Endeavor posted a small profit in its first quarterly earnings release since its April 29 initial public offering thanks to momentum for UFC and other sports properties.

Endeavor posted net income of $2.4 million in the quarter ended March 31, compared to a loss of $51.4 million for the comparable year-ago quarter. Total revenue came in at $1.07 billion, which was in line with analysts’ expectations and about 10% down from year-ago. Earnings before interest, taxes, depreciation and amortization was stronger than expectations at $199.5 million.

“As we emerge from the pandemic, we are witnessing strong demand for all forms of content,” said Endeavor CEO Ariel Emanuel. “Our company was purpose-built to fulfill this demand on a global scale – be it live events and experiences or premium on-screen content. While our first quarter results were still negatively impacted by COVID-19, we are well positioned to benefit from the pent-up demand for content, while maintaining our long-term focus on secular trends and high-growth areas that have been both validated and amplified by the pandemic.”

Endeavor like other media and entertainment companies is still digging out from pandemic-related disruptions. The company disclosed that it has $880.9 million in cash on hand, which is down from $1 billion in December. The company’s debt load stands at $5.87 billion, compared to $5.92 billion in December. Endeavor said it aimed to reduce its leverage by $600 million in the third quarter, using proceeds from the IPO.

For the full year, Endeavor is projecting revenue to come in between $4.76 billion and $4.83 billion and adjusted EBITDA of $735 million to $745 million. That compares to revenue of $3.5 billion last year and $4.6 billion in 2019. In 2020, the company posted a net loss for the year of $625.3 million.

For the quarter, Endeavor’s Owned Sports Properties unit, housing UFC, PBR and EuroLeague, delivered 22% revenue growth over Q1 2020 to $283.5 million. Adjusted EBITDA for the unit climbed 42% to $145.5 million. The Events, Experiences and Rights unit had a tough quarter, seeing revenue slide 19% to $539.6 million and adjusted EBITDA sink 44% to $39.1 million.

Endeavor’s Representation unit, home to WME, IMG and Endeavor Content, registered a 15% year-over-year decline in revenue to $248.9 million, while adjusted EBITDA slipped 10% to $61.5 million.