Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q/A | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ENDEAVOR GROUP HOLDINGS, INC. | |
Entity Central Index Key | 0001766363 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | true | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-40373 | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Address, State or Province | CA | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Class A Common Stock, par value $0.00001 per share | |
Trading Symbol | EDR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Address, Address Line One | 9601 Wilshire Boulevard | |
Entity Address, Address Line Two | 3rd Floor | |
Entity Address, City or Town | Beverly Hills | |
Entity Address, Postal Zip Code | 90210 | |
Entity Tax Identification Number | 83-3340169 | |
City Area Code | 310 | |
Local Phone Number | 285-9000 | |
Amendment Description | EXPLANATORY NOTE This Amendment No. 1 to the Quarterly Report on Form 10-Q (the “Amendment”) of Endeavor Group Holdings, Inc. (the “Company”) amends the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 (the “Original Filing”) which was filed with the Securities and Exchange Commission on August 16, 2021. The Company is filing this Amendment to file Exhibits 101 and 104 relating to inline XBRL requirements in accordance with Rule 405 of Regulation S-T, which had been omitted from the Original Filing on the basis of the temporary hardship exemption set forth in Rule 201 of Regulation S-T. Additionally, in connection with the filing of this Amendment, the Company is including updated certifications from its chief executive officer and chief financial officer as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002. This Amendment does not reflect events occurring after the Original Filing. Except for the items described above, this Amendment continues to speak as of the date of the Original Filing, and does not modify, amend or update any other item or disclosures in the Original Filing. | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 261,483,029 | |
Common Class X [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 188,001,676 | |
Common Class Y [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 238,154,296 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 869,775 | $ 1,008,485 |
Restricted cash | 224,347 | 181,848 |
Accounts receivable | 597,581 | 445,778 |
Deferred costs | 154,678 | 234,634 |
Other current assets | 240,315 | 194,463 |
Total current assets | 2,086,696 | 2,065,208 |
Property and equipment, net | 603,012 | 613,139 |
Operating lease right-of-use assets | 360,462 | 386,911 |
Intangible assets, net | 1,592,439 | 1,595,468 |
Goodwill | 4,399,594 | 4,181,179 |
Investments | 295,038 | 251,078 |
Other assets | 966,876 | 540,651 |
Total assets | 10,304,117 | 9,633,634 |
Current Liabilities: | ||
Accounts payable | 522,100 | 554,260 |
Accrued liabilities | 430,993 | 322,749 |
Current portion of long-term debt | 94,845 | 212,971 |
Current portion of operating lease liabilities | 59,249 | 58,971 |
Deferred revenue | 774,213 | 606,530 |
Deposits received on behalf of clients | 193,083 | 176,572 |
Other current liabilities | 91,006 | 65,025 |
Total current liabilities | 2,165,489 | 1,997,078 |
Long-term debt | 5,255,743 | 5,712,834 |
Long-term operating lease liabilities | 365,901 | 395,331 |
Other long-term liabilities | 387,607 | 373,642 |
Total liabilities | 8,174,740 | 8,478,885 |
Commitments and contingencies | ||
Redeemable non-controlling interests | 179,140 | 168,254 |
Redeemable equity | 0 | 22,519 |
Shareholders'/Members' Equity: | ||
Additional paid-in capital | 1,556,791 | 0 |
Accumulated deficit | (319,597) | 0 |
Members' Equity: | ||
Members' capital | 0 | 468,633 |
Accumulated other comprehensive loss | (98,530) | (190,786) |
Total Endeavor Group Holdings, Inc./Endeavor Operating Company, LLC shareholders'/members' equity | 1,138,669 | 277,847 |
Nonredeemable non-controlling interests | 811,568 | 686,129 |
Total shareholders'/members' equity | 1,950,237 | 963,976 |
Total liabilities, redeemable interests and shareholders'/members' equity | 10,304,117 | 9,633,634 |
Common Class A [Member] | ||
Shareholders'/Members' Equity: | ||
Common stock value | 2 | 0 |
Common Class B [Member] | ||
Shareholders'/Members' Equity: | ||
Common stock value | 0 | 0 |
Common Class C [Member] | ||
Shareholders'/Members' Equity: | ||
Common stock value | 0 | 0 |
Common Class X [Member] | ||
Shareholders'/Members' Equity: | ||
Common stock value | 1 | 0 |
Common Class Y [Member] | ||
Shareholders'/Members' Equity: | ||
Common stock value | $ 2 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Jun. 30, 2021USD ($)$ / sharesshares |
Net of allowance for doubtful accounts | $ | $ 64,059 |
Common Class A [Member] | |
Common stock, par value | $ / shares | $ 0.00001 |
Common stock, shares authorized | 5,000,000,000 |
Common stock, shares issued | 261,371,683 |
Common Stock, shares outstanding | 261,371,683 |
Common Class B [Member] | |
Common stock, par value | $ / shares | $ 0.00001 |
Common stock, shares authorized | 5,000,000,000 |
Common stock, shares issued | 0 |
Common Stock, shares outstanding | 0 |
Common Class C [Member] | |
Common stock, par value | $ / shares | $ 0.00001 |
Common stock, shares authorized | 5,000,000,000 |
Common stock, shares issued | 0 |
Common Stock, shares outstanding | 0 |
Common Class X [Member] | |
Common stock, par value | $ / shares | $ 0.00001 |
Common stock, shares authorized | 5,000,000,000 |
Common stock, shares issued | 188,080,383 |
Common Stock, shares outstanding | 188,080,383 |
Common Class Y [Member] | |
Common stock, par value | $ / shares | $ 0.00001 |
Common stock, shares authorized | 1,000,000,000 |
Common stock, shares issued | 238,154,296 |
Common Stock, shares outstanding | 238,154,296 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Revenue | $ 1,111,272,000 | $ 462,914,000 | $ 2,180,854,000 | $ 1,653,311,000 | |
Operating expenses: | |||||
Direct operating costs | 570,955,000 | 172,643,000 | 1,117,347,000 | 853,927,000 | |
Selling, general and administrative expenses | 785,101,000 | 302,047,000 | 1,166,214,000 | 691,018,000 | |
Insurance recoveries | (10,210,000) | (16,841,000) | (29,867,000) | (33,960,000) | |
Depreciation and amortization | 69,161,000 | 84,751,000 | 136,397,000 | 165,198,000 | |
Impairment charges | 3,770,000 | 172,232,000 | 3,770,000 | 175,282,000 | |
Total operating expenses | 1,418,777,000 | 714,832,000 | 2,393,861,000 | 1,851,465,000 | |
Operating loss | (307,505,000) | (251,918,000) | (213,007,000) | (198,154,000) | |
Other (expense) income: | |||||
Interest expense, net | (83,836,000) | (71,693,000) | (152,187,000) | (141,677,000) | |
Loss on extinguishment of debt | (28,628,000) | (28,628,000) | |||
Other income, net | 7,933,000 | 21,810,000 | 4,718,000 | 47,167,000 | |
Loss before income taxes and equity losses of affiliates | (412,036,000) | (301,801,000) | (389,104,000) | (292,664,000) | |
Provision for (benefit from) income taxes | 60,918,000 | (4,049,000) | 66,003,000 | 44,555,000 | |
Loss before equity losses of affiliates | (472,954,000) | (297,752,000) | (455,107,000) | (337,219,000) | |
Equity losses of affiliates, net of tax | (43,813,000) | (198,013,000) | (59,284,000) | (209,807,000) | |
Net loss | (516,767,000) | (495,765,000) | (514,391,000) | (547,026,000) | |
Less: Net loss attributable to non-controlling interests | (190,354,000) | (29,211,000) | (163,108,000) | (25,516,000) | |
Less: Net loss attributable to Endeavor Operating Company, LLC prior to the reorganization transactions | (6,816,000) | (466,554,000) | (31,686,000) | (521,510,000) | |
Net loss attributable to Endeavor Group Holdings, Inc. | $ (319,597,000) | $ 0 | $ (319,597,000) | $ 0 | |
Basic and diluted loss per share of Class A common stock | [1] | $ (1.24) | $ (1.24) | ||
Weighted average number of shares used in computing basic and diluted loss per share | 258,266,323 | 258,266,323 | |||
[1] | Basic and diluted loss per share of Class A common stock is applicable only for the period from May 1, 2021 through June 30, 2021, which is the period following the initial public offering (“IPO”) and the related Reorganization Transactions (as defined in Note 1 to the unaudited consolidated financial statements). See Note 14 for the calculation of the numbers of shares used in computation of net loss per share of Class A common stock and the basis for computation of net loss per share. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (516,767,000) | $ (495,765,000) | $ (514,391,000) | $ (547,026,000) |
Change in unrealized gains/losses on cash flow hedges: | ||||
Unrealized gains (losses) on forward foreign exchange contracts | 1,570,000 | 988,000 | 212,000 | (2,124,000) |
Reclassification of losses to net loss for forward foreign exchange contracts | 7,000 | 7,000 | ||
Unrealized (losses) gains on interest rate swaps | (1,802,000) | (12,465,000) | 13,274,000 | (92,464,000) |
Reclassification of losses to net income (loss) for interest rate swaps | 7,552,000 | 5,483,000 | 14,936,000 | 6,912,000 |
Foreign currency translation adjustments | 2,170,000 | 3,022,000 | (2,380,000) | (11,460,000) |
Reclassification of loss to net income (loss) for business divestiture | 4,231,000 | |||
Total comprehensive loss, net of tax | (507,270,000) | (498,737,000) | (488,342,000) | (641,931,000) |
Less: Comprehensive loss attributable to non-controlling interests | (187,871,000) | (29,211,000) | (160,625,000) | (25,516,000) |
Less: Comprehensive loss attributable to Endeavor Operating Company, LLC prior to the reorganization transactions | (3,703,000) | $ (469,526,000) | (12,021,000) | $ (616,415,000) |
Comprehensive loss attributable to Endeavor Group Holdings, Inc. | $ (315,696,000) | $ (315,696,000) |
Consolidated Statements of Rede
Consolidated Statements of Redeemable Interests And Members' Equity - USD ($) | Total | Prior To The Reorganization And Initial Public Offering [Member] | Subsequent To Reorganization And Initial Public Offering [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Members' Capital [Member] | Members' Capital [Member]Prior To The Reorganization And Initial Public Offering [Member] | Members' Capital [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Other Comprehensive (Loss) Income [Member]Prior To The Reorganization And Initial Public Offering [Member] | Accumulated Other Comprehensive (Loss) Income [Member]Subsequent To Reorganization And Initial Public Offering [Member] | Member Capital [Member] | Member Capital [Member]Prior To The Reorganization And Initial Public Offering [Member] | Member Capital [Member]Subsequent To Reorganization And Initial Public Offering [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Subsequent To Reorganization And Initial Public Offering [Member] | Parent [Member] | Parent [Member]Prior To The Reorganization And Initial Public Offering [Member] | Parent [Member]Subsequent To Reorganization And Initial Public Offering [Member] | Parent [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Prior To The Reorganization And Initial Public Offering [Member] | Additional Paid-in Capital [Member]Subsequent To Reorganization And Initial Public Offering [Member] | Retained Earnings [Member] | Retained Earnings [Member]Subsequent To Reorganization And Initial Public Offering [Member] | Redeemable Non-controlling Interests [Member] | Redeemable Equity [Member]Noncontrolling Interest [Member]Subsequent To Reorganization And Initial Public Offering [Member] | Redeemable Equity [Member]Parent [Member] | Redeemable Stock [Member]Noncontrolling Interest [Member] | Redeemable Stock [Member]Noncontrolling Interest [Member]Prior To The Reorganization And Initial Public Offering [Member] | Redeemable Stock [Member]Noncontrolling Interest [Member]Subsequent To Reorganization And Initial Public Offering [Member] | Redeemable Stock [Member]Parent [Member] | Nonredeemable Stock [Member]Noncontrolling Interest [Member] | Nonredeemable Stock [Member]Noncontrolling Interest [Member]Prior To The Reorganization And Initial Public Offering [Member] | Nonredeemable Stock [Member]Noncontrolling Interest [Member]Subsequent To Reorganization And Initial Public Offering [Member] | Common Class A [Member] | Common Class A [Member]Subsequent To Reorganization And Initial Public Offering [Member] | Class X Common Stock [Member] | Class X Common Stock [Member]Subsequent To Reorganization And Initial Public Offering [Member] | Class Y Common Stock [Member] | Class Y Common Stock [Member]Subsequent To Reorganization And Initial Public Offering [Member] |
Beginning balance at Dec. 31, 2019 | $ 1,687,583,000 | $ 1,038,678,000 | $ (125,404,000) | $ 913,274,000 | $ 136,809,000 | $ 43,693,000 | $ 774,309,000 | |||||||||||||||||||||||||||||||||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | $ (1,803,000) | $ (1,803,000) | $ (1,803,000) | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | (623,323,000) | (521,510,000) | (94,905,000) | (616,415,000) | (18,608,000) | (6,908,000) | ||||||||||||||||||||||||||||||||||
Equity-based compensation expense | 14,978,000 | 9,166,000 | 9,166,000 | 5,812,000 | ||||||||||||||||||||||||||||||||||||
Contributions | 26,476,000 | 26,476,000 | 26,476,000 | |||||||||||||||||||||||||||||||||||||
Distributions | (112,809,000) | (2,470,000) | (2,470,000) | (110,339,000) | ||||||||||||||||||||||||||||||||||||
Accretion of redeemable non-controlling interests | 8,101,000 | 8,101,000 | 8,101,000 | (8,101,000) | ||||||||||||||||||||||||||||||||||||
Redemption of units | (7,218,000) | (7,218,000) | (7,218,000) | |||||||||||||||||||||||||||||||||||||
Acquisition of non-controlling interests | 5,635,000 | 65,204,000 | 5,635,000 | |||||||||||||||||||||||||||||||||||||
Business deconsolidation | (1,747,000) | (1,747,000) | ||||||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 995,873,000 | 549,420,000 | (220,309,000) | 329,111,000 | 175,304,000 | 43,693,000 | 666,762,000 | |||||||||||||||||||||||||||||||||
Beginning balance at Mar. 31, 2020 | 1,471,653,000 | 1,016,206,000 | (217,337,000) | 798,869,000 | 197,768,000 | 43,693,000 | 672,784,000 | |||||||||||||||||||||||||||||||||
Comprehensive income (loss) | (478,025,000) | (466,554,000) | (2,972,000) | (469,526,000) | (20,712,000) | (8,499,000) | ||||||||||||||||||||||||||||||||||
Equity-based compensation expense | 8,215,000 | 5,339,000 | 5,339,000 | 2,876,000 | ||||||||||||||||||||||||||||||||||||
Distributions | (651,000) | (252,000) | (252,000) | (399,000) | ||||||||||||||||||||||||||||||||||||
Accretion of redeemable non-controlling interests | 1,752,000 | 1,752,000 | 1,752,000 | (1,752,000) | ||||||||||||||||||||||||||||||||||||
Redemption of units | (7,071,000) | (7,071,000) | (7,071,000) | |||||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 995,873,000 | $ 549,420,000 | (220,309,000) | 329,111,000 | 175,304,000 | $ 43,693,000 | 666,762,000 | |||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 963,976,000 | (190,786,000) | $ 468,633,000 | 277,847,000 | $ 22,519,000 | 168,254,000 | 686,129,000 | |||||||||||||||||||||||||||||||||
Comprehensive (loss) income | 30,838,000 | $ (513,375,000) | $ 19,665,000 | $ 3,901,000 | $ (31,686,000) | $ (197,679,000) | $ (12,021,000) | $ (315,696,000) | $ (319,597,000) | $ (4,111,000) | $ (1,694,000) | $ 42,859,000 | ||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2021 | 1,950,237,000 | (98,530,000) | $ 811,568,000 | 1,138,669,000 | $ 1,556,791,000 | $ (319,597,000) | 0 | 179,140,000 | $ 2,000 | $ 1,000 | $ 2,000 | |||||||||||||||||||||||||||||
Ending Balance (shares) at Jun. 30, 2021 | 261,371,683 | 188,080,383 | 238,154,296 | |||||||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 963,976,000 | |||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense | $ 11,080,000 | 435,710,000 | 3,444,000 | 276,864,000 | 3,444,000 | 158,846,000 | $ 158,846,000 | 7,636,000 | ||||||||||||||||||||||||||||||||
Contributions | 5,400,000 | |||||||||||||||||||||||||||||||||||||||
Distributions | (8,648,000) | (95,000) | (245,000) | (245,000) | (95,000) | (95,000) | (8,403,000) | $ 1,504,547,000 | ||||||||||||||||||||||||||||||||
Accretion of redeemable non-controlling interests | 271,000 | (867,000) | 271,000 | 271,000 | (867,000) | (867,000) | (271,000) | 867,000 | ||||||||||||||||||||||||||||||||
Establishment of non-controlling interests | (2,888,000) | (2,078,000) | $ 560,000 | (2,078,000) | 560,000 | 2,888,000 | 2,078,000 | (3,448,000) | ||||||||||||||||||||||||||||||||
Use of Proceeds Including the UFC Buyout Shares | 42,400,877 | 67,910,105 | 70,946,270 | |||||||||||||||||||||||||||||||||||||
Use of Proceeds Including the UFC Buyout | (835,039,000) | (11,955,000) | (714,653,000) | (702,698,000) | $ (120,386,000) | |||||||||||||||||||||||||||||||||||
Effect of Reorganization | 16,790,000 | 80,645,000 | $ (440,977,000) | (118,311,000) | 242,017,000 | $ (22,519,000) | 5,729,000 | 135,101,000 | $ 1,000 | $ 1,000 | $ 2,000 | |||||||||||||||||||||||||||||
Effect of Reorganization shares | 133,712,566 | 122,021,609 | 167,208,026 | |||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock sold in IPO and Private Placement, net of underwriting discounts shares | 81,873,497 | |||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock sold in IPO and Private Placement, net of underwriting discounts | 1,886,643,000 | 1,886,643,000 | 1,886,642,000 | $ 1,000 | ||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock due to exchanges subsequent to Reorganization and IPO shares | 1,880,196 | (1,851,331) | ||||||||||||||||||||||||||||||||||||||
Equity reallocation between controlling and non-controlling interests | (5,027,000) | 5,027,000 | 5,027,000 | |||||||||||||||||||||||||||||||||||||
Establishment of tax receivable agreements liability | (32,081,000) | (32,081,000) | $ (32,081,000) | |||||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2021 | 1,950,237,000 | |||||||||||||||||||||||||||||||||||||||
Beginning balance at Mar. 31, 2021 | 982,993,000 | (174,234,000) | $ 447,320,000 | 273,086,000 | 22,519,000 | 168,773,000 | $ 709,907,000 | |||||||||||||||||||||||||||||||||
Comprehensive (loss) income | 9,812,000 | (513,375,000) | $ (6,816,000) | $ 3,113,000 | 3,901,000 | (3,703,000) | (315,696,000) | $ (319,597,000) | (2,013,000) | (1,694,000) | 13,515,000 | (197,679,000) | ||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2021 | 1,950,237,000 | $ (98,530,000) | $ 811,568,000 | $ 1,138,669,000 | $ 1,556,791,000 | $ (319,597,000) | $ 0 | $ 179,140,000 | $ 2,000 | $ 1,000 | $ 2,000 | |||||||||||||||||||||||||||||
Ending Balance (shares) at Jun. 30, 2021 | 261,371,683 | 188,080,383 | 238,154,296 | |||||||||||||||||||||||||||||||||||||
Equity-based compensation expense | 1,630,000 | 435,710,000 | 158,846,000 | 158,846,000 | 1,630,000 | 276,864,000 | ||||||||||||||||||||||||||||||||||
Distributions | $ 194,000 | (95,000) | $ 473,000 | $ 473,000 | (95,000) | (95,000) | $ (279,000) | $ 1,504,547,000 | ||||||||||||||||||||||||||||||||
Accretion of redeemable non-controlling interests | (867,000) | (867,000) | (867,000) | $ 867,000 | ||||||||||||||||||||||||||||||||||||
Establishment of non-controlling interests | (2,078,000) | $ 2,078,000 | (2,078,000) | |||||||||||||||||||||||||||||||||||||
Use of Proceeds Including the UFC Buyout Shares | 42,400,877 | 67,910,105 | 70,946,270 | |||||||||||||||||||||||||||||||||||||
Use of Proceeds Including the UFC Buyout | (835,039,000) | (11,955,000) | (714,653,000) | (702,698,000) | (120,386,000) | |||||||||||||||||||||||||||||||||||
Effect of Reorganization | 16,790,000 | 80,645,000 | $ (440,977,000) | (118,311,000) | 242,017,000 | $ 5,729,000 | $ (22,519,000) | $ 135,101,000 | $ 1,000 | $ 1,000 | $ 2,000 | |||||||||||||||||||||||||||||
Effect of Reorganization shares | 133,712,566 | 122,021,609 | 167,208,026 | |||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock sold in IPO and Private Placement, net of underwriting discounts shares | 81,873,497 | |||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock sold in IPO and Private Placement, net of underwriting discounts | 1,886,643,000 | 1,886,643,000 | 1,886,642,000 | $ 1,000 | ||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock due to exchanges subsequent to Reorganization and IPO shares | 1,880,196 | (1,851,331) | ||||||||||||||||||||||||||||||||||||||
Equity reallocation between controlling and non-controlling interests | $ (5,027,000) | 5,027,000 | $ 5,027,000 | |||||||||||||||||||||||||||||||||||||
Establishment of tax receivable agreements liability | $ (32,081,000) | $ (32,081,000) | $ (32,081,000) | |||||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2021 | $ 1,950,237,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (514,391,000) | $ (547,026,000) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 136,397,000 | 165,198,000 |
Amortization and write-off of original issue discount and deferred financing cost | 28,807,000 | 10,393,000 |
Loss on extinguishment of debt | 28,628,000 | |
Amortization of content costs | 73,282,000 | 25,085,000 |
Impairment charges | 3,770,000 | 175,282,000 |
(Gain) loss on sale/disposal and impairment of assets | (2,512,000) | 82,000 |
Gain on business acquisition and deconsolidation | (30,999,000) | |
Equity-based compensation expense | 403,508,000 | 16,975,000 |
Change in fair value of contingent liabilities | 14,378,000 | (7,048,000) |
Change in fair value of equity investments with and without readily determinable fair value | (11,285,000) | 5,709,000 |
Change in fair value of financial instruments | 21,034,000 | (17,644,000) |
Equity losses from affiliates | 59,284,000 | 209,807,000 |
Net (benefit) provision for allowance for doubtful accounts | (3,916,000) | 17,676,000 |
Net gain on foreign currency transactions | (5,156,000) | (5,730,000) |
Distributions from affiliates | 902,000 | 4,675,000 |
Income taxes | 42,342,000 | 29,615,000 |
Other, net | 174,000 | 718,000 |
Changes in operating assets and liabilities - net of acquisitions: | ||
(Increase)/decrease in receivables | (141,807,000) | 247,061,000 |
Decrease/(increase) in other current assets | 2,325,000 | (59,024,000) |
Increase in other assets | (490,715,000) | (104,235,000) |
Decrease in deferred costs | 84,250,000 | 106,121,000 |
Increase in deferred revenue | 124,524,000 | 112,091,000 |
Increase/(decrease) in accounts payable and accrued liabilities | 44,394,000 | (77,270,000) |
Decrease in other liabilities | (20,416,000) | (75,607,000) |
Net cash (used in) provided by operating activities | (122,199,000) | 201,905,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions, net of cash acquired | (255,633,000) | (309,803,000) |
Purchases of property and equipment | (27,107,000) | (40,813,000) |
Proceeds from sale of assets | 19,237,000 | 83,007,000 |
Investments in affiliates | (113,959,000) | (21,075,000) |
Other, net | 4,897,000 | (1,997,000) |
Net cash used in investing activities | (372,565,000) | (290,681,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from borrowings | 220,841,000 | 1,081,677,000 |
Payments on borrowings | (852,341,000) | (437,065,000) |
Contributions | 5,400,000 | |
Distributions | (8,743,000) | (69,557,000) |
Redemption of units | (14,402,000) | (5,947,000) |
Proceeds from equity offering, net of underwriting discounts and offering expenses | 1,886,643,000 | |
Payments of contingent consideration related to acquisitions | (1,778,000) | (2,320,000) |
Acquisition of non-controlling interests | (835,683,000) | |
Other, net | (2,439,000) | (16,115,000) |
Net cash provided by financing activities | 397,498,000 | 550,673,000 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,055,000 | (6,418,000) |
(Decrease) increase in cash, cash equivalents and restricted cash | (96,211,000) | 455,479,000 |
Cash, cash equivalents and restricted cash at beginning of year | 1,190,333,000 | 886,073,000 |
Cash, cash equivalents and restricted cash at end of period | $ 1,094,122,000 | $ 1,341,552,000 |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | 1. DESCRIPTION OF BUSINESS AND ORGANIZATION Endeavor Group Holdings, Inc. (the “Company” or “EGH”) was incorporated as a Delaware corporation in January 2019. The Company was formed as a holding company for the purpose of completing an initial public offering (“IPO”) and other related transactions in order to carry on the business of Endeavor Operating Company, LLC (d.b.a. Endeavor) and its subsidiaries (collectively, “Endeavor” or “EOC”). As the sole managing member of Endeavor Manager, LLC (“Endeavor Manager”), which in turn is the sole managing member of EOC, the Company operates and controls all the business and affairs of Endeavor, and through Endeavor and its subsidiaries, conducts the Company’s business. The Company is a global entertainment, sports and content company. Prior to the IPO, Endeavor was owned by WME Holdco, LLC (which is referred to as “Holdco” herein and is principally owned by executive employees of the Company), affiliates of Silver Lake (which are collectively referred to as “Silver Lake” herein), and other investors and executive employees of the Company. Initial Public Offering On May 3, 2021, the Company closed an IPO of 24,495,000 shares of Class A common stock at a public offering price of $24.00 per share, which included 3,195,000 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. This option to purchase additional shares of Class A common stock was closed on May 12, 2021. Reorganization Transactions Prior to the closing of the IPO, a series of reorganization transactions (the “Reorganization Transactions”) was completed: • EGH’s certificate of incorporation was amended and restated to, among other things, provide for the following common stock: Class of Common Stock Par Value Votes Economic Rights Class A common stock $ 0.00001 1 Yes Class B common stock $ 0.00001 None Yes Class C common stock $ 0.00001 None Yes Class X common stock $ 0.00001 1 None Class Y common stock $ 0.00001 20 None Voting shares of EGH’s common stock will generally vote together as a single class on all matters submitted to a vote of our stockholders; • Endeavor Manager became the sole managing member of EOC and EGH became the sole managing member of Endeavor Manager; • Endeavor Manager issued to equityholders of certain management holding companies common interest units in Endeavor Manager along with paired shares of its Class X common stock as consideration for the acquisition of Endeavor Operating Company Units held by such management holding companies; • For certain pre-IPO pre-IPO pre-IPO • For holders of Endeavor Operating Company Units which remained outstanding following the IPO, EGH issued paired shares of its Class X common stock and, in certain instances, Class Y common stock, in each case equal to the number of Endeavor Operating Company Units held and in exchange for the payment of the aggregate par value of the Class X common stock and Class Y common stock received; and • Certain Endeavor Profits Units, Endeavor Full Catch-Up Catch-Up Subsequent to the closing of the IPO, several new and current investors purchased in the aggregate 75,584,747 shares of Class A common stock at a price per share of $24.00 (the “Private Placement”). Of these shares, 57,378,497 were purchased from EGH and 18,206,250 were purchased from an existing investor. EGH registered these shares of Class A common stock on a Form S-1 Subsequent to the closing of the IPO and the Private Placement, through a series of transactions, EOC acquired the equity interests of the minority unitholders of Zuffa, which owns and operates the Ultimate Fighting Championship (the “UFC Buyout”). This resulted in EOC directly or indirectly owning 100% of the equity interests of Zuffa. In consideration for the minority unitholders’ equity interests of Zuffa, (a) EGH and its subsidiaries issued to certain of such unitholders shares of Class A common stock, Endeavor Operating Company Units, Endeavor Manager Units, shares of Class X common stock and/or shares of Class Y common stock, and (b) EGH used $835.7 million of the net proceeds from this offering and the concurrent private placements to purchase Endeavor Operating Company Units (or equity interests of Zuffa) from certain of such holders. In addition, some of those minority unitholders sold their equity interests of EGH to the private placement investors in the concurrent private placement. Remaining net proceeds after the UFC Buyout were contributed to Endeavor Manager in exchange for Endeavor Manager Units. Endeavor Manager then in turn contributed such net proceeds to Endeavor Operating Company in exchange for Endeavor Operating Company Units. See Note 15 for the 2021 Incentive Award Plan which became effective upon the IPO, as well as for the equity-based compensation charges recorded in the three months ended June 30, 2021 from the impact of the IPO. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Subsidiary or Equity Method Investee [Line Items] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting interim financial information and should be read in conjunction with the Company’s consolidated financial statements and accompanying footnotes in our prospectus dated April 28, 2021, filed with the SEC on April 30, 2021 pursuant to Rule 424(b) of the Securities Act of 1933, as amended (referred to herein as the “Prospectus”). Certain information and note disclosures normally included in annual financial statements have been condensed or omitted from these interim financial statements. The interim consolidated financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 are unaudited; however, in the opinion of management, such interim consolidated financial statements reflect all adjustments, consisting solely of normal and recurring adjustments, necessary for a fair statement of its financial position, results of operations and cash flows for the interim periods presented. During the fourth quarter of 2020, the Company concluded there was a revision required to the presentation of Zuffa Parent, LLC’s (“Zuffa”) distributions to Silver Lake and the related issuances of common stock units and the convertible promissory note by the Company in the consolidated statements of cash flows for the first three quarters of 2020. Such distributions and related issuances are described in Note 12. The Company originally reported these distributions and the related issuances as financing cash flows rather than correctly presenting them as non-cash non-cash Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying disclosures. Significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, allowance for doubtful accounts, content cost amortization and impairment, the fair value of acquired assets and liabilities associated with acquisitions, the fair value of the Company’s reporting units and the assessment of goodwill, other intangible assets and long-lived assets for impairment, consolidation, investments, redeemable non-controlling Management evaluates these estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s consolidated financial statements in future periods. Earnings per Share Earnings per share (“EPS”) is computed in accordance with ASC 260, Earnings per Share. Basic EPS is computed by dividing the net income available to our Class A Common Stockholders by the weighted average number of shares outstanding for the period. Diluted EPS is calculated by dividing the net income available for common stockholders by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of The Company may be required to calculate basic EPS using the two-class method as a result of our redeemable non-controlling interests. To the extent that the redemption value increases and exceeds the then-current fair value of a redeemable non-controlling interest, net income available to common stockholders (used to calculate EPS) could be negatively impacted by that increase, subject to certain limitations. The partial or full recovery of any reductions to net income available to common stockholders (used to calculate EPS) is limited to any cumulative prior-period reductions. There was no impact to EPS for adjustments related to our redeemable non-controlling interests. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 3. RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In January 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323 and Topic 815 2020-01”). 2020-01 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12”). Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06 , Debt—Debt with Conversion and Other Options (Subtopic 470-20) 815-40): GAAP In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting GAAP |
IMPACT OF THE GLOBAL COVID-19 P
IMPACT OF THE GLOBAL COVID-19 PANDEMIC | 6 Months Ended |
Jun. 30, 2021 | |
Impact Of The Global Covid Nineteen Pandemic [Abstract] | |
IMPACT OF THE GLOBAL COVID-19 PANDEMIC | 4. IMPACT OF THE GLOBAL COVID-19 In March 2020, the World Health Organization declared the outbreak of COVID-19 COVID-19 COVID-19 stay-at-home in-person While activity has resumed in certain of our businesses and restrictions have been lessened or lifted, restrictions impacting certain of our businesses remain in effect in locations where we are operating and could in the future be reduced or increased, or removed or reinstated. The Company’s events, experiences and experiential marketing businesses primarily generate their revenue from live events and many events remain cancelled, and where live events are able to take place, attendance may COVID-19 and recently emerged variants . The full magnitude the pandemic will have on the Company’s financial condition, liquidity and future results is uncertain and will depend on the duration of the pandemic, as well as the effectiveness of mass vaccinations and the impact of variants of the virus. Accordingly, the Company’s estimates regarding the magnitude and length of time that these disruptions will continue to impact its results of operations, cash flows and financial condition may change in the future, and such changes could be material. Additionally, changes to estimates related to the COVID-19 Liquidity The ongoing COVID-19 non-wholly After considering the impact of COVID-19, |
ACQUISITIONS AND DECONSOLIDATIO
ACQUISITIONS AND DECONSOLIDATION | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DECONSOLIDATION | 5. ACQUISITIONS AND DECONSOLIDATION 2021 ACQUISITIONS FlightScope and Next College Student Athlete In April 2021, the Company acquired the issued and outstanding equity interests of EDH Tennis Limited, the holding company of FlightScope Services sp. z o.o., comprising the services business of FlightScope (collectively, “FlightScope”). FlightScope is a data collection, audio-visual production and tracking technology specialist for golf and tennis events. In June 2021, the Company acquired the Path-to-College business $ million . The Company incurred $4.2 million in transaction related costs in connection with the acquisition of FlightScope and NCSA. The costs were expensed as incurred and included in selling, general and administrative expenses in the consolidated statement of operations. The goodwill for FlightScope and NCSA was assigned to the Events, Experiences & Rights segment. The goodwill is partially deductible for tax purposes. The weighted average life of finite-lived intangible assets acquired for FlightScope and NCSA is 4.4 and 5.2 years, respectively. The results of FlightScope and NCSA have been included in the consolidated financial statements since the dates of acquisition. For the three and six months ended June 30, 2021, FlightScope’s and NCSA’s consolidated revenue and net income/loss included in the consolidated statements of operations from the acquisition dates were $14.7 million and $1.7 million, respectively. Preliminary Allocation of Purchase Price The acquisitions were accounted for as business combinations and the preliminary fair values of the assets acquired and liabilities assumed in the business combinations are as follows (in thousands): FlightScope NCSA Cash and cash equivalents $ 1,042 $ 3,783 Accounts receivable 475 5,619 Deferred costs 94 1,096 Other current assets 1,640 8,856 Property and equipment 1,090 2,804 Right of use assets 1,272 — Other assets 166 5,472 Intangible assets: Trade names — 21,100 Customer relationships 2,700 10,000 Internally developed software 15,400 37,100 Goodwill 30,271 193,508 Accounts payable and accrued expenses (806 ) (21,385 ) Other current liabilities (187 ) (8,608 ) Operating lease liability (1,272 ) — Deferred revenue (631 ) (37,636 ) Other liabilities (15,346 ) (25,014 ) Net assets acquired $ 35,908 $ 196,695 The estimated fair value of assets acquired and liabilities assumed are preliminary and subject to change as we finalize purchase price allocations, which is expected within one year of the respective acquisitions. 2020 ACQUISITIONS On Location Events, LLC In January 2020, the Company acquired On Location Events, LLC, dba On Location Experiences (“OLE”) for total consideration of $441.1 million consisting of cash consideration of $366.4 million; rollover equity, representing 13.5% of the equity interest of OLE, valued at $65.2 million and a contingent premium payment, as discussed below, valued at $9.5 million. The rollover equity is held by 32 Equity, LLC (“32 Equity”), the strategic investment firm affiliated with the National Football League (“NFL”). OLE is party to a Commercial License Agreement (“CLA”) with NFL Properties As part of the acquisition, the Company entered into an Amended and Restated Limited Liability Company Agreement of OLE’s parent entity, Endeavor OLE Parent, LLC (“OLE Parent”), with 32 Equity. The terms of the agreement provide 32 Equity with certain call rights to acquire additional common units in OLE Parent and liquidity rights. At any time on or prior to April 1, 2022, 32 Equity has the right to purchase that amount of additional common units of OLE Parent from the Company that would result in 32 Equity having an aggregate ownership percentage interest in OLE Parent of 32%, at a price n of the Company to make a premium payment to 32 Equity in certain circumstances. At any time following the Lockup Period, 32 Equity will be entitled to a $41.0 million premium payment from the Company if both (i) 32 Equity or the Company exercise the put/call rights described above or there is a sale or IPO of OLE Parent and (ii) certain performance metrics based on average OLE gross profit or NFL related business gross profit are achieved. The $ 41.0 41.0 On Location Experiences is a premium experiential hospitality business that serves iconic rights holders with extensive experience in ticketing, curated hospitality, live event production and travel management in the worlds of sports and entertainment. Operations include Anthony Travel, CID Entertainment, Future Beat, Kreate Inc., PrimeSport and Steve Furgal’s International Tennis Tours. OLE is included in the Events, Experiences & Rights segment. The Company incurred $13.7 million of transaction related costs in connection with the acquisition. These costs were expensed as incurred and included in selling, general and administrative expenses in the consolidated statement of operations. The goodwill for the OLE acquisition was assigned to the Events, Experiences & Rights segment. Goodwill is primarily attributable to the go-to-market Allocation of Purchase Price The acquisition was accounted for as a business combination and the fair values of the assets acquired and the liabilities assumed in the business combination are as follows (in thousands): Cash and cash equivalents $ 45,230 Restricted cash 86 Accounts receivable 10,316 Deferred costs 99,184 Other current assets 53,893 Property and equipment 4,361 Operating lease right-of-use 3,509 Other assets 74,193 Intangible assets: Trade names 75,400 Customer and client relationships 198,819 Goodwill 387,542 Accounts payable and accrued expenses (55,927 ) Other current liabilities (28,224 ) Deferred revenue (175,790 ) Debt (217,969 ) Operating lease liabilities (3,509 ) Other long-term liabilities (24,377 ) Non-redeemable non-controlling (5,635 ) Net assets acquired $ 441,102 Other 2020 Acquisition On March 20, 2020, the Company acquired the remaining 50% of the membership interests of PIMGSA LLP for a total transaction price of $37.0 million, which is to be paid on various dates and amounts. Prior to the acquisition, the Company owned a 50% membership interest of PIMGSA LLP and was accounted for under the equity method. PIMGSA LLP trades under the name FC Diez Media and provides a complete and global sports media service, sponsorship and digital agency, formed exclusively to serve the South American Football Confederation. The Company recorded $8.6 million and $46.4 million of goodwill and a finite-lived contract based intangible asset, respectively. The finite-lived intangible asset has a useful life of 2 years. The Company also recognized a gain of $27.1 million for the difference between the carrying value and fair value of the previously held membership interest. The gain was included in other income, net in the consolidated statement of operations. 2020 DECONSOLIDATION In 2011, the Company and Asian Tour Limited (“AT”) formed a venture, Asian Tour Media Pte Ltd. LTD (“ATM”), for the commercial exploitation of certain Asian Tour events. As of December 31, 2019, ATM was a consolidated subsidiary of the Company as the Company had control over ATM’s operating decisions. The shareholders’ agreement included a provision whereby, if certain financial conditions were met as of December 31, 2019, a change in the corporate governance structure would be implemented as of January 1, 2020. Such financial conditions were met as of December 31, 2019, resulting in a change in the corporate governance such that the Company no longer maintains control over the operating decisions of ATM. The Company determined that the 50% ownership interest would be accounted for under the equity method as of January 1, 2020. On January 1, 2020, the Company derecognized all the assets and liabilities of ATM and recognized an $8.1 million gain for the difference between the carrying value of the assets and liabilities and fair value of the Company’s 50% ownership interest. The gain was included in other income, net in the consolidated statement of operations. |
SUPPLEMENTARY DATA
SUPPLEMENTARY DATA | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY DATA | 6. SUPPLEMENTARY DATA Content Costs The following table presents the Company’s unamortized content costs, including the components of content costs predominantly monetized on a title-by-title June 30, December 31, Licensed program rights, net of accumulated amortization $ 32,181 $ 19,793 Produced programming: Released, net of accumulated amortization 5,190 4,806 In production 603,869 314,214 In development 53,632 37,392 Total content costs $ 694,872 $ 376,205 Content cost monetized on a title-by-title basis $ 675,163 $ 358,207 Content cost monetized as a film group 19,709 17,998 Total content costs $ 694,872 $ 376,205 Amortization of content costs was $62.6 million and $9.2 million for the three months ended June 30, 2021 and 2020, respectively. Of the $62. 6 title-by-title title-by-title Amortization of content costs was $73.3 million and $25.1 million for the six months ended June 30, 2021 and 2020, respectively. Of the $73. 3 title-by-title title-by-title Accrued Liabilities The following is a summary of accrued liabilities (in thousands): June 30, December 31, Accrued operating expenses $ 184,115 $ 155,142 Payroll, bonuses and benefits 167,730 100,630 Other 79,148 66,977 Total accrued liabilities $ 430,993 $ 322,749 Allowance for Doubtful Accounts The changes in the allowance for doubtful accounts are as follows (in thousands): Balance at Additions/Charged Deductions Foreign Balance at Six months ended June 30, 2021 $ 67,975 $ 2,378 $ (6,352 ) $ 58 $ 64,059 Supplemental Cash Flow The Company’s supplemental cash flow information is as follows (in thousands): Six Months Ended June 30, 2021 2020 Supplemental information: Cash paid for interest $ 102,393 $ 126,995 Cash payments for income taxes 20,976 23,073 Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 8,985 $ 3,071 Contingent consideration provided in connection with acquisitions — 9,947 Accretion of redeemable non-controlling interests 596 (8,101 ) Accrued redemption of units included in accrued liabilities and other current liabilities — 9,255 Issuance of Class A Common Units — 26,476 Issuance of promissory note — 15,885 Establishment and acquisition of non-controlling interests 3,087,301 — Establishment of tax receivable agreements liability 32,081 — |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 7. GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in the carrying value of goodwill are as follows (in thousands): Owned Sports Events, Experiences Representation Total Balance — December 31, 2020 $ 2,674,038 $ 1,011,217 $ 495,924 $ 4,181,179 Acquisitions — 223,779 1,005 224,784 Impairment — (1,979 ) (1,791 ) (3,770 ) Foreign currency translation and other — 273 (2,872 ) (2,599 ) Balance — June 30, 2021 $ 2,674,038 $ 1,233,290 $ 492,266 $ 4,399,594 Intangible Assets The following table summarizes information relating to the Company’s identifiable intangible assets as of June 30, 2021 (in thousands): Weighted Average Gross Accumulated Carrying Amortized: Trade names 17.4 $ 990,589 $ (260,959 ) $ 729,630 Customer and client relationships 6.7 1,327,550 (960,750 ) 366,800 Internally developed technology 3.9 115,757 (52,550 ) 63,207 Other 4.3 45,422 (44,956 ) 466 2,479,318 (1,319,215 ) 1,160,103 Indefinite-lived: Trade names 343,033 — 343,033 Owned events 89,303 — 89,303 Total intangible assets $ 2,911,654 $ (1,319,215 ) $ 1,592,439 Weighted Average Gross Accumulated Carrying Amortized: Trade names 17.5 $ 970,595 $ (232,158 ) $ 738,437 Customer and client relationships 6.7 1,317,083 (907,889 ) 409,194 Internally developed technology 4.4 61,539 (46,126 ) 15,413 Other 4.3 45,317 (44,251 ) 1,066 2,394,534 (1,230,424 ) 1,164,110 lndefinite-lived: Trade names 341,272 — 341,272 Owned events 90,086 — 90,086 Total intangible assets $ 2,825,892 $ (1,230,424 ) $ 1,595,468 Intangible asset amortization expense was $46.6 million and $63.5 million for the three months ended June 30, 2021 and 2020, respectively, and $92.4 million and $123.5 million for the six months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2020, the Company performed an interim impairment review due to the impact of the COVID-19 non-cash within d |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | 8. INVESTMENTS The following is a summary of the Company’s investments (in thousands): June 30, December 31, 2021 2020 Equity method investments $ 221,225 $ 177,663 Equity investments without readily determinable fair values 72,944 66,378 Equity investments with readily determinable fair values 869 7,037 Total investments $ 295,038 $ 251,078 Equity Method Investments As of June 30, 2021 and December 31, 2020, the Company held various investments in non-marketable In June 2021, the Company acquired additional common units in Learfield IMG College for $107.4 million in cash For the six months ended June 30, 2020, the Company’s share of the net loss of Learfield IMG College was $207.5 million and is recognized within equity losses of affiliates in the consolidated statement of operations. The results of Learfield IMG College include a charge as a result of its annual goodwill and indefinite lived intangibles assets impairment test, primarily due to continued losses and the impact of COVID-19 business. In addition, the Company recorded total other-than-temporary impairment charges of $5.9 million for one of its other equity method investments, which has been recorded in equity losses of affiliates in the consolidated statement of operations. Equity Investments without Readily Determinable Fair Values As of June 30, 2021 and December 31, 2020, the Company held various investments in non-marketable For each of the three and six months ended June 30, 2021, the Company recorded an increase in fair value of $6.1 million for its equity investments without readily determinable fair values. For the three months ended June 30, 2021, the Company sold no investments. For the six months ended June 30, 2021 the Company sold investments for net proceeds of $4.8 million and recorded related gains of $2.6 million. For the three and six months ended June 30, 2020, the Company recorded impairments of $1.4 million and $3.7 million , respectively, for its equity investments without readily determinable fair values. These impairment charges have been recorded in other income, net in the consolidated statements of operations. In May 2020, the Company sold approximately 90% of its ownership in one of its investments without readily determinable fair values for proceeds of $83.0 million. The Company recorded a loss of $3.0 million on this sale. Equity Investments with Readily Determinable Fair Values As of June 30, 2021, the Company had C 20 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instrument Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | 9. FINANCIAL INSTRUMENTS The Company enters into forward foreign exchange contracts to hedge its foreign currency exposures on future production expenses denominated in various foreign currencies (i.e., cash flow hedges). The Company also enters into forward foreign exchange contracts that economically hedge certain of its foreign currency risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In addition, the Company enters into interest rate swaps to hedge certain of its interest rate risks on its debt. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions. As of June 30, 2021, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 12 months from June 30, 2021) (in thousands except for exchange rates): Foreign Currency Foreign Currency Amount US Dollar Amount Weighted Average Exchange Rate Per $1 USD British Pound Sterling £35,500 in exchange for $ 48,913 £0.73 Canadian Dollar C$71,204 in exchange for $ 55,774 C$1.28 Swedish Krona kr7500 in exchange for $ 878 kr8.54 Australian Dollar AUD$14,300 in exchange for $ 10,639 AUD$1.34 Singapore Dollar S$2,600 in exchange for $ 1,932 S$1.35 For forward foreign exchange contracts designated as cash flow hedges, the Company recognized net gains (losses) in accumulated other comprehensive loss of $1.6 million and $0.9 million for the three months ended June 30, 2021 and 2020, respectively, and $0.2 million and $(2.2) million for the six months ended June 30, 2021 and 2020, respectively. The Company did not reclassify any gains or losses into net income (loss) for the three and six months ended June 30, 2021 and 2020. For forward foreign exchange contracts not designated as cash flow hedges, the Company recorded a net gain of $1.0 million and $0.5 million for the three months ended June 30, 2021 and 2020, respectively, and $0.8 million and $1.2 million for the six months ended June 30, 2021 and 2020, respectively, in other income, net in the consolidated statements of operations. In certain circumstances, the Company enters into contracts that are settled in currencies other than the functional or local currencies of the contracting parties. Accordingly, these contracts consist of the underlying operational contract and an embedded foreign currency derivative element. Hedge accounting is not applied to the embedded foreign currency derivative element. The Company recorded a net gain (loss) of $2.2 million and $11.1 million for the three months ended June 30, 2021 and 2020, respectively, and $(9.2) million and $13.2 million for the six months ended June 30, 2021 and 2020, respectively, in other income, net in the consolidated statements of operations. In addition, the Company has entered into interest rate swaps for portions of its 2014 Credit Facilities and other variable interest bearing debt and has designated them cash flow hedges. For the three months ended June 30, 2021 and 2020, the Company recorded losses of $1.8 million and $12.5 million in accumulated other comprehensive loss and reclassified losses of $7.6 million and $5.5 million into net loss, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded gains (losses) of $13.3 million and $(92.5) million in accumulated other comprehensive loss and reclassified losses of $14.9 million and $6.9 million into net loss, respectively. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 10. FAIR VALUE MEASUREMENTS The fair value hierarchy is composed of the following three categories: Level 1 Level 2 Level 3 The following tables present, for each of the fair value hierarchy levels, the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of June 30, 2021 Level I Level II Level III Total Assets: Investments in equity securities with readily determinable fair values $ 869 $ — $ — $ 869 Forward foreign exchange contracts — 598 — 598 Total $ 869 $ 598 $ — $ 1,467 Liabilities: Contingent consideration $ — $ — $ 2 1,371 $ 21,371 Interest rate swaps — 79,546 — 79,546 Forward foreign exchange contracts — 10,966 — 10,966 Total $ — $ 90,512 $ 21,371 $ 111,883 Fair Value Measurements as of December 31, 2020 Level I Level II Level III Total Assets: Investments in equity securities with readily determinable fair values $ 7,037 $ — $ — $ 7,037 Forward foreign exchange contracts — 1,794 — 1,794 Total $ 7,037 $ 1,794 $ — $ 8,831 Liabilities: Contingent consideration $ — $ — $ 9,026 $ 9,026 Interest rate swaps — 107,909 — 107,909 Forward foreign exchange contracts — 5,023 — 5,023 Total $ — $ 112,932 $ 9,026 $ 121,958 There have been no transfers of assets or liabilities between the fair value measurement classifications during the six months ended June 30, 2021. Investments in Equity Securities with Readily Determinable Fair Values The estimated fair value of the Company’s equity securities with readily determinable fair values is based on observable inputs in an active market, which is a Level 1 measurement within the fair value hierarchy. Contingent Consideration The Company has recorded contingent consideration liabilities in connection with its acquisitions. Contingent consideration is included in current liabilities and other long-term liabilities in the consolidated balance sheets. Changes in fair value are recognized in selling, general and administrative expenses. The estimated fair value of the contingent consideration is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The changes in the fair value of contingent consideration were as follows (in thousands): Six Months Ended 2021 Balance at December 31, 2020 $ 9,026 Payments (2,032 ) Change in fair value 14,377 Balance at June 30, 2021 $ 21,371 Foreign Currency Derivatives The Company classifies its foreign currency derivatives within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments (Note 9). As of June 30, 2021 and December 31, 2020, the Company had $0.6 million and $1.8 million in other current assets, $4.2 million and $4.3 million in other current liabilities and $6.8 million and $0.7 million in other long-term liabilities, respectively, recorded in the consolidated balance sheets related to the Company’s foreign currency derivatives. Interest Rate Swaps The Company classifies its interest rate swaps within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments (Note 9). The fair value of the swaps was $79.5 million and $107.9 million as of June 30, 2021 and December 31, 2020, respectively, and was included in other long-term liabilities in the consolidated balance sheets. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | 11. DEBT The following is a summary of outstanding debt (in thousands): June 30, December 31, 2014 Credit Facilities: First Lien Term Loan (due May 2025) $ 2,801,114 $ 3,074,230 Revolving Credit Facility (due May 2024) — 163,057 Zuffa Credit Facilities: Zuffa First Lien Term Loan (due April 2026) 2,254,635 2,447,064 Other debt (2.47%-14.50% Notes due at various dates through 2030) 365,145 339,519 Total principal 5,420,894 6,023,870 Unamortized discount (24,201 ) (40,982 ) Unamortized issuance costs (46,105 ) (57,083 ) Total debt 5,350,588 5,925,805 Less: current portion (94,845 ) (212,971 ) Total long-term debt $ 5,255,743 $ 5,712,834 2014 Credit Facilities The financial debt covenants did not apply as of December 31, 2020, as the Company amended the 2014 Credit Facilities receiving a waiver from the financial covenant for the test periods ended June 30, 2020, September 30, 2020 and December 31, 2020. In April 2021, the Company received a waiver from the financial covenant for the test periods ending June 30, 2021, September 30, 2021 and December 31, 2021. Also, in April 2021, the Revolving Credit Facility maturity date was extended from May 2023 to May 2024. On 29, on 29 , The Company had outstanding letters of credit under the 2014 Credit Facilities totaling $25.3 million and $24.8 million as of June 30, 2021 and December 31, 2020, respectively. Zuffa Credit Facilities In January 2021, the Company completed a refinancing of the Zuffa First Lien Term Loan and the Term Loan Add-on 3.5-to-1. Add-on. O 29 , The financial debt covenants of the Zuffa Credit Facilities did not apply as of June 30, 2021 and December 31, 2020, as Zuffa did not utilize greater than thirty-five percent of the borrowing capacity. Zuffa had outstanding letters of credit under the Zuffa Credit Facilities totaling $10.0 million as of June 30, 2021 and December 31, 2020. Other Debt OLE Revolver The OLE revolving credit agreement contains a financial covenant that requires OLE to maintain a First Lien Leverage Ratio of Consolidated First Lien Debt to Consolidated EBITDA, as defined in the credit agreement, of no more than 3-to-1. forty OLE had no In August 2021, OLE increased its borrowing capacity under its revolving credit agreement from $20.0 million to $42.9 million. Receivables Purchase Agreement As of June 30, 2021 and December 31, 2020, the debt outstanding under these arrangements was $57.0 million and $83.7 million, respectively. Endeavor Content Capital Facility In February 2021, the Company increased its capacity under its Endeavor Content Capital Facility from $200.0 million to $325.0 million. As of June 30, 2021 and December 31, 2020, the Endeavor Content Capital Facility had $209.6 million and $153.9 million of borrowings outstanding, respectively, and no In July 2021, the Company amended its Endeavor Content Capital Facility to increase the total capacity to $430.0 Zuffa Secured Commercial Loans As of June 30, 2021 and December 31, 2020, Zuffa was in compliance with its financial debt covenant under the Zuffa Secured Commercial Loans. 2014 Credit Facilities and Zuffa Credit Facilities The 2014 Credit Facilities and the Zuffa Credit Facilities restrict the ability of certain subsidiaries of the Company to make distributions and other payments to the Company. These restrictions do include exceptions for, among other things, (1) amounts necessary to make tax payments, (2) a limited annual amount for employee equity repurchases, (3) distributions required to fund certain parent entities, (4) other specific allowable situations and (5) a general restricted payment basket. As of June 30, 2021, EGH held cash of $76.4 million, accounts payable of $3.9 million and tax receivable agreements liability of $32.1 million EOC held cash of $63.3 million; liabilities for redemption of units and future incentive awards of $53.9 million and $11.9 million, respectively; and liabilities and redeemable equity for unit put rights of $28.4 million. Otherwise, EGH and EOC have no material separate cash flows, assets or liabilities other than the investments in its subsidiaries. All its business operations are conducted through its operating subsidiaries; it has no material independent operations. EGH and EOC have no other material commitments or guarantees. As a result of the restrictions described above, substantially all of the subsidiaries’ net assets are effectively restricted in their ability to be transferred to EGH or EOC as of June 30, 2021 and December 31, 2020, respectively . As of June 30, 2021 and December 31, 2020, the Company’s First Lien Term Loan under the 2014 Credit Facilities and Zuffa’s First Lien Term Loan under its Credit Facilities had an estimated fair value of $5.0 billion and $5.3 billion, respectively. The estimated fair values of the Company’s First Lien Term Loan under the 2014 Credit Facilities and Zuffa’s First Lien Term Loan under its Credit Facilities are b a fair value hierarchy. |
MEMBERS' EQUITY
MEMBERS' EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |
MEMBERS' EQUITY | 12. MEMBERS’ EQUITY Common Units The Company had 2,149,218,614 Class A Common Units issued and outstanding as of December 31, 2020. The Class A Common Units are held by Holdco, Silver Lake, and other investors. The Class A Common Units have no par value assigned to them. During the three months ended March 31, 2020, the Company issued 8,766,738 Class A Common Units to Silver Lake as part of the Zuffa distribution discussed below. Profits Units The Company had 314,123,415 Profits Units issued and outstanding as of December 31, 2020. Other than certain Profits Units held by key executives, Profits Units are not entitled to participate in operating distributions unless otherwise elected by the Board. Certain Profits Units are designated as Catch-Up Profits Units and are entitled to certain “catch up” distributions once the distribution threshold applicable to such Catch-Up Profits Units has been met. All Profits Units have no par value assigned to them. Non-controlling In January 2020, the Board of Zuffa approved the payment of a distribution in the amount of $300.0 million to Zuffa common unit and profits unit holders. During the three months ended March 31, 2020, Zuffa authorized a total of $201.9 million, of which $195.2 million was paid and $6.7 million was deferred as of March 31, 2020. In lieu of cash, the Company issued 8,766,738 Class A Common Units at fair value to Silver Lake for $26.5 million and issued a convertible promissory note to Silver Lake for $15.9 million. This resulted in the Company retaining $135.0 million of the $195.2 million distribution paid during the three months ended March 31, 2020. The remaining portion of the distribution was authorized and paid during the remainder of 2020. |
REDEEMABLE NON CONTROLLING INTE
REDEEMABLE NON CONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
REDEEMABLE NON-CONTROLLING INTERESTS | 13. REDEEMABLE NON-CONTROLLING OLE In connection with the acquisition of OLE (Note 5), the Company entered into an Amended and Restated Limited Liability Company Agreement of OLE Parent with 32 Equity. The terms of the agreement provide 32 Equity with certain rights to put its common units in OLE Parent to the Company upon a termination of the CLA or at its option at any time following the Lockup Period. The Company also has certain call rights to require 32 Equity to sell its common units in OLE Parent to the Company upon a termination of the CLA in the event aforementioned put rights are not exercised. The put/call price is an amount equal to fair market value and the exercise of these put/call rights may give rise to an obligation of the Company to make a premium payment to 32 Equity in certain circumstances. At any time following the Lockup Period, 32 Equity will be entitled to a $41.0 million premium payment from the Company if both (i) 32 Equity or the Company exercise the put/call rights described above or there is a sale or IPO of OLE Parent and (ii) certain performance metrics based on average OLE gross profit or NFL related business gross profit are achieved. The $41.0 million premium payment will also be payable if, prior to January 2, 2026, a sale or IPO of OLE Parent occurs or if 32 Equity exercises its put rights following a termination of the CLA due to an OLE event of default (in which case the $41.0 million premium payment may be subject to proration). non-controlling non-controlling non-controlling On June 25, 2021 Endeavor and 32 Equity agreed to fund a combined $40.0 million to OLE. This amount was funded via a pro-rata capital contribution from Endeavor and 32 Equity of $34.6 million and $5.4 million, respectively. No further capital contributions are contracted for future periods. China In June 2016, the Company received a contribution of $75.0 million from third parties in a newly formed subsidiary of the Company that was formed to expand the Company’s existing business in China. Costs incurred for this contribution were $6.9 million and were recognized as a reduction of the proceeds. This contribution gave the non-controlling non-controlling In March 2018, the Company entered into an agreement for an additional contribution in its existing subsidiary in China. The total additional contribution was $125.0 million, of which $12.5 million was the Company’s funding obligation and $112.5 million was the existing non-controlling Zuffa In July 2018, the Company received a contribution of $9.7 million from third parties (the “Russia Co-Investors”) Co-Investors Co-Investors’ Frieze In connection with the acquisition of Frieze in 2016, the terms of the agreement provide the sellers with a put option to sell their remaining 30% interest after fiscal year 2020. The Company also has a call option to buy the remaining 30% interest after fiscal year 2020 or upon termination of employment of the sellers who continued to be employees of Frieze after the acquisition. The price of the put and call option is equal to Frieze’s prior year’s EBITDA multiplied by 7.5. As of June 30, 2021 and December 31, 2020, the estimated redemption value was below the carrying value of $22.7 million and $22.2 million, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 14. EARNINGS PER SHARE Basic earnings per share is calculated utilizing net income available to common stockholders of the Company from May 1, 2021 through June 30, 2021, divided by the weighted average number of shares of Class A Common Stock outstanding during the same period. The Company’s outstanding equity-based compensation awards under its equity-based compensation arrangements (Note 15) were anti-dilutive during the period. The computation of earnings per share and weighted average shares of the Company’s common stock outstanding for the periods presented below: Period Through Basic and diluted net loss per share Numerator Consolidated Net Loss $ (518,352 ) Net loss attributable to NCI (Endeavor Operating Company Unit) (168,469 ) Net loss attributable to NCI (Endeavor Manager LLC Manager Unit) (30,285 ) Net loss attributable to EGH common shareholders $ (319,597 ) Denominator Weighted average Class A Common Shares outstanding - Basic 258,266,323 Basic and diluted loss $ (1.24 ) Securities that are anti-dilutive this period Stock Option s 3,196,364 Unvested RSUs 7,479,941 Manager LLC Units 24,722,425 EOC Common Units 141,245,780 EOC Profits Interest 15,256,825 |
EQUITY BASED COMPENSATION
EQUITY BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY BASED COMPENSATION | 15. EQUITY BASED COMPENSATION Conversion of Pre-IPO In connection with the closing of the IPO, the Company consummated certain R T pre-IPO million during the three and six months ended June 30, 2021. In addition, certain put right arrangements which were outstanding prior to the IPO were terminated upon the consummation of such IPO, based on the original terms of those agreements, which resulted in the Company recording a reversal of related equity-based compensation expense of $4.0 million during the three and six months ended June 30, 2021. The fair value of the outstanding put rights as of June 30, 2021 totaled $5.7 million, which is recorded in redeemable non-controlling interests. 2021 Incentive Award Plan In connection with the IPO, the Company’s board of directors adopted the 2021 Incentive Award Plan (the “2021 Plan”). The 2021 Plan became effective on April 28, 2021. The Company initially shares of Class A common stock for issuance pursuant to the 2021 Plan. All current The following table summarizes the RSU award activity for the six months ended June 30, 2021: Time Vested RSUs Market / Market and Units Value * Units Value * Outstanding at January 1, 2021 — $ — — $ — Granted 7,214,581 $ 30.51 3,117,354 28.08 Released (728,103 ) $ 30.81 (830,857 ) 29.03 Forfeited (9,191 ) $ 30.81 (3,907 ) 27.07 Outstanding at June 30, 2021 6,477,287 $ 30.48 2,282,590 27.74 Vested and releasable at June 30, 2021 1,279,936 $ 30.53 — $ — * Weighted average grant date fair value The following table summarizes the stock options award activity for the six months ended June 30, 2021: Stock Options Options Weighted Outstanding at Janu a — $ — Granted 3,213,551 $ 24.00 Forfeited or expired (17,187 ) $ 24.00 Outstanding at June 30, 2021 3,196,364 $ 24.00 Vested and exercisable at June 30, 2021 563,367 $ 24.00 The weighted average grant-date fair value of stock options granted under the Company’s 2021 Plan during the three and six months ended June 30, 2021 was $9.54. The Company estimates the fair value of each stock option on the date of grant using a Black-Scholes option pricing model. Management is required to make certain assumptions with respect to selected model inputs. Expected volatility is based on comparable publicly traded companies’ stock movements. The expected life represents the period of time that the respective awards are expected to be outstanding. The risk-free interest rate is based on the U.S treasury yield curve in effect at the time of grant. All stock options exercised will be settled in Class A common stock. The key assumptions used for stock options granted during the three and six months ended June 30, 2021 are as follows: Stock Options Risk-free i r 1.02 % Expected v 41.36 % Expected l 5.73 Expected d y 0.00 % For the three and six months ended June 30, 2021, the Company recorded share-based compensation expense of $111.4 million s The total grant-date fair value of RSUs and stock options which vested during the three and six months ended June 30, 2021 was $70.0 million. As of June 30, 2021, the aggregate intrinsic value of vested RSUs and stock options and aggregate intrinsic value of total outstanding RSUs and stock options was $37.2 million and $254.3 million, respectively. As of June 30, 2021, the total unrecognized equity-based compensation related to stock options and restricted stock units was CEO and Executive Chairman Market-Based Incentive Awards In March 2019, the Company issued equity-based compensation awards in Endeavor and in Zuffa to the Company’s CEO (each a “Future Incentive Award”). The Future Incentive Awards were each based on achievement of various equity value thresholds of Endeavor and of Zuffa. In May 2021, the Company’s CEO received a RSU award covering 520,834 shares of the Company’s Class A common stock following the achievement of one agreed upon increase in equity value of Zuffa under his Zuffa Incentive Future Award. One-third of such RSUs were vested upon grant and the remaining will vest in two equal installments on each of the first and second anniversaries of the date of grant. The Endeavor and Zuffa Future Incentive Awards were cancelled in connection with the IPO and were replaced with an award of performance-vesting RSUs. Each of the Company’s CEO and Executive Chairman received an award of performance-vesting RSUs pursuant to which they are eligible to receive a number of shares of the Company’s Class A common stock with a specified target value each time the price per share of the Company’s Class A common stock (calculated based on volume weighted average price thereof) exceeds an applicable threshold price above the public offering price of $24.00. One-third of any shares of the Company’s Class A common stock received upon achievement of any applicable threshold price will be vested upon grant and the remainder of such shares will vest in two equal installments on each of the first and second anniversaries of the date of grant. The first price threshold was achieved for the Company’s CEO on June 10, 2021. These performance-vesting RSUs will expire on the tenth anniversary of the date of grant. The performance-vesting RSUs awarded to the CEO and Executive Chairman of the Company (each a “Market-Based Incentive Award”) are accounted for under ASC 718 as equity-classified awards due to the fixed number of shares of the Company’s Class A common stock each of the CEO and the Executive Chairman will be eligible for upon the achievement of each respective threshold. Compensation cost for performance-based awards with a market condition is recognized regardless of the number of units that vest based on the market condition and is recognized on a straight-line basis over the estimated service period. Compensation expense is not reversed even if the market condition is not satisfied. The Company used a Monte Carlo simulation model to determine the fair value and the derived service periods of these Market-Based Incentive Awards . For the three and six months ended June 30, 2021, total equity-based compensation expense for these Market-Based Incentive Awards was $ 23.5 million and the Company reclassified the $27.0 million of long term liabilities from the Future Incentive Awards to additional paid in capital. As of June 30, 2021, total unrecognized equity-based compensation related to these CEO and Executive Chairman Market-Based Incentive Awards was $285.7 2.57 years. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 16. INCOME TAXES EGH was incorporated as a Delaware corporation in January 2019. It was formed as a holding company for the purpose of completing an IPO and other related transactions. As the sole managing member of Endeavor Manager, which is the sole managing member of EOC, EGH operates and controls all the business and affairs of EOC, and through EOC and its subsidiaries, conducts the Company’s business. EGH is subject to corporate income tax on its share of taxable income or loss of EOC derived through Endeavor Manager. EOC is treated as a partnership for U.S. federal income tax purposes and is therefore not subject to U.S. corporate income tax. However, certain of EOC’s subsidiaries are subject to U.S. or foreign corporate income tax. In accordance with ASC Topic 740, each interim period is considered integral to the annual period and tax expense is generally determined using an estimate of the annual effective income tax rate (“AETR”). The Company would record income tax expense each quarter using the estimated AETR to provide for income taxes on a current year-to-date COVID-19 The provision for (benefit from) income taxes for the three months ended June 30, 2021 and 2020 is $60.9 million and $(4.0) million, respectively, based on pretax losses of $412.0 million and $301.8 million, respectively. The effective tax rate is ( ) The provision for income taxes for the six months ended June 30, 2021 and 2020 is $66.0 million and $44.6 million, respectively, based on pretax losses of $389.1 million and $292.7 million, respectively. The effective tax rate is (17.0%) and (15.2%) for the six months ended June 30, 2021 and 2020, respectively. The tax expense for the three and six months ended June 30, 2021 differs from the same periods in 2020 primarily due to the impact of additional stock compensation expense on the AETR, deferred tax liabilities associated with indefinite lived intangibles recorded as a result of the IPO, and a change in the tax rate in the United Kingdom. Any tax balances reflected on the June 30, 2021 balance sheet would be adjusted accordingly to reflect the actual financial results for the year ending December 31, 2021. The Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to partnership income not subject to income tax, state and local income taxes, withholding taxes in foreign jurisdictions that are not based on net income and income subject to tax in foreign jurisdictions which differ from the U.S. federal statutory income tax rate and the relative amount of income earned in those jurisdictions. As of June 30, 2021 and December 31, 2020, the Company had unrecognized tax benefits of $36.3 million and $34.4 million, respectively, for which we are unable to make a reasonable and reliable estimate of the period in which these liabilities will be settled with the respective tax authorities. The Company records valuation allowances against its net deferred tax assets when it is more likely than not that all, or a portion, of a deferred tax asset will not be realized. The Company evaluates the realizability of its deferred tax assets by assessing the likelihood that its deferred tax assets will be recovered based on all available positive and negative evidence, including historical results, reversals of deferred tax liabilities, estimates of future taxable income, tax planning strategies and results of operations. Based on this analysis, the Company has concluded that its net deferred tax assets at EGH, exclusive of deferred tax liabilities associated with indefinite lived intangibles, will not be realized and as a result, has recorded a full valuation allowance as of June 30, 2021. Tax Receivable Agreements In connection with the IPO and related transactions, the Company entered into tax receivable agreements (“TRAs”) with certain persons that held direct or indirect interests in EOC and Zuffa prior to the IPO (“TRA Holders”). The TRAs generally provide for the payment by EGH of 85% of the amount of any tax benefits that EGH actually realizes, or in some cases is deemed to realize, as a result of (i) increases in EGH’s share of the tax basis in the net assets of EOC resulting from any redemptions or exchanges of LLC Units, (ii) increases in tax basis attributable to payments made under the TRAs, (iii) deductions attributable to imputed interest pursuant to the TRAs and (iv) other tax attributes allocated to EGH post-IPO and related transactions that were allocable to the TRA Holders prior to the IPO and related transactions. The Company has recorded a full valuation allowance with respect to deferred tax assets subject to the TRA. Certain other tax attributes subject to the TRA do not result in deferred tax assets. During the six months ended June 30, 2021, the Company has recognized a TRA liability on a portion of such attributes of approximately $32 million, after concluding that such TRA payments would be probable based on estimates of future taxable income over the terms of the TRAs. The amounts payable under the TRAs will vary depending upon a number of factors, including the amount, character, and timing of the taxable income of EGH in the future. If the valuation allowance recorded against the deferred tax assets applicable to the tax attributes referenced above is released in a future period, or other tax attributes subject to the TRA are determined to be payable, additional TRA liabilities may be considered probable at that time and recorded within our statement of operations. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | 17. REVENUE The following table presents the Company’s revenue disaggregated by primary revenue sources for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, 2021 Owned Sports Events, Experiences & Rights Representation Total Media rights $ 162,938 $ 310,857 $ — $ 473,795 Media production, distribution and content 1,240 92,698 133,275 227,213 Events and performance 94,687 125,117 — 219,804 Talent representation and licensing — — 145,929 145,929 Marketing — — 49,028 49,028 Eliminations — — — (4,497 ) Total $ 258,865 $ 528,672 $ 328,232 $ 1,111,272 Six Months Ended June 30, 2021 Owned Sports Events, Experiences & Rights Representation Total Media rights $ 340,591 $ 633,983 $ — $ 974,574 Media production, distribution and content 3,427 177,411 192,198 373,036 Events and performance 198,328 256,888 — 455,216 Talent representation and licensing — — 292,674 292,674 Marketing — — 92,269 92,269 Eliminations — — — (6,915 ) Total $ 542,346 $ 1,068,282 $ 577,141 $ 2,180,854 Three Months Ended June 30, 2020 Owned Sports Events, Experiences Representation Total Media rights $ 103,226 $ 46,287 $ — $ 149,513 Media production, distribution and content 1,064 37,864 81,258 120,186 Events and performance 47,949 35,683 — 83,632 Talent representation and licensing — — 79,910 79,910 Marketing — — 31,672 31,672 Eliminations — — — (1,999 ) Total $ 152,239 $ 119,834 $ 192,840 $ 462,914 Six Months Ended June 30, 2020 Owned Sports Events, Experiences Representation Total Media rights $ 226,040 $ 262,936 $ — $ 488,976 Media production, distribution and content 3,200 113,762 150,999 267,961 Events and performance 155,166 411,912 — 567,078 Talent representation and licensing — — 227,887 227,887 Marketing — — 106,688 106,688 Eliminations — — — (5,279 ) Total $ 384,406 $ 788,610 $ 485,574 $ 1,653,311 In the three months ended June 30, 2021 and 2020, there was revenue recognized of $9.9 million and $11.0 million, respectively, from performance obligations satisfied in prior periods. In the six months ended June 30, 2021 and 2020, there was revenue recognized of $23.0 million and $21.8 million, respectively, from performance obligations satisfied in prior periods. Remaining Performance Obligations The following table presents the aggregate amount of transaction price allocated to remaining performance obligations for contracts greater than one year with unsatisfied or partially satisfied performance obligations as of June 30, 2021 (in thousands). The transaction price related to these future obligations does not include any variable consideration. Years Ending Remainder of 2021 $ 871,028 2022 1,409,272 2023 1,252,400 2024 971,381 2025 911,711 Thereafter 578,354 $ 5,994,146 Contract Liabilities The Company records deferred revenue when cash payments are received or due in advance of its performance. The Company’s deferred revenue balance primarily relates to advance payments received related to advertising and sponsorship agreements, event advanced ticket sales and performance tuition. Deferred revenue is included in the current liabilities section and in other long-term liabilities in the consolidated balance sheets. The following table presents the Company’s contract liabilities as of June 30, 2021 and December 31, 2020 (in thousands): Description December 31, Additions Deductions Acquisitions Foreign June 30, Deferred revenue - current $ 606,530 $ 1,008,801 $ (883,348 ) $ 38,267 $ 3,963 $ 774,213 Deferred revenue - noncurrent $ 19,437 $ 6,468 $ (16,787 ) $ 18,564 $ — $ 27,682 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 18. SEGMENT INFORMATION As of June 30, 2021, the Company has three reportable segments: Owned Sports Properties, Events, Experiences & Rights, and Representation. The Company also reports the results for the “Corporate” group. The profitability measure employed by the Company’s chief operating decision maker for allocating resources and assessing operating performance is Adjusted EBITDA. Segment information is presented consistently with the basis for the year ended December 31, 2020. Summarized financial information for the Company’s reportable segments is shown in the following tables (in thousands): Revenue Three months ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Owned Sports Properties $ 258,865 $ 152,239 $ 542,346 $ 384,406 Events, Experiences & Rights 528,672 119,834 1,068,282 788,610 Representation 328,232 192,840 577,141 485,574 Eliminations (4,497 ) (1,999 ) (6,915 ) (5,279 ) Total consolidated revenue $ 1,111,272 $ 462,914 $ 2,180,854 $ 1,653,311 Reconciliation of segment profitability Three months ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Owned Sports Properties $ 132,267 $ 65,502 $ 277,816 $ 167,796 Events, Experiences & Rights 36,800 (42,655 ) 75,850 26,468 Representation 61,685 52,036 123,168 120,649 Corporate (62,704 ) (29,046 ) (109,320 ) (83,538 ) Adjusted EBITDA 168,048 45,837 367,514 231,375 Reconciling items: Equity losses (income) losses of affiliates 1,158 1,759 (2,176 ) 1,797 Interest expense, net (83,836 ) (71,693 ) (152,187 ) (141,677 ) Depreciation and amortization (69,161 ) (84,751 ) (136,397 ) (165,198 ) Equity-based compensation expense (387,017 ) (9,204 ) (403,508 ) (16,975 ) Merger, acquisition and earn-out (14,199 ) 859 (25,184 ) (9,303 ) Certain legal costs (574 ) (3,357 ) (4,526 ) (6,159 ) Restructuring, severance and impairment (4,026 ) (195,305 ) (4,433 ) (212,247 ) Fair value adjustment - equity investments 5,905 (2,950 ) 13,704 (5,759 ) COVID-19 — (2,606 ) — (12,113 ) Other (28,334 ) 19,610 (41,911 ) 43,595 Loss before income taxes and equity losses of affiliate s $ (412,036 ) $ (301,801 ) $ (389,104 ) $ (292,664 ) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 19. COMMITMENTS AND CONTINGENCIES Claims and Litigation The Company is involved in legal proceedings, claims and governmental investigations arising in the normal course of business. The types of allegations that arise in connection with such legal proceedings vary in nature, but can include contract, employment, tax and intellectual property matters. The Company evaluates all cases and records liabilities for losses from legal proceedings when the Company determines that it is probable that the outcome will be unfavorable and the amount, or potential range, of loss can be reasonably estimated. While any outcome related to litigation or such governmental proceedings cannot be predicted with certainty, management believes that the outcome of these matters, except as otherwise may be discussed below, individually or in the aggregate, will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. An employee of the Company is one of several individuals and entities named in a complaint by India’s Director of Enforcement (“DE”), initially filed in January 2015, alleging violations of the Foreign Exchange Management Act (“FEMA”). The complaint alleges that the employee participated as an advisor in a series of transactions in 2009 that were completed by and on behalf of a client, the Board of Control for Cricket in India (the “BCCI”), and that contravened two provisions of FEMA. The subject transactions were pursued under the direction and control of one of the BCCI’s board members. The Company is not alleged to have possessed any funds improperly or to have made or received any of the payments that are alleged to have violated FEMA. The Company is cooperating with the DE’s investigation which, at present, is in its early stages. In July 2017, the Italian Competition Authority (“ICA”) issued a decision opening an investigation into alleged breaches of competition law in Italy, involving inter alia IMG, and relating to bidding for certain media rights of the Serie A and Serie B football leagues. In April 2018, the European Commission conducted on-site cases. Collectively, the interventions of these 14 clubs are the “Interventions”. The Company intends to defend against the Damages Claims, Interventions and any related claims, and management believes that the Company has meritorious defenses to these claims, including the absence of standing of the clubs, and the absence of actual damage. The Company may also be subject to regulatory and other claims and actions with respect to these ICA and other regulatory matters. Any judgment entered against the Company or settlement entered into, including with respect to claims or actions brought by other parties, could materially and adversely impact the Company’s business, financial condition and results of operations. Zuffa has five s alleging substantially similar claims , but providing for a class period from July 1, 2017 to present. Management believes that the Company has meritorious defenses against the allegations and intends to defend itself vigorously. In February 2021, the Company signed a new franchise agreement and side letter (the “Franchise Agreements”) directly with the Writer’s Guild of America East and the Writer’s Guild of America West (collectively, the “WGA”). These Franchise Agreements include terms that, among other things, prohibit the Company from (a) negotiating packaging deals after June 30, 2022 and (b) having more than a 20% non-controlling non-controlling after-tax As a result, in August 2021, the Company has begun marketing the restricted Endeavor Content business for sale. Guarantees and Commitments The Company routinely enters into purchase or guarantee arrangements for event, media or other representation rights as well as for advancements for content production or overhead costs with various organizations. Subsequent to December 31, 2020, the Company entered into certain new arrangements increasing its purchase/guarantee agreements by $1.3 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 20. RELATED PARTY TRANSACTIONS The Company has the following related party transactions as of June 30, 2021 and December 31, 2020 and for the three and six months ended June 30, 2021 and 2020 (in thousands): June 30, December 31, Other current assets $ 9,071 $ 5,572 Other assets 4,670 1,400 Current liabilities — 1,356 Other current liabilities 657 969 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue $ 6,039 $ 3,093 $ 13,039 $ 5,178 Direct operating costs 724 (80 ) 2,857 1,972 Selling, general and administrative expenses 3,304 1,445 4,430 10,261 Other income, net 875 875 1,750 1,750 As of June 30, 2021, the Company has an equity-method investment in Euroleague, a related party. For the three and six months $4.7 million, Company recognized revenue of $3.9 million, $6.5 milli on, $2.3 million, , |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Subsidiary or Equity Method Investee [Line Items] | |
Basis of Presentation | Basis of Presentation The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting interim financial information and should be read in conjunction with the Company’s consolidated financial statements and accompanying footnotes in our prospectus dated April 28, 2021, filed with the SEC on April 30, 2021 pursuant to Rule 424(b) of the Securities Act of 1933, as amended (referred to herein as the “Prospectus”). Certain information and note disclosures normally included in annual financial statements have been condensed or omitted from these interim financial statements. The interim consolidated financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 are unaudited; however, in the opinion of management, such interim consolidated financial statements reflect all adjustments, consisting solely of normal and recurring adjustments, necessary for a fair statement of its financial position, results of operations and cash flows for the interim periods presented. During the fourth quarter of 2020, the Company concluded there was a revision required to the presentation of Zuffa Parent, LLC’s (“Zuffa”) distributions to Silver Lake and the related issuances of common stock units and the convertible promissory note by the Company in the consolidated statements of cash flows for the first three quarters of 2020. Such distributions and related issuances are described in Note 12. The Company originally reported these distributions and the related issuances as financing cash flows rather than correctly presenting them as non-cash non-cash |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying disclosures. Significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, allowance for doubtful accounts, content cost amortization and impairment, the fair value of acquired assets and liabilities associated with acquisitions, the fair value of the Company’s reporting units and the assessment of goodwill, other intangible assets and long-lived assets for impairment, consolidation, investments, redeemable non-controlling Management evaluates these estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s consolidated financial statements in future periods. |
Earnings per Share | Earnings per Share Earnings per share (“EPS”) is computed in accordance with ASC 260, Earnings per Share. Basic EPS is computed by dividing the net income available to our Class A Common Stockholders by the weighted average number of shares outstanding for the period. Diluted EPS is calculated by dividing the net income available for common stockholders by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of The Company may be required to calculate basic EPS using the two-class method as a result of our redeemable non-controlling interests. To the extent that the redemption value increases and exceeds the then-current fair value of a redeemable non-controlling interest, net income available to common stockholders (used to calculate EPS) could be negatively impacted by that increase, subject to certain limitations. The partial or full recovery of any reductions to net income available to common stockholders (used to calculate EPS) is limited to any cumulative prior-period reductions. There was no impact to EPS for adjustments related to our redeemable non-controlling interests. |
RECENT ACCOUNTING PRONOUNCEME_2
RECENT ACCOUNTING PRONOUNCEMENTS (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In January 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323 and Topic 815 2020-01”). 2020-01 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12”). Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06 , Debt—Debt with Conversion and Other Options (Subtopic 470-20) 815-40): GAAP In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting GAAP |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Company's Certificate of Incorporation | • EGH’s certificate of incorporation was amended and restated to, among other things, provide for the following common stock: Class of Common Stock Par Value Votes Economic Rights Class A common stock $ 0.00001 1 Yes Class B common stock $ 0.00001 None Yes Class C common stock $ 0.00001 None Yes Class X common stock $ 0.00001 1 None Class Y common stock $ 0.00001 20 None |
ACQUISITIONS AND DECONSOLIDAT_2
ACQUISITIONS AND DECONSOLIDATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of Fair Values of the Assets Acquired and the Liabilities Assumed in the Business Combination | The acquisitions were accounted for as business combinations and the preliminary fair values of the assets acquired and liabilities assumed in the business combinations are as follows (in thousands): FlightScope NCSA Cash and cash equivalents $ 1,042 $ 3,783 Accounts receivable 475 5,619 Deferred costs 94 1,096 Other current assets 1,640 8,856 Property and equipment 1,090 2,804 Right of use assets 1,272 — Other assets 166 5,472 Intangible assets: Trade names — 21,100 Customer relationships 2,700 10,000 Internally developed software 15,400 37,100 Goodwill 30,271 193,508 Accounts payable and accrued expenses (806 ) (21,385 ) Other current liabilities (187 ) (8,608 ) Operating lease liability (1,272 ) — Deferred revenue (631 ) (37,636 ) Other liabilities (15,346 ) (25,014 ) Net assets acquired $ 35,908 $ 196,695 The acquisition was accounted for as a business combination and the fair values of the assets acquired and the liabilities assumed in the business combination are as follows (in thousands): Cash and cash equivalents $ 45,230 Restricted cash 86 Accounts receivable 10,316 Deferred costs 99,184 Other current assets 53,893 Property and equipment 4,361 Operating lease right-of-use 3,509 Other assets 74,193 Intangible assets: Trade names 75,400 Customer and client relationships 198,819 Goodwill 387,542 Accounts payable and accrued expenses (55,927 ) Other current liabilities (28,224 ) Deferred revenue (175,790 ) Debt (217,969 ) Operating lease liabilities (3,509 ) Other long-term liabilities (24,377 ) Non-redeemable non-controlling (5,635 ) Net assets acquired $ 441,102 |
SUPPLEMENTARY DATA (Tables)
SUPPLEMENTARY DATA (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Supplementary Data [Abstract] | |
Summary of Unamortized Content Costs | The following table presents the Company’s unamortized content costs, including the components of content costs predominantly monetized on a title-by-title June 30, December 31, Licensed program rights, net of accumulated amortization $ 32,181 $ 19,793 Produced programming: Released, net of accumulated amortization 5,190 4,806 In production 603,869 314,214 In development 53,632 37,392 Total content costs $ 694,872 $ 376,205 Content cost monetized on a title-by-title basis $ 675,163 $ 358,207 Content cost monetized as a film group 19,709 17,998 Total content costs $ 694,872 $ 376,205 |
Summary of Accrued Liabilities | The following is a summary of accrued liabilities (in thousands): June 30, December 31, Accrued operating expenses $ 184,115 $ 155,142 Payroll, bonuses and benefits 167,730 100,630 Other 79,148 66,977 Total accrued liabilities $ 430,993 $ 322,749 |
Summary of Allowance for Doubtful Accounts | The changes in the allowance for doubtful accounts are as follows (in thousands): Balance at Additions/Charged Deductions Foreign Balance at Six months ended June 30, 2021 $ 67,975 $ 2,378 $ (6,352 ) $ 58 $ 64,059 |
Summary of Supplemental Cash Flow | The Company’s supplemental cash flow information is as follows (in thousands): Six Months Ended June 30, 2021 2020 Supplemental information: Cash paid for interest $ 102,393 $ 126,995 Cash payments for income taxes 20,976 23,073 Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 8,985 $ 3,071 Contingent consideration provided in connection with acquisitions — 9,947 Accretion of redeemable non-controlling interests 596 (8,101 ) Accrued redemption of units included in accrued liabilities and other current liabilities — 9,255 Issuance of Class A Common Units — 26,476 Issuance of promissory note — 15,885 Establishment and acquisition of non-controlling interests 3,087,301 — Establishment of tax receivable agreements liability 32,081 — |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in the Carrying Value of Goodwill | The changes in the carrying value of goodwill are as follows (in thousands): Owned Sports Events, Experiences Representation Total Balance — December 31, 2020 $ 2,674,038 $ 1,011,217 $ 495,924 $ 4,181,179 Acquisitions — 223,779 1,005 224,784 Impairment — (1,979 ) (1,791 ) (3,770 ) Foreign currency translation and other — 273 (2,872 ) (2,599 ) Balance — June 30, 2021 $ 2,674,038 $ 1,233,290 $ 492,266 $ 4,399,594 |
Summary of Company's Identifiable Intangible Assets | The following table summarizes information relating to the Company’s identifiable intangible assets as of June 30, 2021 (in thousands): Weighted Average Gross Accumulated Carrying Amortized: Trade names 17.4 $ 990,589 $ (260,959 ) $ 729,630 Customer and client relationships 6.7 1,327,550 (960,750 ) 366,800 Internally developed technology 3.9 115,757 (52,550 ) 63,207 Other 4.3 45,422 (44,956 ) 466 2,479,318 (1,319,215 ) 1,160,103 Indefinite-lived: Trade names 343,033 — 343,033 Owned events 89,303 — 89,303 Total intangible assets $ 2,911,654 $ (1,319,215 ) $ 1,592,439 Weighted Average Gross Accumulated Carrying Amortized: Trade names 17.5 $ 970,595 $ (232,158 ) $ 738,437 Customer and client relationships 6.7 1,317,083 (907,889 ) 409,194 Internally developed technology 4.4 61,539 (46,126 ) 15,413 Other 4.3 45,317 (44,251 ) 1,066 2,394,534 (1,230,424 ) 1,164,110 lndefinite-lived: Trade names 341,272 — 341,272 Owned events 90,086 — 90,086 Total intangible assets $ 2,825,892 $ (1,230,424 ) $ 1,595,468 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Company's Investments | The following is a summary of the Company’s investments (in thousands): June 30, December 31, 2021 2020 Equity method investments $ 221,225 $ 177,663 Equity investments without readily determinable fair values 72,944 66,378 Equity investments with readily determinable fair values 869 7,037 Total investments $ 295,038 $ 251,078 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instrument Disclosure [Abstract] | |
Schedule of Outstanding Forward Foreign Exchange Contracts Balances | As of June 30, 2021, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 12 months from June 30, 2021) (in thousands except for exchange rates): Foreign Currency Foreign Currency Amount US Dollar Amount Weighted Average Exchange Rate Per $1 USD British Pound Sterling £35,500 in exchange for $ 48,913 £0.73 Canadian Dollar C$71,204 in exchange for $ 55,774 C$1.28 Swedish Krona kr7500 in exchange for $ 878 kr8.54 Australian Dollar AUD$14,300 in exchange for $ 10,639 AUD$1.34 Singapore Dollar S$2,600 in exchange for $ 1,932 S$1.35 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Of Assets and Liabilities Measured on Recurring Basis | The following tables present, for each of the fair value hierarchy levels, the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of June 30, 2021 Level I Level II Level III Total Assets: Investments in equity securities with readily determinable fair values $ 869 $ — $ — $ 869 Forward foreign exchange contracts — 598 — 598 Total $ 869 $ 598 $ — $ 1,467 Liabilities: Contingent consideration $ — $ — $ 2 1,371 $ 21,371 Interest rate swaps — 79,546 — 79,546 Forward foreign exchange contracts — 10,966 — 10,966 Total $ — $ 90,512 $ 21,371 $ 111,883 Fair Value Measurements as of December 31, 2020 Level I Level II Level III Total Assets: Investments in equity securities with readily determinable fair values $ 7,037 $ — $ — $ 7,037 Forward foreign exchange contracts — 1,794 — 1,794 Total $ 7,037 $ 1,794 $ — $ 8,831 Liabilities: Contingent consideration $ — $ — $ 9,026 $ 9,026 Interest rate swaps — 107,909 — 107,909 Forward foreign exchange contracts — 5,023 — 5,023 Total $ — $ 112,932 $ 9,026 $ 121,958 |
Schedule of Change in Fair Value of Contingent Consideration | The changes in the fair value of contingent consideration were as follows (in thousands): Six Months Ended 2021 Balance at December 31, 2020 $ 9,026 Payments (2,032 ) Change in fair value 14,377 Balance at June 30, 2021 $ 21,371 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The following is a summary of outstanding debt (in thousands): June 30, December 31, 2014 Credit Facilities: First Lien Term Loan (due May 2025) $ 2,801,114 $ 3,074,230 Revolving Credit Facility (due May 2024) — 163,057 Zuffa Credit Facilities: Zuffa First Lien Term Loan (due April 2026) 2,254,635 2,447,064 Other debt (2.47%-14.50% Notes due at various dates through 2030) 365,145 339,519 Total principal 5,420,894 6,023,870 Unamortized discount (24,201 ) (40,982 ) Unamortized issuance costs (46,105 ) (57,083 ) Total debt 5,350,588 5,925,805 Less: current portion (94,845 ) (212,971 ) Total long-term debt $ 5,255,743 $ 5,712,834 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share and Weighted Average Shares Outstanding | The computation of earnings per share and weighted average shares of the Company’s common stock outstanding for the periods presented below: Period Through Basic and diluted net loss per share Numerator Consolidated Net Loss $ (518,352 ) Net loss attributable to NCI (Endeavor Operating Company Unit) (168,469 ) Net loss attributable to NCI (Endeavor Manager LLC Manager Unit) (30,285 ) Net loss attributable to EGH common shareholders $ (319,597 ) Denominator Weighted average Class A Common Shares outstanding - Basic 258,266,323 Basic and diluted loss $ (1.24 ) |
Schedule of Antidilutive Securities | Securities that are anti-dilutive this period Stock Option s 3,196,364 Unvested RSUs 7,479,941 Manager LLC Units 24,722,425 EOC Common Units 141,245,780 EOC Profits Interest 15,256,825 |
EQUITY BASED COMPENSATION (Tabl
EQUITY BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure Details Of Restricted Stock Units Activity | The following table summarizes the RSU award activity for the six months ended June 30, 2021: Time Vested RSUs Market / Market and Units Value * Units Value * Outstanding at January 1, 2021 — $ — — $ — Granted 7,214,581 $ 30.51 3,117,354 28.08 Released (728,103 ) $ 30.81 (830,857 ) 29.03 Forfeited (9,191 ) $ 30.81 (3,907 ) 27.07 Outstanding at June 30, 2021 6,477,287 $ 30.48 2,282,590 27.74 Vested and releasable at June 30, 2021 1,279,936 $ 30.53 — $ — * Weighted average grant date fair value |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes the stock options award activity for the six months ended June 30, 2021: Stock Options Options Weighted Outstanding at Janu a — $ — Granted 3,213,551 $ 24.00 Forfeited or expired (17,187 ) $ 24.00 Outstanding at June 30, 2021 3,196,364 $ 24.00 Vested and exercisable at June 30, 2021 563,367 $ 24.00 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Stock Options Risk-free i r 1.02 % Expected v 41.36 % Expected l 5.73 Expected d y 0.00 % |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Company's Revenue Disaggregated by Primary Revenue | The following table presents the Company’s revenue disaggregated by primary revenue sources for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, 2021 Owned Sports Events, Experiences & Rights Representation Total Media rights $ 162,938 $ 310,857 $ — $ 473,795 Media production, distribution and content 1,240 92,698 133,275 227,213 Events and performance 94,687 125,117 — 219,804 Talent representation and licensing — — 145,929 145,929 Marketing — — 49,028 49,028 Eliminations — — — (4,497 ) Total $ 258,865 $ 528,672 $ 328,232 $ 1,111,272 Six Months Ended June 30, 2021 Owned Sports Events, Experiences & Rights Representation Total Media rights $ 340,591 $ 633,983 $ — $ 974,574 Media production, distribution and content 3,427 177,411 192,198 373,036 Events and performance 198,328 256,888 — 455,216 Talent representation and licensing — — 292,674 292,674 Marketing — — 92,269 92,269 Eliminations — — — (6,915 ) Total $ 542,346 $ 1,068,282 $ 577,141 $ 2,180,854 Three Months Ended June 30, 2020 Owned Sports Events, Experiences Representation Total Media rights $ 103,226 $ 46,287 $ — $ 149,513 Media production, distribution and content 1,064 37,864 81,258 120,186 Events and performance 47,949 35,683 — 83,632 Talent representation and licensing — — 79,910 79,910 Marketing — — 31,672 31,672 Eliminations — — — (1,999 ) Total $ 152,239 $ 119,834 $ 192,840 $ 462,914 Six Months Ended June 30, 2020 Owned Sports Events, Experiences Representation Total Media rights $ 226,040 $ 262,936 $ — $ 488,976 Media production, distribution and content 3,200 113,762 150,999 267,961 Events and performance 155,166 411,912 — 567,078 Talent representation and licensing — — 227,887 227,887 Marketing — — 106,688 106,688 Eliminations — — — (5,279 ) Total $ 384,406 $ 788,610 $ 485,574 $ 1,653,311 |
Summary of Transaction Price Related to These Future Obligation | Years Ending Remainder of 2021 $ 871,028 2022 1,409,272 2023 1,252,400 2024 971,381 2025 911,711 Thereafter 578,354 $ 5,994,146 |
Summary of Company's Contract Liabilities | The following table presents the Company’s contract liabilities as of June 30, 2021 and December 31, 2020 (in thousands): Description December 31, Additions Deductions Acquisitions Foreign June 30, Deferred revenue - current $ 606,530 $ 1,008,801 $ (883,348 ) $ 38,267 $ 3,963 $ 774,213 Deferred revenue - noncurrent $ 19,437 $ 6,468 $ (16,787 ) $ 18,564 $ — $ 27,682 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenue | Revenue Three months ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Owned Sports Properties $ 258,865 $ 152,239 $ 542,346 $ 384,406 Events, Experiences & Rights 528,672 119,834 1,068,282 788,610 Representation 328,232 192,840 577,141 485,574 Eliminations (4,497 ) (1,999 ) (6,915 ) (5,279 ) Total consolidated revenue $ 1,111,272 $ 462,914 $ 2,180,854 $ 1,653,311 |
Schedule of Reconciliation of Segment Profitability | Reconciliation of segment profitability Three months ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Owned Sports Properties $ 132,267 $ 65,502 $ 277,816 $ 167,796 Events, Experiences & Rights 36,800 (42,655 ) 75,850 26,468 Representation 61,685 52,036 123,168 120,649 Corporate (62,704 ) (29,046 ) (109,320 ) (83,538 ) Adjusted EBITDA 168,048 45,837 367,514 231,375 Reconciling items: Equity losses (income) losses of affiliates 1,158 1,759 (2,176 ) 1,797 Interest expense, net (83,836 ) (71,693 ) (152,187 ) (141,677 ) Depreciation and amortization (69,161 ) (84,751 ) (136,397 ) (165,198 ) Equity-based compensation expense (387,017 ) (9,204 ) (403,508 ) (16,975 ) Merger, acquisition and earn-out (14,199 ) 859 (25,184 ) (9,303 ) Certain legal costs (574 ) (3,357 ) (4,526 ) (6,159 ) Restructuring, severance and impairment (4,026 ) (195,305 ) (4,433 ) (212,247 ) Fair value adjustment - equity investments 5,905 (2,950 ) 13,704 (5,759 ) COVID-19 — (2,606 ) — (12,113 ) Other (28,334 ) 19,610 (41,911 ) 43,595 Loss before income taxes and equity losses of affiliate s $ (412,036 ) $ (301,801 ) $ (389,104 ) $ (292,664 ) |
RELATED PARTY TRANSACTIONS (Ta
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The Company has the following related party transactions as of June 30, 2021 and December 31, 2020 and for the three and six months ended June 30, 2021 and 2020 (in thousands): June 30, December 31, Other current assets $ 9,071 $ 5,572 Other assets 4,670 1,400 Current liabilities — 1,356 Other current liabilities 657 969 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue $ 6,039 $ 3,093 $ 13,039 $ 5,178 Direct operating costs 724 (80 ) 2,857 1,972 Selling, general and administrative expenses 3,304 1,445 4,430 10,261 Other income, net 875 875 1,750 1,750 |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | May 03, 2021 | Jun. 30, 2021 |
Subsidiary or Equity Method Investee [Line Items] | ||
Proceeds from issuance initial public offering and warrants | $ 1,886.6 | |
Proceeds from issaunce of warrants and shares used to acquire equity interest of the minorityunitholders | $ 835.7 | |
Percentage of equity interest acquired in subsidiary | 100.00% | |
Common Class A [Member] | New And Current Investors | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Number of shares issued | 75,584,747 | |
Common Class A [Member] | Endeavor Group Holdings | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Number of shares issued | 57,378,497 | |
Share price | $ 24 | |
Common Class A [Member] | Existing Investor [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Number of shares issued | 18,206,250 | |
Common Class A [Member] | IPO [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Stock issued during period shares | 24,495,000 | |
Shares issued price per share | $ 24 | |
Common Class A [Member] | Over-Allotment Option [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Stock issued during period shares | 3,195,000 |
DESCRIPTION OF BUSINESS AND O_4
DESCRIPTION OF BUSINESS AND ORGANIZATION - Summary Of Company's Certificate Of Incorporation (Detail) | 6 Months Ended |
Jun. 30, 2021$ / shares | |
Class A common stock [Member] | |
Class of Stock [Line Items] | |
Common stock, par value | $ 0.00001 |
Votes | 1 |
Economic Rights | Yes |
Class B common stock [Member] | |
Class of Stock [Line Items] | |
Common stock, par value | $ 0.00001 |
Votes | None |
Economic Rights | Yes |
Class C common stock [Member] | |
Class of Stock [Line Items] | |
Common stock, par value | $ 0.00001 |
Votes | None |
Economic Rights | Yes |
Class X common stock [Member] | |
Class of Stock [Line Items] | |
Common stock, par value | $ 0.00001 |
Votes | 1 |
Economic Rights | None |
Class Y common stock [Member] | |
Class of Stock [Line Items] | |
Common stock, par value | $ 0.00001 |
Votes | 20 |
Economic Rights | None |
IMPACT OF THE GLOBAL COVID-19_2
IMPACT OF THE GLOBAL COVID-19 PANDEMIC - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Impact Of The Global Covid Nineteen Pandemic [Line Items] | ||
Cash and cash equivalents, Carrying value | $ 869,775 | $ 1,008,485 |
Endeavor China [Member] | Cash Subject To Restriction Under The Operating Agreement [Member] | ||
Impact Of The Global Covid Nineteen Pandemic [Line Items] | ||
Cash and cash equivalents, Carrying value | 75,000 | |
OLE [Member] | Cash Subject To Restriction Under The Operating Agreement [Member] | ||
Impact Of The Global Covid Nineteen Pandemic [Line Items] | ||
Cash and cash equivalents, Carrying value | $ 75,000 |
ACQUISITIONS AND DECONSOLIDAT_3
ACQUISITIONS AND DECONSOLIDATION - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 20, 2020 | Jan. 01, 2020 | Jan. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 30.00% | ||||
Goodwill | $ 4,399,594 | $ 4,181,179 | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Deconsolidation, Gain (Loss), Amount | $ 8,100 | ||||
On Location Events, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 441,100 | ||||
Cash consideration | $ 366,400 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 13.50% | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 65,200 | ||||
Business Combination, Consideration Transferred, Contingent Premium Payment | $ 9,500 | $ 41,000 | |||
Share Price Per Unit Percentage | 32.00% | ||||
Business Acquisition, Transaction Costs | 13,700 | ||||
Goodwill | $ 387,542 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 8 months 12 days | ||||
Equity Method Investment, Ownership Percentage | 44.90% | ||||
On Location Events, LLC [Member] | Trade Names [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived contract based intangible asset | $ 75,400 | ||||
Other 2020 Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 37,000 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 50.00% | ||||
Finite-lived contract based intangible asset | $ 46,400 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 27,100 | ||||
Other 2020 Acquisition [Member] | Trade Names [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 8,600 | ||||
FlightScope and NCSA [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | 232,600 | ||||
Business acquisitions, proforma revenue | 14,700 | ||||
Business acquisitions, proforma net income | 1,700 | ||||
FlightScope and NCSA [Member] | Selling, General and Administrative Expenses [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Transaction Costs | 4,200 | ||||
FlightScope [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 30,271 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 4 months 24 days | ||||
NCSA [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 193,508 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 2 months 12 days | ||||
NCSA [Member] | Trade Names [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived contract based intangible asset | $ 21,100 |
ACQUISITIONS AND DECONSOLIDAT_4
ACQUISITIONS AND DECONSOLIDATION - Schedule of Fair Values of the Assets Acquired and the Liabilities Assumed in the Business Combination (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Intangible assets: | ||
Goodwill | $ 4,399,594 | $ 4,181,179 |
Non-redeemable non-controlling interest | (65,200) | |
On Location Events LLC [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 45,230 | |
Restricted cash | 86 | |
Accounts receivable | 10,316 | |
Deferred costs | 99,184 | |
Other current assets | 53,893 | |
Property and equipment | 4,361 | |
Operating lease right-of-use assets | 3,509 | |
Other assets | 74,193 | |
Intangible assets: | ||
Goodwill | 387,542 | |
Accounts payable and accrued expenses | (55,927) | |
Other current liabilities | (28,224) | |
Deferred revenue | (175,790) | |
Debt | (217,969) | |
Operating lease liabilities | (3,509) | |
Other lliabilities | (24,377) | |
Non-redeemable non-controlling interest | (5,635) | |
Net assets acquired | 441,102 | |
On Location Events LLC [Member] | Trade names [Member] | ||
Intangible assets: | ||
Intangible assets | 75,400 | |
On Location Events LLC [Member] | Customer and client relationships [Member] | ||
Intangible assets: | ||
Intangible assets | 198,819 | |
FlightScope [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 1,042 | |
Accounts receivable | 475 | |
Deferred costs | 94 | |
Other current assets | 1,640 | |
Property and equipment | 1,090 | |
Right of use assets | 1,272 | |
Other assets | 166 | |
Intangible assets: | ||
Goodwill | 30,271 | |
Accounts payable and accrued expenses | (806) | |
Other current liabilities | (187) | |
Deferred revenue | (631) | |
Operating lease liability | (1,272) | |
Other lliabilities | (15,346) | |
Net assets acquired | 35,908 | |
FlightScope [Member] | Customer and client relationships [Member] | ||
Intangible assets: | ||
Intangible assets | 2,700 | |
FlightScope [Member] | Internally developed software [Member] | ||
Intangible assets: | ||
Intangible assets | 15,400 | |
NCSA [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 3,783 | |
Accounts receivable | 5,619 | |
Deferred costs | 1,096 | |
Other current assets | 8,856 | |
Property and equipment | 2,804 | |
Other assets | 5,472 | |
Intangible assets: | ||
Goodwill | 193,508 | |
Accounts payable and accrued expenses | (21,385) | |
Other current liabilities | (8,608) | |
Deferred revenue | (37,636) | |
Other lliabilities | (25,014) | |
Net assets acquired | 196,695 | |
NCSA [Member] | Trade names [Member] | ||
Intangible assets: | ||
Intangible assets | 21,100 | |
NCSA [Member] | Customer and client relationships [Member] | ||
Intangible assets: | ||
Intangible assets | 10,000 | |
NCSA [Member] | Internally developed software [Member] | ||
Intangible assets: | ||
Intangible assets | $ 37,100 |
SUPPLEMENTARY DATA - Additional
SUPPLEMENTARY DATA - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Supplementary Data [Abstract] | ||||
Amortization of content costs | $ 62.6 | $ 9.2 | $ 73.3 | $ 25.1 |
Amortization of content costs, Monetized on a title-by-title basis | 60.2 | 7.4 | 68.8 | 21.6 |
Amortization of content costs, Monetized as a film group | $ 2.4 | $ 1.8 | $ 4.5 | $ 3.5 |
SUPPLEMENTARY DATA - Summary of
SUPPLEMENTARY DATA - Summary of Unamortized Content Costs (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Film, Disclosures [Abstract] | ||
Licensed program rights, net of accumulated amortization | $ 32,181 | $ 19,793 |
Produced programming: | ||
Released, net of accumulated amortization | 5,190 | 4,806 |
In production | 603,869 | 314,214 |
In development | 53,632 | 37,392 |
Content cost monetized on a title-by-title basis | 675,163 | 358,207 |
Content cost monetized as a film group | 19,709 | 17,998 |
Total content costs | $ 694,872 | $ 376,205 |
SUPPLEMENTARY DATA - Summary _2
SUPPLEMENTARY DATA - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Accrued operating expenses | $ 184,115 | $ 155,142 |
Payroll, bonuses and benefits | 167,730 | 100,630 |
Other | 79,148 | 66,977 |
Total accrued liabilities | $ 430,993 | $ 322,749 |
SUPPLEMENTARY DATA - Summary _3
SUPPLEMENTARY DATA - Summary of Allowance for Doubtful Accounts (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Allowance For Doubtful Accounts [Abstract] | |
Balance at Beginning of Year | $ 67,975 |
Additions/Charged (Credited) to Costs and Expenses | 2,378 |
Deductions | (6,352) |
Foreign Exchange | 58 |
Balance at End of Period | $ 64,059 |
SUPPLEMENTARY DATA - Summary _4
SUPPLEMENTARY DATA - Summary of Supplemental Cash Flow (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental information: | ||
Cash paid for interest | $ 102,393 | $ 126,995 |
Cash payments for income taxes | 20,976 | 23,073 |
Non-cash investing and financing activities: | ||
Capital expenditures included in accounts payable and accrued liabilities | 8,985 | 3,071 |
Contingent consideration provided in connection with acquisitions | 9,947 | |
Accretion of redeemable non-controlling interests | (596) | (8,101) |
Accrued redemption of units included in accrued liabilities and other current liabilities | 9,255 | |
Establishment and acquisition of non-controlling interests | 3,087,301 | |
Establishment of tax receivable agreements liability | 32,081 | |
Commercial Paper [Member] | ||
Non-cash investing and financing activities: | ||
Issuance of promissory note | 15,885 | |
Common Class A [Member] | ||
Non-cash investing and financing activities: | ||
Issuance of Class A Common Units | $ 26,476 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Intangible asset amortization expense | $ 46.6 | $ 63.5 | $ 92.4 | $ 123.5 |
Goodwill impairment loss | 137.3 | |||
Impairment charges | 38 | |||
Events Experiences And Rights [Member] | ||||
Impairment charges | 31.8 | |||
Representation [Member] | ||||
Impairment charges | $ 6.2 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Summary of Changes in the Carrying Value of Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill [Line Items] | |
Balance — December 31, 2020 | $ 4,181,179 |
Acquisitions | 224,784 |
Impairment | (3,770) |
Foreign currency translation and other | (2,599) |
Balance — June 30, 2021 | 4,399,594 |
Owned Sports Properties [Member] | |
Goodwill [Line Items] | |
Balance — December 31, 2020 | 2,674,038 |
Acquisitions | 0 |
Impairment | 0 |
Foreign currency translation and other | 0 |
Balance — June 30, 2021 | 2,674,038 |
Events, Experiences & Rights [Member] | |
Goodwill [Line Items] | |
Balance — December 31, 2020 | 1,011,217 |
Acquisitions | 223,779 |
Impairment | (1,979) |
Foreign currency translation and other | 273 |
Balance — June 30, 2021 | 1,233,290 |
Representation [Member] | |
Goodwill [Line Items] | |
Balance — December 31, 2020 | 495,924 |
Acquisitions | 1,005 |
Impairment | (1,791) |
Foreign currency translation and other | (2,872) |
Balance — June 30, 2021 | $ 492,266 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Summary of Company's Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Trade Names, Gross | $ 990,589 | $ 970,595 | |
Total Amortized Gross | 2,479,318 | 2,394,534 | |
Total Intangible Assets Gross | 2,911,654 | 2,825,892 | |
Accumulated Amortization | (1,319,215) | (1,230,424) | |
Carrying Value | 1,160,103 | 1,164,110 | |
Total Intangible Assets Carrying Value | 1,592,439 | 1,595,468 | $ 1,595,468 |
Indefinite-Lived Trade Names | 343,033 | 341,272 | |
Owned events [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-Lived Owned Events | $ 89,303 | $ 90,086 | |
Trade names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Estimated Useful Life (in years) | 17 years 4 months 24 days | 17 years 6 months | |
Accumulated Amortization | $ (260,959) | $ (232,158) | |
Carrying Value | $ 729,630 | $ 738,437 | |
Customer and client relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Estimated Useful Life (in years) | 6 years 8 months 12 days | 6 years 8 months 12 days | |
Total Amortized Gross | $ 1,327,550 | $ 1,317,083 | |
Accumulated Amortization | (960,750) | (907,889) | |
Carrying Value | $ 366,800 | $ 409,194 | |
Internally developed technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Estimated Useful Life (in years) | 3 years 10 months 24 days | 4 years 4 months 24 days | |
Total Amortized Gross | $ 115,757 | $ 61,539 | |
Accumulated Amortization | (52,550) | (46,126) | |
Carrying Value | $ 63,207 | $ 15,413 | |
Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Estimated Useful Life (in years) | 4 years 3 months 18 days | 4 years 3 months 18 days | |
Total Amortized Gross | $ 45,422 | $ 45,317 | |
Accumulated Amortization | (44,956) | (44,251) | |
Carrying Value | $ 466 | $ 1,066 |
INVESTMENTS - Additional Inform
INVESTMENTS - Additional Information (Detail) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 31, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | |
Schedule of Held-to-maturity Securities [Line Items] | ||||||||
Company's ownership of its equity method investments | 50.00% | |||||||
Equity method investments, Other-than-temporary impairment charges recorded | $ 5,900,000 | |||||||
Equity method investments, Net proceeds from sale | $ 83,000,000 | $ 0 | ||||||
Equity method investment without Readily Determinable Fair Values, gain from sale recorded | $ 3,000,000 | 6,100,000 | $ 1,400,000 | 6,100,000 | $ 3,700,000 | |||
Equity investments without readily determinable fair values, Impairment Loss recorded | 2,600,000 | |||||||
Equity investments with readily determinable fair values, Amount | $ 900,000 | 900,000 | 900,000 | $ 7,000,000 | ||||
Gains (losses) recorded, Due to the change in fair value in other (expense) income | 5,200,000 | 900,000 | 1,400,000 | 900,000 | ||||
Net loss | $ (518,352) | $ (516,767,000) | $ (495,765,000) | $ (514,391,000) | (547,026,000) | |||
Percentage of ownership sold | 90.00% | |||||||
LeafieldImg College [Member] | ||||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||||
Company's ownership of its equity method investments | 42.30% | 42.30% | 42.30% | |||||
Equity method investments, Net proceeds from sale | $ 107,400,000 | |||||||
Net loss | $ 61,500,000 | $ 207,500,000 | ||||||
Maximum [Member] | ||||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||||
Company's ownership of its equity method investments | 50.00% | 50.00% | 50.00% | |||||
Equity method investments, Net proceeds from sale | $ 11,500,000 | |||||||
Minimum [Member] | ||||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||||
Company's ownership of its equity method investments | 5.00% | 5.00% | 5.00% | |||||
Equity method investments, Net proceeds from sale | $ 4,800,000 |
INVESTMENTS - Summary of Compan
INVESTMENTS - Summary of Company's Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Equity method investments | $ 221,225 | $ 177,663 |
Equity investments without readily determinable fair values | 72,944 | 66,378 |
Equity investments with readily determinable fair values | 869 | 7,037 |
Total investments | $ 295,038 | $ 251,078 |
FINANCIAL INSTRUMENTS - Additio
FINANCIAL INSTRUMENTS - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financial Instrument [Line Items] | ||||
Outstanding forward foreign exchange contracts maturities | 12 months | |||
Designated As Cash Flow Hedge [Member] | Forward Foreign Exchange Contracts [Member] | ||||
Financial Instrument [Line Items] | ||||
Recognized net gains (losses) in accumulated other comprehensive loss | $ 1.6 | $ 0.9 | $ 0.2 | $ (2.2) |
Reclassification of gains or losses into income (loss) | 0 | 0 | 0 | 0 |
Designated As Cash Flow Hedge [Member] | Interest Rate Swap [Member] | ||||
Financial Instrument [Line Items] | ||||
Recognized net gains (losses) in accumulated other comprehensive loss | 1.8 | 12.5 | 13.3 | (92.5) |
Reclassification of gains or losses into income (loss) | 7.6 | 5.5 | 14.9 | 6.9 |
Other Nonoperating Income (Expense) [Member] | Forward Foreign Exchange Contracts [Member] | ||||
Financial Instrument [Line Items] | ||||
Net Gain (Loss) on foreign exchange contracts | 2.2 | 11.1 | (9.2) | 13.2 |
Other Nonoperating Income (Expense) [Member] | Not Designated As Cash Flow Hedge [Member] | Forward Foreign Exchange Contracts [Member] | ||||
Financial Instrument [Line Items] | ||||
Net Gain (Loss) on foreign exchange contracts | $ 1 | $ 0.5 | $ 0.8 | $ 1.2 |
FINANCIAL INSTRUMENTS - Schedul
FINANCIAL INSTRUMENTS - Schedule of Outstanding Forward Foreign Exchange Contracts Balances (Detail) $ in Thousands | 6 Months Ended | ||||||
Jun. 30, 2021USD ($) | Jun. 30, 2021GBP (£) | Jun. 30, 2021CAD ($) | Jun. 30, 2021EUR (€) | Jun. 30, 2021AUD ($) | Jun. 30, 2021SGD ($) | Jun. 30, 2020USD ($) | |
Schedule Of Outstanding Forward Foreign Exchange Contracts Balances [Line Items] | |||||||
Foreign Currency Amount | $ 5,156 | $ 5,730 | |||||
British Pound Sterling [Member] | |||||||
Schedule Of Outstanding Forward Foreign Exchange Contracts Balances [Line Items] | |||||||
Foreign Currency Amount | £ | £ 35,500 | ||||||
US Dollar Amount | $ 48,913 | ||||||
Weighted Average Exchange Rate Per $1 USD | 0.73 | ||||||
Canadian Dollar [Member] | |||||||
Schedule Of Outstanding Forward Foreign Exchange Contracts Balances [Line Items] | |||||||
Foreign Currency Amount | $ 71,204 | ||||||
US Dollar Amount | $ 55,774 | ||||||
Weighted Average Exchange Rate Per $1 USD | 1.28 | ||||||
Swedish Krona [Member] | |||||||
Schedule Of Outstanding Forward Foreign Exchange Contracts Balances [Line Items] | |||||||
Foreign Currency Amount | € | € 7,500 | ||||||
US Dollar Amount | $ 878 | ||||||
Weighted Average Exchange Rate Per $1 USD | 8.54 | ||||||
Australian Dollar [Member] | |||||||
Schedule Of Outstanding Forward Foreign Exchange Contracts Balances [Line Items] | |||||||
Foreign Currency Amount | $ 14,300 | ||||||
US Dollar Amount | $ 10,639 | ||||||
Weighted Average Exchange Rate Per $1 USD | 1.34 | ||||||
Singapore Dollar [Member] | |||||||
Schedule Of Outstanding Forward Foreign Exchange Contracts Balances [Line Items] | |||||||
Foreign Currency Amount | $ 2,600 | ||||||
US Dollar Amount | $ 1,932 | ||||||
Weighted Average Exchange Rate Per $1 USD | 1.35 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers of assets or liabilities between fair value measurement classifications | $ 0 | |
Foreign Current Derivatives [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of foreign currency derivatives | 600 | $ 1,800 |
Foreign Current Derivatives [Member] | Other Long Term Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of foreign currency derivatives | 6,800 | 700 |
Foreign Current Derivatives [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of foreign currency derivatives | 4,200 | 4,300 |
Interest Rate Swap [Member] | Other Long Term Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of the interest rate swaps | $ 79,500 | $ 107,900 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Fair Value Of Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Liabilities: | |||
Contingent consideration | $ 21,371 | $ 9,026 | |
Fair Value, Recurring [Member] | |||
Assets: | |||
Investments in equity securities with readily determinable fair values | 869 | $ 7,037 | |
Forward foreign exchange contracts | 598 | 1,794 | |
Total | 1,467 | 8,831 | |
Liabilities: | |||
Contingent consideration | 21,371 | 9,026 | |
Interest rate swaps | 79,546 | 107,909 | |
Forward foreign exchange contracts | 10,966 | 5,023 | |
Total | 111,883 | 121,958 | |
Fair Value, Recurring [Member] | Level I [Member] | |||
Assets: | |||
Investments in equity securities with readily determinable fair values | 869 | 7,037 | |
Total | 869 | 7,037 | |
Fair Value, Recurring [Member] | Level II [Member] | |||
Assets: | |||
Forward foreign exchange contracts | 598 | 1,794 | |
Total | 598 | 1,794 | |
Liabilities: | |||
Interest rate swaps | 79,546 | 107,909 | |
Forward foreign exchange contracts | 10,966 | 5,023 | |
Total | 90,512 | 112,932 | |
Fair Value, Recurring [Member] | Level III [Member] | |||
Liabilities: | |||
Contingent consideration | 9,026 | ||
Total | $ 21,371 | $ 9,026 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Change in Fair Value of Contingent Consideration (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Schedule Of Change In The Fair Value Of Contingent Consideration [Line Items] | |
Balance at December 31, 2020 | $ 9,026 |
Payments | (2,032) |
Change in fair value | 14,377 |
Balance at June 30, 2021 | $ 21,371 |
DEBT - Additional Information (
DEBT - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 31, 2021 | Jun. 29, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Feb. 28, 2021 |
Debt Instrument [Line Items] | ||||||||
Outstanding letters of credit | $ 0 | |||||||
Long-term debt | $ 5,350,588 | 5,925,805 | ||||||
Redeemable non-controlling interests | $ 179,140 | 168,254 | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit maturity date | May 2024 | |||||||
Outstanding letters of credit | $ 0 | |||||||
Repayment of line of credit | 163,100 | |||||||
2014 Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding letters of credit | $ 25,300 | 24,800 | ||||||
2014 Credit Facilities [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit maturity date | May 2024 | |||||||
2014 Credit Facilities [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit maturity date | May 2023 | |||||||
Zuffa Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding letters of credit | 10,000 | 10,000 | ||||||
Repayment of line of credit | 180,200 | |||||||
Redemption premium paid | 0 | |||||||
New First Lien Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit interest rate description | 25 basis point step-down to 2.75% for LIBOR loans | |||||||
Line of credit leverage ratio | 3.5-to-1 | |||||||
New First Lien Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit interest rate description | interest rate margin by 25 basis points to 3.00% for LIBOR loans | |||||||
New First Lien Term Loan [Member] | LIBOR Floor [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit interest rate description | reduced the LIBOR floor by 25 basis points to 0.75% | |||||||
OLE Revolving Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding letters of credit | $ 0 | 0 | ||||||
First lien leverage ratio | 3 | |||||||
Long-term debt | $ 2,000 | |||||||
Maximum borrowing capacity | $ 20,000 | |||||||
Line of Credit Capacity | $ 42,900 | |||||||
Percentage of revolving commitments | 40.00% | |||||||
Receivables Purchase Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 57,000 | 83,700 | ||||||
Endeavor Content Capital Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding letters of credit | 0 | |||||||
Maximum borrowing capacity | 200,000 | $ 325,000 | ||||||
Line of credit | $ 209,600 | $ 153,900 | ||||||
Zuffa Secured Commercial Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Covenant compliance | Zuffa was in compliance with its financial debt covenant | Zuffa was in compliance with its financial debt covenant | ||||||
2014 Credit Facilities and Zuffa Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash | $ 63,300 | |||||||
Liabilities for redemption of units and future incentive awards | 53,900 | |||||||
Deferred compensation share-based arrangements, liability, classified | 11,900 | |||||||
Redeemable non-controlling interests | 28,400 | |||||||
Debt instrument fair value | $ 5,000,000 | $ 5,300,000 | ||||||
Repayment of line of credit | 256,700 | |||||||
2014 Credit Facilities and Zuffa Credit Facilities [Member] | Endeavor Group Holdings | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash | 76,400 | |||||||
Notes payable | $ 3,900 | |||||||
2014 Credit Facilities and Zuffa Credit Facilities [Member] | Loss On Extinguishment Of Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption premium paid | $ 28,600 | |||||||
2014 Credit Facilities and Zuffa Credit Facilities [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding borrowings was not applicable to borrowing capacity | thirty-five percent | |||||||
EDR Credit Facilities And Zuffa Credit Facilities [Member] | EDR Endeavor Group Holdings [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Tax receivable agreements liability | $ 32,100 | |||||||
Subsequent Event [Member] | Endeavor Content Capital Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Capacity | $ 430,000 |
DEBT - Summary of Outstanding D
DEBT - Summary of Outstanding Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total principal | $ 5,420,894 | $ 6,023,870 |
Unamortized discount | (24,201) | (40,982) |
Unamortized issuance costs | (46,105) | (57,083) |
Total debt | 5,350,588 | 5,925,805 |
Less: current portion | (94,845) | (212,971) |
Total long-term debt | 5,255,743 | 5,712,834 |
First Lien Term Loan (due May 2025) [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 2,801,114 | 3,074,230 |
Revolving Credit Facility (due May 2023) [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 0 | 163,057 |
Zuffa First Lien Term Loan (due April 2026) [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 2,254,635 | 2,447,064 |
Other Debt (2.47%-14.50% Notes due at various dates through 2030) [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 365,145 | $ 339,519 |
DEBT - Summary of Outstanding_2
DEBT - Summary of Outstanding Debt (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2021 | |
First Lien Term Loan (due May 2025) [Member] | |
Debt Instrument [Line Items] | |
Line of credit maturity date | May 2025 |
Revolving Credit Facility (due May 2023) [Member] | |
Debt Instrument [Line Items] | |
Line of credit maturity date | May 2024 |
Zuffa First Lien Term Loan (due April 2026) [Member] | |
Debt Instrument [Line Items] | |
Line of credit maturity date | April 2026 |
Other Debt (2.47%-14.50% Notes due at various dates through 2030) [Member] | |
Debt Instrument [Line Items] | |
Line of credit maturity date | 2030 |
Other Debt (2.47%-14.50% Notes due at various dates through 2030) [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Line of credit interest rate | 14.50% |
Other Debt (2.47%-14.50% Notes due at various dates through 2030) [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Line of credit interest rate | 2.47% |
MEMBERS' EQUITY - Additional I
MEMBERS' EQUITY - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jan. 31, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Profit units issued | 314,123,415 | |||
Payment of a distribution to non controlling interest | $ 195,200 | $ 835,683 | ||
Retained distribution amount | $ 135,000 | |||
Silver Lake [Member] | ||||
Common units issued | 8,766,738 | |||
Proceeds from issuance of common units | $ 26,500 | |||
Silver Lake [Member] | Convertible Promissory Note [Member] | ||||
Proceeds from issuance of convertible promissory note | 15,900 | |||
Zuffa [Member] | ||||
Payment of a distribution to non controlling interest | $ 300,000 | 195,200 | ||
Authorized distribution amount | 201,900 | |||
Deferred distribution amount | $ 6,700 | |||
Common Class A [Member] | ||||
Common units issued | 2,149,218,614 | |||
Common units outstanding | 2,149,218,614 | |||
Common unit par or stated value per share | $ 0 |
REDEEMABLE NON-CONTROLLING INTE
REDEEMABLE NON-CONTROLLING INTERESTS - Additional Information (Detail) $ in Millions | Jun. 25, 2021USD ($) | Jul. 31, 2018USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2021USD ($) | Feb. 28, 2021 | Dec. 31, 2020USD ($) | Mar. 31, 2018USD ($) |
Redeemable Noncontrolling Interest [Line Items] | |||||||
Premium payable | $ 41 | ||||||
Noncontrolling interest, fair value | $ 65.2 | ||||||
Proceeds from noncontrolling interests | $ 9.7 | $ 75 | |||||
Contribution Expense | $ 6.9 | ||||||
Minority interest ownership percentage | 34.00% | 20.00% | |||||
Equity interest in acquiree, percentage | 30.00% | ||||||
EBIT DA multiplication factor | 7.5 | ||||||
Commitement to contribute capital additionally | $ 125 | ||||||
Companys funding obligation | 12.5 | ||||||
Noncontrolling Interest [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Companys funding obligation | $ 112.5 | ||||||
OLE [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Temporary equity, estimated redemption value | $ 49 | $ 45 | |||||
Number of equity holders agreed to fund to subsidiary | 32 | ||||||
Aggregate pro-rata capital contribution | $ 40 | ||||||
Amount funded as pro-rata capital contribution from parent | 34.6 | ||||||
Amount funded as pro-rata capital contribution from equity holders | $ 5.4 | ||||||
China Subsidiary [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Temporary equity, estimated redemption value | 85.1 | 91.4 | |||||
Zuffa [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Temporary equity, estimated redemption value | 9.7 | 9.7 | |||||
Frieze [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Temporary equity, estimated redemption value | $ 22.7 | $ 22.2 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Earnings Per Share and Weighted Average Shares Outstanding (Detail) - USD ($) | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Numerator | |||||||
Consolidated Net Loss | $ (518,352) | $ (516,767,000) | $ (495,765,000) | $ (514,391,000) | $ (547,026,000) | ||
Net loss attributable to NCI (Endeavor Operating Company Unit) | (168,469) | (190,354,000) | (29,211,000) | (163,108,000) | (25,516,000) | ||
Net loss attributable to NCI (Endeavor Manager LLC Manager Unit) | (30,285) | ||||||
Net loss attributable to EGH common shareholders | $ (319,597) | $ (319,597,000) | $ 0 | $ (319,597,000) | $ 0 | ||
Denominator | |||||||
Weighted average Class A Common Shares outstanding - Basic | 258,266,323 | ||||||
Basic and diluted net loss per share | $ (1.24) | $ (1.24) | [1] | $ (1.24) | [1] | ||
[1] | Basic and diluted loss per share of Class A common stock is applicable only for the period from May 1, 2021 through June 30, 2021, which is the period following the initial public offering (“IPO”) and the related Reorganization Transactions (as defined in Note 1 to the unaudited consolidated financial statements). See Note 14 for the calculation of the numbers of shares used in computation of net loss per share of Class A common stock and the basis for computation of net loss per share. |
EARNINGS PER SHARE - Schedule_2
EARNINGS PER SHARE - Schedule of Antidilutive Securities (Detail) | 2 Months Ended |
Jun. 30, 2021shares | |
Stock Options [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities | 3,196,364 |
Unvested Restricted Stock Units [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities | 7,479,941 |
Manager LLC Units [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities | 24,722,425 |
EOC Units [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities | 141,245,780 |
EOC Profits Interest [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities | 15,256,825 |
EQUITY BASED COMPENSATION - Sum
EQUITY BASED COMPENSATION - Summary Of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding beginning balances | 0 |
Outstanding beginning balances | $ / shares | $ 0 |
Granted,Unites | 3,117,354 |
Granted,Value | $ / shares | $ 28.08 |
Outstanding balances at end | 2,282,590 |
Outstanding balances at end | $ / shares | $ 27.74 |
Time Vested Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding beginning balances | 0 |
Outstanding beginning balances | $ / shares | $ 0 |
Granted,Unites | 7,214,581 |
Granted,Value | $ / shares | $ 30.51 |
Forfeited, Units | (9,191) |
Forfeited,Value | $ / shares | $ 30.81 |
Release,Units | (728,103) |
Released,Value | $ / shares | $ 30.81 |
Vested and releasable,Units | 1,279,936 |
Vested and releasable,value | $ | $ 30.53 |
Outstanding balances at end | 6,477,287 |
Outstanding balances at end | $ / shares | $ 30.48 |
Market Vested Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Forfeited, Units | (3,907) |
Forfeited,Value | $ / shares | $ 27.07 |
Release,Units | (830,857) |
Released,Value | $ / shares | $ 29.03 |
Vested and releasable,Units | 0 |
Vested and releasable,value | $ | $ 0 |
EQUITY BASED COMPENSATION - s_2
EQUITY BASED COMPENSATION - summary of Share Based Compensation Arrangements By Share Based Payment Award (Detail) - Share-based Payment Arrangement, Option [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding balances at beginning | shares | 0 |
Granted | shares | 3,213,551 |
Forfeited or expired | shares | (17,187) |
Outstanding balances at end | shares | 3,196,364 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | shares | 563,367 |
Outstanding balances at beginning | $ / shares | $ 0 |
Granted | $ / shares | 24 |
Forfeited or expired | $ / shares | 24 |
Outstanding balances at end | $ / shares | 24 |
Vested and exercisable | $ / shares | $ 24 |
EQUITY BASED COMPENSATION - Sch
EQUITY BASED COMPENSATION - Schedule Of Share Based Payment Award Stock Options Valuation Assumptions (Detail) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Risk-free interest rate | 1.02% |
Expected volatility | 41.36% |
Expected life (in years) | 5 years 8 months 23 days |
Expected dividend yield | 0.00% |
EQUITY BASED COMPENSATION - Add
EQUITY BASED COMPENSATION - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | May 03, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocation of share based compensation accelarated costs | $ 251.9 | |||
Share based compensation arrangement, number of shares vested | 0.3333333 | |||
Certain Put Right Arrangements [Member] | Redeemable Equity [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of outstanding put rights | $ 5.7 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation arrangement by share based payment award equity instruments other than options granted | 3,117,354 | |||
Two Thousand And Twenty One Incentive Award Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock shares reserved for future issuance | 21,700,000 | 21,700,000 | ||
Share based compensation arrangement, terms of award | The terms of each award, including vesting and forfeiture, are fixed by the administrator of the 2021 Plan. Key grant terms include one or more of the following: (a) time-based vesting over a two to five year period or full vesting at grant; (b) market-based vesting conditions at graduated levels upon the Company’s attainment of certain market price per share thresholds and (c) expiration dates (if applicable). Granted awards may include time-based vesting conditions only, market-based vesting conditions only, or both. | |||
Share based compensation by share based payment award options and equity instruments other than options vested grant date fair value | $ 70 | $ 70 | ||
Share based compensation by share based payment award options and equity instruments other than options vested aggregate intrinsic value | 37.2 | |||
Share based compensation by share based payment award options and equity instruments other than options, Outstanding | $ 254.3 | $ 254.3 | ||
Two Thousand And Twenty One Incentive Award Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation arrangement, vesting period | 2 years | |||
Two Thousand And Twenty One Incentive Award Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation arrangement, vesting period | 5 years | |||
Two Thousand And Twenty One Incentive Award Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based payment arrangement weighted average grant date of fair value of options granted | $ 9.54 | $ 9.54 | ||
Two Thousand And Twenty One Incentive Award Plan [Member] | Restricted Stock Units And Employee Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share based compensation expense | $ 111.4 | |||
Share based compensation by share based payment arrangment unrecognized compensation | 194.9 | $ 194.9 | ||
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition | 2 years 18 days | |||
Two Thousand And Twenty One Incentive Award Plan [Member] | Restricted Stock Units And Employee Stock Options [Member] | Selling, General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share based compensation expense | $ 111.4 | |||
Ceo And Executive Chairman Market Based Incentive Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share based compensation expense | 23.5 | $ 23.5 | ||
Share based compensation by share based payment arrangment unrecognized compensation | $ 285.7 | |||
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition | 2 years 6 months 25 days | |||
Ceo And Executive Chairman Market Based Incentive Awards [Member] | Executive Chairman [Member] | Performing Vesting Restricted Stock Units [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation arrangement, number of shares vested | 0.333333 | |||
Share based compensation arrangement, expiration period | 10 years | |||
Ceo And Executive Chairman Market Based Incentive Awards [Member] | CEO And Executive Chairman [Member] | Performing Vesting Restricted Stock Units [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation arrangement,Volume weighted average price per share | $ 24 | |||
Ceo And Executive Chairman Market Based Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation arrangement by share based payment award equity instruments other than options granted | 520,834 | |||
Termination of Put Right Arrangements After IPO [Member] | Certain Put Right Arrangements [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Reversal of related equity based compensation | $ 4 | $ 4 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income taxes | $ 60,918 | $ (4,049) | $ 66,003 | $ 44,555 | |
Income from continuing operations | $ (412,036) | $ (301,801) | $ (389,104) | $ (292,664) | |
Effective income tax rate | 1.30% | 14.80% | 17.00% | 15.20% | |
Unrecognized tax benefits | $ 36,300 | $ 36,300 | $ 34,400 | ||
Tax Receivable Agreement [Member] | |||||
Percentage of realized tax benefits payable pursuant to an agreement | 85.00% | ||||
Tax liability pursuant to an agreement | $ 32,000 | $ 32,000 |
REVENUE - Summary Of Company's
REVENUE - Summary Of Company's Revenue Disaggregated By Primary Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,111,272 | $ 462,914 | $ 2,180,854 | $ 1,653,311 |
Owned Sports Properties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 258,865 | 152,239 | 542,346 | 384,406 |
Events, Experiences & Rights [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 528,672 | 119,834 | 1,068,282 | 788,610 |
Representation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 328,232 | 192,840 | 577,141 | 485,574 |
Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (4,497) | (1,999) | (6,915) | (5,279) |
Eliminations [Member] | Owned Sports Properties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Eliminations [Member] | Events, Experiences & Rights [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Eliminations [Member] | Representation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Media Rights [Member] | Reportable Subsegments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 473,795 | 149,513 | 974,574 | 488,976 |
Media Rights [Member] | Reportable Subsegments [Member] | Owned Sports Properties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 162,938 | 103,226 | 340,591 | 226,040 |
Media Rights [Member] | Reportable Subsegments [Member] | Events, Experiences & Rights [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 310,857 | 46,287 | 633,983 | 262,936 |
Media Rights [Member] | Reportable Subsegments [Member] | Representation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Media Production, Distribution And Content [Member] | Reportable Subsegments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 227,213 | 120,186 | 373,036 | 267,961 |
Media Production, Distribution And Content [Member] | Reportable Subsegments [Member] | Owned Sports Properties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,240 | 1,064 | 3,427 | 3,200 |
Media Production, Distribution And Content [Member] | Reportable Subsegments [Member] | Events, Experiences & Rights [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 92,698 | 37,864 | 177,411 | 113,762 |
Media Production, Distribution And Content [Member] | Reportable Subsegments [Member] | Representation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 133,275 | 81,258 | 192,198 | 150,999 |
Events And Performance [Member] | Reportable Subsegments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 219,804 | 83,632 | 455,216 | 567,078 |
Events And Performance [Member] | Reportable Subsegments [Member] | Owned Sports Properties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 94,687 | 47,949 | 198,328 | 155,166 |
Events And Performance [Member] | Reportable Subsegments [Member] | Events, Experiences & Rights [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 125,117 | 35,683 | 256,888 | 411,912 |
Events And Performance [Member] | Reportable Subsegments [Member] | Representation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Talent Representation And Licensing [Member] | Reportable Subsegments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 145,929 | 79,910 | 292,674 | 227,887 |
Talent Representation And Licensing [Member] | Reportable Subsegments [Member] | Owned Sports Properties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Talent Representation And Licensing [Member] | Reportable Subsegments [Member] | Events, Experiences & Rights [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Talent Representation And Licensing [Member] | Reportable Subsegments [Member] | Representation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 145,929 | 79,910 | 292,674 | 227,887 |
Marketing [Member] | Reportable Subsegments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 49,028 | 31,672 | 92,269 | 106,688 |
Marketing [Member] | Reportable Subsegments [Member] | Owned Sports Properties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Marketing [Member] | Reportable Subsegments [Member] | Events, Experiences & Rights [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Marketing [Member] | Reportable Subsegments [Member] | Representation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 49,028 | $ 31,672 | $ 92,269 | $ 106,688 |
REVENUE - Summary Of Transactio
REVENUE - Summary Of Transaction Price Related To These Future Obligation (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 5,994,146 |
Remainder of 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 871,028 |
2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 1,409,272 |
2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 1,252,400 |
2024 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 971,381 |
2025 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 911,711 |
Thereafter | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 578,354 |
REVENUE - Summary Of Company'_2
REVENUE - Summary Of Company's Contract Liabilities (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Contract with Customer, Liability [Abstract] | |
Beginning Balance | $ 606,530 |
Additions | 1,008,801 |
Deductions | (883,348) |
Acquisitions | 38,267 |
Foreign Exchange | 3,963 |
Ending Balance | 774,213 |
Beginning Balance | 19,437 |
Additions | 6,468 |
Deductions | (16,787) |
Acquisitions | 18,564 |
Ending Balance | $ 27,682 |
REVENUE - Additional Informatio
REVENUE - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Revenues | $ 9.9 | $ 11 | $ 23 | $ 21.8 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 1,111,272 | $ 462,914 | $ 2,180,854 | $ 1,653,311 |
Owned Sports Properties [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 258,865 | 152,239 | 542,346 | 384,406 |
Representation [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 328,232 | 192,840 | 577,141 | 485,574 |
Operating Segments [Member] | Owned Sports Properties [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 258,865 | 152,239 | 542,346 | 384,406 |
Operating Segments [Member] | Events Experiences & Rights [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 528,672 | 119,834 | 1,068,282 | 788,610 |
Operating Segments [Member] | Representation [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 328,232 | 192,840 | 577,141 | 485,574 |
Eliminations [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ (4,497) | $ (1,999) | $ (6,915) | $ (5,279) |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Reconciliation of Segment Profitability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ (136,397) | $ (165,198) | ||
Loss before income taxes and equity losses of affiliates | $ (412,036) | $ (301,801) | (389,104) | (292,664) |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted earnings before interest, taxes, depreciation, and amortization | 168,048 | 45,837 | 367,514 | 231,375 |
Equity losses (income) losses of affiliates | 1,158 | 1,759 | (2,176) | 1,797 |
Interest expense, net | (83,836) | (71,693) | (152,187) | (141,677) |
Depreciation and amortization | (69,161) | (84,751) | (136,397) | (165,198) |
Equity-based compensation expense | (387,017) | (9,204) | (403,508) | (16,975) |
Merger, acquisition and earn-out costs | (14,199) | 859 | (25,184) | (9,303) |
Certain legal costs | (574) | (3,357) | (4,526) | (6,159) |
Restructuring, severance and impairment | (4,026) | (195,305) | (4,433) | (212,247) |
Fair value adjustment - equity investments | 5,905 | (2,950) | 13,704 | (5,759) |
COVID-19 related costs | 0 | (2,606) | 0 | (12,113) |
Other | (28,334) | 19,610 | (41,911) | 43,595 |
Loss before income taxes and equity losses of affiliates | (412,036) | (301,801) | (389,104) | (292,664) |
Operating Segments [Member] | Owned Sports Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted earnings before interest, taxes, depreciation, and amortization | 132,267 | 65,502 | 277,816 | 167,796 |
Operating Segments [Member] | Events, Experiences & Rights [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted earnings before interest, taxes, depreciation, and amortization | 36,800 | (42,655) | 75,850 | 26,468 |
Operating Segments [Member] | Representation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted earnings before interest, taxes, depreciation, and amortization | 61,685 | 52,036 | 123,168 | 120,649 |
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted earnings before interest, taxes, depreciation, and amortization | $ (62,704) | $ (29,046) | $ (109,320) | $ (83,538) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) € in Millions, $ in Billions | May 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Jul. 31, 2019EUR (€) | Mar. 31, 2015 | Jun. 30, 2021USD ($) | Feb. 28, 2021 |
Minority interest ownership percentage | 34.00% | 20.00% | ||||
Purchase Or Guarantee Agreements [Member] | ||||||
Increase in commitment amount | $ | $ 1.3 | |||||
Zuffa [Member] | ||||||
New claims filed, number | 5 | |||||
UFC Fighters [Member] | ||||||
New claims filed, number | 11 | |||||
Breach of Competition Law [Member] | Italian Competition Authority [Member] | ||||||
Loss contingency, loss in period | € 0.3 | |||||
Breach of Competition Law [Member] | Lega Nazionale [Member] | ||||||
Loss contingency, damages sought, value | € 1,592.2 | |||||
Breach of Competition Law [Member] | Ten Other Clubs [Member] | ||||||
Loss contingency, damages sought, value | € 92.1 | |||||
Breach of Competition Law [Member] | Three Football Clubs [Member] | ||||||
Loss contingency, damages sought, value | € 554.6 | |||||
Breach of Competition Law [Member] | Four Additional Football Club [Member] | ||||||
Loss contingency, damages sought, value | € 251.5 |
RELATED PARTY TRANSACTIONS - A
RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenue | $ 6,039 | $ 3,093 | $ 13,039 | $ 5,178 | |
Related party costs | 724 | 80 | 2,857 | 1,972 | |
Euroleague [Member] | |||||
Due from related parties | 5,700 | 5,700 | $ 700 | ||
Due to related parties | 0 | 0 | $ 1,000 | ||
Representation and Technical Services [Member] | Euroleague [Member] | |||||
Revenue | 2,400 | 4,700 | 100 | (2,400) | |
Production Services [Member] | Euroleague [Member] | |||||
Revenue | 3,900 | 6,500 | 2,700 | 4,600 | |
Gaming Rights [Member] | Euroleague [Member] | |||||
Related party costs | $ 500 | $ 2,300 | $ 200 | $ 1,200 |
RELATED PARTY TRANSACTIONS - S
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Other current assets | $ 240,315 | $ 240,315 | $ 194,463 | ||
Current liabilities | 2,165,489 | 2,165,489 | 1,997,078 | ||
Other current liabilities | 91,006 | 91,006 | 65,025 | ||
Revenue | 6,039 | $ 3,093 | 13,039 | $ 5,178 | |
Direct operating costs | 724 | 80 | 2,857 | 1,972 | |
Selling, general and administrative expenses | 3,304 | 1,445 | 4,430 | 10,261 | |
Other income, net | 875 | $ 875 | 1,750 | $ 1,750 | |
Related party transactions [Member] | |||||
Related Party Transaction [Line Items] | |||||
Other current assets | 9,071 | 9,071 | 5,572 | ||
Other Assets | 4,670 | 4,670 | 1,400 | ||
Current liabilities | 0 | 0 | 1,356 | ||
Other current liabilities | $ 657 | $ 657 | $ 969 |