TKO Group raises FY24 revenue view to $2.67B-$2.75B from $2.61B-$2.69B

Consensus $2.7B. Raises FY24 adjusted EBITDA view to $1.22B-$1.24B from $1.19B-$1.21B. The company said, “In February, the Company issued revenue and Adjusted EBITDA guidance of $2.575 billion – $2.650 billion and $1.150 billion – $1.170 billion, respectively, for the full year 2024. In May, the Company raised its revenue and Adjusted EBITDA guidance to $2.610 billion – $2.685 billion and $1.185 billion – $1.205 billion, respectively, for the full year 2024. Based on outperformance through the first six months of the year and our anticipated performance for the remainder of the year, the Company is raising its guidance and now expects full year 2024 revenue of $2.670 billion – $2.745 billion and Adjusted EBITDA of $1.220 billion – $1.240 billion. In February, the Company issued full year 2024 Free Cash Flow Conversion guidance of in excess of 50%. In May, the Company revised its target for full year 2024 Free Cash Flow Conversion to in excess of 40%, primarily as a result of the expected payments in 2024 associated with the settlement of the UFC antitrust lawsuits. The Company reaffirms its target for Free Cash Flow Conversion of in excess of 40%.”