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
- $1.751 billion in Q2 2024 revenue
- Growth across Owned Sports Properties driven by outperformance
of marquee live events including WrestleMania 40, UFC 300 and UFC
303, as well as growth in new and existing partnerships at
Professional Bull Riders (“PBR”)
- Strength within Representation segment driven by continued
recovery following WGA and SAG-AFTRA strikes and continued consumer
demand for music tours
Q2 2024 Consolidated Financial Results
- Revenue: $1.751 billion
- Net loss: $253.8 million
- Adjusted EBITDA: $380.7 million
“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
- Owned Sports Properties segment revenue was $894.1
million for the quarter, up $554.0 million, or 162.9%, compared to
the second quarter of 2023. The increase was primarily attributed
to the acquisition of WWE in September 2023, which contributed $457
million during the second quarter, and increases at UFC in live
event revenue and higher media rights fees from holding one
additional numbered event compared to the prior year period, as
well as higher site fees and partnerships. Segment results also
benefited from growth in new and existing partnerships at PBR and
increased revenue from PBR’s team series. The segment’s Adjusted
EBITDA was $422.8 million, up $243.6 million, or 135.9%,
year-over-year.
- Events, Experiences & Rights segment revenue was
$472.2 million for the quarter, down $118.9 million, or 20.1%,
compared to the second quarter of 2023. Segment revenue was
primarily impacted by a decrease of $91 million from the sale of
IMG Academy in June 2023, as well as by the timing of certain
events including the Miami Open. These were partially offset by
increases at the Madrid Open and growth from other events including
the addition of EXPO Chicago. The segment’s Adjusted EBITDA was
$(68.7) million for the quarter, down $145.3 million
year-over-year.
- Representation segment revenue was $411.4 million for
the quarter, up $30.3 million, or 7.9%, compared to the second
quarter of 2023. The increase in revenue is primarily attributed to
growth in WME’s talent and music divisions and at 160over90,
partially offset by decreases in WME’s fashion business. Adjusted
EBITDA was $107.4 million for the quarter, up $0.2 million, or
0.2%, year-over-year.
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)
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)
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
)
Consolidated Balance
Sheets
(Unaudited)
(In thousands, except share
data)
June 30,
December 31,
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, 2024and 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, 2024and 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, 2024and 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:
- they do not reflect every cash expenditure, future requirements
for capital expenditures, or contractual commitments;
- Adjusted EBITDA does not reflect the significant interest
expense or the cash requirements necessary to service interest or
principal payments on our debt;
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced or require improvements in the future, and Adjusted EBITDA
and Adjusted EBITDA margin do not reflect any cash requirement for
such replacements or improvements; and
- they are not adjusted for all non-cash income or expense items
that are reflected in our statements of cash flows.
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
%
______________
(1)
Equity-based compensation represents
primarily non-cash compensation expense associated with our
equity-based compensation plans.
The decrease for the three and six months
ended June 30, 2024 as compared to the three and six months ended
June 30, 2023 was primarily due to awards granted at the initial
public offering under the Endeavor Group Holdings, Inc.'s 2021
Incentive Award Plan becoming fully vested partially offset by
awards granted under the new TKO equity plan and the WWE plan
assumed in connection with the business combination of UFC and WWE.
Equity-based compensation was recognized in all segments and
Corporate for three and six months ended June 30, 2024 and
2023.
(2)
Includes (i) certain costs of professional
advisors related to mergers, acquisitions, dispositions or joint
ventures and (ii) fair value adjustments for contingent
consideration liabilities related to acquired businesses and
compensation expense for deferred consideration associated with
selling shareholders that are required to retain our employees.
Such costs for the three months ended June
30, 2024 primarily related to professional advisor costs, which
were approximately $30 million and includes approximately $10
million of costs related to our evaluation of strategic
alternatives, and related to our Representation and Owned Sports
Properties segments and Corporate. Fair value adjustments for
contingent consideration liabilities related to acquired businesses
and acquisition earn-out adjustments were approximately $3 million,
which primarily related to our Representation and Events,
Experiences & Rights segments.
Such costs for the three months ended June
30, 2023 primarily related to professional advisor costs, which
were approximately $14 million and primarily related to our Owned
Sports Properties segment. Fair value adjustments for contingent
consideration liabilities related to acquired businesses and
acquisition earn-out adjustments were approximately $2 million,
which primarily related to our Representation segment.
Such costs for the six months ended June
30, 2024 primarily related to professional advisor costs, which
were approximately $52 million and includes approximately $27
million of costs related to our evaluation of strategic
alternatives, and related to our Representation and Owned Sports
Properties segments and Corporate. Fair value adjustments for
contingent consideration liabilities related to acquired businesses
and acquisition earn-out adjustments were approximately $5 million,
which primarily related to our Representation and Events,
Experiences & Rights segments.
Such costs for the six months ended June
30, 2023 primarily related to professional advisor costs, which
were approximately $25 million and primarily related to our Owned
Sports Properties segment and Corporate. Fair value adjustments for
contingent consideration liabilities related to acquired businesses
and acquisition earn-out adjustments were approximately $5 million,
which primarily related to our Representation and Events,
Experiences & Rights segments.
(3)
Includes costs related to certain
litigation or regulatory matters in our Owned Sports Properties and
Events, Experiences & Rights segments and Corporate.
(4)
Relates to a legal settlement in our Owned
Sports Properties segment.
(5)
Includes certain costs related to our
restructuring activities and non-cash impairment charges.
Such costs for the three months ended June
30, 2024 primarily relate to an estimated loss of $24 million on
certain assets held for sale in our Owned Sports Properties segment
and restructuring expenses in all of our segments.
Such costs for the six months ended June
30, 2024 primarily relate to an estimated loss of $24 million on
certain assets held for sale in our Owned Sports Properties
segment, the restructuring expenses in all of our segments and the
impairment of an asset in our Events, Experiences & Rights
segment.
Such costs for the three and six months
ended June 30, 2023 primarily relates to a loss of approximately $9
million due to an other-than-temporary impairment for one of our
equity method investments, which related to our Events, Experiences
& Rights segment; and the restructuring expenses in our Events,
Experiences & Rights and Representation segments and
Corporate.
(6)
Includes the net change in fair value for
certain equity investments with and without readily determinable
fair values, based on observable price changes.
(7)
Relates to our share of losses for our
investment in Fifth Season.
(8)
Relates to the gain recorded for the sale
of the Academy business, net of transactions costs of $5.5 million,
which were contingent on the sale closing.
(9)
For the six months ended June 30, 2024 and
the three and six months ended June 30, 2023, the adjustment for
the tax receivable agreement liability related to a change in
estimates of future TRA payments. No adjustment was recorded for
the three months ended June 30, 2024.
(10)
For the three months ended June 30, 2024,
other was comprised primarily of losses of approximately $1 million
on foreign currency exchange transactions, which related to all of
our segments and Corporate, and a loss of approximately $1 million
related to change in the fair value of forward foreign exchange
contracts, which related to our Events, Experiences & Rights
segment and Corporate.
For the three months ended June 30, 2023,
other was comprised primarily of gains of approximately $5 million
on foreign currency exchange transactions, which related to all of
our segments and Corporate and a gain of approximately $3 million
related to change in the fair value of forward foreign exchange
contracts, which related to our Events, Experiences & Rights
segment and Corporate.
For the six months ended June 30, 2024,
other was comprised primarily of losses of approximately $6 million
on foreign currency exchange transactions, which related to all of
our segments and Corporate; and a gain of approximately $2 million
related to non-cash fair value adjustments of embedded foreign
currency derivatives, which related to our Events, Experiences
& Rights segment.
For the six months ended June 30, 2023,
other was comprised primarily of gains of approximately $15 million
on foreign currency exchange transactions, which related to all of
our segments and Corporate; a gain of approximately $6 million
related to the change in the fair value of forward foreign exchange
contracts, which related to our Events, Experiences & Rights
segment and Corporate; gains of approximately $6 million on the
sales of certain businesses, which relates to our Events,
Experiences & Rights segment; and a gain of approximately $5
million from the resolution of a contingency.
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