TKO Group Holdings reported third quarter 2024 revenue of $681.2 million, marking a 52% increase compared to the prior year period. The company achieved a net income of $57.7 million, a significant rise from $22.0 million in the same period last year, and Adjusted EBITDA increased 29% to $310.0 million.
Segment performance showed UFC revenue at $354.9 million, a decrease of 11% due to fewer numbered and Fight Night events, while WWE revenue surged to $326.3 million, driven by increases in media rights, live events, and sponsorship revenue. WWE's Adjusted EBITDA increased 72% to $175.3 million.
Based on its performance, TKO updated its full-year 2024 guidance, now expecting revenue and Adjusted EBITDA to be at the upper end of the previously stated ranges of $2.670 billion - $2.745 billion and $1.220 billion - $1.240 billion, respectively. The company also reaffirmed its target for Free Cash Flow Conversion in excess of 40%.
Additionally, TKO announced a refinancing of its credit facility on November 6, 2024, seeking a new seven-year $2.75 billion term loan and a new five-year $205 million revolver. This refinancing is expected to close during the fourth quarter of 2024, aiming to optimize the company's financial structure.
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