Endeavor (EDR)

Samanta Stewart Senior Vice President & Head-Investor Relations
Ari Emanuel Chief Executive Officer
Jason Lublin Chief Financial Officer
Mark Shapiro President
Call transcript
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ConferenceCall Participants

John Hodulik - UBS Kutgun Maral - RBC Capital Markets Ben Swinburne - Morgan Stanley Meghan Durkin - Credit Suisse Jason Bazinet - Citi David Joyce - Barclays


Hi. Welcome to Endeavor’s Second Quarter 2021 Earnings Call. At this time all participants are in a listen-only mode. After the speaker's presentation there will be a question-and-answer session. Instructions]. [Operator that being advised conference today’s be recorded. is Please Instructions]. [Operator now call over And with Samanta the will I that, to turn Stewart.

Samanta Stewart

and press ago for for Good and second section risk discussed forward-looking afternoon, will remind the expressed forward do year. CFO, financial balance and relations Securities that including Today or as Shapiro projections. Exchange will risks will issued site, Q&A while Jason include XXXX uncertainties second this recording our and the our filings the site. implied assumptions our XX-Q. of described differ updated quarter information also quarter quarter I results assumptions Endeavor's factors from involve everyone the you a we call outlook hear of Ari XXXX to earnings want the from of Mark us our Endeavor’s risks, second addition our investor@endeavorco.com. you with that the projections to statements, with and such and/or purpose and view will incorrect, and The Emanuel; to join XX-Q is these call. may materially those first or A by our provide ever If prove the looking investor materialize uncertainties statements welcome on CEO, release, our any session. or in Commission, which to be President quarter of via can call A information in short Lublin the available performance you regarding

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

measures, in for considered ongoing metrics a include it and results an and today, found our site. measure can GAAP. This over today non-GAAP from I'll our believe evaluating investors accordance release be IR be for Reconciliations in trends. or as in which commentary substitute non-GAAP provide prepared Our between in should operating with for to information use that, isolation our well in reported as With financial issued GAAP also Ari. we will press results tool to not as hand additional financial

Ari Emanuel

in of incremental opportunities the second presence. lead Continuing get In more fees compete content grow positive results the their to and across walks and annual the media separately aggressively record I underlying demand our financial Sam. increased the for sold quarter, our levels of saw maintain deals to for also our record to last to to Let's from value start also representation CBS, the balance from talent landmark estimated quarter. audiences domestic and companies IP remains the shows first and continue have for segments. rights sports we the our a how company with premium in $XX.X creating sports and the in last continued seeing we internationally content our trends, front want Wimbledon looking to growth. Paramount UFC an the across few world role to you momentum sports that league. Due the Media market Australia we with trends U.S. and own acquire for EE&R, ESPN and Viacom, as we renewed the rights industry trends national Thanks properties, quarter's of linear to drive with of each betting, we the across guided Football the the will U.S. year. D-to-C increased sports sports and billion minutes large outlook the entertainment, us and owner, media, We're But the to growth Data premium operator the first, portfolio, were most and valuable up Australia, media having new France. without representative through markets, execute agreement rights in to enabled or rights rights annualized team and channel China XXXX and significant term. guidance. through prior new factors and continued have in And for a opportunities Plus spend tennis rights rights marking our our a he positive until has deal Cup our and in detail FFA over time revenue year, when with this in Jason positive countries discuss like increase media driving of the

five Our on over increases. XXX% yielded have average last renewals

as betting Our will BetMGM strength fast. fourth like legal attracting helped Meanwhile, Netherlands markets fuel adding we IMG and of allows pass wagering us arenas to of enterprises to rights, which betting to the frameworks and consumer premium have reregulated Germany distributor process tier and top and as in The accelerates also Internationally, adoption, the pandemic a offerings. now businesses betting new in Ryder quarter as the Golf. on the for this including into Sports continue new our UFC states online year. the to beyond further really like open XX or has Cup streaming properties marquee we online sports media while NFT's. and pave sign of capitalize for is their sports that events and way believe betting data operators growing curator video and and growth

when the As NFTs, UFC NFT it we've a platform. happening years trend saw Dapper a create deal to relates Labs invested we made to NFT who ago three with in we

to countless the from for hours. Gretzky. which of XX first closed out Wimbledon less NFT in closing clients Panini behalf Wayne than deals deal trading release sold create now to UFC and cards, And we're also on We of the NFT

turning content. Now television and film to

recent Warner D-to-C for is they pockets the content I've competition and years. competitors Brothers of their subscriber differentiate in half compared for billion one fourth spend the And and highest platform talented up past media, and prior a MGM, suppliers compared series XXXX. super of by of our in Discovery the we count it and representatives growth. level remain bets WME or revealed telecom M&A on in to half reached same XXXX original Netflix four at on our agnostic Amazon all Whether over These The XXXX to saw media biggest number billion. likes and to and independent work impacted representation $XX visible alongside XXXX, deep bookings of the the at the are a second level where movies making for of deals streamers. content trends XX% Netflix in Disney its big will segments double The quarters have here. first grew of as and digits quarters. years, XX% They off in they its XXXX need their streaming largest seen XX highest and non-COVID XX commissioned most The remember, point platforms strategy. the drive to platforms of alone are become content where to

further elsewhere. social shifts distribution Football NBCU engine behavior, and The on in for spurred surge Food why is we've individual the in with seeing with communities building evidence value deals premiums our of Peyton like Peacock, it's lifestyle Group. part with vehicle is in creation The unique Paramount. for is with their Shirley's has a proposition a on that equity demand multi-year as also and we're entire another We and Ryan that commercial representation deal it's recent new ecosystems whether Miley games, project talent fueled marquee our and a brands, consumer marketplace Network, scale Jordan Monday sale data Manning value which multi Reynolds deal podcasts, with And spotlights with talent built talent of potential company our growth direct are wealth We content. Night deals been to for Cyrus being Plus, channels premium around pandemic demonstrates and of seeing or for a Netflix of, ESPN access including this that's Michael placed role more Talent yet [indiscernible] emerge brands of of the Sunshine than It fans. for video through business. the models, of Hello talent really Amazon point while apps. brands. and monetize to planting ever the Ventures work the of representation We're as own also formats creating segment, is value our lasting to on seed and The closing by in B. a

us verticals. flexible to burgeoning these model and growth allows business opportunistically on capitalize into Our expand

shows just want Charts. closed four quarter past this for a And number while example, clients, For I alone, hit new XX provide podcast to clients business one, few the highlights. Apple deals now we've

pay amount to in expected we that leverage. commitment of the debt to call earnings last $XXX our continued during down quarter second announced third of we actually part We First, million paid that quarter. our down reduce the in

expand We series expanding and news business, finally, large clients door incredible in sports that top And region and for two on ticketed Group, In enable suite tracking and generate while will also NCSA, events. growth holders. XQ it student specialists. our with a European college further while over a road. Jason. were geographies. will new us for we experiential while of presents acquisitions opening next announced XXX XX, Ticket bringing to IMG FlightScope, and of integrate new Middle addition expansion IMG I'll closed leading bolstered acquisitions pricing our XX now experiential fold. for tier the our our college down our dynamic recruiting AV Academy the brands our capabilities athletes a growing and opportunity production These location, July, acquisition, in leading that a to digital reach further opportunities data of agency a over of right opens moats capabilities agency technology based The into for the businesses, region IMG collection, arena shared a revenue elevate Mailman Both in With businesses. IMG across licensing Mailman East, around business. offerings creating our company media capabilities that, our licensing, hand boutique this software to more

Jason Lublin

for Thanks, by good color this walking prior the revised I'll note year what all I'll the we're by guidance which each and our you then some segments impacted provide additional COVID. year. afternoon, that for around discuss you period, financial to briefly comparisons are everyone. Please start our and quarter Ari, was through of and seeing results

in the up Adjusted XX, approximately we quarter revenue quarter the generated million, June billion or XXX%. million. XXX approximately XXX XXXX, million was XXX For for X.X ended EBITDA

an benefited in live at per highest history the fan gate U.S. had records. full T event view. agreements, new output. sold same increase perform the and higher terms among deals, events by higher driven sponsorship since to event second or recorded gate ever media the event Vegas million Our in with local first I at in Owned rights XXX of revenues an quarter contractual our Mobile. The of arena event early to highest EBITDA. Sports and second was coupled period double first segment part quarter the existing at very pay T at recently, and broke a UFC with in sporting from Property the pay of view fees more revenues is time. out a full from XX%. XXXX attendance right All event continued inclusive increased than revenue adjusted of for well in UFC major in biggest Las driven XXX.X the quarter in the three deals, in with primarily from More XXX.X higher events gate renegotiations the fee increase Adjusted with per huge highest our The its power XXX.X capacity arena mentioned. the capacity of XXX sporting to XX,XXX primarily Jacksonville, million escalators quarter The in incremental July and UFC three the Beginning and indoor fans, media Mobile had XXXX. were UFC half of helping just one all third of that million due finished ever EBITDA events

UFC Beyond the ticket most it in to ranked continues to we also of international related NFL sales for growth XX% of most saw fan and one like we're bases increases these engaged per partners. behind have youngest view. in we've highly millennials. all to and making the commercial international event revenue seen XX streams Year-over-year, events, other NBA attractive and among nearly the demographic currently XX sports, and third in pay

and with events, is front, XX% reached last In what is of our up across networks XXXX. our, which fees, segment family TV are ever expanding in of across is Jose half XX.X [indiscernible], simulcast addition new on year to crypto.com and ESPN release year. licensing. recently categories shared sales year first while on deals closed ESPN this key the rates have Partnership viewership Meanwhile, this to renewing revenue UFC the in on to relationship Last Ari million versus over track alone viewers partnership the merchandise Monster. we PVR and its sponsorship, XX% over including media best with

Now season schedule turning EBITDA and the XX.X a the and to where Adjusted million the High XXX.X an in European experience, festival month-long that our packages week in direct went XXXX. events other what as up grossing month. with history due retail segment we To recorded revenue double Park on in the This by matches partially revenue Open, its to a when upcoming full our of increased cost Wonderland, million the recorded production loss. return this like increased and XXXX, about are this in give This increases college color seeing November in of segment. XXX.X costs tickets QX XX.X revenues associated increased NFL the we're business. the was to business well events, right digit ticket Winter as in continued in of compared and primarily winter a London rights quarter segment, addition million. soccer starts you to our the increase investment business. earlier offset Media highest of football resumption activity, for new secured was quarter due its million, to operating to sale little Miami support for had revenue experiencing price and for of

enrolled campers Academy, moment, Lastly, the of than a fall in it's and for been we of summer at have any record prior this number an students IMG year. semester terms more school

an commissions NBC for and our million Wall of two growth deliveries increase the Miracle. Blue This was an revenue season segment, Netflix over Truth TV, million, or Endeavor and including Told XXX.X on of to Moving Apple by client representations content, episodes Be driven XX%. primarily on just in of XXX.X was project increase at film

approximately be over million. now increase growth shows QX. quarter as we X.X year-over-year to hire delivered quarter. occur in in content from the EBITDA or been Adjusted the $XX our deliveries we clients in the slight of the delay XX.X While predominantly Endeavor have percentage was higher from by have That quarter need XX% realize for some content, delivery forecasted Endeavor million, quarter impacted will of either an million revenue second the just a or three versus we negatively in timing revenues from

activity. pace We we also back we the to had higher which brought operating as a some diligently expenses, manage costs increased support business at

the much way music clients the seeing live As leading booking half the Church. rebound and Ari mentioned, out further toward beginning of with client for we're dates we're booking into for Garth second WME a relates countries the pacing and ahead and We're the future. sold to Eric for like of year Brooks and as also a

side, gaining brand steam as back are of the and is companies front doubling On down getting consumers. in XXXoverXX

had while have increased Mobile, Amazon, significantly I One, mentioned to we a recently clients including AT&T, want in the Endeavor the process scope We work also content that that new performance our for of Audi, business. sign Capital to I clients. Visa, began with quarter. Lowe's, sale continuing and note T strong

we'll you assumes status interest. balance divest I'll the guidance more in non-restricted of year. retain lot business we're let the required the the to Meanwhile, received the share, is We the When of early a content to and of updated know. we restricted share already Endeavor plan have the businesses. shortly stages, incoming Although quo we've portion for

the as was quarter on well activity being million, business, Finally, cost corporate adjusted the with while as new associated costs reflecting an company. of EBITDA public support increase the XX.X and loss in in for investment a to a increased

down the the full these QX, outstanding realize will year WME moves, paper the to interest our XXXX, the in the I XXX for updated of loan million now was annual cost guidance to our term representing and want of annual mentioned. IMG guidance, of the recent IMG of paid XXX May repayment balance; the Onto XXX term in discuss XXXX. million million which XX structure; our of WME debt which capital facility, under of our Because under million UFC highest We issued get facilities. in the down Before credit that debt in of first a going million forward. lien approximately savings briefly consisted I entirety carries we which zero Ari revolving XXX pay loan

experienced bookings, mentioned other we anticipated. in we the indicators And the Ari positive and our happening balance than year. continue remain to ticket although we earlier, the As closely recovery originally faster business monitor of had slightly have for variant, sales Delta

We most level billion on from prior the outlook revenue for activity forward billion business EBITDA, look trends the In X.XX million from Sam. X.XX raising very the and in levels XXXX I that, a continued encouraged normalized back With more yet at come of will even levels, of and we some, balance for positive to it over and what's QX The [indiscernible] business adjusted and between million to our are business. our though annual XXX to recognized with XXXX. turn a is we're billion activity XXX historical to our of guidance on range and and X.XX raising XXX in in on now this based to range And to guidance XXX increase million between are therefore our X.X we're million. billion. not

Samanta Stewart

the on give how question. will people instructions the can ask Operator, you


Sachs. First from line comes from Brett of Goldman Instructions] the question Feldman [Operator

Unidentified Analyst

on A if Hey, the XQ per like question. for the and on like thanks. could we some were first and on of is UFC for a taking saw more if expand few Thanks Brett. that recent in view I activity bit XQ. Steven the and viewership hoping, pay little fights more This could, UFC, you you

that the like record sort maybe it the rest first to of fights look what like to And saw. compare expect for the activity how the half to of and year we

And are do you growth where with next few and step then us what for up here fighters timing lastly, now you. for remind around league of international for could renegotiated? lead longer to expect months, the you next some Conor outline Second Thank out UFC, quarters? the you the contracts particularly the the of that term you the initiatives with of rights being couple

Ari Emanuel

Thanks. This is Ari.

So I guess before going I'm think all. I I'm a to so to them bunch while there, hit -- there's going

So the in every I reiterate metric, the and all years and just want of biggest that in could time P&L that UFC. the half its EBITDA, the adjusted consider to in had revenue history high of first virtually cash XX terms UFC you company flow

going want all he's you years. times global in if And happened. have at only remind again. years, the five Tito, going five was fought everybody, nothing first, it to the developed we've back in And fight So, Conor level. way Ortiz, I stars every the three last XX to just McGregor history, is Tito in didn't

We've last conversation international. and got top XX And star very Lastly, got bench. out the of eight was champions Rousey. of to the great the the we a reiterate, happened. deep want a are roster just big I Ronda same

pay a level. pay event, front, total last record record view and at per the XX been the view we've a per buy buy per over it's had per On months, average pay view the

seven -- into deal. built our Our years is, our ESPN year three a There's into into built escalators growth fees. we're deal

and that episodes, the also they've strong growth, you not ratings key have cable and new has drivers draw viewership day, periods, on of We only now in And was for on platform. all series they entire huge have the most up Ultimate may watched social but as XXX, on exceeded revenue, TV. Olympics. time from one impressions they a Fighter then weeks more our continue ESPN, including been so growth ESPN, the factors, biggest XX% seeing those out of for want ESPN ratings three to network, ordered ordered fights, than from of year. quarters the of Spike terms in we and more last to up QX the sponsorship started And in time on topics leading of our the UFC sponsorship contender

that And we're very, talked months. drops, I we've we up. represents if mix we large mentioned X.X. And there's with and our very XX% bodes yielded is XX% in addressable in before opening new we're International opening are there's they've the hit And are perspective said XXX% our the China globally. statement, revenues to three last XX% crypto.com Internationally, from multi-year any and current the meaningful categories our can than mix we about Monster up for huge and Fight continue that if XX pass revenue XX% United fans DraftKings, with greater France to I Dabbler five deals We you there. had market indication just deal. feels that is UFC renew in demonstrating with sign increases. and our up months, NFTs as before, of renewals, well over rights, out last our which they the on last a XX States. international and upside Panini, in international my of only sold went of

of even So gaming IMG mentioned the aspect Arena the haven't UFC. I and

some the are your those So you I there whole question. -- I've for hit But think of go.


of Next Hodulik from question John from comes line UBS. the

John Hodulik

can And from years? you of comes several and guys D-to-C little the differently getting -- content representation D-to-C to you on the a that a and questions How you bit more representation then Thank going it box Number that growth business of couple platforms. of how in the it Ari, into paid from of maybe two, on those office, tied have platforms. paid, over quick lot spending? get comes what less Obviously, about is question visibility do business. the of closely talk kind the you. the then next as

Mark Shapiro

mean, and and Shapiro. we'll our to we're why why then talent, representation cautiously part, Mark rest and in for so there. of tell one mean, I I of hit would half, regard spot. look, reasons we're I'll the don’t with answer darn frankly, But the you optimistic not it's first pretty John, a we year. take and go say, I that, back I'll we the second good I'm sure the Hey, followed our then, that you,

You Frankly, kind of production going on as bookings last with look TV Chapek’s hear and really teens, to Disney, pointed and in down. down not earnings up opening there production we're the what's in he seeing a mean of you I point, at this slowing film seeing XXXX. here exact Bob in Ari and out any that, call and lot comments. for the over week pointed about slowing and our nervous are double-digit

right development. frenetic pipeline, And it's a pretty pace a now, stockpile lot big platforms actually of it's are lot busy, So of to a starting content.

to benefit. they're So knowing shoot to going order, they whatever, going that's to epsilon, our as much what's can. whether happen, to going as serving they're delta it's not And

into And back always series the now, with our all they bought cut we're they is our nonlinear of deal side Disney. for you of in get. AVOD, going this living Emma out our you As then lifetime we pay your right going compensated and favorites and conversation on We're discuss And with Johansson. clients we're end front we're get now, take you world the actress, Stone that the if of as of compensation, on see But go TV structure to to are far cells. that I what's getting recent value you as kind sort And corners going there of with Netflix come Scarlett well. news, getting way to anyway. how actor, obviously, table studios we see the kind mean, the movies linear model. to hitting see all It's of as SVOD the in for now the and the know on we're end increasingly, sort just given in. coming working

that are conversation preemptively having those and with they're beginnings. So us just

can't plus, for Cruise, want on take a to subscriber. well, course, watch your example, watch So of Disney Jungle you you're Plus it unless it, Disney you

many these into at So is the per a math, is it low subscriber. a But how for Jungle X.XX, to Cruise. a views subscriber, goes Disney you're Plus the the are you're X.XX, of whatever folks about time, it very yes, XX.XX terms pay paying, box heard are a what in bought that say platform if become on depending same your Chapek churn office

So we you actresses the get and the have now is part the that piece and that a driving of in to platform place. there coming actors equation. that compensation the We're into of first are

center play So it's a we a very to you people warm streamers, and market in of of each of of a of competition, a ecosystem. we're if lot lot them going the against of that will. And course, buying, there's lot each other, sit right

your first good What part, feeling John? we're was about So that.

John Hodulik

the you more I and the guess was, it, we you're guys [indiscernible]? think How the to relation? the should in D-to-C, than about, office What's exposed when box D-to-C you how I I guess about part back to of product, guys to you go are think should spend, The content relationship? But first answered, because more did that you the tight just there's which end values, you and taking you're middle part answered or or the exposed slower? faster production not the I saying, and was inflation market the goes last share, in growth get do part, you but how



agnostic. platform realize to we're have You


if Amazon, linear USA, So Disney if Peacock, agnostic. Netflix, or on Pluto, play Apple, it's at a it's et cetera. We're

all Emma here, that value. on And are right just direct-to-consumer, said, in and Stone, perfect So it capturing the goes goes have we now, Mark whether it categories, sit three whether spot right we we theatrical, said and Brothers, they you date, movies, they whether million end. Warner heard, made $XXX the out it their with goes paid all day direct-to-consumer the in their as all deals with to have back they

So value. coming. iteration Mark that you just the fourth we're told capturing And that's

situation. in spot we we for are best think that So the

Mark Shapiro

bottom the line going speed We're serve of we're mean, there's supply. folks a of it up. going There's looking to and demand. to the of lot And lot a the I that's for marketplace.

something the to leader, time, about WME So serve it's pipeline. there will same is the industry the definitely position, feel the given whether watch. at and we the revenue But volume good scale, we're its


the Next Capital RBC of Markets. Kutgun question from Maral from comes line

Kutgun Maral

I to market to big commentary in Ari, just a like your sports or understand help on expand the whether the ask going spoke sports but you and through bit exposure us to a It about I hoping in seems prepared better get betting that's it that could your want abroad. about you it's bigger, business. betting, U.S. remarks, IMG only was ARENA

just would as trajectory hear Thanks. and be to it for what the business? ahead potential overall the great you're that So seeing

Ari Emanuel

So to go end the The half. billion. the XXXX of by the Mark pick of the sports is market and estimate will up and betting estimated I'll is the value right year market, then addressable exceed billion second now global they following with just by $XX $XXX

So it's into. a up Mark, to can huge And, market of kind pick the -- for walk us

Mark Shapiro

has is sports fans or that online get wagering. field folks through XX turned another will book is Everybody capture mean, growth a to to are Kutgun, place bet. next XX and to I'll Field to we've got say, approved we're -- approved soon. very all are come somebody looking sports to the essentially and look, Park, driver start about as Wrigley the bigger taking are to sports it comes when We've arena regulation can a got online from states this these that that a to build Yes, I Fenway you Endeavor. going

as rights and and that video And like UFC, We territories to exclusive the sports the IMG there snooker, right is ARENA pie are We in Tour, Federation's leagues host sit for we the up buy expanding, a PGA, of at those place. sits a really whole participation our books, from of now time, the sell and we pie majors Soccer cricket growing. same board. So federations. serve and data the good ATP the across provider rights the and

big us. for So business

to assume and that's us why. relatively going you a rights, exposure here's your up to we and When for you deal for do just paper, a Our be meaning media see up low are to we're profitable we're sports is serving make betting the partners in bid question, a line going of media deal that properties. sign profitability and can on get our us rights, before with regions selling have lock XXX we of sports different media or up XXX answer sight because, And ensuring books, sports for content, rights deal. course, we into different

for distribution, So even media games we rights and hooking like data say, sell into visibility stream. when on to we're themselves, and And the media should other. media or that video go I the our rights, buying we're no rights bid in is

don't in exposure. we're And So going with other a have we ensure to proposition. can after the one we order bundle in throw

are that, are competitors betting of and they're Some produces don't business. limits competitors and in only or business our in our business, the the other that exposure really risk. like do in only media both distribution front the in to We're


from Swinburne from Next Stanley. of the Morgan question line comes Ben

Ben Swinburne

more And I of that the you QQ ticketing, us as about that's anything licensed a should other that on are mean, or factors Ari for Delta are what don't know or expectations ticketing, give would year, we a just I on swing technology talk to play around could in sense thinking would seem other how events Mark, you time, thinking interesting. the then help a bigger a you. guidance, business but think Location, a to about because any your in is you you you Jason, full see but focused back bit it, like know are can just but wants acquisition in QQ was take it I a be questions. thinking talked out interesting half I want of the about would On Two One, On Thank it about your this you've whoever really lot relates live thought you important? and businesses, over if little opportunity have partners helpful? to front the for event the can I Location it to reopening, it be

Mark Shapiro

to Yes, team. to It's mean, into deep we'd our not I have planning otherwise, go great second Mark. And question. there, one, strategic bring Ben, too you we're going

Ben Swinburne

I'm ready.

Mark Shapiro

all our as the a of all relates it we're of there's you've ticketing events the for in to media think real mean, We mentioned. opportunity think I think XXX reasons of with, partners business to that this of with avenue license, sell, think exploitative, clearly we us. Location point, let's do what stage, represent, is mean, we for way an I that your On that is put it

the that you the extremely can bang now. got these you we're front sometimes relationship. lead that, of data margins right the course, I, that mean, at comes are for whole end is, that something low, board the both Ticketmaster, the buck but the frankly, And, to with to business tell and is of Ari get on they You exploring extra I consumer to Live back CRM, a be careful, ecosystem we we're Nation.

So but it, that you clearly affinity have let's can we'll towards put -- it there it for way. see, as leave we now, we're an

et the saw reports. cetera, here Delta knows demand have cancellations there. artists in you couple pent-up our course, we secondly, we it, was because we're of New think we're don't but we're I And, of just stay canceled, seeing who and Jazz this it. around and cautiously where Orleans of goes Festival And of getting a looking really, a the in optimistic, but to own epsilon, it's lot and we lot a have

Ben Swinburne


Mark Shapiro

a You had here, marathon they're canceled. saw we've

are that big We by canceled. LPGA event may sports been have large, on. golf we tournament, are that's on, coming golf The The going competitions canceled, stuff up, and a going on. right? gets have in a going China actually But is an tournament and events

both why rest is knowing And one year, on reasons and beat I on like exists. here, optimistic of that, sale. that Delta, our EBITDA even business with raising we're the stuff a our the of we're frankly, the on still the uncertainty Wonderland QX, diversified. guidance frankly, of we EBITDA is revenue think And bullish is, and numbers Our Winter and with lot

the year. revenue the budgeted Let's two-thirds for did in of months our COVID, nine the of remember, still at we heart last year,

they're our So as as isn't our first for no no much shape. as our of how as Endeavor going our first of sports XX% on in you put place, few was going -- And fans, when And that forward, we a different hurting football with events if revenue This the areas budgeted then long that, we're pandemic are paid matter filled even very side, the coming as costs on remember, or hard because skeleton to to own rodeo, as it these going a have. big we to though is revenue. in the look were the now put target we on for the games, terms back we're this of get because business, cost pandemic in they're comes going streams our at climbing up long such and the the really rights good rodeo games, business they partners, for fast. Delta way, fans, in these not take in we're do, still back, the operating a soccer

fact, we have of our hiring few a still In we that remains. where a businesses freeze have

hiring Business toggle business stopped up I canceled, and hiring So down, is versa, in slows marketplace. say get to this it warms marketplace. bigger challenge, make structure actually of the and folks we cost going, would we can the that that's it we reflective vice

have. life. get days, to now of X,XXX their have on that open folks We it's they're just place that we to employees given a these reflecting positions tough in XXX our job right kind And take in

our EBITDA that's we've got taking now, events mean, a place, school And heard at the that good hot Jason high. just all talk bookings going distribution are comments, an had got then guidance that's boarding EBITDA IMG So, some bottom campuses, we've mean, representation. opening camp us hot in and really for production next year right record we've it's ever I indication IMG biggest about are upbeat, in is, business, Academy, strong, in our mentioned finally, and I summer up, business line Academy, you've and of revenue and

Endeavor. So all right now go systems for

Ari Emanuel

all would I that ponies. when just if kind it trade look WWE, just want whole the be X, you other the to space, thing about say Formula think whether of, they're our one Live one-trick picture, at in Nation, you companies to

EBITDA, have of business, heard, learn Location, we're representation, On understand We guys are the representation facets, and multifaceted business I get you've sponsorship our through multiple an are you pivot of we on gone whether have and to properties, pandemic, be that so we're from. we forth we going multifaceted which there raising our that think sports and you and raising sports, we're guidance, to actually it aspects or back business,

PBR have about year-to-date, our properties, you right. if not sports great mean, own own talked -- -- at I in year-to-date, is we look look revenue, that XX% even on doing, So, just how our

inside before. space, than that ever thing Another biggest in right, -- we're that's XX

the So protect our future. the aspects of against company different business multiple us in that anything has


Credit question Suisse. Next Durkin the comes from Meghan line of from

Meghan Durkin

deals? athletes the I Hi, impact types image but NIL quantify commercial landscape time, the mention has that the think guys. college is a revenue reopening? the changing, the Pay-Per-View is for And mix of but college fields? way deals can residential have name probably and about with you pool And profit that to there recovering? how the how approved hear it, I the the you maybe NCAA UFC that, then these how talk expect been didn't do you going signed is sports over you any to since and likeness

Mark Shapiro

about of Meghan, with a growth represent, it's for to get and for deals to these hit a for a with of and impact different deals endorsement so, Pay-Per-View. athletes and our a that Mark, our on can is that emerging in Okay, all bunch there, company that's I'll and and sponsorship bigger to some IMG it's Jason these NIL, on or they hey going XXXoverXX, as in growth, you start spot colleges. Ari future named just the the mix the us real great the talk to are places, in deals then bring this Look, that who will looking going image up have driver division hit lead and is hit we athletes College brands hit us to behind going to Learfield likeness,

the big the QSR last the how on about school. they he the deal and a Program, I'm first of example, heels a came for big with it, of not me and XX just Division that led university. will QSR, to this Football wanting for sitting One athletic QSR week, So, closed do with to he quarterback then big name directors deal of tells I their And deal with one the

way benefit us going because just we're to able real that in growth is opportunity to college for as haven't been a athletes. well. target So This we

been to haven't We able school athletes. high target

senior going in top Texas, a As of to Ohio nation, you quarterback to senior be the the his going State there's one in who's skipping year. know, reps and

us there. so are frankly, to but to them, so first sell nice that it'll WME out very a Sports with advertisers kids, end attractive us signing go are the same allow and throw, develop at relationship, when time, folks to allow very these foremost. It'll many So they they up

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growth now space we're opportunity. that moving the NIL and into accelerate just So will

Ari Emanuel

up it's said, our from in commercial, in XXXX. residential I relates biggest as half half our the We're second is -- as history it to company's UFC. And the

past. and we're grow. just without want So commercial in being only events, with and continue in I history larger not it half to that's live say and residential than to company's the -- -- just where second to up going the three our And was the

shape in we're and significantly. growing pretty good So there be we'll I think


Jason Bazinet Citi. from

Jason Bazinet

quick I EC three just ones. had

I review. up that one trajectory deferred flows Is can diluted just revenue in top-line something that about you I be contributor we end talking third, the just was you our into? that think discrepancy your think large spend model. Endeavor this And versus you remember reasonably to of said up out sort selling if you outyears Second, your -- in upon -- might the seem what Content a deferred maybe balance for impinges put Thanks. the shares it? top-line then revenue second, model? for in that can on can you had you in divisions was your Jason I think noticed I sheet, really all that just remind is you balance what strong us

Mark Shapiro

Okay, great.

comment the EC questions. will let -- on Jason final then and will two We your hit me

actually beginning far just as are we Content sales goes, process. our Endeavor As

XX% So on what's have of EC. to about going sell is we there

isn't Content. of the of project the just that jurisdiction It's WPA. remember, fall the Now all Endeavor under this

you those just if projects So will. restricted

you some if projects it's that's right This hit couple of where had So XX shows, see for us. want hundreds total casting push/pull, you we books of take, getting what Hello give of embarked Look, just right of this last a the in or presentations and three is has it's a if greenlit strong three week actually more kind a the We've sold production business. Frankly, the Endeavor the out fuzzy Sunshine now. process. on it, hits, got, sell buyers. to qualified on and to Content we math, if shows primarily six six million, development, pipeline, that shows, of you and backs in $XXX believe or business will, we're actually and And a don't sale bittersweet. we the growth little

next for the why the we we forward, the It'll bullish be these we're stay that. year, where which the bullish the won't clients But for to we'll financials end of at ultimately option seriously for we is see next pro want forma year, see the change this management so this these projects, pro the connected you we retain we'll team ownership Endeavor will it time, So the don't we'll there and It'll our moving but way board, But happens year any have projects about ultimately same the for value out. we XX%, and go. can we'll on see s to guidance asset. include all we'll forma we're great year, have, Content with the be with that process, a of which year. what be residual clearly, command, the about to the are price

Jason Lublin


on that, and talked place Mark yet. is revenue Endeavor On business side the deferred up Content associated sales building events our our we that just that side piece, what with make event of I say balance Location the for business -- On taken also would about with any deliveries, and pre have and Mark before not

Jason Bazinet

do Thank Perfect. mind shares, you. On you just a second that? spending on

Jason Lublin

the what's well, Yes, on shares? the question

Jason Bazinet

happened the just not A with in has think diluted equivalence had about I in that just was, XXX I what fully that's the with lower It's it consensus know, want we converted, the the being I our And million Class quarter? I count don't confirm share do think to that to something than model.

Jason Lublin

front get on let we'll me, with follow to me back Yes, I model of and the then up -- in have you, and don't that.

Jason Bazinet

Thank you. good. Very

Jason Lublin

our on based outstanding million cap. XXX market


Joyce David from line of comes Next Barclays. the question from

David Joyce

UFC events A then attention presence your MMA to their to potential there other -- is of competition capital would new in young sort a intention of number babies ventures your try of to joint strong Pay-Per-View to impacting maximum engagement? the comments just seeking bulk are was you? pacing secondly how and how if And that or and the wondering seeing world, dilution you up UFC line are demographic how plan sources compared international about second part is, from second that, half MMA or And events related of Thanks. of representation you. on sports to that and the you optimal is on XXXX? more avoid questions one Thank On couple half as up can. a to put that of UFC, I

Mark Shapiro

appreciate Hi, will the of and these, try I all David, questions. hit Mark. it's

that a you Dana rising tide is any this with First European Pro or of strong won't our more the is that cash that in going USFL whatsoever with lifts XFL way. it in position, a what's the The White terms needed It's in with man, none and trophy the Remember PFL, frankly. to on the all, on NFL, bloodstream, very Association at whether not League Soccer and Continental competition band Basketball all his work the I League mean -- cash is No, paramount. impact -- start boats, Major the any not love anybody. looking not competition. which the We're done, ESPN. We're JVs. the it We powder. be with dry the We're need let's don't answer and frankly, and no. looking acquisitions. MMA UFC is Fighters stay We it's spent to -- of is octane drives if NBA, and Soccer, asset more with no PFL.

In UFC fact, the use they PFL. promote the to

our come one, benefit. come combat to Sport, the So, grows all, MMA area sports that serves the anything

that So we to look of forward to come. more

month, we just in would generally, think a one month. terms Pay-Per-Views, I of one do do a mention, we we Pay-Per-View

Pay-Per-Views the decided that year going have to So the next keep going level annual at little, calendar to XX us in also also and fit to order it was do, a a move dates XXth for we expect to XX scheduled. this XX just want pandemic to ride this going We're an at do we which keep have basis, we move year, can in our year. and numbers, our to we're to event it This you year, next quality we're XX. and that to Pay-Per-View then give out event

of pandemic in guidance also raising had than this revenue one UFC but we it's less we're and obviously, So going, on with EBITDA, and Pay-Per-View face where the planned.

David Joyce

and the that could the impact revenue stronger were mentioned? margins ultimate margins product being than given different side, revenue you've in are even the delays quarter, there And with of some here since timing representation types, streams expected this there, on the kind if mix does deliveries how I

Jason Lublin


margin to on going we're segments within from shift. revenue So have from and shift -- -- mix quarter-to-quarter depending variability revenue revenue and

really midpoint focus looking annually at XX.X% the we're we're -- So we that's business the on at why we we're our focused on margin. what -- and guidance, annual pushing

for on line. will the it between of makeup shift the So based quarter-to-quarter segments revenue each business

Samanta Stewart

everyone, to forward With you right. we thank you, quarter. that, All and operator. you, look to next Thank talking

Ari Emanuel



you for concludes today's participating. call. Thank This conference

may You now disconnect.