Endeavor Group Holdings, Inc.(NYSE:EDR) 
Endeavor Group Holdings, Inc. operates as an entertainment, sports, and content company worldwide. It distributes sports programming to broadcasters and media partners. The company operates through three segments: Entertainment & Sports, Representation, and Endeavor X. It provides various services, ...
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At a glance:
- Diversified Sports and Entertainment Platform: Endeavor operates across talent representation, owned sports properties, and live events, with multiple revenue streams tied to media rights, sponsorship, and event-driven demand.
- UFC and Live Events Are Central Earnings Drivers: Performance is heavily influenced by the strength of key assets (notably UFC) and the cadence of major events, which can create quarterly variability but strong long-term monetization potential.
- Media Rights and Sponsorship Tailwinds: Long-term value is closely linked to renewing and expanding media distribution agreements and sponsorship partnerships, which can lift visibility and pricing power over time.
- Leverage and Capital Allocation Remain Key Watch Items: Debt levels, interest expense, and the balance between reinvestment, acquisitions, and potential shareholder returns are important factors shaping equity upside and risk.
- Execution Risk Around Portfolio and Structural Changes: Ongoing portfolio optimization and any strategic or structural shifts (e.g., asset sales, spin-offs, or reorganizations) can materially affect reported results and investor sentiment.
Bull Thesis:
- Significant Value Unlocked by TKO Group Holdings: The successful merger of UFC and WWE into TKO Group Holdings, in which Endeavor holds a majority stake, has created a pure-play global sports entertainment powerhouse. This move has streamlined operations, generated significant synergies, and positioned TKO for robust growth, directly enhancing Endeavor's asset value and future cash flow potential through its ownership.
- Growing Global Demand for Premium Live Content: Endeavor is exceptionally well-positioned to capitalize on the increasing worldwide demand for premium live sports and entertainment content. With its ownership of top-tier properties (via TKO), extensive media rights distribution, and event management capabilities, the company benefits from long-term trends in content consumption, particularly in emerging markets and through new digital platforms.
- Diversified Portfolio and Cross-Synergies: Endeavor's broad portfolio spanning talent representation (WME), sports marketing and events (IMG), media rights, and content production provides a resilient and synergistic business model. This diversification mitigates risk across different segments and creates numerous cross-selling opportunities, allowing the company to leverage its vast network and intellectual property across its various divisions.
- Potential for Further Asset Monetization and Simplification: Management has a proven track record of strategic asset management, including the creation of TKO. There is potential for further value creation through the monetization of non-core assets, strategic partnerships, or even the eventual spin-off of other divisions (e.g., WME), which could simplify the corporate structure, reduce debt, and unlock hidden value for shareholders.
Bear Thesis:
- Complex Corporate Structure and Valuation Challenges: Endeavor's intricate corporate structure, comprising numerous subsidiaries, joint ventures, and varying ownership stakes (especially post-TKO formation), makes it challenging for investors to fully understand and accurately value the underlying assets and future earnings potential. This complexity can deter some investors and lead to a 'conglomerate discount'.
- High Debt Load and Interest Rate Sensitivity: The company continues to carry a significant amount of debt on its balance sheet, a legacy of its aggressive acquisition strategy. In a rising interest rate environment, the cost of servicing this debt could increase, potentially impacting profitability, free cash flow generation, and limiting financial flexibility for future investments or shareholder returns.
- Headwinds in the Traditional Talent Agency Business: Endeavor's WME talent agency segment faces ongoing challenges, including evolving compensation models in the entertainment industry, the rise of direct-to-consumer platforms, and potential disintermediation of traditional agents. These factors could pressure margins and growth in a historically core part of Endeavor's business.
- Economic Sensitivity of Live Events and Sponsorships: A significant portion of Endeavor's revenue is derived from live events, sponsorships, and advertising, which are highly sensitive to macroeconomic conditions. An economic downturn could lead to reduced consumer discretionary spending on events, lower corporate marketing budgets, and decreased advertising revenue, directly impacting Endeavor's top and bottom lines.
Main Competitors:
- Creative Artists Agency (CAA) (Talent Representation & Sports Marketing), CAA is Endeavor's primary rival in talent representation, competing directly with WME across film, television, music, sports, and digital content. They vie for top artists, athletes, and creators, as well as for packaging content and securing endorsement deals, often engaging in bidding wars for high-profile clients and projects.
- Live Nation Entertainment ($LYV) (Concert Promotion, Ticketing & Venue Operation), Live Nation competes with Endeavor in the broader live events and experiences market. While Live Nation focuses heavily on music concerts, both companies vie for consumer leisure spending, event production capabilities, venue partnerships, and premium hospitality opportunities (e.g., On Location vs. Live Nation's VIP packages and festival experiences). They also compete for sponsorship dollars and media rights related to live events.
- Anschutz Entertainment Group (AEG) (Sports & Entertainment Venues, Events & Teams), AEG is a diversified sports and entertainment company that competes with Endeavor across multiple segments. It owns and operates venues (like Crypto.com Arena), promotes live events (music and sports), owns sports teams (e.g., LA Kings, LA Galaxy), and manages facilities, directly challenging Endeavor's IMG and On Location businesses in event production, venue management, and sports property ownership.
- Wasserman (Sports & Entertainment Marketing, Talent Representation), Wasserman is a significant competitor in sports and entertainment marketing, talent representation (especially athletes), and media rights. It directly competes with WME Sports for athlete clients and with IMG for sports marketing, media rights distribution, and event management services, particularly in the global sports landscape.
Moat:
Endeavor's competitive landscape is highly fragmented yet intensely competitive, spanning talent representation, sports ownership, live events, and marketing. Its competitive advantage often stems from its integrated ecosystem, allowing for cross-pollination of services (e.g., a WME client performing at an IMG-produced event, UFC content distributed by IMG). However, this also means it faces specialized, well-capitalized competitors in each vertical. The competition for top talent, premium content rights, consumer leisure spend, and global event opportunities is fierce, requiring continuous innovation, strategic acquisitions, and leveraging its global reach to maintain and grow market share.
Income Statements:
Quarterly
Annual
| Unit: USD | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 1,568,274,000 | 2,031,790,000 | 1,751,274,000 | 1,850,284,000 | 1,582,713,000 | 1,344,395,000 | 1,436,212,000 | 1,596,837,000 | 1,221,416,000 | 1,312,515,000 | 1,473,763,000 | |
yoy | -0.91% | 51.13% | 21.94% | 15.87% | 29.58% | 2.43% | -2.55% | |||||
qoq | -22.81% | 16.02% | -5.35% | 16.91% | 17.73% | -6.39% | -10.06% | 30.74% | -6.94% | -10.94% | ||
operating expenses: | ||||||||||||
direct operating costs | 667,293,000 | 1,097,631,000 | 741,989,000 | 844,610,000 | 645,437,000 | 487,886,000 | 584,014,000 | 724,282,000 | 398,518,000 | 508,385,000 | 694,641,000 | |
selling, general and administrative expenses | 754,610,000 | 791,650,000 | 759,244,000 | 1,096,246,000 | 745,443,000 | 715,231,000 | 632,671,000 | 669,213,000 | 601,469,000 | 587,499,000 | 540,206,000 | |
depreciation and amortization | 122,496,000 | 135,524,000 | 138,562,000 | 156,349,000 | 152,475,000 | 81,207,000 | 61,078,000 | 66,751,000 | 63,571,000 | 65,612,000 | 65,994,000 | |
impairment charges | 64,196,000 | 46,716,000 | 28,196,000 | 689,000 | ||||||||
total operating expenses | 1,620,106,000 | 2,024,805,000 | 1,639,795,000 | 2,161,401,000 | 1,590,071,000 | 1,312,520,000 | 1,277,763,000 | 1,460,246,000 | 1,064,247,000 | 1,161,496,000 | 1,299,848,000 | |
operating income from continuing operations | -51,832,000 | 6,985,000 | 111,479,000 | |||||||||
other income: | ||||||||||||
interest expense | -105,261,000 | -108,134,000 | -97,551,000 | -96,559,000 | -88,323,000 | -81,956,000 | -90,307,000 | -85,097,000 | -75,608,000 | -62,505,000 | -59,272,000 | |
tax receivable agreement liability adjustment | -10,131,000 | -16,000 | -2,444,000 | 48,414,000 | -20,297,000 | 10,174,000 | 2,344,000 | |||||
other income | -29,603,000 | 33,846,000 | 682,000 | -2,922,000 | 30,591,000 | -12,863,000 | 741,657,000 | 24,433,000 | 9,325,000 | -6,133,000 | 459,941,000 | |
income from continuing operations before income taxes and equity losses of affiliates | -196,827,000 | -67,319,000 | 14,610,000 | |||||||||
provision for income taxes | 40,996,000 | 113,774,000 | -143,377,000 | -111,834,000 | 13,934,000 | 29,995,000 | 140,441,000 | 35,470,000 | ||||
income from continuing operations before equity losses of affiliates | -237,823,000 | -181,093,000 | 157,987,000 | |||||||||
equity losses of affiliates, net of tax | -3,625,000 | -5,219,000 | -2,833,000 | -2,263,000 | 1,273,000 | -2,748,000 | -12,997,000 | -6,546,000 | -84,504,000 | -39,867,000 | -20,655,000 | |
income from continuing operations, net of tax | -241,448,000 | -186,312,000 | 155,154,000 | |||||||||
discontinued operations: | ||||||||||||
income from discontinued operations | -109,919,000 | -442,279,000 | -176,351,000 | |||||||||
(benefit for) provision for income taxes | -5,990,500 | -208,229,000 | ||||||||||
income from discontinued operations, net of tax | 4,292,000 | -234,050,000 | -408,926,000 | |||||||||
net income | -237,156,000 | -420,362,000 | -253,772,000 | -303,471,000 | -29,337,000 | -115,984,000 | 666,535,000 | 36,255,000 | -12,538,000 | 42,220,000 | 517,666,000 | |
yoy | 708.39% | 262.43% | -138.07% | -937.05% | 133.98% | -374.71% | 28.76% | |||||
qoq | -43.58% | 65.65% | -16.38% | 934.43% | -74.71% | -117.40% | 1738.46% | -389.16% | -129.70% | -91.84% | ||
net income margin % | -15.12% | -20.69% | -14.49% | -16.40% | -1.85% | -8.63% | 46.41% | 2.27% | -1.03% | 3.22% | 35.13% | |
less: net income attributable to non-controlling interests | -71,269,000 | -155,693,000 | -39,254,000 | -166,131,000 | -43,856,000 | -46,776,000 | 263,361,000 | 28,224,000 | -2,499,000 | 16,414,000 | 198,120,000 | |
net income attributable to endeavor group holdings, inc. | -165,887,000 | -264,669,000 | -214,518,000 | -137,340,000 | 14,519,000 | -69,208,000 | 403,174,000 | 8,031,000 | -10,039,000 | 25,806,000 | 319,546,000 | |
earnings per share of class a common stock: | ||||||||||||
basic from continuing operations | -0.57 | -0.44 | 0.2 | |||||||||
basic from discontinued operations | 0.03 | -0.42 | -0.9 | |||||||||
basic | -0.54 | -0.86 | -0.7 | |||||||||
diluted from continuing operations | -0.63 | -0.44 | 0.19 | |||||||||
diluted from discontinued operations | -0.42 | -0.89 | ||||||||||
diluted | -0.63 | -0.86 | -0.7 | |||||||||
weighted-average number of shares used in computing earnings per share: | ||||||||||||
basic | 305,400,277 | 306,992,963 | 304,193,981 | 300,460,640 | 298,915,993 | 301,876,322 | 301,011,276 | 291,936,777 | 285,870,317 | 281,623,228 | 268,489,176 | |
diluted | 452,178,505 | 306,992,963 | 309,319,813 | 300,460,640 | 464,862,899 | 300,640,142 | 311,046,135 | 295,285,241 | 289,806,633 | 449,733,965 | 443,038,617 | |
operating income | -311,117,000 | -7,358,000 | 31,875,000 | 158,449,000 | 136,591,000 | 157,169,000 | 151,019,000 | 173,915,000 | ||||
yoy | -327.77% | -104.68% | -78.89% | -8.89% | ||||||||
qoq | 4128.28% | -123.08% | -79.88% | 16.00% | -13.09% | 4.07% | -13.17% | |||||
operating margin % | 0% | 0% | 0% | -16.81% | -0.46% | 2.37% | 11.03% | 8.55% | 12.87% | 11.51% | 11.80% | |
income before income taxes and equity losses of affiliates | -413,042,000 | -16,676,000 | -83,241,000 | 819,973,000 | 78,271,000 | 80,481,000 | 84,786,000 | 521,087,000 | ||||
income before equity losses of affiliates | -301,208,000 | -30,610,000 | -113,236,000 | 679,532,000 | 42,801,000 | 71,966,000 | 82,087,000 | 538,321,000 | ||||
earnings per share of class a common stock: | ||||||||||||
basic | -0.46 | 0.05 | -0.23 | 1.34 | 0.03 | -0.04 | 0.09 | 1.19 | ||||
diluted | -0.46 | 0.02 | -0.25 | 1.29 | 0.03 | -0.04 | 0.09 | 1.16 | ||||
insurance recoveries | -993,000 | |||||||||||
loss on extinguishment of debt | ||||||||||||
tax receivable agreements liability adjustment | -10,405,000 | 2,405,000 | -53,497,000 | |||||||||
benefit from income taxes | 8,515,000 | 2,699,000 | ||||||||||
less: net income attributable to endeavor operating company, llc prior to the reorganization transactions | ||||||||||||
(benefit from) benefit from income taxes | -17,234,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||
current assets: | |||||||||||
cash and cash equivalents | 1,201,490,000 | 1,004,129,000 | 697,656,000 | 778,643,000 | 1,166,526,000 | 1,337,665,000 | 1,616,493,000 | 718,658,000 | 970,782,000 | 1,824,012,000 | 2,030,255,000 |
restricted cash | 348,729,000 | 325,147,000 | 403,309,000 | 322,377,000 | 278,456,000 | 310,667,000 | 327,907,000 | 267,605,000 | 294,203,000 | 324,899,000 | 259,334,000 |
accounts receivable | 880,988,000 | 1,029,559,000 | 1,008,782,000 | 1,087,852,000 | 939,790,000 | 1,083,125,000 | 982,191,000 | 991,618,000 | 893,369,000 | 826,715,000 | 760,518,000 |
deferred costs | 231,494,000 | 250,051,000 | 646,465,000 | 656,122,000 | 627,170,000 | 512,164,000 | 277,577,000 | 283,326,000 | 247,864,000 | 222,067,000 | 165,545,000 |
assets held for sale | 880,904,000 | 7,500,000 | 5,984,000 | 5,984,000 | 27,301,000 | 19,690,000 | |||||
other current assets | 306,665,000 | 515,068,000 | 438,999,000 | 558,023,000 | 452,605,000 | 436,016,000 | 397,983,000 | 271,018,000 | 253,620,000 | 243,646,000 | 200,541,000 |
current assets of discontinued operations | 175,535,000 | 220,883,000 | 209,531,000 | ||||||||
total current assets | 4,025,805,000 | 3,344,837,000 | 3,404,742,000 | 3,403,017,000 | 3,464,547,000 | 3,687,137,000 | 3,608,135,000 | 2,538,209,000 | 2,687,139,000 | 3,461,029,000 | 3,416,193,000 |
property, buildings and equipment | 786,257,000 | 944,907,000 | |||||||||
operating lease right-of-use assets | 385,420,000 | 405,237,000 | 416,645,000 | 435,818,000 | 320,395,000 | 330,429,000 | 329,384,000 | 337,422,000 | 324,340,000 | 357,406,000 | 361,512,000 |
intangible assets | 4,008,543,000 | 4,558,531,000 | 4,615,399,000 | 5,099,843,000 | 5,212,365,000 | 5,342,618,000 | 2,167,746,000 | 2,190,078,000 | 2,199,670,000 | 1,915,898,000 | 1,601,477,000 |
goodwill | 9,159,410,000 | 9,519,126,000 | 9,516,086,000 | 10,081,052,000 | 10,151,839,000 | 10,119,121,000 | 5,090,554,000 | 5,302,070,000 | 5,237,971,000 | 4,540,660,000 | 4,530,728,000 |
investments | 400,984,000 | 404,693,000 | 397,084,000 | 404,210,000 | 397,971,000 | 386,994,000 | 344,013,000 | 348,548,000 | 407,435,000 | 483,590,000 | 492,721,000 |
deferred income taxes | 660,833,000 | 448,992,000 | 446,484,000 | 433,081,000 | 430,765,000 | 569,065,000 | 809,873,000 | 804,981,000 | |||
other assets | 759,140,000 | 737,894,000 | 630,541,000 | 705,515,000 | 621,984,000 | 574,938,000 | 494,730,000 | 386,793,000 | 416,469,000 | 347,755,000 | 326,721,000 |
long-term assets of discontinued operations | 379,170,000 | 515,991,000 | 872,655,000 | ||||||||
total assets | 20,565,562,000 | 20,777,924,000 | 21,161,100,000 | 21,512,743,000 | 21,544,773,000 | 21,901,625,000 | 13,316,587,000 | 12,619,690,000 | 11,915,915,000 | 11,736,618,000 | 11,359,387,000 |
liabilities, redeemable interests and shareholders' equity | |||||||||||
current liabilities: | |||||||||||
accounts payable | 491,949,000 | 541,431,000 | 531,300,000 | 608,855,000 | 587,608,000 | 590,078,000 | 673,690,000 | 615,232,000 | 540,142,000 | 600,026,000 | 527,406,000 |
accrued liabilities | 883,407,000 | 1,132,911,000 | 977,928,000 | 835,996,000 | 710,725,000 | 707,219,000 | 501,968,000 | 531,381,000 | 580,001,000 | 490,577,000 | 460,428,000 |
current portion of long-term debt | 2,248,029,000 | 2,323,825,000 | 2,329,585,000 | 54,753,000 | 58,894,000 | 63,013,000 | 98,981,000 | 88,686,000 | 89,039,000 | 87,113,000 | 82,649,000 |
current portion of operating lease liabilities | 65,842,000 | 67,705,000 | 65,618,000 | 68,275,000 | 76,229,000 | 73,293,000 | 70,317,000 | 68,673,000 | 59,355,000 | 58,989,000 | 59,910,000 |
deferred revenue | 534,624,000 | 509,754,000 | 860,165,000 | 798,192,000 | 807,568,000 | 751,313,000 | 582,093,000 | 730,034,000 | 609,715,000 | 564,267,000 | 496,577,000 |
deposits received on behalf of clients | 285,232,000 | 311,880,000 | 391,135,000 | 308,601,000 | 262,436,000 | 293,304,000 | 309,262,000 | 247,776,000 | 279,402,000 | 312,336,000 | 242,411,000 |
current portion of tax receivable agreement liability | 130,499,000 | 124,015,000 | 122,189,000 | 120,527,000 | 156,155,000 | 156,514,000 | 154,893,000 | 154,893,000 | |||
liabilities held for sale | 100,309,000 | 4,866,000 | 4,985,000 | ||||||||
other current liabilities | 67,594,000 | 51,223,000 | 64,603,000 | 132,595,000 | 137,330,000 | 288,084,000 | 242,151,000 | 106,359,000 | 186,289,000 | 150,417,000 | 129,413,000 |
current liabilities of discontinued operations | 189,906,000 | 208,384,000 | 166,857,000 | ||||||||
total current liabilities | 4,997,391,000 | 5,271,128,000 | 5,509,380,000 | 2,927,794,000 | 2,796,945,000 | 2,922,818,000 | 2,633,355,000 | 2,543,034,000 | 2,348,809,000 | 2,268,710,000 | 1,998,794,000 |
long-term debt | 3,430,102,000 | 2,904,272,000 | 2,743,045,000 | 4,955,400,000 | 4,969,417,000 | 4,983,404,000 | 5,011,424,000 | 5,062,508,000 | 5,338,364,000 | 5,596,660,000 | 5,621,429,000 |
long-term operating lease liabilities | 359,447,000 | 378,953,000 | 391,979,000 | 409,894,000 | 287,574,000 | 301,101,000 | 304,752,000 | 314,556,000 | 308,828,000 | 345,762,000 | 351,695,000 |
long-term tax receivable agreement liability | 751,002,000 | 744,948,000 | 743,332,000 | 718,643,000 | 834,298,000 | 871,922,000 | 838,555,000 | 842,935,000 | |||
deferred tax liabilities | 371,865,000 | 448,618,000 | 445,375,000 | 526,505,000 | 528,049,000 | 561,250,000 | |||||
other long-term liabilities | 474,010,000 | 439,364,000 | 394,178,000 | 560,895,000 | 405,979,000 | 391,407,000 | 431,303,000 | 459,693,000 | 496,378,000 | 400,137,000 | 421,011,000 |
long-term liabilities of discontinued operations | 94,887,000 | 101,711,000 | 101,043,000 | ||||||||
total liabilities | 10,478,704,000 | 10,288,994,000 | 10,328,332,000 | 10,099,131,000 | 9,822,262,000 | 10,031,902,000 | 9,219,389,000 | 9,222,726,000 | 8,492,379,000 | 8,611,269,000 | 8,392,929,000 |
commitments and contingencies | |||||||||||
redeemable non-controlling interests | 232,882,000 | 226,731,000 | 229,736,000 | 229,287,000 | 215,458,000 | 223,514,000 | 231,340,000 | 254,239,000 | 254,699,000 | 48,630,000 | 242,534,000 |
shareholders' equity: | |||||||||||
class a common stock, 0.00001 par value... | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 2,000 | 2,000 | 2,000 | 2,000 |
class b common stock, 0.00001 par value... | |||||||||||
class c common stock, 0.00001 par value... | |||||||||||
class x common stock, 0.00001 par value... | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
class y common stock, 0.00001 par value... | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
additional paid-in capital | 5,035,750,000 | 5,000,001,000 | 4,956,534,000 | 4,955,083,000 | 4,901,922,000 | 4,849,404,000 | 2,309,320,000 | 2,248,015,000 | 2,061,760,000 | 1,962,051,000 | 1,696,851,000 |
accumulated deficit | -973,094,000 | -788,454,000 | -505,359,000 | -272,473,000 | -117,065,000 | -52,235,000 | -208,188,000 | -10,039,000 | |||
accumulated other comprehensive loss | -48,508,000 | -25,502,000 | -20,543,000 | -157,000 | -34,100,000 | -14,997,000 | -61,223,000 | -61,265,000 | -49,428,000 | ||
total endeavor group holdings, inc. shareholders' equity | 4,014,154,000 | 4,224,836,000 | 4,425,679,000 | 4,662,073,000 | 4,784,706,000 | 4,763,075,000 | 2,504,348,000 | 2,024,835,000 | 1,990,503,000 | 1,900,791,000 | 1,670,349,000 |
nonredeemable non-controlling interests | 5,839,822,000 | 6,037,363,000 | 6,177,353,000 | 6,522,252,000 | 6,722,347,000 | 6,883,134,000 | 1,361,510,000 | 1,117,890,000 | 1,178,334,000 | 1,175,928,000 | 1,053,575,000 |
total shareholders' equity | 9,853,976,000 | 10,262,199,000 | 10,603,032,000 | 11,184,325,000 | 11,507,053,000 | 11,646,209,000 | 3,865,858,000 | 3,142,725,000 | 3,168,837,000 | 3,076,719,000 | 2,723,924,000 |
total liabilities, redeemable interests and shareholders' equity | 20,565,562,000 | 20,777,924,000 | 21,161,100,000 | 21,512,743,000 | 21,544,773,000 | 21,901,625,000 | 13,316,587,000 | 12,619,690,000 | 11,915,915,000 | 11,736,618,000 | 11,359,387,000 |
property and equipment | 842,623,000 | 861,464,000 | 950,207,000 | 891,323,000 | 472,152,000 | 711,589,000 | 642,891,000 | 630,280,000 | 630,035,000 | ||
accumulated other comprehensive income | 13,283,000 | 36,000 | |||||||||
retained earnings | 194,986,000 | 22,921,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||
net income from continuing operations | -241,448,000 | -186,312,000 | |||||
adjustments to reconcile net income to net cash from operating activities of continuing operations: | |||||||
depreciation and amortization | 122,496,000 | 135,524,000 | 124,683,000 | 156,349,000 | 63,571,000 | 65,612,000 | 65,994,000 |
amortization and write-off of original issue discount and deferred financing cost | 4,529,000 | 4,508,000 | 4,368,000 | 4,361,000 | 6,784,000 | 5,103,000 | 5,099,000 |
paid in kind interest | |||||||
amortization of content costs | 26,138,000 | 10,262,000 | 12,716,000 | 12,127,000 | 4,848,000 | 3,839,000 | 9,848,000 |
impairment charges | 64,196,000 | ||||||
net loss on sale/disposal and impairment of assets | 18,506,000 | -4,974,000 | 106,147,000 | 14,477,000 | |||
loss on held for sale and business divestitures | |||||||
equity-based compensation expense | 52,127,000 | 50,831,000 | 50,045,000 | 61,683,000 | 48,388,000 | 60,607,000 | 50,856,000 |
change in fair value of contingent liabilities | 252,000 | -655,000 | 0 | 111,000 | 27,000 | 1,426,000 | 790,000 |
change in fair value of equity investments with and without readily determinable fair value | -3,676,000 | 32,000 | 792,000 | -158,000 | -291,000 | -11,691,000 | -1,851,000 |
change in fair value of financial instruments | 3,001,000 | -6,355,000 | -19,665,000 | -16,510,000 | 7,159,000 | 6,719,000 | 6,915,000 |
equity losses from affiliates | |||||||
net provision for allowance for doubtful accounts | 6,088,000 | -13,227,000 | -2,983,000 | 1,722,000 | |||
net loss on foreign currency transactions | 1,463,000 | 737,000 | |||||
distributions from affiliates | 3,516,000 | 4,040,000 | 2,022,000 | 2,099,000 | 1,619,000 | 1,577,000 | 2,009,000 |
tax receivable agreement liability adjustment | 10,131,000 | 16,000 | 0 | 2,444,000 | |||
income taxes | -3,021,000 | 95,836,000 | -111,776,000 | -118,144,000 | 2,158,000 | -5,395,000 | -25,787,000 |
other | -473,000 | -274,000 | 502,000 | -498,000 | -1,043,000 | 616,000 | -442,000 |
changes in operating assets and liabilities - net of acquisitions and divestitures: | |||||||
decrease in receivables | |||||||
decrease in other current assets | 10,453,000 | -4,864,000 | |||||
increase in other assets | -59,978,000 | -118,065,000 | -14,502,000 | -99,281,000 | 42,459,000 | -44,755,000 | -37,183,000 |
decrease in deferred costs | 10,064,000 | -22,620,000 | -61,694,000 | 87,278,000 | |||
increase in deferred revenue | 38,309,000 | -372,108,000 | 68,881,000 | -1,923,000 | |||
increase in accounts payable and accrued liabilities | -250,950,000 | 173,805,000 | 223,685,000 | 155,904,000 | 54,434,000 | ||
decrease in tax receivable agreement liability | 0 | 0 | 0 | -93,637,000 | |||
increase in other liabilities | -30,778,000 | -44,730,000 | -52,950,000 | 214,241,000 | |||
net cash from operating activities from continuing operations | -58,643,000 | 185,634,000 | |||||
cash flows from investing activities: | |||||||
acquisitions, net of cash acquired | -1,003,413,000 | -366,937,000 | -64,168,000 | ||||
purchases of property and equipment | -44,887,000 | -54,381,000 | -28,838,000 | -62,801,000 | -38,961,000 | -33,956,000 | -21,840,000 |
proceeds from infrastructure improvement incentives | 0 | ||||||
proceeds from business divestitures, net of cash sold | 0 | ||||||
proceeds from sale of assets | 32,170,000 | 5,330,000 | 352,000 | 11,013,000 | 3,033,000 | 305,000 | 110,000 |
investments in affiliates | -2,652,000 | -17,592,000 | -8,653,000 | -21,601,000 | -5,516,000 | -22,506,000 | -18,708,000 |
net cash from investing activities from continuing operations | -11,986,000 | -54,514,000 | |||||
cash flows from financing activities: | |||||||
proceeds from borrowings | 3,237,563,000 | 221,500,000 | -4,000 | 3,000,000 | 7,037,000 | ||
payments on borrowings | -274,130,000 | -28,359,000 | -21,528,000 | ||||
payments under tax receivable agreement | 0 | 0 | 0 | -62,518,000 | |||
contributions | 0 | ||||||
distributions | -110,000 | -5,731,000 | -20,902,000 | -14,550,000 | -330,000 | -25,602,000 | -351,000 |
repurchase of class a common stock, including payment of equity forward contract | |||||||
dividends | -28,011,000 | -26,326,000 | -27,141,000 | -27,094,000 | |||
taxes paid related to net settlement upon vesting of equity awards | 0 | ||||||
redemption payments related to pre-ipo units | -698,000 | 0 | -7,067,000 | ||||
exercise of stock options | |||||||
acquisition of non-controlling interests | -125,478,000 | 1,000 | -316,341,000 | -500,000 | 0 | 87,887,000 | 4,600,000 |
payments of contingent and deferred consideration related to acquisitions | -63,000 | -94,000 | -15,660,000 | -1,567,000 | |||
net cash from financing activities from continuing operations | 284,615,000 | 118,066,000 | |||||
discontinued operations: | |||||||
net cash from operating activities | 40,977,000 | -15,186,000 | 60,608,000 | -136,267,000 | 192,123,000 | 271,144,000 | -58,098,000 |
capital expenditures | -44,887,000 | -54,381,000 | -28,838,000 | -62,801,000 | -38,961,000 | -33,956,000 | -21,840,000 |
free cash flows | -3,910,000 | -69,567,000 | 31,770,000 | -199,068,000 | 153,162,000 | 237,188,000 | -79,938,000 |
net cash from investing activities | -17,590,000 | -12,983,000 | 48,829,000 | -72,247,000 | -784,203,000 | -421,585,000 | 544,739,000 |
net cash from financing activities | -1,671,000 | 0 | 117,834,000 | -131,544,000 | -275,367,000 | 26,339,000 | -19,143,000 |
net cash flows from discontinued operations | 21,716,000 | -28,169,000 | |||||
change in cash, cash equivalents and restricted cash balances held for sale | -2,791,000 | 7,000 | 28,736,000 | ||||
effect of exchange rate changes on cash, cash equivalents and restricted cash | -14,759,000 | 7,294,000 | -651,000 | -3,904,000 | -13,688,000 | -16,583,000 | 319,000 |
increase in cash, cash equivalents and restricted cash | 220,943,000 | 228,311,000 | -883,926,000 | -140,678,000 | 496,553,000 | ||
cash, cash equivalents and restricted cash at beginning of year | 0 | 0 | 0 | 1,444,982,000 | 0 | 0 | 1,793,036,000 |
cash, cash equivalents and restricted cash at end of year | |||||||
gain on business divestiture | 0 | -478,641,000 | |||||
equity losses of affiliates | 5,219,000 | 2,833,000 | 2,263,000 | 84,504,000 | 39,867,000 | 20,655,000 | |
net gain on foreign currency transactions | 9,275,000 | 8,487,000 | |||||
increase in receivables | 5,637,000 | -45,684,000 | -153,932,000 | -57,110,000 | -85,271,000 | -157,050,000 | |
payments on borrowings and finance leases | -72,057,000 | -246,092,000 | -25,313,000 | ||||
cash, cash equivalents and restricted cash at end of period | 228,311,000 | -55,000 | 1,101,020,000 | -883,926,000 | -140,678,000 | 2,289,589,000 | |
increase in other current assets | |||||||
increase in deferred costs | -12,674,000 | -36,563,000 | |||||
net income | -303,471,000 | -12,538,000 | 42,220,000 | 517,666,000 | |||
adjustments to reconcile net income to net cash from operating activities: | |||||||
changes in operating assets and liabilities - net of acquisition and divestiture: | |||||||
proceeds from business divestiture, net of cash sold | 0 | 649,706,000 | |||||
decrease in cash, cash equivalents and restricted cash | -343,962,000 | ||||||
loss on extinguishment of debt | |||||||
net gain on sale/disposal and impairment of assets | |||||||
gain on business divestitures | |||||||
net from cash from investing activities | |||||||
proceeds from equity offering, net of underwriting discounts and offering expenses | |||||||
(gain) loss on sale/disposal and impairment of assets | |||||||
net benefit from allowance for doubtful accounts | 4,653,000 | 2,392,000 | 5,128,000 | ||||
net (gain) loss on foreign currency transactions | |||||||
(increase)/decrease in deferred costs | |||||||
decrease in deferred revenue | |||||||
cash and cash equivalents | |||||||
accounts receivable | |||||||
deferred costs | |||||||
other current assets | |||||||
property and equipment | |||||||
right of use assets | |||||||
other assets | |||||||
intangible assets: | |||||||
customer relationships | |||||||
owned events | |||||||
goodwill | |||||||
accounts payable and accrued expenses | |||||||
other current liabilities | |||||||
operating lease liability | |||||||
deferred revenue | |||||||
other liabilities | |||||||
net assets acquired | |||||||
gain on business divestitures and sale/disposal/impairment of assets | |||||||
net income on foreign currency transactions | |||||||
tax receivable agreements liability adjustment | 10,405,000 | -2,405,000 | 53,497,000 | ||||
(decrease)/increase in deferred revenue | 51,855,000 | 58,146,000 | -153,627,000 | ||||
payments of contingent consideration related to acquisitions | 0 | -9,947,000 | -1,697,000 | ||||
gain on sale/disposal and impairment of assets | 1,225,000 | 1,108,000 | |||||
changes in operating assets and liabilities - net of acquisitions and divestiture: | |||||||
(increase)/decrease in other current assets | -102,491,000 | -4,960,000 | |||||
increase/(decrease) in other liabilities | 155,357,000 | 58,660,000 | |||||
decrease in accounts payable and accrued liabilities | -92,547,000 | ||||||
gain on business acquisition and deconsolidation | |||||||
net benefit for allowance for doubtful accounts | |||||||
changes in operating assets and liabilities - net of acquisitions: | |||||||
(increase)/decrease in receivables | |||||||
increase/(decrease) in deferred revenue | |||||||
increase/(decrease) in accounts payable and accrued liabilities | |||||||
payments under equity buyback | |||||||
redemption of units | |||||||
less: discontinued operations net cash from operating activities | |||||||
less: cash, cash equivalents and restricted cash classified within assets held for sale |