TKO Group Holdings Inc (TKO) 2024 Q3 法說會逐字稿

Good afternoon and thank you for joining today's Q3 2024 TKO earnings call.

下午好，感謝您參加今天的 2024 年第三季 TKO 收益電話會議。

My name is Regan, and I'll be your moderator today.

我叫雷根，今天我將擔任你們的主持人。

(Operator Instructions)

（操作員指令）

I would now like to pass the conference over to our host, Seth Zaslow, Head of Investor Relations.

現在，我想將會議交給我們的主持人、投資者關係主管 Seth Zaslow。

Seth, you may now proceed.

塞斯，你現在可以繼續了。

(technical difficulty) will also be available via our website for at least 30 days.

（技術難題）也將在我們的網站上提供至少 30 天。

After prepared remarks from Ari Emanuel, TKO's Executive Chair and Chief Executive Officer; and Andrew Schleimer, TKO's Chief Financial Officer, we'll open the call for questions.

在 TKO 執行主席兼首席執行官 Ari Emanuel 發表準備好的演講之後；以及 TKO 財務長 Andrew Schleimer，我們將開始提問。

Mark Shapiro, our President and Chief Operating Officer; and Andrew will be handling the Q&A.

我們的總裁兼營運長馬克‧夏皮羅 (Mark Shapiro)；安德魯 (Andrew) 將負責問答環節。

The purpose of this call is to provide you with the information regarding our third-quarter 2024 performance.

本次電話會議的目的是向您提供有關我們 2024 年第三季業績的資訊。

I want to remind everyone that the information discussed will include forward-looking statements and/or projections that involve risks, uncertainties, and assumptions.

我想提醒大家，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。

Please see our filings with the Securities and Exchange Commission for further detail.

請參閱我們向美國證券交易委員會提交的文件以了解更多詳細資訊。

If these risks or uncertainties were to materialize or any assumptions prove incorrect, our results may differ materially from those expressed or implied on this call.

如果這些風險或不確定性成為現實，或任何假設被證明不正確，我們的結果可能與本次電話會議中表達或暗示的結果有重大差異。

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events, except as legally required.

前瞻性陳述僅代表其作出之日的觀點，除非法律要求，否則我們不承擔根據新資訊或未來事件更新這些陳述的義務。

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.

我們今天的評論還將包括非公認會計準則財務指標，我們認為這為投資者評估持續經營績效和趨勢提供了額外的工具。

These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

這些指標不應孤立地看待，也不應取代根據 GAAP 編制的財務資訊。

Reconciliations between GAAP and non-GAAP metrics can be found in our press release issued today as well as the information posted on our IR website.

您可以在我們今天發布的新聞稿以及我們 IR 網站上發布的信息中找到 GAAP 和非 GAAP 指標之間的對帳。

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

說完這些，我現在將電話轉給阿里。

Thanks, Seth.

謝謝，塞斯。

Just over a year since UFC and WWE came together to form TKO, our conviction in this business is as strong as ever.

自 UFC 和 WWE 合併組成 TKO 以來僅一年多時間，我們對這項事業的信心依然一如既往地堅定。

We're executing on our strategy and delivering record results while realizing greater integration and synergy opportunities than initially expected.

我們正在執行我們的策略並取得創紀錄的成果，同時實現了比最初預期的更大的整合和協同機會。

On the heels of TKO's solid third-quarter performance and with our visibility through year-end, we're now expecting to come in at the upper end of our full-year guidance range for both revenue and adjusted EBITDA.

鑑於 TKO 第三季的穩健表現以及我們對年底前景的預見，我們目前預計全年營收和調整後 EBITDA 均將達到預期範圍的上限。

Additionally, two weeks ago, we made two announcements that we believe reinforce our commitment to creating long-term value for shareholders.

此外，兩週前，我們發布了兩項公告，我們相信這加強了我們為股東創造長期價值的承諾。

First, we authorized a capital return program featuring a $2 billion share repurchase program and a quarterly cash dividend program of $75 million.

首先，我們批准了一項資本回報計劃，其中包括 20 億美元的股票回購計劃和 7,500 萬美元的季度現金紅利計劃。

Second, TKO announced an agreement to acquire industry-leading sports assets, Professional Bull Riders, or PBR; premium sports hospitality provider, On Location; and global sports rights and production powerhouse, IMG.

第二，TKO宣布收購業界領先運動資產職業騎牛士（PBR）的協議；高級體育賽事接待提供者 On Location；以及全球運動版權和製作巨頭 IMG。

I cannot impress enough how bullish we are about this deal, which aligns with the pure-play sports strategy TKO will execute and be known for.

我對這筆交易的樂觀程度難以言表，它符合 TKO 將執行並聞名的純粹體育策略。

This acquisition strengthens our global position in sports rights, experiences, and hospitality.

此次收購增強了我們在體育版權、體驗和酒店業方面的全球地位。

And it adds PBR to our portfolio as another valuable and growing sports league.

它將 PBR 添加到我們的投資組合中，成為另一個有價值且不斷發展的運動聯盟。

These assets will power our profile, give us greater scale, strengthen our position in the sports marketplace, and accelerate returns for shareholders.

這些資產將增強我們的形象，擴大我們的規模，加強我們在運動市場的地位，並加速股東回報。

We're also proud and pleased to share that On Location has extended its partnership with the NFL through 2036, ensuring it remains the official hospitality provider at premier events, including the Super Bowl, NFL Draft, and NFL International games for years to come.

我們也非常自豪和高興地宣布，On Location 已將其與 NFL 的合作關係延長至 2036 年，確保其在未來幾年內繼續擔任超級碗、NFL 選秀和 NFL 國際比賽等頂級賽事的官方接待提供商。

Turning to the quarter.

轉向本季。

Our results highlight sustained demand for UFC and WWE live events and underscore our business' ability to reach new heights and attract fans globally.

我們的業績凸顯了市場對 UFC 和 WWE 現場活動的持續需求，也凸顯了我們的業務達到新高度和吸引全球粉絲的能力。

UFC 306 at Sphere Las Vegas is a prime example.

在拉斯維加斯球館舉辦的 UFC 306 就是一個典型的例子。

The sold-out event not only set the record for UFC's highest grossing live event, but also became Sphere's highest-grossing single event and achieved UFC's highest event merchandise and sponsorship sales.

這場門票銷售一空的賽事不僅創下了 UFC 現場賽事票房最高的紀錄，還成為了 Sphere 票房最高的單場賽事，並實現了 UFC 最高的賽事商品和贊助銷售額。

Notably, 89% of ticket buyers came from outside Nevada, one of the highest out-of-town attendance rates for any UFC or Sphere event.

值得注意的是，89% 的購票者來自內華達州以外的地區，這是 UFC 或 Sphere 賽事中外地觀眾出席率最高的賽事之一。

This turnout underscores UFC's appeal as a destination event, drawing fans from across regions and delivering economic benefits to host cities.

這一結果凸顯了 UFC 作為目的地賽事的吸引力，吸引了來自不同地區的粉絲，並為主辦城市帶來了經濟效益。

Beyond these impressive metrics, this event also showcases what TKO is truly all about, innovating and revolutionizing the way fans consume and engage with live sports.

除了這些令人印象深刻的指標之外，這次活動還展現了TKO的真正意義，即創新和徹底改變球迷消費和參與現場體育賽事的方式。

Internationally, UFC events also delivered.

在國際上，UFC賽事也表現出色。

UFC 304 in Manchester became the highest grossing event at Co-op Live and drew the largest attendance for a UFC event in the UK.

曼徹斯特的 UFC 304 成為 Co-op Live 票房最高的賽事，並吸引了英國最多觀眾參加的 UFC 賽事。

In Perth, UFC 305 marked a successful start to our multi-year partnership with the Western Australian government, setting the record for RAC Arena's highest grossing event.

在珀斯，UFC 305 標誌著我們與西澳大利亞政府多年合作關係的成功開始，創下了 RAC 競技場票房最高的賽事記錄。

And in Paris, our September Fight Night became Accor Arena's highest grossing event to date.

在巴黎，我們的「九月格鬥之夜」成為了雅高競技場迄今票房最高的活動。

At WWE, live events outperformed in the third quarter and set 42 individual market records for ticket sales, evidence that the strategies we have been implementing around ticket pricing and event routing are bearing fruit.

在 WWE，現場活動在第三季度表現出色，創下了 42 項門票銷售的市場記錄，證明我們在門票定價和活動路線方面實施的策略正在取得成效。

While the US remains strong, momentum is increasingly evident in international markets, where WWE continues to sell out venues and draw record crowds.

儘管美國市場仍然保持強勁，但國際市場的勢頭也日益明顯，WWE 的場館門票持續售罄，並吸引了創紀錄的觀眾人數。

In the third quarter, WWE held 18 shows outside the US, up from 11 in the same period last year.

第三季度，WWE 在美國以外舉辦了 18 場演出，比去年同期的 11 場有所增加。

Highlights included a highly anticipated return to Japan after a five-year hiatus, selling out in Tokyo with a record gate and Germany's first-ever premium live event, which became WWE's highest grossing arena event, a record that we have broken three times this year.

亮點包括備受期待、時隔五年後重返日本的賽事，在東京創下了門票銷售記錄，以及德國有史以來首場優質現場活動，該活動成為 WWE 票房最高的競技場活動，我們今年已經三次打破這一記錄。

Meanwhile, in Cleveland, SummerSlam achieved record-breaking results, becoming WWE's highest grossing non-WrestleMania event in history.

同時，在克里夫蘭，夏日狂潮取得了破紀錄的成績，成為WWE史上票房最高的非摔角狂熱賽事。

WWE also had successful debuts on USA Network for SmackDown and the CW Network for NXT.

WWE 也在美國電視網 (USA Network) 上成功推出了 SmackDown，並在 CW 電視網 (CW Network) 上推出了 NXT。

In fact, through the first five weeks, NXT is up 12% in viewership versus USA last year.

事實上，在前五周中，NXT 的收視率比去年美國的收視率上漲了 12%。

Meanwhile, SmackDown's return to USA Network under our five-year domestic media rights agreement with NBCUniversal has already driven strong and sustained viewership.

同時，根據我們與 NBCUniversal 簽訂的五年國內媒體版權協議，SmackDown 重返 USA Network，並已帶來強勁而持續的收視率。

Without a doubt, this partnership further strengthens our long-standing relationship with NBCU.

毫無疑問，此次合作進一步加強了我們與 NBCU 的長期合作關係。

And we're anticipating a strong draw for the upcoming debut of quarterly prime time specials, starting December 14 with Saturday night's main event on NBC.

我們期待即將推出的季度黃金時段特別節目能夠吸引大量觀眾，該節目於 12 月 14 日星期六晚間在 NBC 電視台主播節目中播出。

And with Raw's launch on Netflix nearing, both WWE and Netflix are actively preparing for an impactful debut on January 6, which will expand the reach of WWE and deliver our flagship content to a global audience.

隨著《Raw》在 Netflix 上的上線日期臨近，WWE 和 Netflix 都在積極準備於 1 月 6 日推出具有影響力的首播，這將擴大 WWE 的影響力，並將我們的旗艦內容傳遞給全球觀眾。

As we close out the year and look to 2025, we're confident in the strength of our iconic properties and the momentum we're building towards significant milestones.

隨著今年的結束和展望 2025 年，我們對我們的標誌性資產的實力以及我們向重要里程碑邁進的勢頭充滿信心。

From an exciting lineup of live events that include UFC 309 at Madison Square Garden later this month, WrestleMania in Las Vegas, and the first ever two-night SummerSlam at MetLife Stadium to closing our acquisition of PBR, On Location and IMG, all of which fuel further growth.

從本月晚些時候在麥迪遜廣場花園舉行的 UFC 309、在拉斯維加斯舉行的摔跤狂熱大賽、在大都會人壽體育場舉行的首個兩晚的夏日狂潮等一系列激動人心的現場活動，到完成對 PBR、On Location 和 IMG 的收購，所有這些都將推動進一步的增長。

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

說完這些，我會把電話轉給安德魯。

Good afternoon.

午安.

As we previously disclosed, on September 26, we reached a revised agreement to settle all claims asserted in the Le UFC antitrust lawsuit for $375 million.

正如我們之前披露的那樣，9 月 26 日，我們達成了一項修改後的協議，以 3.75 億美元的價格解決了 Le UFC 反壟斷訴訟中提出的所有索賠。

In the third quarter, we recorded an incremental $40 million charge to bring the aggregate expense on our books to $375 million.

第三季度，我們記錄了4000萬美元的增量費用，使帳面上的總支出達到3.75億美元。

On October 22, the court granted preliminary approval of the settlement.

10月22日，法院初步批准了和解。

As a result, we made the first of three payments for $125 million into escrow in late October.

因此，我們於10月下旬將第一筆1.25億美元的款項存入託管帳戶，共分三筆付款。

We expect to pay the remaining $250 million in 2025, $125 million in the first quarter and $125 million by the end of Q2.

我們預計將在 2025 年支付剩餘的 2.5 億美元，其中第一季支付 1.25 億美元，第二季末支付 1.25 億美元。

As we've mentioned, the settlement is anticipated to be deductible for tax purposes as and when paid.

正如我們所提到的，預計和解金在支付時可用於減稅。

As a result, our tax distributions to members in the third quarter were reduced to reflect the settlement payment such that we didn't realize an adverse dollar-for-dollar impact to cash on hand.

因此，我們第三季對會員的稅收分配有所減少，以反映和解付款，因此我們沒有意識到對現金產生不利的逐美元影響。

Third quarter reported results included three months of activity for both UFC and WWE.

第三季報告的結果包括 UFC 和 WWE 三個月的活動。

The reported results for the third quarter of 2023 include WWE activity for the period from September 12 through September 30, 2023.

2023 年第三季的報告結果包括 2023 年 9 月 12 日至 9 月 30 日期間 WWE 的活動。

To assist with comparability, we've presented supplemental financial information in our press release and IR website that includes WWE activity and the portion of WWE related to the corporate group for the period from July 1 through September 11, 2023, as well as each quarterly period from January 1, 2022, through September 11, 2023.

為了便於比較，我們在新聞稿和 IR 網站中提供了補充財務信息，其中包括 2023 年 7 月 1 日至 9 月 11 日期間以及 2022 年 1 月 1 日至 2023 年 9 月 11 日每個季度的 WWE 活動和與企業集團相關的 WWE 部分。

For the third quarter of 2024, we generated revenue of $681 million.

2024 年第三季度，我們的營收為 6.81 億美元。

Net income was $58 million, adjusted EBITDA was $310 million, and our adjusted EBITDA margin was 46%.

淨收入為 5,800 萬美元，調整後 EBITDA 為 3.1 億美元，調整後 EBITDA 利潤率為 46%。

Including WWE activity for July 1 through September 11, 2023, combined revenue for the third quarter was $685 million, combined adjusted EBITDA was $298 million, and our combined adjusted EBITDA margin was 44%.

包括 2023 年 7 月 1 日至 9 月 11 日的 WWE 活動，第三季的綜合營收為 6.85 億美元，綜合調整後 EBITDA 為 2.98 億美元，綜合調整後 EBITDA 利潤率為 44%。

Inclusive of these amounts, revenue decreased 1%, adjusted EBITDA increased 4%, and adjusted EBITDA margin increased 2 percentage points.

包括這些金額在內，收入減少 1%，調整後 EBITDA 增加 4%，調整後 EBITDA 利潤率增加 2 個百分點。

Our UFC segment generated revenue of $355 million in the quarter, a decrease of 11%, or $43 million.

我們的 UFC 部門本季創造了 3.55 億美元的收入，下降了 11%，即 4,300 萬美元。

Adjusted EBITDA was $196 million, a decrease of 18% or $43 million.

調整後 EBITDA 為 1.96 億美元，下降 18% 或 4,300 萬美元。

UFC's adjusted EBITDA margin was 55%, down from 60% in the prior-year period.

UFC 的調整後 EBITDA 利潤率為 55%，低於去年同期的 60%。

As expected, revenue was impacted by the timing of the events calendar.

如預期，收入受到活動日程安排的影響。

UFC had 10 total events in the third quarter of this year compared to 13 total events in the prior-year period.

UFC 今年第三季共舉辦了 10 場比賽，而去年同期共舉辦了 13 場。

As Ari mentioned, the health of the business remains extremely strong, and UFC continues to benefit from the meaningful tailwinds of the experienced economy.

正如阿里所提到的，業務狀況依然十分強勁，UFC 也持續受益於成熟經濟帶來的強勁推動力。

Media rights and content revenue decreased 19% to $216 million.

媒體版權和內容收入下降 19% 至 2.16 億美元。

The decrease was driven by one less numbered event and two fewer Fight Nights as compared to the prior-year period.

與去年同期相比，數量下降的原因是編號賽事減少了一場，格鬥之夜減少了兩場。

The contractual escalation of media rights partially offset the decrease from the timing of the events calendar.

媒體權利的合約升級部分抵銷了活動日程安排的減少。

Live events revenue decreased 1% to $51 million.

現場活動收入下降 1% 至 5,100 萬美元。

Ticket sales reflected the decline in the number of total events in the third quarter as compared to the prior year.

門票銷售額反映出第三季活動總數與去年同期相比有所下降。

This headwind was essentially offset by strong underlying trends in pricing and attendance for high-profile events such as UFC 306 at Sphere as well as an increase in site fees.

但這一不利因素基本上被 UFC 306 at Sphere 等高調賽事的定價和出席人數的強勁潛在趨勢以及場地費的上漲所抵消。

Results in the quarter included a site fee related to our Fight Night in Abu Dhabi.

本季的業績包括與我們在阿布達比舉行的格鬥之夜相關的場地費。

Sponsorship revenue increased 16% to $74 million.

贊助收入成長16%至7400萬美元。

Despite the unfavorable mix of events in the quarter, new partnerships and renewals drove the increase.

儘管本季的事件組合不利，但新的合作夥伴關係和續約推動了成長。

UFC 306 was the highest grossing event in UFC's history and the first event to feature a title partner sponsor, which we sold to Riyadh Season.

UFC 306 是 UFC 史上票房最高的賽事，也是第一場有冠名合作夥伴贊助商的賽事，我們將贊助商賣給了利雅德賽季。

Adjusted EBITDA reflected the decrease in revenue.

調整後的 EBITDA 反映了收入的減少。

Expenses were essentially flat year over year.

支出與去年同期基本持平。

Direct operating expenses decreased primarily due to lower marketing, athlete costs and direct cost of revenue due to one less numbered event and two fewer Fight Nights.

直接營運費用下降主要是由於行銷費用、運動員成本以及直接收入成本的降低（因為減少了一項編號賽事和兩次格鬥之夜）。

These decreases were partially offset by higher production costs, primarily related to UFC 306.

這些減少部分被更高的生產成本所抵消，主要與 UFC 306 有關。

Given the unique nature of the venue and production elements associated therewith, we incurred production costs for UFC 306 that were meaningfully higher than our historical norm for a numbered event, which resulted in reduced adjusted EBITDA and reduced adjusted EBITDA margin in the quarter.

鑑於場館的獨特性以及與之相關的製作要素，我們為 UFC 306 產生的製作成本明顯高於我們為編號賽事所做的歷史標準，這導致本季度調整後的 EBITDA 減少以及調整後的 EBITDA 利潤率減少。

However, as already highlighted, UFC 306 was a once-in-a-lifetime experience and a highly successful event for UFC.

然而，正如已經強調的，UFC 306 是一次千載難逢的經歷，對 UFC 來說也是一場非常成功的賽事。

SG&A increased primarily due to higher cost of personnel as compared to the prior-year period.

銷售、一般及行政費用增加主要是因為與去年同期相比人員成本增加。

WWE delivered strong quarterly revenue and adjusted EBITDA.

WWE 實現了強勁的季度營收和調整後 EBITDA。

The financial results continue to reflect healthy creative momentum in the business as well as the benefits to both the top and bottom line from the initiatives we implemented since the formation of TKO.

財務表現持續反映出業務中健康的創造勢頭，以及自 TKO 成立以來我們實施的舉措為營收和利潤帶來的好處。

Our WWE segment generated revenue of $326 million in the quarter.

我們的 WWE 部門本季創造了 3.26 億美元的收入。

Adjusted EBITDA was $175 million, and adjusted EBITDA margin was 54%.

調整後的 EBITDA 為 1.75 億美元，調整後的 EBITDA 利潤率為 54%。

The following commentary on the third quarter includes comparisons to activity for the period from July 1 through September 30, 2023.

以下對第三季的評論包括與 2023 年 7 月 1 日至 9 月 30 日期間活動的比較。

In the third quarter of '23, revenue was $287 million.

23年第三季度，營收為2.87億美元。

Adjusted EBITDA was $102 million, and adjusted EBITDA margin was 36%.

調整後的 EBITDA 為 1.02 億美元，調整後的 EBITDA 利潤率為 36%。

Revenue increased 14% or $39 million.

營收增加 14%，即 3,900 萬美元。

Adjusted EBITDA increased 72% or $73 million, and adjusted EBITDA margin increased 18 percentage points.

調整後的 EBITDA 成長 72% 或 7,300 萬美元，調整後的 EBITDA 利潤率增加 18 個百分點。

Revenue growth was led by continued strong performance for live events.

收入成長主要得益於現場活動持續強勁的表現。

Live events revenue increased 31% to $51 million.

現場活動收入成長 31%，達到 5,100 萬美元。

The increase was primarily related to an increase in ticket sales.

成長主要與門票銷售額的成長有關。

Since the formation of TKO, we've been focused on increasing ticket yield, and this strategy favorably impacted our results in the quarter not only in connection with the premium live events such as SummerSlam, which was the highest grossing non-WrestleMania event of all time, but for the balance of WWE's live events in the aggregate.

自 TKO 成立以來，我們一直專注於提高門票收益，這項策略不僅對本季度的優質現場活動產生了積極影響，例如 SummerSlam，這是有史以​​來票房最高的非摔角狂熱賽事，而且對 WWE 總體現場活動的平衡也產生了積極影響。

Media rights and content revenue increased 8% to $227 million.

媒體版權和內容收入成長 8%，達到 2.27 億美元。

The increase was primarily related to the contractual escalation of media rights fees as well as the timing of our weekly programming, which resulted in one additional episode of Raw in the quarter compared to the prior year.

成長的主要原因是媒體版權費的合約上漲以及我們每週節目的時間安排，導致本季與前一年相比增加了一集《Raw》。

Sponsorship revenue increased 54% to $22 million due to new partnerships and renewals across multiple categories, including beverage, QSR, spirits, entertainment and communications.

由於飲料、快餐、烈酒、娛樂和通訊等多個類別的新合作夥伴關係和續約，贊助收入成長 54%，達到 2,200 萬美元。

Of note, SummerSlam was highly successful and included for the first time three in-ring sponsors as well as a record number of partners.

值得注意的是，夏日狂潮 (SummerSlam) 取得了巨大的成功，首次擁有三家場內贊助商以及創紀錄數量的合作夥伴。

It's early days, but we have and expect to continue to realize benefits from the unified global partnerships team we put in place at the beginning of the year.

雖然還為時過早，但我們已經並期望繼續從我們年初成立的統一全球合作夥伴團隊中獲得收益。

Adjusted EBITDA reflected the increase in revenue and a decrease in expenses.

調整後的 EBITDA 反映了收入的增加和支出的減少。

The decrease in expenses primarily reflected lower personnel costs and production costs related to our planned cost reduction initiatives implemented following the formation of TKO.

費用的減少主要反映了 TKO 成立後我們計劃實施的成本削減措施導致的人員成本和生產成本的降低。

Corporate expenses were $61 million for the third quarter of 2024.

2024 年第三季的公司支出為 6,100 萬美元。

On a combined basis, corporate expenses were $42 million for the third quarter of 2023.

綜合來看，2023 年第三季公司支出為 4,200 萬美元。

The increase was primarily due to higher personnel costs, including executive compensation and other G&A expenses following the formation of TKO in September of last year.

成長的主要原因是去年 9 月 TKO 成立後人員成本增加，包括高階主管薪酬及其他一般及行政費用。

The increase also reflected the impact of the services fee that UFC and WWE paid to Endeavor, which commenced for WWE in March of 2024.

這一增長也反映了 UFC 和 WWE 向 Endeavor 支付的服務費的影響，該費用於 2024 年 3 月開始向 WWE 支付。

Now moving to our capital structure.

現在轉向我們的資本結構。

We define free cash flow as net cash provided by operating activities less capital expenditures.

我們將自由現金流定義為經營活動提供的淨現金減去資本支出。

Free cash flow excludes the majority of the mandatory tax distributions to our owners but does include the portion of cash taxes paid by TKO PubCo.

自由現金流不包括我們所有者的大部分強制性稅收分配，但包括 TKO PubCo 支付的部分現金稅。

For the quarter, we generated $226 million of free cash flow.

本季度，我們產生了 2.26 億美元的自由現金流。

This includes $11 million of capital expenditures, approximately $3 million of which related to WWE's headquarters.

其中包括 1,100 萬美元的資本支出，其中約 300 萬美元與 WWE 總部有關。

The quarter was favorably impacted by the timing of working capital, most notably the collection of the site fee associated with our WWE Saudi event, King and Queen of the Ring that was held in May.

本季受到營運資金時機的正面影響，最顯著的是收取與我們 5 月舉行的 WWE 沙烏地阿拉伯活動「擂台之王和王后​​」相關的場地費。

We ended the quarter with $2.736 billion in debt and $457 million in cash and cash equivalents.

截至本季末，我們的債務為 27.36 億美元，現金和現金等價物為 4.57 億美元。

Given the strength of our balance sheet and financial profile, implementation of a robust and sustained capital return program has and will continue to be a top priority for us.

鑑於我們資產負債表和財務狀況的強勁，實施強勁而持續的資本回報計劃一直是並將繼續是我們的首要任務。

As we announced on October 24, our Board of Directors authorized the share repurchase program of up to 2 billion of our Class A common stock.

正如我們在 10 月 24 日宣布的那樣，我們的董事會批准了最多 20 億股 A 類普通股的回購計畫。

We expect the program to commence following the close of the acquisition of PBR, On Location, and IMG in the first half of 2025, but is not conditioned on the closure of this transaction.

我們預計該計劃將在 2025 年上半年收購 PBR、On Location 和 IMG 完成後開始，但不以本次交易的完成為前提。

Once the program does commence, we anticipate that the pace of the repurchase activity will be fairly linear and expect to complete the program within a period of three to four years.

一旦計劃開始實施，我們預計回購活動的步伐將相當線性，並預計在三到四年內完成該計劃。

We also announced that our Board authorized a $75 million quarterly cash dividend program.

我們也宣布董事會批准了 7,500 萬美元的季度現金紅利計畫。

The dividend program will involve the quarterly distribution by TKO OpCo, and holders of TKO Class A common stock will receive their pro rata share of distribution.

股利計畫將涉及 TKO OpCo 的季度分配，TKO A 類普通股持有人將按比例獲得分配份額。

We intend to make the first dividend payment on March 31, 2025.

我們計劃在 2025 年 3 月 31 日支付第一次股利。

As with the share repurchase program, the dividend is not conditioned on the close of the PBR, On Location, and IMG transaction.

與股票回購計劃一樣，股息不以 PBR、On Location 和 IMG 交易的結束為條件。

Earlier today, we announced the refinancing of our credit facility seeking a new seven-year, $2.75 billion term loan and a new five-year, $205 million revolver, which are approximately the same balances as we currently have.

今天早些時候，我們宣布對我們的信貸安排進行再融資，尋求一筆新的七年期 27.5 億美元的定期貸款和一筆新的五年期 2.05 億美元的循環貸款，這些貸款的餘額與我們目前的餘額大致相同。

The facility will continue to include significant capacity for incremental term loan add-ons, which we anticipate will be a source of funding for the share repurchase program.

該設施將繼續包括大量增量定期貸款附加能力，我們預計這將成為股票回購計畫的資金來源。

As we've previously articulated, our target for net leverage remains up to 3 times.

正如我們之前所闡述的，我們的淨槓桿目標仍然是 3 倍。

Given our strong balance sheet, expected growth in adjusted EBITDA and free cash flow generation, we expect to have additional financial capacity.

鑑於我們強勁的資產負債表、調整後 EBITDA 和自由現金流的預期成長，我們預計將擁有額外的財務能力。

However, our primary focus continues to be driving value at UFC and WWE while also planning for the integration of PBR, On Location and IMG into TKO.

然而，我們的主要關注點仍然是推動 UFC 和 WWE 的價值，同時也計劃將 PBR、On Location 和 IMG 整合到 TKO 中。

As we noted when we announced the transaction, PBR, On Location and IMG are the only assets that TKO will acquire from Endeavor.

正如我們在宣布交易時所指出的，PBR、On Location 和 IMG 是 TKO 將從 Endeavor 收購的唯一資產。

As we've discussed in the past, we manage the business with a focus on full year performance.

正如我們過去討論過的，我們管理業務時重點關注全年業績。

Therefore, we believe our results are best evaluated on a full-year basis, given the quarterly fluctuations that are inherent in our operations related to the timing of our events and content deliveries, among other items.

因此，我們認為，考慮到我們營運中固有的與活動時間和內容交付等相關的季度波動，我們的業績最好以全年為基礎進行評估。

As we noted on October 24 and in our press release today, we are revising our full-year '24 guidance for revenue and adjusted EBITDA.

正如我們在 10 月 24 日以及今天的新聞稿中指出的那樣，我們正在修改 24 年全年收入和調整後 EBITDA 的預期。

We are now targeting the upper end of the previously provided ranges for both revenue of $2.67 billion to $2.745 billion and adjusted EBITDA of $1.22 billion to $1.24 billion.

我們現在的目標是實現先前提供的收入範圍的上限，即 26.7 億美元至 27.45 億美元，調整後的 EBITDA 為 12.2 億美元至 12.4 億美元。

The increase is related primarily to strong operating performance on a year-to-date basis, particularly in live events and sponsorship at both of our businesses and visibility through the end of the year.

這一成長主要與年初至今強勁的營運表現有關，尤其是我們兩項業務的現場活動和贊助以及到年底的知名度。

On our last call, we noted that we expected the third quarter to be the most challenging quarter of the year for UFC, given the unfavorable timing of events, and it was.

在我們上次電話會議中，我們指出，考慮到事件發生的不利時機，我們預計第三季度將是 UFC 今年最具挑戰性的季度，事實也確實如此。

As we look to the fourth quarter of 2024, we want to highlight a few notable items.

展望 2024 年第四季度，我們想強調一些值得注意的事情。

At UFC, results are expected to improve as the current calendar includes an additional event and two additional events with live audiences compared to the prior-year period.

在 UFC，預計成績將會改善，因為與去年同期相比，當前日程表上增加了一場額外賽事和兩場有現場觀眾的賽事。

At WWE, as we previously discussed, results will reflect the short-term domestic rights deal we reached earlier this year with USA Network for Raw for the fourth quarter.

正如我們之前所討論的，在 WWE，業績將反映我們今年早些時候與 USA Network 就 Raw 達成的第四季度短期國內版權協議。

This will have an unfavorable impact of approximately $50 million to both revenue and adjusted EBITDA as compared to Q4 of 2023.

與 2023 年第四季相比，這將對收入和調整後 EBITDA 產生約 5,000 萬美元的不利影響。

As a reminder and for the avoidance of doubt, this is purely timing related.

需要提醒的是，為避免疑問，這純粹與時間有關。

In January 2025, our long-term agreement with Netflix to distribute Raw commences.

2025 年 1 月，我們與 Netflix 簽訂的 Raw 發行長期協議將開始生效。

In terms of expenses, we expect results to continue to reflect the benefit of the initiatives we've implemented to take costs out of the business.

在費用方面，我們預期結果將繼續反映出我們為降低業務成本而實施的措施所帶來的好處。

Today, we also reaffirmed our expectation for full-year 2024 free cash flow conversion to be in excess of 40% of adjusted EBITDA.

今天，我們也重申了 2024 年全年自由現金流轉換將超過調整後 EBITDA 40% 的預期。

Our outlook includes the payment of $125 million for the UFC lawsuit settlement and transaction costs related to the strategic acquisition of Endeavor assets, both of which are included in operating cash flow.

我們的預期包括支付 1.25 億美元的 UFC 訴訟和解金和與策略性收購 Endeavor 資產相關的交易成本，這兩項費用均包含在經營現金流中。

In conclusion, we generated solid third-quarter results that reflected continued strength in both of our businesses.

總而言之，我們第三季取得了穩健的業績，反映了我們兩項業務的持續強勁成長。

We are extremely excited about the road ahead and our prospects for 2024 and beyond.

我們對未來的道路和 2024 年及以後的前景感到無比興奮。

With that, I'll turn it back to Seth.

說完這些，我就把話題轉回給塞斯。

Thanks, Andrew.

謝謝，安德魯。

Operator, we're ready to open the call for questions.

接線員，我們已經準備好開始回答問題了。

(Operator Instructions) Ben Swinburne, Morgan Stanley.

（操作員指示） 摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Great.

偉大的。

Maybe I'd like to start with Mark on sort of the UFC, which is right around the corner with the domestic rights.

也許我想和馬克先談談 UFC 的事情，該賽事即將獲得國內轉播權。

I think you've made some comments recently about potentially splitting up the rights, taking back pay-per-views.

我覺得您最近發表了一些關於可能分割版權、收回按次付費節目的評論。

I think as a public company, you certainly benefit from sort of the predictability of licensing out those pay-per-view fights to ESPN.

我認為，作為一家上市公司，將這些按次付費比賽授權給 ESPN 肯定會讓你受益。

But I'm wondering how you think about that relative to the potential upside of distributing those yourself.

但我想知道您如何看待這一點以及自己分發這些產品的潛在優勢。

And then I'd love to hear, Andrew, the WWE margins this quarter were particularly impressive.

然後我很想聽聽，安德魯，本季 WWE 的利潤率特別令人印象深刻。

I think your expenses were down like 20%, even though revenues were up 13%.

我認為您的支出下降了 20%，儘管收入增加了 13%。

You mentioned merger synergies.

您提到了合併協同效應。

Anything else you'd flag as even live events, I think the event count was up, I think, at least internationally.

您想標記為現場活動的任何其他活動，我認為活動數量已經增加，至少在國際上是如此。

So surprised how strong a margin you had in Q3.

你們在第三季的利潤率如此之高，這讓我很驚訝。

I'd love any more details you might share.

我希望您能分享更多細節。

Thanks, Ben.

謝謝，本。

Andrew will start since it's just fresh off your long second part of the question, and then I'll come back on the

安德魯將首先發言，因為我剛剛回答了你很長的第二部分問題，然後我會繼續討論

--

--

I think the margin, Ben, benefit from actually one additional Raw event in the quarter.

本，我認為利潤實際上受益於本季一場額外的 Raw 活動。

So almost like-for-like from an event calendar perspective on WWE.

因此從 WWE 的活動日程表角度來看，幾乎是相同的。

But what I think you're seeing here is just the continued cost savings measures and initiatives that we set out to put in place when we launched TKO really flowing through us just being more efficient, top to bottom.

但我認為您在這裡看到的只是我們在推出 TKO 時制定的持續成本節約措施和計劃，這些措施和計劃確實使我們從上到下變得更有效率。

Getting a bit more on the production side is Nick and Lee Fitting are laser-focused on execution there.

在製作方面，Nick 和 Lee Fitting 更加專注於執行。

And really, I'd like to focus on growth in the ad sales and sponsorship department, 54% growth over prior year Q3.

實際上，我想專注於廣告銷售和贊助部門的成長，與去年第三季相比成長了 54%。

And those deals are being structured at higher margins than they had been in the past.

而且這些交易的利潤率比過去還要高。

So you're seeing just growth from high-margin revenue contributors and even more so than they were contributing Q3 in 2023.

因此，您看到的只是高利潤收入貢獻者的成長，甚至比他們在 2023 年第三季的貢獻還要多。

So early innings on the sales side but really encouraged by what we're seeing.

雖然銷售方面還處於早期階段，但我們所看到的情況確實令人鼓舞。

And I would just to add to that, I mean, you can just expect more margin accretion as we flow through.

我只想補充一點，我的意思是，隨著我們的推進，你可以期待更多的利潤成長。

I'd like to remind folks we're still in at least mid-innings, not early innings on the integration of these two assets at WWE and UFC.

我想提醒大家，我們在 WWE 和 UFC 這兩大資產的整合上至少還處於中期，而不是初期。

I mean, we're, of course, already guiding to the fact that we'll beat our net cost synergies of $100 million.

我的意思是，我們當然已經在指導我們將超越 1 億美元的淨成本綜效。

But as we succeed with our strategy of having these events on the same week or same weekend or subsequent weekends now with PBR as well, our margins are only going to be better because we're going to save on that cost side.

但是，隨著我們成功實施將這些活動安排在同一周、同一個週末或隨後的周末以及 PBR 一起舉辦的策略，我們的利潤率只會更高，因為我們將節省成本。

I mean we'll sell triple-header sponsorships as we like to call them.

我的意思是我們將出售我們喜歡稱之為的三重贊助。

Somebody that comes in and sponsors all three events, that will be huge for us, and it will drive local ad sales.

有人來贊助這三項活動，這對我們來說意義重大，它將推動本地廣告的銷售。

But on the cost side, we're going to benefit there.

但在成本方面，我們將受益。

And I can tell you that, to Andrew's point, Nick Khan and Pete Dropick, who runs all of our ticket operations and Lawrence Epstein, I mean, they're working on this night and day, city by city, region by region, country by country, where can we bring all three to town?

我可以告訴你，正如安德魯所說，負責我們所有票務業務的尼克·汗和皮特·德羅皮克，還有勞倫斯·愛潑斯坦，他們正夜以繼日地工作，逐個城市、逐個地區、逐個國家，我們怎樣才能把他們三個都帶到城裡呢？

There's that as well.

還有這個。

So on the first part, look, here's what I would tell you.

所以關於第一部分，看，這就是我要告訴你的。

In terms of what really benefits to your point, what benefits us and our shareholders is maximizing value on these renewals.

就您所說的真正有益之處而言，對我們和我們的股東有益的是實現這些續約的價值最大化。

That's the bottom line.

這就是底線。

So we're not looking to upend or change for change's sake or unorthodox models.

因此，我們並不尋求顛覆或為了改變而改變，也不尋求非傳統的模式。

We are looking to maximize our rights, end of story.

我們正在尋求最大限度地爭取我們的權利，故事結束。

UFC is mainstream, incredibly popular.

UFC 已成為主流，非常受歡迎。

I see some of the struggles going on with other leagues right now, both linear and digital, leagues that have started new seasons and are not off to a rocket start like we're accustomed to.

我看到其他聯賽現在也面臨著一些困境，無論是線性的還是數字的，這些聯賽已經開始了新的賽季，但並沒有像我們習慣的那樣有一個飛速的開局。

That's not the case with UFC.

但 UFC 的情況並非如此。

We're still driving subs on ESPN+.

我們仍在推動 ESPN+ 的訂閱者數量。

When we're on ESPN, ESPN2 or ABC, we're a ratings winner and driving more advertising for those platforms.

當我們出現在 ESPN、ESPN2 或 ABC 上時，我們是收視率贏家，並為這些平台帶來更多廣告。

And on the WWE side, Andrew talked about in his -- and already talked about in the prepared comments, across the board from CW to, of course, Comcast, WWE is still a stalwart.

而就 WWE 方面而言，安德魯在他的準備好的評論中已經談到過——從 CW 到康卡斯特，WWE 仍然是一個堅定的支持者。

So we're flying.

所以我們在飛。

And if we have to be creative to help potential partners or bring other suitors in the door so that we get a higher price or live up to the guide that The Street has been giving us on the renewals, not the one we're giving them, but the one they're giving us, then we're going to do it.

如果我們必須發揮創造力來幫助潛在的合作夥伴或吸引其他追求者，以便我們獲得更高的價格或達到華爾街在續約方面給我們的指導（不是我們給他們的指導，而是他們給我們的指導），那麼我們就會這麼做。

And that's all we're trying to signal to our shareholders and all we're trying to signal to the media suitors, the platforms, the companies that are going to be chasing us relatively soon.

這就是我們試圖向股東傳達的訊息，也是我們試圖向媒體追求者、平台和即將追趕我們的公司傳達的訊息。

Brandon Ross, LightShed.

布蘭登·羅斯，LightShed。

Maybe just to start with a follow-up on Ben's UFC renewal question.

也許只是從對本的 UFC 續約問題的後續跟進開始。

I've been thinking a lot about how different the approach to distributing your top content is between WWE and UFC right now.

我一直在思考 WWE 和 UFC 目前分發熱門內容的方式有何不同。

For WWE, the PLE, you're going with the broadest possible reach on Netflix and Peacock.

對於 WWE、PLE，您將在 Netflix 和 Peacock 上獲得最廣泛的覆蓋範圍。

There's no discrete transaction to watch your content.

無需單獨交易即可觀看您的內容。

But on UFC, you're in this high-cost, pay-per-view model.

但在 UFC 中，你處於這種高成本、按次付費的模式。

And you've said and I think you maybe alluded to it with the last answer, you don't want to shake anything up really, and you prefer to re-up your deal with Disney.

而且您說過，而且我想您也許在上一個回答中提到了這一點，您實際上並不想改變任何事情，您更願意與迪士尼重新達成協議。

Why is the continuation of a pay-per-view model the best path, especially given how MMA is still in its relative infancy compared to wrestling?

為什麼延續按次付費模式是最好的途徑，尤其是考慮到與摔角相比 MMA 仍處於相對起步階段？

Look, I would just tell you, Brandon, I mean, just a reminder, obviously, internationally, we sell pay-per-view for the UFC, but we do not sell the pay-per-view domestically.

聽著，我只想告訴你，布蘭登，我的意思是，只是提醒一下，顯然，在國際上，我們為 UFC 出售按次付費節目，但我們不會在國內出售按次付費節目。

That's ESPN's job.

這就是 ESPN 的工作。

And what I can tell you as we enter into these negotiations, at the end of the day, it's what the market will bear.

當我們進入這些談判時，我可以告訴你們，最終結果取決於市場承受能力。

That's really what it is.

事實確實如此。

And we're next up.

接下來是我們。

We're the next big thing on the block, if you will.

如果你願意的話，我們就是這個領域的下一個大事件。

We have a proven track record.

我們有著良好的業績記錄。

Our demos are insane.

我們的演示非常瘋狂。

I mean really just across TKO where 50% of our audience is 18 to 34, which is what most platforms and companies are chasing.

我的意思是，在 TKO 中，50% 的觀眾年齡在 18 到 34 歲之間，這也是大多數平台和公司所追逐的。

So we're in good stead there.

因此我們處於有利地位。

We've terrific diversification, and we drive a very strong Hispanic audience when it comes to the UFC, and we're gender neutral.

我們的業務非常多元化，在 UFC 方面我們擁有非常強大的西班牙裔觀眾群，而且我們不分性別。

And we're not just talking about women watching women's fight.

我們談論的不僅僅是女性觀看女性的掙扎。

That's not the case.

事實並非如此。

We have a strong base of women watching all of our fights.

我們擁有大量女性觀眾，並關注我們的每場比賽。

So we're sitting in a pretty good position.

因此我們處於非常有利的地位。

Pay-per-view is still a strong model.

按次付費仍然是一個強大的模式。

It worked to build ESPN+.

它致力於打造 ESPN+。

It's worked for us internationally.

它在國際上對我們很有效。

We've got great history with it.

我們對此有著輝煌的歷史。

DIRECTV and DISH may be coming together.

DIRECTV 和 DISH 可能會合併。

So who knows the kind of opportunity there.

所以誰知道那裡有什麼樣的機會。

Paramount and CBS are obviously getting their act together.

派拉蒙和哥倫比亞廣播公司顯然正在齊心協力。

They'll be closing next year.

他們明年就會關閉。

I believe they'll be at the table if and when it comes to them because they've already signaled both Jeff Shell and David Ellison that sports will be a banner vehicle of content for them.

我相信，一旦涉及談判，他們就會參與其中，因為他們已經向傑夫·謝爾和大衛·埃里森發出信號，表示體育將成為他們展示內容的旗幟性載體。

So we will not have a shortage of suitors.

這樣我們就不會缺少追求者。

We feel great.

我們感覺很好。

But we love Disney.

但我們喜歡迪士尼。

I can't underscore it enough.

我再怎麼強調也不為過。

And Jimmy Pitaro and Bob Iger get UFC and very much were architects in our deal.

吉米·皮塔羅 (Jimmy Pitaro) 和鮑勃·伊格爾 (Bob Iger) 獲得了 UFC 的支持，並且是我們交易的重要設計者。

Kevin Mayer was still at the time, but they were very much part of us crafting how we were going to do that deal.

凱文·梅耶爾 (Kevin Mayer) 當時還在，但他們在我們制定如何達成這筆交易的過程中發揮了重要作用。

Things change, models change, viewing patterns change.

事物在變，模型在變，觀看模式也在變。

Broadcast is now kind of back in, if you will.

如果你願意的話，廣播現在又回來了。

Cable is obviously having its struggles, but still nothing to frown at.

有線電視顯然正面臨困境，但這仍然不是值得擔憂的事情。

And streaming is on fire, and new platforms and fast channels are coming all the time.

串流媒體正熱火朝天，新的平台和快速管道不斷湧現。

So it's really just demonstrating and signaling to the market that we have flexibility and a willingness to play ball on a myriad of business models.

因此，這實際上只是向市場展示和發出信號，表明我們具有靈活性，並願意嘗試各種商業模式。

And Ari and I, in particular, are very focused on not just communicating that, but actively discussing those potential models with all of the partners and then some.

尤其是 Ari 和我，我們不僅非常注重溝通，而且積極與所有合作夥伴討論這些潛在模型。

Okay.

好的。

And then Dana White recently talked about getting into boxing and said that it would be with guns blazing.

然後，達納懷特 (Dana White) 最近談到進入拳擊界並表示將會全力以赴。

Can you expand on that?

能詳細闡述嗎？

Just wondering how this could be done in a way that's in sync with your current margin profile.

只是想知道如何以與您當前的保證金狀況同步的方式做到這一點。

And will this happen organically by perhaps letting UFC fighters box under your banner?

而這是否會透過讓 UFC 拳擊手在你的旗下進行比賽而自然發生呢？

Or is this one of those instances where we could see some M&A at play?

或者這是我們可以看到一些併購行為發生的一個例子？

Yeah.

是的。

No, look, first of all, some off-the-cuff comments from Dana White do not translate into a strategy that we're communicating to the Street, right?

不，首先，達娜懷特（Dana White）的一些即興評論並不能轉化為我們向華爾街傳達的策略，對嗎？

Dana says a lot of things and has a lot of passions, and that's why we love him.

達納說了很多話，有很多激情，這就是我們愛他的原因。

He's also the best promoter, the support of MMA.

他也是最好的推廣者和 MMA 的支持者。

And frankly, if it was boxing has or will ever see.

坦白說，如果它是拳擊，那就已經或將永遠存在。

What I can tell you is boxing at its best is confused and fragmented, at its worst is broken.

我可以告訴你的是，拳擊運動在最好的情況下是混亂和分散的，在最壞的情況下是支離破碎的。

And we think the sport presents an interesting growth opportunity for us.

我們認為這項運動為我們提供了一個有趣的成長機會。

Dana White and I should mention Nick Khan have deep expertise and long-standing relationships in what they call the suite science, otherwise known as boxing.

我應該提到，達娜懷特 (Dana White) 和尼克汗 (Nick Khan) 在他們所謂的套件科學（也稱為拳擊）領域擁有深厚的專業知識和長期的關係。

And if we were to get involved in boxing, we would expect to do so in an organic way, not an M&A way.

如果我們要涉足拳擊運動，我們希望以有機的方式進行，而不是透過併購的方式。

So i.e., we're not writing a check.

也就是說，我們不開支票。

And if we launch the vertical at any time, we kind of see it as doing it with a partner who would fund it and pay us to operate.

如果我們在任何時候啟動垂直業務，我們都會將其視為與合作夥伴一起開展業務，合作夥伴將為其提供資金並支付營運費用。

So nothing to announce today, but this is one area we're going to continue to explore.

今天沒有什麼可宣布的，但這是我們將繼續探索的一個領域。

We've talked out the dearth of leagues that are out there.

我們已經討論過目前聯賽的缺乏。

Obviously, we're acquiring PBR.

顯然，我們正在收購 PBR。

There's not much else.

沒什麼其他的了。

We don't necessarily need to add anything to our model, but boxing is ripe.

我們不一定需要在我們的模型中添加任何東西，但是裝箱已經成熟了。

It is ripe for a fix, and we're blessed to have two experts in the field.

現在已經到了需要修復的時候了，我們很幸運有該領域的兩位專家。

And if an opportunity presented or we can chase one down that does not put much risk or any risk for that matter on us financially, then we're going to pursue it.

如果出現了一個機會，或者我們可以追逐一個不會為我們帶來太大風險或任何財務風險的機會，那麼我們就會去追求它。

And in terms of models and league and how we structure it, et cetera, et cetera, that's way down the road.

至於模型和聯盟以及我們如何建造它等等，這都是未來的事。

And once we have something -- if we have something, you'll be the first to know.

一旦我們有了新消息，您會第一個知道。

David Karnovsky, JPMorgan.

摩根大通的戴維‧卡諾夫斯基 (David Karnovsky)。

Maybe just following up on the UFC renewal.

或許只是關注 UFC 的續約。

Mark, interested to know how you're positioning UFC Fight Pass potentially as part of negotiations?

馬克，您有興趣知道在談判中您如何定位 UFC Fight Pass 嗎？

Last time, that was kept separate.

上次，這是分開的。

Is that the intention this time around?

這就是這次的意圖嗎？

Or is there kind of an opportunity to roll the service or content into a partner platform and receive better economics?

或者是否有機會將服務或內容納入合作夥伴平台並獲得更好的經濟效益？

And then just staying with UFC, wanted to know your thinking about title sponsorship as potential inventory.

然後就繼續留在 UFC，想知道您對冠名贊助作為潛在庫存的看法。

Was this kind of a unique one-off?

這是獨一無二的經驗嗎？

Or can you make more use of the pay-per-views ahead?

或者你能更多地利用未來的按次付費服務嗎？

Yeah.

是的。

Thanks, David.

謝謝，大衛。

Look, I'll tell you, as we sit here today, we're really pleased with the growth of UFC Fight Pass.

聽著，我告訴你們，今天我們坐在這裡，我們對 UFC Fight Pass 的成長感到非常高興。

In fact, internationally, we're really seeing subs tick up, especially in Brazil where we finally got our act together after a slow start.

事實上，在國際上，我們確實看到潛艇數量不斷上升，特別是在巴西，我們在起步緩慢之後終於恢復了正常。

We see keeping that separate.

我們認為應將其分開。

I'll tell you there is truly untapped potential when it comes to UFC Fight Pass.

我會告訴你，UFC Fight Pass 確實有尚未開發的潛力。

And the secret to driving subs on UFC Fight Pass is just quite simply more live events, period, end of story.

而吸引 UFC Fight Pass 訂閱者的秘訣很簡單，就是增加更多的現場活動，就這樣，故事結束。

And so in any renewal, we're going to explore the ability for us to potentially have exclusive fights on UFC Fight Pass, but then also lean further into the combat space with regard to karate, jiu-jitsu, wrestling itself, boxing potentially, more live events that we can program around the clock that really drive demand in terms of sub acquisition and fan base.

因此，在任何續約中，我們都將探索在 UFC Fight Pass 上進行獨家比賽的可能性，但同時也將進一步涉足空手道、柔術、摔跤本身、拳擊等格鬥領域，以及更多我們可以全天候安排的現場活動，這些活動真正推動了訂閱獲取和粉絲群的需求。

So to answer your question, we expect to keep that as a proprietary asset that we control.

所以回答你的問題，我們希望將其作為我們控制的專有資產。

It's not for sale, but it will have more original content, less taped programming, and more live events.

它不出售，但它將包含更多原創內容、更少錄製節目並增加更多現場活動。

That's the first part.

這是第一部分。

As regard to the second, the title sponsors, look, yes.

至於第二點，冠名贊助商，看，是的。

That was a tremendous deal we did with Riyadh Season and the Saudis to sponsor the Sphere event.

我們與利雅德季節和沙烏地阿拉伯人達成了一項重大協議，贊助 Sphere 活動。

I think everybody got a good deal out of that one because that was such a spectacle for them and for us.

我想每個人都從中獲益良多，因為這對他們和我們來說都是一場盛會。

And if there are opportunities to sell more title sponsors, we're going to pursue them.

如果有機會出售更多的冠名贊助商，我們就會抓住機會。

And I can tell you, in the bag of inventory that Grant Norris-Jones, who runs our global partnerships team and his lieutenant, Lou Koskovolis, as they go to the street, door to door, brand to brand, category to category, knocking down business, which I'll remind you is almost kicking the door of $300 million this year between UFC and WWE.

我可以告訴你們，在庫存袋中，負責我們全球合作夥伴團隊的格蘭特·諾里斯·瓊斯和他的副手盧·科斯科沃利斯走上街頭，挨家挨戶、從一個品牌到另一個品牌、從一個類別到另一個類別，爭取到生意，我要提醒你們的是，今年他們幾乎在 UFC 和 WWE 之間敲開了 3 億美元的大門。

So we're heading north fast.

所以我們正快速向北行駛。

They will absolutely deploy title sponsorship inventory if it makes sense.

如果有意義的話，他們絕對會部署冠名贊助庫存。

It has to be authentic.

它必須是真實的。

It has to be seamless, and we certainly don't want to overcommercialize the UFC, but I think it was a pretty good suit and a good fit as it relates to the Sphere event.

它必須是無縫的，我們當然不想過度商業化 UFC，但我認為它是一套非常好的套裝，並且與 Sphere 活動非常契合。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Mark, in the past, you've spoken about the impact the Sphere event has had on the UFC brand.

馬克，過去你曾談到 Sphere 活動對 UFC 品牌的影響。

I'm curious now for Sphere, how you're thinking about the evolution of some of these marquee UFC events that you put on, maybe the opportunity to elevate more select pay-per-view fights perhaps potentially through a Sphere-like event in the future or perhaps even through stadium-like events that you host in the WWE side, similar to WrestleMania.

我現在對 Sphere 很好奇，您如何看待您舉辦的一些大型 UFC 賽事的演變，也許有機會在未來通過類似 Sphere 的賽事來提升更多精選的按次付費比賽，或者甚至通過您在 WWE 方面主辦的類似於摔跤狂熱大賽的體育場式賽事。

Second, On Location already called out the NFL deal through 2036, I think.

其次，我認為 On Location 已經宣布 NFL 合約將持續到 2036 年。

I was curious if you could just talk a little bit more about the financial profile of that deal, the extent to which you might be operating leverage if you outperform on selling NFL premium hospitality, and if you think a deal like the NFL one could be a good template for similar deals going forward with sports leaks.

我很好奇，您是否可以再多談一下這筆交易的財務狀況，如果貴公司在銷售 NFL 高級酒店方面表現出色，那麼貴公司的經營槓桿可能會有多大，以及您是否認為像 NFL 這樣的交易可以成為未來體育洩密等類似交易的良好模板。

Thank you.

謝謝。

Great.

偉大的。

So first off, I just want to remind everyone that we do not intend to do another event at the Sphere.

首先，我想提醒大家，我們不打算在 Sphere 舉辦另一場活動。

That was one and done.

這件事一勞永逸。

I think we've signaled that to the market.

我認為我們已經向市場發出了這一信號。

Of course, anything can change just like rock bands do their farewell tours and seem to stick around for another 20 years.

當然，任何事情都可能改變，就像搖滾樂團進行告別巡演但似乎還能再堅持 20 年一樣。

But Dana is pretty intent that this is a one and done.

但達娜 (Dana) 非常決心只做一次。

That's why we spent so much.

這就是我們花這麼多錢的原因。

That's why we made so much out of it.

這就是我們獲得如此巨大利益的原因。

By the way, it took a lot out of us in terms of focus to pull it off in the way we did.

順便說一句，我們花了很多精力集中精力才能以這種方式完成任務。

But in terms of creating more spectacles, like that's our job, period.

但就創造更多奇觀而言，這就是我們的工作，僅此而已。

And globally, that's our job.

從全球來看，這就是我們的職責。

And frankly, much of that responsibility to create those spectacles falls to Lawrence Epstein, who's running the UFC business with Dana day to day.

坦白說，創造這些奇觀的大部分責任都落在了勞倫斯·愛潑斯坦 (Lawrence Epstein) 的身上，他每天都和達納一起管理 UFC 的業務。

Lawrence happens to be in the room, and I'd like him to opine on and comment on your first part of the question.

勞倫斯碰巧在房間裡，我想讓他對你問題的第一部分發表意見和評論。

Lawrence?

勞倫斯？

Thanks, Mark.

謝謝，馬克。

Just a couple of things to add to what Mark just had to say.

我只想對馬克剛才說的內容補充幾點。

First of all, huge achievement, certainly was a challenge, as Mark indicated, but a huge achievement for our UFC team to put on that what we view as really a seminal event in history of sports entertainment.

首先，正如馬克所說，巨大的成就當然是一個挑戰，但對於我們的 UFC 團隊來說，這是一個巨大的成就，我們認為這是體育娛樂史上的開創性事件。

It's the first time anything like this has ever been done.

這是有史以​​來第一次發生這樣的事。

And the world of sport, the world of entertainment and the entire world is really looking at the spend.

體育界、娛樂界乃至全世界都在關注這筆支出。

So huge achievement, huge success for our entire team.

對我們整個團隊來說，這是巨大的成就，巨大的成功。

It's really, I think, part of our be-first mentality.

我覺得，這確實是我們爭當第一的心態的一部分。

We're the first group to ever do this.

我們是第一個這樣做的團隊。

They will be the only one, but we're certainly the first so far.

他們將是唯一的一個，但到目前為止我們肯定是第一個。

And we're really proud of the achievement, and of course, the leadership that we showed.

我們為這項成就以及我們所展現的領導力感到非常自豪。

And as I said, this event was a game changer.

正如我所說，這次事件改變了整個格局。

I think as we look at future events and as arenas and I'm coining this term spherize themselves, add more LED, add more technology to their facilities, we're going to continue to up the game with respect to our production.

我認為，當我們展望未來的活動和競技場時，我會創造這個術語，使自己變得球形化，添加更多的 LED，在其設施中添加更多的技術，我們將繼續在製作方面提高水平。

The first facility that has really done this outside the Sphere, of course, is the Intuit dome in California, where the Clippers is going to be playing.

當然，第一個在球館之外真正實現這一目標的場館是位於加州的 Intuit 穹頂體育館，快艇隊將在這裡比賽。

And you can expect to see us there very soon taking advantage of that great technology there.

而且您很快就能看到我們在那裡利用這項偉大的技術。

By the way, last time I checked, the Sphere is launching in Abu Dhabi.

順便說一句，上次我查看時，Sphere 正在阿布扎比推出。

Dana did say no more events at the Sphere in Vegas, but that doesn't mean we can't go to Abu Dhabi.

達娜確實說過不再在拉斯維加斯的 Sphere 舉辦活動，但這並不意味著我們不能去阿布達比。

So I'm looking forward to pursuing that when that gets built probably two decades from now.

因此，我期待著在大約二十年後建成後繼續追求這一目標。

Andrew, go ahead.

安德魯，請說。

Thanks for the question, Stephen, on, obviously, On Location in the NFL.

謝謝你的問題，史蒂芬，顯然是關於 NFL 的現場比賽。

There was a press release that Endeavor actually issued yesterday as advance of the acquisition.

Endeavor 昨天實際上已經發布了一份新聞稿，作為收購的先兆。

Endeavor is responsible for extensions with their current customer and On Location in the NFL.

Endeavor 負責與其現有客戶和 NFL 的 On Location 進行續約。

But as TKO, the acquirer of this business are obviously thrilled with the extension of that agreement through 2036.

但作為 TKO，該業務的收購者顯然對該協議的延長至 2036 年感到非常高興。

Obviously, NFL, best-in-class sports brand.

顯然，NFL 是一流的運動品牌。

And the opportunity to continue that relationship is obviously extraordinarily beneficial for us at On Location, TKO and will benefit us through the balance of our portfolio.

繼續保持這種關係的機會顯然對 On Location、TKO 來說極為有利，並且將使我們透過平衡投資組合而受益。

We're not going to comment on the economics of the deal.

我們不會對該交易的經濟效益發表評論。

Those are not public nor will they be in the future.

這些尚未公開，將來也不會公開。

But that being said, I do want to pivot the conversation for a moment just to visibility and what we discussed last week when we announced the acquisition of these assets, we are going to go to extraordinary length to ensure that both our external and internal constituents have as much information and tools to understand the revenue and profitability profiles of these businesses.

但話雖如此，我確實想暫時將話題轉向可見性以及我們上周宣布收購這些資產時所討論的內容，我們將竭盡全力確保我們的外部和內部成員擁有盡可能多的信息和工具來了解這些業務的收入和盈利狀況。

Whether they be on a standalone basis or within our portfolio, it's important to understand not only how they grow, but how they benefit the other assets in our portfolio.

無論它們是獨立的還是在我們的投資組合內，重要的是不僅要了解它們如何成長，還要了解它們如何使我們投資組合中的其他資產受益。

So rest assured, we'll be able to give you information as time goes on, and the NFL relationship is core to OLE and its future revenue and growth prospects.

所以請放心，我們將能夠隨著時間的推移向您提供信息，並且 NFL 關係對於 OLE 及其未來收入和增長前景至關重要。

Yes.

是的。

I would just underscore that.

我只是想強調這一點。

Andrew and I have too much experience here at Endeavor with the lumpiness of On Location and how difficult that was for the Street to model.

安德魯和我在 Endeavor 有太多經驗，深知實地拍攝的難度，也知道華爾街很難模仿。

The transparency and visibility is going to be significant.

透明度和可見性將會變得非常重要。

Starting with our investor presentation, which in the appendix on page 16, we laid out specifically the Olympics, what we expect to make year-over-year, year after year, over a four-year span and then also World Cup FIFA.

從我們的投資者介紹開始，在第 16 頁的附錄中，我們具體介紹了奧運會，以及我們預計在四年內逐年、逐年實現的收益，然後是世界杯 FIFA。

So you're going to get more of that and then some.

因此，您將會獲得更多這樣的產品。

We don't want any confusion.

我們不想造成任何混亂。

We don't want to muddy this.

我們不想讓這件事變得混亂。

We don't want to clutter it.

我們不想讓它變得雜亂。

We want clarity.

我們想要清晰的答案。

As far as the NFL just the relationship, I would just say because we're fresh off of meetings with the commissioner and Brian, who is the Chief Revenue Officer, this week.

就 NFL 的關係而言，我只想說，因為我們本週剛剛與總裁和首席營收長布萊恩舉行了會議。

I mean I can't say enough about this partnership.

我的意思是，我對這次合作關係說不完。

Obviously, we do better in years when the Super Bowl is in Los Angeles or Las Vegas versus in New Orleans.

顯然，超級盃在洛杉磯或拉斯維加斯舉辦的那幾年，我們的表現比在新奧爾良舉辦的那幾年還要好。

But nonetheless, we do well, period.

但儘管如此，我們還是做得很好。

The draft, the Super Bowl, I mean, significant properties, big rating draws.

選秀、超級碗，我的意思是，這些都是重要的內容，有很大的收視率吸引力。

And these international games are quickly becoming bellwethers.

這些國際賽事正迅速成為風向標。

I mean the commissioner has already signaled, he'd like to get to as many as 18 in the next few years.

我的意思是，專員已經表示，他希望在未來幾年內將這個數字提高到 18 個。

I recently went out to a game in London, and we had a jampacked house of almost 500 patrons that flew out with On Location to see the Chicago Bears, Jacksonville Jaguars game, airfare, hotel, F&B, personal services, customized programs.

我最近去了倫敦觀看一場比賽，我們的球場擠滿了近 500 名觀眾，他們通過 On Location 乘飛機前來觀看芝加哥熊隊和傑克遜維爾美洲虎隊的比賽，我們提供了機票、酒店、餐飲、個人服務和定制節目。

I mean we're just seeing more and more demand for this.

我的意思是我們看到對此的需求越來越大。

So we're really excited.

所以我們真的很興奮。

And I will tell you, just further quote in the press release, this deal, Ari and I've been working on this for a while.

我會告訴你，新聞稿中進一步引用，這筆交易，阿里和我已經為此努力了一段時間。

It came to fruition because they were really excited about being in a sports pure-play company like TKO.

這個計劃之所以能夠實現，是因為他們對加入 TKO 這樣的純運動公司感到非常興奮。

Robert Fishman, MoffettNathanson.

羅伯特·菲什曼、莫菲特·納森森。

Two questions for you guys.

問你們兩個問題。

Mark, with the Netflix deal fast approaching, can you share more about your excitement to drive additional growth in WWE sponsorship dollars maybe in the US and internationally?

馬克，Netflix 的交易即將到來，你能否詳細分享你對推動 WWE 贊助資金在美國和國際上進一步增長的興奮之情？

And then Andrew, if I can follow up on the cost from earlier.

然後安德魯，我是否可以跟進之前的費用。

Any way you can break out WWE and UFC cost synergies to date and how you think about the trajectory of each cost bucket thinking about 2025 and beyond?

您能否列出迄今為止 WWE 和 UFC 的成本協同效應，以及您如何看待 2025 年及以後每個成本區間的走勢？

Look, I'll take the second question first and then defer to Mark.

瞧，我先回答第二個問題，再交給馬克。

But as we've said on countless occasions, the best way to look at our business is on a full year basis.

但正如我們無數次說過的那樣，審視我們業務的最佳方式是以全年為基礎。

And when we articulated our cost savings guide of $50 million to $100 million initially and then articulated the upper end of that range and then came back and said we were going to exceed the upper end of that range, you should assume that the lion's share of that is implicit in our full year guide in 2024.

當我們最初明確提出 5,000 萬至 1 億美元的成本節約指南，然後明確提出該範圍的上限，然後又說我們將超過該範圍的上限時，您應該假設其中的大部分隱含在我們 2024 年的全年指南中。

We are knee deep in our 2025 planning right now and intend to be back to the Street with some insight into '25 when we report our full year results sometime at the end of February.

我們目前正深入製定 2025 年規劃，並打算在 2 月底報告全年業績時，向華爾街提供一些有關 2025 年的見解。

On that call, we'll be giving further insight and information as to additional efficiencies that we intend to achieve in '25 with months planning behind us.

在這次電話會議中，我們將提供進一步的見解和信息，說明我們經過數月的規劃，計劃在 25 年實現的額外效率。

But rest assured, we are sharpening our pencils, and we are looking for additional means to grow well in excess of $100 million.

但請放心，我們正在努力，並正在尋找其他手段，使收入成長至超過 1 億美元。

But to date, our upper end, a little bit in excess of that upper end are implicit in our 2024 numbers.

但到目前為止，我們的上限略高於該上限，這隱含在我們的 2024 年數字中。

Great.

偉大的。

And Robert, just on the first part of your question, I would say that, yes, it's actually been pretty amazing as we go to Street.

羅伯特，就你問題的第一部分，我想說，是的，當我們走到大街上時，感覺確實非常奇妙。

Keep in mind with our UFC deal, we go to the Street with ESPN.

請記住，透過與 UFC 的合作，我們將與 ESPN 一起走向華爾街。

So we're out there with advertisers for 360 holistic packages.

因此，我們向廣告商推出了 360 度全方位套餐。

They're buying in arena, right?

他們是在競技場買東西，對嗎？

They're buying media inventory on ESPN, so on and so forth, not to mention the ancillary programming we have leading up to the fight like the weigh in.

他們購買 ESPN 等媒體庫存，更不用說我們在比賽前夕準備的輔助節目，例如稱重節目。

So those packages allow us to get a higher CPM.

所以這些套餐可以讓我們獲得更高的CPM。

Netflix has been terrific out of the gate, very creative, very innovative.

Netflix 一開始就表現優異，富有創造力，創新意識強。

And because they're new at it, they really want to explore.

而且由於他們對此很陌生，所以他們確實想要探索。

So we're out there trying to sell combination packages with them, of course, media inventory on Netflix as well as what it is we do around the event.

因此，我們嘗試與他們一起銷售組合套餐，當然還有 Netflix 上的媒體庫存以及我們圍繞活動所做的事情。

And just recently, Grant Norris-Jones and his team -- I second mentioned Grant Norris-Jones today, have sold a Minute Maid deal, as an example, where Minute Maid as a sponsor comes in as a global partner of WWE, but also are buying inventory in the Netflix programming like in their wheel, if you will.

就在最近，格蘭特·諾里斯·瓊斯和他的團隊——我今天第二次提到了格蘭特·諾里斯·瓊斯——已經出售了一項 Minute Maid 交易，例如，Minute Maid 作為贊助商成為 WWE 的全球合作夥伴，同時也購買了 Netflix 節目的庫存，就像在他們的輪盤中一樣，如果你願意的話。

And that's a deal we drove, not them.

這是我們達成的交易，不是他們達成的。

But it works both ways.

但這是雙向的。

And I can tell you, Nick Khan, who's also sitting here today, of course, the President of WWE, he's knee deep with the ad sales team in both Netflix and our internal team to drive more of these 360 deals, and I'll let him make a few comments.

我可以告訴你們，今天也坐在這裡的尼克汗，當然，他是 WWE 的總裁，他與 Netflix 的廣告銷售團隊以及我們的內部團隊密切合作，以推動更多的 360 交易，我會讓他發表一些評論。

Nick?

缺口？

Yeah.

是的。

So thank you, Mark, very much.

所以非常感謝你，馬克。

If you think about it in perspective, 20 years ago, Monday Night Raw was on Nashville Network, which became the National Network, which became GNN, which became [indiscernible], which is now Paramount.

如果你從某個角度來想，20 年前，Monday Night Raw 在納許維爾電視網播出，後來變成國家電視網，然後變成 GNN，然後變成 [音頻不清晰]，現在是派拉蒙電視網。

Now we're going to Netflix.

現在我們要去 Netflix。

So forget their sub count that they have at this moment.

因此，請忘記他們此刻擁有的訂閱者數量。

It's 650 million potential viewers globally for our product.

我們的產品在全球有 6.5 億潛在觀眾。

So the ability to go out -- Andrew Schleimer mentioned in his prepared remarks and then slightly after that, the growth year-over-year in WWE sponsorship.

因此，走出去的能力——安德魯·施萊默 (Andrew Schleimer) 在他的準備好的發言中提到，隨後不久，WWE 贊助逐年增長。

We're expecting even more growth once Netflix kicks in, in January because of the global reach and because of the power of Netflix in so many different markets.

由於 Netflix 的全球影響力及其在許多不同市場的實力，我們預計一旦 Netflix 在明年 1 月投入使用，我們的業務將實現更大成長。

Thanks, Robert.

謝謝，羅伯特。

Peter Supino, Wolfe Research.

彼得‧蘇皮諾 (Peter Supino)，沃爾夫研究公司。

A question on cash flow.

關於現金流的問題。

Your portfolio of businesses is obviously a good cash generator.

您的業務組合顯然是一個良好的現金產生器。

We think and have made the case that it's a great cash generator.

我們認為並且已經證明，它是一個巨大的現金產生器。

And some of the numerical comments you've published on free cash flow conversion in the 40% range this year and maybe normalizing around 60% if my memory serves seem really beatable to us.

而且，您發表的一些關於今年自由現金流轉換率在 40% 左右的數位評論，如果我沒記錯的話，可能正常化到 60% 左右，這對我們來說似乎是可以克服的。

So I'm just wondering if you could comment on that bullish challenge for free cash flow?

所以我只是想知道您是否可以評論一下自由現金流面臨的嚴峻挑戰？

And then separately, if you just comment on the environment for hiring and retaining talent.

然後另外，如果您只是評論一下招募和留住人才的環境。

It's just amazing a year ago, we were being asked to model the impact on talent costs of the equity capital raised by one of your competitors.

令人驚訝的是，一年前我們被要求模擬你們的一個競爭對手所募集的股本對人才成本的影響。

And that doesn't come up anymore.

這種情況再也沒有出現過。

So if you could update us there would be great.

因此如果您能向我們更新情況就太好了。

Thanks, Peter.

謝謝，彼得。

I think when we initially put a presentation together in April of '23, we showed on a pro forma combined basis, I believe it was 22 trailing, north of 60% of EBITDA -- adjusted EBITDA conversion to free cash flow.

我想，當我們在 23 年 4 月最初進行演示時，我們展示了一個形式上的綜合基礎，我相信它是 22 尾隨，超過 EBITDA 的 60%——調整後的 EBITDA 轉換為自由現金流。

When we initially guided this year, we had a number roughly in the 50% range that was impacted by some timing of working capital, some additional investments in the headquarters here, WWE and some other onetime items.

當我們最初預測今年的業績時，我們預計這一數字大約在 50% 左右，這受到一些營運資金時機、對這裡總部的一些額外投資、WWE 和一些其他一次性項目的影響。

And we doubled back pro forma for the antitrust settlement, which obviously are payments that come out of operating cash flow and reduced free cash flow albeit having a positive impact on our tax distributions, given they're tax deductible at 40%.

我們將反壟斷和解的預計金額翻了一番，這些款項顯然來自經營現金流和減少的自由現金流，儘管對我們的稅收分配產生了積極影響，因為它們的免稅額為 40%。

Now candidly, things have moved around because of the onetime nature of some of these large-scale events in our business.

坦白說，現在情況已經發生了變化，因為我們業務中的一些大型活動具有一次性性質。

But I think we stand by on a normalized basis, the 60% number, in excess of that 60% number over time.

但我認為，我們會以正常化為基礎，堅持 60% 這個數字，隨著時間的推移，這個數字會超過 60%。

You're not looking at hugely capital-intensive businesses here.

這裡你看到的並不是資本密集的企業。

We will make investments, organic investments to further fuel our growth.

我們將進行投資、有機投資以進一步促進我們的成長。

But when we look to 2026, and we've had a lot of questions and commentary around the media rights renewals and the potential step function change to our revenue and profitability, we have a clear path to continued conversion in excess of the numbers that we've said historically.

但當我們展望2026年時，我們會發現很多有關媒體版權續約以及對我們的收入和盈利能力的潛在階梯式變化的問題和評論，我們有一條清晰的道路可以繼續實現超過我們歷史上所說的數字的轉化。

So look, stay tuned.

那就請關注吧。

We'll be back in February, late February to talk about '25, but know that we also have 2026 renewals, which will further impact the profile of this business positive.

我們將在 2 月份，也就是 2 月底回來討論 25 年的問題，但要知道我們還有 2026 年的續約，這將進一步對該業務的形象產生積極影響。

Thanks, Andrew.

謝謝，安德魯。

And then, Peter, on the talent question, I'll just hit this briefly.

然後，彼得，關於人才問題，我將簡單談談。

But the reason why you don't hear about it a lot, and we say this in all modesty, you don't hear about it because of the work of Paul Levesque, Dana White and Nick Khan and Lawrence Epstein.

但您之所以很少聽說它，我們很謙虛地說，是因為 Paul Levesque、Dana White、Nick Khan 和 Lawrence Epstein 的努力。

That's just a fact of the matter.

這只是事實而已。

They are experts in storytelling, period.

他們是說故事的專家，就是這樣。

They are experts in creating rivalry, period.

他們是製造競爭的專家，就是這樣。

They are experts like David Stern was in building and marketing stars.

他們就像大衛·斯特恩一樣，是打造和行銷明星的專家。

And when your platforms, when your businesses, when your leads become known for that, talent aspires to be with those leads.

當您的平台、您的業務和您的潛在客戶因此而出名時，人才就會渴望與這些潛在客戶在一起。

So we haven't had those challenges as of late because, frankly, the talent wants to get to UFC and WWE level.

因此我們最近沒有遇到這些挑戰，因為坦白說，人才想要達到 UFC 和 WWE 的水平。

Now we don't take that for granted.

現在我們不再認為這是理所當然的。

We're not arrogant about it, and we want to incentivize all of our fighters at the UFC and all of our superstars at the WWE to put out their best every day and aim for the top of the mountain.

我們對此並不自大，我們希望激勵 UFC 的所有拳擊手和 WWE 的所有超級明星每天都盡最大努力，力爭達到巔峰。

But we're prudent about it, and we want to keep those costs under control.

但我們對此很謹慎，我們希望控制這些成本。

And as long as we do our job of continuing with that storytelling, continuing to build our fan base, continuing to surround ourselves with the right partners, then talent will gravitate towards the UFC and the WWE.

只要我們繼續講述故事，繼續擴大我們的粉絲群，繼續與合適的合作夥伴合作，人才就會被 UFC 和 WWE 所吸引。

Ryan Gravett, UBS.

瑞銀的 Ryan Gravett。

I think we lost Ryan during Andrew for his commentary.

我認為我們在安德魯 (Andrew) 的評論期間失去了瑞恩 (Ryan)。

Assessments for the interest of time we can move on.

為了時間利益的評估，我們可以繼續前進。

But if I ask you on an absolute number.

但如果我問你一個絕對數字。

And then one final question.

最後一個問題。

I'm sorry, say it one more time.

對不起，請再說一次。

Why don't we go to go the next question?

我們何不繼續討論下一個問題？

Sounds good.

聽起來不錯。

Richard Greenfield, LightShed Partners.

LightShed Partners 的 Richard Greenfield。

Mark, I know this is a TKO call, but I actually had an Endeavor question.

馬克，我知道這是一個 TKO 電話，但我實際上有一個 Endeavor 問題。

Endeavor, as part of the transactions, a couple of weeks ago announced that they're looking to sell 3: Madrid Open, Miami Open and Open Bet.

作為交易的一部分，Endeavor 幾週前宣布他們正在考慮出售三項賽事：馬德里公開賽、邁阿密公開賽和公開投注。

I was actually in a couple of conversations earlier this weekend, we have heard that Ari Emanuel is actually looking at buying these assets.

實際上，本週末早些時候我曾進行過幾次對話，我們聽說阿里·伊曼紐爾 (Ari Emanuel) 實際上正在考慮購買這些資產。

Is that with his own money personally or could that involve any TKO money?

這是他個人的錢嗎，還是會牽涉 TKO 的錢？

And I asked that question because I think there's a lot of investors in TKO who are wondering whether you have any interest in buying or investing in any other nonsports leagues as part of TKO?

我之所以問這個問題，是因為我認為 TKO 的許多投資者想知道您是否有興趣作為 TKO 的一部分購買或投資任何其他非體育聯盟？

Thanks, Rich.

謝謝，里奇。

You never shy away from the tough ones.

你從不迴避困難。

I would just tell you that I want to stress again that TKO will not bid on any other Endeavor assets, period, none, whatsoever.

我只是想告訴你，我想再次強調，TKO 不會競標任何其他 Endeavor 資產，絕對不會。

We won't sign an NDA.

我們不會簽署保密協議。

We won't explore.

我們不會探索。

We won't read materials.

我們不會閱讀材料。

Nothing whatsoever.

什麼也沒有。

To your specific question on Ari, I would tell you that Ari in his personal capacity, personal capacity, yes, he could be a bidder for any of the assets Endeavor is selling.

對於您關於阿里的具體問題，我會告訴您，阿里以個人身份，是的，他可以成為 Endeavor 出售的任何資產的競標者。

I would also just remind you that Endeavor, although it is a TKO, I think, call, it's apropos.

我還要提醒你，儘管 Endeavor 是一場技術性擊倒對手的比賽，但我認為，這個判罰是恰當的。

Endeavor is only exploring asset sales.

Endeavor 僅正在探索資產出售。

So to your point, the sports betting assets, Madrid Open, Miami Open and Freeze Archer, which they've announced they're exploring potential asset sales, they haven't made any definitive decisions.

正如你所說，體育博彩資產，馬德里公開賽、邁阿密公開賽和冰凍射手，他們已經宣布正在探索潛在的資產出售，但他們還沒有做出任何明確的決定。

I assume they'll walk down the process.

我認為他們會逐步完成整個流程。

I say that's assumed because obviously, Silver Lake Partners is playing a big role in that.

我說這是假設，因為很明顯，銀湖合夥公司在其中扮演重要角色。

And they'll decide what to do if and when the road leads to something.

他們會決定如果道路通往某件事，該做什麼。

But yes, to your question, Ari in his personal capacity could be a bidder for any of the assets Endeavor is selling.

但是，對於您的問題，是的，阿里以個人身份可以競標 Endeavor 出售的任何資產。

And then just on the non-sports piece, no other non-sports assets is in your purview, whether owned by TKO or others?

然後就非體育部分而言，沒有其他非體育資產在您的職權範圍內，無論是 TKO 還是其他人擁有？

We are a sports pure play, end of story.

我們是一家純粹的運動公司，故事結束。

And I'm glad you said that because we did -- after the announcement of the Endeavor assets that we did, we are working to close and acquire.

我很高興你這麼說，因為在宣布收購 Endeavor 資產後，我們正在努力完成並收購。

It's a question of, hey, are you staying sports pure play?

問題是，嘿，你還純粹從事運動嗎？

I can't stress enough.

我再怎麼強調也不為過。

These are sports pure play.

這些都是純粹的體育運動。

This does not break away from our model or our strategy, sports rights, ticketing and premium experiences and another sports league.

這並不脫離我們的模式或策略、體育版權、票務和優質體驗以及其他體育聯盟。

It's right in our wheelhouse, right?

它就在我們的駕駛室內，對吧？

We know these properties extremely well because of our history.

由於我們的歷史，我們非常了解這些特性。

The deal is value-accretive.

這筆交易可以增值。

As the business goes, we're still knee deep in integration, which we've talked about today.

隨著業務的發展，我們仍然深陷整合之中，我們今天已經討論了這個問題。

As you can see from the quarter, WME had -- I mean, excuse me, WWE had 54% EBITDA margins.

從本季的情況可以看出，WME——我的意思是，對不起，WWE 的 EBITDA 利潤率為 54%。

I mean that's up 18 percentage points year over year.

我的意思是，這比去年同期上升了 18 個百分點。

Our global sponsorships, our partnerships, kicking strong.

我們的全球贊助、我們的合作關係正在強勢發展。

I think what gets lost sometimes is WWE, keep in mind, we came into the year with a little over $20 million in sponsorships coming into the year because some fell off from last year.

我認為，有時 WWE 會迷失方向，請記住，我們今年的贊助金額略高於 2000 萬美元，因為有些贊助比去年減少了。

And we're now up to $70 million or that's where it will be end of the year.

現在我們的收入已經達到了 7,000 萬美元，或者說到今年年底將會達到這個數字。

So we're making significant progress with the integration, but there's clearly still a lot of wood to chop on the core integration.

因此，我們在整合方面取得了重大進展，但在核心整合方面顯然仍有許多工作要做。

We see more opportunity, and we're laser-focused on it.

我們看到了更多的機會，並且全神貫注於此。

Also, just finally, just going forward, when you look at why we're focused on these two battleships because that's the business.

最後，展望未來，您會發現我們為什麼專注於這兩艘戰艦，因為這就是生意。

These other -- PBR are small, obviously, but it's a rising sports league.

這些其他的——PBR 顯然規模較小，但它是一個正在崛起的運動聯盟。

And the other two assets are going to fuel these two battleships.

另外兩項資產將為這兩艘戰艦提供燃料。

85% to 90% of our adjusted EBITDA going forward is UFC and WWE.

我們未來調整後的 EBITDA 的 85% 至 90% 來自 UFC 和 WWE。

So our eyes are on the ball.

因此我們的注意力要高度集中。

We're going to finish the integration on the two core assets of WWE and UFC.

我們將完成WWE和UFC兩大核心資產的整合。

We're going to then move sort of simultaneously on a parallel track to the integration.

然後，我們將同時在與整合平行的軌道上前進。

Of the new three assets, we're going to keep our head down.

對於這三項新資產，我們將保持低調。

We're going to score numbers.

我們要得分。

We're going to keep this thing a cash flow gusher, and we're going to be focused on returning capital to shareholders.

我們將繼續保持現金流的源源不斷，並將專注於向股東返還資本。

I think that's a good wrap to call.

我認為這是一個很好的總結。

Thank you, everyone, for your interest and for joining us on today's call.

感謝大家的關注並參加今天的電話會議。

Operator, you can conclude the call.

接線員，您可以結束通話了。

Thank you so much.

太感謝了。

That concludes today's Q3 2024 TKO earnings call.

今天的 2024 年第三季 TKO 收益電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路了。