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Text: Today, you'll hear from Endeavor's CEO, Ari Emanuel; and CFO, Jason Lublin.
Our president, Mark Shapiro, will join us for the Q&A session.
The purpose of the call is to provide you with information regarding our second-quarter 2021 performance in addition to our financial outlook for the balance of the year.
Our commentary today will also include non-GAAP financial measures, which we believe provide an additional tool for investors to use in evaluating ongoing operating results and trends.
These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.
With that, I'll hand it over to Ari.
Due to the positive momentum and our continued positive outlook for the balance of the year, we have increased our annual guidance.
Jason will discuss this in more detail when he walks you through our financial results for the quarter.
But first, I want to spend a few minutes on how our role as owner, operator, and representative of premium sports and entertainment IP and content and talent has enabled us to get in front of industry trends and lead new markets, creating new revenue opportunities across the company.
Let's start with the underlying trends in sports media and the incremental opportunities we have to drive growth.
Data shows that the U.S. remains the most valuable sports rights market in the world with an estimated $19.5 billion of annualized rights value last year.
Media companies looking to acquire large D2C audiences continue to aggressively compete for rights, driving fees up to record levels, with some also having to maintain or grow their linear presence.
In the second quarter, we renewed our Wimbledon U.S. media rights agreement with ESPN and its tennis channel until 2035 for a significant increase over the prior term.
And internationally, we guided Football Australia through a landmark domestic media rights deal with ViacomCBS and Paramount+ in Australia, marking the first time the national team and the FFA Cup rights were sold separately from the league.
We're also seeing record media rights deals for the UFC in countries like China and France.
Our last five renewals have yielded, on average, over 100% increases.
Our strength as a curator and distributor of premium sports media rights also allows us to capitalize on new enterprises and consumer businesses, including sports betting and NFTs.
The pandemic further accelerates online betting adoption, which has helped fuel IMG Arena's growth beyond video and data streaming into online betting apps for UFC and golf.
Meanwhile, we continue to sign top-tier operators like BetMGM while adding marquee properties and events like the Ryder Cup to our offerings.
Sports wagering is now legal in 21 states and growing fast.
Internationally, the Netherlands and Germany have reregulated or are in the process of effecting new frameworks that we believe will pave the way for betting markets to open there as early as the fourth quarter of this year.
As it relates to NFTs, we've made a deal with Dapper Labs, who we invested in three years ago when we saw the NFT trend happening to create a UFC NFT platform.
We also closed a deal for UFC and Panini to create NFT trading cards, the first release of which sold out in less than 24 hours.
And now, we're closing countless NFT deals on behalf of clients from Wimbledon to Wayne Gretzky.
Now, turning to television and film content.
The first half of 2021 saw median telecom M&A has reached their highest level in years, $83 billion.
Whether it's Discovery and Warner Brothers Media or Amazon and MGM, they become super competitors alongside the likes of Netflix and Disney, all making big bets on a D2C strategy.
They have deep pockets and need to differentiate their platforms to drive subscriber growth.
The competition for content and talent is at its highest level I've seen in 26 years.
The number of original series and movies commissioned by streaming platforms grew 48% for the past four quarters as compared to prior four quarters.
Netflix alone revealed it will spend $17 billion on content in 2021, up 44%, compared to 2020.
And remember, we remain platform-agnostic and one of the largest representatives of talented independent suppliers of content to the biggest streamers.
Jordan with Amazon or a multi-project deal for Charlize Theron with Netflix and Ryan Reynolds with Paramount.
It also demonstrates the potential of marquee talent to emerge as lifestyle brands, building commercial ecosystems around communities of fans.
We're seeing this more than ever in our equity deals we're closing for our talent ventures group.
We work with talent to monetize their brands through our own channels and elsewhere.
The pandemic has also spurred the growth of new distribution models while creating lasting shifts in consumer behavior, including a surge in demand performance like podcasts, video games, social and marketplace apps.
Our flexible business model allows us to opportunistically expand into and capitalize on these burgeoning growth verticals.
For example, this past quarter alone, we've closed new podcast deals for 40 clients, while four client shows hit No.
1 on the Apple charts.
And now, I want to provide just a few business highlights.
First, we announced during our last earnings call that we expected to pay down $600 million of debt in the third quarter, part of our continued commitment to reduce leverage.
We actually paid that amount down in the second quarter.
We also shared news of two now closed acquisitions: Next College Student Athletes or NCSA, a leading college recruiting business; and FlightScope, a European-based data collection, AV production, and tracking technology specialists.
Both acquisitions bolstered our capabilities while creating large moats around our IMG Academy and IMG Arena businesses.
In July, we announced a series of acquisitions that will further expand our capabilities while opening opportunities in new geographies.
These were Mailman Group, a leading digital agency for sports brands and rights holders.
Mailman will integrate with our IMG Media and 160over90 businesses while bringing new top-tier clients into the fold; ticket software company, Qcue, to elevate our suite of offerings on, On Location, our experiential business.
The addition of the dynamic pricing capabilities will enable us to generate more ticketed revenue across our experiential events.
And finally, 20too, a boutique licensing agency in the Middle East, a region that presents incredible growth opportunity for IMG licensing.
Expanding our reach in this growing region opens the door for further expansions down the road.
With that, I'll hand it over to Jason.
I'll start by walking you through our financial results for the quarter and provide you some additional color around what we're seeing in each of our segments, and then I'll briefly discuss revised guidance for this year.
Please note that all comparisons are to the prior-year period, which was impacted by COVID.
For the quarter ended June 30, 2021, we generated approximately $1.1 billion in revenue, up $648 million or 140%.
Adjusted EBITDA for the quarter was approximately $168 million, up $122 million.
Our Owned Sports Properties segment continued to perform very well, with revenues of $258.9 million, an increase of $106.6 million or 70%.
The increase was primarily driven by higher media rights fees due in part to contractual escalators in our media rights agreements, higher sponsorship fees from the renegotiations of existing deals, coupled with new deals and increased event output.
Adjusted EBITDA for the quarter was $132.3 million, double that of the same period in 2020, primarily driven from the higher revenues I just mentioned.
UFC had a huge second quarter, helping power UFC's biggest first-half ever in terms of revenue and adjusted EBITDA.
The quarter benefited from three incremental live events inclusive of one pay-per-view.
All three pay-per-view events in the quarter were at full capacity and broke local gate records.
More recently, our July UFC 264 event in Las Vegas finished at the second-highest gate in T-Mobile Arena history and the third-highest gate among UFC events of all time.
The event had more than 20,000 fans, the highest attendance ever recorded at a sporting event in T-Mobile.
Beyond ticket sales for these events, we also saw increases in other event-related revenue streams like international and commercial pay-per-view.
UFC continues to have one of the most international, youngest and most engaged fan bases in all of sports, making it highly attractive to partners.
Year over year, we've seen nearly 30% growth in the 18 to 24 demographic, and we're currently ranked third behind the NFL and NBA among millennials.
In addition to what Ari shared on the partnership front, we recently closed new deals with Crypto.com and Jose Cuervo while renewing and expanding our relationship with Monster.
Partnership revenues is up over 25% versus 2020.
Lastly, as relates to viewership, UFC events, which are simulcast across the ESPN family, reached 18.3 million viewers on ESPN TV networks alone in the first half of this year, up 10% over last year.
Meanwhile, in this segment, PBR is on track to have its best year ever across key categories, including media rates fees, sponsorship, merchandise sales, and licensing.
Now, turning to our events, experience and rights segment.
This segment recorded revenue of $528.7 million, an increase of $408.8 million.
Media rights and production revenues increased in the quarter due to the return of a full schedule of European soccer matches and the resumption of other events like the Miami Open in addition to newly secured business.
Adjusted EBITDA for the quarter was $36.8 million, up $79.5 million compared to Q2 2020, where we recorded a loss.
This was primarily due to the increased revenue, partially offset by direct operating costs to support increased business activity, as well as costs associated with our continued investment in the business.
To give you a little color about what we're seeing in this segment, college football and NFL ticket packages for the upcoming season are experiencing double-digit retail price increases versus 2019.
Hyde Park Winter Wonderland, our month-long winter festival that starts in November in London, had its highest-grossing revenue week in its history when tickets went on sale earlier this month.
Lastly, at IMG Academy, it's been a record summer in terms of number of campers.
And at this moment, we have more students enrolled for the fall semester than any prior school year.
Revenue was $328.2 million, an increase of $135.4 million or just over 70%.
This growth was primarily driven by an increase in client commissions and project deliveries at Endeavor Content, including episodes of Season 2 of Truth Be Told for Apple TV, The Wall in NBC and Netflix film Blue Miracle.
While we saw higher year-over-year deliveries from Endeavor Content, some deliveries we have forecasted to occur in the second quarter have either now been delivered or will be in Q3.
That slight timing delay, predominantly from three shows, negatively impacted our revenues in the quarter by approximately $90 million.
Adjusted EBITDA for the quarter was $61.7 million, an increase of $9.6 million or just over 18% as we realized a higher percentage of revenue growth from Endeavor Content versus clients in the quarter.
We also had higher operating expenses as we diligently managed the pace at which we brought back some costs to support increased business activity.
As Ari mentioned, we're pacing ahead as it relates to WME bookings for the second half of the year, and we're booking clients for dates much further into the future.
We're also seeing the beginning of a rebound in live music and country is leading the way, with sold our tours for clients like Garth Brooks and Eric Church.
On the brand side, 160over90 is gaining steam as companies are doubling down and getting back in front of consumers.
We've significantly increased our scope of work with clients, including T-Mobile, Capital One, Visa, Lowe's, Audi, Amazon, and AT&T, while continuing to sign new clients.
I mentioned Endeavor Content had a strong performance in the quarter.
I also want to note that we recently began the sale process for that business.
Although we're in the early stages, we've already received a lot of incoming interest.
We plan to divest the required portion of the restricted business and retain the nonrestricted businesses.
When we have more to share, we'll let you know.
Meanwhile, the updated guidance I'll share shortly assumes Endeavor Content is status quo for the balance of the year.
Finally, corporate adjusted EBITDA for the quarter was a loss of $62.7 million, reflecting an increase in costs brought on to support increased activity and investment in the business, as well as those costs associated with being a new public company.
Before I get to annual guidance, I want to briefly discuss our recent debt paydown that Ari mentioned.
We paid down $600 million of our outstanding debt in Q2, which consisted of the repayment of approximately $163 million under the WME IMG revolving credit facility, which now carries a zero balance; $257 million, representing the entirety of the WME IMG term loan issued in May 2020, which was the highest cost paper in our capital structure; and $180 million of the first lien term loan under the UFC facilities.
Because of these moves, we will realize $35 million in annual interest savings going forward.
On to our updated guidance for the full-year 2021.
As Ari mentioned earlier, we have experienced a recovery in our business happening slightly faster than we had originally anticipated.
And although we continue to closely monitor the Delta variant, bookings, ticket sales and other indicators remain positive for the balance of the year.
We are, therefore, raising our revenue guidance from a prior range of $4.76 billion and $4.83 billion to now between $4.8 billion and $4.85 billion.
And on adjusted EBITDA, we're raising the range from $735 million to $745 million to between $765 million and $775 million.
In sum, even though we recognize most activity levels are not yet at historical levels, we are very encouraged with business trends and look forward to what's to come for the balance of 2021 and a more normalized level of activity in 2022.

user
endeavor releases second quarter 2021 results.
q2 revenue $1.1 billion versus refinitiv ibes estimate of $1.14 billion.
2021 revenue is expected to be between $4.8 and $4.85 billion.
2021 adjusted ebitda is expected to be between $765 and $775 million.

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