TKO Group Holdings, Inc.
For the period ended May 6, 2026. Filed May 6, 2026.
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May 6, 2026 · Filed May 6, 2026
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EX-99.2 · NET LEVERAGE
NET LEVERAGE
We present net leverage and net debt, which are not recognized financial measures under GAAP, because we believe it assists investors and analysts in monitoring our leverage and evaluating the balance sheet. Net leverage and net debt should not be considered as alternatives to cash and cash equivalents and debt. We define “net debt” as total debt principal net of cash and cash equivalents. We define “net leverage” as net debt divided by Adjusted EBITDA.
The following is a reconciliation of net debt and net leverage to the most directly comparable GAAP financial measure for the period presented. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is available in our earnings release issued on May 6, 2026.
| As of | ||
|---|---|---|
| March 31, | ||
| Total debt (1) | $4,671.2 | |
| Less: Cash and cash equivalents | 788.9 | |
| Net Debt | $3,882.3 | |
| Adjusted EBITDA (2) | $1,717.7 | |
| Net Leverage | 2.3 | x |
| Notes: | ||
| (1) Represents principal debt outstanding. | ||
| (2) Represents Adjusted EBITDA for the trailing twelve month period. | ||
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