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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

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

9601 Wilshire Boulevard, 3rd Floor

Beverly Hills, CA 90210

(Address of principal executive offices) (Zip Code)

 

(310) 285-9000

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.00001 per share

EDR

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of November 8, 2022, there were 289,423,865 shares of the registrant’s Class A common stock outstanding, 183,110,405 shares of the registrant’s Class X common stock outstanding and 229,875,648 shares of the registrant’s Class Y common stock outstanding.

 

 

 


Table of Contents

TABLE OF CONTENTS

 

Part I – FINANCIAL INFORMATION

 

Item 1. Financial Statements (unaudited)

3

Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

3

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021

4

Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2022 and 2021

5

Consolidated Statements of Redeemable Interests and Shareholders’/Members' Equity for the Three and Nine Months Ended September 30, 2022 and 2021

8

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

11

Notes to Consolidated Financial Statements

12

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3. Quantitative and Qualitative Disclosures About Market Risk

44

Item 4. Controls and Procedures

45

Part II – OTHER INFORMATION

 

Item 1. Legal Proceedings

45

Item 1A. Risk Factors

45

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 5. Other Information

45

Item 6. Exhibits

46

 

 


 

FORWARD LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the "Quarterly Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of present and historical facts contained in this Quarterly Report, including without limitation, statements regarding our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, future events or expected performance, are forward-looking statements.

Without limiting the foregoing, you can generally identify forward-looking statements by the use of forward-looking terminology, including the terms "aim," "anticipate," "believe," "could," "mission," "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "target," "predict," "potential," "contemplate," or, in each case, their negative, or other variations or comparable terminology and expressions. The forward-looking statements in this Quarterly Report are only predictions and are based on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to:

changes in public and consumer tastes and preferences and industry trends;
impacts from changes in discretionary and corporate spending on entertainment and sports events due to factors beyond our control, such as adverse economic conditions, on our operations;
the impact of the global pandemic related to COVID-19 and its variants on our business, financial condition, liquidity and results of operations;
our ability to adapt to or manage new content distribution platforms or changes in consumer behavior resulting from new technologies;
our reliance on our professional reputation and brand name;
our dependence on the relationships of our management, agents, and other key personnel with clients across many content categories;
our ability to identify, recruit, and retain qualified and experienced agents and managers;
our ability to identify, sign, and retain clients;
our ability to avoid or manage conflicts of interest arising from our client and business relationships;
the loss or diminished performance of members of our executive management and other key employees;
our dependence on key relationships with television and cable networks, satellite providers, digital streaming partners, corporate sponsors, and other distribution partners;
our ability to effectively manage the integration of and recognize economic benefits from businesses acquired, our operations at our current size, and any future growth;
the conduct of our operations through joint ventures and other investments with third parties;
immigration restrictions and related factors;
failure in technology, including at live events, or security breaches of our information systems;
the unauthorized disclosure of sensitive or confidential client or customer information;
our substantial indebtedness;
our ability to protect our trademarks and other intellectual property rights, including our brand image and reputation, and the possibility that others may allege that we infringe upon their intellectual property rights;
the risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to both domestic and international markets;
fluctuations in foreign currency exchange rates;
litigation and other proceedings to the extent uninsured or underinsured;
our ability to comply with the U.S. and foreign governmental regulations to which we are subject;
our compliance with certain franchise and licensing requirements of unions and guilds and dependence on unionized labor;
risk related to our gaming business and applicable regulatory requirements;
our control by Messrs. Emanuel and Whitesell, the Executive Holdcos, and the Silver Lake Equityholders;
risk related to our organization and structure;

1


 

risks related to tax matters;
risks related to our Class A common stock; and
other important factors that could cause actual results, performance or achievements to differ materially from those described in Part I, Item 1A. "Risk Factors" and Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 ("2021 Annual Report"), as updated by Part II, Item 1A. "Risk Factors" of this Quarterly Report, and Part I, Item 2. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report and in our subsequent filings with the Securities and Exchange Commission.

These risks could cause actual results to differ materially from those implied by forward-looking statements in this Quarterly Report. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Even if our results of operations, financial condition and liquidity and the development of the industry in which we operate are consistent with the forward-looking statements contained in this Quarterly Report, those results or developments may not be indicative of results or developments in subsequent periods.

You should read this Quarterly Report and the documents that we reference herein completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we have no obligation to update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

DEFINITIONS

As used in this Quarterly Report, unless we state otherwise or the context otherwise requires:

"we," "us," "our," "Endeavor," the "Company," and similar references refer (a) after giving effect to the reorganization transactions, to Endeavor Group Holdings and its consolidated subsidiaries, and (b) prior to giving effect to the reorganization transactions, to Endeavor Operating Company and its consolidated subsidiaries.
"Endeavor Full Catch-Up Profits Units" refer to the Endeavor Profits Units that are designated as "catchup" units. Endeavor Full Catch-Up Profits Units have a per unit hurdle price and are entitled to receive a preference on distributions once the hurdle price applicable to such unit has been met. Upon our achievement of a price per share that would have fully satisfied such preference on distributions, the Endeavor Full Catch-Up Profits Units were converted into Endeavor Operating Company Units.
"Endeavor Group Holdings" refers to Endeavor Group Holdings, Inc. ("EGH").
"Endeavor Manager" refers to Endeavor Manager, LLC, a Delaware limited liability company and a direct subsidiary of Endeavor Group Holdings following the reorganization transactions.
"Endeavor Manager Units" refers to the common interest units in Endeavor Manager.
"Endeavor Operating Company" refers to Endeavor Operating Company, LLC, a Delaware limited liability company and a direct subsidiary of Endeavor Manager’s and indirect subsidiary of ours following the reorganization transactions ("EOC").
"Endeavor Operating Company Units" refers to all of the existing equity interests in Endeavor Operating Company (other than the Endeavor Profits Units) that were reclassified into Endeavor Operating Company’s non-voting common interest units upon the consummation of the reorganization transactions.
"Endeavor Profits Units" refers to the profits units of Endeavor Operating Company and that are economically similar to stock options (other than with respect to Endeavor Full Catch-up Profits Units which, upon our achievement of a price per share that would have fully satisfied their preference on distributions, were converted into Endeavor Operating Company Units). Each Endeavor Profits Unit (other than Endeavor Full Catch-Up Profits Units) has a per unit hurdle price, which is economically similar to the exercise price of a stock option.
"Executive Holdcos" refers to Endeavor Executive Holdco, LLC, Endeavor Executive PIU Holdco, LLC, and Endeavor Executive II Holdco, LLC, each a management holding company, the equity owners of which include current and former senior officers, employees, or other service providers of Endeavor Operating Company, and which are controlled by Messrs. Emanuel and Whitesell.
"Other UFC Holders" refers to the other persons that held equity interests in UFC Parent prior to the IPO and certain of their affiliates.
"reorganization transactions" refers to the internal reorganization completed in connection with our May 2021 initial public offering, following which Endeavor Group Holdings manages and operates the business and control the strategic decisions and day-to-day operations of Endeavor Operating Company through Endeavor Manager and includes the operations of Endeavor Operating Company in its consolidated financial statements.
"Silver Lake Equityholders" refers to certain affiliates of Silver Lake that are our stockholders.
"UFC LLC Agreement" refers to the limited liability company agreement which governs the management of UFC Parent and the rights of UFC's Parent's equityholders.
"UFC Parent" refers to Zuffa Parent LLC, which owns and operations the Ultimate Fighting Championship ("UFC"), the professional mixed martial arts ("MMA") organization.

2


 

Item 1. Financial Statements (Unaudited)

PART I – FINANCIAL INFORMATION

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

970,782

 

 

$

1,560,995

 

Restricted cash

 

 

294,203

 

 

 

232,041

 

Accounts receivable (net of allowance for doubtful accounts of $65,695 and $57,102, respectively)

 

 

893,369

 

 

 

615,010

 

Deferred costs

 

 

247,864

 

 

 

255,371

 

Assets held for sale

 

 

27,301

 

 

 

885,633

 

Other current assets

 

 

253,620

 

 

 

204,697

 

      Total current assets

 

 

2,687,139

 

 

 

3,753,747

 

Property and equipment, net

 

 

642,891

 

 

 

629,807

 

Operating lease right-of-use assets

 

 

324,340

 

 

 

373,652

 

Intangible assets, net

 

 

2,199,670

 

 

 

1,611,684

 

Goodwill

 

 

5,237,971

 

 

 

4,506,554

 

Investments

 

 

407,435

 

 

 

298,212

 

Other assets

 

 

416,469

 

 

 

260,861

 

Total assets

 

$

11,915,915

 

 

$

11,434,517

 

LIABILITIES, REDEEMABLE INTERESTS AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

540,142

 

 

$

558,863

 

Accrued liabilities

 

 

580,001

 

 

 

524,061

 

Current portion of long-term debt

 

 

89,039

 

 

 

82,022

 

Current portion of operating lease liabilities

 

 

59,355

 

 

 

59,743

 

Deferred revenue

 

 

609,715

 

 

 

651,760

 

Deposits received on behalf of clients

 

 

279,402

 

 

 

216,632

 

Liabilities held for sale

 

 

4,866

 

 

 

507,303

 

Other current liabilities

 

 

186,289

 

 

 

105,053

 

Total current liabilities

 

 

2,348,809

 

 

 

2,705,437

 

Long-term debt

 

 

5,338,364

 

 

 

5,631,714

 

Long-term operating lease liabilities

 

 

308,828

 

 

 

363,568

 

Other long-term liabilities

 

 

496,378

 

 

 

402,472

 

    Total liabilities

 

 

8,492,379

 

 

 

9,103,191

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

Redeemable non-controlling interests

 

 

254,699

 

 

 

209,863

 

Shareholders' Equity:

 

 

 

 

 

 

Class A common stock, $0.00001 par value; 5,000,000,000 shares authorized;
  
289,330,904 and 265,553,327 shares issued and outstanding as of September 30, 2022
  and December 31, 2021, respectively

 

 

2

 

 

 

2

 

Class B common stock, $0.00001 par value; 5,000,000,000 shares authorized;
  
none issued and outstanding as of September 30, 2022 and December 31, 2021

 

 

 

 

 

 

Class C common stock, $0.00001 par value; 5,000,000,000 shares authorized;
  
none issued and outstanding as of September 30, 2022 and December 31, 2021

 

 

 

 

 

 

Class X common stock, $0.00001 par value; 4,987,036,068 and 5,000,000,000 shares authorized;
  
183,173,428 and 186,222,061 shares issued and outstanding as of September 30, 2022
  and December 31, 2021, respectively

 

 

1

 

 

 

1

 

Class Y common stock, $0.00001 par value; 997,261,325 and 1,000,000,000 shares authorized;
  
229,875,648 and 238,154,296 shares issued and outstanding as of September 30, 2022
  and December 31, 2021, respectively

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

2,061,760

 

 

 

1,624,201

 

Accumulated deficit

 

 

(10,039

)

 

 

(296,625

)

Accumulated other comprehensive loss

 

 

(61,223

)

 

 

(80,535

)

Total Endeavor Group Holdings, Inc. shareholders' equity

 

 

1,990,503

 

 

 

1,247,046

 

Nonredeemable non-controlling interests

 

 

1,178,334

 

 

 

874,417

 

Total shareholders' equity

 

 

3,168,837

 

 

 

2,121,463

 

Total liabilities, redeemable interests and shareholders' equity

 

$

11,915,915

 

 

$

11,434,517

 

See accompanying notes to consolidated financial statements

3


 

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

1,221,416

 

 

$

1,391,303

 

 

$

4,007,694

 

 

$

3,572,157

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating costs

 

 

398,518

 

 

 

673,215

 

 

 

1,601,544

 

 

 

1,790,562

 

Selling, general and administrative expenses

 

 

601,469

 

 

 

520,626

 

 

 

1,729,174

 

 

 

1,686,840

 

Insurance recoveries

 

 

 

 

 

(12,233

)

 

 

(993

)

 

 

(42,100

)

Depreciation and amortization

 

 

63,571

 

 

 

71,661

 

 

 

195,177

 

 

 

208,058

 

Impairment charges

 

 

689

 

 

 

754

 

 

 

689

 

 

 

4,524

 

Total operating expenses

 

 

1,064,247

 

 

 

1,254,023

 

 

 

3,525,591

 

 

 

3,647,884

 

Operating income (loss)

 

 

157,169

 

 

 

137,280

 

 

 

482,103

 

 

 

(75,727

)

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(75,608

)

 

 

(55,783

)

 

 

(197,385

)

 

 

(207,970

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(28,628

)

Tax receivable agreements liability adjustment

 

 

(10,405

)

 

 

 

 

 

(61,497

)

 

 

 

Other income (expense), net

 

 

9,325

 

 

 

(7,719

)

 

 

463,133

 

 

 

(3,001

)

Income (loss) before income taxes and equity losses of affiliates

 

 

80,481

 

 

 

73,778

 

 

 

686,354

 

 

 

(315,326

)

Provision for (benefit from) income taxes

 

 

8,515

 

 

 

(7,718

)

 

 

(6,020

)

 

 

58,285

 

Income (loss) before equity losses of affiliates

 

 

71,966

 

 

 

81,496

 

 

 

692,374

 

 

 

(373,611

)

Equity losses of affiliates, net of tax

 

 

(84,504

)

 

 

(17,883

)

 

 

(145,026

)

 

 

(77,167

)

Net (loss) income

 

 

(12,538

)

 

 

63,613

 

 

 

547,348

 

 

 

(450,778

)

Less: Net (loss) income attributable to non-controlling interests

 

 

(2,499

)

 

 

21,128

 

 

 

212,035

 

 

 

(141,980

)

Less: Net loss attributable to Endeavor Operating Company, LLC prior to the reorganization transactions

 

 

 

 

 

 

 

 

 

 

 

(31,686

)

Net (loss) income attributable to Endeavor Group Holdings, Inc.

 

$

(10,039

)

 

$

42,485

 

 

$

335,313

 

 

$

(277,112

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per share of Class A common stock(1):

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.04

)

 

$

0.16

 

 

$

1.22

 

 

$

(1.07

)

Diluted

 

$

(0.04

)

 

$

0.16

 

 

$

1.19

 

 

$

(1.07

)

Weighted average number of shares used in computing (loss) earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

285,870,317

 

 

 

262,891,070

 

 

 

278,724,574

 

 

 

261,048,116

 

Diluted

 

 

289,806,633

 

 

 

435,922,511

 

 

 

450,758,061

 

 

 

261,048,116

 

(1) Basic and diluted income (loss) per share of Class A common stock presented for 2021 is applicable only for the period from May 1, 2021 through September 30, 2021, which is the period following the initial public offering ("IPO") and the related Reorganization Transactions (as defined in note 1 to the unaudited consolidated financial statements). See Note 12 for the calculation of the numbers of shares used in computation of net income (loss) per share of Class A common stock and the basis for computation of net income (loss) per share.

See accompanying notes to consolidated financial statements

4


 

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net (loss) income

 

$

(12,538

)

 

$

63,613

 

 

$

547,348

 

 

$

(450,778

)

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gains/losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on forward foreign exchange contracts

 

 

(1,023

)

 

 

(628

)

 

 

(1,036

)

 

 

(416

)

Reclassification of gains to net (loss) income for forward foreign exchange contracts

 

 

(38

)

 

 

(1,475

)

 

 

(824

)

 

 

(1,468

)

Unrealized gains (losses) on interest rate swaps

 

 

45,083

 

 

 

(41

)

 

 

107,308

 

 

 

13,233

 

Reclassification of losses to net (loss) income for interest rate swaps

 

 

5

 

 

 

7,677

 

 

 

14,497

 

 

 

22,613

 

Foreign currency translation adjustments

 

 

(42,890

)

 

 

(1,128

)

 

 

(82,716

)

 

 

(3,508

)

Reclassification of foreign currency translation gains to net income for business divestiture

 

 

 

 

 

 

 

 

(127

)

 

 

 

Total comprehensive (loss) income, net of tax

 

 

(11,401

)

 

 

68,018

 

 

 

584,450

 

 

 

(420,324

)

Less: Comprehensive (loss) income attributable to non-controlling interests

 

 

(2,084

)

 

 

22,814

 

 

 

226,299

 

 

 

(137,811

)

Less: Net loss attributable to Endeavor Operating Company, LLC prior to the reorganization transactions

 

 

 

 

 

 

 

 

 

 

 

(12,021

)

Comprehensive (loss) income attributable to Endeavor Group Holdings, Inc.

 

$

(9,317

)

 

$

45,204

 

 

$

358,151

 

 

$

(270,492

)

See accompanying notes to consolidated financial statements

5


 

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF REDEEMABLE INTERESTS AND SHAREHOLDERS’ EQUITY

(In thousands, except share data)

(Unaudited)

 

 

 

Three Months Ended September 30, 2022