TKO Group Holdings Inc (TKO) 2025 Q3 法說會逐字稿

Good afternoon, and thank you for attending the TKO Q3 2025 earnings call. My name is Matt, and I'll be the moderator for today's call. (Operator Instructions)

下午好，感謝各位參加 TKO 2025 年第三季財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。（操作說明）

I'd now like to pass the conference over to our host, Seth Zaslow, Head of Investor Relations. Seth, please go ahead.

現在我謹將會議交給我們的主持人，投資人關係主管塞思‧札斯洛。塞思，請繼續。

Good afternoon, and welcome to TKO's third-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.

下午好，歡迎參加TKO 2025年第三季財報電話會議。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。

After prepared remarks from Ariel Emanuel, TKO's Executive Chair and Chief Executive Officer; and Andrew Schleimer, TKO's Chief Financial Officer, will open the call for questions. Mark Shapiro, our President and Chief Operating Officer; and Andrew will be handling the Q&A. The purpose of this call is to provide you with information regarding our third quarter 2025 performance.

TKO執行主席兼執行長Ariel Emanuel和財務長Andrew Schleimer將發表準備好的講話，之後將開始接受提問。我們的總裁兼營運長馬克夏皮羅和安德魯將負責問答環節。本次電話會議的目的是向您提供有關我們 2025 年第三季業績的資訊。

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

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。更多詳情請參閱我們向美國證券交易委員會提交的文件。

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.

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明示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，除法律要求外，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

Our commentary today will also include non-GAAP financial measures, which we believe provide an additional tool for investors to use in evaluating ongoing operating results and trends. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP metrics can be found in our press release issued today as well as the information posted on our IR website.

我們今天的評論還將包括非GAAP財務指標，我們認為這些指標可以為投資者評估持續經營績效和趨勢提供額外的工具。這些措施不應脫離依照公認會計原則編製的財務資訊而單獨考慮，也不應作為其替代品。有關 GAAP 和非 GAAP 指標的調整情況，請參閱我們今天發布的新聞稿以及我們投資者關係網站上發布的資訊。

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

接下來，我將把電話交給阿里。

Thanks, Seth. Q3 was a milestone quarter for TKO securing landmark media rights deals, doubling our quarterly cash dividend and launching a $1 billion stock buyback. These achievements paired with strong quarterly results and the increased full year guidance we announced today underscore our continued momentum in the business.

謝謝你，塞思。第三季度是 TKO 的一個里程碑式季度，我們獲得了具有里程碑意義的媒體版權交易，季度現金股息翻了一番，並啟動了 10 億美元的股票回購計劃。這些成就，加上強勁的季度業績和我們今天宣布的上調的全年業績預期，凸顯了我們在業務上的持續發展勢頭。

Our fundamentals are strong, premium sports content and experiences are in high demand and as such, the table is set for long-term sustainable growth. Our historic media rights agreements were the standout this quarter, locking in recurring revenues and creating new monetization opportunities for our biggest brands. UFC's seven-year $7.7 billion agreement with Paramount to bring UFC to Paramount+ and CBS in the US, places us squarely in the sports mainstream and doubles the AAV of our previous agreement.

我們的基本面很強勁，優質體育內容和體驗的需求量很大，因此，我們已具備長期可持續增長的條件。本季度，我們達成的歷史性媒體版權協議最為突出，這些協議鎖定了經常性收入，並為我們最大的品牌創造了新的獲利機會。UFC 與派拉蒙影業達成了一項為期七年、價值 77 億美元的協議，將 UFC 賽事引入美國的 Paramount+ 和 CBS 平台，這使我們穩居體育主流，並且使我們之前的協議的平均年收入翻了一番。

Starting in 2026, UFC will join the NFL, the Masters, March Madness and UEFA in Paramount's sports portfolio, expanding our reach and removing barriers to entry for fans ultimately worldwide. WWE's five-year premium live events partnership with ESPN in the US launched ahead of schedule in Q3 with the first ever wrestle Palooza, a new franchise streamed exclusively on ESPN's new direct-to-consumer service. This deal delivers a greater than 1.8 times step-up in value and brings WWE's marquee events, including WrestleMania and SummerSlam into ESPN's unrivaled promotional ecosystem, further expanding WWE's footprint and fan base.

從 2026 年開始，UFC 將加入派拉蒙體育投資組合，與 NFL、大師賽、瘋狂三月和歐足總一起，擴大我們的影響力，並最終消除全球粉絲的准入障礙。WWE 與 ESPN 在美國開展的為期五年的優質現場賽事合作計劃於第三季度提前啟動，推出了首屆摔角狂歡節 (Wrestle Palooza)，這是一個全新的系列賽事，僅在 ESPN 的全新直接面向消費者服務上播出。這項交易帶來了超過 1.8 倍的價值提升，並將 WWE 的標誌性賽事，包括 WrestleMania 和 SummerSlam，帶入 ESPN 無與倫比的推廣生態系統，進一步擴大了 WWE 的影響力和粉絲群體。

Our Zuffa Boxing joint venture will officially launch in 2026. And with it, we announced a significant media rights agreement with Paramount in the US, Canada and Latin America. We ramped up our competitive position in boxing by promoting the Canelo versus Crawford fight in September, which sold out Allegiant Stadium in Las Vegas and drew more than 41 million viewers worldwide on Netflix. Those super fights will serve as significant marketing stages for [Zoofa-Boxing] going forward.

我們與 Zuffa Boxing 的合資企業將於 2026 年正式啟動。同時，我們也宣布與派拉蒙影業在美國、加拿大和拉丁美洲達成一項重要的媒體版權協議。我們透過推廣 9 月的卡內洛對陣克勞福德的比賽，提升了我們在拳擊領域的競爭地位。這場比賽在拉斯維加斯的忠誠體育場座無虛席，並在 Netflix 上吸引了全球超過 4,100 萬觀眾。這些超級大戰將成為[Zoofa-Boxing]未來重要的市場推廣舞台。

In addition to closing these major media rights deals, our sports properties, which collectively reach more than 1 billion fans globally, created strong momentum for our live events and brand partnership segments, setting new records and adding first-ever partners. As a few examples, UFC 319 became the highest grossing event at Chicago's United Center and UFC's highly anticipated return to Mainland China, sold out Shanghai's indoor stadium in less than a minute.

除了達成這些重要的媒體版權交易外，我們的體育資產（全球粉絲總數超過 10 億）也為我們的現場賽事和品牌合作領域帶來了強勁的發展勢頭，創造了新的紀錄，並新增了首批合作夥伴。舉例來說，UFC 319 成為芝加哥聯合中心票房最高的賽事，而 UFC 備受期待的重返中國大陸的比賽，在不到一分鐘的時間內就售罄了上海室內體育館的門票。

Similarly, WWE's live events set 35 individual market records throughout the quarter, and the first ever two-night summer slam sold more than 100,000 tickets at MetLife Stadium. Building on these arena records, our live events continue to attract strong interest from cities and venues worldwide.

同樣，WWE 的現場賽事在本季度創下了 35 項單獨的市場紀錄，而有史以來第一個為期兩晚的夏季狂潮大賽在 MetLife 體育場售出了超過 10 萬張門票。憑藉這些場館紀錄，我們的現場活動繼續吸引世界各地城市和場館的濃厚興趣。

This quarter, UFC and WWE expanded their relationships with T-Mobile Arena in Las Vegas and Delta Center in Salt Lake City. We also announced a four-year UFC partnership with Galaxy Macau and a WWE agreement with the General Entertainment Authority to bring WrestleMania 43 to Riyadh in 2027. WWE content also continues to generate impressive ratings for our media partners. SmackDown led primetime cable ratings nine Fridays in the quarter, and RAW maintained its position on Netflix's global top 10 every single week through the quarter extending a street that began with the launch in January.

本季度，UFC 和 WWE 擴大了與拉斯維加斯 T-Mobile 體育館和鹽湖城 Delta 中心的合作關係。我們也宣布了與澳門銀河達成的為期四年的UFC合作關係，以及與娛樂總局達成的WWE協議，將於2027年在利雅德舉辦WrestleMania 43。WWE的內容也持續為我們的媒體合作夥伴帶來令人矚目的收視率。本季有九個星期五的 SmackDown 節目在黃金時段有線電視收視率中領先，而 RAW 節目在本季度每週都保持在 Netflix 全球前 10 名的位置，延續了自 1 月份上線以來的良好勢頭。

Global brand partnerships achieved impressive results with WWE's robust double-digit growth in the quarter powered by Summer Slam and new blue chip brands, including Maybelline, WWE's first-ever official cosmetics partner. And at PBR, fan engagement continued to grow.

全球品牌合作取得了令人矚目的成果，WWE 在本季度實現了強勁的兩位數增長，這主要得益於 Summer Slam 大賽和包括美寶蓮在內的新晉藍籌品牌的加入，美寶蓮是 WWE 的首個官方化妝品合作夥伴。在PBR賽事中，粉絲參與度持續成長。

In October, a single Sunday broadcast drew an average of 2.7 million viewers on CBS, the league's largest audience since joining the network in 2012, outperforming MLB playoffs and college football ratings that day. With this momentum and building on its long-standing partnership with CBS, PBR earlier today announced a five-year deal to bring its unleashed to be series to Paramount+ beginning in 2026.

10 月份，CBS 電視台週日播出的一場比賽平均吸引了 270 萬觀眾，這是該聯盟自 2012 年加入電視台以來獲得的最大收視率，超過了當天 MLB 季後賽和大學橄欖球賽的收視率。憑藉這一勢頭，並基於與 CBS 的長期合作關係，PBR 今天早些時候宣布了一項為期五年的協議，將從 2026 年開始將其 unleashed to be 系列節目帶到 Paramount+。

Finally, IMG and On Location also demonstrated momentum in the quarter. IMG, in addition to advising on TKO's Landmark media rights deals, played a pivotal role in driving global broadcast coverage for top sporting events, including Wimbledon, the US Open Tennis Championships, the open at Royal Portrush and the Ryder Cup. And On Location continued to capitalize on robust demand for premium experiences, selling out packages to 20,000 fans at the Ryder Cup and hosting 47,000 attendees in Dublin for the Aer Lingus Classic.

最後，IMG 和 On Location 在本季也展現了成長動能。除了為 TKO 的 Landmark 媒體版權交易提供諮詢外，IMG 還在推動頂級體育賽事（包括溫布頓網球公開賽、美國網球公開賽、皇家波特拉什公開賽和萊德杯）的全球廣播報道方面發揮了關鍵作用。On Location 繼續利用人們對高端體驗的強勁需求，在萊德杯期間售罄了 20,000 名球迷的套餐，並在都柏林為愛爾蘭航空精英賽接待了 47,000 名與會者。

Across the board, we're firing on all cylinders, but we know we're still in very early innings. With our Cornerstone media rights agreements secured, we are squarely focused on preparing for UFC's Paramount debut maximizing WWE's presence on ESPN, driving growth across live events and site fees, strengthening our global partnerships and launching Zuffa boxing.

總體而言，我們各個方面都火力全開，但我們也知道我們仍處於比賽的早期階段。隨著我們與 Cornerstone 達成媒體版權協議，我們正全力以赴地籌備 UFC 在 Paramount 的首秀，最大限度地提升 WWE 在 ESPN 的影響力，推動現場賽事和場地費用的增長，加強我們的全球合作夥伴關係，並推出 Zuffa 拳擊。

Our priorities are clear as we finish the year and position the business for 2026, sustained strong performance across all our businesses, capitalize on new growth opportunities and maximize shareholder value.

在即將結束今年並為 2026 年做好準備之際，我們的優先事項很明確：在所有業務領域保持強勁的業績，抓住新的成長機會，並實現股東價值最大化。

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

接下來，我會把電話交給安德魯。

Good afternoon. As Ari highlighted, we delivered solid operating and financial results in the quarter and for the third quarter in a row, have raised our expectations for performance for the full year. We've completed our most significant media rights agreements with great outcomes that provide visibility into a multiyear, high-margin contractual revenue stream with annual escalators.

午安.正如阿里所強調的，我們本季度取得了穩健的營運和財務業績，並且連續第三個季度提高了對全年業績的預期。我們已完成最重要的媒體版權協議，並取得了豐碩的成果，為多年高利潤的合約收入流提供了清晰的前景，且每年都有遞增的漲幅。

Over the term, these deals will drive meaningful margin expansion and significant free cash flow generation. We remain laser-focused on operational execution. UFC and WWE remain our core drivers and we're continuing to see significant strength at these brands. We're also making meaningful progress integrating IMG, On Location and PBR into TKO and realizing cost synergies and revenue opportunities from these businesses that are even greater than our recently raised expectations.

從長遠來看，這些交易將推動利潤率顯著提高，並產生可觀的自由現金流。我們始終專注於營運執行。UFC 和 WWE 仍然是我們的核心驅動力，我們繼續看到這些品牌的強勁勢頭。我們在將 IMG、On Location 和 PBR 整合到 TKO 的過程中也取得了實質進展，並從這些業務中實現了成本協同效應和收入機會，甚至超過了我們最近提高的預期。

Now turning to our consolidated financial results for the third quarter. We generated revenue of $1.12 billion. Adjusted EBITDA was $360 million. Our adjusted EBITDA margin was 32%. As expected, our year-over-year results were impacted by the 2024 Paris Olympics, which was a key driver of the decrease in revenue as well as the increase in adjusted EBITDA and adjusted EBITDA margin as the event was loss making. On a reported basis, revenue decreased 27%, adjusted EBITDA increased 59% and adjusted EBITDA margin increased from 15% in the prior year period.

現在來看看我們第三季的綜合財務表現。我們創造了11.2億美元的收入。調整後 EBITDA 為 3.6 億美元。我們調整後的 EBITDA 利潤率為 32%。正如預期的那樣，我們的同比業績受到了 2024 年巴黎奧運會的影響，這是導致收入下降以及調整後 EBITDA 和調整後 EBITDA 利潤率上升的主要驅動因素，因為該賽事是虧損的。根據報告數據，營收下降了 27%，調整後 EBITDA 成長了 59%，調整後 EBITDA 利潤率從去年同期的 15% 成長。

Turning to our UFC segment. As we articulated on our Q2 call, while the underlying trends remain extremely strong, the timing and mix of the calendar meaningfully impacted results in the quarter. UFC had 10 total events in the third quarter of this year, which was comparable with the prior year period. However, in the current period, we held two numbered events compared to three in the prior period, including a seminal event, UFC 306 at Sphere in Las Vegas. UFC generated revenue of $325 million, a decrease of 8%.

接下來進入我們的UFC環節。正如我們在第二季電話會議上闡述的那樣，雖然基本趨勢仍然非常強勁，但日曆的時間表和組合對本季的業績產生了重大影響。今年第三季度，UFC共舉辦了10場賽事，與去年同期基本持平。然而，在本階段，我們舉辦了兩場編號賽事，而上一階段舉辦了三場，其中包括一場具有里程碑意義的賽事，即在拉斯維加斯 Sphere 舉行的 UFC 306。UFC 創造了 3.25 億美元的收入，下降了 8%。

Adjusted EBITDA was $166 million, a decrease of 15%. UFC's adjusted EBITDA margin was 51%, down from 55% in the prior year period, largely attributable to holding on less numbered event. Media Rights production and content revenue decreased 7% to $201 million. The decrease was driven by one less numbered event, partially offset by the contractual escalation of media rights fees. Live Events and Hospitality revenue decreased 15% to $44 million.

調整後 EBITDA 為 1.66 億美元，下降 15%。UFC 的調整後 EBITDA 利潤率為 51%，低於去年同期的 55%，主要是由於舉辦的賽事數量減少所致。媒體版權製作和內容收入下降 7% 至 2.01 億美元。賽事數量減少導致賽事數量下降，但媒體版權費的合約上漲部分抵消了這種影響。現場活動和酒店服務收入下降 15% 至 4,400 萬美元。

Strong underlying trends in pricing and attendance were more than offset by 1 fewer numbered event as well as the impact of UFC 306, which remains the highest grossing event in UFC history. Partnerships and marketing revenue decreased 4% to $71 million. Tailwinds from new and renewed partnerships were more than offset by the mix of events in the quarter, most notably UFC 306 which featured our first-ever title partner sponsor, Riyadh season.

價格和觀眾人數的強勁潛在趨勢被少舉辦一場編號賽事以及 UFC 306 的影響所抵消，UFC 306 仍然是 UFC 歷史上票房最高的賽事。合作關係和行銷收入下降 4% 至 7,100 萬美元。新合作關係和續約合作關係帶來的利好被本季度各種事件的衝擊所抵消，其中最引人注目的是 UFC 306，該賽事迎來了我們首個冠名合作夥伴贊助商——利雅德賽季。

We continue to make significant progress in partnerships, adding new categories and growing existing ones, including recently announced deals with Wingstop, Prime Video and Sony Pictures, among others. Adjusted EBITDA reflected the decrease in revenue as expenses were essentially flat.

我們在合作關係方面持續取得重大進展，增加了新的合作類別，並擴大了現有合作類別，包括最近宣布與 Wingstop、Prime Video 和索尼影業等達成的合作協議。調整後 EBITDA 反映了收入的下降，因為支出基本上持平。

Direct operating expenses decreased due to lower production, marketing and other event-related costs, primarily due to the mix of event venues, cards and territories, most notably UFC 306, which had significantly higher than normal production costs. SG&A increased primarily due to higher personnel and travel costs compared to the prior year period. Our WWE segment generated revenue of $402 million, an increase of 23%.

由於製作、行銷和其他賽事相關成本降低，直接營運費用減少，這主要是由於賽事場地、比賽和地區的組合，尤其是 UFC 306，其製作成本明顯高於正常水準。銷售、一般及行政費用增加主要是因為人員及差旅費用較上年同期增加所致。我們的 WWE 業務部門創造了 4.02 億美元的收入，成長了 23%。

Adjusted EBITDA was $208 million, an increase of 19%, adjusted EBITDA margin was 52%, down from 54% in the prior year period, largely attributable to strategic investments in talent associated with the launch of new properties such as [restopoloza]. Performance was favorably impacted by the timing and mix of the event calendar.

調整後 EBITDA 為 2.08 億美元，成長 19%；調整後 EBITDA 利潤率為 52%，低於去年同期的 54%，這主要是由於與推出新物業相關的策略性人才投資，例如：[restopoloza].賽事日程的安排和組合對賽事表現產生了正面影響。

Most notably, WWE had five nights of main roster premium live event programming in the third quarter compared to three nights in the prior year period. The increase related to the expansion of SummerSlam, which was held at MetLife Stadium to a two-night event and the introduction of West Palooza, which marked the launch of WWE on the ESPN platform.

最值得注意的是，WWE 在第三季度安排了五晚的主陣容高級現場賽事節目，而去年同期只有三晚。此次成長與 SummerSlam 的擴容有關，該賽事從在 MetLife 體育場舉辦的 SummerSlam 擴容為兩晚的活動，以及 West Palooza 的推出，這標誌著 WWE 在 ESPN 平台上的首次亮相。

Live Events and Hospitality revenue increased 61% to $83 million. The increase was driven by higher ticket sales revenue, reflecting an increase in average ticket price and total attendance and an increase in safe fee revenue. SummerSlam, which included a meaningful site fee was a notable contributor to the increase. Media Rights production and content revenue increased 9% to $249 million.

現場活動和酒店服務收入成長 61%，達到 8,300 萬美元。成長主要由門票銷售收入增加所推動，這反映出平均票價和總上座率的提高以及安全費收入的增加。夏季狂潮大賽（SummerSlam）收取了一筆不小的場地費，這是導致價格上漲的一個重要因素。媒體版權製作和內容收入成長 9%，達到 2.49 億美元。

The increase was driven by the additional PLE programming, a second out of SummerSlam and restopoluza as well as the contractual escalation of media rights fees, including our long-term global agreement with Netflix. These items more than offset the unfavorable impact of one less episode of RAW in the quarter and the previously discussed shift to smack down to a two-hour format for the second half of the year.

此次成長是由於 PLE 節目的增加、SummerSlam 和 restopoluza 的第二次播出，以及媒體版權費的合約上漲，包括我們與 Netflix 的長期全球協議。這些因素完全抵消了本季度 RAW 節目減少一集以及之前討論過的下半年節目時長縮短至兩小時所帶來的不利影響。

Partnerships and marketing revenue increased 84% to $40 million, driven by new partnerships and renewals across multiple categories, including travel, financial services, food and beverage, telecommunications and beauty, among others. SummerSlam, which was the highest grossing non-WrestleMania PLE in WWE history drove much of the quarterly increase.

合作夥伴關係和行銷收入成長了 84%，達到 4,000 萬美元，這主要得益於多個類別的新合作夥伴關係和續約，包括旅遊、金融服務、食品和飲料、電信和美容等。SummerSlam 是 WWE 歷史上除 WrestleMania 之外票房最高的 PLE 賽事，推動了季度成長的大部分。

The event featured JPMorgan Chase, which partnered with WWE for the first time as a presenting sponsor, WWE partnership revenue at SummerSlam and overall growth in Q3 illustrated the blue-chip sponsors and new categories we are unlocking to deliver incremental revenue. We believe there is plenty of runway to continue growing this important part of the business.

這項活動以摩根大通為亮點，該公司首次與 WWE 合作成為冠名贊助商。 WWE 在 SummerSlam 的合作收入以及第三季的整體成長表明，我們正在開拓新的領域，為藍籌贊助商帶來更多收入，並開拓新的業務類別。我們相信，這項重要業務部門還有很大的成長空間。

Adjusted EBITDA reflected the increase in revenue, partially offset by an increase in expenses. Direct operating expenses increased due to higher talent, production, marketing and other event-related costs primarily due to the mix of events most notably SummerSlam and [Resto Palooza].

調整後 EBITDA 反映了收入的成長，但部分被支出的成長所抵消。直接營運費用增加，主要是由於人才、製作、行銷和其他賽事相關成本的增加，這主要是由於賽事組合的變化，尤其是SummerSlam和[Resto Palooza]

SG&A increased primarily due to higher travel costs compared to the prior year period. Our IMG segment generated revenue of $337 million, a decrease of 59%. Adjusted EBITDA was $61 million, an increase of $116 million. Adjusted EBITDA margin was 18%, up from negative 7% in the prior year period. The decline in revenue primarily related to the absence of revenue at On Location from the 2024 Paris Olympics.

銷售、一般及行政費用增加主要是由於差旅費用較上年同期增加所致。我們的IMG部門創造了3.37億美元的收入，下降了59%。調整後 EBITDA 為 6,100 萬美元，增加了 1.16 億美元。調整後 EBITDA 利潤率為 18%，高於去年同期的 -7%。收入下降的主要原因是 2024 年巴黎奧運期間現場拍攝收入的減少。

This decline was partially offset by an increase in revenue at the IMG business from new business in our Studios Group, primarily VidalCup and the eSports World Cup in Saudi Arabia. Adjusted EBITDA reflected the decrease in revenue, partially offset by a decrease in expenses. The decrease in direct operating expenses principally reflected the absence of cost set On Location for the 2024 Paris Olympics, which was a loss-making event. SG&A decreased primarily due to lower Olympics-related costs at On Location as well as the impact of cost reduction initiatives in connection with the acquisition of IMG and On Location.

IMG 業務收入的成長部分抵消了這一下滑，這主要得益於我們工作室集團的新業務，特別是 VidalCup 和沙烏地阿拉伯的電競世界盃。調整後 EBITDA 反映了收入的下降，但部分被支出的下降所抵消。直接營運費用的減少主要反映了 2024 年巴黎奧運現場成本的減少，而該賽事是虧損的。SG&A 下降主要是由於 On Location 與奧運會相關的成本降低，以及收購 IMG 和 On Location 後實施的成本削減措施的影響。

Corporate and Other generated revenue of $63 million, an increase of 17%. Adjusted EBITDA was negative $75 million, an improvement from negative $90 million in the prior year period. The increase in revenue was primarily driven by promotional and management fees from our boxing initiatives, Super Boxing, the JV we announced earlier in the year as well as the Canela versus Crawford Super fight that took place in September and Allegion stadium in Las Vegas. The improvement in adjusted EBITDA was primarily due to the increase in revenue and a $33 million decrease in costs related to corporate allocations of Endeavor corporate expenses under their ownership of IMG on location and PBR.

公司及其他收入為 6,300 萬美元，成長 17%。調整後的 EBITDA 為負 7,500 萬美元，較上年同期的負 9,000 萬美元有所改善。收入的成長主要得益於我們拳擊計畫「超級拳擊」（Super Boxing）的推廣和管理費用，以及我們今年早些時候宣布的合資企業，還有9月份在拉斯維加斯Allegion體育場舉行的卡內拉對克勞福德超級大戰。調整後 EBITDA 的改善主要歸功於收入的增加，以及與 Endeavor 公司在擁有 IMG on location 和 PBR 期間的企業費用分配相關的 3,300 萬美元成本的減少。

As we disclosed on prior calls, from the close of the acquisition on February 28 forward, there are no endeavor corporate expense allocations. As for boxing, in September, we promoted our first super fight, Canelo Alvarez versus Terrence Crawford, which was a massive success. As Ari noted, the event, which was held in front of a sold-out crowd of over 70,000 generated a gate of over $47 million the third largest in boxing history and garnered over 41 million viewers on Netflix.

正如我們在先前的電話會議中所揭露的那樣，從 2 月 28 日收購完成之日起，不會有任何企業費用分配。至於拳擊方面，9 月我們推廣了第一場超級大戰，卡內洛·阿爾瓦雷斯對陣特倫斯·克勞福德，取得了巨大的成功。正如阿里所指出的，這場比賽在超過 7 萬名觀眾面前舉行，門票收入超過 4700 萬美元，是拳擊史上第三高的票房，並在 Netflix 上吸引了超過 4100 萬觀眾。

Separately, we continue to operationalize our JV in preparation for our first event in January 2026. At the end of the quarter, we announced a pivotal milestone, a long-term media rights agreement with Paramount to become the exclusive home of Zuffa Boxing throughout the United States, Canada and Latin America. Now moving on to our capital structure.

此外，我們正在繼續推進合資企業的運營，為 2026 年 1 月的首場活動做準備。在本季末，我們宣布了一個重要的里程碑，與派拉蒙影業達成了長期媒體版權協議，成為 Zuffa Boxing 在美國、加拿大和拉丁美洲的獨家播出平台。接下來我們來看看我們的資本結構。

In the third quarter, we generated $399 million of free cash flow. Our free cash flow conversion of adjusted EBITDA was 111%. Free cash flow was positively impacted by the timing of cash receipts and payments related to the Canela versus Crawford boxing event. During the third quarter, we collected a meaningful amount of cash on behalf of our partner [Sella]. In the fourth quarter, we plan to transfer substantially all of these proceeds to Sella and therefore, expect an offsetting impact in our results.

第三季度，我們產生了 3.99 億美元的自由現金流。我們的自由現金流轉換率（調整後 EBITDA）為 111%。自由現金流受到與卡內拉對克勞福德拳擊賽相關的現金收支時間的正面影響。第三季度，我們代表合作夥伴收取了一筆可觀的現金。[Sella]第四季度，我們計劃將這些收益的大部分轉移給 Sella，因此，預計這將對我們的業績產生抵銷影響。

Free cash flow in the third quarter also included the unfavorable impact of approximately $12 million of net payments related to on location for the 2026 FIFA World Cup. In early September, we announced a 100% increase in our quarterly cash dividend program. On September 30, we made our first payment under the upsize program from TKO OpCo of approximately $150 million.

第三季的自由現金流還包括與 2026 年 FIFA 世界盃現場相關的約 1,200 萬美元淨付款的不利影響。9月初，我們宣布將季度現金分紅計畫提高100%。9 月 30 日，我們根據 TKO OpCo 的增資計畫支付了第一筆款項，金額約 1.5 億美元。

We intend to fund quarterly cash dividends with cash flow from operations or cash on hand. Regarding our previously announced share repurchase program. In September, we entered into an ASR agreement to repurchase $800 million of our Class A common stock. We received an initial delivery of approximately 3.2 million shares and expect to complete the agreement in early December. We also repurchased approximately $26 million of shares under a privately negotiated transaction.

我們計劃用經營活動產生的現金流或現有現金來支付季度現金股利。關於我們先前宣布的股票回購計畫。9 月，我們簽訂了一項 ASR 協議，回購價值 8 億美元的 A 類普通股。我們已收到約 320 萬股的首批交付股份，預計將於 12 月初完成該協議。我們也透過私下協商的交易回購了約 2,600 萬美元的股票。

Lastly, we entered into a 10b5-1 trading plan for the repurchase of up to $174 million of Class A common stock. Repurchases contemplated under the 10b5-1 plan are to commence immediately once the ASR agreement is completed. These repurchases are being funded with proceeds from the $1 billion term loan add-on that we closed in mid-September.

最後，我們簽訂了 10b5-1 交易計劃，回購最多 1.74 億美元的 A 類普通股。根據 10b5-1 計畫設想的回購將在 ASR 協議完成後立即開始。這些回購資金來自我們在 9 月中旬完成的 10 億美元定期貸款增資。

We ended the quarter with $3.759 billion in debt and $861 million in cash and cash equivalents in addition to $312 million of restricted cash. Now turning to our outlook. As we've 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.

本季末，我們負債 37.59 億美元，現金及現金等價物 8.61 億美元，此外還有 3.12 億美元的受限現金。現在談談我們的展望。正如我們之前討論過的，我們以全年業績為重點來管理業務。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單位來評估業績。

As noted in our press release, we are raising our full year 2025 guidance for revenue and adjusted EBITDA for the third quarter in a row. We are now targeting revenue of $4.69 billion to $4.72 billion and adjusted EBITDA of $1.57 billion to $1.58 billion, an increase of $45 million and $25 million, respectively, at the midpoint of the ranges as compared to the prior guidance we issued in August.

正如我們在新聞稿中所述，我們將連續第三個季度上調 2025 年全年營收和調整後 EBITDA 的預期。我們現在預計營收為 46.9 億美元至 47.2 億美元，調整後 EBITDA 為 15.7 億美元至 15.8 億美元，與我們 8 月發布的先前指引相比，分別增加了 4,500 萬美元和 2,500 萬美元（取區間中點）。

The increase is related primarily to strong operating performance at UFC and WWE through the first 9 months of the year as well as our anticipated performance for the remainder of the year. It also reflects the accelerated timing of the WWE PLE deal with ESPN, net of costs associated with terminating the NBCU deal early. In terms of free cash flow, while we have not given formal guidance, we are targeting a full year 2025 free cash flow conversion rate in excess of 60%.

此次成長主要與 UFC 和 WWE 在今年前 9 個月的強勁營運業績以及我們對今年剩餘時間業績的預期有關。這也反映了 WWE PLE 與 ESPN 達成協議的時間提前，扣除提前終止與 NBCU 協議相關的成本後，WWE PLE 與 ESPN 達成協議的時間更加緊迫。就自由現金流而言，雖然我們尚未給出正式指引，但我們的目標是 2025 年全年自由現金流轉換率超過 60%。

As we've discussed on prior calls, this excludes the impact of approximately $300 million of nonrecurring amounts as well as the net benefit of restricted cash related to the 2026 FIFA World Cup. On our last call, we highlighted a few notable items that we expected to occur in the third quarter, and our results were consistent with all of them.

正如我們在先前的電話會議中討論的那樣，這不包括約 3 億美元的非經常性金額的影響，以及與 2026 年 FIFA 世界盃相關的受限現金的淨收益。在上一次電話會議上，我們重點介紹了一些我們預計在第三季度發生的值得注意的事項，而我們的結果與所有這些事項都相符。

As we look to the fourth quarter of 2025, we want to highlight the following. At UFC, results are expected to be positively impacted as the current calendar for the fourth quarter is expected to include 11 events compared to 10 in the prior year period.

展望 2025 年第四季度，我們想專注於以下幾點。UFC的成績預計將受到正面影響，因為第四季度的賽程預計將包括11場賽事，而去年同期為10場。

Within these 11, we expect 4 numbered events, which is comparable to the prior year. However, we intend to stage 9 events with live audiences compared to seven in the fourth quarter of 2024. At WWE, as we previously discussed, the results will reflect the favorable impact of the Raw domestic rights deal. As a reminder, the fourth quarter of this year will reflect the new long-term agreement with Netflix compared to the short-term agreement we reached with USA Network in the prior year.

在這 11 項活動中，我們預計會有 4 項有編號的活動，這與前一年的情況類似。不過，我們計劃在 2024 年第四季舉辦 9 場有現場觀眾的活動，而 2024 年第四季只有 7 場。正如我們之前討論過的，WWE 的業績將反映出 Raw 國內版權交易帶來的有利影響。再次提醒大家，今年第四季將反映出與 Netflix 達成的新的長期協議，而去年我們與 USA Network 達成的則是短期協議。

The fourth quarter will also benefit from the new domestic rights agreement with ESPN. However, the timing of the calendar is expected to significantly offset the benefit of these items. WWE is planning to have two nights of main roster PLE programming in the fourth quarter compared to 3 nights in the prior year.

第四季也將受益於與 ESPN 達成的新的國內轉播權協議。然而，日曆的發佈時間預計將大大抵消這些項目帶來的好處。WWE計劃在第四季度安排兩晚的主陣容PLE節目，去年同期為三晚。

Most notably, as we announced earlier in the year, one PLE in Saudi Arabia is shifting from Q4 2025 and to the first quarter of 2026. All of these items taken together, along with continued underlying momentum in the business are expected to yield strong financial performance in Q4. At the IMG segment, we expect fourth quarter revenue and adjusted EBITDA to be down modestly year over year in terms of absolute dollars, primarily due to the absence at IMG of the Gulf Cup, which as a reminder, is a biannual event as well as an increase in cost allocation related to preparations for the upcoming Olympic Games.

最值得注意的是，正如我們今年早些時候宣布的那樣，沙烏地阿拉伯的一個 PLE 項目將從 2025 年第四季提前至 2026 年第一季。所有這些因素加在一起，加上業務持續的潛在成長勢頭，預計將在第四季度帶來強勁的財務業績。在 IMG 業務板塊，我們預計第四季度收入和調整後 EBITDA 將同比略有下降（以美元計），主要原因是 IMG 缺席了海灣杯（提醒一下，海灣杯是兩年一度的賽事），以及與即將到來的奧運會籌備工作相關的成本增加。

In closing, while we're not providing formal guidance for 2026 on this call, we would be remiss if we didn't highlight some things we're excited about looking ahead. Number one, media rights. Our 2026 financials will include the significant step-up in connection with the commencement in January of the seven-year UFC rights deal with Paramount as well as a full year of media rights fees from our new five-year agreement with ESPN for the WWE PLEs, this high-margin contractual revenue stream with annual escalators will provide attractive visibility and stability for our businesses for years to come.

最後，雖然我們在此次電話會議上沒有對 2026 年做出正式指導，但如果我們不重點介紹一些我們展望未來感到興奮的事情，那就太失職了。第一，媒體版權。我們 2026 年的財務數據將包括與派拉蒙影業簽訂的為期七年的 UFC 版權協議於 1 月生效帶來的顯著增長，以及我們與 ESPN 簽訂的為期五年的 WWE PLE 媒體版權協議所帶來的全年媒體版權費收入。這項高利潤的合約收入來源，加上每年遞增的條款，將在未來幾年為我們的業務提供可觀的可見性和穩定性。

Number two, site fees. We continue to see meaningful momentum in securing significant financial incentives in delivering measurable economic impact by bringing our events to cities, both in the United States and around the globe. We're focused on a multipronged strategy that's predicated on receiving higher value from markets we currently have incentive packages with site fees from markets we've been to, but don't currently receive a fee from as well as site fees from new markets.

第二，場地費用。我們持續看到，透過將我們的活動帶到美國和世界各地的城市，獲得可衡量的經濟影響，從而獲得重要的財政激勵，並取得顯著的進展。我們專注於多管齊下的策略，其前提是從我們目前擁有激勵方案的市場中獲得更高的價值，這些市場包括我們去過但目前沒有獲得場地費的市場，以及新市場的場地費。

Additionally, in 2026, the current WWE calendar includes three PLs in Saudi Arabia compared to one in 2025. Number three, global partnerships. We continue to make significant progress in this area of our business, adding new partners and categories while also growing existing partnerships. Our recently announced media rights deals, including commercial inventory, will further bolster this area of our business.

此外，2026 年 WWE 目前的賽程安排包括在沙烏地阿拉伯舉行的三場 PL 賽事，而 2025 年只有一場。第三，全球合作夥伴關係。我們在該業務領域持續取得重大進展，在增加新合作夥伴和新類別的同時，也正在發展現有合作夥伴關係。我們近期宣布的媒體版權交易，包括商業廣告資源，將進一步加強我們在該領域的業務。

In 2025 at UFC and WWE, we expect to achieve $450 million in high-margin partnership revenue and continue to work towards achieving our previously communicated target of $1 billion in total company partnership revenue by around 2030.

預計到 2025 年，UFC 和 WWE 的高利潤合作收入將達到 4.5 億美元，我們將繼續努力實現先前公佈的目標，即到 2030 年左右公司合作總收入達到 10 億美元。

Number four, Boxing which we believe represents an additional opportunity to drive value for shareholders in multiple ways. The initiative is anchored by our JV ZUffa Boxing, which we anticipate will launch in January. For the avoidance of doubt, the financials for Zuffa Boxing are not consolidated. We have an equity interest in the joint venture, and therefore, we account for it as an equity method investment.

第四，拳擊，我們認為它代表著以多種方式為股東創造價值的另一個機會。該計劃的核心是我們合資的 ZUffa Boxing，我們預計將於 1 月啟動。為避免任何疑問，Zuffa Boxing 的財務數據並未合併。我們持有合資企業的股權，因此，我們採用權益法對其進行會計處理。

Also within our reported results are management fees for services to the JV. Our consolidated results in 2026 are expected to include a full year of management fees as opposed to the partial year that we recorded in 2025. Over time, as Zuffa Boxing scales, our meaningful ownership interest will enhance the value to and inure to the benefit of TKO shareholders.

此外，我們報告的業績中還包括向合資企業提供服務的管理費。我們預期 2026 年的合併業績將包括一整年的管理費，而不是像 2025 年那樣只記錄部分年度的管理費。隨著 Zuffa Boxing 的規模不斷擴大，我們持有的重要股份將提升 TKO 股東的價值並從中受益。

Separate from the JV, we expect to work with our partner, Sella, to host two to four supervitts per year. As with the recent Canelo versus Crawford event, CKO will receive additional promotional and management services fees as well as a commission for negotiating the media rights deals related to these events.

除了合資企業之外，我們還希望與合作夥伴 Sella 合作，每年舉辦兩到四場超級維特活動。與最近的卡內洛對陣克勞福德的比賽一樣，CKO 將獲得額外的推廣和管理服務費，以及與這些賽事相關的媒體版權交易談判佣金。

In addition to these four items, we continue to focus on the integration of IMG on location and PBR as well as realizing revenue and cost efficiencies across all of our businesses, which we expect will be incremental to our already attractive margin profile.

除了這四項內容之外，我們將繼續專注於整合 IMG 現場服務和 PBR，以及在所有業務中實現收入和成本效率，我們預計這將進一步提升我們本已頗具吸引力的利潤率。

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

這樣，我就把麥克風交還給塞思了。

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

謝謝你，安德魯。接線員，我們現在可以開始接受提問了。

(Operator Instructions) Stephen Laszczyk, Goldman Sachs.

（操作說明）史蒂芬‧拉斯奇克，高盛。

Maybe starting first with USC and the media rates picture coming a bit more into focus, the US, LatAm and Australia, I think, locked in. Just first curious, Mark, if you could maybe discuss why you thought Paramount was the right partner on the Lat Am and Australian side of the international equation.

或許可以先從南加州大學開始，媒體價格的情況會逐漸明朗一些，美國、拉丁美洲和澳大利亞，我認為，已經確定了。馬克，我首先好奇的是，你是否可以談談你為什麼認為派拉蒙是拉丁美洲和澳洲這邊國際合作的合適合作夥伴？

And then as you look out across the rest of the international portfolio, perhaps what you're thinking about and discussing and prioritizing in terms of partners and maybe why Paramount wasn't included more realistically on the international side and where that opportunity lies at the moment looking forward?

然後，當你放眼整個國際業務組合時，你可能會思考、討論和優先考慮哪些合作夥伴，以及為什麼派拉蒙沒有更實際地納入國際業務，以及展望未來，目前的機會在哪裡？

And then a follow-up on WWE after.

然後是WWE的後續報道。

Great. Thanks, Stephen. Good to hear from you. Look, we're -- I think just back up a step. We're viewing TKL right now really is an execution story. Our primary focus is really continuing the momentum we're seeing in the business, which is continued operational expansion, integration and of course, as you know, we're laser focused on capital return.

偉大的。謝謝你，史蒂芬。很高興收到你的來信。你看，我們——我覺得應該退後一步。我們現在看到的TKL，其實是一個執行力很強的故事。我們目前的首要任務是持續維持業務發展勢頭，即持續擴大營運規模、整合資源，當然，如您所知，我們也非常注重資本回報。

On the media rights side, look, we're in a real good place domestically, obviously, contractual revenue, annual escalators that are strong. There's a high-margin revenue stream with high visibility, which will be good for investors.

在媒體版權方面，我們顯然在國內處境非常好，合約收入和年度遞增幅度都很強勁。該項目擁有高利潤率和高可見度的收入來源，對投資者來說是件好事。

And then on the international front, we're really focused on increasing our monetization opportunities there. Remember, a majority of our fan base, especially with UFC, is international. So we really need to close the gap on our fan base, make it a priority with regard to maximizing our media rights opportunities.

而在國際方面，我們則真正專注於增加我們在國際市場的獲利機會。請記住，我們大部分的粉絲群體，尤其是UFC的粉絲，都是國際粉絲。因此，我們真的需要縮小與粉絲群的差距，並將最大限度地利用媒體版權機會作為優先事項。

Of course, global partnerships will end up benefiting if we do that and as we're successful country to country and maybe starting to have multiple cities having events, especially with WWE in a country at the same time as we move around that will be a real opportunity for us in terms of audience growth. And all of this will, well, I think, improve our attractive margin profile that we currently sit with.

當然，如果我們這樣做，全球合作夥伴關係最終會受益。隨著我們從一個國家到另一個國家取得成功，也許開始在多個城市舉辦活動，特別是 WWE 在我們巡迴演出的同時在一個國家舉辦活動，這將為我們帶來真正的觀眾成長機會。我認為，所有這些都將改善我們目前所擁有的極具吸引力的利潤率水準。

We expect to see margin expansion through high-margin revenue growth as well as continued cost discipline as we go into '26. And when we sat back and looked at these specific territories that you referenced, it's really -- it's a matter of negotiations really with various bidders. And we were fortunate to have three separate bidders at the table when it came to those specific regions, because remember, what's important to one is not necessarily important to another.

我們預計，隨著2026年的到來，高利潤率的收入成長以及持續的成本控制將帶來利潤率的提升。當我們坐下來仔細審視您提到的這些具體地區時，實際上——這實際上是與各個競標者進行談判的問題。我們很幸運，在這些特定地區有三個不同的競標者參與競爭，因為記住，對一個人來說重要的東西，對另一個人來說不一定重要。

And at the end of the day, as it turned out with the domestic deal Paramount and CBS for that matter, but overall, that company, [piece guy ] ended up having the best equation, which is best for our brand, best marketing plan, a holistic effort, given what they're doing on the domestic side with that investment and, of course, the best right fee. So for us, it's always going to be brand reach dollars.

最終，就像派拉蒙和哥倫比亞廣播公司達成的國內協議一樣，總的來說，那家公司（[piece guy]）最終擁有了最好的方案，這對我們的品牌來說是最好的，最好的營銷計劃，一項整體的努力，考慮到他們在國內方面的投資，當然還有最好的版權費。所以對我們來說，最重要的始終是品牌影響力投入。

And for those three territories specifically, we knew we were going to have a nice bidding war because it was attractive and it has strong fan bases, and we capitalized on it. And frankly, nobody here has taken a victory lap, and not on those specific territories, that deal or really even on the quarterly earnings here.

而對於這三個地區，我們知道將會有一場激烈的競標戰，因為它們很有吸引力，而且擁有強大的粉絲基礎，我們充分利用了這一點。坦白說，這裡沒有人慶祝勝利，無論是針對那些特定的地區、那筆交易，還是針對季度收益。

I mean, we're proud of where we are. We're proud of the road ahead, we're cautiously optimistic, we're encouraged by each of the revenue drivers, but we know we have a lot of work to do if we're going to continue to really beat and raise as a continual thing.

我的意思是，我們為我們所取得的成就感到自豪。我們對未來的道路感到自豪，我們謹慎樂觀，我們對每項收入成長都感到鼓舞，但我們知道，如果我們想要繼續持續超越預期並不斷提高業績，我們還有很多工作要做。

That's great. And then maybe one on WWE for Nick, if he's on. Just sort of curious, WWE Live Events revenue continues to re-rate meaningfully higher here. Just would love your take on the story that's playing out in that part of the business.

那太棒了。然後，如果尼克參加WWE比賽的話，也許還會給他安排一場。只是有點好奇，WWE現場賽事的收入在這裡持續大幅上漲。我很想聽聽你對這部分業務發展現狀的看法。

Is this mostly PLE story at the moment? Or have the weekly events started to contribute as well and pricing versus capacity, we just love your take on where you think that could go as you look into 2026 and you re-rate off this higher base here?

目前這主要就是PLE的故事嗎？或者，每週的活動也開始對價格和容量產生影響？我們非常想聽聽您對 2026 年發展趨勢的看法，以及您如何基於目前更高的基數重新評估？

So thanks for the question. It's both. Capacity continues to be very high. We've increased prices appropriately with the marketplace. That's for the PLEs, RAW, SmackDown, Saturday nights Main Event and every other ticketed program that WWE has. We remain bullish on it a couple of years ago when TKO was stood up, one of the first things we collectively did was reduce the non-televised live events, which created more scarcity in the marketplace for our televised events, and our continued international expansion only further that.

謝謝你的提問。兩者兼具。產能依然非常高。我們已根據市場情況適當提高了價格。這包括 PLE、RAW、SmackDown、週六晚間主賽以及 WWE 的所有其他售票節目。我們仍然看好它。幾年前 TKO 成立時，我們共同做的第一件事就是減少非電視直播的現場賽事，這使得我們的電視直播賽事在市場上更加稀缺，而我們持續的國際擴張只會進一步加劇這種情況。

So even in January, you'll see us on a European tour for raw and SmackDown leading into Royal Rumble, which takes place in Saudi Arabia to get already on fire for that event, and again, creates more scarcity in the United States, which is a good thing in terms of our overall gates.

所以即使在一月份，你也會看到我們在歐洲進行 Raw 和 SmackDown 的巡迴演出，為在沙特阿拉伯舉行的皇家大戰預熱，這樣就能為該賽事造勢，而且，這也會在美國的觀眾中造成更多稀缺，這對我們的整體票房來說是件好事。

Brandon Ross, LightShed Partners.

Brandon Ross，LightShed Partners。

Just a quick follow-up on Stephen's first question. You talked about branded reach and dollars kind of being what you're aiming for. Just focusing on the REIT side of that. Can you just talk about what the distribution model with Paramount is going to look like in the wake of this deal and what you expect going forward with other territories.

我來快速補充一下史蒂芬的第一個問題。你提到過，你的目標是提升品牌影響力並帶來相應的收益。只關注房地產投資信託基金（REIT）方面。您能否談談在達成這項交易後，與派拉蒙的發行模式將會是什麼樣的，以及您對未來在其他地區的發行有何預期？

Should we expect the paper view model that, I guess, has now been replaced domestically and really to still have residents? Or do you expect that to kind of go away internationally as well? And then I have a follow-up.

我們是否應該期待紙面模型（我猜它現在已經在國內被取代了）仍然會有居民？還是你認為這種情況在國際上也會逐漸消失？然後我還有一個後續問題。

Yes, Brandon, thanks for the question. There were very few markets where we actually at USC did transactional pay-per-view and have deals to sell on a transactional basis. So legacy, we are still looking at Australia and Canada were the two big markets and as part of the deal with Paramount that excluded in Australia, the pay-per-view or numbered event main cards, which still sit with the Zone Foxtel.

是的，布蘭登，謝謝你的提問。在南加州大學，我們實際進行按次付費交易並進行按次銷售的市場非常少。所以，就傳統而言，我們仍然關注澳洲和加拿大這兩個大市場，而作為與派拉蒙達成的協議的一部分，澳洲的付費點播或編號賽事主賽被排除在外，這些賽事仍然由Zone Foxtel負責。

But those are really the two major markets where we're selling on a transactional basis. So you can expect like we historically have done is selling 42 nights of content to distributors and the ultimate distribution decision is based upon their go-to-market strategy in the case of Paramount, based to your subscription, all you can eat for all of our content.

但實際上，我們主要在這兩個市場進行交易式銷售。所以您可以期待，就像我們過去所做的那樣，我們會向分銷商出售 42 晚的內容，而最終的分銷決定取決於他們的市場策略，以派拉蒙為例，取決於您的訂閱，您可以無限暢享我們的所有內容。

Okay. Got it. And then with the UFC domestic deal done. Just wanted to get a better understanding of exactly what the incremental flow-through is in terms of margin percentage. I know it's high, but any more color, should we -- how should we expect the fighters to be compensated? Is the fighter pay going to go up?

好的。知道了。然後，UFC國內轉會協議就敲定了。我只是想更清楚地了解增量流通量在利潤率百分比方面的具體意義。我知道這個數字很高，但如果再多說，我們應該——我們應該如何期望戰士們得到補償？拳擊手的薪水會漲嗎？

And what is exactly the framework now for fighter pay? I know like going back in time, the North Star used to first certain sites used to be points and paper views and the business has changed quite a bit. So any color you could give around that would be great.

那麼，目前戰鬥機飛行員薪資的框架究竟是什麼？我知道就像回到過去一樣，北極星最初是某些地點，以前是紙質地圖，現在業務已經發生了很大的變化。所以，如果你能提供任何與之相配的顏色，那就太好了。

Yes. So Brandon, I'll take the first part and then Lawrence Epstein, who's here with us will take the provider compensation and the structure around that going forward. Look, at this point, we're not going to give specific guidance around the flow through other than the fact and consistent with past commentary is that it will be meaningfully margin accretive to the UFC business.

是的。那麼，布蘭登，我來講第一部分，然後和我們在一起的勞倫斯·愛潑斯坦將講解供應商補償以及未來相關的結構。目前，我們不會就具體流程給出任何指導，但可以肯定的是，正如我們先前的評論所言，這將顯著提高 UFC 業務的利潤率。

And you've seen the last couple of quarters, Q2, the business operated at 59% operating margins, Q3, 51% operating margins for the variety of factors that we laid out on the call. But we do believe that there is going to be meaningful accretion to our operating margins going forward.

你們也看到了，過去兩個季度，第二季度業務的營業利潤率為 59%，第三季度營業利潤率為 51%，這是由於我們在電話會議上列出的各種因素造成的。但我們相信，未來我們的營業利潤率將會顯著提高。

Brad, this is Lawrence Epstein. On the fighter pay question, there's going to be some changes to the structure of our deals, in particular, with some of our premium athletes that had a percentage of their compensation based upon pay-per-view sales. But that being said, our team is already in the process of working out those deals.

布拉德，這位是勞倫斯愛潑斯坦。關於拳手薪酬問題，我們的合約結構將會有一些變化，特別是對於一些頂級運動員，他們的薪酬是按按次付費銷售額的一定比例計算的。但即便如此，我們的團隊已經在著手處理這些交易了。

And as Dana White said, there's going to be an increase in fighter pay. There's no doubt about that. But we feel like it's going to be in line with what will be consistent with the margins that we've maintained over the last several years.

正如達納懷特所說，拳擊手的收入將會增加。這點毋庸置疑。但我們認為這將與我們過去幾年一直保持的利潤率保持一致。

Ben Swinburne, Morgan Stanley.

本‧斯溫伯恩，摩根士丹利。

I wanted to ask you guys about boxing the Canela Crawford fight, I mean, this was a massive pit and I think it was opened by eyes to the possibilities here. You guys have these sort of JV structure management fee structure. I'm just wondering if there are thoughts or opportunities or maybe that ship of sale of doing more in boxing kind of wholly owned as a promoter you certainly have, you have Dana White, you have a strong balance sheet, lots of cash flow, equity currency. Is -- are there things you're looking at on the boxing front maybe to go even bigger than some of the initial investments that you're making and as you sort of get ready for what you're launching in 2026 with Zuffa?

我想問你們關於卡內拉·克勞福德那場比賽的看法，我的意思是，這是一場巨大的較量，我認為這場比賽讓我們看到了各種可能性。你們的合資企業結構和管理費結構是這樣的。我只是想知道，作為一家完全由您擁有的推廣公司，您是否有想法或機會，或者是否有出售公司以進一步發展拳擊事業的計劃？您當然有，您有達納懷特，您有強勁的資產負債表、大量的現金流和股權資本。在拳擊領域，您是否正在考慮一些比您最初進行的一些投資規模更大的項目，以及您是否正在為 2026 年與 Zuffa 合作推出的項目做準備？

Yes. I would just say, Ben, that, that ultimately, I think these super fights are going to be a huge catalyst for us, right? And we -- I wouldn't say we downplayed the first one, but it was obviously the first 1 we didn't really know what to expect. And we didn't anticipate necessarily pouring a lot of fuel over that. We're more focused on the Zuffa Boxing League, if you will.

是的。我想說的是，本，最終，我認為這些超級大戰將成為我們巨大的催化劑，對吧？我不會說我們輕視了第一部，但很顯然，第一部我們真的不知道會發生什麼。我們並沒有預料到會在這方面投入大量資金。我們更關注的是Zuffa拳擊聯盟。

But at the end of the day, as we've told you, I mean, we expect to receive a services fee of $10 million on each of the flights. And we expect to do two to four fights per year. I think you can expect that in 2026. And frankly, we want to do them because we can populate the under cards some of the time, if not most of the time, with Zuffa fighters, which will help us build name personalities, followings, rivalries and just really shed more of a spotlight onto our Zuffa Boxing League.

但歸根結底，正如我們之前告訴你們的，我們預計每次航班將收取 1000 萬美元的服務費。我們預計每年進行兩到四場比賽。我認為2026年就能看到這種情況。坦白說，我們想舉辦這些比賽，因為我們可以時不時地（如果不是大多數時候）用 Zuffa 拳擊手來填充墊場賽，這將有助於我們打造明星拳擊手、粉絲群體、競爭關係，並真正讓 Zuffa 拳擊聯盟獲得更多關注。

I think the opportunity beyond that lies in each of those fights, $10 million was just a starter. Nick is obviously hands-on involved with the negotiations with our partners in Saudi Arabia. And putting these cards together, putting these featured matches these main cards together. And then ultimately, how can we bring them value and as such, take a commission from it? And remember, this is all outside of our JV.

我認為更大的機會在於每一場比賽，1000萬美元只是一個開始。尼克顯然親自參與了與我們在沙烏地阿拉伯的合作夥伴的談判。將這些卡片組合在一起，將這些特色比賽和這些主要卡片組合在一起。最終，我們如何為他們創造價值，並從中獲得佣金？請記住，這一切都與我們的合資企業無關。

So really, beyond the fee they pay us to co-promote or promote, there's the media deals and getting paid on doing those deals. There's partnership deals and getting paid on doing those deals. There's ticket sales. And then there's also just serving as their marketing agency on the ticket sales. So while we're not necessarily laying out a financial model for you right now, we're laying out a strategic model of ways that we can bring in incremental high-margin dollars.

所以實際上，除了他們支付給我們共同推廣或推廣的費用之外，還有媒體交易以及完成這些交易所獲得的報酬。有合作協議，完成這些協議就能獲得報酬。有門票出售。此外，我們也擔任他們的票務銷售行銷代理。因此，雖然我們現在不一定會為您制定財務模型，但我們正在製定一個策略模型，說明我們可以如何帶來增量的高利潤收入。

So we're -- frankly, we have a big appetite for this. Having said that, Nick's got a full-time job in WWE. We're not taking our eye off the ball there or taking anything for granted, especially with the success we're having this year, that just compounds the pressure to beat that next year.

坦白說，我們對此非常感興趣。話雖如此，尼克在WWE有一份全職工作。我們不會掉以輕心，也不會掉以輕心，尤其是今年我們取得了成功，這只會增加明年超越今年的壓力。

And Dana White definitely has a lot on his plate and therefore, isn't going to be out there working as a promoter for one-off boxing fights on a regular basis. You could do a few of these annually, but really no more than that.

達納懷特肯定有很多事情要忙，因此他不會經常出去擔任一次性拳擊比賽的推廣人。你可以每年做幾次這樣的事，但真的不能再多了。

And just as a follow-up, Mark, I mean you hit earlier, I think in your prepared remarks and then I think in the Q&A about -- is an execution story right now and you're focused on executing. You look at USC, what you guys have done with that asset kind of speaks for itself in the last decade, WWE, the numbers are way ahead of the deal model, at least that was filed.

馬克，我想補充一點，你之前在準備好的發言稿中提到過，然後在問答環節中也提到過——現在這是一個執行的故事，你們專注於執行。看看南加州大學，你們在過去十年利用這項資產所取得的成就足以說明一切；WWE 的數據遠遠超過了交易模型，至少提交的文件是這麼說的。

So it sort of begs the question like, why not go out elephant hunting for more and maybe the answer is there aren't opportunities your scarce assets that's only there's a long list of them. Maybe the answer is management bandwidth. You guys need to clone yourselves.

所以這就引出了一個問題，為什麼不去獵殺更多的大象呢？也許答案是，你沒有機會獲得你稀缺的資源，只不過機會有很多而已。或許答案在於管理頻寬。你們應該克隆自己。

But I guess the question is why not be looking for next thing, just given how well WWE has gone, UFC has gone and clearly, the muscle you guys have built up here?

但我想問的是，既然 WWE 和 UFC 都發展得如此成功，而且你們在這裡也積累瞭如此雄厚的實力，為什麼不考慮下一步發展呢？

Yes. And our financial profile, I mean, we certainly have the ammo to do that. Look, bottom line is we are. I want to make it clear. Nobody here is resting sitting back. That's not just in our DNA whatsoever. We are focused on the execution story. We don't want to get distracted. We're not -- we want certainties. There isn't a lot out there that reaches our level, but we're on the hunt.

是的。就我們的財務狀況而言，我的意思是，我們當然有足夠的財力來做到這一點。歸根結底，我們就是這樣。我想把話說清楚。這裡沒有人是袖手旁觀、坐等休息的。這並非我們DNA中固有的。我們關注的是執行層面的故事。我們不想分心。我們不是──我們想要確定性。目前市面上能達到我們水準的產品並不多，但我們正在努力尋找。

And in the absence of something coming to market, we're going to go full on with Boxing I'm not worried about the team. Everybody does have a day job, as I said, and they're stretched. I'm not going to say stretch then, but they're stretched, but we have a number of relationships, each of us dating back decades here with high-level individuals, value creators across the sports spectrum, and we are just waiting to bring people off the bench, but we need those opportunities to materialize.

如果市場上沒有合適的替代方案，我們將全力投入拳擊運動，我不擔心球隊。正如我所說，每個人都有一份日常工作，而且他們都很忙。我不會說要拉開距離，但他們確實已經很緊張了。我們與體育界的許多高水準人士、價值創造者建立了數十年的關係，我們只是在等待機會讓他們上場，但我們需要這些機會真正實現。

And again, in that absence, we go full on with boxing. It's 12 to 16 flights on Zuffa this year. It's two to four super fights. It's collecting commissions as we bring value to our partners in Saudi Arabia, it's seeing that Zuffa Boxing League achieves the same kind of revenue opportunities as our other leagues we obviously did that first with our Paramount deal that we announced.

再次，在沒有這種情況下，我們就全力投入拳擊比賽。今年Zuffa航空將提供12至16個航班。會有兩到四場超級大戰。我們透過為沙烏地阿拉伯的合作夥伴創造價值來收取佣金，同時確保 Zuffa 拳擊聯盟獲得與我們其他聯盟相同的收入機會，我們顯然首先透過我們宣布的與派拉蒙的交易實現了這一點。

They're going to be a terrific partner, but we have global partnerships to do there. We have consumer licensing opportunities to do there. We have ticket sales, we're going to be embarking obviously sell. And then beyond that, there's site fees that come into that, and that gives us an even stronger hand when you start to complement the opportunities we have with WWE and UFC and PBR.

他們將會是非常棒的合作夥伴，但我們在那裡還有全球合作夥伴關係需要建立。我們在這方面有面向消費者的授權機會。我們有門票銷售，我們顯然要開始售票了。除此之外，還有場地費用，這讓我們在與 WWE、UFC 和 PBR 合作時擁有更大的優勢。

So we'll be plenty busy on the execution story and boxing, but if something else comes to market, that has scale, reach, significant demand, and we see as having upside opportunity, we will jump into an exploration of that.

因此，我們將忙於執行故事和包裝，但如果市場上出現其他具有規模、覆蓋範圍、巨大需求，並且我們認為有成長機會的產品，我們將立即著手探索。

Peter Supino, Wolfe Research.

Peter Supino，Wolfe Research。

I wanted to ask a question about site fees. You mentioned them in your prepared remarks as a driver of 2026. I think you've in the past provided some color on the number of sites that historically have paid fees and the number that haven't.

我想問一下關於網站費用的問題。您在2026年的發言稿中提到了他們。我認為你過去曾對歷史上支付過費用的網站數量和未支付過費用的網站數量進行過一些描述。

Wonder if you could just give us any more color about to what extent that can be a significant driver of revenue in 2016 and beyond anything we can do to think constructively about that.

我想知道您能否進一步說明一下，這在多大程度上可以成為 2016 年及以後收入的重要驅動因素，以及我們可以採取哪些措施來建設性地思考這個問題。

So Peter, I'll look two ways to answer is, number one, kind of inorganic timing, 25 benefit from on Saudi Arabia event 2026 will benefit from three as the calendar shift from December into January with the first ever Royal Rumble in Saudi Arabia in January.

所以彼得，我會從兩個方面來回答這個問題：第一，有點不合時宜，2026 年沙烏地阿拉伯的賽事將受益於此；第三，由於日曆從 12 月轉移到 1 月，1 月份將在沙烏地阿拉伯舉辦首屆皇家大戰，因此 25 屆賽事將受益。

So as we think about '26 specifically, it will be the beneficiary of three large site fees from Saudi Arabia. And then sort of on the organic side, I outlined really three key strategic areas of focus for us in my prepared remarks.

所以，當我們具體考慮 2026 年時，它將受益於沙烏地阿拉伯的三筆巨額場地費。然後，在有機成長方面，我在準備好的演講稿中概述了我們三個關鍵的策略重點領域。

And really, that's where we're seeing a significant amount of momentum. The TAM, as we've previously outlined, is no longer just sort of our premium, the 20 premium or so not encumbered by our Middle East events.

而事實上，我們看到的正是這方面的巨大發展動能。正如我們之前概述的那樣，TAM 不再只是我們的溢價，也就是不受我們在中東的活動影響的 20 倍左右的溢價。

We're seeing a lot of interest in the RAWs in the SmackDown in our UFC fight nights and we have a whole host of comps that we've discussed over the last couple of calls that give us more of a bullish tone to strike as we think about 2026. So, while we're not going to talk about specifics on site fees, we'll save that for our '26 guide, we feel really good going into next year.

我們看到大家對 SmackDown 和 UFC 格鬥之夜中的 RAW 節目非常感興趣，而且在過去的幾次電話會議中，我們討論了很多比較數據，這些數據讓我們在展望 2026 年時更加樂觀。所以，雖然我們不會談論場地費用的具體細節，我們會把這些內容留到我們的 2026 年指南中，但我們對明年充滿信心。

Just remember, Peter, we have a full-time team that does nothing but work on site fees for the 3 major sports that are in our portfolio, let alone boxing, which is on the way. And we had a Board meeting just earlier this week, where we're walking the Board through 60-plus different events where we're in conversations ranging from couple of hundred thousand in cash and in kind to multimillion around the globe.

彼得，請記住，我們有一個全職團隊專門負責我們投資組合中三大主要體育項目的場地費用，更不用說即將推出的拳擊項目了。就在本週早些時候，我們召開了一次董事會會議，會上我們向董事會介紹了 60 多個不同的項目，這些項目涉及的金額從幾十萬美元的現金和實物到遍及全球的數百萬美元不等。

So this is a high-margin revenue opportunity that we are approaching like a heat-seeking missile.

所以，這是一個高利潤的收入機會，我們正像發射熱追蹤導彈一樣全力以赴地抓住它。

How long has that team existed at scale doing what it's doing?

這個團隊以目前的規模從事這項工作有多久了？

Really the last three months, I would say, is where we've -- we made a couple of outside hires added them to our revenue generation team, if you will, across TKO. So it's really like a 6-person roster that is dialing for dollars. Well, I think you've heard us say this also before, Peter, the deeper we've gotten into TKO sort of '24, given the formation in '23 was already locked and spoken for.

可以說，在過去的三個月裡，我們進行了幾次外部招聘，並將他們添加到我們的營收團隊中，遍布 TKO 各個部門。所以這實際上就像一個由 6 個人組成的名單，他們都在打電話賺錢。嗯，我想你以前也聽我們說過，彼得，隨著我們深入研究 TKO 的 2024 年情況，考慮到 2023 年的陣容已經確定並被預定，情況就更加複雜了。

So '25 had some carryover where we had a little bit less flex in terms of dates and locations. '26 is really one of the first years where we have an open calendar where we can make more strategic decisions and offer up some of these opportunities to municipalities and tourism boards that are willing to pay and RAW has really gained so much momentum. I mean you're -- I know you follow the viewership.

所以2025年的情況有些延續，我們在日期和地點的彈性稍遜一籌。 2026年是我們真正擁有開放日程的首批年份之一，我們可以做出更多戰略決策，並將一些機會提供給願意付費的市政當局和旅遊局，RAW也因此獲得了巨大的發展勢頭。我的意思是，我知道你關注收視率。

When you're number one in 29 to 30 countries week-to-week on Netflix, that catches a lot of people's eyes. And that kind of opens the door for these conversations we're having with regional governments, municipalities, cities, et cetera.

當你的劇集每週在 Netflix 上 29 到 30 個國家/地區排名第一時，這自然會引起很多人的注意。這為我們與地區政府、市政當局、城市等的對話打開了大門。

Ryan Gravett, UBS.

Ryan Gravett，瑞銀集團。

So as you called out, there's a big opportunity for audience growth at the USC next year without the pay-per-view pay law. So I'm wondering how that has impacted your conversations with current and potential new sponsors since the deal was announced.

正如你所指出的，明年南加州大學沒有按次付費觀看的法律，觀眾人數將有很大的成長機會。所以我想知道，自從這項交易宣布以來，它對您與現有和潛在新贊助商的對話產生了怎樣的影響。

And Andrew, you referenced this in the prepared remarks, but how should we think about the impact of this on partnerships growth into 2026.

安德魯，你在準備好的演講稿中提到了這一點，但我們應該如何看待這對 2026 年合作夥伴關係發展的影響呢？

Look, I think it's clear that we have a lot of excitement around the table from our sponsors by virtue of this content, the most premium content in our number of events being more accessible to a broader fan base than it's been in the past or at least over the last seven years with ESPN and the double pay wall.

你看，我認為很明顯，憑藉這些內容，我們的贊助商們都非常興奮，我們舉辦的眾多賽事中最優質的內容比以往任何時候都更容易被更廣泛的粉絲群所接受，至少在過去七年ESPN實行雙重付費牆的情況下是如此。

And I just bring you back to when we did the ESPN deal, where we actually made a conscious decision to assist in the launch of ESPN D2C with a sort of nascent offering and a $2 million to $3 million subscriber base that we assisted in growing to north of $20 million. And at that time, we actually had the opposite question and why should we get more value from our sponsors when reach and frequency and distribution was becoming more narrow and we were able to sell through that.

我這就帶你回到我們與 ESPN 達成協議的時候，當時我們確實有意識地決定幫助 ESPN 推出 D2C 服務，當時該服務還處於起步階段，用戶基數為 200 萬至 300 萬美元，我們幫助其用戶基數增長到 2000 萬美元以上。而當時，我們實際上提出了相反的問題：當覆蓋率、頻率和分銷管道越來越窄，而我們卻能夠透過這種方式進行銷售時，我們為什麼要從贊助商那裡獲得更多價值？

So look, the team is excited. Our sponsors are excited. Our partners at Paramount are excited. What I'll tell you is a meaningful growth lever over the next three to five years is not only reach and frequency, but it's the ability to combine the commercial units and commercial inventory that we got in these media rights deals, hence, why we're getting even more comfortable with that long-term $1 billion goal.

你看，團隊都很興奮。我們的贊助商都很興奮。我們在派拉蒙的夥伴們都非常興奮。我可以告訴你們的是，未來三到五年內真正重要的成長槓桿不僅是覆蓋率和頻次，而且還要能夠將我們在這些媒體版權交易中獲得的商業單元和商業庫存結合起來，因此，我們對實現10億美元的長期目標更有信心了。

Yes. Also, Ryan, I mean, we don't view all the we may slip and say that now and that we don't view these brands as sponsors. I mean, these are multiple levels and layers and intricacies of partnership opportunities from activation, experiential branded content, as Andrew said, commercial inventory, I mean these are massive deals that cover a lot of ground as our brand partners attempt to maximize reach and eyeballs for their product or their own brands.

是的。還有，瑞恩，我的意思是，我們不會把所有這些品牌都視為贊助商，我們可能會不小心說漏嘴，但我們不會把這些品牌視為贊助商。我的意思是，這些合作機會涉及多個層面和複雜細節，從激活、體驗式品牌內容，正如 Andrew 所說，到商業庫存，我的意思是，這些都是規模龐大的交易，涵蓋範圍很廣，因為我們的品牌合作夥伴試圖最大限度地擴大其產品或自身品牌的覆蓋面和關注度。

This is a home run in the sense that even to Andrew's point that we matured with ESPN+ and got to a point of having 25 million subs, you're now talking about Paramount having 75 million-plus global subs. So from day one, we've got a wider universe.

從某種意義上來說，這真是一次巨大的成功。正如安德魯所說，我們憑藉 ESPN+ 走向成熟，擁有了 2500 萬訂閱用戶，而現在派拉蒙的全球訂閱用戶已經超過 7500 萬。所以從一開始，我們就擁有了一個更廣闊的宇宙。

And it's actually flipped. It's not our partners coming to us were saying, should we be paying as much for only 3 million subs like when we launched with ESPN Plus, it's us going to them saying, hey, now you're in $75 million, maybe we should reopen your deal and you should pay more and will blend and extend.

實際上，順序顛倒了。不是我們的合作夥伴來找我們說，我們是否應該像當初推出 ESPN Plus 時那樣，為只有 300 萬訂閱用戶支付那麼多費用，而是我們去找他們說，嘿，現在你們已經投入了 7500 萬美元，也許我們應該重新考慮你們的合作，你們應該支付更多費用，我們會進行整合和延期。

So we're having those opportunities with existing partners in our quest to get to $1 billion. We're having fruitful conversations with new categories and we plan to announce two major deals, new deals with new brands by the end of the year. I'm making sure Seth writes that down as legal pad, right?

因此，我們正在與現有合作夥伴一起尋求這些機會，以實現10億美元的目標。我們正在與新的品類進行富有成效的對話，並計劃在年底前宣布兩項重大交易，與新的品牌達成新的合作協議。我要確保塞思把這些記在法律紙上，對吧？

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

接線員，我們能不能再回答最後一個問題？

Vikram Kesavabhotla, Baird.

Vikram Kesavabhotla，Baird。

I wanted to ask about WWE, and I'm curious if you could talk more about your initial reactions to this new relationship with ESPN you have these first couple of PLEs performed relative to your expectations? And what's standing out to you so far in terms of the potential benefits of that partnership?

我想問關於WWE的問題，我很好奇您能否多談談您對與ESPN建立這種新合作關係的最初反應，以及您進行的最初幾場PLE（職業摔角體驗活動）是否符合您的預期？就目前來看，這項合作的潛在好處有哪些？

Great. So by the way, we're thrilled with the start of it. So it's obviously a new product. It's a new platform. If you noticed any of the promotion going into our first event with them, Russell Plus, which is a new event for us, which we're really pleased with.

偉大的。順便說一句，我們對目前的進展感到非常興奮。所以這顯然是一款新產品。這是一個新平台。如果您注意到我們在與他們合作舉辦的首屆 Russell Plus 活動（對我們來說是一場全新的活動，我們對此感到非常滿意）之前所做的任何宣傳。

You saw wall-to-wall coverage on all ESPN platforms, so much so that on college game day the morning of Russell Palooza, you had the entire panel at McAfee Coach Savin, CarCurbeStreet, Desmon Howard, ReStavis, all predicting the winner of Rocklesner versus John Cena, it was phenomenal. It's going to take time for ESPN to grow that platform the way that they want to grow it, where patients will continue to put on our product the way that we think only we can do and let's see where we end up.

在 ESPN 的所有平台上，你都能看到鋪天蓋地的報道，以至於在大學比賽日當天早上，也就是 Russell Palooza 比賽當天，McAfee 的整個專家組——Savin 教練、CarCurbeStreet、Desmon Howard、ReStavis——都在預測 Rocklesner 對陣 John Cena 的不可思議者，這真是太議了。ESPN 需要時間來發展這個平台，使其能夠按照他們想要的方式發展，讓患者能夠繼續以我們認為只有我們才能做到的方式使用我們的產品，讓我們看看最終會發展到什麼程度。

Yes. Vic, ESPN can be one of the best marketing partners in the media space when they strategize and get behind something. We've seen that firsthand with the UFC. And to Nick's point, Russell Palooza was an incredible launch, great for our brand, great exposure out there in some of their most prominent shows with some of their most prominent talent promoting our event. We want to sustain that.

是的。Vic，ESPN 如果能製定策略並全力支持某個項目，就能成為媒體領域最好的行銷合作夥伴之一。我們已經從UFC的比賽中親眼目睹了這一點。正如Nick所說，Russell Palooza音樂節是一次非常棒的發布會，對我們的品牌來說意義非凡，我們在他們一些最知名的節目中獲得了極大的曝光，一些最知名的藝人也參與了我們活動的宣傳。我們希望保持這種狀態。

We need to sustain that. And I think at the same time, it's extremely important to us and we're watching like everybody else to see that as they renew a lot of their distribution partner deals that they get the ability to authenticate for free. So ESPN D2C, if you're so and so subscriber, I'm not going to get into who has it and who doesn't. Some of these folks can just authenticate and they get the D2C partnership for free.

我們需要保持這種狀態。同時，我認為這對我們來說極為重要，我們和其他人一樣都在關注，當他們續簽許多分銷合作夥伴協議時，他們是否能夠免費進行身份驗證。所以，ESPN D2C，如果你是某某訂閱用戶，我就不細說誰有誰沒有了。有些人只需進行身份驗證，即可免費獲得 D2C 合作夥伴關係。

So you just carry the app and others are paying $29.99. And it's their goal, of course, to redo all their transmission deals and get these consents and we're anxious to see that happen. YouTube TV is a prime example of that. why don't we actually. Operator, we have a couple of extra minutes.

所以你只需要下載這個應用程式，而其他人卻要支付 29.99 美元。當然，他們的目標是重新達成所有傳輸協議並獲得這些許可，我們也迫切希望看到這種情況發生。YouTube TV 就是一個絕佳的例子。我們為什麼不呢？接線員，我們還有幾分鐘。

Why don't we take one more question?

我們何不再回答最後一個問題呢？

Eric Handler, ROTH Capital.

Eric Handler，ROTH Capital。

Okay. I'm sure I was with there for a second. I wonder if you could talk a little bit more about partnerships and marketing. Specifically, what's been the increase in the number of brands who are now doing sponsorships with both USC and WWE. And what's been the overall increase in the number of brands?

好的。我肯定我當時也在那裡。我想請您再詳細談談合作關係和行銷方面的問題。具體來說，目前與南加州大學和WWE都有贊助合作的品牌數量增加了多少？品牌總數增加了多少？

And at this point, is it still a volume game with a lot more brands to be added? Or is there some pricing leverage, too?

到了現在，這是否仍然是一場以數量取勝的遊戲，而且還有很多品牌需要加入？或者說，價格方面也存在一些議價空間嗎？

Thanks, Eric. Look, I think it's both. I mean, most recently, and I articulated this in my prepared remarks, brands like Wingstop are now advertising across both UFC and WWE. It is the most recent. But we've had a handful of crossover brands, but again, to your point, it's new brands, it's existing partners spending more its existing and new partners looking at us differently now via the Paramount relationship just given the reach and distribution opportunity of all of our content, particularly our premium content in the number of events.

謝謝你，埃里克。我覺得兩者都是。我的意思是，最近，正如我在準備好的發言稿中闡述的那樣，像 Wingstop 這樣的品牌現在同時在 UFC 和 WWE 上投放廣告。這是最新的版本。但我們確實有一些跨界品牌，但正如你所說，現在更多的是新品牌，現有合作夥伴投入更多資金，現有合作夥伴和新合作夥伴也透過與派拉蒙的關係，以不同的眼光看待我們，這得益於我們所有內容的覆蓋面和分發機會，特別是我們優質內容在活動數量上的影響力。

This is an area where we still believe it's early innings. And our team led by Grant Norris Jones is not going to rest until they get to that $1 billion-plus overall company goal. So we wouldn't be talking as specifically about numbers if we didn't feel good about them. And we've got our sights set on meaningful growth going into 2026.

我們仍然認為，在這個領域，一切都還處於早期階段。在格蘭特諾里斯瓊斯的帶領下，我們的團隊不會停歇，直到我們實現公司整體超過 10 億美元的目標。如果我們對某些數字沒有信心，就不會如此具體地討論這些數字了。我們已將目光投向2026年，力求有意義的成長。

Yes. I think it's important to add, Eric. We've now reached a point where we're taking a great deal of incoming calls, right? When we started with the UFC, this was an outbound business. When we first acquired it way back in Endeavor.

是的。我覺得有必要補充一點，艾瑞克。現在我們已經接到大量來電，對吧？我們剛開始與UFC合作時，這是一項對外拓展的業務。我們最初在 Endeavor 收購它的時候。

And now it's an incoming, significant incoming call, not just the check on the UFC, but can they wrap a package portfolio of PBR and WWE and frankly, we think that's how they can maximize reach and engagement, and it really presents a nice opportunity for us.

現在，一個重要的電話擺在了我們面前，不僅僅是關於 UFC 的報價，而是他們能否將 PBR 和 WWE 打包出售。坦白說，我們認為這是他們最大限度地擴大影響力和提高參與度的方式，這對我們來說確實是一個很好的機會。

All right. At this point, thank you, everyone, for joining us on today's call. And operator, you can conclude the call.

好的。在此，感謝各位參加今天的電話會議。操作員，您可以結束通話了。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路了。