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SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
SEGMENT INFORMATION [Abstract]  
Schedule of Adjusted EBITDA

UFC

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Revenue

 

$

1,406,241

 

 

$

1,292,201

 

 

$

1,140,147

 

Direct operating costs (1)

 

 

430,223

 

 

 

383,388

 

 

 

325,586

 

Selling, general and administrative expenses (1)

 

 

175,024

 

 

 

153,149

 

 

 

133,932

 

Adjusted EBITDA

 

 

800,994

 

 

 

755,664

 

 

 

680,629

 

WWE

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Revenue

 

$

1,398,100

 

 

$

382,767

 

 

$

—

 

Direct operating costs (1)

 

 

426,900

 

 

 

125,685

 

 

 

—

 

Selling, general and administrative expenses (1)

 

 

290,032

 

 

 

94,101

 

 

 

—

 

Adjusted EBITDA

 

 

681,168

 

 

 

162,981

 

 

 

—

 

 

(1)
Direct operating costs and selling, general and administrative expenses included in the measure of Adjusted EBITDA for each segment excludes reconciling items included in the reconciliation of segment profitability below.
Schedule of Revenue

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

UFC

 

$

1,406,241

 

 

$

1,292,201

 

 

$

1,140,147

 

WWE

 

 

1,398,100

 

 

 

382,767

 

 

 

—

 

Total consolidated revenue

 

$

2,804,341

 

 

$

1,674,968

 

 

$

1,140,147

 
Schedule of Reconciliation of Segment Profitability

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

UFC

 

$

800,994

 

 

$

755,664

 

 

$

680,629

 

WWE

 

 

681,168

 

 

 

162,981

 

 

 

—

 

Corporate

 

 

(230,923

)

 

 

(109,557

)

 

 

(51,919

)

Total Adjusted EBITDA

 

 

1,251,239

 

 

 

809,088

 

 

 

628,710

 

Reconciling items:

 

 

 

 

 

 

 

 

 

Equity (earnings) losses of affiliates

 

 

(411

)

 

 

266

 

 

 

209

 

Interest expense, net

 

 

(249,115

)

 

 

(239,042

)

 

 

(139,567

)

Depreciation and amortization

 

 

(392,842

)

 

 

(164,616

)

 

 

(60,032

)

Equity-based compensation expense (1)

 

 

(94,636

)

 

 

(57,109

)

 

 

(23,744

)

Merger and acquisition costs (2)

 

 

(21,172

)

 

 

(83,832

)

 

 

—

 

Certain legal costs (3)

 

 

(401,062

)

 

 

(34,238

)

 

 

(753

)

Restructuring, severance and impairment (4)

 

 

(41,911

)

 

 

(21,459

)

 

 

—

 

Debt transaction costs (5)

 

 

(16,230

)

 

 

—

 

 

 

—

 

Other adjustments

 

 

490

 

 

 

(1,623

)

 

 

(1,274

)

Income before income taxes and equity (earnings) losses of affiliates

 

$

34,350

 

 

$

207,435

 

 

$

403,549

 

 

(1)
Equity-based compensation represents non-cash compensation expense for awards issued under Endeavor’s 2021 Plan subsequent to its April 28, 2021 IPO, for the Replacement Awards and for awards issued under the 2023 Incentive Award Plan. For the year ended December 31, 2024, equity-based compensation includes $17.7 million of expense associated with certain services provided by an independent contractor in the WWE segment. For the year ended December 31, 2024 and 2023, equity-based compensation includes $3.3 million and $19.9 million, respectively, of expense associated with accelerated vesting of the Replacement Awards related to the workforce reduction of certain employees in the WWE segment and Corporate.
(2)
Includes (i) certain costs of professional fees and bonuses related to the Transactions and payable contingent on the closing of the Transactions primarily incurred during the year ended December 31, 2023 and (ii) certain costs of professional advisors related to other strategic transactions, primarily the Endeavor Asset Acquisition, incurred during the year ended December 31, 2024.
(3)
Includes costs related to certain litigation matters including antitrust lawsuits for UFC and WWE and matters where Mr. McMahon has agreed to make future payments to certain counterparties personally. For the year ended December 31, 2024, these costs include settlement charges of $375.0 million regarding the UFC antitrust lawsuit, as described in Note 21, Commitments and Contingencies. For the year ended December 31, 2023, these costs included the settlement of a WWE antitrust matter for $20.0 million.
(4)
Includes costs resulting from the Company’s cost reduction program during the years ended December 31, 2024 and 2023, as described in Note 17, Restructuring Charges. Additionally, during the year ended December 31, 2024, the Company recorded impairment charges of $27.9 million as a result of reducing the carrying value of WWE assets held for sale to their fair value less cost to sell, as described in Note 5, Supplementary Data.
(5)
For the year ended December 31, 2024, the Company incurred certain costs associated with the Credit Agreement Amendment, as described in Note 8, Debt.
Schedule of Revenue by Major Geographic Region

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

North America

 

$

2,167,168

 

 

$

1,280,727

 

 

$

893,774

 

Europe/Middle East/Africa

 

 

407,439

 

 

 

228,103

 

 

 

129,511

 

Asia Pacific

 

 

187,259

 

 

 

134,647

 

 

 

86,936

 

Latin America

 

 

42,475

 

 

 

31,491

 

 

 

29,926

 

Total revenue

 

$

2,804,341

 

 

$

1,674,968

 

 

$

1,140,147