Endeavor Swings to Q1 Profit on Endeavor Content Sale, Big Gains for Events and Representation

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Endeavor swung wide to a profit in Q1, fueled by the sale of Endeavor Content and big year-over-year gains for its events and talent representation units. Endeavor posted net income of $517 million…

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swung wide to a profit in Q1, fueled by the sale of Endeavor Content and big year-over-year gains for its events and talent representation units.

Endeavor posted net income of $517 million on revenue of $1.47 billion. The black ink was driven by a $463.6 million one-time gain stemming from the sale last year of the Endeavor Content division, which was acquired by South Korea’s CJ ENM for $775 million. Excluding the Endeavor Content gain, Endeavor’s adjusted earnings before interest, taxes, depreciation and amortization came in it about $129.2 million.

The company raised its full-year 2022 revenue guidance slighty, predicting it will come in between $5.235 billion and $5.47 billion, up from the $5.2 billion to $5.45 billion forecast from last quarter, and adjusted EBITDA guidance of $1.1 billion to $1.15 billion. Endeavor had operational momentum in its Events, Experiences and Rights division as well as the Representation segment, which was powered by a strong performance from WME. Endeavor’s Owned Sports Properties unit saw smaller gains, in part because of the timing of pay-per-view events in the quarter for UFC compared to the same frame last year.

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