UFC W Investor Presentation
UFC W
INVESTOR PRESENTATION APRIL 2023
Endeavor: Adjusted EBITDA and Free Cash Flow
$ Millions
Endeavor
Years Ended December 31,
Net (loss) income
Loss from discontinued operations, net of tax
Provision for (benefit from) income taxes
Interest expense, net
Depreciation and amortization
Equity-based compensation expense
Merger, acquisition and earn-out costs
Certain legal costs
Restructuring, severance and impairment
Fair value adjustment - Droga5
2019
$(530.7)
5.0
2021
$ (467.5)
2022
$ 321.7
3.4
(22.3)
(648.5)
270.9
268.7
282.3
280.7
282.9
266.8
101.2
532.5
210.2
49.9
60.9
68.7
29.7
5.5
16.0
42.4
8.5
13.2
3.7
Fair value adjustment - equity investments
11.8
(21.6)
(12.0)
Equity method losses - Learfield IMG College and Endeavor Content
366.8
76.1
218.5
Gain on sale of the restricted Endeavor Content business
(463.6)
Tax receivable agreement liability adjustment
101.7
873.3
Other
98.7
Adjusted EBITDA
Net (loss) income margin
Adjusted EBITDA margin
Net cash provided by operating activities
Less: Capital Expenditures
Free Cash Flow
$
733.5
$
54.9
880.3
16.9
$ 1,163.5
6.1%
22.1%
333.6
99.8
$ 502.9
148.0
$
233.8
$
355.0
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