Endeavor Q2 Earnings Powered by UFC and Representation Unit Growth08/16/2021
Strong demand for UFC bouts and double-digit revenue gains in its representation unit powered Endeavor Group Holdings’ second quarter earnings.
Endeavor on Monday reporting revenue for the quarter ended June 30 of $1.1 billlion, in line with analysts’ estimates for the company that went public in April. Adjusted earnings before interest, taxes depreciation and amortization came improved in all three of the company’s major reporting segments.
But Endeavor’s bottom line for the quarter includes a net loss of $319.6 million. The company’s rate of cash burn slowed significantly during the quarter. Endeavor reported having $869.8 million in cash on its books at quarter’s end, compared to $880.9 million as of March 30 and $1 billion last December.
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“Despite continued challenges brought on by the pandemic, our company once again demonstrated resilience, due in large part to our global portfolio of premium assets and the creativity of our employees and partners,” said Ariel Emanuel, CEO of Endeavor. “As you look at the secular trends defining our industries – marked by the growing demand for content, the increased value of the talent and brands behind that content, and the desire of people to come together around live events and experiences – Endeavor remains firmly and uniquely positioned for a strong second half of 2021.”
More to come
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