Endeavor Swings To The Black And 3Q Sales Jump As Business Rebounds From Covid Lows

c-title pmc-u-font-size-20 pmc-u-font-size-38@tablet pmc-u-font-size-46@desktop-xl u-text-align-center@mobile-max u-letter-spacing-0025 pmc-u-line-height-normal u-line-height-45@tablet pmc-u-padding-t-1 pmc-u-padding-t-050@mobile-max”>Endeavor Swings To The Black And 3Q Sales Jump As Business Rebounds From Covid Lows

By Jill Goldsmith

Jill Goldsmith

Co-Business Editor

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November 15, 2021 1:09pm

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Endeavor swung to a profit last quarter on sales up more than 60% to nearly $1.4 billion last quarter as business surged in the wake of Covid. The company, which went public in April, posted a net profit of $63.6 million from a $21.8 million loss the year before.

The stock was trading lower all session but bounced in late trading after the numbers, up 1.13%.

“We continue to capitalize on the elevated demand for premium content and live events coming out of the pandemic,” said CEO Ariel Emanuel. “Given our unique positioning within the sports and entertainment industry and our ability to leverage powerful secular content trends, we see no signs of this momentum waning through the end of the year.”

Of its three main business units, UFC-led owned sports properties saw revenue of $288 million– down $10.6 million on a one-time $25 million contract termination fee and more events being held this year than last, partly offset by strong growth across live events.

The events, experiences & rights segment sales rose by $62 million to $446 million on higher event and sports media production revenue related to the return of live events with audiences, as well as the addition of the recently acquired NCSA within our IMG Academy business. This was partially offset by a decrease in media rights revenues,

And representation saw revenue surge by $481 million to $664 million on favorable comps with last year when most television and film productions and touring events came to a halt due to Covid. Growth here was primarily attributable to a significant increase in Endeavor Content project deliveries (with that division currently on the bock) and agency client commissions.

Execs are holding a conference call at 4:30 pm ET to discuss the numbers, outlook.

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