, net |
|
(97,551 |
) |
|
(90,368 |
) |
|
(194,397 |
) |
|
(175,540 |
) |
|||||
Tax receivable agreement liability adjustment |
|
— |
|
|
10,174 |
|
|
(2,444 |
) |
|
12,518 |
|
|||||
Other income (expense), net |
|
682 |
|
|
742,066 |
|
|
(1,272 |
) |
|
766,533 |
|
|||||
Income (loss) from continuing operations before income taxes and equity losses of affiliates |
|
14,610 |
|
|
816,511 |
|
|
(306,176 |
) |
|
899,474 |
|
|||||
(Benefit from) provision for income taxes |
|
(143,377 |
) |
|
139,811 |
|
|
(206,903 |
) |
|
174,668 |
|
|||||
Income (loss) from continuing operations before equity losses of affiliates |
|
157,987 |
|
|
676,700 |
|
|
(99,273 |
) |
|
724,806 |
|
|||||
Equity losses of affiliates, net of tax |
|
(2,833 |
) |
|
(12,997 |
) |
|
(5,096 |
) |
|
(19,543 |
) |
|||||
Income (loss) from continuing operations, net of tax |
|
155,154 |
|
|
663,703 |
|
|
(104,369 |
) |
|
705,263 |
|
|||||
Discontinued operations: | |||||||||||||||||
(Loss) income from discontinued operations |
|
(176,351 |
) |
|
3,462 |
|
|
(268,607 |
) |
|
(1,230 |
) |
|||||
Provision for income taxes |
|
232,575 |
|
|
630 |
|
|
184,267 |
|
|
1,243 |
|
|||||
(Loss) income from discontinued operations, net of tax |
|
(408,926 |
) |
|
2,832 |
|
|
(452,874 |
) |
|
(2,473 |
) |
|||||
Net (loss) income |
|
(253,772 |
) |
|
666,535 |
|
|
(557,243 |
) |
|
702,790 |
|
|||||
Less: Net (loss) income attributable to non-controlling interests |
|
(39,254 |
) |
|
263,361 |
|
|
(205,385 |
) |
|
291,585 |
|
|||||
Net (loss) income attributable to Endeavor Group Holdings, Inc. |
$ |
(214,518 |
) |
$ |
403,174 |
|
$ |
(351,858 |
) |
$ |
411,205 |
|
|||||
(Loss) earnings per share of Class A common stock: | |||||||||||||||||
Basic from continuing operations |
$ |
0.20 |
|
$ |
1.33 |
|
$ |
(0.16 |
) |
$ |
1.37 |
|
|||||
Basic from discontinued operations |
|
(0.90 |
) |
|
0.01 |
|
|
(1.00 |
) |
|
– |
|
|||||
Basic |
$ |
(0.70 |
) |
$ |
1.34 |
|
$ |
(1.16 |
) |
$ |
1.37 |
|
|||||
Diluted from continuing operations |
$ |
0.19 |
|
$ |
1.28 |
|
$ |
(0.16 |
) |
$ |
1.35 |
|
|||||
Diluted from discontinued operations |
|
(0.89 |
) |
|
0.01 |
|
|
(1.00 |
) |
|
– |
|
|||||
Diluted |
$ |
(0.70 |
) |
$ |
1.29 |
|
$ |
(1.16 |
) |
$ |
1.35 |
|
|||||
Weighted average number of shares used in computing (loss) earnings per share: | |||||||||||||||||
Basic |
|
304,193,981 |
|
|
301,011,276 |
|
|
302,327,311 |
|
|
296,499,094 |
|
|||||
Diluted(1) |
|
309,319,813 |
|
|
311,046,135 |
|
|
302,327,311 |
|
|
299,810,998 |
|
(1) The diluted weighted average number of shares of 309,319,813 for the three months ended June 30, 2024, included weighted average Class A common shares outstanding, plus an assumed exchange of Endeavor Profits Units into shares of the Company’s Class A common stock, plus additional shares from RSUs, Stock Options and Phantom Units. The diluted weighted average number of shares did not include any additional shares from securities which had an anti-dilutive impact on the calculation of (loss) earnings per share. | |
Securities that are anti-dilutive for the three months ended June 30, 2024, are additional shares based on an assumed exchange of Endeavor Manager Units and Endeavor Operating Units into 145,868,156 shares, as well as additional shares from certain Stock Options, RSUs and redeemable non-controlling interests. |
|
Segment Results (Unaudited) (In thousands) |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||
Revenue: | |||||||||||||||||
Owned Sports Properties |
$ |
894,061 |
|
$ |
340,088 |
|
$ |
1,579,486 |
|
$ |
693,377 |
|
|||||
Events, Experiences & Rights |
|
472,221 |
|
|
591,078 |
|
|
1,217,118 |
|
|
1,391,864 |
|
|||||
Representation |
|
411,410 |
|
|
381,149 |
|
|
756,757 |
|
|
731,389 |
|
|||||
Eliminations |
|
(26,418 |
) |
|
(6,667 |
) |
|
(42,443 |
) |
|
(15,004 |
) |
|||||
Total Revenue |
$ |
1,751,274 |
|
$ |
1,305,648 |
|
$ |
3,510,918 |
|
$ |
2,801,626 |
|
|||||
Adjusted EBITDA: | |||||||||||||||||
Owned Sports Properties |
$ |
422,827 |
|
$ |
179,234 |
|
$ |
721,799 |
|
$ |
364,905 |
|
|||||
Events, Experiences & Rights |
|
(68,745 |
) |
|
76,583 |
|
|
27,166 |
|
|
184,574 |
|
|||||
Representation |
|
107,388 |
|
|
107,149 |
|
|
172,585 |
|
|
191,355 |
|
|||||
Corporate and other |
|
(80,728 |
) |
|
(74,722 |
) |
|
(160,231 |
) |
|
(152,747 |
) |
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Consolidated Balance Sheets (Unaudited) (In thousands, except share data) |
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|
|
June 30, |
|
December 31, |
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|
|
|
|
2024 |
|
|
|
2023 |
|
ASSETS | |||||||||
Current Assets: | |||||||||
Cash and cash equivalents |
$ |
697,656 |
|
$ |
1,166,526 |
|
|||
Restricted cash |
|
403,309 |
|
|
278,456 |
|
|||
Accounts receivable (net of allowance for doubtful accounts of $54,765 and $58,026, respectively) |
|
1,008,782 |
|
|
810,857 |
|
|||
Deferred costs |
|
646,465 |
|
|
606,207 |
|
|||
Other current assets |
|
438,999 |
|
|
432,042 |
|
|||
Current assets of discontinued operations |
|
209,531 |
|
|
170,459 |
|
|||
Total current assets |
|
3,404,742 |
|
|
3,464,547 |
|
|||
Property and equipment, net |
|
861,464 |
|
|
914,645 |
|
|||
Operating lease right-of-use assets |
|
416,645 |
|
|
309,704 |
|
|||
Intangible assets, net |
|
4,615,399 |
|
|
4,812,284 |
|
|||
Goodwill |
|
9,516,086 |
|
|
9,517,143 |
|
|||
Investments |
|
397,084 |
|
|
394,179 |
|
|||
Deferred income taxes |
|
446,484 |
|
|
429,729 |
|
|||
Other assets |
|
630,541 |
|
|
599,394 |
|
|||
Long-term assets of discontinued operations |
|
872,655 |
|
|
1,103,148 |
|
|||
Total assets |
$ |
21,161,100 |
|
$ |
21,544,773 |
|
|||
LIABILITIES, REDEEMABLE INTERESTS AND SHAREHOLDERS’ EQUITY | |||||||||
Current Liabilities: | |||||||||
Accounts payable |
$ |
531,300 |
|
$ |
462,361 |
|
|||
Accrued liabilities |
|
977,928 |
|
|
684,390 |
|
|||
Current portion of long-term debt |
|
2,329,585 |
|
|
58,894 |
|
|||
Current portion of operating lease liabilities |
|
65,618 |
|
|
73,899 |
|
|||
Deferred revenue |
|
860,165 |
|
|
802,344 |
|
|||
Deposits received on behalf of clients |
|
391,135 |
|
|
262,436 |
|
|||
Current portion of tax receivable agreement liability |
|
122,189 |
|
|
156,155 |
|
|||
Other current liabilities |
|
64,603 |
|
|
97,191 |
|
|||
Current liabilities of discontinued operations |
|
166,857 |
|
|
199,276 |
|
|||
Total current liabilities |
|
5,509,380 |
|
|
2,796,946 |
|
|||
Long-term debt |
|
2,743,045 |
|
|
4,969,417 |
|
|||
Long-term operating lease liabilities |
|
391,979 |
|
|
279,042 |
|
|||
Long-term tax receivable agreement liability |
|
743,332 |
|
|
834,298 |
|
|||
Deferred tax liabilities |
|
445,375 |
|
|
446,250 |
|
|||
Other long-term liabilities |
|
394,178 |
|
|
392,951 |
|
|||
Long-term liabilities of discontinued operations |
|
101,043 |
|
|
103,358 |
|
|||
Total liabilities |
|
10,328,332 |
|
|
9,822,262 |
|
|||
Commitments and contingencies | |||||||||
Redeemable non-controlling interests |
|
229,736 |
|
|
215,458 |
|
|||
Shareholders’ Equity: | |||||||||
Class A common stock, $0.00001 par value; 5,000,000,000 shares authorized; 306,602,233 and 298,698,490 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
|
3 |
|
|
3 |
|
|||
Class B common stock, $0.00001 par value; 5,000,000,000 shares authorized; none issued and outstanding as of June 30, 2024 and December 31, 2023 |
|
— |
|
|
— |
|
|||
Class C common stock, $0.00001 par value; 5,000,000,000 shares authorized; none issued and outstanding as of June 30, 2024 and December 31, 2023 |
|
— |
|
|
— |
|
|||
Class X common stock, $0.00001 par value; 4,967,940,840 and 4,983,448,411 shares authorized; 161,433,926 and 166,569,908 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
|
1 |
|
|
1 |
|
|||
Class Y common stock, $0.00001 par value; 987,806,109 and 989,681,838 shares authorized; 216,298,160 and 225,960,405 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
|
2 |
|
|
2 |
|
|||
Additional paid-in capital |
|
4,956,534 |
|
|
4,901,922 |
|
|||
Accumulated deficit |
|
(505,359 |
) |
|
(117,065 |
) |
|||
Accumulated other comprehensive loss |
|
(25,502 |
) |
|
(157 |
) |
|||
Total Endeavor Group Holdings, Inc. shareholders’ equity |
|
4,425,679 |
|
|
4,784,706 |
|
|||
Nonredeemable non-controlling interests |
|
6,177,353 |
|
|
6,722,347 |
|
|||
Total shareholders’ equity |
|
10,603,032 |
|
|
11,507,053 |
|
|||
Total liabilities, redeemable interests and shareholders’ equity |
$ |
21,161,100 |
|
$ |
21,544,773 |
|
Note Regarding Non-GAAP Financial Measures
This press release includes financial measures that are not calculated in accordance with United States generally accepted accounting principles (“GAAP”), including Adjusted EBITDA and Adjusted EBITDA Margin.
Adjusted EBITDA is a non-GAAP financial measure and is defined as net income (loss), excluding the results of discontinued operations, income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger, acquisition and earn-out costs, certain legal costs and settlements, restructuring, severance and impairment charges, certain non-cash fair value adjustments, certain equity earnings (losses), net gains on sales of businesses, tax receivable agreement (“TRA”) liability adjustment, and certain other items, when applicable. Adjusted EBITDA margin is a non-GAAP financial measure defined as Adjusted EBITDA divided by Revenue.
Management believes that Adjusted EBITDA is useful to investors as it eliminates the significant level of non-cash depreciation and amortization expense that results from our capital investments and intangible assets recognized in business combinations, and improves comparability by eliminating the significant level of interest expense associated with our debt facilities, as well as income taxes and the TRA, which may not be comparable with other companies based on our tax and corporate structure.
Adjusted EBITDA and Adjusted EBITDA margin are used as the primary bases to evaluate our consolidated operating performance.
Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
We compensate for these limitations by using Adjusted EBITDA and Adjusted EBITDA margin along with other comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance.
Adjusted EBITDA and Adjusted EBITDA margin should not be considered substitutes for the reported results prepared in accordance with GAAP and should not be considered in isolation or as alternatives to net income (loss) as indicators of our financial performance, as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. Although we use Adjusted EBITDA and Adjusted EBITDA margin as financial measures to assess the performance of our business, such use is limited because it does not include certain material costs necessary to operate our business. Our presentation of Adjusted EBITDA and Adjusted EBITDA margin should not be construed as indications that our future results will be unaffected by unusual or nonrecurring items. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of our most directly comparable financial measures calculated in accordance with GAAP to these non-GAAP financial measures on a consolidated basis.
Adjusted EBITDA (Unaudited) (In thousands) |
|||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||
Net (loss) income |
$ |
(253,772 |
) |
$ |
666,535 |
|
$ |
(557,243 |
) |
$ |
702,790 |
|
|||||
Loss (income) from discontinued operations, net of tax |
|
408,926 |
|
|
(2,832 |
) |
|
452,874 |
|
|
2,473 |
|
|||||
(Benefit from) provision for income taxes |
|
(143,377 |
) |
|
139,811 |
|
|
(206,903 |
) |
|
174,668 |
|
|||||
Interest expense, net |
|
97,551 |
|
|
90,368 |
|
|
194,397 |
|
|
175,540 |
|
|||||
Depreciation and amortization |
|
138,562 |
|
|
49,833 |
|
|
281,032 |
|
|
105,113 |
|
|||||
Equity-based compensation expense (1) |
|
53,002 |
|
|
61,100 |
|
|
111,728 |
|
|
139,543 |
|
|||||
Merger, acquisition and earn-out costs (2) |
|
32,903 |
|
|
15,831 |
|
|
57,182 |
|
|
29,738 |
|
|||||
Certain legal costs (3) |
|
8,530 |
|
|
1,489 |
|
|
19,832 |
|
|
3,911 |
|
|||||
Legal settlement (4) |
|
— |
|
|
— |
|
|
335,000 |
|
|
— |
|
|||||
Restructuring, severance and impairment (5) |
|
34,884 |
|
|
13,736 |
|
|
60,414 |
|
|
21,936 |
|
|||||
Fair value adjustment – equity investments (6) |
|
20 |
|
|
(68 |
) |
|
(100 |
) |
|
(781 |
) |
|||||
Equity method losses – Fifth Season (7) |
|
3,594 |
|
|
6,580 |
|
|
7,328 |
|
|
15,103 |
|
|||||
Net gain on sale of the Academy business (8) |
|
— |
|
|
(736,978 |
) |
|
— |
|
|
(736,978 |
) |
|||||
Tax receivable agreement liability adjustment (9) |
|
— |
|
|
(10,174 |
) |
|
2,444 |
|
|
(12,518 |
) |
|||||
Other (10) |
|
(81 |
) |
|
(6,987 |
) |
|
3,334 |
|
|
(32,451 |
) |
|||||
Adjusted EBITDA |
$ |
380,742 |
|
$ |
288,244 |
|
$ |
761,319 |
|
$ |
588,087 |
|
|||||
Net (loss) income margin |
|
(14.5 |
%) |
|
51.1 |
% |
|
(15.9 |
%) |
|
25.1 |
% |
|||||
Adjusted EBITDA margin |
|
21.7 |
% |
|
22.1 |
% |
|
21.7 |
% |
|
21.0 |
% |
Contacts
Investors: investor@endeavorco.com
Press: press@endeavorco.com
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