TKO Group reports Q1 EPS ($1.26), consensus 45c

Reports Q1 revenue $629.7M, consensus $611.64M. “TKO is off to a strong start in 2024 with multiple record-setting live events, new brand partnerships, and media rights deals for WWE Raw,” said Ariel Emanuel, Executive Chair and CEO of TKO. “With our momentum in the first quarter and solid financial results, we have raised our full year 2024 guidance. We also reached an agreement to settle all claims asserted in both UFC antitrust lawsuits. These positive developments, along with the strength in our underlying businesses, give us more conviction than ever in the combination of UFC and WWE, and in TKO’s ability to deliver sustainable long-term value for shareholders.” Compared to last year, the increase in operating expenses primarily reflected an increase in selling, general and administrative expenses of $475.6M, an increase in direct operating costs of $111.8M, and an increase in depreciation and amortization of $91.9 million. The increase in selling, general and administrative expenses included a legal settlement of $335.0M related to a UFC antitrust matter, the company noted.