Endeavor(US:EDR)2025-02-27 13:16Financial Performance - Full year 2024 revenue reached $7.111 billion, with a net loss of $1.215 billion and adjusted EBITDA of $1.316 billion[5]. - Q4 2024 revenue was $1.568 billion, resulting in a net loss of $237.2 million and adjusted EBITDA of $277.1 million[5]. - Revenue for Q4 2024 reached $1,568.3 million, a 6.7% increase from $1,469.6 million in Q4 2023[25]. - Total revenue for the year 2024 was $7,111.0 million, up 29.5% from $5,490.8 million in 2023[25]. - Operating loss for Q4 2024 was $(51.8) million compared to $(14.6) million in Q4 2023, indicating a decline in profitability[25]. - Net loss attributable to Endeavor Group Holdings, Inc. was $(165.9) million in Q4 2024, compared to a profit of $14.5 million in Q4 2023[25]. - For the three months ended December 31, 2024, the net loss was $237.156 million, compared to a net loss of $29.337 million for the same period in 2023, representing a significant decline in performance[36]. - The net loss margin for the year ended December 31, 2024, was (17.1%), a decline from a net income margin of 10.2% in 2023[36]. Segment Performance - Owned Sports Properties segment revenue for Q4 was $670.4 million, up $27.7 million, or 4%, year-over-year, and $2.985 billion for the year, up $1.169 billion, or 64%[5]. - Representation segment revenue for Q4 was $501.6 million, up $74.2 million, or 17%, year-over-year, and $1.688 billion for the year, up $143.2 million, or 9%[6]. - Events, Experiences & Rights segment revenue for Q4 was $411.9 million, down $2.6 million, or 1%, year-over-year, and $2.529 billion for the year, up $355.4 million, or 16%[5]. - Adjusted EBITDA for Owned Sports Properties was $237.2 million in Q4 2024, up from $224.7 million in Q4 2023[25]. - Impairment charges in the Events, Experiences & Rights segment for the year ended December 31, 2024, amounted to approximately $76 million, compared to $47 million in 2023, reflecting a year-over-year increase of approximately 61.7%[41][42]. Cash and Debt - Cash and cash equivalents totaled $1.201 billion as of December 31, 2024, compared to $1.004 billion at September 30, 2024[8]. - Cash and cash equivalents increased to $1,201.5 million in 2024 from $1,166.5 million in 2023[27]. - Total debt increased to $5.678 billion as of December 31, 2024, up from $5.228 billion at September 30, 2024[8]. - Total current liabilities rose significantly to $4,997.4 million in 2024 from $2,796.9 million in 2023[27]. - Total assets decreased to $20,565.6 million in 2024 from $21,544.8 million in 2023[27]. Corporate Actions - Endeavor announced a definitive agreement to sell IMG, On Location, and PBR to TKO Group Holdings for $3.25 billion, expected to close in Q1 2025[10]. - The company is also reviewing the potential sale of certain events, including the Miami Open and Madrid Open[11]. - Endeavor entered into a definitive agreement to be acquired by Silver Lake, with stockholders set to receive $27.50 per share in cash[13]. Expenses and Charges - The company reported an impairment charge of $75.7 million in Q4 2024, compared to $46.7 million in Q4 2023[25]. - Equity-based compensation expense for the year ended December 31, 2024, was $214.686 million, down from $254.028 million in 2023, indicating a decrease of approximately 15.5%[36]. - Professional advisor costs related to mergers and acquisitions for the year ended December 31, 2024, totaled approximately $124 million, compared to $101 million in 2023, marking an increase of about 22.8%[39][40]. - The company incurred restructuring expenses of approximately $31 million for the year ended December 31, 2024, compared to $40 million in 2023, indicating a decrease of about 22.5%[41][42]. - Other costs for the year ended December 31, 2024, included losses of approximately $26 million related to asset impairments, while the previous year saw gains of approximately $18 million on foreign currency exchange transactions[44][46]. - The company recognized a legal settlement cost of $20 million related to antitrust matters in the Owned Sports Properties segment for the year ended December 31, 2023[45].