Financial Data and Key Metrics Changes - For Q4 2023, the company generated $1.58 billion in consolidated revenue, an increase of $322.3 million or 26% compared to Q4 2022 [30] - Adjusted EBITDA for Q4 was $292.8 million, up $53.2 million or 22% [30] - For the full year, revenue reached $5.96 billion, up $692 million or 13%, while adjusted EBITDA was $1.216 billion, an increase of $52 million or 5% [30][32] - The net loss for Q4 was $29.3 million, a significant improvement from a net loss of $225.7 million a year ago [31] - Full year net income was $557.5 million, compared to $321.7 million in the previous year [32] Business Line Data and Key Metrics Changes - The Owned Sports Properties segment generated $642.8 million in revenue for Q4, up $341.3 million or 113%, with adjusted EBITDA of $224.7 million, an increase of 58% [33] - Events, Experiences & Rights segment recorded revenue of $414.5 million in Q4, down 8%, with adjusted EBITDA of $13.7 million, down 55% [35] - Representation segment revenue was $427.4 million in Q4, up 5%, but adjusted EBITDA decreased by 17% [37] - Sports Data and Technology segment revenue for Q4 was $113.6 million, up 5%, with adjusted EBITDA down 5% [39] Market Data and Key Metrics Changes - The PBR segment drew 1.25 million fans in 2023, selling out nearly 40 events and setting over 50 revenue records [7] - The company secured significant media rights fee increases domestically and internationally, with TKO's deals delivering an increase of more than 1.4x in average annual value [14] - The sports betting market in the U.S. saw a 44% year-over-year revenue growth in 2023, with 37 states and D.C. having legal sports betting [47] Company Strategy and Development Direction - The company is focused on leveraging the Endeavor flywheel to create synergies and unlock growth, particularly through the integration of TKO [4][42] - Strategic tuck-in acquisitions have been made to strengthen representation capabilities in various sectors [4] - The company is reviewing strategic alternatives to maximize shareholder value [5][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's strong start to 2024, highlighting award wins and successful events [28] - The company anticipates continued growth driven by live events, partnerships, and licensing agreements [42] - There is a focus on optimizing products and services in the competitive sports data and technology market [46] Other Important Information - The company sold IMG Academy for an enterprise value of $1.25 billion [11] - The Miami Open and Madrid Open achieved record attendance in 2023, with 386,000 and 325,000 fans respectively [18][19] - The company has expanded its presence in the art fair sector through acquisitions [17] Q&A Session Summary Question: What are the expectations for the integration of TKO? - Management expects continued progress in integrating TKO, leveraging synergies to unlock value [42] Question: How is the company addressing the impact of strikes in the representation segment? - The company is focused on recovery in the TV and film industry post-strikes, with growth anticipated in sports and music divisions [45]

Endeavor Group (EDR) reported $1.58 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 25.6%. EPS of $0.16 for the same period compares to -$0.24 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.55 billion, representing a surprise of +2.40%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.16.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Str ...

PART I [Business](index=8&type=section&id=Item%201.%20Business) Endeavor is a global sports and entertainment company with four segments, recently forming TKO Group Holdings from UFC and WWE - The company operates across four segments: Owned Sports Properties, Events, Experiences & Rights, Representation, and Sports Data & Technology[29](index=29&type=chunk) - In September 2023, Endeavor combined its UFC business with WWE to form a new publicly listed company, TKO Group Holdings, Inc., in which Endeavor holds a **51%** controlling interest[28](index=28&type=chunk)[264](index=264&type=chunk) - The company's business model is built around the 'Endeavor flywheel,' which connects its various divisions to maximize value for clients and properties through network effects[26](index=26&type=chunk)[31](index=31&type=chunk) - The company's growth strategies include leveraging the Endeavor flywheel for organic growth, expanding its experiential offerings, investing in high-growth adjacent segments, and pursuing strategic mergers and acquisitions[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) Key Owned Sports Properties & Fan Engagement (as of Dec 31, 2023) | Property | Fan Base | Social Media Followers | Global Reach | | :--- | :--- | :--- | :--- | | **UFC** | >700 million | ~260 million | Broadcasts to >900 million households in >170 countries | | **WWE** | >700 million | >360 million | Programming available in >1 billion households in ~160 countries | [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from strategic alternative uncertainty, consumer taste sensitivity, WWE/UFC integration, substantial debt, and concentrated control - The company's formal review of strategic alternatives, announced in October 2023, creates uncertainty that could adversely affect the business and stock price, though the company will not consider selling its interest in TKO[73](index=73&type=chunk) - Business success is highly sensitive to changing consumer preferences, and the company has committed approximately **$3.0 billion** in guaranteed payments for media, events, and other rights, regardless of their ultimate popularity[74](index=74&type=chunk)[75](index=75&type=chunk) - The company faces risks related to the integration of WWE and UFC into TKO, including potential difficulties, higher-than-expected costs, and the possibility that anticipated benefits and synergies may not be fully realized[166](index=166&type=chunk)[167](index=167&type=chunk) - As of December 31, 2023, the company had an aggregate of **$5.0 billion** in outstanding indebtedness under its Senior Credit Facilities, which could require a substantial portion of cash flow for debt service and limit financial flexibility[182](index=182&type=chunk) - Control is concentrated with Messrs. Emanuel and Whitesell, Executive Holdcos, and the Silver Lake Equityholders, who collectively hold approximately **91.5%** of the combined voting power as of December 31, 2023, which may lead to conflicts of interest with holders of Class A common stock[174](index=174&type=chunk) - Zuffa (UFC) is a defendant in multiple class-action antitrust lawsuits filed by former fighters alleging monopsonization of the market for elite MMA athletes' services, with one case certified as a class action and a trial date of April 15, 2024[150](index=150&type=chunk)[797](index=797&type=chunk) [Unresolved Staff Comments](index=43&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[231](index=231&type=chunk) [Cybersecurity](index=43&type=section&id=Item%201C.%20Cybersecurity) Endeavor's cybersecurity program aligns with NIST CSF, overseen by the Audit Committee, and has identified no material incidents - The company's cybersecurity approach is aligned with the National Institute of Standards and Cybersecurity Framework (NIST CSF)[232](index=232&type=chunk) - The Audit Committee has oversight of cybersecurity risk and receives quarterly reports from management[239](index=239&type=chunk)[240](index=240&type=chunk) - The cybersecurity program includes risk assessments, a written incident response plan, use of external service providers for testing, and regular employee awareness training and phishing simulations[236](index=236&type=chunk) - To date, the company has not identified any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect its business, operations, or financial condition[238](index=238&type=chunk) [Properties](index=45&type=section&id=Item%202.%20Properties) Endeavor owns corporate offices in Las Vegas and leases other significant facilities in Beverly Hills, New York, London, and Stamford Significant Corporate Facilities | Location | Character | Segments Utilizing Facility | | :--- | :--- | :--- | | Beverly Hills, CA | Corporate offices (Leased) | Representation; Corporate | | New York, NY | Corporate offices (Leased) | Events, Experiences & Rights; Representation; Owned Sports Properties; Corporate | | Las Vegas, NV | Corporate offices and studios (Owned) | Owned Sports Properties; Events, Experiences & Rights | | London, England | Corporate offices and studios (Leased) | Events, Experiences & Rights; Representation; Owned Sports Properties; Sports Data & Technology; Corporate | | Stamford, CT | Corporate offices and studios (Leased) | Owned Sports Properties | [Legal Proceedings](index=45&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, detailed in Note 20 of the consolidated financial statements - The company refers to Note 20, "Commitments and Contingencies," for a detailed description of its legal proceedings[246](index=246&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business - Not applicable[247](index=247&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=45&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Endeavor's Class A common stock trades on the NYSE, with the company completing a **$300 million** share repurchase and initiating quarterly dividends - The company's Class A common stock is listed on the NYSE under the symbol "EDR"[249](index=249&type=chunk) - In 2023, the company completed a **$300 million** repurchase authorization, including a **$200 million** accelerated share repurchase agreement and a **$93.6 million** redemption of EOC common units[252](index=252&type=chunk)[253](index=253&type=chunk) - The company declared and paid quarterly cash dividends in September and December 2023[199](index=199&type=chunk)[405](index=405&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For FY2023, Endeavor's revenue increased to **$5.96 billion**, net income rose to **$557.5 million** due to the IMG Academy sale, and Adjusted EBITDA reached **$1.22 billion**, with **$5.0 billion** in total debt Consolidated Financial Highlights (2023 vs. 2022) | Metric | 2023 (in millions) | 2022 (in millions) | Change (in millions) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $5,960.2 | $5,268.1 | +$692.1 | +13.1% | | **Operating Income** | $319.6 | $577.0 | -$257.4 | -44.6% | | **Net Income** | $557.5 | $321.7 | +$235.8 | +73.3% | | **Adjusted EBITDA** | $1,215.7 | $1,163.5 | +$52.2 | +4.5% | - The increase in 2023 revenue was primarily driven by the acquisition of WWE (contributing **$383 million**), growth at UFC, and the full-year impact of the OpenBet acquisition[288](index=288&type=chunk) - The significant increase in Net Income for 2023 was largely due to a **$737.0 million** gain from the sale of the IMG Academy business[305](index=305&type=chunk)[308](index=308&type=chunk) - The Representation segment's performance was adversely impacted by the WGA and SAG-AFTRA writers' and actors' strikes in 2023[276](index=276&type=chunk)[339](index=339&type=chunk) - As of December 31, 2023, the company had **$5.0 billion** in outstanding debt under its Senior Credit Facilities and a Tax Receivable Agreement (TRA) liability of **$990.5 million**[377](index=377&type=chunk)[411](index=411&type=chunk) Segment Results of Operations 2023 Revenue and Adjusted EBITDA by Segment | Segment | Revenue (in millions) | % of Total | Adjusted EBITDA (in millions) | Margin (%) | | :--- | :--- | :--- | :--- | :--- | | **Owned Sports Properties** | $1,815.9 | 30.5% | $827.0 | 45.5% | | **Events, Experiences & Rights** | $2,173.4 | 36.5% | $228.1 | 10.5% | | **Representation** | $1,544.4 | 25.9% | $391.1 | 25.3% | | **Sports Data & Technology** | $469.8 | 7.9% | $62.7 | 13.3% | | **Corporate** | N/A | N/A | $(293.3) | N/A | - **Owned Sports Properties:** Revenue grew **36.3%** YoY, primarily due to the WWE acquisition which contributed **$383 million**, with UFC revenue also increasing from higher media rights, more live events, and increased sponsorship[320](index=320&type=chunk) - **Events, Experiences & Rights:** Revenue decreased by **0.9%** YoY, mainly due to the sale of the IMG Academy business in June 2023, partially offset by growth from tennis events and new media production contracts[330](index=330&type=chunk) - **Representation:** Revenue increased **2.1%** YoY, driven by nonscripted content production, marketing, and licensing, though growth was tempered by the negative impact of the Hollywood writers' and actors' strikes[339](index=339&type=chunk) - **Sports Data & Technology:** Revenue saw significant growth of **80.3%** YoY, primarily driven by the full-year contribution from the OpenBet acquisition (completed in September 2022) and growth at IMG ARENA[348](index=348&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=71&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate and foreign currency fluctuations, using derivatives for hedging - **Interest Rate Risk:** A **1%** increase in effective interest rates on the company's floating-rate debt would increase annual interest expense by **$27 million**, holding debt levels constant as of December 31, 2023[459](index=459&type=chunk) - **Foreign Currency Risk:** A hypothetical **10%** appreciation of the U.S. dollar against foreign currencies would have decreased 2023 revenues by approximately **$124.7 million** but improved operating income by approximately **$5.8 million**[461](index=461&type=chunk) - The company utilizes interest rate swaps to fix rates on **$2.25 billion** of its Senior Credit Facilities and uses foreign currency forward contracts to hedge exposures[459](index=459&type=chunk)[462](index=462&type=chunk) [Financial Statements and Supplementary Data](index=71&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates audited consolidated financial statements, with the auditor's report highlighting WWE acquisition and revenue recognition as critical audit matters - The full consolidated financial statements and related notes are included starting on page F-1 of the Annual Report[464](index=464&type=chunk) - The Report of Independent Registered Public Accounting Firm identifies two critical audit matters: the accounting for the WWE acquisition, specifically the consolidation conclusion, and the revenue recognition for certain significant multi-year customer arrangements[524](index=524&type=chunk)[528](index=528&type=chunk)[532](index=532&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=71&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[465](index=465&type=chunk) [Controls and Procedures](index=71&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2023, excluding the recently acquired WWE business - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[466](index=466&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2023, based on the COSO framework[469](index=469&type=chunk) - The assessment of internal control over financial reporting excluded the internal controls of WWE, which was acquired in September 2023, with WWE's financial results representing approximately **6%** of total revenue for the year[470](index=470&type=chunk)[476](index=476&type=chunk) [Other Information](index=73&type=section&id=Item%209B.%20Other%20Information) The company amended President and COO Mark Shapiro's employment agreement, extending his term and providing a **$10 million** retention bonus, while other executives also received retention bonuses - The employment term for President and COO Mark Shapiro was extended to May 3, 2025, and he received a **$10 million** cash retention bonus while waiving eligibility for his 2023 and 2024 annual equity awards[483](index=483&type=chunk) - CFO Jason Lublin and CAO Seth Krauss received one-time cash retention bonuses of **$4.05 million** and **$1.35 million**, respectively, and waived their eligibility for 2023 annual equity awards[484](index=484&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=74&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance will be incorporated by reference from the forthcoming 2024 Proxy Statement - Information regarding directors, executive officers, and corporate governance is incorporated by reference from the forthcoming 2024 Proxy Statement[490](index=490&type=chunk) [Executive Compensation](index=74&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation will be incorporated by reference from the forthcoming 2024 Proxy Statement - Information regarding executive compensation is incorporated by reference from the forthcoming 2024 Proxy Statement[491](index=491&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=74&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership will be incorporated by reference from the forthcoming 2024 Proxy Statement - Information regarding security ownership is incorporated by reference from the forthcoming 2024 Proxy Statement[492](index=492&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=74&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related party transactions and director independence will be incorporated by reference from the forthcoming 2024 Proxy Statement - Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the forthcoming 2024 Proxy Statement[493](index=493&type=chunk) [Principal Accountant Fees and Services](index=74&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services will be incorporated by reference from the forthcoming 2024 Proxy Statement - Information regarding principal accountant fees and services is incorporated by reference from the forthcoming 2024 Proxy Statement[494](index=494&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=74&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the documents filed as part of the Annual Report, including financial statements and a comprehensive list of exhibits - This section contains a list of all financial statements and exhibits filed with the Form 10-K[496](index=496&type=chunk)[497](index=497&type=chunk) [Form 10-K Summary](index=83&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that there is no Form 10-K summary provided - None[508](index=508&type=chunk)

Exhibit 99.1 Endeavor Releases Fourth Quarter and Full Year 2023 Results Beverly Hills, CA (February 28, 2024) – 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 and fiscal year ended December 31, 2023. 2023 Highlights Full Year 2023 Consolidated Financial Results Q4 2023 Consolidated Financial Results "2023 was a transformational year for Endeavor as we strengthened our positions ...

Analysts on Wall Street project that Endeavor Group (EDR) will announce quarterly earnings of $0.18 per share in its forthcoming report, representing an increase of 175% year over year. Revenues are projected to reach $1.53 billion, increasing 21.3% from the same quarter last year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Prior to a company's ear ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

STAMFORD, Conn.--(BUSINESS WIRE)--WWE, part of TKO Group Holdings, Inc. (NYSE: TKO), and Netflix (NASDAQ: NFLX) today announced a long-term partnership that will bring WWE’s flagship weekly program – Raw – to the world’s leading entertainment service. This marks a major programming shift as Raw leaves linear television for the first time since its inception 31 years ago. Beginning in January 2025, Netflix will be the exclusive new home of Raw in the U.S., Canada, U.K. and Latin America, among other territo ...

NEW YORK--(BUSINESS WIRE)--TKO Group Holdings, Inc. (NYSE: TKO) (“TKO”), a premium sports and entertainment company, has appointed Dwayne Johnson to its Board of Directors, effective today. Johnson, one of the most decorated WWE Superstars in company history and the most followed American man globally on social media platforms, brings decades of experience in live entertainment and sports to the Board. Through his expansive business portfolio, which includes Seven Bucks Productions, Teremana Tequila, ZOA E ...

Endeavor Group (EDR) shares ended the last trading session 6.6% higher at $24.57. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.7% loss over the past four weeks.Silver Lake Management is reportedly planning to sell parts of EDR after it takes the company private. Silver Lake holds a 71% voting stake in Endeavor. The company is progressing with its plans announced in October, in which it said it was evaluating s ...

People clinking glasses with sparkling wine indoors , closeupgettyI was at the State Fair with one of my best friends from Elementary School. We were 2,000 miles from our old school stompin’ grounds. And my buddy had been, ahem, a bit overserved.“It feels like the first time!” he belted alongside Lou Gramm, the former lead singer of Foreigner. No longer kids, we had matured. Now we were slamming beers within sud-splashing distance of the Lou Gramm Band.We’ll channel Lou and Foreigner today as we consider fi ...