Endeavor Group Holdings, Inc. (NYSE:EDR) Q3 2023 Earnings Conference Call November 8, 2023 8:00 AM ET Company Participants James Marsh - IR Ari Emanuel - CEO Jason Lublin - CFO Mark Shapiro - President and COO Conference Call Participants David Karnovsky - J.P. Morgan Stephen Laszczyk - Goldman Sachs Stephen Glagola - TD Cowen David Joyce - Seaport Global Operator Hello and welcome to the Endeavor's Third Quarter 2023 Results Call. My name is Lauren, and I will be coordinating your call today. There will be ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40373 ENDEAVOR GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdict ...

Endeavor Group Holdings, Inc. (NYSE:EDR) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET Company Participants James Marsh - IR Ari Emanuel - CEO Jason Lublin - CFO Mark Shapiro - President and COO Conference Call Participants John Hodulik - UBS Ben Swinburne - Morgan Stanley Bryan Kraft - Deutsche Bank Stephen Laszczyk - Goldman Sachs Jessica Reif Ehrlich - Bank of America Securities David Joyce - Seaport Global Tom Champion - Piper Sandler Operator Good afternoon. Thank you for attending the End ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40373 ENDEAVOR GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...

Financial Data and Key Metrics Changes - The company generated $1.597 billion in consolidated revenue for Q1 2023, an increase of $123.1 million or 8.4% compared to the prior year [26] - Adjusted EBITDA for the quarter was $306.4 million, down $8.1 million or 2.6% from the prior year [26] - Free cash flow was $42 million, up $122 million over the prior year [26] Business Line Data and Key Metrics Changes - Owned Sports Properties segment revenue was $353.3 million, up $56.6 million or 19%, with adjusted EBITDA of $185.7 million, up 25% [26][30] - Events, Experiences & Rights segment reported revenue of $800.8 million, up $19.9 million or 2.5%, with adjusted EBITDA down 14.3% [28] - Representation segment revenue was $350.2 million, a decrease of $7.1 million or 2%, with adjusted EBITDA down 17% [29] - Sports Data & Technology segment revenue was $100.9 million, an increase of 124%, with adjusted EBITDA down 31% [30] Market Data and Key Metrics Changes - UFC events saw record-breaking attendance, with UFC 284 in Perth being the highest grossing event in Australia and UFC 285 in Las Vegas being the highest grossing Pay-Per-View event in the past 12 months [27] - PBR had its best start to the year in its 30-year history, with 24 sold-out performances and 31 event revenue records [20][27] Company Strategy and Development Direction - The company aims to integrate UFC and WWE under a new publicly listed company, TKO, to create a global live sports and entertainment entity [18] - The company is focused on capital allocation to fuel growth and leverage its portfolio effectively [18] - Plans to redeploy capital include paying down debt, stock buybacks, and initiating a quarterly dividend [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the theatrical business and the demand for premium content [9][22] - The company is monitoring the impact of the writers' strike on its Representation segment, with potential effects depending on the duration of the strike [22][45] - The company remains well-positioned to capitalize on resilient trends in premium content and live events [22] Other Important Information - The company sold IMG Academy for $1.25 billion and Endeavor Content for $1 billion, highlighting the value of its portfolio [11][18] - The company expects net leverage to decrease significantly by year-end following the IMG Academy sale and the anticipated close of the UFC-WWE transaction [30] Q&A Session All Questions and Answers Question: Can you discuss the rationale behind the dividend and buyback at this stage? - Management indicated that the sale of IMG Academy provides greater financial flexibility and an opportunity to return capital to shareholders while still pursuing growth [44] Question: What is the current status of the writers' strike and its potential impact? - Management stated that the duration of the strike is uncertain, and its impact will depend on various factors, including ongoing negotiations [45] Question: Can you elaborate on the opportunity to bundle UFC and WWE content? - Management is currently focused on integration and cost management rather than bundling content at this stage [47] Question: What is the optimal debt leverage for the company going forward? - Management aims to maintain a leverage ratio below 4x, with expectations to be in the mid-2s post-TKO transaction [50] Question: How is the operating free cash flow trending? - Management noted that Q1 free cash flow was $42 million, indicating a positive trend despite being seasonally light [52]

Part I – FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited Q1 2023 financials, including key statements and notes on major strategic transactions [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets reached $12.62 billion, with goodwill and long-term debt as major balance sheet components Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$12,619,690** | **$12,503,842** | | Cash and cash equivalents | $718,658 | $767,828 | | Goodwill | $5,302,070 | $5,284,697 | | Intangible assets, net | $2,190,078 | $2,205,583 | | **Total Liabilities** | **$9,222,726** | **$9,197,270** | | Long-term debt | $5,062,508 | $5,080,237 | | Tax receivable agreement liability | $997,828 | $1,011,721 | | **Total Shareholders' Equity** | **$3,142,725** | **$3,053,493** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 revenue grew to $1.60 billion, but net income fell sharply due to a prior-year one-time gain Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **Revenue** | **$1,596,837** | **$1,473,763** | | Operating Income | $136,591 | $173,915 | | **Net Income** | **$36,255** | **$517,666** | | Net Income attributable to EGH | $8,031 | $319,546 | | **Diluted EPS** | **$0.03** | **$1.16** | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated $96.7 million in cash, a reversal from the prior year's use of cash Consolidated Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $96,722 | $(58,098) | | Net cash (used in) provided by investing activities | $(74,120) | $544,739 | | Net cash used in financing activities | $(89,862) | $(19,143) | | (Decrease) increase in cash | $(59,730) | $496,553 | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Discloses a new segment, the UFC-WWE combination, the IMG Academy sale, and ongoing antitrust litigation - Effective January 1, 2023, the company created a fourth reportable segment, **Sports Data & Technology**, which includes IMG ARENA and the recently acquired OpenBet business[107](index=107&type=chunk) - In April 2023, the company entered into an agreement to **combine its UFC business with WWE** to form a new publicly traded company, with Endeavor holding a 51% controlling interest[117](index=117&type=chunk) - In April 2023, the company signed an agreement to **sell IMG Academy for estimated cash proceeds of approximately $1.1 billion**, with the closing expected in Q3 2023[119](index=119&type=chunk) - Zuffa (UFC) is defending against **five related class-action lawsuits alleging antitrust violations**, with a new case filed in June 2021[112](index=112&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes Q1 2023 results, highlighting 8.4% revenue growth to $1.6 billion and segment performance Q1 2023 Revenue by Segment (in thousands) | Segment | Q1 2023 Revenue | Q1 2022 Revenue | % Change | | :--- | :--- | :--- | :--- | | Owned Sports Properties | $353,289 | $296,689 | 19.1% | | Events, Experiences & Rights | $800,786 | $780,935 | 2.5% | | Representation | $350,240 | $357,321 | (2.0%) | | Sports Data & Technology | $100,859 | $45,043 | 123.9% | | **Total Revenue** | **$1,596,837** | **$1,473,763** | **8.4%** | - **Consolidated Adjusted EBITDA for Q1 2023 was $306.4 million**, compared to $314.4 million in Q1 2022[189](index=189&type=chunk) - The company announced a new event-driven **share repurchase authorization of up to $300 million** and anticipates initiating quarterly cash dividends of up to $25 million[219](index=219&type=chunk) [Results of Operations](index=28&type=section&id=RESULTS%20OF%20OPERATIONS) Revenue grew 8.4%, but net income fell due to a prior-year asset sale and rising SG&A and interest costs - The decrease in net income was primarily driven by a **$463.6 million gain on the sale of the restricted Endeavor Content business in Q1 2022**, which was not repeated in 2023[155](index=155&type=chunk) - **Selling, general and administrative (SG&A) expenses increased by $129.0 million (23.9%)**, driven by higher personnel costs and recent acquisitions[149](index=149&type=chunk) - **Net interest expense increased by $25.8 million (43.6%)** to $85.1 million, primarily due to higher interest rates on variable-rate debt[152](index=152&type=chunk) [Segment Results of Operations](index=30&type=section&id=SEGMENT%20RESULTS%20OF%20OPERATIONS) Owned Sports Properties led growth, while other segments saw mixed results in revenue and Adjusted EBITDA Adjusted EBITDA by Segment (in thousands) | Segment | Q1 2023 Adj. EBITDA | Q1 2022 Adj. EBITDA | % Change | | :--- | :--- | :--- | :--- | | Owned Sports Properties | $185,671 | $148,741 | 24.8% | | Events, Experiences & Rights | $107,991 | $126,001 | (14.3%) | | Representation | $84,206 | $101,705 | (17.2%) | | Sports Data & Technology | $4,472 | $6,482 | (31.0%) | | Corporate | $(75,948) | $(68,480) | (10.9%) | [Liquidity and Capital Resources](index=34&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company holds $5.1 billion in debt and plans to use future liquidity for growth, debt service, and capital returns - As of March 31, 2023, the company had an aggregate of **$5.1 billion in outstanding indebtedness** under its senior credit facilities[195](index=195&type=chunk) - The company has a **Tax Receivable Agreement (TRA) liability of $997.8 million** as of March 31, 2023, related to tax benefits from its IPO and subsequent transactions[223](index=223&type=chunk) - Future sources of liquidity include cash on hand, cash from operations, available borrowings, and **expected proceeds from the sale of the IMG Academy business**[217](index=217&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include interest rates, foreign currency, and credit, with quantified potential impacts - A **1% increase in effective interest rates** on the unhedged portion of its long-term debt would increase annual interest expense by approximately **$28 million**[227](index=227&type=chunk) - A **10% appreciation of the U.S. dollar** against the foreign currencies used by operations in Q1 2023 would have decreased revenues by approximately **$31.7 million**[230](index=230&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023 - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** at the reasonable assurance level as of March 31, 2023[235](index=235&type=chunk) - **No material changes in internal control over financial reporting** occurred during the quarter[236](index=236&type=chunk) Part II – OTHER INFORMATION [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) Details various legal proceedings, with significant antitrust litigation against Zuffa (UFC) noted - The company is involved in various legal proceedings, with detailed descriptions provided in **Note 16 of the financial statements**[237](index=237&type=chunk) - Key legal proceedings mentioned in Note 16 include **five related class-action antitrust lawsuits** filed against Zuffa (UFC) by former fighters[112](index=112&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) Highlights new risks related to the proposed UFC-WWE combination and new capital return policies - The pendency of the proposed transaction to **combine UFC and WWE could cause business disruptions**, affecting relationships with customers, clients, partners, and employees[239](index=239&type=chunk) - There is a risk that the **WWE transaction may not be completed**, which could lead to significant unrecoverable costs and negative market reactions[241](index=241&type=chunk)[243](index=243&type=chunk) - The new **$300 million stock repurchase authorization is event-driven and not guaranteed**, and the planned quarterly dividend is also discretionary[244](index=244&type=chunk)[245](index=245&type=chunk) [Exhibits](index=40&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the report, including the WWE transaction agreement and officer certifications - Key exhibits filed include the **Transaction Agreement with WWE**, amendments to credit facilities, and Sarbanes-Oxley Act certifications by the CEO and CFO[246](index=246&type=chunk)

Endeavor Group Holdings, Inc. (NYSE:EDR) Q4 2022 Results Conference Call February 28, 2023 5:00 PM ET Company Participants James Marsh - Investor Relations Ari Emanuel - Chief Executive Officer Jason Lublin - Chief Financial Officer Conference Call Participants Ben Swinburne - Morgan Stanley Jessica Ehrlich - Bank of America John Hodulik - UBS Kutgun Maral - RBC Capital Markets Tom Champion - Piper Sandler Stephen Laszczyk - Goldman Sachs David Karnovsky - JPMorgan Jason Bazinet - Citi Operator Good afterno ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40373 ENDEAVOR GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 83-3340169 (State or othe ...

Financial Data and Key Metrics Changes - For Q3 2022, the company generated $1.221 billion in consolidated revenue, down $170 million or 12% compared to the previous year, primarily due to the sale of the restricted Endeavor content business [18] - Net loss for the quarter was $12.5 million, compared to net income of $63.6 million a year ago, influenced by $85 million of losses from affiliates [18] - Adjusted EBITDA for the quarter was $303.1 million, up $19.8 million or 7% [19] - Free cash flow was $153.2 million, representing a 50.5% conversion of adjusted EBITDA to free cash flow [19] Business Segment Data and Key Metrics Changes - Owned Sports Properties segment generated revenue of $402.3 million, up $113.8 million or 39%, with adjusted EBITDA of $195.7 million, up 45% [20] - Events, Experiences & Rights segment recorded revenue of $440.6 million, down $5.7 million or roughly 1%, with adjusted EBITDA of $49.7 million, down nearly 42% [22] - Representation segment revenue was $388.3 million, a decrease of $276.4 million or nearly 42%, but would have been up 17% excluding the restricted Endeavor Content business [26] Market Data and Key Metrics Changes - The demand for premium sports and entertainment content remains strong, with tech companies like Amazon and Alphabet competing for sports rights [7] - The UFC achieved 26 consecutive sellouts since resuming events post-COVID, indicating strong consumer demand for live events [12] - The company noted record attendance at various events, including the NFL International games and the Super Bowl 57 sales pacing well [13] Company Strategy and Industry Competition - The company is positioned as a premium content supplier, benefiting from the competition among tech and media companies for sports and entertainment content [7] - The acquisition of OpenBet is expected to enhance the company's offerings in the sports betting space, creating synergies with IMG Arena [25] - The company remains confident in its long-term growth strategy despite macroeconomic challenges, focusing on resilient industry trends [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macro headwinds and capitalize on long-term growth opportunities [15] - The company anticipates a tightening of revenue guidance for 2022, projecting revenue between $5.235 billion and $5.325 billion, representing a year-over-year growth of 21% [28] - Management highlighted the ongoing demand for live events and experiences, with strong performance across various segments [49] Other Important Information - The company ended the quarter with $5.5 billion in debt and $970.8 million in cash, with plans to pay down an additional $250 million of debt [27] - The company expects free cash flow conversion of approximately 40% for the full year 2022 and around 50% for 2023 [27] Q&A Session Summary Question: Impact of weakening ad market on sports rights spending - Management noted that premium content remains in high demand, and traditional companies are still investing in sports rights despite market challenges [32] Question: Integration plans for OpenBet and IMG Arena - Management indicated that both businesses are profitable and expect to achieve meaningful revenue synergies from their integration [35] Question: Capital allocation strategy in a higher cost of capital environment - Management emphasized a focus on debt repayment and maximizing shareholder value through various means, including potential M&A opportunities [39][40] Question: Engagement and pay-per-view revenue for UFC on ESPN - Management explained that pay-per-view revenue can fluctuate based on matchups, but overall engagement remains strong with record-breaking sellouts [45] Question: FX exposure and its impact on revenue - Management clarified that while FX exposure is a headwind, it has limited impact on the bottom line due to offsetting costs [36][50] Question: Portfolio optimization following the sale of Miss Universe - Management stated that they continuously evaluate their portfolio for optimization opportunities, including potential asset sales [59]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40373 ENDEAVOR GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 83-3340169 (Stat ...