TKO Group Holdings Inc (TKO) 2025 Q2 法說會逐字稿

Good afternoon, all, and thank you for joining us for the second-quarter 2025 TKO's earnings call. My name is Carly, and I'll be coordinating the call today. (Operator Instructions)

大家下午好，感謝您參加 2025 年第二季 TKO 的收益電話會議。我叫卡莉，今天我將負責協調這場電話會議。（操作員指示）

I'd now like to hand the call over to our host, Seth Zaslow, Senior Vice President and Head of Investor Relations. The floor is yours.

現在，我想將電話交給我們的主持人、高級副總裁兼投資者關係主管 Seth Zaslow。現在輪到你了。

Good afternoon, and welcome to TKO second-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 Manuel, 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.

下午好，歡迎參加 TKO 2025 年第二季財報電話會議。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透過我們的網站保留至少 30 天。在 TKO 執行主席兼執行長 Ari Manuel 和 TKO 財務長 Andrew Schleimer 發表準備好的演講後，我們將開始提問。我們的總裁兼營運長馬克夏皮羅 (Mark Shapiro) 和安德魯 (Andrew) 將負責問答環節。

The purpose of this call is to provide you with information regarding our second-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. 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.

本次電話會議的目的是向您提供有關我們 2025 年第二季業績的資訊。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。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。

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 our 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.

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，我們相信這為投資者評估我們持續的營運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。

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

您可以在我們今天發布的新聞稿以及我們的 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. TKO's momentum continued throughout the second quarter, reflecting strong execution of our strategy. The quarter included multiple live event milestones, enhanced event economics, and meaningful new brand partnerships. These results highlight our ability to capitalize on sustained demand for premium content and live events to drive growth, profitability, and margin expansion.

謝謝，塞思。TKO 的勢頭在整個第二季度持續，反映了我們策略的強勁執行。本季包括多個現場活動里程碑、增強的活動經濟效益以及有意義的新品牌合作夥伴關係。這些結果凸顯了我們利用對優質內容和現場活動的持續需求來推動成長、獲利能力和利潤率擴張的能力。

As just one example, the ESPN domestic media rights deal for WWE's premium live events announced just this morning secures a pivotal recurring revenue stream for years to come.

舉一個例子，ESPN今天早上剛宣布的針對WWE優質現場賽事的國內媒體版權協議確保了未來幾年的關鍵經常性收入來源。

Our live sports and entertainment content has become a key differentiator for organizations, brands ,and platforms in search of audience. From Netflix live events to YouTube clips and highlights our global partnership with AB InBev to our extraordinary consumer licensing partnership with Fanatics, our strategy and our assets at TKO are truly unique.

我們的現場體育和娛樂內容已成為組織、品牌和平台尋找觀眾的關鍵差異化因素。從 Netflix 現場活動到 YouTube 剪輯，並重點介紹我們與 AB InBev 的全球合作夥伴關係，再到我們與 Fanatics 的非凡消費者許可合作夥伴關係，我們在 TKO 的策略和資產確實是獨一無二的。

Given the continued momentum across our portfolio and our overall business outlook, we are once again raising our guidance for the full year. I'll now share some highlights from the quarter that underscore our positive momentum.

鑑於我們投資組合的持續成長勢頭和整體業務前景，我們再次上調了全年業績預期。現在，我將分享本季度的一些亮點，以強調我們的積極勢頭。

Turning first to our core UFC and WWE businesses, where live events and global partnerships continue to deliver solid performance and drive meaningful growth. At UFC, in addition to setting arena records our live events are securing meaningful economic support from host cities. During the quarter, six out of eight live audience events were supported by incentives, including a first ever fight night in Baku, Azerbaijan. This event, along with our recently announced visit Qatar partnership to host a fight in Doha, highlights continued traction in our site fee strategy, including generating greater support for our fight nights from new destinations.

首先談談我們的核心 UFC 和 WWE 業務，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。在 UFC，除了創下賽場紀錄之外，我們的現場活動還獲得了主辦城市的有意義的經濟支持。本季度，八場現場觀眾活動中有六場得到了獎勵支持，其中包括在阿塞拜疆巴庫舉行的首屆拳擊之夜。這項活動以及我們最近宣布的訪問卡達合作夥伴關係將在多哈舉辦一場比賽，凸顯了我們場地費用策略的持續吸引力，包括從新的目的地為我們的比賽之夜爭取更大的支持。

Meanwhile, our global brand partnerships team delivered robust double-digit growth for UFC in the quarter, following recent major deals with Meta and Monster Energy. This progress continues with the recent expansion of UFC's Wingstop partnership that will include additional integrations across WWE premium live events over a multiyear period. The properties are continuing to find meaningful ways to live side by side, leveraging the collective audience, and fan avidity.

同時，在最近與 Meta 和 Monster Energy 達成重大交易之後，我們的全球品牌合作夥伴團隊在本季度為 UFC 帶來了強勁的兩位數成長。這一進展隨著 UFC 與 Wingstop 合作夥伴關係的近期擴展而繼續，該合作夥伴關係將包括在多年期間內與 WWE 優質現場賽事進行更多整合。這些產業正在繼續尋找有意義的共存方式，以利用集體觀眾和粉絲的熱情。

At WWE, on the heels of a record WrestleMania 41, which was the highest grossing event and most viewed WrestleMania in company history, money in the bank at Intuit on in Los Angeles became the highest grossing WWE arena event of all time, a record we've now broken three times over the last year.

在 WWE，繼創下公司歷史上票房最高、觀看人數最多的摔角狂熱大賽——第 41 屆摔角狂熱大賽之後，洛杉磯 Intuit 的資金也成為有史以來票房最高的 WWE 競技場賽事，這一紀錄我們在過去一年中已經三次打破。

The strength of our premium live events was further on display last weekend at MetLife Stadium in New Jersey, where WWE's first-ever two-night summer slam drew more than 113,000 fans. While premium live events remain a key driver, we're seeing enhanced economics across the entire event portfolio at WWE. In the quarter, we set 36 individual market records for ticket sales and sold out 16 events.

上週末，在新澤西大都會人壽體育場舉行的 WWE 首屆兩晚夏季盛會進一步展示了我們優質現場活動的實力，吸引了超過 113,000 名粉絲。雖然優質現場賽事仍然是關鍵驅動力，但我們看到 WWE 整個賽事組合的經濟效益正在增強。本季度，我們創下了 36 項門票銷售市場記錄，16 場活動的門票全部售罄。

On the programming side, WWE's partnership with Netflix is showing robust appeal and growth across overall viewership and the harder-to-reach younger demos. Since launching on the platform in January, Raw has appeared on Netflix's list of top 10 shows every single week. That's 30 straight weeks total more than 280 million view hours on the platform. Internationally, WWE's PLEs have been a consistent performer, making the top 10 list in 37 countries over the first six months of the partnership.

在節目製作方面，WWE 與 Netflix 的合作在整體收視率和較難接觸的年輕觀眾群體中表現出強勁的吸引力和成長。自 1 月在 Netflix 平台上推出以來，《Raw》每週都會出現在 Netflix 的十大節目榜單上。這意味著該平台連續 30 週的觀看時長總計超過 2.8 億小時。在國際上，WWE 的 PLE 表現穩定，在合作後的前六個月內進入了 37 個國家的前 10 名。

Additionally, with last week's Netflix premiere of WWE: Unreal, we are creating more opportunities for fans to engage with our ancillary content in this instance, taking them behind the scenes and into the writers room for the very first time.

此外，隨著上週 Netflix 首播《WWE：虛幻》，我們為粉絲創造了更多機會來參與我們的輔助內容，首次將他們帶到幕後並進入編劇室。

Across global brand partnerships, WWE generated remarkable growth in the quarter, driven in particular by record-setting deals surrounding several of our premium live events. We also renewed long-standing partners, including Slim Jim and expanded our roster in the financial services category with digital banking platform, Chime.

在全球品牌合作中，WWE 在本季度實現了顯著成長，這主要得益於我們幾項優質現場活動創紀錄的交易。我們還續簽了包括 Slim Jim 在內的長期合作夥伴，並透過數位銀行平台 Chime 擴大了我們在金融服務領域的陣容。

Turning next to IMG on location and PBR. IMG's global production capabilities were on full display this quarter. A singular high-impact weekend in May alone saw more than 1,000 IMG team members across three continents delivering thousands of hours of sports coverage for marquee events, including the final days of both the English Premier League and Saudi Pro League seasons, the EuroLeague Final 4 in Abu Dhabi plus 15 MLS matches.

接下來轉向位置上的 IMG 和 PBR。本季度，IMG 的全球生產能力得到了充分展示。僅在 5 月份的一個高影響力週末，就有超過 1,000 名來自三大洲的 IMG 團隊成員為大型賽事提供了數千小時的體育報道，其中包括英超聯賽和沙特職業聯賽的最後幾天、阿布扎比的歐洲籃球聯賽四強賽以及 15 場美國職業足球大聯盟 (MLS) 比賽。

Taken together, these achievements collectively showcase IMG's unmatched scale in delivering world-class premium sports content to audiences worldwide from screens on phones to screens on planes with Sport 24.

總的來說，這些成就共同展示了 IMG 在透過 Sport 24 向全球觀眾（從手機螢幕到飛機螢幕）提供世界級優質體育內容方面無與倫比的規模。

IMG's unrivaled capabilities were again on display last month at the 153rd open at Royal Portrush where IMG supported our long-standing partner, the RNA to deliver a record-breaking championship across attendance, viewership, and engagement. From international media rights and brand partnerships to world-first innovations like Spider Cam on the 18th hole, IMG helped elevate the fan experience on site and worldwide.

上個月，在皇家波特拉什舉行的第 153 屆公開賽上，IMG 再次展現了其無與倫比的實力，IMG 支持我們的長期合作夥伴 RNA 創造了在出席人數、收視率和參與度方面創紀錄的冠軍。從國際媒體版權和品牌合作到第 18 洞的 Spider Cam 等世界首創創新，IMG 幫助提升了現場和全球球迷的體驗。

At on location, fans worldwide are already gearing up for next year's Milano Cortina Winter Olympic Games and FIFA World Cup. As of July, one year out from the FIFA World Cup's arrival in North America, hospitality sales and reservations have already surpassed the entirety of Qatar 2022 hospitality sales.

在現場，世界各地的球迷已經為明年的米蘭科爾蒂納冬季奧運會和國際足總世界盃做好了準備。截至 7 月，距離 FIFA 世界盃登陸北美已有一年，飯店銷售額和預訂額已經超過了卡達 2022 年飯店銷售額的總額。

And at PBR, the 2025 unleashed the beast and Pendleton Whiskey velocity tour successfully concluded in May, with record regular season attendance across both tours. The focus now shifts to PBRs Camping World Team series debuting with two additional media partners, FOX Nation and the CW Network, who joined CBS' coverage.

在 PBR，2025 釋放了野獸，彭德爾頓威士忌速度之旅於 5 月成功結束，兩次巡迴賽的常規賽出席人數均創下了紀錄。現在焦點轉移到 PBR 的露營世界團隊系列節目，該系列節目與另外兩個媒體合作夥伴 FOX Nation 和 CW Network 一起首次亮相，他們加入了 CBS 的報告。

In closing, positive trends continue across the business, and we are enthusiastic about key milestones ahead with the UFC rights renewal, TKO's promotion of the Canelo versus Crawford super fight next month and the planned commencement of our share repurchase program in the third quarter.

最後，整個業務繼續呈現積極趨勢，我們對未來的關鍵里程碑充滿熱情，包括 UFC 權利續約、下個月 TKO 推廣 Canelo 與 Crawford 的超級大戰以及計劃在第三季度開始的股票回購計劃。

We remain incredibly well-positioned in today's sports ecosystem due to the strong demand for our premium content and high contractual visibility. As we move through the second half of 2025, our focus is clear: execute, integrate, and deliver on our updated guidance.

由於對我們的優質內容和高合約可見性的強勁需求，我們在當今的體育生態系統中仍然佔據著極其有利的地位。隨著我們進入 2025 年下半年，我們的重點很明確：執行、整合和交付我們更新的指導。

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, we delivered strong operating and financial results in the quarter and for the second quarter in a row, have raised our expectations for performance for the remainder of the year. UFC and WWE remain core drivers of TKO. Both delivered record quarterly revenue and adjusted EBITDA. We're seeing significant strength of these businesses, particularly with respect to live events and partnerships, and we continue to realize benefits to both the top and bottom line from the initiatives we've implemented since the formation of the company.

午安.正如阿里所強調的，我們在本季度取得了強勁的營運和財務業績，並且連續第二個季度提高了對今年剩餘時間業績的預期。UFC 和 WWE 仍然是 TKO 的核心驅動力。兩家公司均實現了創紀錄的季度收入和調整後 EBITDA。我們看到了這些業務的顯著優勢，特別是在現場活動和合作夥伴關係方面，並且我們自公司成立以來實施的舉措繼續為公司帶來營收和利潤的雙重效益。

Now, turning to our consolidated financial results for the second quarter. We generated revenue of $1.308 billion, an increase of 10%. Adjusted EBITDA was $526 million, an increase of 75%. Our adjusted EBITDA margin was 40%, an increase from 25% in the prior-year period.

現在，讓我們來看看第二季的綜合財務表現。我們創造了13.08億美元的收入，成長了10%。調整後的EBITDA為5.26億美元，成長75%。我們的調整後 EBITDA 利潤率為 40%，高於去年同期的 25%。

Our UFC segment generated revenue of $416 million, an increase of 5%. Adjusted EBITDA was $245 million, an increase of 6%. UFC's adjusted EBITDA margin was 59% consistent with the prior-year period. UFC had 11 total events, including four numbered events and two international events in both the second quarter of this year and last year. The mix shifted slightly as eight events had live audiences in the second quarter as compared to seven last year.

我們的 UFC 部門創造了 4.16 億美元的收入，成長了 5%。調整後的EBITDA為2.45億美元，成長6%。UFC 的調整後 EBITDA 利潤率為 59%，與去年同期持平。UFC 總共舉辦了 11 場賽事，其中包括今年第二季和去年各舉辦的 4 場編號賽事和 2 場國際賽事。第二季度，現場觀眾人數為 8 場，而去年同期為 7 場，因此情況略有變化。

Partnerships and marketing revenue increased 39% to $86 million. The increase was driven by new partnerships and partnership renewals. We continue to make significant progress in this area, adding new categories and growing existing ones, including recently announced deals with Monster Energy and Meta.

合作和行銷收入成長 39%，達到 8,600 萬美元。這一增長是由新的合作夥伴關係和合作夥伴關係的更新所推動的。我們在這一領域繼續取得重大進展，增加了新的類別並擴大了現有的類別，包括最近宣布與 Monster Energy 和 Meta 達成的交易。

Increasingly, we're focused on partnerships across multiple TKO properties. This initiative is gaining momentum, most recently demonstrated by the Wingstop agreement we announced last week, spanning UFC and WWE. The complementary power of our properties is highly appealing to brands, and we expect to announce more cross TKO partnerships in the near future. Media rights production and content revenue increased 4% to $261 million. The increase was driven by the contractual escalation of media rights fees. Live Events and Hospitality revenue decreased 15% to $59 million.

我們越來越注重與多個 TKO 物業建立合作夥伴關係。這項舉措正在獲得發展勢頭，最近的例子就是我們上週宣布的與 UFC 和 WWE 達成的 Wingstop 協議。我們資產的互補性對品牌具有極大的吸引力，我們預計在不久的將來會宣布更多的跨 TKO 合作夥伴關係。媒體版權製作和內容收入成長 4%，達到 2.61 億美元。這一增長是由於媒體版權費合約上漲所致。現場活動和酒店收入下降 15% 至 5900 萬美元。

As we previewed on our last call, the decrease reflected lower side fee revenue, driven by the timing and mix of international events. UFC held a Fight Night in Baku, Azerbaijan in the quarter, while the second quarter of 2024 included a site fee related to UFC's first event held in Saudi Arabia. Adjusted EBITDA reflected the increase in revenue, partially offset by an increase in expenses.

正如我們在上次電話會議上預測的那樣，這一下降反映了附加費收入的下降，這是由國際事件的時間和組合所致。UFC 本季在阿塞拜疆巴庫舉辦了一場格鬥之夜，而 2024 年第二季度則包含了與 UFC 在沙烏地阿拉伯舉辦的首場賽事相關的場地費。調整後的 EBITDA 反映了收入的成長，但部分被費用的增加所抵消。

Direct operating expenses decreased primarily due to lower production, marketing, athlete, and other event-related costs due to the mix of event cards, venues, and territories. SG&A increased primarily due to higher personnel and travel costs compared to the prior-year period.

直接營運費用下降主要是由於賽事卡、場地和地區的混合導致生產、行銷、運動員和其他賽事相關成本降低。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及差旅成本增加。

Our WWE segment generated revenue of $556 million, an increase of 22%. Adjusted EBITDA was $330 million, an increase of 31%. Adjusted EBITDA margin was 59%, up from 55% in the prior-year period. Live events and hospitality revenue increased 29% to $186 million. The increase was driven by higher ticket sales revenue, reflecting an increase in average ticket price.

我們的 WWE 部門創造了 5.56 億美元的收入，成長了 22%。調整後的EBITDA為3.3億美元，成長31%。調整後的 EBITDA 利潤率為 59%，高於去年同期的 55%。現場活動和招待收入成長 29%，達到 1.86 億美元。這一增長是由於門票銷售收入增加所致，反映出平均票價上漲。

Total attendance declined as a result of our strategic decision to host fewer non-televised events. Site fee revenue also increased as we receive payments for both Night of Champions in Saudi Arabia and WrestleMania 41 in Las Vegas in the second quarter.

由於我們做出減少舉辦非電視轉播活動的策略決策，導致總出席人數下降。由於我們在第二季度收到了沙烏地阿拉伯冠軍之夜和拉斯維加斯摔角狂熱大賽第 41 屆的付款，場地費收入也有所增加。

Partnerships and marketing revenue increased 136% to $58 million, driven by new partnerships and renewals across multiple categories, including video games, travel, food and beverage, financial services, telecom, and QSR, among others.

合作夥伴關係和行銷收入成長 136%，達到 5,800 萬美元，這得益於多個類別的新合作夥伴關係和續約，包括視訊遊戲、旅遊、食品和飲料、金融服務、電信和 QSR 等。

As we discussed on our last call and driving much of the quarterly increase, WrestleMania 41 set an all-time record for partnerships revenue more than double the previous record. The event featured a record 28 total partners, including a partner sponsor for each of the 14 matches over the course of two nights. Partnership revenue at WrestleMania and overall growth in Q2 showcases the execution on one of the core tenets of our investment thesis. We believe there is plenty of runway to continue growing this important part of the business.

正如我們在上次電話會議上所討論的，第 41 屆摔角狂熱大賽創下了合作收入的歷史最高紀錄，是之前紀錄的兩倍多，這推動了季度的大部分增長。活動共有創紀錄的 28 個合作夥伴，其中包括兩個晚上 14 場比賽中的每一場比賽都有合作夥伴贊助商。摔角狂熱大賽的合作收入和第二季的整體成長體現了我們投資理念的核心原則之一的執行情況。我們相信，有足夠的空間來繼續發展這個重要的業務部分。

Media rights production and content revenue increased 7% to $279 million. As we discussed on our last call, 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. The increase was also driven by the contractual escalation of media rights fees, including our long-term global agreement with Netflix.

媒體版權製作和內容收入成長 7%，達到 2.79 億美元。正如我們在上次電話會議上討論的那樣，結果反映了 SmackDown 在上半年擴展為三小時格式，從而導致季度收入確認發生了變化。這一增長也受到媒體版權費合約上漲的影響，其中包括我們與 Netflix 簽訂的長期全球協議。

Adjusted EBITDA reflected the increase in revenue, partially offset by an increase in expenses. Direct operating expenses increased primarily due to higher production and talent-related costs. SG&A increased primarily due to higher personnel and travel costs compared to the prior year period.

調整後的 EBITDA 反映了收入的成長，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和人才相關成本增加。銷售、一般及行政費用增加主要是因為與去年同期相比人員及差旅成本增加。

Our IMG segment generated revenue of $307 million in the quarter, a decrease of 4%. Adjusted EBITDA was $29 million, an increase of $120 million. Adjusted EBITDA margin was 9%, up from negative 29% in the prior-year period. The decline in revenue primarily related to IMG no longer having rights to the FA Cup. This was partially offset by revenue from new production agreements, including a multiyear deal with the Saudi Pro League.

我們的 IMG 部門本季創造了 3.07 億美元的收入，下降了 4%。調整後的 EBITDA 為 2,900 萬美元，增加 1.2 億美元。調整後的 EBITDA 利潤率為 9%，高於去年同期的負 29%。收入下降主要與 IMG 不再擁有足總盃的轉播權有關。這一數字被新製作協議的收入部分抵消，其中包括與沙烏地阿拉伯職業聯賽簽訂的多年協議。

Adjusted EBITDA largely reflected a decrease in expenses, partially offset by the decrease in revenue. The decrease in direct operating expenses principally reflected the absence of the write-down of unsold tickets at all location for the 2024 Paris Olympics as well as lower media rights fees at IMG associated with the FA Cup. SG&A decreased primarily due to lower Olympics-related costs at on location.

調整後的 EBITDA 主要反映了費用的減少，但部分被收入的減少所抵消。直接營運費用的減少主要反映了 2024 年巴黎奧運所有場館未售票的減記，以及與足總盃相關的 IMG 媒體版權費的降低。銷售、一般及行政費用下降主要是因為奧運相關現場成本降低所致。

Corporate and other generated revenue of $45 million, an increase of 9%. Adjusted EBITDA was negative $77 million, an improvement from negative $91 million in the prior-year period.

公司及其他業務收入為 4,500 萬美元，成長 9%。調整後的 EBITDA 為負 7,700 萬美元，較去年同期的負 9,100 萬美元有所改善。

The increase in revenue is driven by management fees from Zuffa Boxing, the JV we announced earlier in the year. Adjusted EBITDA improvement was primarily due to a decrease of $24 million of costs related to corporate allocations of Endeavor corporate expenses under their ownership of IMG on location in PBR.

收入的成長得益於我們今年稍早宣布成立的合資公司 Zuffa Boxing 的管理費。調整後的 EBITDA 改善主要歸因於在 PBR 現場擁有 IMG 的情況下，Endeavor 公司費用的公司分配相關成本減少了 2,400 萬美元。

As we discussed on our last call, from the close of the acquisition on February 28 forward, there are no endeavor corporate expense allocations.

正如我們在上次電話會議上所討論的那樣，從 2 月 28 日收購結束起，就沒有任何企業費用分配。

Now, moving on to our capital structure. In the second quarter of the year, we generated $375 million of free cash flow. Our free cash flow conversion of adjusted EBITDA was 71%. Free cash flow in the second quarter included the adverse impact of the third and final $125 million payment related to the UFC antitrust settlement as well as a favorable impact of approximately $165 million of prepayments related to allocation for the 2026 FIFA World Cup.

現在，我們來談談我們的資本結構。今年第二季度，我們產生了 3.75 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 71%。第二季的自由現金流包括與 UFC 反壟斷和解相關的第三筆也是最後一筆 1.25 億美元付款的不利影響，以及與 2026 年 FIFA 世界盃分配相關的約 1.65 億美元預付款的有利影響。

On June 30, we made our second quarterly cash dividend payment from TKO OpCo of approximately $75 million. We ended the quarter with $2.769 billion in debt and $535 million in cash and cash equivalents in addition to $323 million of restricted cash.

6 月 30 日，我們向 TKO OpCo 支付了第二筆季度現金股息，金額約 7,500 萬美元。本季末，我們的債務為 27.69 億美元，現金和現金等價物為 5.35 億美元，此外還有 3.23 億美元的受限現金。

Regarding our $2 billion share repurchase program, we continue to expect we will commence activity in the third quarter of 2025 and with our timing and quantum ultimately subject to market conditions and related factors. We remain committed to a robust and sustainable capital return program that balances return of capital to shareholders with organic investment and maintaining our strong balance sheet.

關於我們的 20 億美元股票回購計劃，我們仍然預計將於 2025 年第三季開始活動，具體時間和數量最終取決於市場條件和相關因素。我們仍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與有機投資，並維持強勁的資產負債表。

As for boxing, we continue to operationalize the JV we announced in March and intend to hold our first event in early 2026. Separately, in June, we announced that we will promote the Canelo Álvarez/Terrence Crawford fight taking place on September 13 in Las Vegas. We'll provide further updates on our boxing activities as and when appropriate.

至於拳擊，我們繼續實施 3 月宣布的合資企業，並計劃在 2026 年初舉辦第一場賽事。另外，我們在 6 月宣布，我們將宣傳 9 月 13 日在拉斯維加斯舉行的 Canelo Álvarez 與 Terrence Crawford 之間的比賽。我們將在適當的時候提供有關拳擊活動的進一步更新。

Now, turning to our outlook. As we've discussed in the past, we managed 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.

現在，談談我們的展望。正如我們過去所討論的，我們管理業務時重點關注全年業績。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。

As noted in our press release, we are raising our full-year 2025 guidance for revenue and adjusted EBITDA for the second quarter in a row. We are now targeting revenue of $4.63 billion to $4.69 billion and adjusted EBITDA of $1.54 billion to $1.56 billion, an increase of $135 million and $40 million, respectively, at the midpoint of the ranges as compared to the prior guidance we issued in May. The increase is related primarily to strong operating performance at UFC and WWE through the first six months of the year and our anticipated performance for the remainder of the year. It also reflects continued progress on the integration of IMG on location in PBR. To date, we've achieved our 2025 target of $15 million of in-year savings, representing $25 million on a run rate basis. We remain on pace for a run rate of approximately $40 million by year-end 2026.

正如我們的新聞稿中所述，我們連續第二個季度上調了 2025 年全年收入和調整後 EBITDA 預期。我們現在的目標是營收 46.3 億美元至 46.9 億美元，調整後 EBITDA 15.4 億美元至 15.6 億美元，與我們 5 月發布的先前指引相比，分別增加了 1.35 億美元和 4,000 萬美元。這一成長主要與 UFC 和 WWE 今年上半年的強勁營運業績以及我們對今年剩餘時間的預期業績有關。這也反映了 IMG 在 PBR 現場整合方面的持續進展。到目前為止，我們已經實現了 2025 年節省 1500 萬美元的目標，以運行率計算，相當於節省 2500 萬美元。到 2026 年底，我們的營業額仍將維持在約 4,000 萬美元的水準。

In terms of free cash flow, while we have not given formal guidance, our view remains unchanged. We continue to target a full-year 2025 free cash flow conversion rate in excess of 60%. As we've discussed on prior calls, this excludes the impact of approximately $300 million of nonrecurring amounts as well as the benefit of any restricted cash related to the 2026 FIFA World Cup.

在自由現金流方面，雖然我們尚未給出正式指導，但我們的觀點保持不變。我們繼續將 2025 年全年自由現金流轉換率定為 60% 以上。正如我們在先前的電話會議上討論過的，這不包括約 3 億美元非經常性金額的影響以及與 2026 年 FIFA 世界盃相關的任何受限現金的收益。

On our last call, we highlighted a few notable items that we expected to occur in the second quarter, and our results were consistent with all of them. As with our prior calls, while we are not providing quarterly guidance, we want to highlight a few notable drivers of our expected performance as we look into the third quarter.

在上次電話會議中，我們強調了預計第二季將發生的一些值得注意的事項，我們的結果與所有事項一致。與我們之前的電話會議一樣，雖然我們沒有提供季度指導，但我們希望在展望第三季時強調一些預期業績的顯著驅動因素。

At UFC, the third quarter is expected to include 10 events, which is comparable with the prior-year period. However, within 10, we expect two numbered events, our fewest in any quarter this year compared to three in the prior year period.

UFC 第三季預計將舉辦 10 場比賽，與去年同期持平。然而，我們預計在 10 個季度內將有兩次數位事件，這是今年任何季度中發生次數最少的一次，而去年同期有三次。

Further, we intend to stage eight events with live audiences compared to six in the third quarter of 2024. Despite strong underlying trends, the timing of the calendar is expected to meaningfully impact our largest revenue streams, media rights, live events, and partnerships.

此外，我們計劃舉辦 8 場有現場觀眾的活動，而 2024 年第三季只有 6 場。儘管潛在趨勢強勁，但預計日程安排將對我們最大的收入來源、媒體權利、現場活動和合作夥伴關係產生重大影響。

As a reminder, UFC 306 was held at ever in the third quarter of 2024. This event was the highest grossing gate in UFC history and also included a title partner sponsor for the first time.

提醒一下，UFC 306 將於 2024 年第三季舉行。本次賽事是 UFC 史上門票收入最高的賽事，並且首次引入了冠名合作夥伴贊助商。

With respect to expenses, as we've discussed, we incurred meaningfully higher than normal production costs for UFC 306. That said, an event of this magnitude is not expected to occur in the second half of 2025.

關於費用，正如我們所討論的，我們為 UFC 306 支付的費用明顯高於正常製作成本。話雖如此，預計 2025 年下半年不會發生如此大規模的事件。

At WWE, the current calendar includes three main roster premium live events, which is comparable to the third quarter of last year. However, the expansion of Summer Slam to two nights is expected to favorably impact multiple revenue streams including media rights, live events, and partnerships.

在 WWE，目前的日程表包括三場主要的優質現場賽事，與去年第三季相當。然而，夏日狂潮延長至兩晚預計將對媒體版權、現場活動和合作夥伴關係等多種收入來源產生正面影響。

As we've previously discussed, SmackDown's format will revert to two hours beginning in the third quarter. And while there is no impact on the full year, the change will adversely impact media rights revenue recorded in the quarter.

正如我們之前討論過的，SmackDown 的賽制將從第三節開始恢復為兩小時。雖然對全年沒有影響，但這項變更將對本季記錄的媒體版權收入產生不利影響。

At the IMG segment, we expect third quarter revenue and adjusted EBITDA to increase quarter over quarter in terms of absolute dollars, as our results are expected to reflect the impact of a number of signature tenants and golf events, including Wimbledon, the US Open, the British Open, and the Ryder Cup. IMG and allocation will also be performing services in connection with the Canela versus Crawford event, which is expected to favorably impact our performance.

在 IMG 部門，我們預計第三季營收和調整後的 EBITDA 將以絕對美元計算季比成長，因為我們的業績預計將反映出許多標誌性租戶和高爾夫賽事的影響，包括溫布頓網球公開賽、美國公開賽、英國公開賽和萊德盃。IMG 和分配也將為 Canela 與 Crawford 的比賽提供服務，預計這將對我們的業績產生積極影響。

At corporate and other, adjusted EBITDA is expected to improve modestly, quarter over quarter, primarily due to the benefit from the services fee related to Canela versus Crawford.

在企業和其他方面，調整後的 EBITDA 預計將比上一季略有改善，這主要得益於與 Canela 相關的服務費相對於 Crawford 的收益。

With regard to our WWE deal with ESPN announced earlier today, the agreement is five years in duration, and we expect to recognize revenue in line with sports media rights industry standard annual escalators. As Ari touched on earlier, this deal is further evidence of the value of our core IP, and we are excited about the potential impact of ancillary revenue streams we can generate from the halo effect created by the Disney ESPN ecosystem.

關於我們今天早些時候宣布的與 ESPN 達成的 WWE 協議，該協議為期五年，我們預計將按照體育媒體版權行業標準年度遞增方式確認收入。正如阿里之前提到的，這筆交易進一步證明了我們核心 IP 的價值，我們對迪士尼 ESPN 生態系統產生的光環效應所帶來的輔助收入流的潛在影響感到興奮。

In conclusion, we generated strong second-quarter results that reflect continued momentum across our businesses, in particular, UFC and WWE. While we still have a lot of work ahead of us, we are extremely excited about our prospects for the remainder of the year and beyond.

總而言之，我們第二季的業績表現強勁，反映出我們各項業務，尤其是 UFC 和 WWE 的持續成長勢頭。儘管我們還有很多工作要做，但我們對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，我就把它交還給塞斯。

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)。

Congratulations on the WWE deal. I wanted to pick up on the comment I think Andrew was just making about sort of the halo effect. Remember, you guys went from the WWE network to Peacock and now moving to ESPN. If you think about how the PLEs have performed on Peacock and how that's impacted the value of those rights and those assets and then think about what will happen with ESP and can you talk about what you think the big changes opportunities impact will be?

恭喜您與 WWE 簽約。我想繼續談談安德魯剛才關於光環效應的評論。記住，你們從 WWE 網路轉到了 Peacock，現在又轉到了 ESPN。如果您考慮一下 PLE 在 Peacock 上的表現以及這對這些權利和資產的價值有何影響，然後想想 ESP 會發生什麼，您能談談您認為重大變化機會的影響是什麼嗎？

And I know you can't answer for Netflix. But I guess I'm a little surprised to see them not pick up these rights given they have them everywhere else. I guess from a TKO point of view, what's your perspective on having multiple partners for these rights in different regions versus bringing them to one platform?

我知道你無法代表 Netflix 回答這個問題。但我想我有點驚訝看到他們沒有獲得這些權利，因為他們在其他地方都擁有這些權利。我想從 TKO 的角度來看，您對在不同地區擁有多個合作夥伴來獲得這些權利與將它們集中到一個平台上有何看法？

Thanks, Ben. First off, I think we've been consistent in our messaging to you that we were always a little reticent about having all of our exit on basket. Don't get me wrong, when you're doing these deals, you're balancing monetization of the asset and the opportunity with, of course, reach with regard to our brand and our audience. So that certainly played a factor.

謝謝，本。首先，我認為我們一直在向你們傳達這樣的訊息：我們對於所有出局都依靠籃框這一點一直都有些保留。別誤會我的意思，當你做這些交易時，你是在平衡資產和機會的貨幣化，當然還有我們品牌和受眾的影響力。所以這肯定是一個因素。

When we went into the market at roughly the same time we began talking to interested parties on the UFC, we had strong interest because more than anything else, these are monthly big events, right?

當我們進入市場時，大約在同一時間，我們開始與 UFC 感興趣的各方進行洽談，我們產生了濃厚的興趣，因為最重要的是，這些都是每月舉辦的大型活動，對吧？

And we're now frankly living in the beef event era, if you will. You've heard Ted Sarandos and [Bella Bejeria] in specific in particular, talk about those big events, looking for big events, not volume, not necessarily weekly, certainly not at a big event.

坦白說，我們現在正生活在牛肉事件時代。您一定聽過泰德·薩蘭多斯 (Ted Sarandos) 和貝拉·貝傑裡亞 (Bella Bejeria) 特別談論那些大型活動，尋找大型活動，而不是大規模活動，不一定是每週活動，當然也不是在大型活動中。

So I would just tell you, when all was said none, we could have actually had a slightly higher rights fee by going with another partner. But we felt the strength of ESPN's brand, the reach, the platform, the makeup of their audience, and their D2C strategy, which is launching soon here, was just as important as the dollars, and we've been consistent with our approach in that messaging to you.

所以我只想告訴你，當一切都說完了，我們實際上可以透過與另一個合作夥伴獲得略高的版權費。但我們認為 ESPN 的品牌實力、影響力、平台、觀眾組成以及即將在這裡推出的 D2C 策略與收入同樣重要，我們一直以這種方式向您傳達訊息。

Ultimately, we're sitting here with a five-year deal, annual escalators high-margin revenue stream with attractive visibility, and stability, the slate of programming that are the PLEs, Nick Khan and Triple H has done such an amazing job taking the baton from Vince McMahon.

最終，我們簽訂了一份為期五年的合同，每年遞增的高利潤收入流具有誘人的可見性和穩定性，PLE 的節目安排、尼克汗和 Triple H 從文斯麥克馬洪手中接過接力棒，做得非常出色。

These PLEs are purpose-built for direct-to-consumer services. We will stream all 10 PLs over the course of the year, powered as times by linear, and I want to underscore that I said that could get lost in the messaging. The idea of having a million in the bank, a Summer Slam, a WrestleMania, take your pick from our PLEs with the first hour or even two simulcast on ESPN linear and D2C with a handoff to their direct-to-consumer, you just can't beat that proposition. And of course, that's driven by the fact that ESPN's linear platform is absolutely unmatched in the industry.

這些 PLE 專為直接面向消費者的服務而設計。我們將在一年內以線性方式串流所有 10 個 PL，我想強調的是，我說過這可能會在訊息中丟失。想像一下，銀行裡有一百萬美元，可以觀看夏季衝擊、摔角狂熱大賽，從我們的 PLE 中挑選一個，前一個小時甚至兩個小時在 ESPN 線性和 D2C 上同步播出，然後交給直接面向消費者，你根本無法拒絕這個提議。當然，這是因為 ESPN 的線性平台在業界絕對無與倫比。

On the ESPN side, they saw this as big audience content that travels to any platform. It's a very loyal audience. They were firm in agreement that both WWE and the UFC content for that matter, attract new subs attracts cord never is very important, those folks that have never as young folks that have never signed up to cable or satellite. They are streamers from birth, if you will. They saw that with our content and they also knew we were the antidote churn. And of course, that track record with UFC and what we built at ESPN+ played into our favor.

ESPN 方面認為，這是可以傳播到任何平台的、擁有大量觀眾的內容。這是一群非常忠誠的觀眾。他們一致認為，無論是 WWE 還是 UFC 的內容，吸引新的訂閱者都非常重要，從未訂閱有線電視或衛星電視的年輕人也是如此。如果你願意的話，他們從出生起就是飄帶。他們從我們的內容中看到了這一點，他們也知道我們是解決流失問題的良方。當然，我們在 UFC 的成績以及我們在 ESPN+ 上取得的成就對我們有利。

In terms of what we are getting in return beyond the math that you've seen, which is a clear step-up from what we were getting $900 million AAV in our last deal to now -- excuse me, $1.625 billion overall for the deal in five years, it's a 1.81 step-up.

就我們所獲得的回報而言，除了您所看到的數學計算之外，這與上一筆交易中獲得的 9 億美元 AAV 相比有了明顯的提升——對不起，這筆交易五年內總共獲得了 16.25 億美元，增長了 1.81 倍。

And I want to have Andrew walk through the math of that for a second and also hit your last point, which is, what are you getting beyond that? Like what are the adds that we should be looking for, which we see as further monetization opportunities. Andrew?

我想讓安德魯花一點時間解釋一下其中的數學原理，並談談你的最後一點，那就是，除此之外你還能得到什麼？例如，我們應該尋找哪些附加內容，我們將其視為進一步的貨幣化機會。安德魯？

Thanks, Mark. I think there was a bit of confusion or at least a couple of different reports as to the baseline for which the appropriate level to measure of the deal and what was widely reported at $325 million AAV or $1.625 billion over the five-year term. So for the avoidance of that, our current Peacock deal commenced March 18, 2021, for that first sub calendar year, March through December, the right to be paid. And this again is not revenue recognition, but it's purely cash in and rights fee to service the baseline calculation is just under $100 million. For each of the subsequent calendar years '22, '23, '24, or '25, the rights fee has been just under $190 million, and for sub-'26, given the fact that there's a short period of time through March of '26, it's just under $50 million. So all of this aggregates to Mark's point, of $900 million of total right speed over the five years or an AAV of $180 million.

謝謝，馬克。我認為，對於衡量該交易的適當水平的基準存在一些混淆，或者至少有幾份不同的報告，而廣泛報道的是 3.25 億美元的 AAV 或五年期 16.25 億美元。因此，為了避免這種情況，我們目前的 Peacock 交易於 2021 年 3 月 18 日開始，第一個子日曆年（3 月至 12 月）有權獲得付款。這又不是收入確認，而是純粹的現金和權利費，用於服務基準計算的費用略低於 1 億美元。在隨後的每個日曆年（22、23、24 或 25 年），版權費都略低於 1.9 億美元，而對於 26 年以後的日曆年，考慮到到 26 年 3 月為止的時間很短，版權費略低於 5000 萬美元。因此，所有這些加起來就達到了馬克的觀點，即五年內總正確速度為 9 億美元，或 AAV 為 1.8 億美元。

What's included in the Peacock deal of $180 million, that actually is not included in the ESPN deal, i.e., what we've retained for further monetization are all of the NXT PLEs roughly 6 per year, 250 hours of original programming that historically had been in WWE's cost and expense that we no longer have an obligation to produce contractually, five documentaries over the term one per year at WWE's cost and expense, which we no longer have the obligation to produce contractually as well as the content archive. So meaningful opportunity for additional monetization on top of the $325 million.

1.8 億美元的 Peacock 交易中包含的內容實際上並不包含在 ESPN 交易中，也就是說，我們保留用於進一步貨幣化的內容是所有 NXT PLE，每年大約 6 個，250 小時的原創節目，這些節目過去一直由 WWE 承擔成本和費用，我們不再有義務根據合同製作，每年由 WWE 承擔成本和資格，我們不再根據紀錄片製作這些記錄，我們不再有根據紀錄片。因此，這是一個在 3.25 億美元基礎上實現額外貨幣化的有意義的機會。

And Ben, you would humor me for one second. I know it was a long answer, but we're trying to cover a lot of ground. I think another subset of your question, what made us feel okay walking away from Netflix? And by the way, I'm not suggesting they made any offer at any level, but of course, they are a great partner. And to your point, they have all of our content for the most part, the rest of the world outside of SmackDown, why wouldn't they have it here?

本，你肯讓我開心一秒鐘嗎？我知道這是一個很長的答案，但我們試圖涵蓋很多內容。我認為你的問題的另一個子集是，是什麼讓我們覺得可以離開 Netflix？順便說一句，我並不是說他們在任何層面上提出了任何報價，但當然，他們是一個很好的合作夥伴。正如您所說，他們擁有我們大部分的所有內容，以及 SmackDown 之外的其他地方的內容，為什麼他們不在這裡擁有呢？

The ESPN proposition and whether our audience for travel was important to us. And I think Nick is best suited to talk about how our audience has traveled and why that gave us, I would say, a firm confidence that we were going to be able to build off what we currently have. Nick?

ESPN 的提議以及我們的旅遊觀眾對我們是否重要。我認為尼克最適合談論我們的觀眾是如何旅行的，以及為什麼這給了我們堅定的信心，讓我們能夠在現有的基礎上再接再厲。缺口？

Thanks, Mark. A number of different examples, the WWE audience, for example, during the last or two Winter Olympics ago, we were notified on short notice that we'd be moving Monday Night Raw at the time from USA Network to SYFY. Maybe it was one or two weeks of notice. 96% of that audiences travel to SYFY, which with all respect to USA and how great it is, SYFY is not necessarily a destination network.

謝謝，馬克。舉幾個不同的例子，例如，在上一兩屆冬季奧運會期間，WWE 觀眾在短時間內收到通知，我們將把當時的 Monday Night Raw 從 USA Network 轉移到 SYFY。也許是提前一兩週通知。 96% 的觀眾前往觀看 SYFY，儘管對美國以及它的偉大表示敬意，但 SYFY 不一定是一個目的地網絡。

If you look at WWE Network, which at its peak in the United States at 1.1 million subscribers, when we went to Peacock, each and every one of those travel plus the subscriber base for Peacock that was there exclusively for WWE grew massively.

如果你看看 WWE 網絡，它在美國巔峰時期擁有 110 萬訂閱用戶，當我們去 Peacock 時，所有這些訂閱用戶以及專門為 WWE 服務的 Peacock 訂閱用戶群都大幅增長。

If you take a look at that and what we think we can do with ESPN and its D2C, it should grow even further. Our audiences travels.

如果您看一下這一點以及我們認為可以對 ESPN 及其 D2C 做些什麼，它應該會進一步發展。我們的觀眾在旅行。

Brandon Ross, LightShed.

布蘭登·羅斯，LightShed。

I guess, moving from the WWE PLE to UFC. We're surprised that you announced that PLE deal before UFC. Were you just waiting for Paramount Sky as to close or another external event? Or is the UFC deal proving to be more challenging than the PLE deal was. And I guess, you suggested you were looking at your partners holistically or as a portfolio in your answer to Ben. Should we now assume ESPN with WWE and so is less likely to continue on with UFC? And on the flip side, as you suggested you walked away from Netflix, are they more likely as the UFC partner?

我猜，從 WWE PLE 轉到 UFC。我們很驚訝您在 UFC 之前宣布了 PLE 協議。您只是在等待派拉蒙天空關閉或發生其他外部事件嗎？或者 UFC 交易比 PLE 交易更具挑戰性。我想，您在回答本的問題時暗示過，您正在從整體上或作為一個投資組合來看待您的合作夥伴。我們現在是否應該假設 ESPN 與 WWE 合作，而不太可能繼續與 UFC 合作？另一方面，正如您所說，您放棄了 Netflix，他們是否更有可能成為 UFC 的合作夥伴？

Thank you, Brandon. I will try to hit all those parts there. If we leave anything out, you can come back around. The first that triggered me was the -- was it more challenging for the UFC? Have we found that to be more challenging than we initially thought? The answer is unequivocally no, and I'll leave it at that.

謝謝你，布蘭登。我會盡力達到所有這些部分。如果我們遺漏了什麼，您可以回來。第一個引起我注意的是——這對 UFC 來說是否更具挑戰性？我們是否發現這比我們最初想像的更具挑戰性？答案無疑是否定的，我就不多說了。

As far as the timing goes, frankly, we've been in the market with essentially five properties at the same time. the UFC, which could be seen as one or two or three depending on how you look at it, but you've got the number of events and you've got the fit. And that's what ESPN had. There were two deals.

就時機而言，坦白說，我們基本上同時在市場上擁有五項資產。 UFC，根據你的看法，它可能被視為一項、兩項或三項，但你已經擁有了賽事的數量，並且你已經擁有了契合度。這就是 ESPN 所擁有的。有兩筆交易。

Then you've got the WWE PLEs. Then you've got Zuffa Boxing, our new boxing promotion. And then you have PBR, which, as you know, [Dr. Phil went belly up and Merit Street went belly up] as part of that, and we were left holding the bag with a contract of approximately $181 million over four years that we've had to try to find a new home for PBR. So we were definitely disadvantaged.

那你就得到了 WWE PLE。那麼你就有了 Zuffa Boxing，我們的新拳擊推廣活動。然後是 PBR，正如你所知，[菲爾博士破產了，Merit Street 也破產了]，我們承擔了四年約 1.81 億美元的合同，不得不想辦法為 PBR 尋找新的歸宿。所以我們肯定處於不利地位。

So we've been in the market really with all five. Where they come, how they swap, when they sequence, that just happens to be where we are in terms of the state of each of the deals and each of the conversations.

所以我們實際上已經將這五種產品投入市場。它們來自哪裡，如何交換，何時排序，就每筆交易和每次對話的狀態而言，這恰好就是我們所處的位置。

What I can tell you on UFC is we are in the home stretch. We will provide an update on UFC rights when we have something to announce. Our mission remains finding a balance between maximizing monetization and reach. And as evidenced by our WWE PLE's ESPN deal, the market for premium content, especially big event programming remains strong, and it will remain strong with ESPN as well.

我可以告訴你們的是，UFC 已經進入最後衝刺階段。當我們有消息要宣佈時，我們將提供有關 UFC 權利的最新消息。我們的使命仍然是在最大化貨幣化和覆蓋範圍之間找到平衡。正如我們的 WWE PLE 與 ESPN 的交易所證明的那樣，優質內容市場，尤其是大型賽事節目的市場仍然強勁，ESPN 也將繼續保持強勁勢頭。

Okay. And the other part of that was, do the outcomes of each of these deals that you have in the marketplace influence each other, such that WWE would now be -- I mean, sorry, UFC would be less likely to do a deal with the ESPN, or are they mutually exclusive?

好的。另一部分是，您在市場上達成的每筆交易的結果是否會相互影響，以至於 WWE 現在——我的意思是，抱歉，UFC 不太可能與 ESPN 達成交易，或者它們是互相排斥的？

I mean, that's more of a question for Jimmy Pitaro and Bob on the Disney call. I do know that Jimmy was quoted yesterday when asked about this, specifically in trade. He relishes the relationship with TKO, specifically going into the success they've had with UFC and what that did for ESPN+ and what they believe that and WWE can do for their strategy going forward, and I don't think it rules them out his words.

我的意思是，這更像是針對迪士尼電話會議中 Jimmy Pitaro 和 Bob 的問題。我確實知道昨天當被問及此事時引用了吉米的話，特別是在貿易方面。他很享受與 TKO 的關係，特別是談到他們在 UFC 取得的成功以及這對 ESPN+ 的影響，以及他們認為 TKO 和 WWE 可以為他們未來的策略帶來什麼，我認為這並不排除他的說法。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Mark, sorry, just on the non-PLE content, why hold that back? And maybe to the point Ben was trying to make is the thought there that maybe that belongs with one of your existing partners?

馬克，抱歉，只是關於非 PLE 內容，為什麼要保留它？或許本想表達的觀點是，這可能屬於你現有的合作夥伴之一？

Well, the answer there, Dave, is simply more monetization opportunities. Look, our goal here is to increase profitability, increase margins, investment grade, and we're marching to that beat. And so we're cutting a deal and it's not just about the actual rights fees here. It's about all the bells and whistles in between. And those bells and whistles add up from an ancillary perspective.

嗯，戴夫，答案很簡單，就是更多的獲利機會。看，我們的目標是提高獲利能力、提高利潤率和投資等級，我們正在朝著這個目標前進。因此，我們正在達成協議，而這不僅涉及實際的版權費。這是關於其間的所有花哨東西。從輔助角度來看，這些花俏的東西是加起來的。

So to Andrew's point, if we can have Nick Khan go to the market and sell NXT PLEs for incremental right fee, fantastic. We no longer have to produce 250 hours of original programming annually. That's a lot of bandwidth, and it's a lot of cost we can take out, five documentaries over the term contractually. We certainly want to do films and documentaries. WWE, our production arm there has proven to be very successful in delivering docs that are critically acclaimed and highly viewed, but we want to go out and sell those one by one and maximize the market and timing.

所以，正如安德魯所說，如果我們可以讓尼克汗進入市場並以增量權利費出售 NXT PLE，那就太好了。我們不再需要每年製作 250 小時的原創節目。這是很大的頻寬，而且我們可以節省很多成本，在合約期限內可以拍攝五部紀錄片。我們當然想拍電影和紀錄片。WWE 是我們在那裡的製作部門，事實證明，他們非常成功地製作出了廣受好評、收視率很高的紀錄片，但我們希望將這些紀錄片一部一部地出售，最大限度地利用市場和時機。

And of course, when it comes to our library and our archive, we're going to maximize that opportunity as well. So not every deal is created equal, and not just because something was in the last deal will mean it's in the next deal and vice versa.

當然，當談到我們的圖書館和檔案館時，我們也會最大限度地利用這個機會。因此，並非每筆交易都是平等的，並且僅僅因為某件事出現在上一筆交易中就意味著它會出現在下一筆交易中，反之亦然。

David, the only thing I'd add, and I did allude to this in my prepared remarks with regard to the halo effect. When you look at UFC's ad sales and partnerships business and the benefit of step function change we saw in that business, when we move from Fox to ESPN and the current trajectory we are now on with WWE, the halo effect of Netflix, albeit internationally for the PLEs and Raw here domestically, we do believe that this deal will yield meaningful benefit for us on partnerships. And then over time, live events and IPs as well.

大衛，我唯一要補充的是，我在關於光環效應的準備好的發言中確實提到了這一點。當你看到 UFC 的廣告銷售和合作業務以及我們在該業務中看到的階梯式功能變化的好處時，當我們從 Fox 轉向 ESPN 以及我們現在與 WWE 的當前軌跡時，Netflix 的光環效應，儘管對於 PLE 來說是國際性的，而 Raw 是國內性的，我們確實相信這筆交易將為我們的合作帶來有意義的利益。隨著時間的推移，現場活動和 IP 也會隨之增加。

Maybe -- go ahead, Mark.

也許——繼續吧，馬克。

Yeah. Great. And then I'll give you another question. Another point there is that Andrew rates the idea of getting ad inventory in our deals going forward is extremely important to us. We have a best-in-class global partnerships division that is on the cusp of hitting $300 million you see a loan on our global partnerships before you get to WWE, and we've talked about that publicly.

是的。偉大的。然後我會問你另一個問題。另一點是，安德魯認為在未來的交易中獲得廣告庫存的想法對我們來說極為重要。我們擁有一流的全球合作夥伴部門，該部門的規模即將達到 3 億美元，在加入 WWE 之前，您可以看到我們在全球合作夥伴方面的一筆貸款，我們已經公開談論過這個問題。

The idea of tying some of these partnership deals where we have in arena sponsorship, we have in telecast broadcast integration, and now, going out and actually selling inventory, add inventory, we've done some of that with our UFC paper views. But for the most part, that's not our business. To now open that door with these WWE PLEs and have the opportunity to sell add inventory into ESPN deals, that's a game changer for us. And that's also something that's important to us in any UFC deal going forward.

我們的想法是將一些合作協議與我們在競技場贊助、電視廣播整合方面的合作聯繫起來，現在，出去實際銷售庫存、增加庫存，我們已經通過 UFC 紙質觀點實現了其中的一些目標。但在大多數情況下，這不是我們的事。現在，透過這些 WWE PLE 打開這扇門，我們有機會將附加庫存出售給 ESPN 交易，這對我們來說是一個遊戲規則的改變。對於我們未來與 UFC 的任何交易來說，這也是非常重要的一點。

Mark, maybe just a follow-up on the reach point regarding the ESPN platform. I just want to understand better your point of view because the linear subs are going to have a D2C entitlement, and that will give you reach right away, but the -- obviously, the standalone price is a bit above Peacock. I just want to understand also your considerations there for that kind of cord never set up your funds.

馬克，也許只是對 ESPN 平台覆蓋點的後續問題。我只是想更好地理解你的觀點，因為線性子版塊將擁有 D2C 權利，這將使你立即獲得覆蓋範圍，但顯然，獨立價格略高於 Peacock。我只是想了解您的考慮，因為這種繩索永遠不會佔用您的資金。

Yeah. Look, thank you. We've been down this road before. I mean, just as a reminder to everybody on the call here, when we signed up with ESPN and ESPN+ for the number of events, the pay per views, that proposition saw us launching in 3 million homes. So ESPN Plus was in 3 to 4 million homes early on.

是的。瞧，謝謝你。我們以前也走過這條路。我的意思是，提醒一下在座的各位，當我們與 ESPN 和 ESPN+ 簽約舉辦一定數量的活動、按次付費觀看時，這項提議讓我們覆蓋了 300 萬個家庭。因此 ESPN Plus 早期就涵蓋了 300 萬到 400 萬個家庭。

In fact, we had problems with some of our partnerships because they were coming back saying, we're not being seen by anybody. We thought we were going to be have a big audience and now ESPN+ is so small. Should we be talking about a haircut on our rights fees, if you will, what they were paying us. Of course, we didn't give them any of those. We figure out other inventory to make them good and make them happy. And by the way, ESPN+ grew fast.

事實上，我們與一些合作夥伴之間出現了問題，因為他們回來說，沒有人看到我們。我們以為我們會擁有大量的觀眾，但現在 ESPN+ 的規模卻很小。如果您願意的話，我們是否應該談論對我們的權利費進行削減，即他們向我們支付的費用。當然，我們沒有給他們任何東西。我們找出其他庫存來使他們變得更好並滿足他們。順便說一句，ESPN+ 發展很快。

But that proposition was a double paywall. You have to sign up for ESPN+, which is a monthly hit, granted it wasn't $29.99, but still a monthly hit, which has gone up. And then the pay for the pay per view, which is substantially more than the $29.99 you're going to have to be paying here on the PLEs to get the D2C offering, started in the 50s and it was up closer to $80 by the time it was done, added with the monthly cost of ESPN. I mean, it really -- that was a tough barrier to get across for our fans.

但這項提議是雙重付費牆。您必須註冊 ESPN+，這是一項月費服務，雖然價格不是 29.99 美元，但仍然是一項月費服務，而且價格已經上漲了。然後，按次付費的費用大大高於您在 PLE 上支付的 29.99 美元以獲得 D2C 服務，從 50 年代開始，到結束時已接近 80 美元，加上 ESPN 的月費。我的意思是，這真的——對我們的粉絲來說，這是一個難以克服的障礙。

And frankly, something that generally made them unhappy. Still, we succeeded. This has been a monster success with UFC and ESPN+. So as we looked at this opportunity, even though they'll be starting small and even though D2C is $29.99 to your point, their ability to authenticate and have a platform immediately because they're a cable or satellite player or those coordinators getting those folks for $29.99, it is a big time discount price compared to what they were paying for UFD pay per view. So we're not concerned about that whatsoever.

坦白說，有些事情通常會讓他們不開心。儘管如此，我們還是成功了。這對 UFC 和 ESPN+ 來說是一個巨大成功。因此，當我們審視這個機會時，儘管他們起步規模很小，儘管 D2C 的價格按照你的觀點是 29.99 美元，但他們能夠立即進行身份驗證並擁有一個平台，因為他們是有線或衛星電視播放器，或者那些協調員以 29.99 美元的價格吸引這些人，與他們為 UFD 按次付費的價格相比，這是一個付費的折扣。所以我們對此一點也不擔心。

Operator, let's take our next question.

接線員，我們來回答下一個問題。

Stephen Laszczyk, Goldman Sachs.

高盛的 Stephen Laszczyk。

Maybe on the 25% guidance for Andrew. It sounds like you have seen WWE outperforming our internal expectations going into the first six months of the year. Just curious if you could talk a little bit more about what areas specifically are driving some of that outperformance versus your expectations?

也許是對安德魯的 25% 指導。聽起來您已經看到 WWE 在今年前六個月的表現超出了我們的內部預期。我只是好奇，您是否可以再多談談具體哪些領域推動了這種超出您預期的表現？

And then to what extent you expect some of that momentum to carry on into the back half of the year? Or if you think there is other quote takes we should be considering as we look into the final six months has been factored into the guide that you gave today updated guide?

那麼，您預計這種勢頭將在多大程度上延續到今年下半年？或者，如果您認為我們在研究最後六個月時應該考慮其他報價，那麼這些報價是否已納入您今天提供的更新指南中？

Yeah. I think -- and thanks, Steve. As I said in my prepared remarks, both these powerhouses continue to outperform our internal expectations and external expectations vis-à-vis market consensus. It's really by even IP and partnerships other than obviously contractual increases in media rights and the benefit that you'll see you see at WWE over the course of the year from the Netflix partnership.

是的。我認為——謝謝，史蒂夫。正如我在準備好的發言中所說，這兩大巨頭的表現繼續超出我們的內部預期和外部預期，符合市場共識。除了明顯的合約媒體權利增加以及您將在一年內從 Netflix 合作夥伴關係中看到的 WWE 收益之外，這實際上是透過 IP 和合作夥伴關係實現的。

Those are the three areas that are driving or have driven our growth on a year-to-date basis. I gave some pretty specific color as to event calendar mix shift changes and other drivers from an event basis for Q3. And with our full-year numbers, you can very easily get a sense of what then Q4 could look like.

這是今年迄今推動或已經推動我們成長的三個領域。我對第三季的事件日曆組合轉變變化和其他驅動因素給出了一些非常具體的顏色。透過我們的全年數據，您可以輕鬆了解第四季度的情況。

So year to date, it's a story about live events and partnerships. We anticipate those tailwinds to continue over the course of the year. We gave you some color on sort of mix for Q3 and obviously taking up top line $135 million at the midpoint and adjusted EBITDA of $40 million at the midpoint, maintaining a 33% aggregate margin. We feel very good about the status of our business.

今年到目前為止，這是一個關於現場活動和合作夥伴關係的故事。我們預計這些順風勢頭將持續到今年年底。我們為您提供了第三季度的一些組合信息，顯然中間值佔據了 1.35 億美元的頂線，中間值調整後的 EBITDA 為 4000 萬美元，保持了 33% 的總利潤率。我們對我們的業務現狀感到非常滿意。

Two things I will note, and Mark and I spent a lot of time with the team talking about margins. Q2 UFC 59% operating margins flat year over year, but very, very strong from a performance perspective. But all eyes on WWE here, 59% operating margin driven largely by WrestleMania and the success of that event.

我要指出兩件事，馬克和我花了很多時間與團隊討論利潤問題。UFC 第二季的營業利益率為 59%，與去年同期持平，但從業績角度來看非常非常強勁。但所有人的目光都集中在 WWE 身上，59% 的營業利潤率主要由摔角狂熱大賽及其成功推動。

But when we set out on this journey to talk about operating margins at WWE closing in to UFC and even being above that 50% mark, and we feel real good about it. We believe that's sustainable over time, particularly in light of this deal that we did this morning. So this is as much about margin accretion as it is anything else.

但是，當我們開始談論 WWE 的營業利潤率接近 UFC 甚至超過 50% 時，我們對此感到非常高興。我們相信，從長遠來看，這種情況是可持續的，特別是考慮到我們今天早上達成的協議。因此，這不僅與利潤成長有關，也與其他任何事情有關。

Our Summer Slam, Stephen, was the most viewed we've ever had in the history. So quickly, that is turning into another WrestleMania for us. And the more that Nick and Paul can drive these events to be of that ilk and that level and deliver the kind of results on live events and site fees that we get for WrestleMania, that's what's going to get us the rest of the way there on the margin accretion.

我們的《夏日狂潮》《史蒂芬》是我們史上收視率最高的節目。很快，這對我們來說就變成了另一場摔角狂熱大賽。尼克和保羅越能將這些活動推向那樣的水平和檔次，並在現場活動和場地費方面取得像摔角狂熱大賽那樣的成果，我們就能越快地實現利潤的增長。

That's all helpful. Maybe if I could just follow up and dig in on the WWE side sponsorship. It's been a massive opportunity. You guys have executed well on the PLE side. Nick, I'm curious if you're still on -- just curious on the opportunity going forward to keep executing against that. Maybe as you look further down past the PLEs, how should we think about the pace of execution on the sponsorship opportunity?

這些都很有幫助。也許我可以跟進並深入了解 WWE 的贊助情況。這是一個巨大的機會。你們在 PLE 方面表現得很好。尼克，我很好奇你是否還在——只是好奇未來是否有機會繼續執行這一目標。也許當您進一步了解 PLE 時，我們應該如何考慮贊助機會的執行速度？

It is. One of the highest priorities at WWE and at TKO, Mark had mentioned earlier the strength of our global partnerships group, the number of global partnership dollars that UFC is now generating with WWE being family-friendly programming with 50% of our live audience in the child with almost 40% of our audience live watching being women. We think there are significant rooms for -- significant room pardoning to continue to increase in those sponsorship dollars. Again, it's a priority. We think in shifting over to ESPN D2C, it will help that further and sky's the limit.

這是。WWE 和 TKO 的首要任務之一就是馬克之前提到的我們全球合作夥伴團隊的實力，UFC 現在透過 WWE 創造的全球合作夥伴資金數額，WWE 是適合家庭觀看的節目，我們 50% 的現場觀眾是兒童，而近 40% 的現場觀眾是女性。我們認為，這些贊助資金還有很大的成長空間。再次強調，這是優先事項。我們認為，轉向 ESPN D2C 將會進一步提供協助，而且前景無限。

Remember, any ad inventory that we get these deals would go towards our partnership goals. And I will tell you, Stephen, Nick and Andrew can attest it, it's almost fun selling to WWE. I mean, this was a blank canvas when we walked into this. It's not -- we've said publicly we're putting 375 as our goal for the two entities for the year.

請記住，我們透過這些交易獲得的任何廣告資源都將用於實現我們的合作目標。我可以告訴你，史蒂芬、尼克和安德魯可以證明這一點，向 WWE 銷售產品幾乎是一件有趣的事情。我的意思是，當我們走進來的時候，這裡還是一塊空白的畫布。事實並非如此——我們已經公開表示，我們今年的目標是 375 個。

And going out and selling, whether it's the mat, in arena, in the concourses, integration, some of our hospitality packages have sponsorship in it. I mean, this is all like fertile ground for us. So we're extremely encouraged and optimistic at what we can do in WWE, given the strength of what Grant Norris-Jones' team has built and succeeded in doing at the UFC.

並且出去銷售，無論是在墊子上、在競技場、在大廳、在集成中，我們的一些接待套餐都包含贊助。我的意思是，這一切對我們來說都像是肥沃的土地。因此，考慮到格蘭特諾里斯瓊斯的團隊在 UFC 中建立並取得的成就，我們對我們在 WWE 中所能取得的成就感到非常鼓舞和樂觀。

Peter Supino, Wolfe Research.

彼得‧蘇皮諾 (Peter Supino)，沃爾夫研究公司。

A question for Andrew and one for Mark. Andrew, on profitability, which is generally a good subject at TKO, your guidance implies about a 30% incremental margin, while we're hearing in your commentary that the upside to revenue guidance is coming from site fees and live events and sponsorships, which we think have near 100% flow-through to EBITDA, so I wonder if you could help us with those just thinking about the incremental margins in the guidance.

一個問題問安德魯，一個問題問馬克。安德魯，關於盈利能力，這通常是 TKO 的一個好話題，您的指導意味著大約 30% 的增量利潤率，而我們從您的評論中聽說，收入指導的上行空間來自場地費、現場活動和讚助，我們認為這些收入幾乎 100% 流向 EBITDA，所以我想知道您是否可以幫助我們解決那些只考慮中的增量問題。

And then, Mark, thinking beyond this UFC renewal, a question we frequently hear from investors, and I thought I'd be asking you to play your strength by answering it in this format is, really, what is the growth algorithm of this company? What is there to be excited about beyond the UFC media rights renewal? And so I just wonder, obviously, you're not going to give us multiyear revenue guidance here, but if you could talk about the attributes of this company beyond the media rights in '26 that you think are worth focusing on.

然後，馬克，除了 UFC 續約之外，我們還經常聽到投資者問的一個問題，我想請你發揮你的優勢，以這種形式回答這個問題，那就是，這家公司的成長演算法到底是什麼？除了 UFC 媒體版權續約之外，還有什麼值得興奮的呢？所以我只是想知道，顯然，您不會在這裡給我們多年的收入指導，但您是否可以談談除了 26 年的媒體權利之外，您認為值得關注的這家公司的屬性。

Let's start by handing out the multiyear to you. Andrew, go ahead.

首先讓我們把多年期交給你。安德魯，請說。

Thanks for the question, Peter. I think clearly, a strong story through the first half of the year. I did -- again, I'll refer back to my prepared remarks in terms of mix, in terms of balance of the year number of events, in terms of headwinds vis-à-vis a two-hour format change for SmackDown in the back half of the year. And on a comparable basis, the lack of events such as UFC 306 at the Sphere, which occurred on a prior-year basis.

謝謝你的提問，彼得。我清楚地認為，今年上半年的情況非常強勁。我確實——再次，我將回顧我準備好的發言，就組合、年度活動數量的平衡、以及下半年 SmackDown 兩小時格式變化的阻力等方面進行發言。並且，在可比較基礎上，去年在 Sphere 舉辦的 UFC 306 等賽事有所減少。

So while we still anticipate growth from these high-margin contributors, when you think about the full year, which is how we've articulated the best way to look at our business, very strong H1. We articulated event shift and mix shift from a calendar perspective for Q3 and then some of the tailwinds that we had in '24 vis-à-vis event type event quality are not necessarily recurring.

因此，雖然我們仍然預計這些高利潤貢獻者將實現成長，但當你考慮到全年時，這就是我們闡述的看待我們業務的最佳方式，非常強勁的 H1。我們從日曆角度闡明了第三季度的事件轉變和混合轉變，然後我們在 24 年遇到的一些與事件類型事件品質相關的順風並不一定會重複出現。

I will tell you that when we set out, we did guide that we would only be doing one Saudi PLE for this year. That shifted to 2026, which does clearly its contribution, I'll reiterate when we gave our initial guide is roughly 200 basis points of contribution to overall annual margin. That obviously will be a '26 benefit, but adversely impacts 2025.

我會告訴你，當我們出發時，我們確實指導過今年我們只會做一次沙特 PLE。這項變更持續到 2026 年，這顯然是它的貢獻，我要重申的是，當我們給予初步指引時，它對整體年度利潤率的貢獻約為 200 個基點。這顯然是 26 年的福利，但會對 2025 年產生不利影響。

So when we think about the year holistically, we're very comfortable and confident with the pace. And when I talk about tailwinds, we talk about long-term tailwinds. We're not seeing things slowing down in the conversations on site fees. We're not seeing global partnerships conversations slow down.

因此，當我們全面考慮今年的情況時，我們對目前的節奏感到非常滿意和自信。當我談到順風時，我們談論的是長期順風。我們沒有看到有關場地費用的討論有任何放緩的跡象。我們並沒有看到全球夥伴關係對話放緩。

At some point, you start thinking about contracting revenue for going into '26, and Grant and his team are squarely focused on setting up '26 for as big a year as we're having in 2025.

在某個時候，你開始考慮進入 2026 年的合約收入，而格蘭特和他的團隊則專注於為 2026 年做好與 2025 年一樣重要的準備。

Great. And then, Peter, just on the M&A or other investment opportunities. Obviously, I don't want to get ahead of myself. I mean we're -- the ink is barely dry on this WWE PLE deal with ESPN, and we're still out in the marketplace on a host of other renewals, as I aforementioned.

偉大的。然後，彼得，談談併購或其他投資機會。顯然，我不想超越自己。我的意思是，我們與 ESPN 達成的 WWE PLE 協議墨跡未乾，而且正如我之前提到的，我們仍在市場上進行一系列其他續約。

I would say that first and foremost, our primary focus is continuing to drive value at UFC and WWE across our multitude of revenue streams that are sitting front and center.

我想說，首先，我們的首要重點是繼續透過我們眾多的核心收入來源來推動 UFC 和 WWE 的價值。

Two is we need to remain laser-focused on the integration of IMG on location and PBR, both extracting cost and creating new revenue opportunities. As you know, we're ahead of our guidance on those synergy opportunities, but we still have a lot of work to do.

二是我們需要繼續專注於 IMG 現場和 PBR 的整合，既要降低成本，又要創造新的收入機會。如您所知，我們在這些協同機會方面已經超越了預期，但我們仍有許多工作要做。

Number three, further capitalizing on the Netflix momentum with Raw is front and center for us. You heard Ari rattle off some of those stats in his prepared remarks. I mean, we don't take it lightly, but we're proud of the success we have, and it's very clear we are now a top-tier property for the Netflix platform.

第三，進一步利用 Netflix 的 Raw 勢頭是我們最關注的。您聽到阿里在準備好的發言中滔滔不絕地列舉了一些統計數據。我的意思是，我們不會掉以輕心，但我們對所取得的成功感到自豪，而且很明顯，我們現在是 Netflix 平台的頂級資產。

The launch of the WWE PLEs on ESPN, that first event has to be the field of a Super Bowl. And that works well since ESPN is getting ready for their first Super Bowl. So we expect to have that kind of treatment when you see WrestleMania on ESPN, let alone the very first launch event, which, of course, Netflix did an amazing job of when we first launched Raw and had our first event there.

WWE PLE 在 ESPN 上推出，第一項賽事必須是超級盃。這項舉措效果很好，因為 ESPN 正在為他們的第一屆超級盃做準備。因此，當您在 ESPN 上觀看摔角狂熱大賽時，我們期望得到這樣的待遇，更不用說第一次發布活動了，當然，當我們第一次推出 Raw 並在那裡舉辦第一場活動時，Netflix 做得非常出色。

To your point, TKO has a strong balance sheet and an attractive financial profile. We -- at the midpoint of our outlook, project a margin, as Andrew said, of roughly 33% for '25. UFC, margin is 59% for Q2. WWE, as Andrew mentioned. And if you look back to '23, WWE had a 40% margin. And you look at '24, 50%. Now, here we are in Q2, although benefiting from WrestleMania having 59%. I mean, we are making progress. We are delivering for our shareholders. And our goal is to continue to expand those margins over time.

正如您所說，TKO 擁有強大的資產負債表和有吸引力的財務狀況。正如安德魯所說，我們預計 25 年的利潤率約為 33%。UFC，第二季度利潤率為 59%。正如安德魯提到的，WWE。如果你回顧 23 年，WWE 的利潤率為 40%。你看‘24，50%。現在，我們進入了第二季度，儘管摔角狂熱大賽的收視率達到了 59%。我的意思是，我們正在取得進展。我們正在為股東提供服務。我們的目標是隨著時間的推移繼續擴大這些利潤。

I'll remind you, in '26, we have two major rights renewals that we spent a lot of time talking about here that will impact us to the positive. And then we, of course, have significant impact through three WWE PLEs in Saudi Arabia, and we expect those to be accretive to our margins.

我要提醒你，在 26 年，我們有兩項重大的權利續簽，我們花了很多時間在這裡討論，這將對我們產生積極的影響。當然，我們透過沙烏地阿拉伯的三個 WWE PLE 產生了重大影響，我們預計這些影響將增加我們的利潤。

Beyond that, we haven't talked about boxing, but that's going to be a fourth major sports asset for TKO and its shareholders.

除此之外，我們還沒有談論拳擊，但這將成為 TKO 及其股東的第四個主要體育資產。

And then, of course, Ari Emanuel. I have to say, UFC doesn't happen without Ari Emmanuel and WWE for that matter, doesn't happen without Ari Emmanuel driving that. He's a significant value creator. And he spends a lot of time out there leveraging his relationships on what's around the corner that might fit, of course, has to be accretive, and we have to be prudent on any purchase, but might fit squarely into our sports pure-play model.

然後，當然是阿里·伊曼紐爾。我必須說，如果沒有阿里·伊曼紐爾的推動，UFC 就不會出現，同樣，如果沒有阿里·伊曼紐爾的推動，WWE 也不會出現。他是一位重要的價值創造者。他花了很多時間利用自己的關係來尋找可能適合的領域，當然，必須是增值的，我們必須謹慎地進行任何購買，但可能完全適合我們的純粹體育模式。

Ryan Gravett, UBS.

瑞銀集團的瑞安·格雷維特。

Mark, you just touched on this briefly, but I was wondering if you could provide more of an update on how the boxing initiative is progressing, especially with some of the new legislation being proposed.

馬克，你剛剛簡單談到了這一點，但我想知道你是否可以提供更多關於拳擊倡議進展的最新情況，特別是一些正在提出的新立法。

And then, Andrew, you gave some color on the financial impact this year, but how should we think about that financial contribution as we go into 2026?

然後，安德魯，您對今年的財務影響進行了一些說明，但是當我們進入 2026 年時，我們應該如何看待這項財務貢獻？

Great. Thank you, Ryan. I'll touch on the business, and there's some salient updates here, and I'll get into those, and then I will turn it over to Lawrence Epstein, who is working on the Muhammad Ali American Boxing Reform Act -- Revival Act, and he's rolling up his sleeves getting ready right now.

偉大的。謝謝你，瑞安。我會談一談業務，這裡有一些重要的更新，我會講到這些，然後我會把它交給勞倫斯·愛潑斯坦，他正在研究穆罕默德·阿里美國拳擊改革法案 - 復興法案，他現在正在捲起袖子做準備。

So first off, look, we think boxing is an attractive growth opportunity for TKO. We believe we will deliver significant long-term value for our shareholders. And as I mentioned, this unequivocally will be a fourth tentpole sports asset for TKO. I mean, we are going all in here.

首先，我們認為拳擊對於 TKO 來說是一個有吸引力的成長機會。我們相信我們將為股東帶來重大的長期價值。正如我所提到的，這無疑將成為 TKO 的第四個支柱體育資產。我的意思是，我們會全力以赴。

Nothing like two gladiators going toe-to-toe since the beginning of time. It never gets old. That's why boxing has the staying power that it has. The interest is multigenerational, both in the US and internationally.

自古以來，沒有什麼比兩個角鬥士面對面的較量更激烈的了。它永遠不會變老。這就是拳擊具有持久力的原因。這種興趣已影響了美國乃至全世界幾代人。

We're excited about our new JV, formerly titled Zuffa Boxing, which we launched with Saudi-based Sela and announced in early March. This is a low-risk and TKO receives a roughly $10 million fee for serving as the managing partner and providing day-to-day operational management oversight. And that's all margin for us. TKL has no funding obligation.

我們對我們的新合資企業感到非常興奮，該合資企業原名為 Zuffa Boxing，是我們與沙烏地阿拉伯 Sela 共同成立的，並於 3 月初宣布成立。這是一個低風險項目，TKO 作為執行合夥人並提供日常營運管理監督，可獲得約 1000 萬美元的費用。這就是我們的全部利潤。TKL 沒有出資義務。

Additionally, outside of the JV, wholly separate, we will look to deliver two to three super fights per year, similar to the Canelo-Crawford fight that the Saudi, of course, Nick Khan and Dana White have helped us put together for September in Las Vegas.

此外，在合資公司之外，我們將完全獨立地每年舉辦兩到三場超級比賽，類似於卡內洛-克勞福德之戰，當然，沙特人尼克汗和達納懷特幫助我們在 9 月在拉斯維加斯組織了這場比賽。

Again, no risk to us on that deal. We get a fee to promote it, each one of these super fights. We get a fee to negotiate the media rights for each fight, which IMG does. So another reason we're strong and proud that we brought IMG into the fold of our flywheel. We get a fee for on location to sell hospitality packages. And we will put Zuffa Boxing fighters on the undercard of each of these super fights. We expect to net on average another $10 million for every super fight we manage and promote.

再說一遍，這筆交易對我們來說沒有任何風險。我們收取一定的費用來推廣每一場超級比賽。我們會收取一定的費用來協商每場比賽的媒體版權，這也是 IMG 所做的。因此，我們之所以強大而自豪，另一個原因是我們將 IMG 納入了我們的飛輪範圍。我們收取現場銷售招待套餐的費用。我們將在每場超級比賽的墊場賽中安排 Zuffa 拳擊手。我們預計，我們管理和推廣的每場超級比賽平均能帶來 1000 萬美元的淨收入。

And I would just say one last note. We've had significant interest from several domestic linear and D2C platforms with regard to the media rights for our Zuffa Boxing promotion that will launch in the first quarter of next year, and we are in the home stretch of those negotiations and believe we will have something to announce soon.

我只想說最後一句話。我們已經引起了國內多家線性和 D2C 平台的濃厚興趣，他們對我們的 Zuffa Boxing 推廣活動的媒體版權非常感興趣，該推廣活動將於明年第一季度推出，目前我們正處於談判的最後階段，相信很快就會有消息宣布。

Now, with regard to the Muhammad Ali Act and the reform that's going on there, I know there's been a lot of press and attention to your point. And I'd like Lawrence to walk you through our efforts and our progress there. Lawrence?

現在，關於《穆罕默德·阿里法案》及其正在進行的改革，我知道您的觀點引起了很多媒體的關注。我希望勞倫斯向你們介紹我們在那裡所做的努力和取得的進展。勞倫斯？

Yeah. Thanks, Mark. So as Mark alluded to, the Muhammad American Boxing Revival Act was recently introduced in Congress. It's got bipartisan support via our co-sponsors, Brian Jack of Georgia and Congressman Sharice Davids of Kansas. Sharice actually is a former MMA athlete.

是的。謝謝，馬克。正如馬克所提到的，穆罕默德美國拳擊復興法案最近已在國會提出。它得到了我們的共同提案人佐治亞州的布萊恩傑克和堪薩斯州眾議員沙裡斯戴維斯的兩黨支持。沙裡斯 (Sharice) 實際上是一位前 MMA 運動員。

I want to be very clear that this new legislation does not intend to change anything in the existing Muhammad Ali Boxing Act. Every single word will remain exactly the same. We are posing is adding some additional language to this legislation that will allow for, what I'll call a UFC unified organization for the promotion of boxing events.

我想非常明確地指出，這項新立法無意改變現有的《穆罕默德·阿里拳擊法》的任何內容。每一個字都將保持完全相同。我們提出的建議是在該法案中添加一些額外的條款，以便建立一個我稱之為 UFC 的統一組織來推廣拳擊賽事。

This is going to provide more choice for athletes in the boxing space, and we are very optimistic that this legislation will move relatively quickly through first House of Representatives and then, of course, the Senate and become -- we're hopeful in the relatively near future.

這將為拳擊領域的運動員提供更多選擇，我們非常樂觀地認為，這項立法將相對較快地首先在眾議院獲得通過，然後當然在參議院獲得通過——我們希望在不久的將來能夠實現。

And then on just -- Mark alluded to some of the financial aspects of boxing. I will say that over time, as and when we're successful, we will have an interest in a venture that we anticipate with our blood, sweat, and tears will create meaningful firm value that will inure to the benefit of our shareholders as well. So not only we'll be clipping cash management fees for our services at the JV for our participation as promoters of super fights, we're also going to accrete value by virtue of an ownership position in the joint.

然後——馬克提到了拳擊的一些財務方面的問題。我想說的是，隨著時間的推移，當我們取得成功時，我們將對這項事業產生興趣，我們期望透過我們的血汗和淚水創造出有意義的公司價值，這也將使我們的股東受益。因此，我們不僅會透過作為超級拳擊比賽推廣者參與合資企業服務來收取現金管理費，而且還會憑藉合資企業的所有權地位來累積價值。

And we'll cool as Ryan, by just telling you we're competitors, partners, suiters, see what we're doing every day to see the traction. They see the way that WWE and UFC are growing and, frankly, PBR is on a great run right now, too, and we get all kinds of the incoming costs. I mean, we had [Netflix] this week to a JV and highlight trying to bring in highlight back in Miami. We have passed on that opportunity, but it just shows you the kind of opportunities that are knocking on our door.

我們會像瑞恩一樣冷靜，只告訴你我們是競爭對手、合作夥伴、追求者，看看我們每天所做的事情，看看我們的吸引力。他們看到了 WWE 和 UFC 的發展方式，坦白說，PBR 現在也發展得很好，我們也得到了各種各樣的成本。我的意思是，本週我們與 [Netflix] 建立了合資公司，並試圖將亮點帶回邁阿密。我們已經放棄了這個機會，但它只是向你展示了什麼樣的機會正在敲響我們的大門。

Thank you, everyone.

謝謝大家。

All right. On that note, thanks, everyone, for joining us on today's call. Operator, you can conclude the call.

好的。就此而言，感謝大家參加今天的電話會議。接線員，您可以結束通話了。

As we conclude today's call, we'd like to thank everyone for joining. You may now disconnect your lines.

在今天的電話會議結束時，我們要感謝大家的加入。現在您可以斷開線路了。