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Endeavor (EDR)

Participants
Ari Emanuel CEO
Jason Lublin CFO
James Marsh SVP of IR
Ben Swinburne Morgan Stanley
Alexia Quadrani JPMorgan
Stephen Laszczyk Goldman Sachs
David Joyce Barclays
Jason Bazinet Citi
Meghan Durkin Credit Suisse
Rich Greenfield LightShed Partners
Connor Murphy Deutsche Bank
Call transcript
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Operator

Good afternoon. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Endeavor Third Quarter 2021 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Instructions]. [Operator you. Thank Vice Senior Investor you Relations, James President begin. may Marsh, of

James Marsh

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

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

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

Ari Emanuel

Thanks, and quarter, adjusted last from James. once quarterly targets. revenue our Continuing our again positive surpassed momentum EBITDA we

and our have outlook, will outperformance detail year positive shortly. the which year, raised discuss also the our balance outlook we full in the Jason of Given more for

Before lower year-to-date entertainment year-to-date, in in three he and to continuation does, I discuss terms posted third event things; of the output important and UFC period and quarter record want EBITDA, XX-year prospects the sports attractive demand in pent-up despite history adjusted best third UFC of this betting. nine-month for quarter the its performance of XXXX. the revenue versus

in the restaurants the in the puts in Meanwhile, revenue center driven U.S. grossing bars open fans commercial offering many quarter, saw that became experience third the events out our Gate VIP the grossing enhanced revenues event large at by Pay-Per-View quarter since full action. UFC was pandemic our by XXX all the UFC Pay-Per-View of part own During and in to three worldwide capacity. history. events the starting and highest third sold all highest location began, UFC from

sports across UFC’s We impacted non-COVID our last is We're saw portfolio. sponsorship and across operated XX% similar also here. up and products events performances seeing to and the [ph] quarter categories. our sponsorship strong sponsorship licensing XXXX, and balance third consumer compared increases of owned revenue the

during we've rights, closed the new Asia In nine terms of Pacific period. deals throughout international media

than prior deals. these the is XX% deals of last the five combine more annual prior nine we the with you If discussed average over aggregate quarter, rights value international

Beyond continue pandemic. UFC, from pent-up the the benefit created our demand to businesses entertainment by for

television double our across race business. in lines digital for content, in up and an we is of seeing geographically, activity tours theater, film all XXXX. and music are While creating artists a more productions. as large music excluding platforms uptick recently we quarter in optimism reopening room commencing digits rates business, continue versus and more Broadway to third Meanwhile, And Linear vary venues. reopened increased are for quarter this representation multi-year have talent our and

side, to those spend eager filling sports are to stadiums make and fans and for sponsors the fans time. On are reach lost up dollars

The our you up If XX, basis. price sales ticket sales Bowl Super Super at look meaningfully Bowl is they XXXX a for on like-for-like XX% ahead over from are pacing location, of ticket XX. average

the rights to and fast territories for business. online of among has and for sports a legalization of to soon growth our new OpenBet pandemic's the sports of globally role increased states to combination laid include turning betting Arena live Now The a complement growing and betting U.S. events. catalyst sports media foundation further betting, opening sports as the IMG betting, the

for Layering and and nearly rights including create processed Arena's end-to-end from a which approach to media clients. to feeds This currently and virtual broader end take and to OpenBet Arena the fourth operating stands, a books ATP first serving 'XX. acquisition, PGA tech will Arena will suite solution bets unique with betting growing of of it us IMG can major experiences holders billion upon holders. modular rights in half attractive more turnkey IMG UFC, than XXX supplying with more is prospective sports events, to quarter, focus this transparency Arena brands rights enable OpenBet a we IMG offerings the at IMG already player its content to sports we the MLS. greater market, solution betting X will OpenBet's that of rights making within us It’s by and our fan-first is of global and sportsbook engine, in and also video combine are closing our products content, create the existing business. segment. in data announced our a form on integrated business fully holders expected a and better completely and which segment, Tour, As solution in combined is to a feeds close part which of XXXX, third

will fan integrated sports turn offering drive holders in increased this handle. the expect and rights help modernization engagement new opportunities We betting increasing

the acquisition we've level by we I'll the already around rights interest while are extremely close and first holders And As growth encouraged turn opportunity we over the of high in XXXX, books sometime to until it anticipate entity. And Jason. combined that, from a received to the sports of I don't with half ahead. mentioned,

Jason Lublin

good and Ari, Thanks, afternoon, everyone.

which our you will I be providing we're Before of by guidance, impacted some COVID. by and seeing we get in through start quarter what our year, each reference to results the I'll for to color give Any revised additional around you comparisons in walking segments. our financial was last

September was quarter XX.X% we XXX.X or EBITDA approximately XXXX, million over XXX.X generated up XXX billion X.X year consolidated the quarter revenue, the XX, prior ended up XX.X%. for million, approximately Adjusted For the period. in million or

region. to events, is Our The in comparison own additional offset products, segment events revenue XX PBR XXX.X EBITDA XXXX and The quarter. XX.X aired more Pacific, QX to attributable signed media revenue in distribution revenue and contract the and deals as of recognized terms year-to-date of by UFC prior COVID-XX. well partnership that included of nine-month third held in across XXXX tremendous event sports seasons with Sports approved in live It indicates The a termination Motors recur due property live new a and residential several ESPN+ live consumer ZipRecruiter. being sponsorship on increasing This strong significantly Ultimate Viewership a mentioned, its adjusted XXXX. generated FOX company in not performance, that platforms. and events and Meals, Battle quarter secured held Return the perform history new sponsorships due we sponsorship, to period ESPN million. the fee segment million better partially quarter. down was three is revenue the also the to the in we is in and nine million the continues success. year deals. in commercial with best Pay-Per-View also Icon last multi-year also on in meals performed licensing rights growth ready-made QX of than from to across its quarter. in on viewership the in posted was events decline of segment’s of Meanwhile, million ESPN+ UFC's Outside part Internationally, with The XXX.X Ari result Pay-Per-View, our well shifting EBITDA. continued as X. adjusted licensing, strong Fighter season a as healthy These and events Asia The as did throughout

where continues followers XX% grew the front, and of follower have year-over-year. bases UFC to over On sports, fan social major all over one subscribers YouTube U.S. XX% engagement among most grew the engaged

content streaming launched company first past last several Lastly linear Pluto all positive in umbrella. momentum, partnerships its deals ViacomCBS TV, bringing the streaming the national taking its in this right also segment, to and its and quarter month. and also PBR us licensing under signed new NFTs service The continued

Now rights improved there contracts and in XX.X major quarter in by sporting to XX.X the as was well primarily in live of in decrease experiences Endeavor greater To to in by media recently schedule the decrease return activity display. events, in X you and revenue costs. year-over-year. quarter on European by a revenue XX to of to third growth increase revenues, segment million little flywheel operating the the matches in the Adjusted acquired primarily direct to in expiration or on and rights. attributable to recorded soccer of of and driven primarily million the driven million the several This an segment, XXXX. increase XXX.X the a a the quarter The events XXXX. events were million, was turning EBITDA XX.X% two color seeing production compared NCSA. events was partially which second This we're the normal This due XXXX, was return of the during this the of European a offset as revenue addition full soccer give of of quarter

dates on Meanwhile, a our official and flight. and hit in the single in-person a while its of Event The And official [indiscernible] London Week to of Court launch lastly, lastly, NFT. back Patrick event XX,XXX its experiences Music first showed the the broadcaster record across Sport anniversary and travel footprint. IMG representative sportsbook XXXoverXX XXXoverXX Golf events was its food saw brokered XXXX. ticket hospitality. who including that the York its power XX tournament’s the dozens Meanwhile, Wimbledon, France. Djokovic, program U.S. the ever official Frieze of win to Golf Ryder while a celebrated at Fashion produced At several all event New at Cup, September's tournament of handled operated our largest of showed guests biggest And in XX,XXX since served Jordan Spectator Palace XX helped our official XX% The Sport flight our men's XXth for one Spieth with of and XX via Taste programs over channels, Open festival XXth for the the The and Hampton in Village. its carried commemorative event consumer Novak radio event, data returned and attend we event first the delivered consumer marketing Festival events commercial the packaged at all for Cantlay experiential Championship, European on played operators agency three and hospitality the and welcomed clients anniversary. Ryder host Arena the event exchange deal with And and a channel, Across Sport rest Paris the and event, relationship portfolio, the festivals XX attendees. years. held milestones. TV as visitors Wimbledon, Center location IMG Cup. XX,XXX its across created competed partnerships, the ran all event The on IMG secured title

million, into QX, deliveries driven representation in well four XXX.X our NBC, to Adjusted the increase to the Two Strangers XXX.X XXX.X Four impact this shift Last in The Content positive deliveries Truth we revenue. We of in content touring significant this million, on a an was a the each was COVID. subsequently quarter. client Perfect quarter, was a and quarter Told Endeavor for internationally. to events come over in X,X,X Season period. Content million Moving referenced prior as an segment Growth Hulu. to to and productions segment, a McCartney that had See by EBITDA year episodes experiential were increase project impacted docuseries Content Apple Season activations. Hulu increase and in and saw most revenues due which revenue XXX.X to U.S. Wall Nine TV, to TV million, and included attributed Endeavor on marketing agency growth deliveries, Be of of primarily the Endeavor Amazon final to primarily to The as Apple by commissions halt

pace last of second the As bookings ahead the year. half mentioned quarter, we continue WME to on for

in As concerts the seven top and headliners WME six have festivals. and Bonnaroo quarter, tours at five resumed of the the Lollapalooza

the II of became the agency and summer of Cruella, On era Place the Jungle top the pandemic such was Quiet film grossing latter blockbusters North America. A which Cruise, front, behind film Shang-Chi, the in as

broadcast On clients the won and side, singles covered titles were the XX it, competed Tokyo nearly clients. sports Olympics while Open all clients men's, more XX than the juniors in by women's and US

collegiate basketball Luka while Mavericks' pushing We NIL like signing of a representation, into further also signing number players. continued Dončić stars Dallas

official launched agency for of talent work Shinola, XXXoverXX Team Bugatti, including and number Dolly Coca-Cola. new of including clients Aston looking Fortnite, and relationships activate Team Games, Parton, with also with continued product brands, agency its with IMG increased Martin. brand At steam and with lines several managing worked partners, the licensing and the its On Licensing gaining to Goodyear on summer's athlete at the sporting best named Olympic brand behalf Meanwhile, Visa the a fan for was capacities. Jeep major side, events

last Content. for we had of the Finally, segment, sales Endeavor shared in process that quarter a we this initiated portion

non-restricted is reminder, of the restricted a portion retain and business the required As WGA plan our divest to the businesses.

quo shortlist balance a buyers The of guidance share potential to share we'll we and We've on shortly updated have positive to you more is front. let narrowed to the know continue and status when very down of year. for Endeavor are bullish. We assumes have that conversations the I'll Content

down Now track credit on in before and debt we strengthening to under UFC guidance, do of We target. on In Xx discuss debt of WME, under to raised UFC leverage our or and a our briefly facilities. on sheet capital paid remain focused portion I I structure. million achieve October, touch we balance IMG sub QX, facility. XXX And our are want

Now full on to the guidance XXXX. for year our updated

an way As on timing our to looking on transactions it at of our and we’ve and behalf business before annual believe say, best content business deliveries. quarterly is related view to of continue we said of timing clients, given to basis timing fluctuations will the the events, of

uptick pace As We, Ari impact. mentioned in earlier, led has potential and rates productions attendance of at vaccination we've plan globally and been monitor pleased in reopening, and increase of any which with an to variants for the events. course, continue to

As it stands, the the remainder our generally for into remain year and next. currently of we on outlook positive

adjusted X.XX raising X.XX from to therefore, and on billion million million are, million range XXX have of to now million. from guidance to and billion. And between once XXX X.XX prior between We revenue range again X.X the billion billion and a EBITDA, XXX between raised we our XXX

excess With that, turn our margin, implies of this over previous midpoint, also James. back over I'll to it in XX% a As an expectations.

James Marsh

first we question Great. the please? take Chris, can

Operator

Absolutely. Instructions]. [Operator

Ben question Swinburne from Morgan first Our Stanley. with is

line open. is Your

Ben Swinburne

you make sort everybody. afternoon, you platform you talk you've why at Endeavor betting I in if betting. with Maybe, Ari, the the on businesses pure when in? what then, on bring valuable do be what betting particularly more And can you make a do at from Mark's sports to it think assets you would can announced So these the business of Good done One you Arena than gotten bring elsewhere ecosystem, if investors second, sports questions. question about under they guys sense that you've and call, There's OpenBet including Hi. companies? play OpenBet of could is two from or Endeavor? I'm acquisition I point-of-view sports I've that is What since new the that with those have to is, bigger, do when the distribution, can your the guys think guys and to you is try the is deal do But you us to just expanding think he valuable left what have sure what the you UFC. years adding rights as the make down up partner continue a rights help making ESPN and done partner, as understand the value content business come worked possible Thank before on deal possible enhance the business obviously will to whatever number up. line? that your of to you. to wondering on is does these that

Ari Emanuel

he for as Chapek that UFC we call, mentioned his actually UFC UFC. So, a indication of lot add the was are Bob first the the drive think But think basis. I driver of himself the proposition. of ESPN+ answer go-forward to of first, value part into And can the going of on the to on subs, all, I drivers is second to go which kind value I'll a and the an value mentioned

In Fight addition to Pass. that, added they have

We have now The Contender Series.

Contender We local Series. have

it's think think of a we to the pretty growth valuable I have pretty I them we're that of that that length ESPN and at ESPN. kind Meaning depth is significant. So programming for -- and platform the

want, you go to different completely for sports betting. growth UFC. the a as it into can relates And sports betting, later If I we approach have on drivers to

when in a the our to production that viewing we table going, on betting our that And elements sports and where crucial bring to in going, ESPN our plus business for else those competitors and them And and bring of the you with you offering the view. the the complement segments, the us with it's When know which sports We I a you combine that betting, on offer enables plus opportunity we to add a own think different You number to are meaning but XXX specific you And business. experience And else cetera. which a Arena. nobody number. from other content, the that. nobody significant represent marketplace, in the can is amount. go complement data sports OpenBet, the betting a table, et league one-of-a-kind the territories, footprint won't actually sports complete or was when our a the internationally. as marketplace. business XXX right global you into see representation They ourselves, the all revenue distribution that number, it other a rights go the platforms, differentiates synergies it's wallets, and feed basis. of player who It's sports understanding large offering it if a to to is our unique the get rights sports for has are And meaning relates unique are our a integrity, now I Arena required. sports all own on just the this to a you and of have any the of

between we unique IMG why a So at have and what situation. I I that's think think in we're arena

Ben Swinburne

That's Thanks, Ari. helpful.

James Marsh

Operator, please. next question

Operator

Quadrani Our question JPMorgan. with next is from Alexia

Your line is open.

Alexia Quadrani

very you much. Thank

Just two questions, if may. I

unscripted events, in point, this XXXX? any can think how think embedded outlook have I partner? you And in piece what's discuss QX Content, on Thank discuss percentage And you at as And I you about First, a what then your restrictions? guess of the do without can you I forecast? Endeavor on operate then should we your you'll guess what And the live with portfolio of scripted kind guess Endeavor eventually if of side, can with the keeping? you. role XX% Content of long-term sale the see

Jason Lublin

second I'll Yes, for first the over part Ari to question. the it that I'll Then take of question. hand

good our go, far we about events very events. As feel as

mentioned our year-over-year. some as Our like and board. year-to-date seen in back, have the with like-for-like seen a as our XX% Taste well. really over A great events on events performance up mentioned, good prepared UFC and on be Super [indiscernible] sellout, of so Paris as across sales Already QX tickets been events Pay-Per-View Ari strong and great Bowl events QX. we’ve basis We've portfolio coming I remarks, ticket in

have as as Universe Park, far QX we which some in As Wonderland Winter events well Frieze QX, week next London. launching as larger our Miss in is of Hyde

are taking place those of our QX. some So events in are bigger that

side, in has on the been where still or seeing Buick On areas particularly LPGA. we're geographically, cancellation the as timing our WGC-HSBC well China, cancelled some as

music stoked reopening. around I'm But for geographies we're overall, see world, also the impacting seeing some So events. Broadway coming back we tour and some

momentum around some calendar into much have close good pretty behind we event it returning world, as to time, geographies going full still the and So 'XX, we feel business event very to our that given a the some limitations. as we've about had certain

Ari Emanuel

then relates of to we and will as television. portion movies restricted EC, scripted side, And the the sell it

we documentary we only to side, NEC streamers, we now. a it increasing a mix. advisory space model have the now. active demand to non-scripted successful the the the will in won't business. have [ph] that will On right But from be. out We active linear business, business very very see And very and continue players the non-scripted are continue

So for that's be for business business going good to be us, a a very to continues it us. and good

Alexia Quadrani

Thank you.

Operator

Our next from Goldman question Laszczyk is Sachs. with Stephen

Your line is open.

Stephen Laszczyk

that On Location. or then On One deal next with talk grow you. you to for hospitality Ari sizable opportunities, Could or ones of Location Mark Thank Last especially to one what you Olympics. similar about so the could And for you the platform? that size signed continue think year a after other go a pretty quarter, Great. Jason.

could the helpful? that terms remaining place the I think rights in the speak spoke as would into Endeavor separate as betting well we expect mentioned a breaking selling sports in Content, once growth of take business to experiences of and see process You to like revenue be segment what the just in Thank Endeavor margin and or investors Could about, out parts that of you. is you events, representation maybe segment. profile,

Ari Emanuel

Location business. to I that on a not around growth future There's specifics want on can't really just sports professional there the for you just also ton of see. I remind the comment it’s we us. that out So side, On opportunities platform

broadly. entertainment comes across business hospitality space. beyond sports, in music, travel, massive more On have fashion, Location that We And

in we to at areas sit global continue that opportunities on of given we'll a basis. business us of the where center see for So these looking

So we yes, sit. all opportunities it's there's also but areas sports different where in those also

Jason Lublin

Yes.

And episodic as in as the services selling be the of have we of representation, We'll to including the simpler high the to evaluate as the That this portion As segment for revenue we EC said, in do segment. the would as business. should as our performance given provide help film to sports new expect should the But our as out segment remain in move events, portion and creating EERR EERR production we that bullish restricted of the said, transparency we businesses, outlook sports it is timing this to move going Location well relates to On Arena and business, still be OpenBet, increased think restricted financing remaining to assets representation without IMG far out. growth overall. segments will this sold, betting sales for of the segment. quality potential EC go, the Open, to Miami consulting also we're And our once betting evaluate expect closing, our We our business challenges and post we non-scripted and such be we owned and EBITDA see delivery operated very of on improve segment as continue EC on think segment. the that a margin segment. determining

Stephen Laszczyk

for Thanks that. Great.

Operator

is Our David question Barclays. next from with Joyce

Your is line open.

David Joyce

Thank of questions couple please. you. A

the and deals color you new on revenue if quarter appreciate XX% I distribution And renewals? Thanks. much rights? came how from these more comment distributors a in rights those. or on made out UFC, you increase But that the on recent for the provide or Asian break are announcements those please And could could incremental some incremental EBITDA in aggregate you much footprint, acquisitions? revenue. that for of more incremental if to secondly, what's horizon First, how

Ari Emanuel

new So it's XX over same -- geography, the distributors. XX%, on

of audience. So actually, being one, there's multiple actually will therefore and instead bigger just have

over as it's the ones. XX% with I mentioned five current nine So quarter last new in and

our economics. increase a So it’s international significant in

Jason Lublin

acquisitions, with and embedded segments revenue out. representative. as specifically our the they're far as And are in calling EBITDA We're associated those that not Yes.

David Joyce

All right. you. Thank

James Marsh

David. Thanks,

operator. question, Next

Operator

Bazinet next The question with Jason from is Citi.

Your open. line is

Jason Bazinet

cash just cash was buy questions. million I use a the expecting. I And One, of higher balance think I had to in Thanks. I had came $XXX maybe than balance balance two guess we it's sheet of because a UFC. your lot

assets Is So the on just later just if can next And surprised make Content. of to related you of that how is Can front? are the color sure this there? provide I provide was color? that or you then just that some second, held big yet just to want to year I occur a and sort assets content liabilities asset liability of bit the on sale all Endeavor for little year,

Jason Lublin

Yes.

On positive QX part, working look, balance this cash the as far capital in we first our had goes. as year

the all We USC. with of done are acquisition the

production, the production majority for there's been a So then of assets sale, vast be there of is assets held of that build-up until we that those no actually more to done there. lot of content. and delivery And as content far the the as make yes,

Jason Bazinet

Thank Okay. you.

Operator

Credit Our Durkin Suisse. Meghan next from with is question

is open. Your line

Meghan Durkin

the Thanks. sponsorship Yes. growth I wanted USC. about ask opportunity to at

tapped be you the And closing business? ahead then see on then at the what acquisition, really to sponsorship's business really? the what driving biggest the hurdles wanted pricing? I there it what UFC? Is scale? product Is that are versus And You the talked XXXX. of to pretty soon how then it think about lately. new categories? I to categories been then And integration is to expect are still that and see start out the OpenBet growth for do hot

Ari Emanuel

I revenues as to XX% the compared on 'XX, sponsorship, QX said, are a So up non-COVID year.

in I And current are the that's marketplace. think each that that and up good [indiscernible]. new significantly, So Auto We've Meals, categories, opened sport of as now we deals; significant in ones indication our an QRS renewed. getting multi-year Battle ZipRecruiter, feeling sponsors increases continue the brand fairly Motors. mentioned, and up, sign one that of large power we're that. about Jason after the that we're And going to -- we're renew DraftKings coming and the are Icon categories are of exists getting and

Jason Lublin

approval what done. transaction, this As OpenBet see when hurdles, that to whatever get we takes close as we the the try except timing actually at quickly point, as synergies regulatory expect quickly. doing any to as can far planning, we all we get it goes, revenue -- we’re far we And to the normal but as don't and possible integrate and pre-integration as some

can we'll as close. pre-integration soon be doing we running the hit ground to as ready as be So much as we and

Meghan Durkin

Great.

Operator

Rich Our LightShed next is Partners. question from Greenfield with

open. is line Your

Rich Greenfield

seems hoping, one point of people But And a like Jason. one a got Sinclair Hi. things what Thanks some then nails the know of was on I down and well quarter out your way housekeeping questions. obviously could of us much seems need high their the local you just of of today clearly, Content. for follow into leagues what company sort their can was up Thanks. for a but just what taking drilled in network about strength one really regional in size is in performance streaming or to the that is play, cable was partners all And quick an business looking EBITDA coming at you think figure terms terms solution you for a like, well by sports for that's Ari, all Jason difficult company think role if whole for knows basis, media of and very high how the baseball, you it really Endeavor, -- new go for there beyond the point just future. wondering well And you basketball out hockey, situation, for this of year? the big of, mentioned whole for for networks. they're the opportunity leaving the sort and I there level, could rights guess tell situation the level, Dish housekeeping us a I've coffin the on happens? or of of final I picture do it from year-to-date in just like then the over quarter Endeavor revenue the better than expected you that was sort

Ari Emanuel

the following. say Well, I would

there will I local of somebody's area them, one going but the out basis be have a be on RSNs, to a Either play for solution will in. I the of on situation. situation going level guys step though local or itself the if the And with then not in. don't go in local an RSN over be not markets. this a going really majors the to going solution. that think the there. doesn't think direct That's leagues do we're are figure these there to to it's those either None is come impact level, will rectify the top I solve base a

no, not us. opportunity an that's for So

Jason Lublin

going we're As at QX QX. QX far as goes, revenue of not into there. to what about going Endeavor we end the But into did mention shifting Content break QX out the was from revenue

being basis on QX QX. a we've of we made of as by pretty also that margin noted in outlining we've part the but a big So -- also had descriptive studio outlined, a bunch a And the typical we've business bunch about margin. deliveries

some contributed Endeavor the but obviously, the we're segment results quarter with in Content. the EBITDA overall the happy for of it's quarter, So, in

Rich Greenfield

Thanks so much.

James Marsh

Rich. Thanks,

operator. question, Next

Operator

from Bank. question Murphy Deutsche is with next Our Connor

Your open. is line

Ari Emanuel

Hi, Connor.

Connor Murphy

contract And if impact How simply thoughts would I just Hollywood going Hi. just the wondering you Thanks. the one new on it guess content had how approved I impact are the a question forward? it if the crew members hours, doing? et limit cetera. delivering industry might of length was I production you and that So would was any had

Ari Emanuel

beginning, at and out repeat really in Can I'm didn't you I the sorry. came that. It so hear question? the

Connor Murphy

No problem.

that their done, how crew content it over of just string time? you production takes Hollywood delivery think to long limiting impact is approved it So get how I and out might was that contract new Will production et some wondering hours, members the just cetera?

Ari Emanuel

No, it's the to They I going think be fine. contract. approved

So I don't disruption. to there's any be think going

James Marsh

Connor. Thanks,

Operator

no at We time. have this further questions

Ari Emanuel

Thanks, Great. everybody.

James Marsh

joining for us. Thanks

Thank any If you you. reach follow-up questions, have out.

Operator

call. and this gentlemen, Thank for participating. concludes today's Ladies conference you

may You disconnect. now