Endeavor, Buoyed by Live Events and Sports, Posts $1.3B in Revenue

Endeavor, continuing to benefit from the return of “full capacity” live events, brought in $1.3 billion revenue and $42.2 million in net income during the second quarter. The sports and representation firm also stated that it intends to repay $250 million of debt by the end of the third quarter of this year.

Adjusted EBITDA for the quarter landed at $306.4 million, while earnings per share were $0.09.

The company raised its adjusted EBITDA guidance to a range of $1.130 billion to $1.170 billion, up from the $1.1 billion to $1.15 billion range offered in May due to the “quarter’s performance and [Endeavor’s] line of sight through the end of the year,” according to Endeavor CEO Ari Emanuel, who still noted the “broader macroeconomic forces at play.”

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The company’s representation segment, which includes talent agency WME, posted $358 million in revenue, which represented a 9 percent year-over-year growth, in part due to the “recovery of music and comedy touring, as well as increased corporate client spending,” Endeavor said in its earnings release.

Endeavor’s events and rights segment received a 19 percent year-over-year boost for a total of $627.9 million in revenue, which the company attributed to the “return of full-capacity live events” like music festivals, the Masters and the NCAA Final Four.

But the company’s sports properties, which include the UFC, saw the largest YoY growth, 28 percent, compared to Endeavor’s other segments due to higher revenues at PBR, the professional bull riding organization acquired by Endeavor in 2015; higher media rights fees and licensing revenues for the UFC; and the inclusion of Diamond Baseball Holdings, the operator behind select Minor League Baseball teams that Endeavor acquired in December but will sell later this year. Total revenue for the sports segment was $331.9 million for the quarter.

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“We benefited from strong growth globally across our segments in the second quarter,” Emanuel said on Thursday in announcing the results. “We remain focused on our long-term strategy — leveraging the diversity and scale of our businesses to drive maximum value for our shareholders, our clients and our owned IP.”

Earlier this week, Endeavor said it would sell Diamond Baseball Holdings to the private equity firm Silver Lake, which has a majority stake in Endeavor, for $280 million. The quick move away from the venture was due to Endeavor’s existing businesses with the MLB and the MLB Players’ Association, according to Endeavor President Mark Shapiro. The transaction is expected to close in Q4.

“Ultimately our relationship with MLB and the MLBPA took priority given the importance of our overall agency business and our continued investment in our baseball representation practice within WME Sports,” Shapiro said earlier this week.

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