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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 March 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 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 May 9, 2022, there were 284,019,250 shares of the registrant’s Class A common stock outstanding, 185,433,757 shares of the registrant’s Class X common stock outstanding and 235,299,672 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 March 31, 2022 and December 31, 2021

3

Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021

4

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021

5

Consolidated Statements of Redeemable Interests and Shareholders’/Members' Equity for the Three Months Ended March 31, 2022 and 2021

7

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021

8

Notes to Consolidated Financial Statements

9

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

24

Item 3. Quantitative and Qualitative Disclosures About Market Risk

35

Item 4. Controls and Procedures

36

Part II – OTHER INFORMATION

 

Item 1. Legal Proceedings

36

Item 1A. Risk Factors

36

Item 6. Exhibits

37

 

 


Table of Contents

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;
our control by Messrs. Emanuel and Whitesell, the Executive Holdcos, and the Silver Lake Equityholders;
risk related to our organization and structure;
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"), and Part I,

1


Table of Contents

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.
"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.
"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


Table of Contents

Item 1. Financial Statements (Unaudited)

PART I – FINANCIAL INFORMATION

 

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,030,255

 

 

$

1,560,995

 

Restricted cash

 

 

259,334

 

 

 

232,041

 

Accounts receivable (net of allowance for doubtful accounts of $61,731 and $57,102, respectively)

 

 

760,518

 

 

 

615,010

 

Deferred costs

 

 

165,545

 

 

 

255,371

 

Assets held for sale

 

 

 

 

 

885,633

 

Other current assets

 

 

200,541

 

 

 

204,697

 

      Total current assets

 

 

3,416,193

 

 

 

3,753,747

 

Property and equipment, net

 

 

630,035

 

 

 

629,807

 

Operating lease right-of-use assets

 

 

361,512

 

 

 

373,652

 

Intangible assets, net

 

 

1,601,477

 

 

 

1,611,684

 

Goodwill

 

 

4,530,728

 

 

 

4,506,554

 

Investments

 

 

492,721

 

 

 

298,212

 

Other assets

 

 

326,721

 

 

 

260,861

 

Total assets

 

$

11,359,387

 

 

$

11,434,517

 

LIABILITIES, REDEEMABLE INTERESTS AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

527,406

 

 

$

558,863

 

Accrued liabilities

 

 

460,428

 

 

 

524,061

 

Current portion of long-term debt

 

 

82,649

 

 

 

82,022

 

Current portion of operating lease liabilities

 

 

59,910

 

 

 

59,743

 

Deferred revenue

 

 

496,577

 

 

 

651,760

 

Deposits received on behalf of clients

 

 

242,411

 

 

 

216,632

 

Liabilities held for sale

 

 

 

 

 

507,303

 

Other current liabilities

 

 

129,413

 

 

 

105,053

 

Total current liabilities

 

 

1,998,794

 

 

 

2,705,437

 

Long-term debt

 

 

5,621,429

 

 

 

5,631,714

 

Long-term operating lease liabilities

 

 

351,695

 

 

 

363,568

 

Other long-term liabilities

 

 

421,011

 

 

 

402,472

 

    Total liabilities

 

 

8,392,929

 

 

 

9,103,191

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

Redeemable non-controlling interests

 

 

242,534

 

 

 

209,863

 

Shareholders' Equity:

 

 

 

 

 

 

Class A common stock, $0.00001 par value; 5,000,000,000 shares authorized;
  
275,698,529 and 265,553,327 shares issued and outstanding as of March 31, 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 March 31, 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 March 31, 2022 and December 31, 2021

 

 

 

 

 

 

Class X common stock, $0.00001 par value; 5,000,000,000 shares authorized;
  
176,967,757 and 186,222,061 shares issued and outstanding as of March 31, 2022
  and December 31, 2021, respectively

 

 

1

 

 

 

1

 

Class Y common stock, $0.00001 par value; 1,000,000,000 shares authorized;
  
235,415,621 and 238,154,296 shares issued and outstanding as of March 31, 2022
  and December 31, 2021, respectively

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

1,696,851

 

 

 

1,624,201

 

Retained earnings (accumulated deficit)

 

 

22,921

 

 

 

(296,625

)

Accumulated other comprehensive loss

 

 

(49,428

)

 

 

(80,535

)

Total Endeavor Group Holdings, Inc. shareholders' equity

 

 

1,670,349

 

 

 

1,247,046

 

Nonredeemable non-controlling interests

 

 

1,053,575

 

 

 

874,417

 

Total shareholders' equity

 

 

2,723,924

 

 

 

2,121,463

 

Total liabilities, redeemable interests and shareholders' equity

 

$

11,359,387

 

 

$

11,434,517

 

See accompanying notes to consolidated financial statements

3


Table of Contents

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Revenue

 

$

1,473,763

 

 

$

1,069,582

 

Operating expenses:

 

 

 

 

 

 

Direct operating costs

 

 

694,641

 

 

 

546,392

 

Selling, general and administrative expenses

 

 

540,206

 

 

 

381,113

 

Insurance recoveries

 

 

(993

)

 

 

(19,657

)

Depreciation and amortization

 

 

65,994

 

 

 

67,236

 

Total operating expenses

 

 

1,299,848

 

 

 

975,084

 

Operating income

 

 

173,915

 

 

 

94,498

 

Other (expense) income:

 

 

 

 

 

 

Interest expense, net

 

 

(59,272

)

 

 

(68,351

)

Tax receivable agreements liability adjustment

 

 

(53,497

)

 

 

 

Other income (expense), net

 

 

459,941

 

 

 

(3,215

)

Income before income taxes and equity losses of affiliates

 

 

521,087

 

 

 

22,932

 

(Benefit from) provision for income taxes

 

 

(17,234

)

 

 

5,085

 

Income before equity losses of affiliates

 

 

538,321

 

 

 

17,847

 

Equity losses of affiliates, net of tax

 

 

(20,655

)

 

 

(15,471

)

Net income

 

 

517,666

 

 

 

2,376

 

Less: Net income attributable to non-controlling interests

 

 

198,120

 

 

 

27,246

 

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

 

 

 

 

 

(24,870

)

Net income attributable to Endeavor Group Holdings, Inc.

 

$

319,546

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share of Class A common stock:

 

 

 

 

 

 

Basic

 

$

1.19

 

 

N/A

 

Diluted

 

$

1.16

 

 

N/A

 

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

 

 

 

 

 

 

Basic

 

 

268,489,176

 

 

N/A

 

Diluted

 

 

443,038,617

 

 

N/A

 

 

See accompanying notes to consolidated financial statements

4


Table of Contents

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

 

Three months ended March 31,

 

 

 

2022

 

 

2021

 

Net income

 

$

517,666

 

 

$

2,376

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

Change in unrealized gains/losses on cash flow hedges:

 

 

 

 

 

 

Unrealized gains (losses) on forward foreign exchange contracts

 

 

184

 

 

 

(1,358

)

Reclassification of gains to net income for forward foreign exchange contracts

 

 

(786

)

 

 

 

Unrealized gains on interest rate swaps

 

 

48,194

 

 

 

15,076

 

Reclassification of losses to net income for interest rate swaps

 

 

7,333

 

 

 

7,384

 

Foreign currency translation adjustments

 

 

(648

)

 

 

(4,550

)

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

 

 

(127

)

 

 

 

Total comprehensive income, net of tax

 

 

571,816

 

 

 

18,928

 

Less: Comprehensive income attributable to non-controlling interests

 

 

218,615

 

 

 

27,246

 

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

 

 

 

 

 

(8,318

)

Comprehensive income attributable to Endeavor Group Holdings, Inc.

 

$

353,201

 

 

$

 

See accompanying notes to consolidated financial statements

5


Table of Contents

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF REDEEMABLE INTERESTS AND SHAREHOLDERS’ EQUITY

(In thousands, except share data)

(Unaudited)

 

 

 

Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

Total Shareholders'

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Retained Earnings

 

 

Other

 

 

Equity Attributable

 

 

Nonredeemable

 

 

Total

 

 

 

Non-controlling

 

Class A Common Stock

 

 

Class X Common Stock

 

 

Class Y Common Stock

 

 

Paid-In

 

 

(Accumulated

 

 

Comprehensive

 

 

to Endeavor Group

 

 

Non-controlling

 

 

Shareholders'

 

 

 

Interests

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit)

 

 

Loss

 

 

Holdings, Inc.

 

 

Interests

 

 

Equity

 

Balance at January 1, 2022

 

$

209,863

 

 

265,553,327

 

 

$

2

 

 

 

186,222,061

 

 

$

1

 

 

 

238,154,296

 

 

$

2

 

 

$

1,624,201

 

 

$

(296,625

)

 

$

(80,535

)

 

$

1,247,046

 

 

$

874,417

 

 

$

2,121,463

 

Comprehensive income

 

 

4,236

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

319,546

 

 

 

33,655

 

 

 

353,201

 

 

 

214,379

 

 

 

567,580

 

Equity-based compensation

 

 

1,127

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

45,522

 

 

 

-

 

 

 

-

 

 

 

45,522

 

 

 

3,353

 

 

 

48,875

 

Issuance of Class A common stock due to exchanges

 

 

-

 

 

9,233,445

 

 

 

-

 

 

 

(9,254,304

)

 

 

-

 

 

 

(2,738,675

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of Class A common stock due to releases of RSUs

 

 

-

 

 

911,757

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Distributions

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(351

)

 

 

(351

)

Accretion of redeemable non- controlling interests

 

 

27,308

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(27,308

)

 

 

-

 

 

 

-

 

 

 

(27,308

)

 

 

-

 

 

 

(27,308

)

Acquisition of non-controlling interests

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,346

 

 

 

-

 

 

 

-

 

 

 

1,346

 

 

 

3,754

 

 

 

5,100

 

Non-controlling interests for sale of businesses

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,884

 

 

 

7,884

 

Equity reallocation between controlling and non-controlling interests

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

52,409

 

 

 

-

 

 

 

(2,548

)

 

 

49,861

 

 

 

(49,861

)

 

 

-

 

Tax receivable agreements in connection with exchanges

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

681

 

 

 

-

 

 

 

-

 

 

 

681

 

 

 

-

 

 

 

681

 

Balance at March 31, 2022

 

$

242,534

 

 

275,698,529

 

 

$

2

 

 

 

176,967,757

 

 

$

1

 

 

 

235,415,621

 

 

$

2

 

 

$

1,696,851

 

 

$

22,921

 

 

$

(49,428

)

 

$

1,670,349

 

 

$

1,053,575

 

 

$

2,723,924

 

See accompanying notes to consolidated financial statements

 

6


Table of Contents

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF REDEEMABLE INTERESTS AND MEMBERS' EQUITY

(In thousands)

(Unaudited)

 

 

Three Months Ended March 31, 2021

 

 

 

Redeemable Non-controlling Interests

 

 

Redeemable Equity

 

 

 

Members' Capital

 

 

Accumulated Other Comprehensive (Loss) Income

 

 

Total Endeavor Operating Company, LLC Members' Equity

 

 

Nonredeemable Non-controlling Interests

 

 

Total Members' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2021

 

$

168,254

 

 

$

22,519

 

 

 

$

468,633