variety.com
01.03.2023 / 00:29
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Endeavor Delivers Solid Q4 and Full-Year 2022 Gains as UFC Grows and Debt Load Drops
Endeavor rode the wave of demand for live sports and entertainment experiences to deliver solid revenue and adjusted earnings gains for the fourth quarter and full-year 2022. The company also made progress on shaving down its debt load, which has been a millstone for the parent of UFC, WME and other major industry players ever since Endeavor went public in 2021. Over the course of 2022, the company made about $500 million in debt payments, most of which were made in Q4, to bring its total long-term debt to just over $5 billion, from $5.63 billion as of the end of 2021. For the fourth quarter, Endeavor generated revenue of $1.26 billion, down 16% year over year, a decline largely due to the sale of its content production business to Korea-based CJ ENM in January 2022. The company’s adjusted earnings before interest, taxes, depreciation and amortization came in at $239.6 million (compared with EBITDA of $229.5 million in Q4 2021). On a net income basis, the company posted a loss of $225.7 million (versus a net loss of $19.5 million in the year-earlier period).