SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

15. SEGMENT INFORMATION

As of June 30, 2022, the Company has three reportable segments: Owned Sports Properties, Events, Experiences & Rights, and Representation. The Company also reports the results for the "Corporate" group. The profitability measure employed by the Company’s chief operating decision maker for allocating resources and assessing operating performance is Adjusted EBITDA. Segment information is presented consistently with the basis for the year ended December 31, 2021. Summarized financial information for the Company’s reportable segments is shown in the following tables (in thousands):

Revenue

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Owned Sports Properties	$	331,930		$	258,865		$	628,619		$	542,346
Events, Experiences & Rights		627,872			528,672			1,453,685			1,068,282
Representation		357,955			328,232			715,276			577,141
Eliminations		(5,242	)		(4,497	)		(11,302	)		(6,915	)
Total consolidated revenue	$	1,312,515		$	1,111,272		$	2,786,278		$	2,180,854

Reconciliation of segment profitability

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Owned Sports Properties	$	161,270		$	132,267		$	310,011		$	277,816
Events, Experiences & Rights		108,117			36,800			240,600			75,850
Representation		111,221			61,685			212,926			123,168
Corporate		(74,253	)		(62,704	)		(142,733	)		(109,320	)
Adjusted EBITDA		306,355			168,048			620,804			367,514
Reconciling items:
Equity (earnings) losses of affiliates		(1,644	)		1,158			(5,393	)		(2,176	)
Interest expense, net		(62,505	)		(83,836	)		(121,777	)		(152,187	)
Depreciation and amortization		(65,612	)		(69,161	)		(131,606	)		(136,397	)
Equity-based compensation expense		(60,607	)		(387,017	)		(111,463	)		(403,508	)
Merger, acquisition and earn-out costs		(14,568	)		(14,199	)		(27,362	)		(25,184	)
Certain legal costs		(8,598	)		(574	)		(9,600	)		(4,526	)
Restructuring, severance and impairment		(1,442	)		(4,026	)		(1,960	)		(4,433	)
Fair value adjustment - equity investments		11,691			5,905			13,344			13,704
Gain on sale of the restricted Endeavor Content business		—			—			463,641			—
Tax receivable agreements liability adjustment		2,405			—			(51,092	)		—
Other		(20,689	)		(28,334	)		(31,663	)		(41,911	)
Income (loss) before income taxes and equity losses of affiliates	$	84,786		$	(412,036	)	$	605,873		$	(389,104	)