TKO Group Holdings Inc (TKO) 2023 Q1 法說會逐字稿

Hello, and welcome to WWE's First Quarter Earnings Conference Call. (Operator Instructions)

大家好，歡迎來到 WWE 第一季度收益電話會議。 （操作員說明）

I will now turn the call over to Seth Zaslow, Senior Vice President and Head of Investor Relations. Please go ahead, Seth.

我現在將把電話轉給高級副總裁兼投資者關係主管 Seth Zaslow。請繼續，賽斯。

Thank you, and good morning, everyone. Welcome to WWE's first quarter 2023 earnings conference call. Joining us on today's call are Nick Khan, WWE's Chief Executive Officer; Paul Levesque, our Chief Content Officer, and Frank Riddick, our President and Chief Financial Officer.

謝謝大家，早上好。歡迎來到 WWE 2023 年第一季度收益電話會議。與我們一起參加今天電話會議的還有 WWE 的首席執行官 Nick Khan；我們的首席內容官 Paul Levesque 和我們的總裁兼首席財務官 Frank Riddick。

Following our prepared remarks, we'll open the call for questions.

在我們準備好的評論之後，我們將開始提問。

We issued our earnings release earlier this morning and have posted the release and other supporting materials to our website.

我們今天上午早些時候發布了收益報告，並將該報告和其他支持材料發佈到我們的網站上。

Today's discussion will include forward-looking statements. These statements reflect our current views, are based on various assumptions and are therefore subject to risks and uncertainties. Please refer to our SEC filings for a discussion of the risks and uncertainties. Actual results may differ materially, and undue reliance should not be placed on these statements.

今天的討論將包括前瞻性陳述。這些陳述反映了我們當前的觀點，基於各種假設，因此存在風險和不確定性。有關風險和不確定性的討論，請參閱我們向美國證券交易委員會提交的文件。實際結果可能存在重大差異，不應過分依賴這些陳述。

Additionally, we will be discussing certain non-GAAP financial measures on today's call. Reconciliations of non-GAAP to GAAP information are provided in our earnings release and other supporting materials.

此外，我們將在今天的電話會議上討論某些非 GAAP 財務措施。我們的收益發布和其他支持材料中提供了非 GAAP 與 GAAP 信息的對賬。

Lastly, today's call is being recorded, and the replay will be available on our website.

最後，今天的通話正在錄製中，重播將在我們的網站上提供。

With that, I'd now like to turn the call over to Nick.

有了這個，我現在想把電話轉給尼克。

Thanks, Seth. Good morning, and thank you, everyone, for joining us today.

謝謝，賽斯。早上好，謝謝大家今天加入我們。

2023 is off to a strong start. Our results in Q1 exceeded our guidance, and our business is well positioned going forward. I, along with Frank, will touch on some financial and operational highlights from the quarter in more detail. But before we do, I want to take a moment to address a few other topics.

2023 年開局良好。我們在第一季度的業績超出了我們的預期，我們的業務在未來處於有利地位。我和弗蘭克將更詳細地介紹本季度的一些財務和運營亮點。但在我們開始之前，我想花點時間談談其他幾個話題。

As we announced in January, Vince McMahon and WWE initiated a process to review strategic alternatives with the goal of maximizing value for all shareholders. We conducted a fulsome process, and the market response was astounding. After assessing all options, we announced an agreement on Monday, April 3, the morning after a historic 2-night WrestleMania SoFi Stadium in Los Angeles to combine WWE and UFC into a new soon-to-be named publicly listed company that will trade under the stock ticker TKO.

正如我們在 1 月份宣布的那樣，文斯麥克馬洪和 WWE 啟動了一個流程來審查戰略備選方案，目標是為所有股東實現價值最大化。我們進行了一個完整的過程，市場反響驚人。在評估了所有選項後，我們於 4 月 3 日星期一宣布了一項協議，即在洛杉磯歷史性的 2 晚 WrestleMania SoFi 體育場結束後的第二天早上，將 WWE 和 UFC 合併為一家新的即將命名的上市公司，該公司將在股票代碼 TKO。

The combination of WWE and UFC creates a one-of-a-kind highly complementary pure-play global sports and entertainment business that will unlock vast revenue synergies and cost synergies. The transaction is subject to customary closing conditions, including the required regulatory approvals, but we are working intently to get that done.

WWE 和 UFC 的結合創造了一種獨一無二的高度互補的純遊戲全球體育和娛樂業務，將釋放巨大的收入協同效應和成本協同效應。該交易受慣例成交條件的約束，包括所需的監管批准，但我們正在專心致志地完成這項工作。

We expect that will happen in the second half of 2023. With the conclusion of the strategic review process, we're now heavily focused on the domestic media rights renewals for Raw and SmackDown, and we are currently engaged with our incurrent -- pardon me, with our incumbent partners, NBCU and FOX, both of whom have been terrific.

我們預計這將在 2023 年下半年發生。隨著戰略審查流程的結束，我們現在主要關注 Raw 和 SmackDown 的國內媒體權利續簽，我們目前正在處理我們當前的 - 對不起，與我們的現任合作夥伴 NBCU 和 FOX，他們都很棒。

With the ratings and viewership success we've been seeing for Raw and SmackDown, we believe we are well positioned as we enter these conversations. Of course, we remain focused on the day-to-day operations of WWE and delivering growth. This was evidenced 4 weeks ago at WrestleMania 39, which I mentioned earlier.

憑藉我們看到的 Raw 和 SmackDown 收視率和收視率的成功，我們相信我們在進入這些對話時處於有利地位。當然，我們仍然專注於 WWE 的日常運營和實現增長。 4 週前在 WrestleMania 39 上就證明了這一點，我之前提到過。

WrestleMania 39 delivered the most watched and most profitable event in our company's history, a number of new records for WWE that highlight the strength of our company. Record attendance at WrestleMania with over 161,000 fans, record gate revenue of over $21.5 million, record domestic viewership with over 15 million hours consumed and a 31% viewership increase year-over-year. Record sponsorship sales with over $20 million in revenue a year-over-year increase of over 100%. Record venue merchandise revenue of over $7 million, beating our previous record of $5.2 million, which we set at the year prior WrestleMania.

WrestleMania 39 舉辦了我們公司歷史上收視率最高、利潤最高的賽事，多項 WWE 新紀錄彰顯了我們公司的實力。創紀錄的 WrestleMania 觀眾人數超過 161,000 人，門票收入超過 2150 萬美元，國內收視率超過 1500 萬小時，收視率同比增長 31%。創紀錄的讚助銷售額，收入超過 2000 萬美元，同比增長超過 100%。創紀錄的場館商品收入超過 700 萬美元，打破了我們在 WrestleMania 前一年創下的 520 萬美元的紀錄。

We blew through records across our social platforms, generating over 500 million views and 11 million hours of video consumed over the 2-day WrestleMania event, a 42% increase over the prior year.

我們打破了社交平台上的記錄，在為期 2 天的 WrestleMania 活動中產生了超過 5 億次觀看次數和 1100 萬小時的視頻消耗，比上一年增長了 42%。

Internationally, the event was seen by over 35 million viewers. Our premium live event success and growth is not limited to WrestleMania. In Q1, we staged Royal Rumble in San Antonio. It was our most viewed and highest grossing Royal Rumble in the company history.

在國際上，超過 3500 萬觀眾觀看了該活動。我們優質現場賽事的成功和發展不僅限於 WrestleMania。第一季度，我們在聖安東尼奧舉辦了 Royal Rumble。這是我們公司歷史上觀看次數最多、票房收入最高的 Royal Rumble。

In February, we took our product to Canada, where we held elimination chamber in Montreal. The event delivered a 54% year-over-year viewership increase, a 300% sponsorship sales increase, and generated more gate and merchandise revenue than any elimination chamber in WWE history.

2 月，我們將產品帶到了加拿大，我們在蒙特利爾舉辦了淘汰賽。該賽事的收視率同比增長 54%，贊助銷售額增長 300%，並且產生的門票和商品收入超過 WWE 歷史上的任何淘汰賽。

Strategically, we hosted this event in Canada, a key international market and one where we will also be focused on our next media rights deal.

從戰略上講，我們在加拿大舉辦了這次活動，加拿大是一個重要的國際市場，我們也將在那裡專注於我們的下一個媒體版權交易。

These metrics are a clear sign of our popularity in the region. As our premium Live Events viewership increases, our flagship weekly TV properties are also seeing growth, bucking the trend across the rest of the landscape.

這些指標清楚地表明了我們在該地區的知名度。隨著我們的優質現場直播收視率的增加，我們的旗艦每週電視節目也在增長，與其他領域的趨勢相反。

In the first quarter of '23, overall TV viewership in the 18 to 49 demo was down 16%, not at WWE. Raw was up 16% in the 18 to 14 -- 18 to 49 demo, and it was the #1 program in the demo on cable on Monday nights.

在 23 年第一季度，18 至 49 歲演示的整體電視收視率下降了 16%，WWE 沒有。 Raw 在 18 至 14 日 - 18 至 49 日的演示中上漲了 16%，它是周一晚上有線電視演示中排名第一的節目。

SmackDown also up 7% in the demo and the #1 program in the demo on broadcast on Friday nights, and our fans that are tuning in are watching longer than ever.

SmackDown 在周五晚上播出的演示中也上漲了 7%，並且在演示中排名第一，我們正在收看的粉絲比以往任何時候都看得更久。

Raw and SmackDown are at their highest time spent viewing in their history, at 73 minutes for Raw, a 3-hour show; and 42 minutes for SmackDown, a 2-hour show.

Raw 和 SmackDown 的觀看時間達到了歷史最高水平，Raw 的時長為 73 分鐘，時長 3 小時；以及 42 分鐘的 SmackDown，一個 2 小時的節目。

We are also filling arenas and stadiums at a record-breaking pace. Demand remains incredibly strong. We saw a 52% increase in our North American live events revenue year-over-year, led by higher attendance and smarter ticket pricing. WWE is consistently generating the highest ticket grosses in the history of many markets, as we continue to tour weekly everywhere from Los Angeles and Chicago to Toledo and Little Rock. We are not seeing any signs of a slowdown.

我們還以破紀錄的速度填滿競技場和體育館。需求仍然非常強勁。在更高的上座率和更智能的門票定價的帶動下，我們的北美現場活動收入同比增長了 52%。 WWE 在許多市場的歷史上一直創造著最高的門票收入，因為我們繼續每週巡迴演出，從洛杉磯和芝加哥到托萊多和小石城。我們沒有看到任何放緩的跡象。

This upcoming Saturday, August 5, is Summer Slam at Ford Field in Detroit, another stadium event. Tickets went on sale last month, and we saw record first day sales for the event. More tickets were sold at on sale for this upcoming Summer Slam than any other domestic WWE show in our company's history outside of WrestleMania.

即將到來的 8 月 5 日星期六，是在底特律福特球場舉行的夏季大滿貫賽事，這是另一場體育場賽事。門票上個月開始銷售，我們看到了活動首日的銷售記錄。這個即將到來的夏季大滿貫的門票售出數量超過了我們公司歷史上除 WrestleMania 之外的任何其他國內 WWE 節目。

In the coming weeks, we expect to be opening up new sections of Ford Field, so we can keep up with the demand.

在接下來的幾週內，我們預計將開放 Ford Field 的新區域，以便滿足需求。

Let's talk merchandise for a moment. Last month, we announced that WWE and Fanatics are expanding our relationship, so Fanatics can now do our venue merchandise sales, in addition to the already existing and growing e-commerce business that we have with Fanatics.

讓我們談談商品。上個月，我們宣布 WWE 和 Fanatics 正在擴大我們的關係，因此除了我們與 Fanatics 已經存在且不斷發展的電子商務業務之外，Fanatics 現在可以進行我們的場館商品銷售。

In-venue sales have been a substantial growth area for us over the past 2 years, as we have taken a localized approach of offering location and city-specific merchandise to drive sales. This new partnership with Fanatics should supercharge those sales.

在過去的 2 年裡，場內銷售一直是我們的一個重要增長領域，因為我們採取了一種本地化的方法來提供特定地點和特定城市的商品來推動銷售。與 Fanatics 的這種新合作關係應該會增加這些銷售額。

Looking ahead, the coming months are an exciting moment for our company, as we embark on our biggest run of international shows in WWE history. This coming Saturday, Backlash will emanate from San Juan, Puerto Rico, where Bad Money will compete in ring against Damian Priest in what will be a completely sold-out arena.

展望未來，未來幾個月對我們公司來說是激動人心的時刻，因為我們將開始 WWE 歷史上最大規模的國際表演。在即將到來的周六，Backlash 將在波多黎各的聖胡安舉行，Bad Money 將在場內與 Damian Priest 展開激烈角逐，屆時座無虛席。

We also received a 7-figure subsidy for this event. We are in a dialogue with a number of different local governments, tourism groups and event organizations about the economic impact of WWE when our events come to town. Look for more updates on this in the future as these conversations progress.

我們還為這次活動獲得了7位數的補貼。當我們的活動來到城鎮時，我們正在與許多不同的地方政府、旅遊團體和活動組織就 WWE 的經濟影響進行對話。隨著這些對話的進展，在未來尋找更多關於這方面的更新。

On May 27, the Saturday of Memorial Day weekend, we turned to the Jeddah Superdome for one of our biannual shows in the region, Night of Champions. We closed out our international run on Saturday, July 1, which is the Saturday of the July 4 weekend, with Money in the Bank at the O2 Arena in London, our first premium live event in London in over 2 decades.

5 月 27 日，即陣亡將士紀念日週末的星期六，我們轉向吉達超級巨蛋觀看我們在該地區一年兩次的節目之一，冠軍之夜。我們在 7 月 1 日星期六（即 7 月 4 日週末的星期六）結束了我們的國際運行，在倫敦的 O2 競技場舉行了 Money in the Bank，這是我們 2 多年來在倫敦舉辦的第一場優質現場活動。

We will also have Friday Night SmackDown the night before also at the O2 Arena. Both Money in the Bank and SmackDown will air live at 8 p.m. local U.K. prime time, as our United Kingdom Media Rights conversations continue. We expect that both of these events in London will be sold-out shows.

我們還將在前一天晚上在 O2 競技場舉行週五晚上的 SmackDown。 Money in the Bank 和 SmackDown 都將在晚上 8 點直播。英國當地黃金時段，我們的英國媒體權利對話仍在繼續。我們預計倫敦的這兩項活動都將售罄。

As with all of our events, we expect all of the premium live events to deliver year-over-year growth, while showcasing and growing our global footprint.

與我們所有的活動一樣，我們希望所有優質現場活動都能實現同比增長，同時展示和擴大我們的全球足跡。

In closing, I want to reiterate how pleased we are by the performance of our business. We're excited about 2023 and expect to deliver another year of record revenue and adjusted OIBDA. Our company is well positioned, and we are very optimistic about our historic agreement with Endeavor in the UFC.

最後，我想重申我們對我們的業務表現感到非常滿意。我們對 2023 年感到興奮，並期望再創紀錄的一年收入和調整後的 OIBDA。我們公司的定位很好，我們對我們與 Endeavor 在 UFC 的歷史性協議非常樂觀。

Until then, we are focused on closing that deal, while continuing to execute on our strategy and grow our business. It's an amazing time for WWE, and we remain extremely excited about our long-term future.

在那之前，我們專注於完成這筆交易，同時繼續執行我們的戰略並發展我們的業務。這對 WWE 來說是一個美妙的時刻，我們對我們的長遠未來仍然非常興奮。

With that, I'll now turn the call over to Frank.

有了這個，我現在將電話轉給弗蘭克。

Thank you, Nick. Before I review our financial performance and business outlook, I want to briefly discuss the transaction we announced last month with Endeavor.

謝謝你，尼克。在回顧我們的財務業績和業務前景之前，我想簡要討論一下我們上個月宣布的與 Endeavor 的交易。

As Nick highlighted, we're very excited about the agreement we reached with Endeavor to combine the WWE and UFC businesses. The new company will be uniquely positioned, with the growing sports and entertainment ecosystem. The financial profile of the company is quite attractive with strong revenue growth, adjusted OIBDA margins and free cash flow characteristics.

正如 Nick 強調的那樣，我們對與 Endeavor 達成的合併 WWE 和 UFC 業務的協議感到非常興奮。新公司將擁有獨特的定位，擁有不斷發展的體育和娛樂生態系統。公司的財務狀況非常有吸引力，收入增長強勁，調整後的 OIBDA 利潤率和自由現金流特徵。

We believe there will be significant opportunities to increase the organic growth profile of the combined entity through various revenue and cost synergies. The transaction values the WWE business at an estimated $9.3 billion. Transaction represents a contribution price of WWE of approximately $106 per share.

我們相信，通過各種收入和成本協同效應，將有大量機會增加合併後實體的有機增長。該交易對 WWE 業務的估值約為 93 億美元。交易代表 WWE 的貢獻價格約為每股 106 美元。

Pursuant to the transaction agreement at closing, WWE will distribute its excess cash to the new public company. Following the closing, the new public company may determine the dividends such excess cash to its shareholders. We're working as quickly as we can to close the transaction, which is expected to occur in the second half of 2023.

根據交割時的交易協議，WWE 將把多餘的現金分配給新的上市公司。交割後，新的上市公司可能會決定向其股東派發這些多餘現金的股息。我們正在盡快完成交易，預計將於 2023 年下半年完成。

Turning to our operations on Slide 5. 2023 is off to a strong start. In the first quarter, we generated revenue of $298 million and adjusted OIBDA of $84 million, which exceeded the high end of our guidance. Our performance in the quarter places us firmly on track to meet our full year outlook. I'll touch on the outlook for the second quarter and full year in more detail later in my remarks.

轉向我們在幻燈片 5 上的操作。2023 年開局良好。第一季度，我們創造了 2.98 億美元的收入，調整後的 OIBDA 為 8400 萬美元，超出了我們指導的上限。我們在本季度的表現使我們堅定地走上了實現全年展望的軌道。我將在稍後的發言中更詳細地談到第二季度和全年的前景。

On Slide 6 of our presentation, we detailed our performance -- business performance in the quarter, which shows revenue, operating income and adjusted OIBDA contribution by segment as compared to the prior year quarter.

在我們演示文稿的幻燈片 6 中，我們詳細介紹了我們的業績——本季度的業務業績，顯示了與去年同期相比按部門劃分的收入、營業收入和調整後的 OIBDA 貢獻。

The results in the quarter reflected the shift in the timing of the staging of a large-scale international event, which occurred in the first quarter of 2022, but is expected to occur in the second quarter of 2023.

該季度的業績反映了大型國際活動舉辦時間的變化，該變化發生在 2022 年第一季度，但預計將發生在 2023 年第二季度。

Looking at our Media segment on Slide 7. Adjusted OIBDA decreased 32% on a 19% decline in revenue. The most notable item driving that result was a decrease in other revenue due to the absence of the large-scale international event.

看看我們在幻燈片 7 上的媒體部門。調整後的 OIBDA 下降了 32%，收入下降了 19%。由於沒有大型國際活動，導致這一結果的最顯著項目是其他收入減少。

Network revenue decreased due to the timing of our premium live events, which resulted in 1 less event in the first quarter of 2023 compared to the prior year period. These decreases were partially offset by an increase in core content rights, primarily due to the contractual escalation of media rights fees for a flagship weekly programming Raw and SmackDown.

由於我們的優質現場活動的時間安排，網絡收入有所下降，這導致 2023 年第一季度的活動與去年同期相比減少了一次。這些減少部分被核心內容權利的增加所抵消，這主要是由於旗艦每週節目 Raw 和 SmackDown 的媒體權利費用合同上漲。

The decrease in revenue was partially offset by lower operating expenses. The decrease in expenses was primarily related to the decrease in the production costs related to the timing of our premium live events.

收入的減少部分被較低的運營費用所抵消。費用減少主要是由於與我們的優質現場活動時間相關的製作成本減少。

Now let's turn to our Live Event business, as shown on Slide 8 of our presentation. Adjusted OIBDA from our Live Events improved $4.2 million based on a $9.5 million increase in revenue. During the first quarter, we experienced strong demand for our live events. We held 50 events in North America, with average attendance up 37%, as compared to the prior year period.

現在讓我們轉向我們的現場活動業務，如我們演示文稿的幻燈片 8 所示。基於 950 萬美元的收入增長，我們的現場活動調整後的 OIBDA 增加了 420 萬美元。在第一季度，我們的現場活動需求強勁。我們在北美舉辦了 50 場活動，與去年同期相比，平均出席人數增加了 37%。

In our Consumer Products segment, as shown on Slide 9, adjusted OIBDA was $22 million on revenue of $39 million. Results in the segment reflected a number of moving pieces. Venue merchandise revenue increased due to an increase in both attendance and per capita sales.

在我們的消費品部門，如幻燈片 9 所示，調整後的 OIBDA 為 2200 萬美元，收入為 3900 萬美元。該部分的結果反映了許多動人的片段。由於上座率和人均銷售額的增加，場館商品收入有所增加。

Licensing revenue reflected higher collectibles revenue and relatively flat video gaming revenue. During the quarter, we recorded $6 million in revenue as a result of the early termination of an agreement for our licensed collectibles.

許可收入反映了較高的收藏品收入和相對平穩的視頻遊戲收入。本季度，由於提前終止了我們的許可收藏品協議，我們錄得 600 萬美元的收入。

As previously discussed, the change in e-commerce revenue reflected the transition of our digital retail platform to Fanatics.

如前所述，電子商務收入的變化反映了我們的數字零售平台向 Fanatics 的轉變。

Now let's turn to WWE's capital structure shown on Slide 10 of the presentation. In the first quarter, we used $21 million in free cash flow as compared to generating $70 million in the prior year period. The decrease was primarily due to the timing of working capital, most notably the timing of collections associated with our large-scale international events.

現在讓我們轉向演示文稿幻燈片 10 中顯示的 WWE 的資本結構。第一季度，我們使用了 2100 萬美元的自由現金流，而去年同期為 7000 萬美元。減少主要是由於營運資金的時間安排，最顯著的是與我們的大型國際活動相關的收款時間安排。

In the first quarter, we incurred $33 million of capital expenditures, $30 million of which related to our new headquarter facility. Excluding the new HQ CapEx, free cash flow would have been $9 million in the quarter.

第一季度，我們發生了 3300 萬美元的資本支出，其中 3000 萬美元與我們的新總部設施有關。不包括新的 HQ 資本支出，本季度的自由現金流為 900 萬美元。

During the quarter, we returned $9 million of capital to shareholders in the form of dividends paid. As of March 31, 2023, we held approximately $465 million in cash and short-term investments. Debt totaled $235 million, including $214 million associated with the carrying value of our convertible notes. We have no amounts outstanding under our $200 million revolving line of credit.

本季度，我們以支付股息的形式向股東返還了 900 萬美元的資本。截至 2023 年 3 月 31 日，我們持有約 4.65 億美元的現金和短期投資。債務總額為 2.35 億美元，其中包括與我們可轉換票據賬面價值相關的 2.14 億美元。在我們的 2 億美元循環信貸額度下，我們沒有未償還的款項。

Looking ahead, we're not changing our outlook for the full year adjusted OIBDA at this time. We continue to target a range of $395 million to $410 million, which would be an all-time record for the company.

展望未來，我們目前不會改變對全年調整後 OIBDA 的展望。我們繼續將目標定在 3.95 億美元至 4.1 億美元之間，這將是公司的歷史記錄。

As we discussed on our last earnings call, we're targeting record revenue in 2023 and relatively flat operating expenses. As for the second quarter of 2023, we're targeting adjusted OIBDA in the range of $125 million to $135 million, which represents an increase of approximately 37% to 48% from the prior year quarter.

正如我們在上次財報電話會議上討論的那樣，我們的目標是在 2023 年實現創紀錄的收入和相對平穩的運營支出。至於 2023 年第二季度，我們的目標是調整後的 OIBDA 在 1.25 億美元至 1.35 億美元之間，比去年同期增長約 37% 至 48%。

The estimate reflects revenue growth related to the favorable impact of the shift of the timing of the large-scale international event and the contractual escalation of domestic media rights fees for our flagship programs and premium events. We also anticipate that second quarter results will reflect an increase in operating expenses.

該估計反映了與大型國際活動時間的變化以及我們的旗艦節目和優質活動的國內媒體版權費合同升級的有利影響相關的收入增長。我們還預計第二季度業績將反映運營費用的增加。

In conclusion, WWE generated strong first quarter results that reflected continued robust demand for our events and increased consumption of programming across platforms. We continue to believe our long-term outlook is supported by the rising value of live sports content and increasing demand for media companies that deliver reach and fan engagement, both domestically and around the globe.

總而言之，WWE 產生了強勁的第一季度業績，反映了對我們活動的持續強勁需求以及跨平台節目消費的增加。我們仍然相信，我們的長期前景得到了直播體育內容價值不斷上升以及對能夠在國內和全球範圍內提供影響力和粉絲參與度的媒體公司不斷增長的需求的支持。

Looking ahead, we remain focused on our day-to-day operations, while working to close the transaction with Endeavor as quickly as possible. We believe that WWE remains well positioned to take advantage of significant growth opportunities across all of our lines of business.

展望未來，我們將繼續專注於日常運營，同時努力盡快完成與 Endeavor 的交易。我們相信 WWE 仍然處於有利地位，可以利用我們所有業務線的重大增長機會。

We look forward to updating you on the progress of these initiatives in the coming quarters. That concludes our remarks, and I'll now turn it back to Seth.

我們期待在未來幾個季度向您通報這些舉措的最新進展。我們的發言到此結束，現在我將把它轉回賽斯。

Thanks, Frank. Operator, we're ready for Q&A. Please open the line.

謝謝，弗蘭克。接線員，我們準備好進行問答了。請打開線路。

(Operator Instructions) We'll go first to Curry Baker with Guggenheim.

（操作員說明）我們將首先與古根海姆一起去 Curry Baker。

I've got one for Frank and one for Nick. Maybe the first one for Frank, in the commentary around the second quarter guidance, you mentioned an increase in operating costs related to content creation.

我有一件給弗蘭克，一件給尼克。也許是弗蘭克的第一個，在圍繞第二季度指導的評論中，你提到了與內容創建相關的運營成本的增加。

Can you maybe provide a little more color on what these costs are, the magnitude in the second quarter, and how to think about any incremental content investment in the back half of the year?

您能否就這些成本是多少、第二季度的規模以及如何考慮下半年的任何增量內容投資提供更多顏色？

So primarily, the increase in production costs primarily related to the staging of the events that moved from the first quarter to the second. So it's really variable costs. There are some other cost increase that we've incurred related to inflationary impact on staging of shows and the cost of doing that.

因此，主要是生產成本的增加主要與從第一季度轉移到第二季度的活動的舉辦有關。所以這真的是可變成本。我們還發生了一些其他成本增加，這些成本增加與通貨膨脹對演出舉辦的影響以及這樣做的成本有關。

We think we've adequately built those into our guidance. Looking ahead to the rest of the year, we don't see substantial changes in the trend of creating the content -- should we expect margins to be in line with what we've guided to.

我們認為我們已經充分地將這些納入我們的指南。展望今年剩餘時間，我們看不到內容創作趨勢的實質性變化——我們是否應該期望利潤率與我們的指導一致。

Okay. And then for Nick, you're in the exclusive window with both NBCU and FOX. High level, can you talk about how you feel about the Raw and SmackDown positioning this cycle? If you're able to provide any incremental color, that would be great. And, from a timing perspective, is your base case expectation the renewals are completed this year?

好的。然後對於 Nick，您處於 NBCU 和 FOX 的專屬窗口中。高層，你能談談你對本輪Raw和SmackDown定位的感受嗎？如果您能夠提供任何增量顏色，那就太好了。而且，從時間的角度來看，您的基本情況預期是今年完成續訂嗎？

A couple of things. We've had productive conversations with both Fox and NBCU. I believe that they're both seeing the product, the growth of the product, the impact of the product in the right way. So we're optimistic about all of that.

幾件事。我們與 Fox 和 NBCU 進行了富有成效的對話。我相信他們都以正確的方式看待產品、產品的增長和產品的影響。所以我們對這一切都很樂觀。

In terms of the timing on getting a deal done, one thing I've experienced is that during the process of these things, you can control a lot of it, you can never control when it closes or when you get to an agreement. So I can't estimate that yet, but we remain bullish on Raw and SmackDown.

在完成交易的時間方面，我經歷過的一件事是，在這些事情的過程中，你可以控制很多事情，你永遠無法控制它何時關閉或何時達成協議。所以我還不能估計，但我們仍然看好 Raw 和 SmackDown。

We'll go next to Brandon Ross with LightShed Partners.

接下來我們將與 LightShed Partners 的 Brandon Ross 一起。

Maybe I'll start off with a couple of follow-up questions to Curry's last question there. During the exclusive period, first of all, are you able to get IOIs from outside parties during that time? Is there any way to know what your negotiating position is as you embark on these negotiations with FOX and NBCU?

也許我會從 Curry 的最後一個問題的幾個後續問題開始。獨占期間，首先，你能不能在這段時間裡得到外界的IOI？當你開始與 FOX 和 NBCU 進行這些談判時，有什麼方法可以知道你的談判立場是什麼？

Then I guess that both of those parties have other sports rights that they're thinking about negotiating on. There's the NBA and NASCAR. As you understand it, how intertwined are those negotiations with what you're doing? And then finally, has there been any talk of including the -- an extension of the Peacock deal in these negotiations?

那麼我猜想，這兩方都有他們正在考慮談判的其他體育權利。有 NBA 和 NASCAR。正如你所理解的，這些談判與你正在做的事情有多大的關聯？最後，是否有任何關於在這些談判中包括延長孔雀交易的討論？

So in no particular order, Brandon, this is Nick, we'll see what happens with the Peacock situation. As I think everyone knows, that's not up for a couple of years.

所以沒有特別的順序，布蘭登，這是尼克，我們將看看孔雀的情況會發生什麼。我想每個人都知道，這不會持續幾年。

In terms of other sports rights that are up and around the same period of time, we're certainly aware of them. We have our own analysis of what the priority is to each and every buyer out there, including buyers above and beyond Fox and NBCU.

就同一時期出現的其他體育賽事轉播權而言，我們當然知道。我們對每個買家的優先事項都有自己的分析，包括 Fox 和 NBCU 以外的買家。

In our opinion, we're high on a -- really, really high on a lot of folks' lists in terms of getting other offers or any intention of an offer. No, exclusive needs exclusive. We want to keep it clean, and we want to show all the respect that FOX and NBCU have earned to them. So let's see how the next period of time shakes out.

我們認為，在獲得其他報價或任何報價意向方面，我們在很多人的名單上真的非常非常高。不，獨家需要獨家。我們希望保持清潔，我們希望向他們展示 FOX 和 NBCU 贏得的所有尊重。因此，讓我們看看接下來的一段時間會如何變化。

And then just looking ahead from the domestic deals to international, it's always seemed like India was the biggest possible opportunity for you guys outside the U.S. As you analyze the rights deals happening maybe simultaneously or just after the domestic ones, what do you see as the biggest international opportunity? And what is the gating factor in getting India specifically to fulfill its promise?

然後從國內交易到國際交易，印度似乎總是對你們美國以外的人來說是最大的機會。當你分析可能同時發生或緊隨國內交易發生的權利交易時，你認為什麼是最大的國際機遇？讓印度具體履行其承諾的門控因素是什麼？

The gating factor on India was COVID. As you know, very difficult to get in and out of India during that period of time, which paused our efforts there. Those have been unpaused. Sony India, as you know, is going through a merger with Zee. They're waiting on regulatory approval for that. That deal is not up until later in 2024, if I'm remembering correctly off the top of my head.

印度的門控因素是 COVID。如您所知，那段時間進出印度非常困難，這使我們在那裡的努力暫停了。那些一直沒有暫停。如您所知，索尼印度正在與 Zee 合併。他們正在等待監管部門的批准。如果我沒記錯的話，這筆交易要到 2024 年晚些時候才能達成。

So what our plan is, is hyper focused on the U.S. media rights, then shift to India post approval of the Zee Sony India merger, but we're in constant dialogue with Sony often. So we feel good about where that is. We feel good about where it can go to with them and beyond.

所以我們的計劃是，高度關注美國媒體權利，然後在批准 Zee Sony India 合併後轉移到印度，但我們經常與索尼保持對話。所以我們對它的位置感覺很好。我們對它可以與他們一起去的地方以及以後的地方感到滿意。

And just one follow-up on that. It seems like Geo is getting a little more aggressive in that region. Is that a partner that you're watching?

這只是一個後續行動。似乎 Geo 在該地區變得更加激進。那是你正在看的伙伴嗎？

Yes. We're watching all of them. Look, even on the cricket rights that were up 3 to 6 months ago, you saw how that one ended up. You saw the increases. You see that the Reliance, Viacom, James Murdoch group is doing it for free there, which we felt was a smart idea and we'll see how that all shakes out.

是的。我們正在看著他們所有人。看，即使是在 3 到 6 個月前的板球權利上，你也看到了它的結局。你看到了增長。你會看到 Reliance、Viacom、James Murdoch 集團在那裡免費做這件事，我們認為這是一個聰明的主意，我們將看看這一切如何實現。

But yes, we're paying quite close attention to all things going on in India. By the way, that was a total of, I think, 17 questions from you.

但是，是的，我們非常關注印度發生的所有事情。順便說一句，我認為您總共提出了 17 個問題。

We'll go next to Ben Swinburne with Morgan Stanley.

我們將與 Morgan Stanley 一起去 Ben Swinburne。

I think, Nick, Frank, you guys have both been around the company for a long time. I'd be curious how you feel the organization is prepared for life inside of a larger company.

我認為，尼克、弗蘭克，你們都在公司工作了很長時間。我很好奇你覺得這個組織是如何為在大公司內部生活做好準備的。

I mean, this has been -- I wouldn't say a family run company, but certainly, a specific structure for decades. It's a pretty big change to how the business is going to be run. I'd love your thoughts on sort of how you think that -- how the business is prepared for that and how -- your confidence level on sort of management transition given the importance of a lot of the -- particularly on the creative side, keeping the business fresh and sustaining the kind of ratings trends that you guys highlighted in this -- in the deck this morning.

我的意思是，這一直是——我不會說是一家家族企業，但肯定是幾十年來的特定結構。這對企業的運營方式來說是一個相當大的變化。我很想知道你是怎麼想的——企業是如何為此準備的，以及——你對某種管理過渡的信心水平，因為很多——特別是在創意方面，保持業務新鮮並維持你們今天早上在甲板上強調的收視率趨勢。

This is Nick speaking, Ben. A couple of things on that. We're all excited about everything that should and will happen together with UFC and with the folks from Endeavor.

我是尼克，本。有幾件事。我們都對應該和將會與 UFC 以及來自 Endeavor 的人們一起發生的一切感到興奮。

Keep in mind, we've known these folks for a long period of time, so they're not strangers to us. Their style is not strange to us. It's something that we give a full embrace to. And I can certainly represent emphatically to you on the creative that there's no one at Endeavor or the UFC that has any interest in trying to interfere with that in any way whatsoever.

請記住，我們認識這些人已經很長時間了，所以他們對我們來說並不陌生。他們的風格對我們來說並不陌生。這是我們全力擁抱的事情。我當然可以就創意向您強調，Endeavour 或 UFC 沒有人有興趣以任何方式乾擾它。

I think Dana White would also represent to you that never or almost never, I don't know the specifics, but never would be my guess has the Endeavor folks told him, "No, you should do this match or you should do it this way. That's not what they do. That's not what they say they do, and that's not what they're going to do.

我想 Dana White 也會向你表示永遠不會或幾乎永遠不會，我不知道具體細節，但我猜 Endeavour 的人永遠不會告訴他，“不，你應該參加這場比賽，或者你應該這樣做方式。那不是他們所做的。那不是他們所說的他們所做的，那不是他們將要做的。

All of the other things that we talked about in terms of revenue and continuing to build a business internationally and domestically, we think they're experts at, and we're looking forward to getting into all of that and more once the deal is approved.

我們在收入和繼續在國際和國內建立業務方面談到的所有其他事情，我們認為他們是專家，我們期待在交易獲得批准後進入所有這些以及更多.

That's helpful, Nick. And maybe just one more -- go ahead, sir.

這很有幫助，尼克。也許還有一個 - 繼續，先生。

This is Paul, and I can just reiterate that I think that the excitement level here is really high. Creatively, we look forward to continuing to do what we do and the momentum that it has.

我是保羅，我可以重申一下，我認為這裡的興奮程度真的很高。創造性地，我們期待繼續做我們所做的事情以及它所擁有的勢頭。

And on top of that, I mean, I speak for myself, I'm incredibly excited about what Endeavor brings to the table and how we can utilize them to expand our efforts and really hyperfocus on them internationally and growing what we do across the globe. I think they'll be incredibly helpful there.

最重要的是，我的意思是，我代表我自己說，我對 Endeavor 帶來的東西以及我們如何利用它們來擴大我們的努力並真正高度關注它們在國際上以及在全球範圍內發展我們所做的事情感到非常興奮.我認為他們在那裡會非常有幫助。

That's great, Paul. And I just want to ask you guys about the Fanatics deal. I think, Nick, you made the comment it should supercharge sales around your consumer products.

太好了，保羅。我只想問你們關於 Fanatics 的交易。我認為，尼克，你發表的評論應該會增加你的消費產品的銷售額。

Can you just talk a little bit more about what they're bringing? Obviously, you had to probably give up some economics. But clearly, the business is surging right now based on the results this morning. So can you just tell us a little bit more about how that deal is going to help in your ambitions in CP over time?

你能多談談他們帶來的東西嗎？顯然，您可能不得不放棄一些經濟學。但很明顯，根據今天早上的結果，該業務目前正在飆升。那麼，您能否再多告訴我們一點，隨著時間的推移，這筆交易將如何幫助您實現 CP 的雄心壯志？

Ben, it's Frank Riddick. So on -- with respect to the -- what it brings to the table, to supercharge the growth, obviously, their sourcing and their ability to create products with us and execute given their scale, as they've done in our e-commerce business, we believe they'll contribute significantly to the venue business.

本，是弗蘭克·里迪克。等等 - 關於 - 它帶來了什麼，以促進增長，顯然，他們的採購以及他們與我們一起創造產品並根據他們的規模執行的能力，就像他們在我們的電子商務中所做的那樣業務，我們相信他們將為場館業務做出重大貢獻。

With respect to the economics, we think it's a very -- it will be very positive for us. The structure of the deal is similar to the e-commerce deal, and that it's a minimum guarantee, which was negotiated and very favorable for us.

關於經濟學，我們認為這對我們來說非常 - 這將是非常積極的。這筆交易的結構類似於電子商務交易，而且是最低保證，這是經過談判的，對我們非常有利。

And eventually, there will be upside in the deal if they continue to outperform, as we grow the business. So we're very bullish. It also improves the contractual nature of our business. It's now a contract and derisk the business for us. So we're very bullish on what it's going to bring to the table.

最終，隨著我們業務的發展，如果他們繼續跑贏大盤，這筆交易將會有好處。所以我們非常看好。它還改善了我們業務的合同性質。它現在是一份合同，可以為我們降低業務風險。所以我們非常看好它將帶來什麼。

We'll go next to Steven Cahall with Wells Fargo.

我們將與 Wells Fargo 一起去 Steven Cahall。

Frank, I was wondering if you could unpack WWE's corporate expense a little bit. I think that some looking at the deal are optimistic there could be some upside to the cost synergies. And I want to ask you to opine on that, but I was wondering if you could just maybe take WWE's $130 million in corporate overhead and just help us think about what the major buckets are in there between things like staff, offices, public filing costs, sort of some of those things. And then I have a quick follow-up.

弗蘭克，我想知道你是否可以稍微分析一下 WWE 的公司開支。我認為一些關注這筆交易的人對成本協同效應可能會有一些好處持樂觀態度。我想請你對此發表意見，但我想知道你是否可以拿 WWE 的 1.3 億美元的公司管理費用，幫助我們思考員工、辦公室、公開申請成本之間的主要支出，其中一些。然後我有一個快速跟進。

Yes. So the corporate expense is the unallocated overhead, but we have other expenses that we consider corporate that are allocated to the business segments, obviously. But it's primarily the cost of the finance, the technology, the data analytics, marketing and international groups as well as typical corporate, the executive office. So that's the primary cost that are in the corporate buckets.

是的。因此，公司費用是未分配的間接費用，但顯然，我們還有其他我們認為是公司的費用分配給了業務部門。但這主要是財務、技術、數據分析、營銷和國際集團以及典型的公司、行政辦公室的成本。因此，這是企業成本中的主要成本。

If you look at it, the main expense we have is that shows up in corporate is people and the cost of compensation, cost for people. The cost of running the public company are not the biggest part of that expense bucket. There are costs like D&O insurance and the cost of the Board and the cost of doing SEC filings and things like that.

如果你看一下，我們的主要支出是出現在公司中的是人員和補償成本，人員成本。上市公司的運營成本並不是該費用的最大部分。有 D&O 保險、董事會成本、向美國證券交易委員會提交文件等費用。

But where there is opportunity. And with respect to the potential for cost synergies, we've independently not with Endeavor, but ourselves looked at our costs in the buckets and where there might be opportunities. And we're very comfortable with the $50 million to $100 million range that's been articulated and are starting to think about how to organize to go get those costs once the deal closes.

但哪裡有機會。關於成本協同效應的潛力，我們獨立地沒有與 Endeavor 合作，而是我們自己研究了我們的成本以及可能存在機會的地方。我們對已經闡明的 5000 萬到 1 億美元的範圍感到非常滿意，並且開始考慮如何組織以在交易完成後獲得這些成本。

And then Paul and Nick, I think the ratings performance this quarter is the best we've seen, going back, at least in my ball, as far as I can find. And Paul, I know you've done a lot in terms of investing in the content. But can you just help us think through exactly what some of the changes you've made are, what you've done to kind of deliberately drive the viewership higher that was different from how it was being done before?

然後是保羅和尼克，我認為本季度的收視率表現是我們所見過的最好的，至少在我看來，至少在我看來是這樣。保羅，我知道你在內容投資方面做了很多工作。但是你能不能幫我們想一想你所做的一些改變到底是什麼，你做了什麼來故意提高收視率，這與以前的做法不同？

Thank you. This is Paul. Thanks for the question. So yes, we're extremely excited about the performance. As Nick mentioned, most successful WrestleMania in history, Rumble highest viewership in the history, the Raw and SmackDown ratings up across the board, #1 show on cable on the night and on broadcast on the night. So incredibly exciting.

謝謝。這是保羅。謝謝你的問題。所以是的，我們對性能感到非常興奮。正如 Nick 提到的，歷史上最成功的 WrestleMania，Rumble 歷史上最高的收視率，Raw 和 SmackDown 收視率全面上升，當晚有線電視和當晚廣播節目排名第一。太令人興奮了。

I think that really comes down to us just having assembled the right team across the board. We have world-class superstars, and that continues to grow every day through our developmental systems, through our NIL, through international recruiting, through domestic recruiting.

我認為這真的取決於我們是否全面組建了合適的團隊。我們擁有世界級的超級巨星，並且通過我們的發展系統、通過我們的 NIL、通過國際招聘、通過國內招聘，每天都在繼續成長。

So the pipeline coming in is very strong. I think you just saw that in the recent draft and the amount of talent that we had to draft back and forth and coming up from NXT. And through that pipeline, the writing team is world-class. And Kevin's Dunn's production team, there's nothing like it in the world. The ability for anybody that saw WrestleMania or what we do on a regular basis, there's nothing in the world out there, in my opinion, like what we do and the product that they put out and the look and the feel of it and everything else, it engages our fans like nothing else in the world.

所以進來的管道非常強大。我想你剛剛在最近的選秀中看到了這一點，以及我們不得不從 NXT 來回選拔的人才數量。通過這條管道，寫作團隊是世界一流的。還有凱文的鄧恩的製作團隊，天下無雙。任何看過 WrestleMania 或我們定期做的事情的人的能力，在我看來，世界上沒有什麼比我們所做的和他們推出的產品以及它的外觀和感覺以及其他一切，它吸引了我們的粉絲，這在世界上是獨一無二的。

So as far as what we're focused on, we're focused on character development, and I think you see that across storylines where our fans are super engaged in the talent. Let's take Sami Zayn and Bloodline over the last couple of years, really, but especially in the last 6, 8 months, where that story and the character development has reached a whole new level.

因此，就我們關注的重點而言，我們專注於角色發展，我想你會在我們的粉絲超級參與人才的故事情節中看到這一點。讓我們來看看過去幾年的 Sami Zayn 和 Bloodline，真的，但尤其是在過去的 6、8 個月裡，故事和角色的發展達到了一個全新的水平。

I think it's got our fans invested and excited in the content like they haven't been in a long time. And for us, extending the planning of the event horizon, so looking out year-over-year, where we want to be next year and then backtracking from there, so that we're always ahead of the curve and always thinking ahead, and it allows us to have better planning. And then it's just trying new things and getting outside of a box of what we do and seeing what works and what doesn't.

我認為這讓我們的粉絲投入其中並為內容感到興奮，就像他們已經很久沒有這樣了。對我們來說，擴展事件視界的規劃，所以逐年展望，明年我們想要達到的目標，然後從那裡回溯，這樣我們總是走在曲線的前面，總是超前思考，並且它讓我們有更好的計劃。然後它只是嘗試新事物，跳出我們所做的事情的框框，看看哪些有效，哪些無效。

I don't consider something not working a failure. I consider it a learning. So really, really excited about the future and where we can take all of this.

我不認為無法正常工作的事情是失敗的。我認為這是一種學習。對未來以及我們可以接受所有這些的地方真的非常興奮。

We'll go next to Eric Handler with ROTH MKM.

我們將與 ROTH MKM 一起去 Eric Handler 旁邊。

Yes. First question, I guess, to Nick, how long does the exclusive window for U.S.A. and Fox go for?

是的。第一個問題，我想，尼克，美國和福克斯的獨家窗口要持續多長時間？

About a month each.

每人一個月左右。

Okay. Great. And secondly, can you talk a little bit about the advertising and sponsorships business that you're seeing? Obviously, really good growth for WrestleMania.

好的。偉大的。其次，你能談談你所看到的廣告和讚助業務嗎？顯然，WrestleMania 的增長非常好。

But in terms just more broadly speaking, can you talk maybe about -- are people looking to do just event by event? Are you looking for sort of all-encompassing sort of year-round deals, what you're seeing in terms of contract size? And are you getting any response at this point from any UFC sponsors that have never worked with you before?

但從更廣泛的角度來說，你能談談——人們是否希望逐個事件地做？您是否正在尋找某種包羅萬象的全年交易，您在合同規模方面看到了什麼？在這一點上，你是否從任何以前從未與你合作過的 UFC 贊助商那裡得到任何回應？

A couple of things there. Thanks, Eric. First of all, we think we have the right leadership in place on the sales and sponsorship side. That matters a lot. The simple shift has been let the deals be more robust and let's sign them into longer-term deals.

那裡有幾件事。謝謝，埃里克。首先，我們認為我們在銷售和讚助方面有正確的領導。這很重要。簡單的轉變是讓交易更加穩健，讓我們簽署長期交易。

So rather than a series of one-offs, let's get out of that business and go into longer-term partnerships. We believe that has all been effective, as is reflective in the numbers.

因此，與其進行一系列的一次性交易，不如讓我們退出該業務並建立長期合作夥伴關係。我們相信這一切都是有效的，正如數字所反映的那樣。

In terms of the UFC sponsors, we're not doing any gun jumping. We're waiting until this deal is closed closed. And once that happens, we think it's going to ignite our sales and sponsorship business even further.

就 UFC 贊助商而言，我們沒有進行任何槍戰。我們正在等待這筆交易結束。一旦發生這種情況，我們認為它將進一步激發我們的銷售和讚助業務。

We'll go next to Peter Supino with Wolfe Reseach.

我們將與 Wolfe Reseach 一起去 Peter Supino。

Following up on the discussion of ratings, once you have higher revenue from renewed TV rights, I wondered what are you most excited about investing in. And related to that, I wondered if you'd update us on your interest in potential acquisitions outside of the United States, Europe, Latin America, Asia.

在收視率的討論之後，一旦你從續訂的電視轉播權中獲得更高的收入，我想知道你最興奮的投資是什麼。與此相關的是，我想知道你是否會告訴我們你對潛在收購以外的潛在收購的興趣美國、歐洲、拉丁美洲、亞洲。

Yes. This is Nick. Thanks, Peter. A couple of things. In terms of future acquisitions, the focus right now is sort of threefold, continuing to build the existing business at hand through the product and otherwise closing the deal with Endeavor and our U.S. media rights.

是的。這是尼克。謝謝，彼得。幾件事。就未來的收購而言，目前的重點有三重，繼續通過該產品建立手頭的現有業務，並以其他方式完成與 Endeavor 的交易和我們的美國媒體權利。

So in terms of future acquisitions, those aren't conversations that we're having at this moment. But once things are settled in, we'll see what everyone wants to do, and we're excited about that as well.

因此，就未來的收購而言，這些不是我們目前正在進行的對話。但是一旦一切都解決了，我們就會看到每個人都想做什麼，我們對此也很興奮。

I'm sorry, Peter, repeat to me the TV ratings question that you had.

對不起，彼得，請向我重複一遍你提出的電視收視率問題。

Yes. To keep the ratings growing, as your revenue rises, thanks to your soon-to-be renewed TV rights, I wondered what you'd be interested in spending additional OpEx dollars on to try to keep that flywheel turning.

是的。為了保持收視率的增長，隨著您的收入增加，由於您即將續簽電視轉播權，我想知道您有興趣花費額外的 OpEx 美元來嘗試保持飛輪轉動。

Look, we'll see from your mouth to God's ears on the new potential deals. Once the money comes in, we obviously want to be judicious with it. So it's always about growing the business and investing in the business in the right way, while being financially responsible and making sure that our shareholders are taken care of.

看，我們會從你的嘴到上帝的耳朵看到新的潛在交易。一旦錢進來，我們顯然要明智地對待它。因此，始終以正確的方式發展業務和投資業務，同時承擔財務責任並確保我們的股東得到照顧。

So there's nothing specifically I could articulate as to, well, if we get the increases that we think we're going to get, we're going to spend it on X .We don't want to jump the gun on that either. We're optimistic about it all, and let's see how it shakes out.

因此，我沒有什麼可以具體說明的，好吧，如果我們獲得了我們認為會獲得的增長，我們將把它花在 X 上。我們也不想在這方面大刀闊斧。我們對這一切都持樂觀態度，讓我們看看它是如何擺脫困境的。

We'll go next to David Karnovsky with JPMorgan.

我們將與摩根大通的大衛卡爾諾夫斯基一起去。

Nick, any update you can provide on the WWE network internationally, including the U.K.? Are you still engaged in a process there to sell or license out that content? Or will that be more tied up with the core content rights sales for that market?

尼克，你可以在國際 WWE 網絡上提供任何更新，包括英國？您是否仍在從事出售或許可該內容的流程？還是會與該市場的核心內容版權銷售更加緊密相關？

We're having conversations about both the core content rights and WWE network now with the buyers in the U.K. Part of the reason for the Money in the Bank event July 1 at the O2 arena in London is so the buyers can see our product live, the ones who haven't seen it yet.

我們現在正在與英國的買家就核心內容權利和 WWE 網絡進行對話。7 月 1 日在倫敦 O2 競技場舉行的 Money in the Bank 活動的部分原因是買家可以現場看到我們的產品，還沒有看過的人。

It's a heck of a lot easier for all of us once people have for them to understand exactly what sports entertainment is compared to us simply articulating to them what we believe it is.

與我們簡單地向他們闡明我們所相信的相比，一旦人們讓他們確切地了解什麼是體育娛樂，這對我們所有人來說就容易多了。

So the Los Angeles SoFi WrestleMania going into the U.S. media rights negotiation was intentional. And obviously, the London U.K. show is as well. But we're open to business in terms of the network and, of course, the core content rights.

因此，洛杉磯 SoFi WrestleMania 進入美國媒體版權談判是有意為之的。顯然，倫敦英國秀也是如此。但我們在網絡方面對業務持開放態度，當然還有核心內容權利。

Okay. And then just on live events, strong quarter both for pricing and attendance. Obviously, the product doing well helps, but wanted to just see if you could speak to some of the specific actions you've taken on pricing or marketing that are kind of helping drive this.

好的。然後就現場活動而言，定價和出席人數都表現強勁。顯然，產品表現良好會有所幫助，但只想看看您是否可以談談您在定價或營銷方面採取的一些具體行動，這些行動有助於推動這一點。

You looked at WrestleMania, which we talked about record ticket revenue, our top ticket, our premium ticket was 2x from the WrestleMania the year prior. Yet the -- getting the building lowest price ticket was, I believe, exactly the same at $25.

你看了 WrestleMania，我們談到了創紀錄的門票收入，我們的頂級門票，我們的高級門票是前一年 WrestleMania 的 2 倍。然而，我相信，獲得建築物最低價的門票是 25 美元，完全相同。

So for us, it's making sure that we never exclude our fans. We're a family-friendly product, and we want to make sure that everyone from different socioeconomic paths can attend our events, especially our biggest events.

所以對我們來說，這是確保我們永遠不會排斥我們的粉絲。我們是一款適合家庭的產品，我們希望確保來自不同社會經濟路徑的每個人都能參加我們的活動，尤其是我們最大的活動。

At the same time, for example, the good folks like you on this call, if you're willing to spend on an event, we're willing to take all that you're willing to spend. So we think we've been smarter in pricing. We think, even in terms of geographic locations, it's making sure that we're not in market with other big events at the same period of time, unless those events can be supplemental to our event.

同時，例如，在這次電話會議上像您這樣的好人，如果您願意為某項活動花錢，我們願意承擔您願意花的所有費用。所以我們認為我們在定價方面更聰明。我們認為，即使在地理位置方面，它也確保我們不會在同一時間段與其他大型活動一起進入市場，除非這些活動可以補充我們的活動。

So it's just a lot of time and energy put in by a lot of good folks here to make sure that we're routing it a specific way that's cost efficient and profit efficient also.

因此，這裡有很多優秀的人投入了大量的時間和精力，以確保我們以一種既具有成本效益又具有利潤效率的特定方式進行路由。

We'll go next to Alan Gould with Loop Capital.

我們將與 Loop Capital 一起去 Alan Gould 旁邊。

Two, please. First, Nick, the writer strike, I'm assuming the writers at WWE are not part of the guild. Does this maybe impact your other programming, the type you have on A&E? And secondly, your comment about government subsidies in Puerto Rico, is that something new? It sounds quite interesting.

兩個，請。首先，作家罷工尼克，我假設 WWE 的作家不屬於公會。這是否會影響您的其他節目，您在 A&E 上的類型？其次，您對波多黎各政府補貼的評論是新的嗎？聽起來很有趣。

In terms of the guild, no, we're not -- our writers are not members of the guild, so there's no effect on us whatsoever. Of course, we're supportive of the writers who are members of the guild and their efforts, and we're hopeful that a deal can be reached between them and the other side in short order.

就公會而言，不，我們不是——我們的作家不是公會的成員，所以對我們沒有任何影響。當然，我們支持行會成員的作家和他們的努力，我們希望他們能盡快與對方達成協議。

In terms of Puerto Rico and the subsidies, yes, I think we kicked it off with our part show last Labor Day weekend in obviously, Wales, where there was what we believe to be a significant government subsidy for that event. We hit all the markers on it. And we've now started to replicate that, both domestically and continue to do so internationally.

就波多黎各和補貼而言，是的，我認為我們在上個勞動節週末顯然在威爾士開始了我們的部分節目，我們認為政府為該活動提供了大量補貼。我們擊中了它上面的所有標記。我們現在已經開始在國內復制它，並繼續在國際上這樣做。

So Puerto Rico, we're having conversations with a number of different cities in the United States and abroad in terms of what we can do. And just one specific thing back to the writer's guild question, no impact on the A&E product either.

所以波多黎各，我們正在與美國和國外的許多不同城市就我們可以做什麼進行對話。只是一件具體的事情回到了作家協會的問題，對 A&E 產品也沒有影響。

Operator, why don't we take one last question, please?

接線員，我們為什麼不問最後一個問題呢？

We'll go next to Jason Bazinet with Citi.

我們將與 Citi 一起去 Jason Bazinet。

Jason, are you there?

傑森，你在嗎？

Sorry, can you hear me?

對不起，你能聽到我說話嗎？

We can hear you now, but maybe if you could just start from the beginning again. We didn't hear you initially.

我們現在可以聽到您的聲音，但也許您可以從頭開始。我們最初沒有聽到你的聲音。

Okay. Great. As it relates to the special dividend, should investors be including the short-term investments as they think about the potential size of that dividend or just the cash as you defined it on the balance sheet?

好的。偉大的。由於涉及特別股息，投資者在考慮股息的潛在規模時應該包括短期投資，還是只包括您在資產負債表上定義的現金？

The payment -- any potential dividend will be based on cash and cash equivalents. So the short-term investments we have are really just cash equivalents.

支付——任何潛在的股息將基於現金和現金等價物。因此，我們擁有的短期投資實際上只是現金等價物。

Great. Well, thank you, everyone, for joining us on today's call. Operator, you can conclude the call.

偉大的。好吧，謝謝大家參加今天的電話會議。接線員，你可以結束通話了。

This does conclude today's conference. We thank you for your participation.

今天的會議到此結束。我們感謝您的參與。