TKO Group Holdings Inc (TKO) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's TKO Q1 2025 Earnings Call. My name is Cole, and I'll be the moderator for today's call. (Operator Instructions) I'd now like to hand it over to Seth Zaslow, Head of Investor Relations. Please go ahead.

午安.感謝您參加今天的 TKO 2025 年第一季財報電話會議。我叫科爾，我將擔任今天電話會議的主持人。（操作員指示）現在我想將其交給投資者關係主管 Seth Zaslow。請繼續。

Good afternoon. and welcome to TKO's first quarter 2025 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. 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.

午安.歡迎參加 TKO 2025 年第一季財報電話會議。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。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。

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 first quarter 2025 performance. 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.

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 2025 年第一季業績的資訊。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。

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. Our commentary today will also include non-GAAP financial measures, which we believe provide an additional tool for investors to use in evaluating ongoing operating results and trends.

如果這些風險或不確定性成為現實，或任何假設被證明是錯誤的，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。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. 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.

這些措施不應孤立地看待或取代根據 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. We are off to a good start in 2025 driven by continued momentum at UFC and WWE. Our first quarter revenue and profitability beat our internal expectations. And as a result, we are raising our guidance for the full year. During Q1, we also completed our acquisition of industry-leading assets, IMG, On Location and PBR and we're now hard at work on integrating the properties into our flywheel and identifying synergies to drive top line growth and cut costs.

謝謝，塞思。在 UFC 和 WWE 持續發展的推動下，我們在 2025 年取得了良好的開端。我們第一季的營收和利潤超出了我們的內部預期。因此，我們提高了全年業績預期。在第一季度，我們還完成了對行業領先資產 IMG、On Location 和 PBR 的收購，目前我們正努力將這些資產整合到我們的飛輪中，並確定協同效應以推動營收成長並削減成本。

Andrew will share more on our updated outlook for 2025 inclusive of these businesses. Turning to the UFC. live events and global partnerships continue to deliver solid performance and drive meaningful growth.

安德魯將分享更多關於我們對 2025 年這些業務的最新展望。轉向UFC。現場活動和全球合作夥伴關係繼續帶來穩健的表現並推動有意義的成長。

Live events set new records in Q1, including our Fight Night in London, delivering the highest grossing Fight Night in company history and UFC 312 in Sydney setting the record for Australia's highest grossing indoor arena event. Global demand for our live events further underscores our conviction in the site fee model.

現場活動在第一季創下了新紀錄，其中包括我們在倫敦舉辦的格鬥之夜，創造了該公司歷史上票房最高的格鬥之夜，以及在雪梨舉辦的 UFC 312，創下了澳洲票房最高的室內競技場賽事紀錄。全球對我們現場活動的需求進一步強調了我們對場地收費模式的信心。

Evidence of the potential here was seen in the announcement of our partnership with the Western Australian government to host five major UFC and WWE events in Perth through 2026. Our global partnerships team also secured several major innovative deals as leading brands continue to see value in UFC's worldwide and highly engaged fan base. We renewed our long-standing partnership with Monster Energy in a multiyear agreement that is the largest sponsorship deal in company history.

我們宣布與西澳大利亞政府合作，到 2026 年在珀斯舉辦五場大型 UFC 和 WWE 賽事，證明了這裡的潛力。隨著領先品牌繼續看到 UFC 在全球範圍內高度參與的粉絲群的價值，我們的全球合作夥伴團隊也達成了幾項重大創新交易。我們與 Monster Energy 續簽了長期合作夥伴關係，並簽署了一項多年期協議，這是該公司歷史上最大的贊助協議。

We also entered into a groundbreaking multiyear partnership with Meta designed to bring UFC content to life in immersive new ways from AI-enhanced fighter rankings to next-gen in-arena experiences and exclusive content across Meta's platforms. At WWE, the year started with the spectacle debut of our Netflix partnership, which will put our content in front of the streamers 300 million global subscribers each week.

我們還與 Meta 建立了開創性的多年合作夥伴關係，旨在以身臨其境的新方式將 UFC 內容帶入生活，從 AI 增強的戰士排名到下一代競技場體驗以及 Meta 平台上的獨家內容。在 WWE，新的一年以我們與 Netflix 合作的盛大開幕，這將使我們的內容每週呈現給全球 3 億串流訂閱用戶。

Raw is now a mainstay on the global top 10, and we're seeing significant engagement and viewership increases internationally for weekly WWE programming and premium live events on Netflix especially in Mexico, the UK, Australia and Brazil. As global territories roll off existing rights deals, WWE's international footprint on Netflix will continue to expand.

Raw 現在是全球十大節目中的主力，我們看到每週 WWE 節目和 Netflix 上的優質直播活動的國際參與度和收視率顯著上升，尤其是在墨西哥、英國、澳洲和巴西。隨著全球地區現有版權交易的陸續完成，WWE 在 Netflix 上的國際影響力將持續擴大。

In fact, India has now joined the Netflix WWE family and brings with it one of the world's most passionate and engaged fan bases. Overall, WWE's live events similarly outperformed with 35 individual market records for ticket sales and 17 sold out events in the quarter. Elimination Chamber in Toronto became WWE's highest grossing event in Canada. Royal Rumble set a new milestone as the highest grossing non-WrestleMania event in company history and the road to WrestleMania tour achieved gate records at each of its 12 European events and drew over 116,000 fans collectively.

事實上，印度現已加入 Netflix WWE 大家庭，並擁有世界上最熱情、最投入的粉絲群之一。總體而言，WWE 的現場活動同樣表現出色，本季有 35 場單獨活動創下了門票銷售市場紀錄，17 場活動門票全部售罄。多倫多的 Elimination Chamber 成為 WWE 在加拿大票房最高的賽事。皇家大戰創下新里程碑，成為公司歷史上票房最高的非摔角狂熱賽事，而通往摔角狂熱之旅在其 12 場歐洲賽事中均創下了門票記錄，總共吸引了超過 116,000 名粉絲。

That charge culminated in a record-breaking WrestleMania 41 in Las Vegas last month. Allegiant Stadium welcomed 124,000 fans across two nights, and WrestleMania 41 became WWE's most successful event ever. breaking all-time records in gate, premium hospitality, viewership, sponsorship, merchandise and social engagement. Turning now to some highlights from IMG, On Location and PBR. IMG announced several major renewals that underscore their unmatched capabilities, expertise and global reach in sports.

這一衝擊在上個月拉斯維加斯舉行的第 41 屆摔角狂熱大賽中達到了頂峰，創下了紀錄。忠誠體育場在兩個晚上迎來了 124,000 名粉絲，第 41 屆摔角狂熱大賽成為 WWE 有史以來最成功的賽事。打破了門票、高級接待、收視率、贊助、商品和社會參與的歷史記錄。現在來看看 IMG、On Location 和 PBR 的一些亮點。IMG 宣布了幾項重大續約，凸顯了其在體育領域無與倫比的能力、專業知識和全球影響力。

We renewed our partnership with Conviva, the South American Football Confederation, covering sponsorship and media rights through 2030. We extended our strategic partnership with EuroLeague Basketball through the 2035 to '36 season, building on a successful joint venture that has driven significant growth in media rights value and production quality since 2016.

我們與南美足球聯合會 Conviva 續簽了合作夥伴關係，涵蓋到 2030 年的贊助和媒體權利。我們將與歐洲籃球聯賽的戰略合作夥伴關係延長至 2035 至 2036 賽季，在此基礎上建立成功的合資企業，自 2016 年以來推動了媒體版權價值和製作質量的顯著增長。

And we renewed and expanded our partnership with Major League Soccer to deliver live match and studio coverage of more than 600 games each year on Apple TV, all produced from WWE's state-of-the-art studio facilities in Stamford, Connecticut. And at On Location, our partnership with the NFL, the leading sports and entertainment property across the U.S. delivered more than 32,000 fan experiences, including at Super Bowl 59 in New Orleans, a tremendous result in the very first year of a new contract extension with the league that run through 2036.

我們更新並擴大了與美國職業足球大聯盟的合作夥伴關係，每年在 Apple TV 上提供超過 600 場比賽的現場比賽和演播室報道，所有節目均由位於康涅狄格州斯坦福德的 WWE 最先進的演播室設施製作。在 On Location，我們與美國國家橄欖球聯盟 (NFL) 合作，為全美領先的體育和娛樂產業帶來了超過 32,000 次的球迷體驗，包括在新奧爾良舉行的第 59 屆超級碗，這是在與該聯盟續簽新合約的第一年就取得的巨大成果，該合約將持續到 2036 年。

I should mention that in terms of trends, WrestleMania 41 held just a few weeks ago was no different. On Location hospitality package revenue surged 75% over WrestleMania 40. Having this experiential hospitality capability now in-house at TKO bodes well for not only the growth of our owned assets but the partnership opportunities across the 200 global sports league and team clients served by IMG. Finally, PBR's unleash the beast and velocity tours stretch the live events demand we are witnessing with a strong showing in the quarter, drawing 640,000 fans to their 40 events and selling out more than 30. Almost right out of the gate, we are capitalizing on the strengths and capabilities of these new TKO businesses to accelerate value creation across UFC and WWE.

我應該提到，就趨勢而言，幾週前舉行的第 41 屆摔角狂熱大賽也沒有什麼不同。在第 40 屆摔角狂熱大賽期間，場地接待套餐收入飆升了 75%。TKO 現在擁有這種體驗式接待能力，這不僅有利於我們自有資產的成長，也有利於與 IMG 服務的 200 個全球運動聯盟和球隊客戶建立合作機會。最後，PBR 的「釋放野獸」和「速度之旅」擴大了我們對現場活動的需求，我們在本季度看到了強勁的表現，吸引了 64 萬名粉絲參加他們的 40 場活動，其中 30 多場門票銷售一空。幾乎一開始，我們就利用這些新的 TKO 業務的優勢和能力來加速 UFC 和 WWE 的價值創造。

The TKO takeover, as we call it, last month in Kansas City, marked the first time all three businesses appeared in the same arena and city over a single weekend showcasing our unified live event strategy and seamless coordination across scheduling, ticketing and the fan experience.

上個月在堪薩斯城舉行的 TKO 接管活動，正如我們所說，標誌著這三家企業首次在一個週末出現在同一個場館和城市，展示了我們統一的現場活動策略以及在日程安排、票務和粉絲體驗方面的無縫協調。

Our conviction in our businesses is as strong as ever. We remain focused on creating value for shareholders through integrating and driving synergies across our newly expanded sports portfolio, delivering a media rights deal for UFC that positions the brand and the business for long-term audience and financial success, and executing our capital return programs.

我們對我們的業務的信心一如既往地堅定。我們將繼續致力於透過整合和推動我們新擴展的體育產品組合的協同效應為股東創造價值，為 UFC 提供媒體版權協議，使品牌和業務獲得長期的受眾和財務成功，並執行我們的資本回報計劃。

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. As Ari highlighted, 2025 is off to a great start. We have delivered strong operating financial performance at UFC and WWE and have raised our expectations for performance for the remainder of the year. I'll provide more detail on the outlook later in my remarks. Before I review our financial statements, I'll briefly touch upon basis of presentation.

午安.正如阿里所強調的，2025 年將有一個好的開始。我們在 UFC 和 WWE 取得了強勁的營運財務業績，並提高了對今年剩餘時間業績的預期。我將在稍後的發言中提供更多關於前景的細節。在審查我們的財務報表之前，我將簡要談談列報基礎。

As we mentioned on our last earnings call, the acquisition of IMG, On Location and PBR is accounted for as a merger between entities under common control. As a result, our first quarter results include three months of activity, even though the acquisition closed on February 28, and we only owned and controlled these businesses for one month. In addition, our first quarter 2024 results have been recast to include activity for these businesses. The financial results for the periods that we did not own the acquired businesses were prepared by Endeavor and include allocations of expenses to the businesses based on Endeavour's overall corporate expense profile. This presentation is consistent with the carve-out financial statements for the acquired businesses included in our information statement on Form 14C filed in connection with the transaction.

正如我們在上次收益電話會議上提到的那樣，對 IMG、On Location 和 PBR 的收購被視為同一控制下實體之間的合併。因此，儘管收購於 2 月 28 日完成，但我們第一季的業績包括三個月的活動，而我們僅擁有和控制這些業務一個月。此外，我們對 2024 年第一季的業績進行了重新調整，以涵蓋這些業務的活動。我們不擁有所收購業務的期間的財務結果由 Endeavor 編制，其中包括根據 Endeavor 的整體企業費用狀況向這些業務分配費用。本報告與我們在交易中提交的 14C 表格資訊聲明中包含的收購業務的剝離財務報表一致。

These expenses consisted of certain support functions that were provided on a centralized basis, such as finance, human resources, information technology, facilities and legal, among others. Endeavour allocated these corporate expenses on a pro rata basis of head count and gross profit. In total, such corporate allocations in Q1 were $21.7 million and represent the amounts solely from January 1 to February 28, and the two months that we did not own the businesses. The corporate allocations were $30.7 million for the three months ended March 31, 2024, reflecting a full three months of Endeavor ownership a year ago.

這些費用包括集中提供的某些支援功能，例​​如財務、人力資源、資訊科技、設施和法律等。Endeavour 根據員工人數和毛利的比例分配這些公司費用。總體而言，第一季此類企業撥款為 2,170 萬美元，僅代表 1 月 1 日至 2 月 28 日以及我們沒有擁有這些業務的兩個月的金額。截至 2024 年 3 月 31 日的三個月，公司分配金額為 3,070 萬美元，反映了一年前 Endeavor 所有權的整整三個月。

To be clear, under TKO ownership effective February 28 of this year, such corporate allocations will no longer occur. With respect to segment reporting, in connection with the acquisition, we performed a review to determine the optimal reporting structure for the company. Based on this review, we've added a third reporting segment, IMG, which consists of the operations of the IMG business and On Location. To that end, we included PBR within our corporate group and have renamed it, corporate another. With respect to UFC and WWE, both will remain stand-alone reporting segments, and there is no change in how we are presenting these businesses in our financial statements.

需要明確的是，自今年 2 月 28 日起，TKO 所有權將不再發生此類公司分配。關於分部報告，結合收購，我們進行了審查，以確定公司的最佳報告結構。根據此次審查，我們增加了第三個報告部門 IMG，其由 IMG 業務和 On Location 的營運組成。為此，我們將 PBR 納入我們的企業集團，並將其更名為「另一個企業」。對於 UFC 和 WWE，兩者仍將作為獨立的報告部門，我們在財務報表中呈現這些業務的方式不會改變。

UFC and WWE remain core drivers of TKO and we will provide the exact same presentation and disclosure as we have since the inception of the company. In connection with our review of segmentation, we've also reviewed our various revenue verticals as well as key performance indicators and have updated our disclosure. With respect to revenue verticals, we've made some small tweaks to the nomenclature. Most notably, we've revised sponsorship revenue to partnerships and marketing revenue, which better reflects the strategic and operational functions of this area of our business.

UFC 和 WWE 仍然是 TKO 的核心驅動力，我們將提供與公司成立以來完全相同的展示和披露。在審查細分的同時，我們也審查了各個收入垂直領域以及關鍵績效指標，並更新了我們的揭露資訊。對於收入垂直領域，我們對術語做了一些小的調整。最值得注意的是，我們將贊助收入修改為合作夥伴關係和行銷收入，這更能反映了我們業務這一領域的策略和營運功能。

With respect to the select KPIs to be disclosed in our 10-Q, we've added KPIs for the acquired businesses that provide additional transparency for several important metrics such as number of events, clients and hospitality packages sold. When we announced the acquisition, we represented that we would work hard to assist the investment community in better understanding the drivers of the financial results for these businesses.

對於我們 10-Q 中要揭露的選定 KPI，我們為收購的業務添加了 KPI，為幾個重要指標（例如活動數量、客戶數量和銷售的酒店套餐數量）提供了額外的透明度。當我們宣布收購時，我們表示將努力幫助投資界更好地了解這些業務財務表現的驅動因素。

We plan to periodically reference these metrics in future discussions as warranted. Before I get into more detail on our financial results, I wanted to comment on the macroeconomic environment as we know this is a topic on investors' minds. We're paying close attention to consumer behavior, but to date, we're not seeing any signs of a slowdown across our portfolio, including our premium hospitality business on location. As I'll discuss in more detail in a moment, we continue to see significant strength particularly with respect to live events and partnerships. As for tariffs, we are largely insulated as the vast majority of our revenue is not expected to be directly impacted.

我們計劃在未來的討論中定期引用這些指標。在詳細介紹我們的財務表現之前，我想先評論一下宏觀經濟環境，因為我們知道這是投資者關注的話題。我們密切關註消費者行為，但到目前為止，我們還沒有看到我們的投資組合出現任何放緩的跡象，包括我們當地的高端酒店業務。正如我稍後將詳細討論的那樣，我們繼續看到顯著的優勢，特別是在現場活動和合作夥伴關係方面。至於關稅，我們基本上不會受到影響，因為預計我們的絕大部分收入不會受到直接影響。

One area of our business with a limited impact is consumer products. However, since WWE and UFC rely heavily on a license model and have minimal self-manufactured goods, the impact isn't expected to be in any way significant. Now turning to our consolidated financial results for the first quarter, inclusive of the acquired businesses. We generated revenue of $1.269 billion, an increase of 4%. Adjusted EBITDA was $417 million, an increase of 23%. Our adjusted EBITDA margin was 33%, an increase from 28% in the prior year period.

我們業務中受影響有限的一個領域是消費品。然而，由於 WWE 和 UFC 嚴重依賴許可模式，且自製商品極少，因此預計影響不會很大。現在來看看我們第一季的綜合財務業績，包括收購的業務。我們實現了 12.69 億美元的收入，成長了 4%。調整後EBITDA為4.17億美元，成長23%。我們的調整後 EBITDA 利潤率為 33%，高於去年同期的 28%。

Our UFC segment generated revenue of $360 million, an increase of 15%. Adjusted EBITDA was $227 million, an increase of 17%. UFC's adjusted EBITDA margin was 63%, an increase from 62% in the prior year period. UFC had 11 total events, including three numbered events in both the first quarter of this year and last year. As we previewed on our last call, mix shifted to a higher proportion of events with live audiences with seven in the first quarter compared to five last year, including two additional international events.

我們的 UFC 部門創造了 3.6 億美元的收入，成長了 15%。調整後EBITDA為2.27億美元，成長17%。UFC 調整後的 EBITDA 利潤率為 63%，高於去年同期的 62%。UFC 總共舉辦了 11 場賽事，其中包括今年第一季和去年的 3 場編號賽事。正如我們在上次電話會議上所預測的那樣，第一季的現場活動比例有所提高，共有 7 場活動，而去年同期只有 5 場，其中包括 2 場國際活動。

Live Events & Hospitality revenue increased 66% to $59 million. The increase reflected higher site fee revenue, primarily related to the Fight Night held in Saudi Arabia as well as an increase in ticket sales. which reflected the two additional events with live audiences as well as strong underlying trends in pricing and attendance.

現場活動和酒店收入成長 66%，達到 5,900 萬美元。這一增長反映了場地費收入的增加，主要與在沙烏地阿拉伯舉辦的「搏擊之夜」以及門票銷售額的成長有關。這反映了另外兩場有現場觀眾的活動以及價格和出席人數強勁的潛在趨勢。

Partnerships and marketing revenue increased 32% to $64 million. The increase was driven by new partnerships as well as partnership renewals. We continue to make significant progress in growing this area of our business, as highlighted by our recent renewal with long-standing partner Monster Energy. This agreement was the largest partnership deal in UFC history. We also signed a groundbreaking new nine-figure multiyear partnership agreement with Meta.

合作和行銷收入成長 32%，達到 6,400 萬美元。這一增長是由新的合作夥伴關係以及合作夥伴關係的更新所推動的。我們在該業務領域的發展上繼續取得重大進展，最近與長期合作夥伴 Monster Energy 的續約就凸顯了這一點。該協議是UFC史上最大的合作協議。我們也與 Meta 簽署了一項具有開創性意義的九位數多年期合作協議。

Media Rights production and content revenue increased 4% to $224 million. The increase was primarily driven by the contractual escalation of media rights fees. 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 mix of event venues and territories. SG&A increased primarily due to higher personnel costs and travel expenses compared to the prior year period.

媒體版權製作和內容收入成長 4%，達到 2.24 億美元。這一增長主要是由於媒體版權費合約上漲所致。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。直接營運費用增加主要是因為生產、行銷、運動員成本以及賽事場地和地區組合導致的直接收入成本增加。銷售、一般及行政費用增加主要是因為與去年同期相比人事成本和差旅費用增加。

Our WWE segment generated revenue of $392 million, an increase of 24%. Adjusted EBITDA was $194 million, an increase of 38%. Adjusted EBITDA margin was 50%, up from 44% in the prior year period. Live Events and Hospitality revenue increased 52% to $76 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 which more than offset a decrease in site fees that is purely timing related. As a reminder, we received a meaningful site fee for elimination chamber in Perth, Australia in the first quarter of last year.

我們的 WWE 部門創造了 3.92 億美元的收入，成長了 24%。調整後EBITDA為1.94億美元，成長38%。調整後的 EBITDA 利潤率為 50%，高於去年同期的 44%。現場活動和酒店收入成長 52%，達到 7,600 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，而門票銷售額的增長足以抵消純粹與時間相關的場地費用的下降。提醒一下，我們在去年第一季收到了位於澳洲珀斯的淘汰室一筆可觀的場地費。

Partnerships and marketing revenue increased 86% to $26 million due to new partnerships and renewals across multiple categories, including financial services, telecom, beer, wine, spirits and QSR, among others. While it occurred in April, WrestleMania 41 was emblematic of the momentum we're seeing in this area. The event, which featured a record 28 total partners, including a partner sponsor for each of the 14 matches over the two nights set an all-time record for partnerships revenue, more than double the previous record from last year's event as well as records for ticket sales, premium hospitality and consumer products. Media Rights production and content revenue increased 14% and to $252 million.

由於金融服務、電信、啤酒、葡萄酒、烈酒和 QSR 等多個類別的新合作夥伴關係和續約，合作夥伴關係和行銷收入成長了 86%，達到 2,600 萬美元。雖然摔角狂熱大賽於 4 月舉行，但第 41 屆摔角狂熱大賽象徵著我們在這一領域所看到的勢頭。本次賽事共有創紀錄的 28 個合作夥伴，其中包括為期兩晚的 14 場比賽中的每一場都有合作夥伴贊助商，創下了合作夥伴收入的歷史新高，是去年賽事記錄的兩倍多，同時也創下了門票銷售、高級接待和消費產品銷售的新高。媒體版權製作和內容收入成長 14%，達到 2.52 億美元。

As expected, results reflected the expansion of SmackDown to a three-hour format for the first half of the year, resulting in a shift in quarterly revenue recognition but has no impact on the full year amounts. The increase was also driven by the contractual escalation of media rights fees, including the January commencement of our long-term agreement with Netflix to distribute Raw in the U.S. and all of WWE's content internationally. Adjusted EBITDA reflected the increase in revenue, partially offset by an increase in expenses.

正如預期的那樣，業績反映了 SmackDown 在上半年擴展至三小時格式，從而導致季度收入確認發生變化，但對全年金額沒有影響。成長的另一個原因是媒體版權費用的合約上漲，包括我們於 1 月與 Netflix 簽訂的長期協議，在美國發行 Raw 並在國際上發行 WWE 的所有內容。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。

Direct operating expenses increased primarily due to higher talent costs. SG&A increased due to higher travel expenses primarily related to the mix of venues and territories, including a three-week 11-city tour across Europe leading up to WrestleMania. Our IMG segment generated revenue of $476 million in the quarter, a decrease of 13%. Adjusted EBITDA was $74 million, a decrease of 10%. Adjusted EBITDA margin was 15% in both periods.

直接營運費用的增加主要是由於人才成本的增加。銷售、一般及行政費用增加是由於差旅費用增加，這主要與場館和地區的組合有關，其中包括摔角狂熱大賽前為期三週的歐洲 11 個城市巡迴賽。我們的 IMG 部門本季創造了 4.76 億美元的收入，下降了 13%。調整後的 EBITDA 為 7,400 萬美元，下降 10%。兩個期間的調整後 EBITDA 利潤率均為 15%。

The decline in revenue primarily related to on-location activity for the Super Bowl and collegiate ball games. The venue location in New Orleans compared to Las Vegas for the Super Bowl and the matchups, notably the third straight Super Bowl appearance for the Kansas City Chiefs as well as a quarter final rolls ball in 2025 compared to a semifinal game in 2024 impacted the year-over-year performance.

收入的下降主要與超級盃和大學球賽的現場活動有關。與拉斯維加斯相比，超級盃的舉辦地位於新奧爾良，比賽對陣情況也有所不同，尤其是堪薩斯城酋長隊連續第三次參加超級碗，以及 2025 年四分之一決賽與 2024 年半決賽的比賽相比，這些都影響了同比表現。

Adjusted EBITDA primarily reflected the decrease in revenue, partially offset by a decrease in expenses. The decrease in expenses primarily reflected the absence of media rights costs for the FA Cup, which was no longer part of the IMG business in Q1 2025. Corporate and other revenue was $54 million, an increase of $2 million. The activity related to PBR and reflected growth in live events and partnerships, partially offset by a decrease in media rights related to the early termination of the Merit Media Content distribution deal.

調整後的 EBITDA 主要反映了收入的減少，但部分被費用的減少所抵消。費用的減少主要反映了足總盃媒體版權成本的消失，足總盃在 2025 年第一季不再屬於 IMG 業務的一部分。公司及其他收入為 5,400 萬美元，增加 200 萬美元。該活動與 PBR 相關，反映了現場活動和合作夥伴關係的增長，但部分被與提前終止 Merit Media Content 分銷協議相關的媒體權利的減少所抵消。

Corporate and other adjusted EBITDA was a negative $77 million, essentially flat with the prior year period. This amount includes the $22 million of costs related to corporate allocations of Endeavor corporate expenses for the two-month period prior to the close of the acquisition. For the avoidance of doubt, from February 28 forward, there will be no additional corporate allocation expenses of this nature. Also in connection with the acquisition, we've evaluated the treatment of various costs at these businesses and made certain adjustments to conform the presentation to the methodology used for UFC and WWE.

公司及其他調整後的 EBITDA 為負 7,700 萬美元，與去年同期基本持平。該金額包括與收購結束前兩個月內 Endeavor 公司費用的公司分配相關的 2,200 萬美元成本。為避免疑問，自 2 月 28 日起，將不再產生此類額外的公司分配費用。此外，在此次收購中，我們評估了這些企業各種成本的處理方式，並做出了某些調整，以使呈現方式符合 UFC 和 WWE 所採用的方法。

In aggregate, this resulted in a reclassification of approximately $10 million of costs in the quarter from the IMG segment to Corporate and Other. Now moving on to our capital structure. In the first three months of the year, we generated $136 million of free cash flow. Our free cash flow conversion of adjusted EBITDA was 32%. Free cash flow included $27 million of capital expenditures.

總體而言，這導致本季約 1000 萬美元的成本從 IMG 部門重新分類為企業和其他部門。現在談談我們的資本結構。今年前三個月，我們產生了1.36億美元的自由現金流。我們的調整後 EBITDA 的自由現金流轉換率為 32%。自由現金流包括 2700 萬美元的資本支出。

As we discussed on our February earnings call, we expect 2025 free cash flow to include the impact of approximately $300 million of nonrecurring payments related to the recent UFC antitrust settlement and M&A. In Q1, we realized approximately $175 million of these payments, the second $125 million installment payment under the settlement agreement as well as transaction costs. As such, our free cash flow was adversely impacted. Free cash flow for the quarter was positively impacted by approximately $100 million of prepayments related to On Location and the 2026 FIFA World Cup. These amounts are included in cash flows from operations and therefore, are a part of our free cash flow calculation.

正如我們在 2 月收益電話會議上所討論的那樣，我們預計 2025 年的自由現金流將包括與最近的 UFC 反壟斷和解以及併購相關的約 3 億美元非經常性付款的影響。在第一季度，我們實現了約 1.75 億美元的付款、和解協議下的第二筆 1.25 億美元的分期付款以及交易成本。因此，我們的自由現金流受到不利影響。本季的自由現金流受到與 On Location 和 2026 年 FIFA 世界盃相關的約 1 億美元預付款的正面影響。這些金額包含在經營活動現金流中，因此屬於我們自由現金流計算的一部分。

We expect the World Cup prepayments to be a substantial source of cash over the course of 2025 followed by a substantial use of cash in 2026 as payments are due nearer to the tournament taking place. As we did this quarter, we intend to separately identify this item going forward, so investors can follow the underlying cash flow generation of our business. As previously disclosed, on March 31, we made our first quarterly cash dividend payment out of TKO OpCo of approximately $75 million. We ended the quarter with $2.776 billion in debt and $471 million in cash and cash equivalents as well as $159 million of restricted cash.

我們預計世界盃預付款將成為 2025 年的重要現金來源，隨後由於付款時間接近比賽開幕，2026 年也將有大量現金使用。正如本季度所做的那樣，我們打算在未來單獨識別該項目，以便投資者可以追蹤我們業務的潛在現金流產生。如前所述，3 月 31 日，我們從 TKO OpCo 支付了第一筆季度現金股息，金額約為 7500 萬美元。本季結束時，我們的債務為 27.76 億美元，現金和現金等價物為 4.71 億美元，受限現金為 1.59 億美元。

With respect to our previously announced $2 billion share repurchase program. We continue to expect the program to commence in the second or third quarter of this year with our timing and level of activity, ultimately subject to market conditions and related factors. In the meantime, we continue to accumulate cash and carefully evaluate our capital needs. We're monitoring market conditions closely and are mindful of recent volatility. I would like to underscore that in this environment, Ari, Mark and the Board believe we should remain prudent and conservative for the time being.

關於我們之前宣布的20億美元股票回購計畫。我們仍然預計該計劃將在今年第二季或第三季開始，具體時間和活動水平最終取決於市場條件和相關因素。同時，我們繼續累積現金並仔細評估我們的資本需求。我們正在密切關注市場狀況並留意近期的波動。我想強調的是，在這種環境下，阿里、馬克和董事會認為我們暫時應該保持謹慎和保守。

That said, we remain committed to a robust and sustainable capital return program that balances return of capital to shareholders with organic investment, such as our entry into boxing and maintaining our strong balance sheet. As for boxing, in early March, we announced that we entered into a multiyear partnership to establish a new Boxing promotion. We will serve as the management partner providing day-to-day operational management and oversight of the promotion. We've commenced operationalizing the JV and will provide updates as and when appropriate.

儘管如此，我們仍然致力於強勁且可持續的資本回報計劃，以平衡股東資本回報和有機投資，例如進入拳擊領域並保持強勁的資產負債表。至於拳擊，我們在三月初宣布達成多年合作關係，以建立新的拳擊推廣計畫。我們將作為管理合作夥伴，提供日常營運管理和推廣監督。我們已經開始經營合資企業，並將在適當的時候提供最新消息。

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. As noted in our press release, based on strong performance at UFC and WWE for the first three months of the year and our anticipated performance for the balance of the year, we are increasing our expectations for TKO excluding the impact of the acquired businesses.

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，考慮到我們營運中固有的季度波動，我們認為最好以全年為基礎來評估業績。正如我們在新聞稿中指出的，基於今年前三個月 UFC 和 WWE 的強勁表​​現以及我們對今年剩餘時間表現的預期，我們提高了對 TKO 的預期，不包括收購業務的影響。

We are now targeting revenue of $3.005 billion to $3.075 billion and adjusted EBITDA of $1.39 billion to $1.43 billion, an increase of $75 million and $40 million, respectively, as compared to the guidance we issued in February. The increase was driven by continued strength across each vertical of our businesses. We are also updating our guidance to include the acquired businesses and the associated transaction impacts. For full year 2025, we are targeting revenue of $4.49 billion to $4.56 billion and adjusted EBITDA of $1.49 billion to $1.53 billion. When we announced the deal last October, we presented an expected full year 2025 revenue and adjusted EBITDA contribution from these acquired businesses, inclusive of expected run rate cost savings of approximately $1.555 billion and $165 million, respectively.

我們現在的目標是營收 30.05 億美元至 30.75 億美元，調整後 EBITDA 13.9 億美元至 14.3 億美元，與 2 月發布的指引相比，分別增加 7,500 萬美元和 4,000 萬美元。這一增長得益於我們各垂直業務的持續強勁增長。我們也正在更新我們的指導，以包括收購的業務和相關交易的影響。對於 2025 年全年，我們的目標是營收達到 44.9 億美元至 45.6 億美元，調整後 EBITDA 達到 14.9 億美元至 15.3 億美元。去年 10 月我們宣布這筆交易時，我們公佈了這些收購業務預計的 2025 年全年收入和調整後 EBITDA 貢獻，其中包括預計的運行成本節省分別約為 15.55 億美元和 1.65 億美元。

The amounts included in our guidance represent an expected full year 2025 revenue and adjusted EBITDA contribution of approximately $1.485 billion and $100 million, respectively. The updated contribution is a result of the following: number one, the previously mentioned $21.7 million of corporate allocations from Endeavor for January and February. Given the fact that our carve-out financial statements were not yet prepared, the quantum was unknown at the time. The $21.7 million is a nonrecurring accounting adjustment and does not reflect the ongoing cost base of the acquired businesses.

我們指引中包含的金額代表預計 2025 年全年營收和調整後 EBITDA 貢獻分別約為 14.85 億美元和 1 億美元。更新後的捐款是以下原因造成的：第一，前面提到的 Endeavor 為 1 月和 2 月提供的 2,170 萬美元企業撥款。鑑於我們的分拆財務報表尚未準備好，因此當時的金額尚不清楚。2,170 萬美元是非經常性會計調整，並不反映收購業務的持續成本基礎。

Number two, our prior cost savings and transaction impacts target of $30 million plus. We've been hard at work identifying and actioning upon these synergies. I'm pleased to report that we have identified $40 million plus of estimated run rate cost savings, of which approximately $15 million are expected to be realized in 2025 with the vast majority expected by year-end 2026. The $15 million in year 2025 contribution comps to the prior $30 million-plus run rate.

第二，我們先前的成本節約和交易影響目標是 3,000 萬美元以上。我們一直在努力識別和實施這些協同效應。我很高興地報告，我們已經確定了 4000 多萬美元的預計運行成本節約，其中約 1500 萬美元預計將在 2025 年實現，絕大多數預計將在 2026 年底實現。2025 年的 1500 萬美元貢獻與之前 3000 多萬美元的運行率相當。

Number three, at PBR, the previously disclosed loss of our domestic media rights agreement with MeriStreetMedia. While we remain in active discussions with various parties, our 2025 outlook excludes any revenue or adjusted EBITDA related to a new rights agreement. With respect to the IMG and On Location businesses, the expected contribution is essentially consistent with the amounts we disclosed when we announced the transaction. In terms of free cash flow, as we discussed on our last call, while we have not given formal guidance, excluding the impact of approximately $300 million of nonrecurring amounts, our targeted full year 2025 free cash flow conversion rate would be in excess of 60%.

第三，PBR 先前揭露，我們與 MeriStreetMedia 簽訂的國內媒體版權協議已失效。雖然我們仍在與各方進行積極討論，但我們對 2025 年的展望不包括與新權利協議相關的任何收入或調整後的 EBITDA。對於IMG和On Location業務，預期貢獻與我們宣布交易時揭露的金額基本一致。在自由現金流方面，正如我們在上次電話會議上所討論的那樣，雖然我們還沒有給出正式的指導，但不包括約 3 億美元非經常性金額的影響，我們目標的 2025 年全年自由現金流轉換率將超過 60%。

This is exclusive of the benefit of any restricted cash, including the impact of the acquired businesses, our view remains unchanged. 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 second quarter. At UFC, results will reflect the mix of events in the quarter. UFC is currently scheduled to have 11 total events, including four numbered events, which is comparable to the second quarter of last year. We also expect one additional fight night with the live audience and one less Apex event compared to the prior year.

這還不包括任何受限現金的利益，包括收購業務的影響，我們的觀點保持不變。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二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。UFC目前計劃共舉辦11場賽事，其中包括4場編號賽事，與去年第二季持平。與去年相比，我們也預計將增加一場現場觀眾觀看的格鬥之夜，並減少一場 Apex 賽事。

With respect to Live Events revenue, the Fight Night scheduled to take place in Baku, Azerbaijan, carries a meaningful site fee. But as a reminder, the second quarter of 2024 included a site fee related to UFC's first-ever event in Saudi Arabia. At WWE, given the timing of our event calendar, including WrestleMania as well as a premium live event in Saudi Arabia, we expect the second quarter to be the highest revenue and adjusted EBITDA quarter of the year in terms of absolute dollars.

就現場活動收入而言，原定於阿塞拜疆巴庫舉行的格鬥之夜將收取一筆不小的場地費。但需要提醒的是，2024 年第二季包含與 UFC 在沙烏地阿拉伯舉辦的首場賽事相關的場地費。在 WWE，考慮到我們的活動日程安排，包括摔角狂熱大賽以及沙烏地阿拉伯的一場高級現場活動，我們預計第二季將是今年收入和調整後 EBITDA 最高的季度（以絕對美元計算）。

At the IMG segment, the first quarter of the year is historically the most profitable due to the timing of events, most notably the Super Bowl. As a result, we expect a quarter-over-quarter decline in adjusted EBITDA in terms of absolute dollars. In conclusion, we generated strong first quarter results that reflect continued momentum across our businesses, in particular, UFC and WWE.

在 IMG 部門，由於賽事時機的緣故，尤其是超級碗，每年第一季歷來是獲利最高的季度。因此，我們預計調整後的 EBITDA（以絕對美元計算）將環比下降。總而言之，我們在第一季度取得了強勁的業績，反映了我們各項業務，尤其是 UFC 和 WWE 的持續成長勢頭。

While we still have a lot of work ahead of us, the integration of IMG, On Location and PBR is well underway and yielding meaningful early benefits. We are extremely excited about the road ahead and our prospects for the remainder of the year and beyond.

雖然我們還有很多工作要做，但 IMG、On Location 和 PBR 的整合工作正在順利進行，並產生了有意義的早期效益。我們對未來的道路以及今年剩餘時間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) Ben Swinburne, Morgan Stanley.

（操作員指示）摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Hey, good afternoon, guys. I should ask Mark about the UFC rights renewal now that you guys are, I believe, out of the exclusive window. Can you give us any update on that process? How you're thinking about the pros and cons of splitting those rights or keeping them all with one partner and sort of any update on ESPN as a go-forward partner? And then Andrew, I don't know if you can be any more specific, you gave us a lot there at the end on the acquired assets. But just trying to get to free cash flow for '25 now that you've closed the Endeavor acquisitions, is there anything else you can tell us to sort of help us think about free cash flow conversion, including acquired businesses now that, that deal is all done. Thank you very much.

嘿，大家下午好。既然我相信你們現在已經不再是獨家代理商了，那麼我應該向馬克詢問 UFC 版權續約的問題。您能提供我們有關該進程的最新進展嗎？您如何看待分割這些權利或將它們全部保留給一個合作夥伴的利弊，以及 ESPN 作為未來合作夥伴的任何最新消息？然後安德魯，我不知道你是否可以更具體一點，你最後給了我們很多有關收購資產的資訊。但是，既然您已經完成了對 Endeavor 的收購，只是想獲得 25 年的自由現金流，您還有什麼可以告訴我們的，以幫助我們思考自由現金流轉換，包括現在收購的業務，因為那筆交易已經全部完成。非常感謝。

Thanks, Ben. I'll keep my commentary light and then we can get into the free cash flow just because of the nature and sensitivity of all the conversations we're having. We're in discussions at this time with various third parties regarding the UFC rights I would term the conversations as thoughtful and strategic. Nothing to announce at this time. And ESPN is still heavily included in the mix.

謝謝，本。我會保持我的評論簡潔，然後我們可以進入自由現金流，因為我們正在進行的所有對話的性質和敏感性。我們目前正在與各個第三方就 UFC 權利進行討論，我認為這些對話是深思熟慮且具有策略性的。目前還沒有什麼可以宣布的。ESPN 仍是其中的重要一員。

I think we've been pretty vocal about how great of a partner they've been and how instrumental they've been to our growth and success, and I still believe they're one of the best marketing machines in the business, let alone the brand and, of course, all the excitement around ESPN flagship and whatever is going to be called come next week.

我認為我們已經非常清楚地表明了他們是多麼出色的合作夥伴，以及他們對我們的成長和成功起到了多麼重要的作用，我仍然相信他們是業內最好的營銷機器之一，更不用說他們的品牌了，當然，還有圍繞 ESPN 旗艦店以及下週即將推出的任何產品所引發的所有興奮。

Jimmy Pitaro and Bob Iger, both fans and the UFC and firstly showed up to events. And we'd be thrilled to continue with them, and they're definitely part of the equation. But as I said at the time -- or for the time being, just various conversations, various parties and no real update beyond that. Andrew, on the free cash flow?

Jimmy Pitaro 和 Bob Iger 都是 UFC 的粉絲，他們首次出席活動。我們很高興能繼續與他們合作，他們絕對是我們合作的一部分。但正如我當時所說的——或者就目前而言，只是各種對話、各種聚會，除此之外沒有真正的更新。安德魯，關於自由現金流？

Yes, Ben, as I stated in my prepared remarks, and I kind of tack back to our last call. While we haven't given formal guidance, we do have $300 million or so of nonrecurring amounts that will impact the entirety of 2025 and absent those amounts, our free cash flow conversion rate would be in excess of 60%. I did make the statement that including the impact of the acquired business, our view remains unchanged. So therefore, that's the read-through.

是的，本，正如我在準備好的演講中所說的那樣，我有點回到我們上次的通話。雖然我們還沒有給出正式的指導，但我們確實有大約 3 億美元的非經常性金額，這些金額將影響整個 2025 年，如果沒有這些金額，我們的自由現金流轉換率將超過 60%。我確實發表過聲明，包括收購業務的影響在內，我們的觀點保持不變。因此，這就是通讀內容。

The one thing I would note is, I also articulated that this is exclusive of the benefit of any restricted cash.Restricted cash is largely associated with the presales for our FIFA arrangement, and we anticipate that to grow over the course of the year. So there will be a benefit from that, which we have not sort of forecast or modeled. So consistent with our prior thoughts absent the $300 million.

我要指出的一件事是，我還明確表示這不包括任何受限現金的收益。受限現金主要與我們的 FIFA 系列的預售有關，我們預計這將在今年內成長。因此，這將帶來好處，而我們尚未對此進行預測或建模。這與我們之前的想法一致，缺少了 3 億美元。

And just a good story for us. I mean obviously, our adjusted EBITDA margin will change once we're talking about just the newly formed company, if you will. But to Andrew's point, not changing our free cash flow conversion is something we're pretty excited about.

對我們來說這只是一個好故事。我的意思是，顯然，一旦我們談論新成立的公司，我們的調整後 EBITDA 利潤率就會發生變化，如果你願意的話。但正如安德魯所說，不改變我們的自由現金流轉換是我們非常興奮的事情。

So that's helpful. Thank you guys.

這很有幫助。謝謝你們。

Thank you.

謝謝。

Brandon Ross, Lightshed Partners.

布蘭登·羅斯（Brandon Ross），Lightshed Partners。

Hey, thamks. A couple of topics. First, we all saw the Canelo announcement assume that Canelo falls under the bucket of one-offs in your commentary about Boxing last quarter. Can you just tell us how the economics work on that versus the main promotion that you're building and where will these spikes get distributed? And will you get paid? And is there a strategic tie in to what you're doing with other media rights? And then just a follow-up on Ben's first question. All right, I'll ask follow-up. (multiple speakers)

嘿，謝謝。幾個主題。首先，我們都看到了 Canelo 的公告，假設 Canelo 屬於上個季度關於拳擊的評論中的一次性事件。您能否告訴我們，相對於您正在建立的主要促銷活動，其經濟效益如何，以及這些高峰將分佈在哪裡？你會得到報酬嗎？這與你們在其他媒體版權方面的工作有策略連結嗎？然後只是對本的第一個問題的後續回答。好的，我會問後續情況。（多位發言者）

Exactly. Okay. I would just tell you that, look, we're expecting with the new boxing organization that we're launching to put on an average call it, 12 flights a year, 12 cards a year for the next -- each of the next five years, you're still putting that plan together and obviously working hand-in-hand with our friends from Saudi. Irrespective of those, we will look to do anywhere from one to four sort of super fights per year. We'll see how that plays out.

確切地。好的。我只是想告訴你，你看，我們期望隨著我們即將成立的新拳擊組織每年平均舉辦 12 場飛行、12 場比賽，在接下來的五年裡，你仍然在製定這個計劃，顯然是與我們來自沙特的朋友攜手合作。不管怎樣，我們每年都會舉辦一到四場超級賽。我們將拭目以待事情將如何發展。

But obviously, we would term the Canela Crawford September match-up is one of those. And then on that under card, we would have a number of those undercard fights that would likely air on the television partner, the media partner we would have for our newly formed boxing organization. And I should mention, it's not going to be called TKO boxing.

但顯然，我們會將卡內拉·克勞福德 (Canela Crawford) 九月的比賽稱為其中之一。然後，在墊場賽中，我們會安排一些墊場賽，這些比賽可能會在我們新成立的拳擊組織的電視合作夥伴、媒體合作夥伴上播出。我應該提一下，它不會被稱為 TKO 拳擊。

We'll -- that seems like the soup of the day here, we'll be unveiling our name for our business fairly soon here. So -- but it will not be TKO boxing. And as you look at those, those are two separate businesses, right? The Saudis are funding what would be these super fight cards, we'll work with them on media rights deals and ticket commission. We'll work with them, obviously, on global partnerships.

我們——這似乎是今天的熱門話題，我們很快就會在這裡揭曉我們的業務名稱。所以——但這不會是 TKO 拳擊。你看，這是兩個獨立的業務，對嗎？沙烏地阿拉伯正在為這些超級拳擊比賽提供資金，我們將與他們合作，達成媒體版權交易和門票佣金。顯然，我們將與他們合作建立全球夥伴關係。

We'll work with them on ticketing. We'll handle the production. We'll look to potentially promote all of them with San White and Nikon driving much of that. But then separately, we'll have our boxing organization, our JV with them, where we're going out and doing, as I mentioned, 12 cards a year on average and getting a separate media rights fees, selling global partnerships through those cards and, of course, promoting and producing those cards with our -- and on whatever media platform we ultimately choose to tie with. So that's kind of the state of boxing if that makes sense. Any follow-up on that before we go to your other one?

我們將與他們合作解決票務問題。我們將負責生產。我們將尋求在 San White 和 Nikon 的推動下推廣所有這些產品。但另外，我們將擁有我們的拳擊組織，我們的合資企業，正如我所提到的，我們每年平均出去製作 12 張卡片，並獲得單獨的媒體版權費，透過這些卡片銷售全球合作夥伴關係，當然，還會在我們最終選擇合作的任何媒體平台上推廣和製作這些卡片。如果說得通的話，這就是拳擊的狀態。在我們討論另一個問題之前，還有什麼後續問題嗎？

No. I think I'm good there. And then just on the UFC media rates. -- can you comment maybe on how the market and your approach to the number of sites and the fight nights might differ in this negotiation. Are you looking to have the same balance of reach and dollars for each, do you have the same objectives for each?

不。我認為我在那裡表現得很好。然後只是關於 UFC 媒體費率。 ——您能否評論一下，在這次談判中，市場以及您對場地數量和戰鬥之夜的處理方式會有何不同？您是否希望每個機構都達到相同的覆蓋範圍和資金平衡？您是否希望每個機構都有相同的目標？

Nothing's really changed from our previous commentary. I mean, we remained highly flexible. I mean that's the beauty of owning your own league, that's the beauty of having an executive management team that is nimble and as tight as we are. We're as we'd like to say, I mean, we're the owners, and we're at the commissioner at the same time. So we'll make decisions that are best for the long-term future of the sport and the brand.

與我們之前的評論相比，並沒有什麼改變。我的意思是，我們保持了高度的靈活性。我的意思是，這就是擁有自己的聯盟的美妙之處，這就是擁有像我們一樣靈活而緊密的執行管理團隊的美妙之處。正如我們想說的，我們是業主，同時也是專員。因此，我們將做出對這項運動和品牌的長期未來最有利的決定。

We have to continue to balance monetizing this rights deal, while at the same time, doing what's best for our reach, our engagement and the growth of the brand. We -- the market, I believe, remains quite strong. Our content is year-round. It's young men, unbelievable numbers under 18, and I believe it or not, our high school numbers are off the charts, and we're tied with the NBA for the biggest draw when it comes to under 18 from the major sports and we're still an antidote to churn, and I believe a serum, a proven formula that works for subscriber acquisition. So we're cautiously optimistic.

我們必須繼續平衡這項權利交易的貨幣化，同時盡最大努力擴大我們的影響力、參與度和品牌的成長。我相信，我們的市場依然十分強勁。我們的內容是全年的。這些都是年輕人，18 歲以下的人數令人難以置信，不管你信不信，我們的高中生人數已經非常高了，在主要體育項目中，我們與 NBA 並列成為吸引 18 歲以下觀眾最多的體育項目，我們仍然是阻止用戶流失的良藥，我相信這是一種有效的、經過驗證的、可以吸引用戶的秘訣。因此我們持謹慎樂觀的態度。

We're in no rush. This is a volatile economy. Right now, a lot of uncertainty out there. We also understand there aren't a lot of major sports rights hitting the market anytime soon. So we will be opportunistic but at the same time, responsible when it comes to the right home for the growth of our brand.

我們不著急。這是一個動盪的經濟。目前，存在著許多不確定性。我們也知道，近期不會有大量主要體育賽事的版權​​進入市場。因此，在為我們的品牌發展尋找合適的歸宿時，我們會抓住機會，但同時也會負責任。

Great, thank you very much.

太好了，非常感謝。

Thanks, Brandon.

謝謝，布蘭登。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Hey, guys, thanks for taking my question. Maybe first for Andrew on the guide for the core business, you have seen WWE. It sounds like both outperformed your internal expectations heading into the year. Just be curious if you could talk a little bit more about what specific areas of outperformance were captured in the first quarter within those two businesses? And to what degree the increase in the guidance for the year factors and a continuation of that outperformance into the back half of the year? Or if you're still maintaining perhaps some degree of conservatism there?

嘿，夥計們，謝謝你們回答我的問題。也許對於安德魯來說，關於核心業務的指南首先你已經看過了WWE。聽起來，這兩方面的表現都超出了你今年的內部預期。我很好奇，您能否再多談談這兩家公司在第一季表現優異的具體領域有哪些？年度業績指引的提昇在多大程度上影響了下半年業績的持續優異表現？或者您仍保持某種程度的保守主義？

Yes. I think I would say that each revenue vertical in our business is strong right now. the outperformance in Q1 for core/legacy TKO, which is UFC and WWE, leading to the $75 million revenue increase and $40 million adjusted EBITDA increase was largely driven by two things. Number one, our performance to our own internal expectations on live events and global partnerships in the first quarter, much of which we flowed through to the balance of the year and then continued tailwinds in both those areas anchored by a strong WrestleMania in April gives us confidence into the visibility for now through December. So we feel really good at top to bottom, and that's reflected in our guidance.

是的。我想說的是，我們業務中的每個垂直收入目前都很強勁。核心/傳統 TKO（即 UFC 和 WWE）在第一季的出色表現，導致收入增加 7500 萬美元，調整後 EBITDA 增加 4000 萬美元，這主要由兩件事推動。首先，第一季我們在現場活動和全球合作方面的表現符合我們內部的預期，其中大部分都延續到了今年的剩餘時間，然後這兩個領域繼續保持順風勢頭，並以 4 月份強勁的摔跤狂熱大賽為支撐，這讓我們對現在到 12 月的可見性充滿信心。因此，我們從上到下都感覺很好，這反映在我們的指導上。

I'd just add, Stephen, I mean there's definitely not -- there's no conservative play from us in our numbers or any kind of sandbag. There's just a lot of uncertainty out there. I mean there isn't a morning we're waking up and reading about Toyota, GE, all of a sudden raining in their marketing budget. Now it's a good thing is we haven't closed an auto partner yet. That's still an open category for us.

我只想補充一點，史蒂芬，我的意思是，我們的人數絕對沒有保守，也沒有任何形式的沙袋戰術。外面存在著許多不確定性。我的意思是，我們不會每天早上醒來就看到豐田、通用電氣突然大幅削減行銷預算的新聞。現在的好事是我們還沒有關閉汽車合作夥伴。對我們來說這仍然是一個開放的類別。

But it's just that the market is definitely tightening up. Marketing is always one of the first things to get throttled. Premium experiences, by the way, is high up on that list as well. So while we feel good in historically the WWE and UFC business models and particularly the sports rights business at IMG have proven resilient in times of economic uncertainty, and we're encouraged by the strength of our portfolio, we're keeping an eye on all the trends in sectors, taking nothing for granted. We expect, at some point, something comes home to roost, we're not trying to be paranoid, but we're just trying to be responsible for our shareholders. And our numbers reflect that.

但市場肯定正在收緊。行銷總是最先受到限制的領域之一。順便說一句，優質體驗也在這個名單中名列前茅。因此，儘管我們對歷史上 WWE 和 UFC 的商業模式以及特別是 IMG 的體育版權業務在經濟不確定時期表現出的韌性感到滿意，並且我們對我們投資組合的實力感到鼓舞，但我們仍在密切關注各個行業的所有趨勢，不會想當然。我們預計，在某個時候，某些事情會自食其果，我們並不是想變得偏執，但我們只是想對我們的股東負責。我們的數字反映了這一點。

And maybe just a quick follow-up question on capital returns. It sounds like share repurchases should kick in, in the second or maybe third quarters here. Anything more you can say on how you're thinking about the pacing of that $2 billion share repurchase program. Should we expect you to be consistent on execution or more opportunistic, more price sensitive in the marketplace?

也許只是一個關於資本回報的快速後續問題。聽起來股票回購應該會在第二季或第三季開始實施。您能否進一步談談您對 20 億美元股票回購計畫的進度有何看法？我們是否應該期望您在執行上保持一致，還是在市場上更具機會主義、對價格更敏感？

We're sticking to our plan on capital return and Andrew can underscore that again for everybody on the phone with regard to dividend and share repurchase and timing, but having said that, we're well aware that we are accumulating cash at a feverish pace. That's going to continue. But we're going to keep our powder dry. We think that's the prudent thing to do at this time. So we're not in the market yet buying back any stock.

我們堅持我們的資本回報計劃，安德魯可以透過電話向大家再次強調有關股息和股票回購以及時間安排的問題，但話雖如此，我們很清楚我們正在以狂熱的速度積累現金。這種情況將會持續下去。但我們會保持警戒。我們認為這是目前謹慎的做法。所以我們還沒有在市場上回購任何股票。

Andrew, why don't you underscore our plan.

安德魯，為什麼不強調一下我們的計畫呢？

Yes, I think that really sums it up. The only other color I would add, Stephen, in terms of sort of the nature of the buyback, it's really going to be market-driven and the form of which that buyback can take when we initially announced the $2 billion share repurchase. I think we articulated would be fairly linear over the three- to four-year period.

是的，我認為這確實概括了一切。史蒂芬，我唯一要補充的是，就回購的性質而言，它實際上將由市場驅動，回購的形式將取決於我們最初宣布的 20 億美元股票回購。我認為我們所表達的內容在三到四年內會相當線性。

I don't think we're coming off that commentary. But again, we can be opportunistic to the extent these opportunities present themselves. So we're watching it closely. We're in the enviable position to be able to, as Mark said, can accumulate cash and then carefully evaluate our capital needs. So a good place to be.

我認為我們不會放棄這一評論。但同樣，只要這些機會出現，我們就可以把握機會。因此我們正在密切關注。正如馬克所說，我們處於令人羨慕的地位，能夠累積現金，然後仔細評估我們的資本需求。所以這是一個好地方。

Thanks, Andrew.

謝謝，安德魯。

Thanks, Stephen.

謝謝，史蒂芬。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得‧蘇皮諾 (Peter Supino)。

And first, Mark, I just want to come to Brandon's news defense. That was nothing compared to some of the compound questions we get on media conference calls. I wanted to ask you a question about the IMG segment. How should we think about modeling that segment's growth across the subcomponents of media, live events sponsorships, products and then how might we think about incremental EBITDA margins?

首先，馬克，我只想為布蘭登的新聞辯護。與我們在媒體電話會議上遇到的一些複合問題相比，這根本不算什麼。我想問您一個有關 IMG 部分的問題。我們應該如何考慮在媒體、現場活動贊助、產品等子組件中模擬該細分市場的成長，然後我們如何考慮增量 EBITDA 利潤率？

So we -- the first thing that we want to double down on here, Peter, is the fact that we intend to be more transparent and provide information and KPIs as we did. I'm not sure if you've had the opportunity to thumb through our 10-Q yet, but we did add some tables on the IMG segment. We also added a table on PBR analysis to our historical KPI tables for UFC and WWE on location of events, type of event, numbers of events, et cetera. And then on the IMG business, particularly On Location, we have put some information in the financial statements on number of hospitality packages sold a number of events, et cetera.

因此，彼得，我們首先要強調的是，我們打算更加透明，並像我們以前一樣提供資訊和關鍵績效指標 (KPI)。我不確定您是否有機會瀏覽我們的 10-Q，但我們確實在 IMG 部分中添加了一些表格。我們也在 UFC 和 WWE 的歷史 KPI 表中加入了關於賽事地點、賽事類型、賽事數量等的 PBR 分析表。然後，關於 IMG 業務，特別是 On Location，我們在財務報表中加入了一些信息，包括售出的招待套餐數量、活動數量等等。

So we anticipate over time that, that information will be a guide to how best to think about the growth and profitability profile of these businesses. At 15% margins and effective cost savings plan, we anticipate growth over the course of the year, both top line and a margin perspective.

因此，我們預計，隨著時間的推移，這些資訊將成為如何最好地思考這些企業的成長和獲利狀況的指南。在 15% 的利潤率和有效的成本節約計劃下，我們預計全年營收和利潤率都會實現成長。

That being said, Q1 is generally the largest adjusted EBITDA contribution quarter for the IMG segment and for PBR, which is in the corporate group. The IMG segment obviously has the On Location business and the Super Bowl is the anchor of the year, and we see that positively impacting revenue and adjusted EBITDA in the quarter. And for PBR, the most profitable tours in the first quarter as well.

話雖如此，第一季通常是 IMG 部門和企業集團旗下的 PBR 調整後 EBITDA 貢獻最大的季度。IMG 部門顯然擁有外景拍攝業務，而超級盃是今年的重頭戲，我們看到這對本季度的收入和調整後的 EBITDA 產生了積極影響。對 PBR 來說，這也是第一季最賺錢的旅遊計畫。

The balance of this year will be impacted by the pre-spend for our Milan Olympics program, and that will have a negative impact to EBITDA and EBITDA margin. Hence, when we announced the acquisition in October, we presented numbers on a normalized basis, which would have added $100 million roughly of adjusted EBITDA to this year and had a positive impact on margins. So what we can expect from us over the course of this year is, a, an update on the growth and profitability profile of the IMG segment, growth and profitability of PBR and some more commentary on the expenses related to the Olympics.

今年的餘額將受到米蘭奧運會計劃預支出的影響，這將對 EBITDA 和 EBITDA 利潤率產生負面影響。因此，當我們在十月宣布收購時，我們以標準化的方式呈現了數據，這將為今年增加約 1 億美元的調整後 EBITDA，並對利潤率產生積極影響。因此，我們今年可以期待的是，IMG 部門的增長和盈利狀況的更新、PBR 的增長和盈利能力的更新以及與奧運會相關的費用的更多評論。

I think to, Peter, just to underscore, I think Andrew's comments on the prerecord. Just the idea that we're now out in the marketplace fingers crossed, but obviously, a lot of work and gut and grit and strategy underneath it, but we're out in the marketplace on Milan and people World Cup. And so far, the activity is in line with our expectations. So another good sign for the business, another reason why we're bullish about our forecast and raising guidance, but as I mentioned, we're keeping a close eye, close watch on all of it with these changing times.

我認為，彼得，只是為了強調一下，我認為安德魯對預先記錄的評論。我們現在只是在市場上祈禱，但顯然，這背後有很多工作、勇氣、毅力和策略，但我們已經進入了米蘭和世界盃市場。到目前為止，活動符合我們的預期。因此，這對業務來說是一個好兆頭，也是我們看好預測和提高指引的另一個原因，但正如我所提到的，隨著時代的變化，我們正密切關注這一切。

Thank you, Mark.

謝謝你，馬克。

Thank you.

謝謝。

Eric Handler, ROTH Capital.

漢德勒（Eric Handler），羅仕資本（ROTH Capital）。

Tahnk you, good afternoon, thanks for the question. Wonder if you could talk a little bit about some of the directional activity you're seeing with site fee deals. It seems like there's been more this year. Can you maybe talk about directionally the volume of deals that you're doing? Maybe the percentage increase that you're seeing? And sort of like how do you determine location by location like what the value is of that tight deal?

謝謝，下午好，謝謝您的提問。我想知道您是否可以稍微談談您在場地費用交易中看到的一些定向活動。好像今年的情況還比較多。您能否談談您正在進行的交易量的方向？也許您看到的是百分比增加？有點像你如何根據地點來確定這筆緊張的交易的價值？

Look, we do a lot of economic impact studies. And Eric, frankly, it's a lot of negotiations, a lot of conversations. I mean more deals you don't hear of than deals that are being done. We're out there surveying the market. We're aggressive in the space.

你看，我們做了很多經濟影響研究。艾瑞克，坦白說，這需要很多談判，很多對話。我的意思是，你沒聽過的交易比正在達成的交易還要多。我們正在那裡調查市場。我們在這個領域非常積極。

It helps to have offices in as many countries as we do, and IMG has obviously enhanced our position there. We're making a couple of hires coming up, some big hires in the government relations side that will help us both with relationships, C-suite activity and track record to capitalize in the space. But it's no different every office we walk into. It's no different than F1 was either there the day before or coming in the next day.

在盡可能多的國家設立辦事處對我們很有幫助，IMG 顯然增強了我們在那裡的地位。我們即將進行幾項招聘，一些在政府關係方面的重要招聘將幫助我們處理關係、高階主管活動和業績記錄，從而充分利用這一領域。但我們走進的每個辦公室都沒有什麼不同。這與 F1 前一天到場或第二天到場沒有什麼不同。

So we're constantly on a lookout for cash -- and of course, in kind is often just as good. We announced at the end of February, our new deal with tours in Western Australia, which will see us bring multiple UFC and WWE events to Perth over the next two years. And we're very excited about our event coming up in June '25 in Baku and that's just for a fight night. So we often talk about we need to capitalize on site fees for all of our numbered events and capitalize on site fees for all the PLEs, but when we're done with that, we still have Raws, SmackDown, NXT, flight nights and this will be a year -- multiple year strategy where we see benefits to the bottom line. And Baku an example of that. We will get a meaningful multimillion-dollar site fee for taking a fight night to Azerbaijan.

因此，我們一直在尋找現金——當然，實體通常也一樣好。我們在二月底宣布了與西澳大利亞巡迴賽的新協議，我們將在未來兩年內將多場 UFC 和 WWE 賽事帶到珀斯。我們對 25 年 6 月即將在巴庫舉行的賽事感到非常興奮，那隻是一場格鬥之夜。因此，我們經常談論我們需要利用所有編號活動的場地費用並利用所有 PLE 的場地費用，但當我們完成這些之後，我們仍然有 Raws、SmackDown、NXT、飛行之夜，這將是一個為期一年甚至多年的戰略，我們將從中看到底線效益。巴庫就是一個例子。我們將因在阿塞拜疆舉辦比賽之夜而獲得數百萬美元的場地費。

Great. That's helpful. I guess just a follow-up to that, can you make what percentage of your events would you say actually have site fees? Just trying to get a sense of like what inning you're in here.

偉大的。這很有幫助。我想問一下，您能否告訴我，您的活動中實際需要支付場地費的比例是多少？只是想了解一下你現在處於什麼情況。

Yes, Eric, I don't think we're going to disclose that publicly. We're relatively new at this effort, and I think our success outside the Middle East is really starting to pick up. The site few model is anchored in our historic relationships with our partners at DCT and Abu Dhabi and obviously, our partners in Saudi Arabia. So international markets, we've seen meaningful success over the last 6 to 12 months in Australia. We have historical relationships in Singapore and the list goes on.

是的，埃里克，我認為我們不會公開披露這一點。我們在這方面的努力相對較新，但我認為我們在中東以外的地區才剛開始取得成功。該站點模型以我們與 DCT 和阿布達比的合作夥伴以及顯然還有沙烏地阿拉伯的合作夥伴的歷史關係為基礎。因此，在國際市場上，我們在過去 6 到 12 個月內在澳洲看到了有意義的成功。我們與新加坡有著悠久的歷史關係，而且關係還很長。

But this effort is relatively new. So I'm not going to quote a percentage penetration at this point in time. but a lot of work that's going to pay off in the coming years.

但這項努力相對較新。因此，我現在不會引用滲透率。但很多工作在未來幾年都會有回報。

And a lot of inventory. That Kansas City takeover we did in April was just a big win for us. I mean, put aside the fee and the in-kind, the amount of earned media we received for that promotion, I would say, PBR, Raw, UFC, I mean it's just extraordinary. And frankly, it helps us on our marketing spend, money we don't have to spend because we were able to make so much hay and so much noise with that promotion. So I'll look for more of that and just realize that internally, we've got a team solely dedicated to just surveying the market, identifying the opportunities and negotiating using the leverage we have with the economic impact we've historically brought.

並且有大量庫存。我們四月份收購堪薩斯城對我們來說是一個巨大的勝利。我的意思是，拋開費用和實物，我們透過這次推廣獲得的媒體收入，我想說，PBR、Raw、UFC，我的意思是，這真是太了不起了。坦白說，它幫助我們節省了行銷支出，我們不需要花費這些錢，因為我們可以透過促銷活動賺得盆滿缽滿。因此，我會尋找更多這樣的機會，並意識到在內部，我們有一個團隊專門負責調查市場、發現機會並利用我們過去帶來的經濟影響進行談判。

Very helpful, thanks you.

非常有幫助，謝謝你。

Ryan Gravett, UBS.

瑞銀集團的瑞安·格雷維特（Ryan Gravett）。

Great, thanks, on the announced acquisition of AAA wrestling in Mexico. I'm curious what you see as the biggest opportunity here in terms of improving monetization and integration with WWE and are there similar tuck-in opportunities like this one around the world?

非常感謝，宣布收購墨西哥 AAA 摔角。我很好奇，您認為在提高貨幣化和與 WWE 整合方面最大的機會是什麼，世界各地是否也有類似的機會？

Yes, thanks, Ryan. I would just say, I'm going to let Nick congest the table, Laurence Taste the UFCs at the table. I'm going to let Andrew and Nick dig into some detail here. But I'll tell you, I am really excited about this.

是的，謝謝，瑞安。我只想說，我要讓尼克擠滿桌子，讓勞倫斯品嚐 UFC 的美味。我要讓安德魯和尼克在這裡深入探討一些細節。但我會告訴你，我對此感到非常興奮。

This is an opportunity that, frankly, that Nick and Paul Lebec unearthed. This is a major property in Mexico, enormous following avid fan base extremely young with a bunch of events, starting with the -- in Los Angeles starting with an event that we're going to do there at the Clipper stadium that is just really going to be the touch, the lead-off hit, if you will.

坦白說，這是尼克和保羅·勒貝克發現的一個機會。這是墨西哥的重要資產，擁有龐大的年輕狂熱粉絲群，還有一系列活動，首先是洛杉磯的快船體育場，我們將在那裡舉辦一場活動，如果你願意的話，這將是一場真正的觸動，一場開門紅。

This is something that's going to catch a lot of fire and our partnership is well structured to see us capitalize in all those different business KPIs we talk about already across UFC and WWE and PBR. So this is a fast ball right down the middle for us. Nick?

這是一件會引起廣泛關注的事情，我們的合作關係結構良好，可以讓我們充分利用我們在 UFC、WWE 和 PBR 中已經討論過的所有不同的業務 KPI。所以這對我們來說是一個快速的中路球。缺口？

Yes. So a couple of things to add to that. The AAA acquisition for us. If you look at some of the recent wrestlers who came into WWE, Entain his real life other Phoenix in particular, both social media impressions depends on his debut almost 100 million social media impressions, we see a spike in Latino viewership when he comes out. It's something we noticed a few years ago when Bad Bunny came in on his run with was that the Latino audience would be there if there was someone like them who was there.

是的。因此，還有幾點需要補充。對我們來說是 AAA 收購。如果你看看最近加入 WWE 的一些摔角手，尤其是現實生活中的另一位摔角手 Entain Phoenix，他的社交媒體印像都取決於他首次亮相時近 1 億的社交媒體印象，我們會看到他出道時拉丁裔觀眾人數激增。幾年前，當 Bad Bunny 開始表演時，我們注意到，如果有像拉丁裔這樣的人在那裡，拉丁裔觀眾也會去。

So we think, number one, it's a new influx of wrestlers. It's added to a demographic where we're already strong. And as Mark said, for the June 7 event at the Forum, which will be a new specific followed up by WWE premium might event 4:00 PM that same day right across the street at the Intuit Dome, a double-header wrestling event for us produced from one truck. There's efficiencies there. There's good dollars there, and we're excited about the overall opportunity.

因此我們認為，首先，這是新一批摔角運動員的湧入。它增加了我們已經很強大的人口統計。正如馬克所說，6 月 7 日在論壇舉行的活動將是一場新的特別活動，隨後 WWE 將於同一天下午 4 點在街對面的 Intuit Dome 舉行一場雙頭摔跤比賽，這是我們用一輛卡車製作的。那裡有效率。那裡有豐厚的利潤，我們對整個機會感到興奮。

The only thing I would add, Brian, is that strategically, we do this as a significant opportunity to go down on what Mark and Nick said. The short-term financial impact is not meaningful to the overall picture. But just as we've done with the UFC and this was a family-operated promotion that we think we can leverage, institutionalize, loan our expertise to create value. We will increase media rights -- with our increased live events revenue, we will increase partnership revenue and will increase consumer products and licensing opportunities. So this fits squarely in our warehouse on top of just the rich cultural heritage and the strategic importance to WWE.

布萊恩，我唯一想補充的是，從戰略上講，我們這樣做是一個重要的機會，以兌現馬克和尼克所說的話。短期的財務影響對整體狀況而言並不大。但就像我們對 UFC 所做的那樣，這是一個家族經營的推廣活動，我們認為我們可以利用、制度化、借用我們的專業知識來創造價值。我們將增加媒體權利—隨著現場活動收入的增加，我們將增加合作夥伴收入，並增加消費產品和授權機會。因此，除了豐富的文化遺產和對 WWE 的戰略重要性之外，這完全適合我們的倉庫。

First week, we came out of the gate with Penton first debuted. He led all merchandise sales that week, just new to the party, and he was number one. So we're looking to mine these opportunities everywhere. Obviously, this is an established league. But to the latter part of your question, nothing else on the horizon from an M&A standpoint, if you will, very similar to the capital repurchase program. We're holding our powder, let's accumulate cash and let's see what happens with this economy.

第一周，我們率先推出了 Penton。那個星期，他帶領所有商品銷售，剛加入聚會，而且他是第一名。因此，我們正在各處尋找這樣的機會。顯然，這是一個成熟的聯盟。但對於你問題的後半部分，從併購的角度來看，沒有其他事情與資本回購計畫非常相似。我們正在儲備力量，累積現金，看看經濟會發生什麼。

That's great. And just to confirm, this would be incremental to the current guidance?

那太棒了。只是為了確認一下，這會對目前的指導產生增量嗎？

Yes, we don't have -- there's no real short-term financial impact, but any impact would be incrementally. Yes. Very marginal. Operator, let's take one last question, please.

是的，我們沒有——沒有真正的短期財務影響，但任何影響都會是漸進的。是的。非常邊緣。接線員，請讓我們回答最後一個問題。

Thanks.

謝謝。

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

Thanks for taking my question. I just had a very simple question. the market really likes the assets that you guys are managing and they love the way you're managing them. The one, I guess, slight concern that I have, and I don't know if it's valid, is that once we get through the UFC renewal and the WWE my fear is that your equity turns into like a bond, meaning it's well run, it generates a lot of cash, but there's not as much enthusiasm for the equity just because there aren't as many needle-moving things that you can do. Do you think that, that's a valid concern? Or do you think there's enough with boxing and sponsorship and site fees to sort of keep the growth as exciting as it has been? Thanks.

感謝您回答我的問題。我只是想問一個很簡單的問題。市場確實喜歡你們管理的資產，也喜歡你們管理這些資產的方式。我想，我有一個小小的擔心，但我不知道這種擔心是否有道理，那就是一旦我們完成了 UFC 的續約和 WWE 的簽約，我擔心你的股權會變成債券，這意味著它運行良好，可以產生大量現金，但人們對股權的熱情卻沒有那麼高，因為沒有那麼多可以推動的事情可以做。您認為這是合理的擔憂嗎？或者您認為拳擊運動、贊助和場地費用足以維持目前令人興奮的成長嗎？謝謝。

Thanks, Jason. Interesting perspective. What I would just say is if you know our management team, we don't sit still. There will always be a lot of gas in this car. Call it rocket fuel.

謝謝，傑森。有趣的觀點。我想說的是，如果你了解我們的管理團隊，你就會知道我們不會停滯不前。這輛車裡總是會有很多汽油。稱為火箭燃料。

So yes, significant upside on the global partnership front. Still a ways to go on the live ticket revenue, especially on the WWE front. New properties we're going to launch, new franchises, new promotions, new leagues we will unearth like the JV with AAA wrestling digging into the Hispanic market. IMG is now working with 200 different partners across the world, some massive events on the horizon, Euro League gaining some steam and conversations with hopefully the NBA at some point here. Comme ball and CAF and the World Cup, the women's sports and where that's going on location, adding new partners every day, setting an all-time record with WrestleMania in Las Vegas and what's to come there.

所以，是的，全球夥伴關係方面有顯著的優勢。現場門票收入還有很長的路要走，尤其是在 WWE 方面。我們將推出新的資產、新的特許經營權、新的促銷活動、新的聯盟，就像與 AAA 摔跤隊的合資企業一樣，深入西班牙裔市場。IMG 目前正在與全球 200 個不同的合作夥伴合作，一些大型賽事即將舉行，歐洲聯賽正在蓬勃發展，並有望在某個時候與 NBA 進行對話。棒球、CAF 和世界盃、女子運動以及比賽的舉辦地，每天都會增加新的合作夥伴，在拉斯維加斯的摔角狂熱大賽上創下歷史新高，以及接下來會發生什麼。

And PBR, while certainly niche, and it's just Western lifestyle, a lot more we can do there. And it's another situation where we're the owner and the commissioner all in one.

儘管 PBR 確實是一個小眾市場，而且它只是西方的生活方式，但我們可以做很多事情。還有一種情況是我們既是業主又是委託人。

So kind of put that aside. Emmanuel is our partner here and our fearless leader, I can promise you that we're not going to be sitting still and whatever new media deals we get, they will have annual increases baked into them. and opportunities for new programming and more ancillary programming, which not only drives our storytelling and our stars, but opens up new programming vehicles for us to monetize.

所以，還是先把這個放在一邊吧。伊曼紐爾是我們的合作夥伴，也是我們無畏的領導者，我可以向你們保證，我們不會停滯不前，無論我們獲得什麼新媒體交易，它們都會有年度增長。以及新節目和更多輔助節目的機會，這不僅推動了我們的故事講述和明星陣容，而且為我們開闢了新的節目載體以實現盈利。

That's super helpful. Thank you for that context.

這非常有幫助。感謝您提供的資訊。

At that point, we'll have a lot more cash going and hopefully do more on the dividend front and more on the share repurchase program, we're going to be active. We're we want to see the story play out in the way that I think our shareholders expect to do over the next five to seven years. Thanks, Jason.

到那時，我們將擁有更多的現金，並希望在股息方面做更多的事情，在股票回購計劃方面做更多的事情，我們將積極主動。我們希望看到故事在未來五到七年內以股東期望的方式展開。謝謝，傑森。

Thank you very much.

非常感謝。

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

感謝大家參加今天的電話會議並對 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. You may now disconnect your lines.

今天的電話會議到此結束。謝謝大家的參與。現在您可以斷開線路了。