Endeavor trims quarterly, full year net loss
UFC parent will close acquisition of OpenBet later this year.
Endeavor Group Holdings, a global sports and entertainment company, on Thursday released its financial results for the quarter and year ending December 31, 2021.
In the fourth quarter of 2021, Endeavor had $1.5 billion in revenue, up 56.7% from $960,940 in Q4 of 2020.
Adjusted EBITDA for the quarter was $229.5m, an improvement of 30% from $176.2m in the same period one year earlier.
The company cut its net loss for the quarter to $16.7m from $56.4m.
For full year 2021, revenue soared 45.9% to $5.1bn, from $3.4bn in 2020.
According to the company, whose holdings include events and media company IMG and mixed martial arts organization UFC, a return to a full schedule of sports events benefitted its media and sports betting businesses, while attendance at events increased significantly across the company’s global events and experiences portfolio as Covid-19 restrictions were lifted.
Officials noted annual revenue exceeded guidance.
Adjusted EBITDA in 2021 hit $880.3m, up 50% from $583.5m for the previous year.
Endeavor’s net loss was $467.5m, an improvement from $625.3m in 2020.
Ariel Emanuel, Endeavor’s CEO, listed several highlights for the company in 2021, including UFC delivering what he said was its best financial year in its 28-year history. He noted representation revenue in 2021 was up double-digits compared to the last non-Covid-19 impacted year (2019), despite touring events still operating at reduced levels during 2021.
The company announced the sale of an 80% stake of Endeavor Content’s scripted business in a deal that valued the entire studio at nearly $1bn on a post-money basis.
Endeavor announced its intent to acquire sports betting platform OpenBet in Q3 2021. The deal is expected to close in Q3 2022.
On Thursday, the company released its initial 2022 guidance, with revenue expected to be in a range of $5.2bn to $5.45bn, and adjusted EBITDA expected to be between $1.07bn and $1.12bn.
“In our first year as a public company, we saw significant outperformance across our portfolio as the world began to emerge from the pandemic, with increased attendance at live events and continued heightened demand for premium content,” Emanuel said in a statement. “Given the unique position we occupy in the content landscape, we remain confident about our ability to continue leveraging trends, unlocking growth, and delivering long-term value.”
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