Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Owned Sports Properties

$

315,474

$

237,417

$

1,037,273

$

602,322

Events, Experiences & Rights

(67,970

)

29,846

(40,804

)

214,420

Representation

124,917

96,325

297,502

287,680

Corporate and other

(94,823

)

(77,448

)

(255,054

)

(230,195

)

Adjusted EBITDA

277,598

286,140

1,038,917

874,227

Reconciling items:

Equity losses (earnings) of affiliates

1,763

(1,846

)

(469

)

2,594

Interest expense, net

(108,134

)

(82,271

)

(302,531

)

(257,811

)

Depreciation and amortization

(135,524

)

(66,602

)

(416,556

)

(171,715

)

Equity-based compensation expense

(50,831

)

(61,441

)

(162,559

)

(200,984

)

Merger, acquisition and earn-out costs

(33,849

)

(76,032

)

(91,031

)

(105,770

)

Certain legal costs

(6,790

)

(8,322

)

(26,622

)

(12,233

)

Legal settlement

(40,000

)

—

(375,000

)

—

Restructuring, severance and impairment

(5,362

)

(48,852

)

(65,776

)

(70,788

)

Fair value adjustment - equity investments

(63

)

148

37

929

Net gain on sale of the Academy business

—

—

—

736,978

Tax receivable agreement liability adjustment

(16

)

(20,297

)

(2,460

)

(7,779

)

Other

33,889

(14,014

)

30,555

18,437

(Loss) income from continuing operations before income taxes and equity losses of affiliates

$

(67,319

)

$

(93,389

)

$

(373,495

)

$

806,085