Executive Summary

Q2 2024 revenue rose 34% YoY to $1.751B, with Adjusted EBITDA up 32% YoY to $380.7M and margin of 21.7%; consolidated net loss was $(253.8)M as Sports Data & Technology (OpenBet, IMG ARENA) was reclassified to discontinued operations with a large loss in the quarter .
Owned Sports Properties (OSP) was the standout: revenue $894.1M (+163% YoY) with WWE contributing $457M and UFC outperformance at UFC 300/303; OSP Adjusted EBITDA rose to $422.8M (+136% YoY) .
Events, Experiences & Rights (EER) fell 20% YoY to $472.2M (IMG Academy sale, event timing); segment Adjusted EBITDA swung to $(68.7)M (down $145.3M YoY) .
No earnings call due to the Silver Lake take‑private; company reiterated the transaction terms ($27.50 cash per share) and required quarterly dividend of $0.06 per share; expected close by end of Q1 2025 .
Street estimates (S&P Global) were unavailable for Q2 2024; we cannot assess beats/misses this quarter (S&P Global consensus unavailable) [GetEstimates error].

What Went Well and What Went Wrong

What Went Well
- OSP momentum: WrestleMania 40 and UFC 300/303 outperformed; WWE contributed $457M, and UFC saw higher media rights fees, an extra numbered event vs. prior year, and higher site fees/partnerships; PBR partnerships and team series grew .
- OSP profitability scaled: Adjusted EBITDA rose to $422.8M (+$243.6M YoY), supported by WWE integration and UFC strength .
- Representation recovery and music demand: WME’s talent/music and 160over90 drove +7.9% YoY revenue; mgmt noted “continued recovery following WGA and SAG‑AFTRA strikes and continued consumer demand for music tours” .
What Went Wrong
- EER revenues down 20% YoY due to IMG Academy sale and timing (e.g., Miami Open), partially offset by Madrid Open and EXPO Chicago; segment Adjusted EBITDA fell by $145.3M YoY to $(68.7)M .
- Consolidated net loss of $(253.8)M largely driven by discontinued operations (SD&T held for sale), with loss from discontinued ops net of tax $(408.9)M in Q2 .
- Higher operating costs: SG&A and D&A increased vs. prior year, contributing to expense pressure even as revenue grew .

Financial Results

Consolidated results vs prior year and prior quarter

Metric	Q2 2023	Q1 2024	Q2 2024
Revenue ($USD Billions)	$1.306	$1.850	$1.751
Net (Loss) Income ($USD Millions)	$666.5	$(303.5)	$(253.8)
Diluted EPS (Total) ($)	$1.29	$(0.46)	$(0.70)
Adjusted EBITDA ($USD Millions)	$288.2	$374.1	$380.7
Adjusted EBITDA Margin (%)	22.1%	20.2%	21.7%

Segment revenue

Segment Revenue ($USD Millions)	Q2 2023	Q1 2024	Q2 2024
Owned Sports Properties	$340.1	$685.4	$894.1
Events, Experiences & Rights	$591.1	$744.9	$472.2
Representation	$381.1	$345.3	$411.4
Eliminations	$(6.7)	$(16.1)	$(26.4)
Total	$1,305.6	$1,850.3	$1,751.3

Segment Adjusted EBITDA

Segment Adj. EBITDA ($USD Millions)	Q2 2023	Q1 2024	Q2 2024
Owned Sports Properties	$179.2	$299.0	$422.8
Events, Experiences & Rights	$76.6	$95.9	$(68.7)
Representation	$107.1	$65.2	$107.4
Corporate and Other	$(74.7)	$(76.5)	$(80.7)

KPIs and balance sheet

KPI	Q1 2024	Q2 2024
Cash and Equivalents ($USD Millions)	$778.6	$697.7
Total Debt ($USD Billions)	$5.010	$5.073
Dividend per share (required each quarter pre‑close)	$0.06	$0.06
WWE contribution to OSP revenue ($USD Millions)	$317.0	$457.0

Notes: Sports Data & Technology (OpenBet, IMG ARENA) classified as discontinued operations in Q2; assets held for sale; operating as usual during process .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per share (Class A)	Each quarter prior to close	$0.06 (initiated with April announcement)	$0.06 confirmed	Maintained
Silver Lake take‑private timeline	Close target	By end of Q1 2025 (announced in April)	By end of Q1 2025 reiterated	Maintained
Sports Data & Tech disposition	2024 process	Exploring alternatives	Actively marketing; presented as discontinued ops	Progressing
Earnings call cadence	Q2 2024	—	No call due to transaction	New disclosure

No formal revenue/EPS/margin guidance provided this quarter .

Earnings Call Themes & Trends

(Company did not host a Q2 2024 call; themes drawn from prior quarter call and current/previous press releases.)

Topic	Previous Mentions (Q4 2023)	Previous Mentions (Q1 2024)	Current Period (Q2 2024)	Trend
Take‑private / strategic alternatives	Review underway; focus on maximizing value	Definitive agreement: $27.50 cash per share; close by end Q1’25	Transaction reiterated; close by end Q1’25; quarterly $0.06 dividend required	Steady progress
OSP (UFC/WWE) performance & rights	TKO “off to a strong start”; WWE Raw to Netflix in 2025; >1.4x AAV across deals	OSP growth: TKO and PBR strength; $685.4M segment revenue	Marquee events (WrestleMania 40, UFC 300/303); WWE $457M; OSP rev $894.1M	Strengthening
Representation recovery	2023 impacted by strikes but diversified strength; music, sports, fashion, licensing	Slight YoY dip in Q1; music/talent/sports growth offset fashion timing	Recovery continues; +7.9% YoY revenue; WME talent/music + 160over90 growth	Improving
EER (On Location, events timing)	Mixed factors; 2023 comps and investments noted	+ strength at Miami Open/Barrett‑Jackson; timing/biennials hurt comps	Down 20% YoY; IMG Academy sale and event timing; offset by Madrid Open/EXPO Chicago	Mixed/weak
Sports Data & Tech (SD&T)	Growth in 2023 (OpenBet/IMG ARENA) but competitive rights costs	Q1 revenue down 10% YoY; IMG ARENA data rights loss	Held for sale; now discontinued operations in reporting	Divestiture in progress

Management Commentary

“TKO and PBR benefited from strong consumer demand and engagement during the quarter, and we continued to drive growth in our representation segment… as we work toward the close of our take‑private transaction with Silver Lake.” – Ariel Emanuel, CEO .
Segment drivers (press release): WWE contributed $457M to OSP; UFC saw higher media rights fees with one additional numbered event, higher site fees and partnerships; PBR saw growth in partnerships and team series .
EER decline primarily from IMG Academy sale and event timing (e.g., Miami Open), partially offset by Madrid Open and EXPO Chicago .
SD&T update: OpenBet and IMG ARENA are held for sale; presented as discontinued operations; businesses continue operating during the process .

Q&A Highlights

The company did not host an earnings conference call for Q2 2024 due to the take‑private process; therefore, no Q&A this quarter .
In Q4 2023, management delivered prepared remarks only (no Q&A) amid the strategic alternatives review .

Estimates Context

Wall Street consensus estimates (S&P Global) for Q2 2024 were unavailable via our S&P Global connection at this time; as a result, we cannot provide beat/miss analysis for revenue or EPS this quarter (S&P Global data unavailable).

Key Takeaways for Investors

OSP is the growth engine: WWE integration and UFC marquee events drove a step‑up in both revenue and profitability (OSP rev $894.1M; OSP Adj. EBITDA $422.8M), underpinning consolidated margin resilience despite segment mix shifts .
EER is the main drag near‑term: the IMG Academy sale and event timing will continue to create variability; watch for calendar normalization and major events (e.g., tennis, arts) to stabilize results .
Representation recovery is real: WME’s music/talent and 160over90 are offsetting former strike impacts, with Representation revenue +7.9% YoY in Q2 .
Discontinued operations obscured GAAP optics: net loss was largely driven by SD&T discontinued operations; core continuing ops showed healthy YoY growth in revenue and Adjusted EBITDA .
Transaction path is the catalyst: with a $27.50 per share take‑private and required $0.06 quarterly dividend, the primary stock narrative remains regulatory/closing milestones into Q1 2025; no earnings calls during this period .
Liquidity and leverage steady: cash declined QoQ with operating/calendar dynamics; total debt rose modestly; monitor cash generation vs. required dividend and transaction costs in H2 .

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