Endeavor delivered solid third quarter results powered by the recovery of attendance and demand in the company’s key markets including UFC, its talent representation units and content production.
“We continue to capitalize on the elevated demand for premium content and live events coming out of the pandemic,” remarked Ariel Emanuel, CEO of Endeavor. “Given our unique positioning within the sports and entertainment industry and our ability to leverage powerful secular content trends, we see no signs of this momentum waning through the end of the year.”
Endeavor delivered revenue of $1.4 billion, up sharply from the pandemic- battered year-ago quarter ($864.5 million) and net income of $63.6 million for the quarter, an improvement over the loss of $21.8 million logged in Q3 2020.
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Endeavor’s cash position also strengthened compared to the second quarter of this year, indicating that the company is not churning through cash as fast as it did last year. As of Sept. 30, cash on hand stood at $1.02 billion, up from $869.8 million as of June 30 of this year.
Endeavor has also chipped away at its debt burden. The quarter closed with $5.1 billion in long-term debt on the books, compared to $5.35 billion at the end of June.
More to come