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Endeavor Slashes First Quarter Net Profit As Public Company Despite 10% Revenue Drop Amid Pandemic – Deadline

Endeavor’s total revenue fell 10% in the first quarter to $ 1.07 billion, but the company went from a loss a year ago to $ 2.4 million in net profit during the quarter.

The report was the company’s first since it went public in April. The company’s portfolio includes entertainment agency WME; the sports, fashion, events and media company IMG; and UFC mixed martial arts circuit.

Operating income reached $ 94.5 million from $ 53.8 million in the first quarter of 2020. Net income of $ 2.4 million compared to a loss of $ 51.3 million there is one year old. Adjusted EBITDA and adjusted net income increased to $ 199.5 million and $ 58.1 million, respectively, compared to $ 176.2 million and $ 43.8 million.

“As we emerge from the pandemic, we are seeing strong demand for all forms of content,” said Air CEO Ariel Emanuel. “Our business was uniquely designed to meet this demand on a global scale, from live events and experiences to premium on-screen content. While our first quarter results were again negatively impacted by Covid-19, we are well positioned to take advantage of pent-up demand for content, while maintaining our long-term focus on secular trends and high growth areas that have been both validated and validated. amplified by the pandemic.

WME and Endeavor content to commemorate #BlackoutTuesday with Day Of Events

In 2020, Endeavor’s total revenue fell 24% to $ 3.5 billion as the coronavirus pandemic rocked the entire media and entertainment industry.

Endeavor went public at the end of April on the New York Stock Exchange, completing a process that had been scheduled for September 2019. The company decided to withdraw its IPO at the last moment, citing deteriorating market conditions.

Shares of the company started at $ 24, the top of its initial range. After a strong start, they continued to widen, recently settling into a stable range between $ 29 and $ 30 per share. They closed today at $ 29.38, down just under 1% from below average trading volume.

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