TKO Group Holdings, Inc. recently disclosed its fiscal results for Q2 2024, registering an all-time high in quarterly earnings.
The conglomerate’s cumulative earnings were 1.2 million, featuring 4.4 million from UFC and 6.8 million from WWE. The net revenue documented was 0.7 million.
The comprehensive report can be observed below:
“Highlights of Financial Performance – Q2 2024
A record quarter with revenues hitting 1.2 million
Net profit recorded at 0.7 million
Adjusted EBITDA 1 hitting a quarterly record at 0.9 million
Guidance for the entire year of 2024
Earnings target raised to range between .670 billion and .745 billion
Adjusted EBITDA goal raised to a range of .220 billion to .240 billion
Maintained target for Free Cash Flow Conversion 2 above 40%
NEW YORK–(BUSINESS WIRE)– TKO Group Holdings, Inc., known as “TKO” or the “Company” (NYSE: TKO), declared its financial standing for the second quarter ending June 30, 2024, today.
Ariel Emanuel, Executive Chair and CEO of TKO, stated, “The quarter marked robust financial performance with record quarterly revenue and Adjusted EBITDA. We’re uplifting our full 2024 guidance for the second consecutive quarter due to the sustained momentum. Our business’s inherent strength reassures us about TKO’s capability for persistent, long-term value creation for our shareholders.”
Converged Results for Q2
Revenue rose by 179% or 6.0 million, equating to 1.2 million. This enhancement is attributed to an .2 million increase at UFC, settling at 4.4 million, and a contribution of 6.8 million from WWE.
Net revenue was 0.7 million, up by .9 million from .8 million compared to the prior year. The enhancing revenue was partially offset by escalating operation costs. The rising operation expenses were mainly due to a direct operating cost rise of 7.0 million, 9.1 million increased selling, general and administrative expenses, along with a surge in depreciation and amortization by .8 million.
Adjusted EBITDA 1 ballooned by 142% or 7.3 million, reaching 0.9 million. This was possible because of a .7 million increment at UFC, a 1.3 million contribution from WWE’s Adjusted EBITDA, marginally offset by a .7 million hike in corporate expenses.
Operating activities generated cash flows of 0.7 million, a surplus of 9.7 million from 1.0 million, majorly due to increased net income and working capital timing.
Free Cash Flow 2 was 8.6 million, increased by 2.2 million from 6.4 million, due to higher cash flows from activities. The increase in capital expenditures partially offset this, significantly related to WWE’s new headquarters.
Cash and cash equivalents were 7.5 million as of June 30, 2024. As of the same date, the gross debt amounted to .744 billion.”