Posted on 8/08/124 by Colin Vassallo
TKO this morning announced financial results for its second
quarter ended June 30, 2024.
“TKO generated strong financial results in the quarter,
highlighted by record quarterly revenue and Adjusted
EBITDA,” said Ariel Emanuel, Executive Chair and CEO of TKO.
“In light of this continued momentum, we are raising our
full year 2024 guidance for the second quarter in a row. The
strength in our underlying business continues to give us
great conviction in TKO’s ability to deliver sustainable
long-term value for shareholders.”
Revenue increased 179%, or $546.0 million, to $851.2
million. The increase reflected an increase of $89.2 million
at UFC, to $394.4 million, and the contribution of $456.8
million of revenue at WWE.
Net Income was $150.7 million, an increase of $68.9 million
from $81.8 million in the prior year period. The increase
reflected the increase in revenue partially offset by an
increase in operating expenses.
WWE revenue was $410.3 million for the period from April 1,
2023 through June 30, 2023. The increase of 11%, or $46.5
million, was primarily due to an increase in live events
revenue and an increase in media rights and content revenue.
The increase in live events revenue was primarily related to
an increase in ticket sales revenue. The increase in media
rights and content revenue was primarily related to holding
one additional premium live event compared to the prior year
period and the contractual escalation of media rights fees.
These increases were partially offset by a decrease in
third-party original programming due to the timing of
delivery.
Consumer products revenue was relatively flat primarily
reflecting an increase in video game licensing revenue
offset by the previously disclosed transition of the venue
merchandise business to Fanatics in May 2023.
The full report can be accessed at
https://investor.tkogrp.com/news/news-details/2024/TKO-
Reports-Record-Second-Quarter-2024-Results/default.aspx