TKO (TKO) 6 Nov 242024 Q3 Earnings call transcript

Good afternoon, and thank you for joining today's Q3 2024 TKO Earnings Call. My name is Regan, and I'll be your moderator today. [Operator Instructions] I would now like to pass the conference over to your host, Seth Zaslow, Head of Investor Relations. Seth, you may now proceed.

The call will also be available via our website for at least 30 days. Ari Andrew Executive Officer, Schleimer, the for from Executive and we'll remarks call and Officer; TKO's questions. prepared Emanuel, Chair TKO's Chief open After Chief Financial will Chief Officer; and President our the Q&A. Shapiro, and Mark Andrew be handling Operating is of with performance. the provide purpose our The to quarter regarding third you call this XXXX information

for and/or see remind risks, Commission implied uncertainties involve results on to this information detail. our those want and from that with further that I Securities discussed expressed will incorrect, differ may risks were assumptions. Please these projections the everyone include filings the or materially any our forward-looking or statements materialize to If and assumptions Exchange uncertainties prove call. or

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

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

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

Seth. Thanks,

We're strong results and together expected. ever. WWE record over as greater form integration TKO, on to and Just as conviction than and synergy our this year came since initially realizing is a in business our while UFC opportunities delivering executing strategy

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

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

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

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

how with PBR and the pure-play sports are our I experiences for. this These acquisition sports in marketplace be rights, impress will we returns sports position assets it portfolio as give known our deal, enough This about global and cannot the hospitality. bullish accelerate profile, another strengthens sports in And power greater TKO and shareholders. our execute valuable our to scale, strategy which for adds league. growing will us position and aligns strengthen

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

Turning to the quarter.

prime and not example. for merchandise became The set Sphere's UFC's highest demand reach and highlight our fans at single UFC UFC heights the sponsorship sales. achieved for XXX and Las also Sphere and only sustained event, event highest globally. Our ability new UFC's and live event live results highest-grossing sold-out but events underscore to is record business' event WWE Vegas attract a grossing

buyers economic any drawing event, ticket a from rates from highest attendance cities. Sphere one out-of-town regions UFC fans outside of came for across as destination to turnout of XX% This Nevada, and Notably, appeal UFC's event. host delivering underscores or the benefits

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

event. RAC Accor And setting Night our event for UFC government, grossing a Arena's to also the Arena's became UFC largest grossing XXX delivered. in and attendance UFC In the at Internationally, events grossing Perth, to the UFC highest successful U.K. with partnership marked the became event highest highest September multiyear date. start for our Paris, Australian in Western record the Live Co-op XXX Manchester event a drew in Fight

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

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

outside Tokyo third highly up the event, quarter, return that this which event, In from year. WWE's Highlights year. we after premium highest period live Germany's Japan times record broken hiatus, the a grossing arena to held WWE record a gate selling have X-year same XX in included the out shows U.S., X last a first-ever and XX anticipated became a in with

WWE had Network in and non-WrestleMania for event Cleveland, USA also results, on Network debuts grossing Meanwhile, SummerSlam for achieved becoming NXT. WWE's successful in SmackDown CW highest record-breaking history. the

fact, first last NBCUniversal XX% year. the USA Meanwhile, media under versus in has weeks, driven rights through with USA is our to returned up X-year viewership X strong agreement SmackDown's domestic In and Network viewership. NXT sustained already

debut further our long-standing we're for XX this starting December time upcoming NBCU. doubt, strengthens night's event partnership anticipating of main a with prime quarterly on draw Without the relationship Saturday a strong NBC. specials, with And

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

of include our at exciting and our in close X-night that and this milestones live properties PBR, significant lineup On momentum IMG, towards Madison later to we're UFC an of the from Vegas events and MetLife we As the XXXX, of all closing month, which to first out we're iconic confident Location building at growth. WrestleMania SummerSlam Las and the year look acquisition in the further Square Garden of Stadium fuel ever strength XXX

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

afternoon. Good

claims September books million the in incremental antitrust for $XXX all disclosed, a revised $XXX lawsuit settle we reached As expense third million. the we million. the on aggregate asserted on recorded to we bring In UFC charge our an Le to agreement to XX, quarter, previously $XX

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

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

million of QX. million end the million pay to and remaining the in $XXX $XXX expect first We by in quarter XXXX, $XXX the

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

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

quarter included months results Third both quarter and of the The XX, activity activity for through XXXX XXXX. third UFC X reported WWE period include September of reported for September for WWE. XX results the from

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

Inclusive XXXX, WWE million. $XXX was was XX, margin income quarter September million. for for EBITDA the of EBITDA X through the generated third EBITDA our margin XX%. margin combined revenue was quarter was we XX%. Including our $XX $XXX adjusted $XXX percentage $XXX and adjusted points. these For and revenue EBITDA million. and of revenue adjusted XXXX, combined decreased million, was was July increased activity EBITDA X%, amounts, third X of million, Combined adjusted adjusted Net EBITDA X% Adjusted increased

XX%, XX% $XX of quarter, prior from Our million. $XXX decrease decrease in XX% million, was million. a or adjusted XX% UFC's the was in margin million $XXX $XX period. UFC the year down generated EBITDA of EBITDA segment or of revenue Adjusted a

XX the calendar. year quarter to third total events events As events in of UFC had expected, the XX revenue in timing was year the of the impacted period. compared total this by prior

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

compared decrease of million. revenue driven and media escalation Nights The as calendar. XX% the was content rights period. X $XXX of less timing one year decreased offset to events Media The the rights and to partially the the prior from numbered event fewer Fight decrease contractual by

year. decreased and attendance included Results Night offset well in million. our in quarter the to high-profile pricing such XXX an strong underlying This in increase fee third related total site compared the Abu as decline Sphere to Ticket as Live events the site X% in the in Fight revenue events a $XX headwind was fees. essentially Dhabi. events at as trends reflected quarter as number by of UFC the sales for in to prior

in $XX renewals the event and we of grossing the the UFC's UFC sold revenue event which Season. to was to XXX and million. Riyadh partner increased highest partnerships events in new quarter, history increase. XX% to the first Sponsorship Despite sponsor, feature title the drove mix unfavorable a

due Adjusted to event to athlete partially in one expenses Nights. lower EBITDA revenue decrease primarily numbered operating year-over-year. direct These revenue. costs, production reflected the Expenses essentially were Direct were less to decreased fewer UFC due by of decreases offset cost higher related and Fight XXX. X and costs flat primarily marketing,

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

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

SG&A the to cost and quarterly EBITDA. adjusted of WWE personnel year as increased to primarily revenue prior compared higher due delivered strong period.

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

of was million, $XXX revenue adjusted $XXX the and generated segment WWE in margin Our was Adjusted million EBITDA EBITDA XX%. quarter.

Adjusted quarter September following comparisons of for X the revenue the In period the $XXX to XX, million, XX%. million. from includes activity EBITDA adjusted EBITDA was commentary and margin $XXX through on third quarter third July was 'XX, The XXXX. was

continued Live adjusted Adjusted $XX Revenue to led XX% in $XX by revenue XX% events. or increase related EBITDA and primarily percentage events strong increase an $XX increased increased sales. EBITDA was increased Revenue million, ticket or for XX% The performance live growth to increased points. million. was XX million. margin

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

Media the episode increased to as related which increase of resulted revenue to rights programming, the media prior and compared primarily Raw quarter the in the timing our as of fees escalation The one of rights million. $XXX weekly contractual X% to additional in was content year. well

first place renewals a increased time spirits, but from Sponsorship included realize sponsors of record Of as we for revenue put new beverage, and the in as partnerships across days, continue to the multiple number and global partnerships categories, we to successful team the partners. highly beginning QSR, million to and note, unified It's in-ring was expect X SummerSlam of have including XX% well and the entertainment to year. $XX at communications. benefits due early

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

other third and corporate Corporate the were On including expenses a which due $XX million paid to XXXX. of were to in increase also following for formation expenses the September TKO primarily G&A $XX reflected March and personnel for services last expenses combined costs, UFC million fee executive quarter for WWE of compensation the basis, of increase year. quarter that of the higher impact was The of XXXX. of in The third WWE XXXX. Endeavor, commenced the

capital tax does paid cash We the owners TKO distributions our majority to as cash cash but of flow mandatory capital flow expenditures. less moving PubCo. activities by cash Now by the net our excludes free taxes provided define the portion Free to operating include structure. of

capital This which flow. of For WWE's million million cash quarter, headquarters. free generated the includes $XX to approximately of million we $XXX related expenditures, of $X

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

with quarter million equivalents. and the $X.XXX in debt $XXX ended We and cash in billion cash

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

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

period but acquisition does the commence that is program not to following the a anticipate IMG the the Location conditioned of to fairly the the close of on of we On X will activity of this first and complete XXXX of the expect closure half commence, of to program within years. expect in repurchase the PBR, the be linear X Once We and transaction. pace program

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

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

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

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

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

a our we past, year the that are our operations on events are we the the content of deliveries, and As focus business given inherent timing fluctuations evaluated basis, manage in related to quarterly the believe discussed Therefore, full we've with other full best a on among items. performance. year results our in

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

now live and revenue a through both $X.XX EBITDA businesses $X.XXX on The events the related $X.XX for of billion of year-to-date end in end to operating sponsorship $X.XX our targeting visibility strong performance adjusted at is particularly and both billion previously the billion. the of basis, to are of year. of increase We to provided and primarily ranges the upper billion

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

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

to as At will we short-term event to results reached Network adjusted we events earlier discussed, audiences and with compared At for $XX this UFC, additional the to an of as Raw as EBITDA results XXXX. deal quarter. fourth for both calendar USA X period. and impact This approximately with WWE, have live additional year rights are expected improve to the million the current unfavorable compared domestic includes will year the an of QX reflect previously prior revenue

with timing reminder, doubt, is long-term for a this of avoidance the agreement Netflix XXXX, In our commences. distribute and January related. As to purely Raw

business. our to cash free we expenses, of year of to we Today, to of for excess of also [indiscernible] adjusted continue EBITDA. full benefit terms reflect in In expect take implemented XX% initiatives to reaffirmed the we've the costs expectation out conversion be XXXX of the flow

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

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

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

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

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

of first Our question from Morgan Ben [Operator Stanley. Swinburne Instructions] comes

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

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

public ESPN. a I'm the relative licensing potential think out you But that those sort to of how those predictability the pay-per-view as of distributing yourself. of company, about from you fights think I wondering upside to certainly benefit

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

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

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

I'd QX. love any you you strong in surprised might had margin So how details share. a more

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

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

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

initiatives launched measures really side in TKO out place Getting just bottom. execution and are Fitting top that what just cost us Nick to a flowing is more efficient, we to set being more production we is on you're laser-focused continued the think I when on But through and bit put seeing there. savings here Lee the

those year deals And the growth QX. and been really, than the over had sponsorship prior in And XX% structured on they ad to past. like focus at I'd higher in being growth sales are margins department,

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

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

can to through. And I I'd least would early mid-innings, to X accretion as I you in that, more expect remind at of like mean, just flow at add these folks on innings we're assets not to margin the just still we WWE UFC. and integration

we're, mean, of to events strategy succeed because with on save fact I of synergies with margins our that million. as going that same be week to going But these of having we're net PBR are weekends the on course, guiding or the to side. as $XXX only we we'll already subsequent same now beat well, weekend our better our cost or cost

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

in we're will sales. that sponsors and X there. the Somebody But us, comes and going huge it that benefit be for drive will local on all ad events, side, cost to

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

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

benefits your these on us bottom line. shareholders really renewals. maximizing That's terms what our is of the In point, value and benefits what to

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

see rocket is both that are struggles We to we're a right leagues are the case looking to. not and accustomed end and rights, new going of of mainstream, digital, off not leagues That's to incredibly on our like maximize now, story. with started I start other have popular. some UFC with UFC. linear seasons the

we're ABC, WWE more side, about talked or and and ESPNX to, course, the platforms. a And WWE ESPN, in about talked on we're When stalwart. prepared ESPN+. -- is the his Andrew for CW those comments, already still on across ratings the in board from advertising subs Comcast, of driving driving on still winner We're a

creative that's we or has all going the we're us, the that giving if other to help it. higher the do are we're going And flying. been they're to platforms, soon. be signal that be shareholders price all door to on relatively chasing but or potential the to The giving so renewals, that our partners trying bring live the to one the one we're and suitors, giving in Street And we're So signal to guide up we the we're media the to trying get not to to have them, companies suitors then a us us

question from it next comes more Our I'm Brandon one sorry, say -- so time?

go Go ahead. ahead. No,

Sorry.

problem. No

Our next question comes from Brandon LightShed. Ross of

thinking Maybe WWE been different just to between how distributing to now. UFC right a Ben's about and follow-up on the question. top I've a start content UFC with lot is renewal approach your

WWE, you're on the Netflix PLE, going high-cost, discrete your possible But There's For and UFC, broadest in you're Peacock. watch to reach model. the pay-per-view no transaction this content. on with

And and alluded Why with is model of re-up answer, prefer Disney. you've you maybe the to infancy want MMA in how you your deal pay-per-view last given to really, to with relative continuation don't said the best wrestling? a shake I and anything to it its the still up is compared think you especially path,

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

is. day, next market the if of up. bear. really these And we can We're block, on what next will. we're negotiations, you the end into thing at I it's the the you big as the will tell what what enter it And That's

track have proven record. a We

XX% are our companies which across to insane. most of really I XX and what Our demos chasing. is just XX, are is audience TKO where mean platforms

in there. stead we're So good

drive a women we're We've UFC, That's strong to very terrific fight. the comes the and neutral. about talking it when diversification, we not watching women's we're Hispanic just gender audience not And and case.

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

for is we're model. So It's to history pretty internationally. great We've sitting still position. got with build It in strong us worked a Pay-per-view good it. worked ESPN+. a

DIRECTV and coming be DISH may together.

and I there. banner David of they'll They'll the their because they've of be believe opportunity both getting be vehicle for it knows comes Paramount at the a year. that obviously them CBS content when act [indiscernible] So signaled will the and to kind already be sports are Jeff who if them. table and Shell together. Ellison

and But part a it So architects love Jimmy UFC still we Bob and we We [indiscernible] us of get going deal. much great. time, much at Disney. suitors. Iger that we underscore will do have Kevin to crafting not the but shortage very were in enough. how can't our I feel they were And were deal. Pitaro of very

back platforms is at. change, if obviously Broadcast having nothing kind you coming will. its new models on And is patterns the change. time. frown fast change, now viewing but channels and in, Cable still of fire, streaming is Things to struggles, are all and

Ari just signaling and demonstrating a of to in that, but just and it's ball actively play focused have of a models. very particular, we all discussing really I, that the on with willingness partners myriad on business then not the to and So some. communicating those and flexibility potential models And market are

letting then And talked with you and it way White into could Just in Or those about getting could Dana some that be profile. UFC a fighters said happen instances at your banner? organically see be by blazing." be box will expand we this sync with that? that's done And boxing how "guns play? is margin wondering recently perhaps in where your on M&A this would one Can under of Okay. -- current this

promoter, support off-the-cuff passions, the a Dana not to White a lot things some Dana the lot a MMA. No, says we're from comments of him. communicating and all, of has look, and why first into strategy Yes. of He's we right? also the translate that's love that do of best Street,

it we is if fragmented, confused is tell an best presents at sport And I for was broken. boxing growth boxing can at will see. the is you ever interesting worst its [indiscernible] and us. frankly, think What opportunity its And

so known they in were get science, Khan boxing, if otherwise we Nick to we involved expertise do M&A call boxing. mention way. long-standing relationships the have should as would I in to organic and what expect White deep in And Dana not an way, an suite and

we're time, And check. us pay So doing operate. a kind see to would a with writing fund we partner as and launch not vertical at it the i.e., who any if it it of we

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

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opportunity et And for us one pursue that on going if an then much presented put can we any or models or -- be terms And if league it, have to know. matter how something in not down down way And the cetera, cetera, structure once first does something, chase we of risk we and that to that's it. et road. and risk financially, we you'll have we're the

comes Our JPMorgan. Karnovsky David of question next from

positioning is negotiations? Mark, receive you're roll of that know renewal. Fight service up an or better partner platform was intention UFC Is of the time UFC to time, how interested the kind that Or as content around? into the a Maybe Pass separate. Last there just on following potentially this part economics? opportunity and to kept

a know more this title And inventory. just potential of with use to sponsorship Or thinking make of can kind staying you your the wanted one-off? pay-per-views ahead? then Was UFC, as unique about

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

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

events, you story. keeping quite of comes see on I'll UFC is We there separate. it And truly live to UFC is potential when simply Pass. Fight that to driving Pass untapped subs the end just Fight secret more period, tell

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

So we it more That's to we but and control. proprietary original not more that keep events. programming that less live content, sale, question, a answer expect for as have your will part. It's to first the [indiscernible] asset

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

And to them. I Koskovolis, sell to title I'll business, Norris-Jones, that inventory WWE. global sponsors, category, to who between opportunities door to the category of to team the more street, brand Lou are to go can brand, his And you, if runs door, you million we're there going tell our of Grant and lieutenant, pursue in door this bag down as they and which knocking year almost remind $XXX is kicking the partnerships UFC

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next Our of from question Goldman Laszczyk comes Sachs. Stephen

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

of through NFL talk and the the financial called hospitality, outperform already if going Second, just selling with be premium NFL forward you you might like good NFL XXXX, the deal on deals one could a about deal, curious extent that [indiscernible]? could was I if be On to operating similar for leverage template a you you if think out a think. I which Location more deal profile little bit the

Great.

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

think market. to the that we've I signaled

for around That's do it. just much like tours can rock one XX and stick a done. spent is anything made why course, to of that we Dana another so and out is much. bands Of we intent pretty That's so farewell their change years. But this seem why

out By took in like the did. lot more of it we our the in spectacles, creating way our terms of terms job. a that's job, that's us in to pull But way, of period. And it globally, focus off

those on frankly, him business Lawrence spectacles with much of like create UFC to running your of Lawrence? be who's comment to the the room, part question. first the Epstein, Dana Lawrence that and happens opine to And in responsibility I'd to and day-to-day. on falls

Mark. Thanks,

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

all, Mark was of what UFC been as It's but as indicated, [indiscernible] the anything view time certainly of like First done. a for ever seminal on in team our has entertainment. that history this a first achievement huge event a really achievement, challenge, sports huge we

the entire the And in really looking entertainment world world [indiscernible], is the at world is the of spend.

entire huge achievement, success So our for team. huge

certainly showed. really I think, so of to the the far. first this. of we're part proud really, but They first first be ever only mentality. the one, course, of It's And the our and we do leadership that will we're group [indiscernible] We're the achievement,

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

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

dome course, there. the us taking to California, playing. is see in really advantage Sphere, has the be expect can Intuit that is going And you outside there where facility first great soon technology this of that the to done The very Clippers of

doesn't but Dana is Vegas, events the can't last the go mean say I Dhabi. launching we more Sphere By way, checked, Dhabi. Abu Sphere Abu in no to time did that the at in

decades not to I'm go So looking that [indiscernible] from pursuing X filled probably Andrew, get forward ahead. now.

for in On in question, On acquisition. as on, customer with current press advance Thanks the Stephen, the was their for the obviously, Location is Location that actually issued release NFL. yesterday extensions of the Endeavor There responsible and a Endeavor NFL.

portfolio. beneficial for Obviously, us benefit through that business acquirer best-in-class of brand. the obviously obviously On is the of the of with as opportunity and will to But continue TKO, And XXXX. agreement balance our that at TKO extraordinarily extension Location, us through relationship are this the NFL, thrilled sports

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