Endeavor Group Holdings Inc (EDR) 2023 Q4 法說會逐字稿

Hello, and welcome to the Endeavor Fourth Quarter and Full Year 2023 Results Conference Call. I'll now hand it over to James Marsh, SVP and Head of Investor Relations. Please go ahead.

您好，歡迎參加奮進集團 2023 年第四季及全年業績電話會議。現在我將把它交給高級副總裁兼投資者關係主管詹姆斯·馬什 (James Marsh)。請繼續。

Good morning, and welcome to Endeavor's Fourth Quarter and Full Year 2023 Earnings Call. A short while ago, we issued a press release, which you can view on our Investor Relations site, investor.endeavorco.com. A recording of this call will also be available via that site for at least 30 days. Today, you will hear from Endeavor's CEO, Ariel Emanuel; and CFO, Jason Lublin.

早上好，歡迎參加 Endeavour 的 2023 年第四季和全年財報電話會議。不久前，我們發布了一份新聞稿，您可以在我們的投資者關係網站 Investor.endeavorco.com 上查看。此次通話的錄音也將透過該網站提供至少 30 天。今天，您將聽到 Endeavour 執行長 Ariel Emanuel 的演講；和財務長賈森·盧布林。

In light of our previously announced and ongoing review of strategic alternatives, we will not be taking questions following Ariel and Jason's prepared remarks. The purpose of this call is to provide you with the information regarding our fourth quarter and full year 2023 performance. I do want to remind everyone that the information discussed will include forward-looking statements and/or projections that involve risks, uncertainties and assumptions as well as described in the Risk Factors section of our filings with the Securities and Exchange Commission, including our 10-Qs and 10-K.

鑑於我們先前宣布的和正在進行的戰略替代方案審查，我們不會在 Ariel 和 Jason 準備好的發言後回答問題。本次電話會議的目的是向您提供有關我們第四季度和 2023 年全年業績的資訊。我確實想提醒大家，所討論的資訊將包括涉及風險、不確定性和假設的前瞻性陳述和/或預測，以及我們向美國證券交易委員會提交的文件的風險因素部分中描述的信息，包括我們的10- Qs 和 10-K。

If these risks or uncertainties ever materialize or any assumptions prove inaccurate, our results may differ materially from those expressed or implied by such forward-looking statements and projections. Forward-looking statements speak only as of the date that they are made, and we undertake no obligation to update them publicly and let new information or future events, except as legally required. Our commentary today will also include non-GAAP financial measures, which we believe provide an additional tool for investors to use in evaluating ongoing operating results and trends.

如果這些風險或不確定性成為現實，或任何假設被證明不準確，我們的結果可能與此類前瞻性陳述和預測所明示或暗示的結果有重大差異。前瞻性陳述僅代表截至其作出之日的情況，我們不承擔公開更新這些陳述以及公佈新資訊或未來事件的義務，除非法律要求。我們今天的評論還將包括非公認會計準則財務指標，我們相信這些指標為投資者提供了評估持續經營績效和趨勢的額外工具。

This measure should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our press release issued today as well as in the non-GAAP financial information posted on our IR website. With that, I'll turn it over to our CEO, Ariel Emanuel.

這項措施不應孤立地考慮或取代根據公認會計原則準備的財務資訊。我們報告的結果的 GAAP 和非 GAAP 指標之間的調整可以在我們今天發布的新聞稿以及我們的 IR 網站上發布的非 GAAP 財務資訊中找到。接下來，我會將其交給我們的執行長 Ariel Emanuel。

Thanks, James, and good morning, everyone. 2023 marked a transformational year for Endeavor in ways that further cemented our leading positions in sports and entertainment and demonstrated the value we are creating for shareholders. We closed our acquisition of WWE launched TKO and immediately began leveraging the Endeavor flywheel to create synergies and unlock growth across areas, including media rights and partnerships. We strengthened and expanded our representation capabilities through strategic tuck-in acquisitions in sports, country music, literary and nonscripted content.

謝謝詹姆斯，大家早安。 2023 年對 Endeavour 來說是轉型的一年，進一步鞏固了我們在體育和娛樂領域的領先地位，並展示了我們為股東創造的價值。我們完成了對 WWE 推出的 TKO 的收購，並立即開始利用 Endeavor 飛輪來創造協同效應並釋放跨領域的成長，包括媒體版權和合作夥伴關係。我們透過體育、鄉村音樂、文學和即興內容的策略性收購，加強和擴大了我們的代理能力。

We inked landmark sports rights deals at IMG and achieved new attendance milestones across our owned events portfolio. We sold IMG Academy at an enterprise value of $1.25 billion. We implemented Endeavor's share repurchase program and quarterly cash dividend payments. And we began a review of strategic alternatives to ensure we are maximizing value for our shareholders.

我們在 IMG 簽署了具有里程碑意義的體育賽事轉播權協議，並在我們擁有的賽事組合中實現了新的入場人數里程碑。我們以 12.5 億美元的企業價值出售了 IMG Academy。我們實施了奮進股份回購計畫和季度現金股利支付。我們開始審查策略替代方案，以確保為股東實現價值最大化。

With regard to our review of strategic alternatives for the company, we are still engaged in the process and we'll provide an update when there is more information to share.

關於我們對公司策略替代方案的審查，我們仍在參與該過程，當有更多資訊可供分享時，我們將提供最新資訊。

Now turning to some highlights from the fourth quarter and full year. Starting with our owned Sports Properties segment, which includes TKO, just 5 months in, TKO is off to a strong start. The fourth quarter marked the company's first full quarter and closed out a standout year. UFC delivered record financial performance in 2023 and WWE had its highest revenue year ever for live events.

現在轉向第四季和全年的一些亮點。從我們擁有的體育房地產業務（包括 TKO）開始，僅僅 5 個月，TKO 就取得了良好的開端。第四季度是該公司的第一個完整季度，並結束了出色的一年。 UFC 在 2023 年實現了創紀錄的財務業績，WWE 則創下了現場賽事有史以來收入最高的一年。

Since closing the transaction, both businesses have broken viewership and attendance records at live events announced new international events with significant site fees, inked sizable partnership agreements and secured media rights fee increases domestically and internationally. Meanwhile, TKO has also made meaningful progress on integration including merging UFC and WWE's global partnerships teams to create a unified sports marketing powerhouse focused on creating new revenue opportunities.

自交易完成以來，兩家公司都打破了現場活動的收視率和出席率記錄，宣布了新的國際活動，收取巨額場地費用，簽署了大筆合作協議，並確保了國內和國際媒體版權費用的增加。同時，TKO 在整合方面也取得了有意義的進展，包括合併 UFC 和 WWE 的全球合作夥伴團隊，以創建一個統一的體育行銷巨頭，專注於創造新的收入機會。

We're encouraged by TKO's continued momentum into 2024 most recently demonstrated by WWE's deal with Netflix to bring Raws live programming into the leading global streamer 52 weeks a year, beginning in 2025. Following earlier rights renewals for SmackDown and NXT this new deal for Raw is yet another proof point for the compelling rationale of bringing WWE together with UFC under one roof and harnessing the power of the Endeavor flywheel.

我們對TKO 在2024 年的持續發展勢頭感到鼓舞，最近的表現是WWE 與Netflix 達成的協議，從2025 年開始，每年52 週將Raws 直播節目帶入全球領先的串流媒體中。在早期版權續約之後，Raw 的這項新協議這是將 WWE 與 UFC 合併在一起並利用 Endeavour 飛輪力量的令人信服的理由的又一個證明。

Together, these deals delivered an increase of more than 1.4x in AAV. Exceeding expectations on guidance and demonstrating TKO's ability to capitalize on the evolving media landscape as well as the quality and value of its premium content.

這些交易總共使 AAV 增加了 1.4 倍以上。超越指導預期，展示 TKO 利用不斷變化的媒體格局及其優質內容的品質和價值的能力。

The segment also includes PBR, where events in 2023 drew 1.25 million fans. PBR sold out nearly 40 events and set more than 50 revenue records throughout the year. Beyond live events, PBR's brand partnerships have significant momentum going into this year. We finished 2023 with 9 new national partnerships, headlined by Anheuser-Busch.

該細分市場還包括 PBR，2023 年的活動吸引了 125 萬粉絲。 PBR全年近40場賽事已售罄，創下50多項收入紀錄。除了現場活動之外，PBR 的品牌合作夥伴關係今年也勢頭強勁。 2023 年結束時，我們建立了 9 個新的國家合作夥伴關係，其中以安海斯-布希 (Anheuser-Busch) 為首。

Overall, the PBR partnership business has nearly doubled since 2020 and following a second successful Teams League season in 2023, which generated a 28% increase in TV viewership and average more than 1 million viewers on CBS. PBR announced its expansion to 10 teams for the upcoming 2024 season, including a first-ever team in Brooklyn. In our Events, Experiences & Rights segment, during the fourth quarter, IMG's Media team and WME Sports jointly negotiated landmark partnerships for the National Women's Soccer League with CBS Sports, ESPN, Prime Video and Scripps Sports. And to start this year, the team negotiated an NCAA renewal with ESPN that covers 40 NCAA championships, including the women's basketball tournament.

總體而言，自2020 年以來，以及2023 年第二個成功的Teams League 賽季以來，PBR 合作夥伴業務幾乎翻了一番，電視收視率增加了28%，哥倫比亞廣播公司(CBS) 的平均觀眾人數超過100 萬。 PBR 宣佈在即將到來的 2024 年賽季將隊伍規模擴大到 10 支，其中包括布魯克林的第一支球隊。在我們的活動、體驗和權利部分，第四季度，IMG 的媒體團隊和 WME Sports 與 CBS Sports、ESPN、Prime Video 和 Scripps Sports 共同協商了全國女子足球聯盟的里程碑式合作夥伴關係。從今年開始，球隊與 ESPN 就 NCAA 續約事宜進行了談判，涵蓋 40 場 NCAA 錦標賽，其中包括女子籃球錦標賽。

Like the NWSL deal, this agreement showcases the value of our industry-leading teams when it comes to representing and negotiating sports media rights. Our marquee events across sports and the greater culture in the quarter and throughout 2023, expanded in key areas. ART has become an increasingly meaningful vertical for IMG's events business. We are kicking off our 2024 ART Fair season tomorrow with Frieze Los Angeles.

與 NWSL 交易一樣，該協議展示了我們行業領先團隊在代表和談判體育媒體權利方面的價值。本季和 2023 年全年，我們在體育和更大文化領域的大型活動在關鍵領域得到了擴展。對於 IMG 的活動業務來說，ART 已經成為一個越來越有意義的垂直領域。我們將於明天與洛杉磯弗里茲藝術博覽會 (Frieze Los Angeles) 一起拉開 2024 年藝術博覽會季的序幕。

And later in the year, we will be expanding our presence in New York and Chicago following acquisitions of the Armory Show and Expo Chicago, two of the longest-running contemporary and modern art fairs in the U.S. In London, attendance grew at our Hyde Park Winter Wonderland Holiday Festival. We sold more than 3 million tickets across 45 days, making it one of the most successful assets in our global events portfolio. At our own tennis tournaments, the Miami open and Madrid open, we achieved record attendance in 2023. The Miami Open welcomed a record 386,000 fans and set record partnership sales.

今年晚些時候，我們將在收購軍械庫藝博會和芝加哥世博會（美國舉辦時間最長的兩個當代和現代藝術博覽會）之後，擴大在紐約和芝加哥的業務。參觀人數增加冬季仙境節日。我們在 45 天內售出了超過 300 萬張門票，使其成為我們全球活動組合中最成功的資產之一。在我們自己的網球錦標賽邁阿密公開賽和馬德里公開賽上，我們在 2023 年創下了出席人數紀錄。

Similarly, the Madrid Open expanded to 12 days and marked its biggest year ever with record attendance of 325,000. In 2023, we became a significant minority partner in Fanatics new company, Fanatics events, with a plan to build the largest network of sports fan festivals in the world. The festivals will bring communities together to celebrate all aspects of Fandom, including sports, fashion, music and entertainment. We look forward to our first event in Q3. We've also benefited from continued strength in consumer spending on premium experiences.

同樣，馬德里公開賽延長至 12 天，觀眾人數達到創紀錄的 325,000 人，成為有史以來最大的一年。 2023 年，我們成為 Fanatics 新公司 Fanatics events 的重要少數合作夥伴，計劃建立世界上最大的體育迷節網絡。這些節日將把社區聚集在一起慶祝粉絲圈的各個方面，包括體育、時尚、音樂和娛樂。我們期待第三季的第一次活動。我們也受益於消費者在優質體驗方面支出的持續強勁。

In 2023, On Location hosted Notre Dame and Navy fans in Ireland and sold out the Aer Lingus classic college football game. We've since extended our agreement with the stadium for another 3 years. Similarly, on location signed a 5-year extension in 2023 with the NCAA for the Men's and Women's Final Four. Pivoting to our representation segment. WME delivered solid financial performance last year despite the industry headwinds from the WGA and SAG after strikes and executed a series of strategic tuck-in acquisitions that strengthened and extended our representation capabilities in the attractive literary, country music and sports markets.

2023 年，On Location 在愛爾蘭接待了聖母大學和海軍球迷，並售空了愛爾蘭航空經典大學橄欖球比賽。此後我們與體育場的協議又延長了三年。同樣，On Location 於 2023 年與 NCAA 簽署了為期 5 年的男子和女子四強賽延期協議。轉向我們的代表部分。儘管罷工後受到WGA 和SAG 的行業阻力，WME 去年仍取得了穩健的財務業績，並執行了一系列戰略性收購，增強和擴展了我們在有吸引力的文學、鄉村音樂和體育市場的代理能力。

In film and TV, WME clients were involved in 6 of the top 10 grossing films at the domestic box office. Including Christopher Nolan's critically acclaimed Oppenheimer, which landed in the top 3. WME was responsible for arranging the essential casting and creative elements for nearly 300 scripted series on broadcast, cable and streaming channels. including Emmy Award winners, The Bear and Succession.

在影視領域，國內票房前十的影片中，WME客戶參與了其中的六部。其中包括克里斯多福諾蘭(Christopher Nolan) 廣受好評的《奧本海默》 (Oppenheimer)，該片躋身前三名。的選角和創意元素。包括艾美獎得主《熊》和《繼承之戰》。

In music, WME clients headlined major festivals throughout 2023, including 25 artists at Coachella and 59 at Lollapalooza. Our leading presence in country music and in Nashville was also on full display at the 2023 CMAs, where WME clients took home trophies in 8 of the 12 categories. In sports, WME continues to gain momentum with player signings across all the major sports as well as coaching and broadcasting. During the year, our teams negotiated over $1.1 billion in NFL contracts with more than $700 million guaranteed including the highest paying offensive and defensive player contracts in NFL history.

在音樂方面，WME 客戶在 2023 年的各大音樂節上佔據了主導地位，其中包括 Coachella 音樂節的 25 名藝術家和 Lollapalooza 音樂節的 59 名藝術家。我們在鄉村音樂和納許維爾的領先地位也在 2023 年 CMA 上得到了充分展示，WME 客戶在 12 個類別中的 8 個類別中捧回了獎杯。在體育領域，WME 透過所有主要運動項目的球員簽約以及教練和轉播繼續獲得動力。這一年裡，我們的球隊談判了超過 11 億美元的 NFL 合同，其中有超過 7 億美元的保障合同，其中包括 NFL 歷史上薪水最高的進攻和防守球員合同。

And as women's sports continue to grow, WME is stride for stride representing more highest paid female athletes of 2023 than any other agency. Additionally, WME represented the most lottery picks in the NBA draft, more than any other agency. During the year, WME also executed more than 4,000 brand partnerships deals signed more than 75 new clients in the podcasting space and closed more than 100 audio deals with major podcast networks. WME also closed deals for more than 300 new books with 48 books debuting on the New York Times bestseller list.

隨著女子運動的不斷發展，WME 正在大步向前邁進，代表 2023 年收入最高的女運動員數量超過任何其他機構。此外，WME 代表了 NBA 選秀中最多的樂透選秀權，比其他任何機構都多。年內，WME 還執行了 4,000 多項品牌合作協議，在播客領域簽署了超過 75 個新客戶，並與主要播客網路達成了 100 多項音訊協議。 WME 也完成了 300 多本新書的交易，其中 48 本書首次登上《紐約時報》暢銷書排行榜。

In addition to the agency, our representation segment includes the consumer product licensing business of IMG, which ranked #1 for the fifth year in a row in licensed Global's top global licensing agents 2023 report and 160over90, our cultural marketing agency, whose major clients include multiple Fortune 500 brands, including Amazon, Marriott, USAA and Visa. 160over90's relationship with Anheuser-Busch also led to UFC's new multiyear marketing partnership that features Bud Light as the official beer partner of the UFC in the U.S.

除代理機構外，我們的代理業務還包括IMG 的消費產品授權業務，該業務在Licensed Global 2023 年全球頂級授權代理商報告中連續第五年排名第一，以及我們的文化營銷代理機構160over90，其主要客戶包括多個財富 500 強品牌，包括亞馬遜、萬豪、USAA 和 Visa。 160over90 與 Anheuser-Busch 的關係也促成了 UFC 的新的多年行銷合作關係，其中 Bud Light 成為 UFC 在美國的官方啤酒合作夥伴。

Turning next to our Sports Data and Technology segment. During the fourth quarter, OpenBet and IMG arena secured notable wins, including significant partnerships with renowned betting and gaming operators and global data and streaming rights deals. I'll share two examples. First, OpenBet commenced the long-term partnership with Finland's government-owned betting operator, Veikkaus, that will see OpenBet's technology power their sportsbook platform expanding the operator's online and retail betting operations. Finland stands out as a key growth opportunity in the European sports betting landscape.

接下來轉向我們的體育數據和技術部分。在第四季度，OpenBet 和 IMG arena 取得了顯著的勝利，包括與知名博彩和遊戲營運商的重要合作夥伴關係以及全球數據和串流版權交易。我將分享兩個例子。首先，OpenBet 與芬蘭國有博彩營運商 Veikkaus 建立了長期合作夥伴關係，OpenBet 的技術將為其體育博彩平台提供支持，從而擴大營運商的線上和零售博彩業務。芬蘭是歐洲體育博彩領域的重要成長機會。

This launch in Finland follows major geographic wins for OpenBet in 2023 across Greece, Germany, Czech Republic and Canada with Australia and Brazil in focus for 2024. And in data and rights, IMG Arena extended and augmented our partnerships with Roland-Garros and Wimbledon and doubled our data portfolio in soccer to over 23,000 annual events. Throughout the year, IMG Arena also saw significant growth in their streaming portfolio, which now sits at 50,000 events annually.

這次在芬蘭推出之前，OpenBet 於2023 年在希臘、德國、捷克共和國和加拿大取得了重大地理勝利，2024 年的重點是澳洲和巴西。和溫布頓的合作關係，我們的足球數據組合翻了一番，達到超過 23,000 項年度賽事。全年，IMG Arena 的串流產品組合也顯著成長，目前每年舉辦 50,000 場活動。

All told, Endeavor's businesses showed both strength and resilience in 2023. With an already strong start to 2024 for WME, including more award wins than any other agency at the Emmy's and Grammys. And on location hosting more than 15,000 guests at this month's Super Bowl in Las Vegas, I am encouraged and optimistic about Endeavor's year ahead.

總而言之，Endeavour 的業務在 2023 年表現出了實力和韌性。本月在拉斯維加斯舉行的超級盃比賽中，我在現場接待了超過 15,000 位賓客，我對 Endeavor 的未來一年感到鼓舞和樂觀。

With that, I'll turn things over to Jason.

這樣，我就把事情交給傑森。

Thanks, Ari, and good morning, everyone. I'll start by walking you through our financial results for the fourth quarter and full year. All comparisons will be to the fourth quarter and full year of 2022. For the quarter ended December 31, 2023, we generated $1.58 billion in consolidated revenue up $322.3 million or 26%.

謝謝阿里，大家早安。首先，我將向您介紹我們第四季和全年的財務表現。所有比較都將與 2022 年第四季和全年進行比較。

Adjusted EBITDA for the fourth quarter was $292.8 million, up $53.2 million or 22%. For the full year, revenue was $5.96 billion, up $692 million year-over-year or 13%. And adjusted EBITDA was $1.216 billion, up $52 million year-over-year or 5%. Net loss for the fourth quarter was $29.3 million compared to a net loss of $225.7 million a year ago. For the year, net income was $557.5 million, compared to a net income of $321.7 million a year ago. Now I'll walk you through each of our segments.

第四季調整後 EBITDA 為 2.928 億美元，成長 5,320 萬美元，成長 22%。全年營收為 59.6 億美元，年增 6.92 億美元，增幅 13%。調整後 EBITDA 為 12.16 億美元，年增 5,200 萬美元，增幅 5%。第四季淨虧損為 2,930 萬美元，去年同期淨虧損為 2.257 億美元。本年度淨利為 5.575 億美元，而去年同期淨利為 3.217 億美元。現在我將引導您完成我們的每個部分。

Our Owned Sports Property segment generated revenue of $642.8 million in the fourth quarter, up $341.3 million or 113%. While the segment's adjusted EBITDA for the quarter was $224.7 million, up $82.3 million or 58%. On the year, the segment generated $1.82 billion in revenue up $483.5 million or 36% and adjusted EBITDA of $827 million, up $178.9 million or 28%. Segment revenue growth in the year was primarily driven by the acquisition of WWE, which contributed $383 million in the period from September 12 to December 31, 2023. As well as growth at UFC including higher media rights and content fees from contractual increases, increased live event revenue due to 5 more events with live audiences, one additional pay-per-view events and growth in partnerships from new categories and contractual increases.

我們的自有體育地產部門在第四季度創造了 6.428 億美元的收入，成長了 3.413 億美元，即 113%。該部門本季調整後 EBITDA 為 2.247 億美元，成長 8,230 萬美元，成長 58%。今年，該部門營收 18.2 億美元，成長 4.835 億美元，增幅 36%，調整後 EBITDA 為 8.27 億美元，成長 1.789 億美元，增幅 28%。本年度的細分市場收入成長主要是由收購WWE 推動的，WWE 在2023 年9 月12 日至12 月31 日期間貢獻了3.83 億美元。增加、直播節目的增加活動收入歸因於另外 5 場有現場觀眾的活動、1 場額外的按次付費活動以及新類別和合約增加帶來的合作夥伴關係的增長。

Now turning to events, experiences and rights. The segment recorded revenue of $414.5 million in the quarter, down $35 million or 8% and adjusted EBITDA of $13.7 million, down $17 million or 55%. On the year, segment revenue was $2.2 billion, down $18.9 million and adjusted EBITDA was $228.1 million, down $66.7 million or 23%. The decrease in segment revenue in the year was primarily due to the sale of the IMG Academy and a decrease in on locations music touring business. These impacts were partially offset by growth from new and existing events across our portfolio, the timing of biennial and quadrennial events, which occurred in 2023 and increases in sports production. Segment adjusted EBITDA for the year was adversely affected by the sale of IMG Academy as well as certain factors at on location, which we anticipated, including increased IoT investment and a challenging comparison driven by location and match up for the 2023 Super Bowl in Arizona versus 2022 in Los Angeles.

現在轉向事件、經歷和權利。該部門本季營收為 4.145 億美元，下降 3,500 萬美元或 8%，調整後 EBITDA 為 1,370 萬美元，下降 1,700 萬美元或 55%。今年，部門收入為 22 億美元，減少 1,890 萬美元，調整後 EBITDA 為 2.281 億美元，減少 6,670 萬美元，即 23%。本年度分部收入減少的主要原因是出售IMG學院以及現場音樂巡迴業務減少。這些影響被我們投資組合中新賽事和現有賽事的成長、兩年一次和四年一度的賽事（2023 年舉辦）的時間安排以及體育賽事產量的增加所部分抵消。今年的部門調整後 EBITDA 受到 IMG 學院出售以及我們預期的某些現場因素的不利影響，包括物聯網投資的增加以及由地點和亞利桑那州 2023 年超級碗比賽與比賽驅動的具有挑戰性的比較2022 年在洛杉磯。

Moving on to our Representation segment. Revenue in the quarter was $427.4 million, up $18.9 million or 5%. Segment adjusted EBITDA in the quarter was $103.4 million, down $20.5 million or 17%. For the full year, representation segment revenue was $1.54 billion up $32.3 million or 2%, and adjusted EBITDA was $391.1 million, down $79 million or 17%. While segment revenue growth in the year was adversely impacted by the WGA and SAG-AFTRA strikes, it was more than offset by growth from our other businesses in our representation segment. On the year, segment adjusted EBITDA was adversely affected by the dual strikes and the revenue mix in our representation segment. In addition, the agency incurred higher cost as we increase agent head count particularly in strategic growth verticals, including sports and music.

繼續我們的代表部分。該季度營收為 4.274 億美元，成長 1,890 萬美元，即 5%。本季部門調整後 EBITDA 為 1.034 億美元，下降 2,050 萬美元，成長 17%。全年，代理業務收入為 15.4 億美元，增加 3,230 萬美元，或 2%，調整後 EBITDA 為 3.911 億美元，減少 7,900 萬美元，即 17%。雖然今年的部門收入成長受到 WGA 和 SAG-AFTRA 罷工的不利影響，但我們代理部門其他業務的成長足以抵消這一影響。今年，部門調整後的 EBITDA 受到雙重打擊和代理部門收入組合的不利影響。此外，隨著我們增加代理商人數，特別是在策略性成長垂直領域（包括體育和音樂），該機構的成本更高。

Now turning to our Sports Data and Technology segment. Revenue in the quarter was $113.6 million, up $5.2 million or 5%. Segment adjusted EBITDA in the quarter was $20.5 million, down $1.1 million or 5%. For the full year, segment revenue was $469.8 million, up $209.3 million or 80%, and adjusted EBITDA was $62.7 million, up $15 million or 31%. Segment revenue growth in the year was attributed to the inclusion of OpenBet for the full year as well as growth in betting data and streaming at IMG arena across a widening portfolio. Segment adjusted EBITDA in the year benefited from the inclusion of OpenBet, partially offset by higher rights costs at IMG arena.

現在轉向我們的體育數據和技術部分。該季度營收為 1.136 億美元，成長 520 萬美元，即 5%。本季部門調整後 EBITDA 為 2,050 萬美元，下降 110 萬美元，或 5%。全年部門營收為 4.698 億美元，成長 2.093 億美元，增幅 80%；調整後 EBITDA 為 6,270 萬美元，成長 1,500 萬美元，增幅 31%。今年的分部收入成長歸因於全年 OpenBet 的納入，以及 IMG 競技場不斷擴大的投資組合中投注數據和串流媒體的成長。今年的部門調整後 EBITDA 受益於 OpenBet 的納入，但部分被 IMG 競技場更高的版權成本所抵消。

Moving on to our capital structure. We ended the year with $5.03 billion in debt and $1.17 billion in cash, resulting in $3.89 billion in net debt. At year-end, our net leverage was approximately 3.2x. As we are in the midst of a strategic alternatives review, we will not be initiating annual guidance estimates for 2024. That said, I want to provide an update for 2024 and share our areas of focus for the year. Within OSP, we anticipate continued progress integrating TKO as we leverage our flywheel to create synergies and further unlock value. We expect growth to be driven by continued strength in live events, growth from partnerships and renewals of licensing agreements for UFC content in certain international markets.

繼續我們的資本結構。截至年底，我們的債務為 50.3 億美元，現金為 11.7 億美元，淨債務為 38.9 億美元。截至年底，我們的淨槓桿約為 3.2 倍。由於我們正在進行策略替代方案審查，因此我們不會啟動 2024 年的年度指導估計。在 OSP 內，我們預計隨著我們利用飛輪創造協同效應並進一步釋放價值，TKO 的整合將繼續取得進展。我們預計，現場賽事的持續強勁、合作夥伴關係的成長以及某些國際市場上 UFC 內容授權協議的續約將推動成長。

TKO was also focused on driving enhancements to ticketing yields across live events and securing site fees in key markets. At PBR, we've expanded our Teams series heading into its third season with Teams in Brooklyn and Oklahoma City, which sold for $22.5 million each. Related to our events experience and right segment, we remain focused on executing on our investment in on location of the IOC initiative. We also believe the favorable location of matchup from the recent Super Bowl in Las Vegas will benefit results for on location. We expect continued growth from our own events such as Barrett-Jackson, the Miami Open, Madrid Ppen as well as from our frieze events and Hyde Park Winter Wonderland.

TKO 也致力於提高現場活動的票務收益並確保主要市場的場地費用。在 PBR，我們擴大了 Teams 系列的規模，進入了第三季，布魯克林和俄克拉荷馬城的 Teams 售價分別為 2,250 萬美元。與我們的賽事經驗和正確的細分市場相關，我們仍然專注於執行我們對國際奧委會倡議的投資。我們也相信最近在拉斯維加斯舉行的超級盃比賽的有利地點將有利於現場比賽的結果。我們預計巴雷特傑克遜、邁阿密公開賽、馬德里 Ppen 等我們自己的賽事以及我們的中楣賽事和海德公園冬季仙境將持續增長。

At IMG's media business, we're focused on deepening client relationships within our right portfolio and expanding sports production globally as the world's leading integrated solution for sports right holders and federations. Within our representation segment, we expect growth in our agency business, driven by the continued post-strike recovery of the TV and film industry as well as in our sports and music divisions. We also expect continued growth at 160over90 as brands seek unique ways to be culturally relevant.

在 IMG 的媒體業務中，我們致力於在我們合適的產品組合中深化客戶關係，並在全球範圍內擴大體育製作，成為世界領先的體育權利持有者和聯合會的綜合解決方案。在我們的代理業務中，我們預計代理業務將在電視和電影行業以及體育和音樂部門罷工後持續復甦的推動下實現成長。隨著品牌尋求獨特的方式與文化相關，我們也預計將繼續成長 160over90。

As one example, with the Summer Olympic games ahead, momentum is beginning to pick up across brand partnerships and experiential activations in the U.S. and EMEA. For sports data and technology, we are focused on optimizing our products and services and driving operating efficiencies as the market for betting data and streaming rights remains competitive. Our offerings in this space are diversified and well positioned to capitalize on global growth trends, especially around regulation and regulating markets.

舉個例子，隨著夏季奧運會的臨近，美國和歐洲、中東和非洲地區的品牌合作夥伴關係和體驗活動的勢頭開始增強。對於體育數據和技術，由於投注數據和串流版權市場仍然競爭激烈，我們專注於優化我們的產品和服務並提高營運效率。我們在這一領域的產品是多元化的，並且能夠充分利用全球成長趨勢，特別是在監管和監管市場方面。

This is evidenced by OpenBet's expansion into responsible gaming solutions through its acquisition of Neccton. In the U.S., 37 states in D.C. now have legal and operational sports betting. And according to the American Gaming Association, nationwide sports betting revenue grew by 44% year-over-year in 2023. Looking across the U.S. and internationally, we're confident we have the right asset combination to provide value-added solutions to our customers.

OpenBet 透過收購 Neccton 進軍負責任的遊戲解決方案就證明了這一點。在美國，華盛頓特區的 37 個州現已合法且可經營體育博彩。根據美國博彩協會的數據，2023 年全國體育博彩收入年增 44%。

As one example, Brazil's regulatory environment is rapidly advancing, and we are well positioned as this market opens. Overall, we remain focused on executing our strategy and maintaining momentum through the year.

舉個例子，巴西的監管環境正在迅速發展，隨著這個市場的開放，我們處於有利地位。總體而言，我們仍然專注於執行我們的策略並保持全年的勢頭。

With that, this concludes our fourth quarter and full year 2023 earnings call. Thank you.

我們的 2023 年第四季和全年財報電話會議到此結束。謝謝。