TKO Group Holdings Inc (TKO) 2024 Q4 法說會逐字稿

Good afternoon, and thank you for joining the TKO fourth quarter and full year 2024 earnings call. My name is Kate, and I will be the moderator for today's call. (Operator Instructions)

下午好，感謝您參加 TKO 2024 年第四季和全年收益電話會議。我叫凱特，我將擔任今天電話會議的主持人。（操作員指示）

I would now like to turn the call over to Seth Zaslow, Head of Investor Relations at TKO. Please proceed.

現在我想將電話轉給 TKO 投資者關係主管 Seth Zaslow。請繼續。

Good afternoon, and welcome to TKO's fourth quarter and full year 2024 earnings call. A short while ago, we issued a press release, which you can view on our Investor Relations website. A recording of this call will also be available via our website for at least 30 days.

下午好，歡迎參加 TKO 2024 年第四季和全年財報電話會議。不久前，我們發布了一份新聞稿，您可以在我們的投資者關係網站上查看。本次通話的錄音也將在我們的網站上保留至少 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. Mark Shapiro, our President and Chief Operating Officer; and Andrew, will be handling the Q&A. The purpose of this call is to provide you with information regarding our fourth quarter and full year 2024 performance.

在 TKO 執行主席兼執行長 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。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。本次電話會議的目的是向您提供有關我們 2024 年第四季和全年業績的資訊。

I want to remind everyone that the information discussed will include forward-looking statements and/or projections that involve risks, uncertainties and assumptions. Please see our filings with the Securities and Exchange Commission for further detail. 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. 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.

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。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。如果這些風險或不確定性成為現實，或任何假設被證明是錯誤的，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。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. These measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP metrics can be found in our press release issued today as well as the information posted on our IR website.

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。這些措施不應孤立地考慮，或取代根據 GAAP 編制的財務資訊。您可以在我們今天發布的新聞稿以及我們的 IR 網站上發布的信息中找到 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. The fourth quarter capped off a milestone year for TKO, one that showcased the strength, unique value and demand of our premium IP. In our first full year as a public company, we delivered record financial performance.

謝謝，塞思。第四季是 TKO 具有里程碑意義的一年，這一年展現了我們優質 IP 的實力、獨特價值和需求。在我們作為上市公司的第一個完整年度，我們實現了創紀錄的財務表現。

In 2024, the integration of UFC and WWE proved out, driving greater efficiency across the top line as well as exceeding our guided net savings of $100 million. We strengthened our media rights portfolio by securing partnerships that will undoubtedly expand our universal reach and engagement. For starters, moving Raw, our premier WWE franchise, to Netflix will put us in front of the streamers, 300 million subscribers week in and week out, and serve to be transformative to our business. Our January launch at the Intuit Dome in Los Angeles was a spectacle, and our Monday night episode since have consistently landed in Netflix's weekly Top 10 across the US and the globe.

2024 年，UFC 與 WWE 的整合已證明是成功的，它不僅提高了整個營收效率，還超出了我們預計的 1 億美元淨節省目標。我們透過建立合作夥伴關係加強了我們的媒體權利組合，這無疑將擴大我們的全球影響力和參與度。首先，將我們的首要 WWE 系列 Raw 轉移到 Netflix，將使我們領先於串流媒體，每週擁有 3 億訂閱用戶，並將改變我們的業務。我們一月份在洛杉磯 Intuit Dome 的首發非常成功，自那以後，我們週一晚上的劇集一直位列美國和全球 Netflix 的每週前十名。

We have also successfully transitioned WWE SmackDown to USA Network and NXT to the CW, driving significant audience growth as a result. In particular, the CW's Tuesday night time slot saw a nearly 100% increase in fourth quarter total viewership over the prior year period, with even stronger gains in the key 18 to 34 demographic. From year-to-date, NXT is up 12% compared to USA's 2024 average.

我們也成功地將 WWE SmackDown 轉移到 USA Network，將 NXT 轉移到 CW，從而顯著推動了觀眾人數的成長。尤其是 CW 週二晚間時段第四季的總收視人數比去年同期增加了近 100%，其中 18 至 34 歲年齡層的收視人數增幅更為顯著。從年初至今，NXT 與美國 2024 年的平均值相比上漲了 12%。

Turning to our live events. UFC and WWE both had record-breaking years and set multiple all-time highs for ticket sales, attendance and gate revenues worldwide. UFC delivered 10 all-time highest grossing event records in 2024, with five of those now ranking among the biggest in UFC history. Similarly, WWE had its most successful year for live events and set revenue records at 10 premium live events.

轉向我們的現場活動。UFC 和 WWE 都曾創下紀錄，並創下了全球門票銷售、出席人數和門票收入的多項歷史新高。UFC 在 2024 年創造了 10 項歷史最高票房賽事記錄，其中 5 項目前躋身 UFC 歷史上最高票房記錄之列。同樣，WWE 也迎來了其現場活動最成功的一年，並憑藉 10 場優質現場活動創下了收入記錄。

Within the fourth quarter specifically, UFC closed out the year with back-to-back record-setting live events. We hosted our highest grossing North American Fight Night ever in Tampa, and UFC 309 at Madison Square Garden cemented UFC's place as a cornerstone franchise for the world's most famous arena. UFC now holds 7 of the top 10 highest grossing event records in MSG history.

具體來說，在第四季度，UFC 以連續創紀錄的現場賽事結束了這一財年。我們在坦帕舉辦了有史以來票房最高的北美格鬥之夜，在麥迪遜廣場花園舉辦的 UFC 309 鞏固了 UFC 作為世界最著名競技場的基石特許經營地位。UFC 目前保持著 MSG 歷史上 10 大票房最高賽事記錄中的 7 項。

At WWE, we set more than 40 individual market records for ticket sales and paid attendance in the quarter. Bad Blood in Atlanta delivered the largest gross ticket sales for a US arena event in WWE history. Additionally, Survivor Series in Vancouver set the largest North American arena gate in WWE history since topped by Raw's blockbuster debut with Netflix at the Intuit dome, and Saturday night's main event returned with a sold-out crowd that set a WWE gate record for New York's Nassau Coliseum and reached more than 3 million US households across NBC and Peacock.

在 WWE，我們在本季創下了 40 多項門票銷售和付費出席的市場記錄。亞特蘭大的《Bad Blood》創造了 WWE 史上美國競技場賽事的最高票房收入。此外，溫哥華的《倖存者大賽》創下了 WWE 歷史上北美賽區門票最多的紀錄，這是自 Raw 與 Netflix 在 Intuit 穹頂體育場合作的轟動一時的首秀以來，WWE 歷史上門票最多的一次。週六晚上的主賽門票全部售罄，創下了紐約拿騷體育館的 WWE 門票紀錄，並通過 NBC 和 Peacock 覆蓋了 300 多萬美國家庭。

Throughout the year, we continued to convert demand into high-margin revenue, particularly through site fees, with approximately a third of UFC and WWE's marquee live events attracting incentive packages. Across our global brand partnerships, UFC sponsorship revenue grew 28% for the full year, marking our seventh consecutive record-breaking year. We announced IBM as another blue-chip partner, following major UFC agreements with Anheuser-Busch and Riad season, and that momentum has continued into 2025 with the recent announcement of our Monster Energy renewal, UFC's largest-ever partnership.

全年，我們繼續將需求轉化為高利潤收入，特別是透過場地費，其中約三分之一的 UFC 和 WWE 大型現場活動吸引了獎勵套餐。在我們的全球品牌合作中，UFC 贊助收入全年成長了 28%，這是我們連續第七年破紀錄。繼 UFC 與 Anheuser-Busch 和 Riad 賽季達成主要協議之後，我們宣布 IBM 成為另一個藍籌合作夥伴，並且隨著我們最近宣布與 Monster Energy 續約，這一勢頭將持續到 2025 年，這是 UFC 有史以來最大的合作夥伴關係。

WWE also set an all-time high in sponsorship revenue, growing 20% year-over-year when looking at WWE's full year 2023, driven primarily by growth across our premium live events portfolio as well as by new long-term brand partnerships and innovative in ring placements. All told, these results highlight the power of our integrated model, the global popularity of UFC and WWE, and the increasing demand for premium live sports and entertainment.

WWE 的贊助收入也創下了歷史新高，2023 年全年同比增長 20%，這主要得益於我們優質現場活動組合的增長、新的長期品牌合作夥伴關係以及擂台佈置的創新。總而言之，這些結果凸顯了我們綜合模式的強大力量、UFC 和 WWE 的全球知名度以及對優質現場體育和娛樂日益增長的需求。

As we move into 2025, we remain focused on sustaining our progress and delivering on our KPIs, with our domestic rights renewals for UFC and WWE's premium live events, our highest priority. We're also taking important steps to return capital to shareholders under the dividend and share repurchase program we announced in October.

隨著我們邁入 2025 年，我們將繼續專注於保持進步並實現關鍵績效指標 (KPI)，其中 UFC 和 WWE 優質現場賽事的國內轉播權續簽是我們的首要任務。根據我們十月宣布的股利和股票回購計劃，我們還將採取重要措施向股東返還資本。

Finally, we expect to close our acquisitions of IMG, On Location and PBR in the first quarter, expanding our global sports portfolio. Make no mistake about it, these industry-leading businesses will also help power WWE and UFC, benefiting both our loyal fan bases and our shareholders. Our immediate focus after the close will be on a quick and seamless integration. I would add that this work is actually already underway. Earlier today, we announced an agreement with the Kansas City Sports Commission for UFC, WWE and PBR to hold three consecutive live events in April at the city's T-Mobile Center. This TKO Takeover showcases the collective power of our properties in the marketplace.

最後，我們預計將在第一季完成對 IMG、On Location 和 PBR 的收購，擴大我們的全球運動投資組合。毫無疑問，這些行業領先的業務也將為 WWE 和 UFC 提供動力，使我們的忠實粉絲群和股東受益。交易結束後，我們的首要任務是實現快速、無縫的整合。我想補充一點，這項工作實際上已經在進行中了。今天早些時候，我們宣布與堪薩斯城體育委員會達成協議，UFC、WWE 和 PBR 將於 4 月在該市的 T-Mobile 中心連續舉辦三場現場活動。這次 TKO Takeover 展現了我們資產在市場上的集體實力。

Looking ahead, we are laser-focused on expanding our audience, deepening our partnership bench and maximizing shareholder value. We have the right strategy, the right leadership and a proven ability to execute. With our eyes squarely focused on driving revenue across multiple business lines, expanding our margins and strong free cash flow conversion, we've never been more excited about what lies ahead for TKO.

展望未來，我們將專注於擴大受眾群體、深化合作夥伴關係並實現股東價值最大化。我們擁有正確的策略、正確的領導力和經過驗證的執行能力。我們專注於推動多個業務線的營收成長、擴大利潤率和實現強勁的自由現金流轉換，我們對 TKO 的未來充滿期待。

With that, I'll turn the call over to Andrew, and then Mark will join us.

說完這些，我將把電話轉給安德魯，然後馬克將加入我們。

Good afternoon. Today, I'm going to review our financial performance for the previous quarter and full year and then discuss our outlook for 2025.

午安.今天，我將回顧我們上一季和全年的財務業績，然後討論我們對 2025 年的展望。

As Ari highlighted, 2024 was a record year for UFC and WWE, both in terms of revenue and adjusted EBITDA. We delivered strong operating performance, and we expect positive momentum in our businesses to continue this year.

正如阿里所強調的，2024 年對於 UFC 和 WWE 來說都是創紀錄的一年，無論是收入還是調整後的 EBITDA。我們實現了強勁的經營業績，並預計今年我們的業務將繼續保持積極的勢頭。

Last year, we generated revenue of $ 2.804 billion and adjusted EBITDA of $1.251 billion, both of which exceeded the revised guidance we provided on our last earnings call. Our adjusted EBITDA margin was 45%. To assist with comparability, we've presented supplemental financial information in our press release and Investor Relations website that includes WWE activity and a portion of WWE related to the corporate group for the period from January 1 through September 11, 2023.

去年，我們的營收為 28.04 億美元，調整後 EBITDA 為 12.51 億美元，均超過了我們在上次財報電話會議上提供的修訂指引。我們的調整後 EBITDA 利潤率為 45%。為了便於比較，我們在新聞稿和投資者關係網站中提供了補充財務信息，其中包括 2023 年 1 月 1 日至 9 月 11 日期間 WWE 的活動以及與企業集團相關的部分 WWE。

Including WWE activity for January 1 through September 11, 2023, combined revenue was $2.619 billion. Combined adjusted EBITDA was $1.092 billion and our combined adjusted EBITDA margin was 42%. Inclusive of these amounts, revenue increased 7%, adjusted EBITDA increased 15% and adjusted EBITDA margin increased approximately 300 basis points.

包括 2023 年 1 月 1 日至 9 月 11 日的 WWE 活動，總收入為 26.19 億美元。合併調整後 EBITDA 為 10.92 億美元，合併調整後 EBITDA 利潤率為 42%。包括這些金額在內，收入增加了 7%，調整後的 EBITDA 增加了 15%，調整後的 EBITDA 利潤率增加了約 300 個基點。

In our first full year as a public company, we clearly demonstrated the industrial logic of combining these 2 highly complementary businesses. Our strategy is working. While we made significant progress on achieving revenue and cost synergies, including exceeding our target of $100 million on a net basis, we remain laser-focused on unlocking additional efficiencies as we continue to integrate these businesses.

在我們作為上市公司的第一個完整年頭，我們清楚地展示了將這兩個高度互補的業務結合起來的產業邏輯。我們的策略正在發揮作用。雖然我們在實現收入和成本協同效應方面取得了重大進展，包括超過了淨收入 1 億美元的目標，但我們在繼續整合這些業務的同時，仍將專注於釋放更多效率。

Moving to the fourth quarter. Reported results included three months of activity for both UFC and WWE. We generated revenue of $642 million, adjusted EBITDA was $238 million and our adjusted EBITDA margin was 37%. Revenue increased 5%, adjusted EBITDA increased 7% and adjusted EBITDA margin increased approximately 100 basis points compared to the prior year.

進入第四季。報告的結果包括 UFC 和 WWE 三個月的活動。我們創造了 6.42 億美元的收入，調整後的 EBITDA 為 2.38 億美元，調整後的 EBITDA 利潤率為 37%。與前一年相比，營收成長 5%，調整後 EBITDA 成長 7%，調整後 EBITDA 利潤率增加約 100 個基點。

Our UFC segment generated revenue of $344 million in the quarter, an increase of 22% or $61 million. Adjusted EBITDA was $178 million, an increase of 25% or $35 million. UFC's adjusted EBITDA margin was 52%, an increase from 51% in the prior year period. As expected, revenue benefited from the timing of the events calendar. UFC had 10 total events, including 4 numbered events compared to 9 total events, including 3 numbered events in the prior year period.

我們的 UFC 部門本季創造了 3.44 億美元的收入，成長 22% 或 6,100 萬美元。調整後的 EBITDA 為 1.78 億美元，成長 25% 或 3,500 萬美元。UFC 調整後的 EBITDA 利潤率為 52%，高於去年同期的 51%。正如預期的那樣，收入受益於活動日程安排。UFC 總共舉辦了 10 場賽事，其中包括 4 場編號賽事，而去年同期共舉辦了 9 場賽事，其中包括 3 場編號賽事。

Media rights and content revenue increased 18% to $198 million. The increase was primarily driven by the additional numbered event. As we've discussed in the past, numbered events carry a higher allocation of fixed media revenue as compared to fight nights. The contractual escalation of media rights fees also contributed to the increase in media rights and content revenue.

媒體版權和內容收入成長 18%，達到 1.98 億美元。這一增長主要得益於附加編號事件的增加。正如我們過去所討論過的，與格鬥之夜相比，編號賽事的固定媒體收入分配更高。媒體版權費合約的上漲也推動了媒體版權和內容收入的增加。

Live Events revenue increased 24% and to $65 million. Ticket sales reflected the benefit of the additional numbered event as well as strong underlying trends in pricing and attendance for high-profile events, such as USC 309 at Madison Square Garden, which was the second highest grossing event in MSG history. Site fees in the quarter were comparable to the prior year as both periods included a number event held in Abu Dhabi as part of our multiyear partnership with the Department of Culture and Tourism.

現場活動收入成長 24%，達到 6,500 萬美元。門票銷售反映了額外編號活動的好處以及高調活動的定價和出席率的強勁潛在趨勢，例如麥迪遜廣場花園的 USC 309，這是麥迪遜廣場花園歷史上票房第二高的活動。本季的場地費用與去年同期相當，因為這兩個時期都包括了在阿布達比舉辦的多項活動，這是我們與文化和旅遊部多年合作的一部分。

Sponsorship revenue increased 39% to $67 million. The increase was driven by new partnerships and renewals as well as the favorable event mix. Adjusted EBITDA reflected the increase in revenue, partially offset by an increase in expenses. Direct operating expenses increased primarily due to higher production, marketing, athlete costs and direct cost of revenue due to the additional numbered event and the mix of fight nights. In the quarter, we held one additional Fight Night overseas and one less event at Apex compared to the prior year period.

贊助收入成長 39%，達到 6,700 萬美元。這一增長是由新的合作夥伴關係和續約以及有利的活動組合所推動的。調整後的 EBITDA 反映了收入的增加，但部分被費用的增加所抵消。直接營運費用增加的主要原因是生產、行銷、運動員成本以及因增加編號賽事和比賽之夜而導致的直接收入成本增加。與去年同期相比，我們本季在海外多舉辦了一場 Fight Night，在 Apex 舉辦了一場活動。

SG&A increased primarily due to higher cost of personnel as compared to the prior year period. Our WWE segment generated revenue of $298 million in the quarter, a decrease of 10% or $33 million. Adjusted EBITDA was $114 million, a decrease of 19% or $27 million. Adjusted EBITDA margin was 38%, down from 43% in the prior year period. As expected, the decrease in revenue reflected the short-term domestic rights deal we reached for Raw, which had an unfavorable impact of approximately $50 million on both revenue and adjusted EBITDA as compared to Q4 2023. As a reminder, this was purely timing related. In January, our long-term agreement with Netflix to distribute Raw commenced. As Ari noted, this partnership is off to a fantastic start.

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。我們的 WWE 部門本季創造了 2.98 億美元的收入，下降了 10%，即 3,300 萬美元。調整後的 EBITDA 為 1.14 億美元，下降 19% 或 2,700 萬美元。調整後的 EBITDA 利潤率為 38%，低於去年同期的 43%。正如預期的那樣，收入的減少反映了我們為 Raw 達成的短期國內版權協議，與 2023 年第四季度相比，這對收入和調整後的 EBITDA 產生了約 5000 萬美元的不利影響。提醒一下，這純粹與時間有關。一月份，我們與 Netflix 簽訂的 Raw 發行長期協議開始生效。正如阿里所說，這次合作開局非常好。

Media rights and content revenue decreased 26% to $156 million. The decrease was primarily related to the short-term deal for Raw as well as a decrease in third-party original programming due to the timing of delivery.

媒體版權和內容收入下降 26% 至 1.56 億美元。下降主要與 Raw 的短期交易以及由於交付時間而導致的第三方原創節目的減少有關。

Live events revenue increased 13% to $93 million. As with UFC, we continue to see strong underlying trends for WWE live events. The increase was primarily related to an increase in ticket sales. Results in both the current and prior year also include a site fee related to a premium live event in Saudi Arabia.

現場活動收入成長 13%，達到 9,300 萬美元。與 UFC 一樣，我們繼續看到 WWE 現場活動的強勁潛在趨勢。這一增長主要與門票銷售額的增長有關。本年度和上年度的結果還包括與沙烏地阿拉伯優質現場活動相關的場地費。

Sponsorship revenue increased 48% to $23 million, due to new partnerships and renewals across multiple categories, including gaming and retail, among others. Of note, our PLEs were highly successful. Survivor Series grossed its highest ever partnership income, and Bad Blood was up nearly 100% versus the prior year PLE during the same time frame. Adjusted EBITDA reflected the decrease in revenue, partially offset by a decrease in expenses. The decrease in expenses primarily reflected lower personnel and production costs related to our planned cost reduction initiatives implemented following our formation.

由於遊戲、零售等多個類別的新合作夥伴關係和續約，贊助收入成長了 48%，達到 2,300 萬美元。值得注意的是，我們的 PLE 非常成功。《倖存者係列賽》獲得了有史以來最高的合作收入，而《Bad Blood》的收入與去年同期的 PLE 相比增長了近 100%。調整後的 EBITDA 反映了收入的減少，但部分被費用的減少所抵消。費用的減少主要反映了與我們成立後實施的計劃成本削減措施相關的人員和生產成本的降低。

Corporate expenses were $55 million in the quarter, a decrease of $6 million from the prior year period. The decrease was primarily due to savings from our cost reduction program. These savings were partially offset by an increase in service fees that UFC and WWE paid to Endeavor, which commenced for WWE in March of 2024.

本季公司支出為 5,500 萬美元，較去年同期減少 600 萬美元。下降的主要原因是我們的成本削減計劃帶來的節省。這些節省的部分被 UFC 和 WWE 向 Endeavor 支付的服務費增加所抵消，WWE 於 2024 年 3 月開始增加服務費。

Now moving on to our capital structure. In 2024, we generated $509 million of free cash flow. Our free cash flow conversion of adjusted EBITDA was 41%, in line with our guidance of in excess of 40%. Free cash flow included $75 million of capital expenditures, approximately $31 million of which related to WWE's new headquarters, which is now completed.

現在談談我們的資本結構。2024年，我們產生了5.09億美元的自由現金流。我們的調整後 EBITDA 自由現金流轉換率為 41%，符合我們超過 40% 的預期。自由現金流包括 7,500 萬美元的資本支出，其中約 3,100 萬美元與現已完工的 WWE 新總部有關。

For the fourth quarter, we generated $37 million of free cash flow, including $20 million of capital expenditures, approximately $2 million of which was related to WWE's new headquarters, and $4 million of which was related to UFC's Apex expansion.

第四季度，我們產生了 3,700 萬美元的自由現金流，其中包括 2,000 萬美元的資本支出，其中約 200 萬美元與 WWE 的新總部有關，400 萬美元與 UFC 的 Apex 擴建有關。

Free cash flow for both the fourth quarter and the full year was negatively impacted by the first installment payment under the settlement agreement for the UFC antitrust case and $32 million of debt transaction costs and incremental cash interest associated with the refinancing of our credit facility.

第四季和全年的自由現金流受到 UFC 反壟斷案和解協議項下首期付款以及 3,200 萬美元債務交易成本和與我們的信貸額度再融資相關的增量現金利息的負面影響。

As previously disclosed, in November, we refinanced our existing credit facility. In connection with the refinancing, we entered into a new seven-year $2.75 billion term loan and a new five-year $205 million revolver. The refinancing not only extended the maturities on the term loan and the revolver, but is also expected to result in a reduction of approximately $20 million of annual interest payments. We ended the year with $2.78 billion in debt and $526 million in cash and cash equivalents.

如前所述，11 月，我們對現有信貸額度進行了再融資。在再融資方面，我們簽訂了一項新的七年期 27.5 億美元定期貸款和一項新的五年期 2.05 億美元循環貸款。此次再融資不僅延長了定期貸款和循環貸款的期限，而且預計還將減少每年約 2000 萬美元的利息支付。截至年底，我們的債務為 27.8 億美元，現金和現金等價物為 5.26 億美元。

Given the strength of our balance sheet and financial profile, the implementation of a robust and sustained capital return program has and will continue to be a top priority for us. As we announced in October, our Board of Directors authorized a share repurchase program of up to $2 billion of our Class A common stock. We expect the program to commence in the second or third quarter of this year. Our timing and level of activity will be subject to market conditions and various other factors.

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。正如我們十月份宣布的那樣，我們的董事會批准了一項價值高達 20 億美元的 A 類普通股回購計劃。我們預計該計劃將於今年第二季或第三季啟動。我們活動的時間和水平將取決於市場條件和其他各種因素。

We also announced that our Board authorized a $75 million quarterly cash dividend. Pursuant to this, holders of TKO Class A common stock will receive their pro rata share of distributions. Earlier today, we issued a press release announcing that the inaugural dividend will be made on March 31, in the amount of $0.38 per share, to shareholders of record as of the close of business on March 14.

我們也宣布董事會批准派發 7,500 萬美元的季度現金股利。據此，TKO A 類普通股持有人將按比例獲得分配份額。今天早些時候，我們發布了一份新聞稿，宣布將於 3 月 31 日向 3 月 14 日營業結束時登記在冊的股東派發首次股息，每股 0.38 美元。

Now turning to our outlook. As we have discussed in the past, we manage the business with a focus on full year performance. Therefore, we believe 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.

現在轉向我們的展望。正如我們過去所討論的，我們管理業務的重點是全年業績。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，最好以全年為基礎來評估結果。

For full year 2025, we're targeting revenue of $2.93 billion to $3.0 billion and adjusted EBITDA of $1.35 billion to $1.39 billion. There are four notable drivers of this outlook that are important to underscore. Number one, in connection with the commencement of the Netflix deal in January, our 2025 financials will include the step-up as well as a full year of media rights fees from our new long-term agreement for Raw.

對於 2025 年全年，我們的目標是營收達到 29.3 億美元至 30 億美元，調整後 EBITDA 達到 13.5 億美元至 13.9 億美元。這前景有四個值得強調的驅動因素。第一，隨著 1 月與 Netflix 的交易開始生效，我們 2025 年的財務狀況將包括我們與 Raw 的新長期協議中的增值部分以及全年的媒體版權費。

Number two, in early January, we announced that the January 2026 Royal Rumble will be hosted in Riyadh, Saudi Arabia. This marks the first time in the event's nearly 40-year history that it will be hosted outside of North America. As a result, our guidance for 2025 includes 1 PLE in Saudi Arabia compared to 2 PLEs in 2024. This results in an unfavorable impact to our 2025 plan of approximately $55 million of total company revenue, equating to approximately 200 basis points of revenue growth and approximately 50 basis points on a full year total company adjusted EBITDA margin. For the avoidance of doubt, this item is purely timing related as we expect to host 3 PLEs in Saudi Arabia in 2026, including Royal Rumble.

第二，我們在一月初宣布2026年1月皇家大戰將在沙烏地阿拉伯利雅德舉辦。這是該活動近40年歷史上首次在北美以外地區舉辦。因此，我們對 2025 年的指導包括沙烏地阿拉伯的 1 個 PLE，而 2024 年為 2 個 PLE。這對我們 2025 年計畫產生不利影響，公司總營收約 5,500 萬美元，相當於營收成長約 200 個基點，全年公司調整後 EBITDA 利潤率約 50 個基點。為避免疑問，此項目純粹與時間有關，因為我們預計將於 2026 年在沙烏地阿拉伯舉辦 3 場 PLE，包括皇家大戰。

Number three, staying on the topic of site fees, we continue to see meaningful momentum in this area of our business at both UFC and WWE. We expect 2025 to benefit from the site fees in connection with WrestleMania in Las Vegas in April, Summer Slam at MetLife Stadium in New Jersey in August and various UFC events in the Middle East and Asia Pacific regions.

第三，繼續討論場地費用問題，我們繼續看到 UFC 和 WWE 在這一業務領域呈現出有意義的發展勢頭。我們預計 2025 年將從 4 月拉斯維加斯摔角狂熱大賽、8 月新澤西大都會人壽體育場夏季大滿貫賽事以及中東和亞太地區各種 UFC 賽事的場地費中受益。

Most recently, we have also renewed our partnership with Tourism Western Australia to bring multiple UFC and WWE events to Perth over the next two years. More to come on this in the near future. As a result of our progress, excluding the timing shift of the Saudi PLE I discussed a moment ago, we anticipate meaningful growth year-over-year in site fees in 2025.

最近，我們還與西澳大利亞旅遊局續簽了合作夥伴關係，計劃在未來兩年內將多場 UFC 和 WWE 賽事帶到珀斯。不久的將來將會有更多相關內容。由於我們取得的進展，不包括我剛才討論的沙烏地阿拉伯 PLE 的時間變化，我們預計 2025 年場地費用將比去年同期大幅增加。

Number four, the mix of events, particularly at UFC. Consistent with our goal of continuing to grow UFC's fan base and engagement, in 2025, we expect to hold fewer events at Apex in Las Vegas. While the calendar for the full year isn't yet finalized, we expect to host a higher number of international events as compared to 2024. While these events are expected to result in increased revenue, they have a lower margin profile as compared to Apex events.

第四，賽事組合，尤其是 UFC 賽事。為了實現繼續擴大 UFC 粉絲群和參與度的目標，我們預計 2025 年在拉斯維加斯 Apex 舉辦的賽事將會減少。雖然全年日程尚未最終確定，但與 2024 年相比，我們預計將舉辦更多國際賽事。雖然這些活動預計會增加收入，但與 Apex 活動相比，其利潤率較低。

In addition to these four items, we continue to focus on realizing revenue synergies, cost savings and efficiencies, which all could be incremental to our plan.

除了這四項之外，我們還將繼續致力於實現收入協同效應、成本節約和效率提高，這些都可以作為我們計劃的增量。

Moving to the acquisition of IMG, On Location and PBR. As Ari highlighted, the close of this transaction is quickly approaching. Upon closing, Endeavor is expected to own approximately 61% of TKO through its holdings of TKO Class A shares and TKO OpCo common units. Since we announced this acquisition in October, we've been hard at work planning for the integration of these businesses. We remain extremely excited about combining these assets with UFC and WWE. That said, the 2025 outlook we provided does not include any activity related to IMG, On Location or PBR.

轉向收購 IMG、On Location 和 PBR。正如阿里所強調的，這筆交易即將結束。交易完成後，Endeavor 預計將透過持有 TKO A 類股票和 TKO OpCo 普通股持有 TKO 約 61% 的股份。自從我們十月宣布此次收購以來，我們一直在努力規劃這些業務的整合。我們仍然非常高興能夠將這些資產與 UFC 和 WWE 結合起來。也就是說，我們提供的 2025 年展望不包括任何與 IMG、On Location 或 PBR 相關的活動。

Subsequent to the close of the deal, we intend to issue recast financial statements, which will include results for the acquired businesses. We expect the financials for the years ended 2022 and 2023 to be available by the end of March, and the financials for 2024 to be available on or around our first quarter earnings call. Based on this time line, we expect to be in a position to update our 2025 outlook to include the acquired businesses as well as the associated transaction impacts on that same call in early May.

交易完成後，我們打算發布重訂財務報表，其中將包括所收購業務的績效。我們預計 2022 年度及 2023 年度的財務報表將於 3 月底公佈，2024 年度的財務報表將於第一季財報電話會議前後公佈。根據這項時間表，我們預計將能夠在 5 月初的同一次電話會議上更新我們的 2025 年展望，以包括收購的業務以及相關交易的影響。

We'll address the accounting for the acquisition in more detail on our first quarter earnings call, but we did want to highlight that the transaction will be accounted for as a merger between entities under common control due to Endeavor's control of TKO as well as IMG, On Location and PBR. As a result, we'll report a full 12 months of activity for 2025, even though we will only own and control the businesses for a shorter period.

我們將在第一季財報電話會議上更詳細地討論此次收購的會計處理，但我們確實想強調的是，由於 Endeavor 控制著 TKO 以及 IMG、On Location 和 PBR，因此該交易將被視為共同控制下的實體之間的合併。因此，儘管我們擁有和控制這些業務的時間較短，但我們將報告 2025 年整整 12 個月的活動情況。

Consistent with our prior calls, while we are not providing quarterly guidance, we want to highlight a few notable items as we look to the first quarter. At UFC, results will reflect the mix of events in the quarter. Live events revenue will include a site fee from the Fight Night held in Saudi Arabia earlier this month. As I mentioned earlier in my remarks, we also expect expenses to reflect two additional international Fight Nights and two fewer Apex events compared to the prior year period.

與我們先前的預測一致，雖然我們沒有提供季度指導，但我們希望在展望第一季時強調一些值得注意的事情。在 UFC，結果將反映本季的賽事組合。現場活動收入將包括本月早些時候在沙烏地阿拉伯舉行的格鬥之夜的場地費。正如我之前在演講中提到的那樣，我們預計與去年同期相比，費用還將反映出兩個額外的國際格鬥之夜和兩個更少的 Apex 賽事。

At WWE, we expect live events and sponsorship revenue to continue to reflect the momentum we're seeing in the business. With respect to media rights and content revenue, results are expected to reflect the expansion of SmackDown to a three hour format for the first half of the year. This is purely timing related. It results in a shift in the quarterly revenue recognition, but has no impact on the full year amount.

在 WWE，我們預計現場活動和贊助收入將繼續反映我們在業務中看到的勢頭。就媒體版權和內容收入而言，預計業績將反映出 SmackDown 在今年上半年擴展至三小時格式。這純粹與時間有關。這導致季度收入確認發生變化，但對全年金額沒有影響。

In terms of expenses, similar to UFC, WWE results are expected to reflect the impact of additional international events compared to the prior year period. As we previously announced, for the first time ever, the road to WrestleMania will include an 11 city tour across the U.K. and Europe over 3 weeks in March.

在費用方面，與 UFC 類似，WWE 的業績預計將反映出與去年同期相比更多國際賽事的影響。正如我們之前宣布的那樣，摔角狂熱大賽將首次在 3 月的 3 週內在英國和歐洲的 11 個城市巡迴演出。

In terms of free cash flow, full year 2025 free cash flow is expected to reflect the unfavorable impact of $250 million of payments related to the UFC antitrust lawsuit settlement as well as payments for professional fees related to the acquisition of IMG, On Location and PBR. Excluding these approximately $300 million of nonrecurring amounts, our targeted free cash flow conversion rate would be in excess of 60%.

在自由現金流方面，預計 2025 年全年自由現金流將反映與 UFC 反壟斷訴訟和解相關的 2.5 億美元付款以及與收購 IMG、On Location 和 PBR 相關的專業費用支付的不利影響。不包括這約 3 億美元的非經常性金額，我們的目標自由現金流轉換率將超過 60%。

Consistent with the outlook for 2025 revenue and adjusted EBITDA, our comments regarding free cash flow do not include any activity related to IMG, On Location or PBR.

與 2025 年收入和調整後 EBITDA 的前景一致，我們對自由現金流的評論不包括與 IMG、On Location 或 PBR 相關的任何活動。

In conclusion, we generated strong financial results in 2024 that reflected continued momentum at both of our businesses, which are implicit in our strong 2025 guidance and trends we've just articulated, and we are extremely excited about our prospects for this year and beyond.

總而言之，我們在 2024 年取得了強勁的財務業績，這反映了我們兩項業務的持續發展勢頭，這隱含在我們剛剛闡述的強勁 2025 年指引和趨勢中，我們對今年及以後的前景感到非常興奮。

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

謝謝，安德魯。接線員，我們已準備好開始回答問題。

(Operator Instructions) Brandon Ross, LightShed Partners.

（操作員指示） Brandon Ross，LightShed Partners。

I figured I'd start with what's most meaningful to your stock, which is going to be the UFC domestic deals. And I know you're in the exclusive period now with Disney. Do you expect the deal to get done within this window? Have you brought others into the window? And what are your latest thoughts overall on one versus multiple partners for this deal?

我認為我應該從對你的股票最有意義的事情開始，那就是 UFC 國內交易。我知道您現在正處於與迪士尼的獨家合作期。您預計這筆交易會在這個時間內完成嗎？你把其他人帶進窗戶了嗎？您對這筆交易中是否與一個或多個合作夥伴合作有什麼最新想法？

Thanks, Brandon. Good to hear from you today. I would just tell you that, as you said, we're currently in our exclusive negotiating window with Disney and ESPN. The window opened on January 15. It will last 90 days. When we look at the outlook for renewal, I'd remind you that the market for premium content, despite ESPN shedding MLB and F1, is hot. It's quite strong.

謝謝，布蘭登。很高興今天收到你的來信。我只想告訴你，正如你所說，我們目前正與迪士尼和 ESPN 進行獨家談判。窗口於 1 月 15 日開啟。它將持續90天。當我們展望續約前景時，我想提醒您，儘管 ESPN 放棄了 MLB 和 F1，但優質內容市場仍然很火爆。它相當強大。

The content -- our content, in particular, TKO, is unique because not only do we own and control it, but it's year out. There's no off-season. Our content, both at UFC and WWE for that matter, has an urgency, and the urgency allows us to attract subs and viewers and also gives us a consistency to retain subs and viewers, reduce churn. Obviously, these are appealing attributes for buyers of content, particularly with the streaming services, which is what it's all about these days.

我們的內容，特別是 TKO，是獨一無二的，因為我們不僅擁有和控制它，而且它是年度內容。沒有淡季。我們的內容，無論是在 UFC 還是 WWE，都具有緊迫性，這種緊迫性使我們能夠吸引訂閱者和觀眾，同時也使我們能夠保持一致性，留住訂閱者和觀眾，減少流失。顯然，這些對於內容購買者來說都是很有吸引力的屬性，尤其是對於串流媒體服務而言，這也是當今的重點。

When it comes to our overall deal, one package, two packages, half packages, four packages, NASCAR style, whatever it might be, we're focused on doing what's best for the business in the long term. So that means a balance between maximizing our reach and engagement and monetization.

當涉及到我們的整體交易時，無論是一個套餐、兩個套餐、半個套餐、四個套餐、納斯卡風格，無論它是什麼，我們都專注於做對長期業務最有利的事情。所以這意味著在最大化我們的覆蓋範圍、參與度和貨幣化之間取得平衡。

Great. And this one might be a little out of box. But with Trump in charge, there's clearly a lot of change. And we've heard some speculation about a potential repeal of the Ali Act. I wanted to get your thoughts on that. And to what extent your boxing plans would be dependent on such a appeal?

偉大的。這個可能有點不合常規。但隨著川普的上台，顯然會發生很多變化。我們聽到了一些關於可能廢除阿里法案的猜測。我想聽聽你對此的看法。您的拳擊計劃在多大程度上取決於這樣的吸引力？

Look, the Ali Act has flaws. We believe it is actually possible to improve the current system to facilitate more opportunities for boxers and to regrow the sport of boxing in America. That's where we're at. We're not in there active, inside, pushing, drafting legislation, lobbying legislators, that's ultimately for somebody else. Whether it stays or goes, we think the opportunity for boxing is extraordinary for us in particular. We can talk about that if someone else pings that question. But it's a clear opportunity, and we are chasing it.

瞧，阿里法案有缺陷。我們相信，實際上可以改善現行製度，為拳擊手提供更多機會，並在美國重振拳擊運動。這就是我們現在的處境。我們不會在內部積極推動、起草立法、遊說立法者，這些最終都是為了別人。無論去留，我們都認為拳擊運動的機會對我們來說尤其難得。如果其他人提出這個問題，我們可以討論一下。但這顯然是一個機會，我們正在追逐它。

I would also tell you, and not to leave out one part of your question with regard to getting in or out of the window. Who knows, it's early days. I mean Disney, ESPN has been a great partner. I think we've been very vocal in terms of how much we enjoy partnering with them, how much it's helped their strategy vis-a-vis the transition from linear to streaming and just keeping linear strong. And at the same time, how much it's helped our brand, [Bob Iger, Jimmy Potaro], phenomenal partners running great businesses, serving sports fans around the world. We like where we're at. We'd love to stay with them as long as we're realizing fair value for our content. And we think in this window, our content is premium plus.

我也會告訴你，不要遺漏你關於進出窗戶的問題的一部分。誰知道呢，現在還為時過早。我的意思是，迪士尼和 ESPN 一直是我們很好的合作夥伴。我認為我們已經非常直言不諱地表達了我們非常享受與他們合作，以及這對他們從線性到串流媒體的轉型策略以及保持線性強勁發展有多大的幫助。同時，它對我們的品牌（鮑勃·伊格爾、吉米·波塔羅）也有很大幫助，他們是出色的合作夥伴，經營著偉大的企業，為世界各地的體育迷提供服務。我們喜歡我們現在的處境。只要我們能夠實現內容的公平價值，我們就願意繼續與他們合作。我們認為在這個視窗中，我們的內容是優質的。

Here's your follow-up on the boxing. What are your plans? And then I'll shut up.

以下是關於拳擊的後續報導。你有什麼計劃？然後我就閉嘴了。

Tremendous. I'm really glad that you asked. Look, I would tell you that -- look, our primary focus, I don't want to get away from that, is continuing to drive value to our core business. And our core business, even with adding the Endeavor assets of IMG, On Location and PBR, make no mistake about it, our core business is UFC and WWE. And we're focused on the integration of IMG, On Location and PBR, both as stand-alone businesses, but also to help power and fuel our 2 battleships that are UFC and WWE.

巨大的。我很高興你問了這個問題。聽著，我會告訴你——聽著，我們的主要關注點，我不想偏離這一點，是繼續為我們的核心業務創造價值。我們的核心業務，即使加上 IMG、On Location 和 PBR 的 Endeavor 資產，毫無疑問，我們的核心業務是 UFC 和 WWE。我們專注於整合 IMG、On Location 和 PBR，將它們作為獨立的業務，同時也為我們的兩艘戰艦 UFC 和 WWE 提供動力和燃料。

When it comes to other opportunities, we're going to -- we intend to be selective, disciplined, thoughtful, but we will consider other opportunities to create long-term value for our shareholders as they present themselves, but they must be value accretive. When you look at boxing, it checks the boxes of all of that. It's thoughtful. It's the right strategic place for us to be. We have experts in Nikon and Dana White, among others that can drive that business. We can be selective in terms of how we participate. And whatever we do, we will not take risk and it will definitely be value accretive.

當談到其他機會時，我們將會——我們打算有選擇性、有紀律、深思熟慮，但我們會考慮其他為股東創造長期價值的機會，但它們必須具有增值性。當你觀察拳擊時，它會檢查所有這些內容。很貼心。對我們來說，這是一個正確的戰略位置。我們擁有尼康和達納懷特等專家，可以推動這項業務。我們可以選擇參與的方式。無論我們做什麼，我們都不會承擔風險，而且肯定會增加價值。

I would tell you that there's still strong interest in the sport around the globe and particularly the US Now Tyson and Jake Paul on Netflix isn't the best example because come on, even the casual viewer wanted to see that because everybody wanted to see Mike Tyson back in the ring. But that event in November of '24 attracted 100 million worldwide viewers and 65 million worldwide concurrent streams with just about 40 million of those in the US. So there's an audience for boxing and there's a dearth of boxing on the national platform, and there's a desire to have it back in the forefront of the American sports ecosystem. It's just been broken for too long. It's been fragmented. It's been poorly managed, and we think we can do a lot with it.

我想告訴你，全球各地，尤其是美國，對這項運動仍然有著濃厚的興趣。現在 Netflix 上的泰森和傑克保羅並不是最好的例子，因為即使是普通觀眾也想看這一集，因為每個人都想看到邁克泰森重返拳擊場。但 1924 年 11 月的那場活動吸引了全球 1 億觀眾和 6500 萬次全球同時在線觀看，其中美國觀眾僅佔 4000 萬次。因此，拳擊運動有觀眾，但在國家平台上很少看到拳擊比賽，因此人們希望拳擊運動重新回到美國體育生態系統的前沿。它只是壞了太久了。它已經支離破碎了。它管理不善，但我們認為我們可以利用它做很多事情。

What I would tell you in terms of our specific opportunities, which we've spoken to, everybody knows we're in talks with the Saudis. But to give you a little more color, I will tell you that we are close on an agreement with the Saudis on the creation of a boxing league, where we, TKO, would be the producer, the promoter and responsible for all day-to-day operations of the venture, whereby we would receive a fee of $10 million plus. Again, we're not putting any money in. We're not putting capital in. We're not on the hook for any CapEx.

我想告訴你的是，我們已經談過具體的機會，每個人都知道我們正在與沙烏地阿拉伯進行談判。但為了讓你們更清楚地了解情況，我會告訴你們，我們即將與沙特達成一項關於創建一個拳擊聯盟的協議，我們 TKO 將擔任該聯盟的製作人、推廣人，並負責該聯盟的所有日常運營，從而我們將獲得 1000 萬美元以上的費用。再說一遍，我們不會投入任何資金。我們沒有投入資本。我們不承擔任何資本支出。

Additionally, we would have some earn-in equity over time, specifically over a 5-year period, but it would be dependent on us achieving certain milestones, including us exceeding Board-approved annual budgets over those 5 years. So we've just sent a delegation to London to meet with the Saudi delegation led by Andrew Schleimer, our CFO; and Nick Khan, of course, who runs the UFC; and Lawrence -- or excuse me, WWE; and Lawrence Epstein, who runs the UFC, and they had a full-day meeting earlier this week, and we're getting awfully close. And when we have something official, we'll come out. But I think I've given you at least the framework of what the deal would be, its own league and we'd have consistent fights throughout the year.

此外，隨著時間的推移，特別是在 5 年內，我們會獲得一些收益股權，但這取決於我們實現某些里程碑，包括我們在這 5 年內超額完成董事會批准的年度預算。因此，我們剛剛派出一個代表團前往倫敦會見由我們的首席財務官安德魯·施萊默 (Andrew Schleimer) 率領的沙特代表團；當然還有 UFC 的負責人尼克·汗 (Nick Khan)；和勞倫斯——或者如果是 WWE；以及 UFC 負責人勞倫斯·愛潑斯坦 (Lawrence Epstein)，他們本週早些時候進行了一不好的會議，我們的談判非常順利。一旦我們有官方消息，我們就會公佈。但我認為我至少已經向你介紹了這筆交易的框架、它自己的聯盟以及我們全年都會持續的戰鬥。

I think on top of that, you should know that as part of the partnership, we would be the promoter, producer and event operator of four large scale, super fights, as I call them, that would air really probably two this year and two in 2025. Those may or may not fall into the Boxing League itself. They may just be one-offs, but we would be paid a fee to act as a promoter, the producer and the event operator.

我認為除此之外，您應該知道，作為合作的一部分，我們將成為四場大型超級比賽的推廣者、製作人和賽事運營商，我稱之為超級比賽，今年可能會播出兩場，2025 年可能會播出兩場。這些可能屬於也可能不屬於拳擊聯盟本身。它們可能只是一次性的，但我們會獲得報酬作為發起人、製作人和活動運營商。

So a lot going on in boxing. We're not taking our eye off the ball. We are squarely focused on UFC, WWE, as you can see from our earnings today. We're growing, we're picking up audience. We're increasing engagement. We're having tremendous success with new partners on the WWE front, and we are excited about the opportunities that will present themselves with the UFC renewal.

拳擊運動中發生了很多事情。我們不會分心。我們專注於 UFC 和 WWE，正如您從我們今天的收益中看到的那樣。我們正在成長，我們正在吸引觀眾。我們正在增加參與度。我們與 WWE 的新合作夥伴一起取得了巨大的成功，我們對 UFC 續約將帶來的機會感到非常興奮。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

I think for the year, you guys were able to do over 30% live event revenue growth for both UFC and WWE. And you talked about momentum continuing into '25. Maybe you could just spend a minute talking about the outlook for that combined revenue stream? What kind of growth you can deliver this year and sort of the strategy to maximize that opportunity? And then I have a follow-up.

我認為今年你們能夠為 UFC 和 WWE 實現超過 30% 的現場活動收入成長。您談到這種勢頭將持續到 25 年。也許您可以花一點時間談談合併後的收入流的前景？今年您可以實現什麼樣的成長，以及可以採取什麼樣的策略來最大化這個機會？然後我有一個後續問題。

I'll let Andrew speak to the financial forecast. And then I'll throw in some color. Thanks, Ben. One sec.

我會讓安德魯談談財務預測。然後我會添加一些顏色。謝謝，本。一秒。

Yes. No, I don't think we're going to talk specifically about growth. But obviously, '24 was a banner year under [Pterotic's] leadership across the entirety of the portfolio as we did with the global partnership team under Grant Norris-Jones, we really saw the fruits of our efforts under one consistent message from Pete all the way down. So kudos to him and his team on these terrific results.

是的。不，我認為我們不會具體談論成長。但顯然，24 年是 Pterotic 領導下整個投資組合輝煌的一年，就像我們與 Grant Norris-Jones 領導的全球合作團隊一樣，在 Pete 自始至終傳達的一致信息下，我們真正看到了努力的成果。因此，我們向他和他的團隊所取得的出色成果表示敬意。

As we report live event revenue, as you know, it includes both our ticket revenue and our site fees, both of which were new contributors in 2024.

如您所知，我們報告的現場活動收入包括門票收入和場地費，這兩項都是 2024 年的新貢獻者。

When we look forward to 2025, absent, obviously, the shift in the Saudi PLE, which the $55 million of revenue, which we noted shift from '25 to '26, we still expect meaningful growth year-over-year on a like-for-like basis. That's driven not only by site fee growth. I think I articulated in my prepared remarks, a couple of major drivers, WrestleMania, followed by Summer Slam, a couple of UFC events domestically and internationally. And then, of course, our partnership with Western Australia bring them into Perth.

當我們展望 2025 年時，顯然，沒有沙烏地阿拉伯 PLE 的轉變，我們注意到 5,500 萬美元的收入從 25 年轉移到 26 年，我們仍然預期同比將實現有意義的成長。這不僅是由場地費用的成長所驅動。我認為我在準備好的發言中已經表達了幾個主要驅動因素，摔角狂熱大賽，隨後是夏季衝擊，以及國內和國際的幾場 UFC 賽事。當然，我們與西澳大利亞的合作將他們帶到了珀斯。

Underneath that, it's obviously just yield maximization maximization, leveraging technology, being smart about scaling on the WWE side and squeezing even more out of the rock on the UFC side. So we're fairly bullish that there's still room to grow here, meaningfully to grow on both aspects of live event revenue.

在這之下，顯然只是為了最大化收益，利用技術，巧妙地擴大 WWE 的規模，並從 UFC 的岩石中榨取更多利潤。因此，我們非常看好這裡仍有成長空間，在現場活動收入的兩個方面都具有顯著的成長。

Yes. And I'll tell you, Ben, we're seeing strength on both sides of the coin on the events, both live, the demand for premium live events remains very strong. And while we're mindful, always mindful of the macroeconomic uncertainty, and we're always keeping an eye on those trends, we're really not seeing any signs of a slowdown. I mean, as Andrew spoke to, our ticket yield is strong. Our dynamic pricing is strong. We've got new tools, we're exercising AI opportunities, and we're monitoring pacings and advanced sales very closely for any signs of a falloff, not seeing it.

是的。本，我要告訴你，我們看到了活動的兩面性優勢，無論是現場直播，對優質現場直播活動的需求仍然非常強勁。儘管我們時刻警惕宏觀經濟的不確定性，並始終關注這些趨勢，但我們確實沒有看到任何放緩的跡象。我的意思是，正如安德魯所說的，我們的票房收益很高。我們的動態定價很強勁。我們擁有新的工具，我們正在運用人工智慧的機會，我們正在密切監控節奏和預售，以發現任何下滑的跡象，但沒有看到它。

On the premium sales side, too, On Location is off to a roaring start with both WWE and UFC, and we're bullish about where that goes.

在高端銷售方面，On Location 與 WWE 和 UFC 的合作也取得了良好的開端，我們對其未來發展充滿信心。

In terms of ratings, which is the other side of the coin on live events, and then I'll flip it back to you. On the Netflix side, WWE's Raw is even if you take out the premier episode, which obviously got a lot of play at the Intuit Dome, we're up 13% from our 2024 Q1 average on USA Network. So we're seeing great take-up on Netflix with Raw. And at the same time, you have to believe we're getting some sampling, so we're getting some new audience. And when I talk about that increase in ratings, keep in mind, that's an apples-to-apples. I mean that's based on views, total viewed minutes divided by run time. So similar to Nielsen's average audience delivery as to how they report across linear exhibitions. This is the most apples-to-apples way to compare.

就收視率而言，這是現場活動的另一面，然後我會把它翻轉回給你。在 Netflix 方面，即使刪除 WWE 的 Raw 第一集（該集顯然在 Intuit Dome 獲得了大量播放），其在美國電視網的收視率也比 2024 年第一季度的平均水平高出 13%。因此，我們看到 Netflix 對 Raw 的接受度很高。同時，你必須相信我們正在獲得一些樣本，所以我們正在獲得一些新的觀眾。當我談論收視率的提高時，請記住，這是同類比較。我的意思是，這是基於觀看次數，即總觀看分鐘數除以播放時間。與尼爾森對線性展覽的報告的平均觀眾分佈非常相似。這是最公平的比較方法。

And finally, NXT has been real winner for us this year. We moved that over to CW. And I mean, just last night, which was our latest episode, CW was up 16% in total viewers versus just a week ago, and that ranks as their fifth highest telecast for the quarter in terms of total viewers and audience adults 18 to 49. So CW is seeing some great uplift from NXT, and we're thrilled about where it is. I think in Ari's opening comments, he talked about us being up 12% for the year for CW, and that would obviously be lifted by the fact that we were up 16% last night.

最後，NXT 是我們今年真正的贏家。我們將其移至 CW。我的意思是，就在昨晚，也就是我們最新一集播出的時候，CW 的總觀眾人數比一周前增加了 16%，就總觀眾人數和 18 至 49 歲成年觀眾人數而言，這是本季度 CW 第五高的電視轉播人數。因此，CW 從 NXT 中看到了巨大的提升，我們對它的現狀感到非常興奮。我認為在 Ari 的開場白中，他談到了我們今年 CW 的收益上漲了 12%，而昨晚我們上漲了 16%，這顯然提升了這一水平。

So live events and viewership, really strong for our events. We're taking nothing for granted, [Lee Fitting, Paul Leveck, Craig Borsaari] on the UFC side, doing a great job of storytelling. We're getting the right matches made at the UFC, and we're drawing significant audience.

因此，現場活動和觀眾對我們的活動來說確實很有幫助。我們不會想當然，UFC 方面的 [Lee Fitting、Paul Leveck、Craig Borsaari] 在講述故事方面做得非常出色。我們在 UFC 上安排了精彩的比賽，吸引了大量觀眾。

Yes, that's where I want to go next, Mark. Just -- and maybe the answer is it's too early. But one of the things that was so interesting about the Netflix deal was just the distribution outside the US of WWE Raw, but also the PLEs, I know it's -- again, it's early, so maybe not enough data. But I don't know if you or Nick (technical difficulty), but I'd be curious if you're seeing a noticeable benefit to engagement and ancillary monetization. You talked about doing more internationally this year, which makes sense. But has that shift to Netflix outside the United States registered yet in terms of the stuff you guys look at that matters to your business?

是的，那就是我下一步想去的地方，馬克。只是——也許答案是現在還太早。但 Netflix 交易最有趣的一點是，它不僅在美國以外發行了 WWE Raw，還發行了 PLE，我知道——再說一次，現在還為時過早，所以可能數據不夠。但我不知道你或尼克（技術困難），但我很好奇你是否看到了參與度和輔助貨幣化的明顯好處。您談到今年要在國際上做更多的事情，這是有道理的。但是，就你們關注的與業務相關的內容而言，美國以外的地區轉向 Netflix 的舉動是否已經顯現出來？

Yes. Look, it's a little too early for that, as you said. But I would just tell you that Nick, Lawrence, Andrew and myself, obviously, Dana and Ari, we're very focused on more international events. So while that's obviously an investment vis-a-vis our margin, we constantly have to balance that brand, that audience quote, that engagement, get into new territories, build the audience and then the dollars will flow. So we're really focused on that.

是的。瞧，正如你所說，現在說這個還為時過早。但我只想告訴你，尼克、勞倫斯、安德魯和我，顯然還有達娜和阿里，我們都非常關注更多國際賽事。因此，雖然這顯然是相對於我們利潤的投資，但我們必須不斷平衡品牌、受眾報價、參與度，進入新領域，建立受眾群體，然後資金才會流入。所以我們非常關注這一點。

I would tell you, as it relates to the PLEs, on Peacock, in particular, where our deal for the PLE's with Peacock is up in March of 2026, and we expect to get into a conversation with them on renewal in the second half of this year.

我想告訴你，因為它與 PLE 有關，特別是 Peacock，我們與 Peacock 的 PLE 協議將於 2026 年 3 月到期，我們預計將在今年下半年與他們就續約進行對話。

I guess further to contextualize, and I did mention this in my prepared remarks, as we think about just the P&L, we will be shifting, on the UFC's side, three events from Apex to international locations over the course of this year, to that point on fan base and continued investment. And the road to WrestleMania, which we're knee deep in right now, will include 11 events across Western Europe, leading up to WrestleMania in April. So massive investment on our side to ensure that we continue to reach fans all over the globe.

我想進一步說明一下背景，而且我在準備好的發言中確實提到了這一點，當我們只考慮損益表時，就 UFC 而言，我們將在今年將三場賽事從 Apex 轉移到國際地點，以此來擴大粉絲群並持續投資。我們目前正全力以赴的摔角狂熱大賽之路將包括在西歐舉行的 11 場賽事，為 4 月的摔角狂熱大賽做好準備。因此，我們投入了大量資金以確保我們能夠繼續吸引全球各地的粉絲。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Maybe first on sponsorship for Mark. I know you put out some longer-term goals out there for the sponsorship business. Maybe you could talk a little bit more about the opportunity as you see ahead of you over the next 12 months or so? You recently signed the Monster Energy deal. I think that was a record for you guys. How much opportunity is out there? Maybe to step up some larger sponsors this year or perhaps add new logos to the business over the next few quarters.

也許是馬克的贊助第一名。我知道您為贊助業務設定了一些長期目標。也許您可以再多談談您在未來 12 個月左右所看到的機會？您最近簽署了與 Monster Energy 的協議。我想這對你們來說是一個記錄。那裡有多少機會？也許今年會加強一些更大的贊助商，或者在接下來的幾個季度為企業添加新的標誌。

Thanks, Stephen. Look, short answer on this one. I mean we've guided to $375 million on sponsorship this year, inclusive of digital, and we are on track to hit that number.

謝謝，史蒂芬。瞧，這個問題的答案很簡短。我的意思是，我們今年的贊助預算為 3.75 億美元，包括數位贊助，我們有望達到這個數字。

Where we're seeing it -- I would tell you, it's early. But I think that the team would agree, we're optimistic and really encouraged that Grant Norris Jones and his team -- is that the second mention for Grant? Grant Norris Jones and his team have had tremendous success. Already out of the gate selling three, all three leads.

就我們所見——我想告訴你，現在還為時過早。但我認為團隊會同意，我們很樂觀，並且真的鼓勵格蘭特諾里斯瓊斯和他的團隊 - 這是格蘭特的第二次提名嗎？格蘭特·諾里斯·瓊斯和他的團隊取得了巨大的成功。已經售出了三件商品，三件商品均處於領先地位。

So you saw our announcement earlier today about the Kansas City TKO Takeover that we're doing in April, which we're obviously really excited about and [V Chain] has signed on as the presenting sponsor. But he is out there with his team selling obviously UFC and a lot of renewals because they had a lot of traction and incumbent deals, as you know.

所以您今天早些時候看到了我們關於四月份堪薩斯城 TKO Takeover 賽事的公告，我們對此感到非常興奮，並且 [V Chain] 已經簽約成為主辦贊助商。但正如你所知，他和他的團隊顯然在推銷 UFC 和大量續約合同，因為他們有很多吸引力和現任交易。

WWE in a big way because this is all fertile ground for Nick Conan and what he's trying to accomplish here in selling different parts of the ring, the arena and really outdoor activations and retail. So we see there's huge opportunity there.

WWE 在這方面取得了巨大成功，因為這對尼克柯南來說是一片沃土，他試圖透過銷售拳擊台、競技場以及戶外活動和零售等不同部分來實現這一目標。因此，我們看到那裡存在著巨大的機會。

And then PBR. So the fact that we could -- we're not even closed on PBR yet. And the fact that we've already closed two or three deals across all three leagues is truly really encouraging for where we're going.

然後是 PBR。事實上我們可以——我們甚至還沒有完成 PBR。事實上，我們已經與三大聯賽達成了兩三筆交易，這對我們的未來發展確實非常鼓舞人心。

So I'm not going to give any long-term guidance of where that $375 million goes, but let's just say, when you look at some of the more established leads that have been around for a century, like the NFL, we've got ways to go. So a lot of upside, and we want to get more mainstream sponsors in and we want to close some unsold categories across all three of the leads.

因此，我不會對這 3.75 億美元的去向給出任何長期指導，但是，當你看看一些已經存在了一個世紀的更成熟的領先優勢時，比如 NFL，我們還有很長的路要走。因此有許多好處，我們希望獲得更多主流贊助商，我們希望關閉所有三個領先品牌中一些未售出的類別。

That's helpful. And then since you mentioned the Kansas City Takeover, I was curious if I could ask a question just on the economics around that deal. It seems like there's a site fee component. There's a pretty big sponsorship component, as you mentioned, maybe some nice efficiencies from operating the events together. I guess how can we think about sizing those opportunities both this year. And then as we look out over the next couple of years, how many more opportunities do you think exists within the calendar as to the type of Takeovers between the three sports?

這很有幫助。既然您提到了堪薩斯城收購案，我很好奇我是否可以問一個有關該交易的經濟問題。好像有場地費用部分。正如您所說，贊助部分非常重要，也許透過共同舉辦活動可以提高效率。我想我們今年該如何考慮如何把握這兩個機會呢？那麼，當我們展望未來幾年時，您認為在日曆中還存在多少次三項運動之間接管的機會？

Look, Stephen, I think this is an indication of our strategy working, and we're just getting started on these multi-event per city weekends. What I'll say is that our partners in the Kansas Sports Commission, our counterparty to a meaningful incentive package on this deal. We're thrilled about the relationship and are looking forward to doing more.

聽著，史蒂芬，我認為這表明我們的策略正在發揮作用，我們才剛開始在每個城市週末舉辦多項活動。我想說的是，我們在堪薩斯州體育委員會的合作夥伴是我們在這筆交易中有意義的激勵方案的對手方。我們對這段合作關係感到非常興奮，並期待進行更多合作。

But again, when we talk about the potential opportunity here, I think we initially articulated it on our premium side. These are fight nights and non-PLE, non-pay-per-view event. So if you start thinking about the initial math, around the portfolio of '24 PLE slash pay-per-view events and how big that could get by virtue of monetizing those, we're now looking a layer deeper. So we have, as you know, 200-plus events in the entirety of the portfolio, and we get excited by virtue of being able to monetize those that are not just premium.

但是，當我們談論這裡的潛在機會時，我認為我們最初是在高端方面表達這一點的。這些是格鬥之夜和非 PLE、非按次付費的活動。因此，如果你開始思考最初的數學問題，圍繞著「24 PLE」和按次付費活動的投資組合，以及透過將這些活動貨幣化可以達到多大的規模，我們現在正在更深入地研究。因此，如您所知，我們的整個產品組合中包括 200 多個活動，我們很高興能夠將這些非付費活動貨幣化。

We're going there, Stephen. Obviously, you've got NXT, which we haven't started selling any site fees. You've got all these UFC Fight Nights. So we'll have years of multiple layer of opportunity here to sell for more of our events. Not to mention, keep in mind what Lawrence is doing on the UFC side and what Nick is doing on the WWE side, is really festivalizing these events.

我們要去那裡，史蒂芬。顯然，您已經擁有 NXT，我們還沒有開始出售任何網站費用。您已經參加了所有這些 UFC 格鬥之夜。因此，我們將擁有多年多層次的機會來銷售更多活動產品。更不用說，請記住勞倫斯在 UFC 方面所做的事情以及尼克在 WWE 方面所做的事情，實際上都是將這些活動節日化。

When you're adding three events over a weekend and you have to weigh in and you're bringing a concert, right? And you have a partnership -- Nick architected last year with Michael Rubin and Fanatics is a WWE experience, if you will, that kind of fest, all of a sudden, for each city, it becomes real economic impact. It's a week long celebration, superstar appearances, fighter appearances. And it's something that advertisers are really attracted to because it resonates in a very visceral way with our audience and their consumers. So we're just getting started here, but the fact that Kansas City jumped on to this is already going to ignite a bunch of incoming calls from various DMAs as we proceed here.

當你在一個週末增加三項活動時，你必須權衡利弊，並且還要舉辦一場音樂會，對嗎？而且你們有一個合作關係——尼克去年與邁克爾·魯賓和 Fanatics 共同設計了一個 WWE 體驗，如果你願意的話，這種盛會，突然之間，對每個城市來說，都會產生真正的經濟影響。這是為期一周的慶祝活動，有超級明星和拳擊手亮相。這是真正吸引廣告商的東西，因為它能與我們的觀眾和他們的消費者產生非常深刻的共鳴。因此，我們才剛剛開始，但隨著我們繼續前進，堪薩斯城參與其中的事實已經引發來自各個 DMA 的大量來電。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Mark, given your executive role at both Endeavor and TKO, I wanted to see if you could shed some light on buying of TKO shares by EDR that we've seen since late December? Should investors read that as confidence in the future of TKO, are there some other factors maybe driving some of that purchasing? Any help would be great.

馬克，鑑於您在 Endeavor 和 TKO 都擔任高管職務，我想看看您是否可以解釋一下自 12 月底以來 EDR 購買 TKO 股票的情況？投資者是否應該將此解讀為對 TKO 未來的信心，是否還有其他因素推動了部分購買？任何幫助都將非常有幫助。

Yes. No, look, I would just say this is a TKO earnings call. And despite my role at Endeavor, we're not going to comment on Endeavor related matters.

是的。不，你看，我只想說這是一次 TKO 收益電話會議。儘管我在 Endeavor 擔任職務，但我們不會對 Endeavor 相關事宜發表評論。

Fair enough. And then just for Andrew, on the incremental UFC events abroad, I understood your lower margin just given the production cost, but to clarify, should we view them as overall EBITDA accretive to an Apex event?

很公平。然後對於安德魯來說，關於國外的增量 UFC 賽事，我理解你們的利潤率較低，因為製作成本較高，但需要澄清的是，我們是否應該將它們視為 Apex 賽事的整體 EBITDA 增值？

And then for Mark, just more broadly, what's kind of driving the decision to finally move more of those events out of Vegas?

那麼對於馬克來說，從更廣泛的角度來說，是什麼促使他決定最終將更多此類活動移出拉斯維加斯？

Yes, I think that's the right way to think about them on an absolute dollar basis. From a contribution basis vis-a-vis Apex look, as we think about where we should host these, it's with a long-term view in mind. Apex events, obviously coming out of COVID, carries a lower cost structure and a higher margin profile, but we do this more holistically and are making investments in the long run.

是的，我認為這是從絕對美元角度來思考這些問題的正確方法。從對 Apex 的貢獻基礎來看，當我們考慮應該在哪裡託管這些內容時，我們會考慮長遠的眼光。顯然，在新冠疫情之後，Apex 活動的成本結構更低，利潤率更高，但我們做得更全面，並且正在進行長期投資。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得·蘇皮諾（Peter Supino）。

A question about your guidance and then one about growth in the US On guidance, I wanted to ask about the implied incremental margins in the 2025 guide, it looked to be about 75%. And I don't want to sound like a spoiled child, that's a really good level. But given some of the onetime margin dilution in 2024, UFC 306 and the gap in your Raw revenue stream, some -- and we were expecting even better incrementals in the 2025 guidance. I wonder if you could talk about whether there are any expense pressures or new strategies that are showing up in Q4 margins and also in the 2025 guidance? I'll pause there.

我首先要問的是您的指導意見，然後是關於美國的成長。關於指導意見，我想問一下 2025 年指南中隱含的增量利潤率，它看起來約為 75%。我不想讓自己聽起來像個被寵壞的孩子，這確實是一個很好的水平。但考慮到 2024 年的一次性利潤率稀釋、UFC 306 以及 Raw 收入流的差距，我們預計 2025 年的指引會有更好的增量。我想知道您是否可以談談第四季度利潤率以及 2025 年指引中是否存在任何費用壓力或新策略？我就在這裡暫停一下。

I think the answer simply is no. But if you look at some of the things that I articulated, Peter, in the prepared remarks, pro forma for the Saudi shift, that's an incremental 50 basis points to total company margin. And when you look at year-over-year, '24 -- excuse me, '23 to '24, margin accretion was roughly 300 basis points. Our guide implies 150 to 200 basis points. And then obviously, if you were to think about normalizing for Saudi, there's a little bit of upside to that. So we believe that's fairly healthy. Clearly, the Saudi shift is a bit of a headwind from a margin perspective as are some of these conscious decisions to move events internationally vis-a-vis Apex.

我認為答案很簡單，是否定的。但彼得，如果你看我在準備好的發言中闡述的一些內容，沙烏地阿拉伯轉變的形式，那就是公司總利潤率增加 50 個基點。如果你看一下同比情況，24 年——對不起，是 23 年到 24 年，利潤率增加了大約 300 個基點。我們的指導價是 150 至 200 個基點。顯然，如果你考慮對沙烏地阿拉伯實現關係正常化，那麼這會帶來一些好處。因此我們認為這是相當健康的。顯然，從利潤率角度來看，沙烏地阿拉伯的轉變有點不利，就像一些有意識地將活動轉移到國際上而不是 Apex 一樣。

So you're not missing anything. There are no undue expense pressures. We actually believe with some of these Takeover and other efficiency type opportunities, we can drive additional margin over the course of the year.

所以你沒有錯過任何東西。不存在過度的開支壓力。我們確實相信，透過這些收購和其他效率類型的機會，我們可以在一年內實現額外的利潤。

I just wanted to ask about Netflix and specifically your live event business in the US is super successful and maybe pretty optimized. And so I wonder with all the engagement growth in Netflix, how do you turn that into more revenue? And then how dear does sponsorship to engagement growth?

我只是想問 Netflix，特別是你們在美國的現場活動業務非常成功，而且可能相當優化。所以我想知道，隨著 Netflix 參與度的成長，您如何將其轉化為更多收入？那麼贊助對於參與度成長有多重要？

Well, I think it's -- look, there was a note the other day. I was quite surprised by the [mock Nathanson] of defense with a price target has us drastically lower than we're currently trading and seemingly a misunderstanding about our KPIs. There isn't a day that goes by here, that we are not, as an executive team, squarely and laser-focused on the KPIs that will move our business, to your point. You have these successful live events, how are you monetizing it across various platforms and business lines. And we approach our work that way every day.

嗯，我認為是——你看，前幾天有一張紙條。我對[模仿納桑森]的防守感到非常驚訝，他設定的價格目標比我們目前的交易價格要低得多，而且似乎對我們的 KPI 有誤解。正如您所說，作為執行團隊，我們每天都會全神貫注地關注那些能夠推動我們業務發展的 KPI。您舉辦了這些成功的現場活動，您如何在各個平台和業務線上將其貨幣化？我們每天都以這種方式對待工作。

If you're having big live events that are drawing the kind of viewership, we are right now with SmackDown on NBC and NXT on CW and what we're doing for UFC and ESPN+ and our launch on Netflix, you're having that kind of viewership success, well, then you should be doing better in your media rights deals.

如果你舉辦的大型現場活動能夠吸引如此多的觀眾，例如我們現在在 NBC 上播出的 SmackDown 和在 CW 上播出的 NXT，以及我們在 UFC 和 ESPN+ 上播出的節目，還有我們在 Netflix 上的發布，你都獲得瞭如此大的收視成功，那麼，你應該在媒體版權交易方面做得更好。

And while I think that without talking to us, we have a lot of analysts that are jumping to conclusions on what we may or may not get in a renewal of UFC, there's no doubt about it, we're still strong, and we're still premium content, and there's going to be demand for the UFC and the WWE PLEs that follow that. So it starts with that.

雖然我認為，許多分析師在沒有與我們溝通的情況下就妄下結論，認為 UFC 的續約可能會帶來什麼，也可能不會帶來什麼，但毫無疑問，我們仍然很強大，我們仍然是優質內容，而且隨之而來的 UFC 和 WWE PLE 的需求也會很大。所以一切就從那開始。

Obviously, live events that are selling out, we're raising our ticket prices. Our premium opportunities are growing with the best in the business, the best in the industry now driving that business, which is On Location. Consumer products very, very strong on the WWE side, and it lends itself to being strong because of the superstars and the fictional nature of what we do there. And then, of course, on the UFC side, bigger winners we have and the more brand names we build, that's going to lend itself along with the UFC brand to success on the licensing side.

顯然，對於門票銷售一空的現場活動，我們會提高門票價格。我們的優質機會正在隨著業內最優秀的人才而不斷增長，目前業內最優秀的人才正在推動這項業務，即 On Location。WWE 的消費品業務非常強勁，這得益於其擁有超級明星以及我們所做的虛構性質。當然，就 UFC 方面而言，我們擁有的贏家越多，我們建立的品牌越多，這將與 UFC 品牌一起在授權方面取得成功。

And when you add all that together, demand plus demand equals an increase in site fees and sponsorship. So that's where we are. That's where the team is. We don't need to reinvent. We don't need to get distracted. We don't need to break away from the pure-play sports strategy that we have at TKO. We just need to stay front and center focused on driving those lines of business, while at the same time, extending our brand overseas.

當你把所有這些加在一起時，需求加上需求就等於場地費和贊助費的增加。這就是我們現在的狀況。團隊就在那裡。我們不需要重新發明。我們不需要分心。我們不需要脫離 TKO 所秉持的純粹運動策略。我們只需要集中精力推動這些業務線，同時將我們的品牌擴展到海外。

So it's a good story for us. It will be an even better story over the course of the next 18 months as we renew our media deals and we go into '26 with 3 events in Saudi on the WWE side, which already will give us a massive head start when it comes to long-term investors looking for long-term growth.

所以這對我們來說是一個好故事。在接下來的 18 個月裡，情況會更加好，因為我們將續簽媒體協議，我們將在 26 年為 WWE 在沙烏地阿拉伯舉辦 3 場活動，這對於尋求長期成長的長期投資者來說已經是一個巨大的領先優勢。

Ryan Gravett, UBS.

瑞銀集團的瑞安·格雷維特（Ryan Gravett）。

On WWE media rights, you called out timing of content deliveries in the quarter as having some impact. So just wondering if some of those timing-related headwinds should start to reverse and any update on the opportunity here for additional programming with Netflix?

關於 WWE 媒體版權，您指出本季內容交付的時間產生了一定影響。所以我只是想知道一些與時間相關的不利因素是否應該開始逆轉，以及與 Netflix 合作增加節目的機會有任何最新消息嗎？

And then, Andrew, just any additional color on how we should think about growth in media rights revenues at UFC through the year as new Netflix markets get turned off?

然後，安德魯，隨著新的 Netflix 市場關閉，我們應該如何看待 UFC 全年媒體版權收入的成長？

Andrew, handle that first part and then let me talk about the ancillary with Netflix.

安德魯，先處理好第一部分，然後我再談談 Netflix 的輔助功能。

Yes. So that's purely timing related and that will sort itself out over the course of the year or any quarter. Obviously, some of these deliveries are related to our deal with A&E and other distributors. So nothing that is of concern or structurally problematic, just timing.

是的。所以這純粹與時間有關，並且會在一年或任何季度內自行解決。顯然，其中一些交付與我們與 A&E 和其他分銷商的交易有關。因此，沒有什麼值得擔心或結構上的問題，只是時間問題。

As it relates to the second part of your question -- what was the second question? (multiple speakers) said UFC with Netflix. So as it relates to Netflix and WWE, if you recall, we retained the income from international distributors that do not -- that do have deals that do not term out on January 1. So as those continue to be our distributors internationally, we retain the income from those distribution partners. And as they roll into Netflix deal, they roll in at rates similar to our economics in that deal.

這與你問題的第二部分有關──第二個問題是什麼？（多位發言者）UFC 與 Netflix 合作。因此，就 Netflix 和 WWE 而言，如果您還記得的話，我們保留了來自國際分銷商的收入，這些分銷商的協議不會在 1 月 1 日到期。因此，只要他們繼續成為我們的國際經銷商，我們就能保留這些分銷合作夥伴的收入。當他們加入 Netflix 交易時，他們的加入速度與我們在該交易中的經濟速度相似。

So over the course of the year, we anticipate the first year of a 10-year deal with the step-up that we see by the fifth year of that relationship, fairly smooth over the course of that it year of the relationship. So no real impact from who the distributor is because we're economically indifferent in the first year.

因此，我們預計，在這一年中，我們將看到十年期協議的第一年和第五年的關係將有所提升，並且在這一年中，雙方的關係將相當平穩。因此，分銷商是誰不會對我們產生真正的影響，因為第一年我們在經濟上並不在乎。

And just to answer the part about the appetite and Netflix for ancillary programming, this is Nick, by the way, Ryan, as Mark said a couple of minutes ago, all we've seen from that place is an appetite for more WWE. They've been phenomenal to deal with. They promoted us in the way that we hoped we would be promoted, even more so than we had hoped. And the appetite by Netflix to have additional ancillary programming, we announced a few weeks ago that we're doing a WWE behind the scene show with Netflix, which will come out later this year, assume there's more cooking in the pipeline.

關於 Netflix 對輔助節目的興趣和需求，我是尼克，順便說一下，我是瑞安，正如馬克幾分鐘前所說的那樣，我們從那裡看到的只是對更多 WWE 的興趣。他們真是太出色了。他們以我們所希望的方式提拔我們，甚至比我們所希望的還要好。Netflix 對額外輔助節目的興趣，我們幾週前宣布，我們將與 Netflix 合作製作一檔 WWE 幕後節目，該節目將於今年晚些時候推出，假設還有更多節目正在籌備中。

And I'll tell you, Ryan, all these new ideas and concepts just lead to new business. I mean we announced the TKO Takeover in Kansas City, which will take place in April again. Earlier today, we've already had an inbound call on our interest in allowing one of the platforms to produce a follow doc on our fighters, superstars and bull riders, over the course of the weekend. So think of Danica Patrick back in the day doing a NASCAR race and then rushing to an [Indy 500] race or vice versa.

瑞安，我會告訴你，所有這些新想法和新概念都會帶來新業務。我的意思是我們宣布了堪薩斯城的 TKO Takeover，它將於四月再次舉行。今天早些時候，我們已經接到一個電話，表示我們有意允許其中一個平台在周末製作一部關於我們的戰士、超級明星和騎牛士的跟踪紀錄片。想像丹妮卡·帕特里克 (Danica Patrick) 當年參加 NASCAR 比賽，然後又趕去參加 [Indy 500] 比賽，反之亦然。

And following that, that's the impetus here. And that's just new business. And it helps us with storytelling. It helps us launch names, it helps us build stars, it helps us attract audience. So we're clearly -- something we're motivating and encouraging our teams to think outside the color lines when we look for new opportunities to grow.

這就是這裡的動力。這只是新業務。它可以幫助我們說故事。它幫助我們推出名字，幫助我們打造明星，幫助我們吸引觀眾。因此，當我們尋找新的成長機會時，我們顯然正在激勵和鼓勵我們的團隊跳出膚色界限去思考。

Thank you everyone. Thank you, everyone, for joining us on the call and for your interest in TKO. Operator, you can conclude the call.

謝謝大家。感謝大家參加我們的電話會議並對 TKO 感興趣。接線員，您可以結束通話了。

That concludes today's call. Thank you all for your participation, and you may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與，現在您可以斷開線路了。