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Endeavor (EDR)

Participants
James Marsh SVP of IR
Ariel Emanuel CEO
Jason Lublin CFO
David Karnovsky JPMorgan
John Hodulik UBS
Ben Swinburne Morgan Stanley
Kutgun Maral RBC Capital Markets
Stephen Laszczyk Goldman Sachs
Rich Greenfield LightShed Partners
Brandon Ross LightShed Partners
Meghan Durkin Credit Suisse
David Joyce Barclays
Call transcript
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Operator

0:07 Ladies and gentlemen, thank you for standing by. And welcome to the Endeavor Group Full Year and Fourth Quarter 2021 Results Conference 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. [Operator Instructions]. you. Thank Head you Marsh, conference. begin Investor of James may Relations, your X:XX

James Marsh

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

prepared results also use IR financial Our X:XX it as Forward-looking date be metrics should GAAP provide our not light found X:XX tool we our isolation them publicly information reported press in I'll release an GAAP. accordance events, or for ongoing results which to a required. as commentary With substitute in new as we today measures investors from non-GAAP can well statements financial are over for These between update site. legally speak and our operating that, to in considered non-GAAP on as measures, Ari. obligation undertake or issued only of in today, the be information to for with believe except no trends. and and Reconciliations in evaluating as they hand additional include of will made, future

Ariel Emanuel

X:XX Thanks, James.

the podcasts. operating books folks the William our IMG segment Events, to grow. As year, on public of we in talent segment, overall Within results sports and continued we'll evolve agency full there as year tailwinds later Properties television, Arena first last further we Experiences betting returning anniversary and Sports Endeavor back been We XXXX & a X:XX across for segment, revenue sports Morris strong the and holders in And still sports faced this and film, to our Briefly this our history. as levels. financial representation year and ability in better international acquisition creating highs OpenBet and premium with betting we significant and growth, come demand rights and XXXX to our Rights XX-year for our offering In categories our a expand and guidance and such and business of we that. saw quarter we increases. both sales raised to OpenBet targets our beat surpass our levels the quarters the new have second businesses, outperform of look synergies year, our X:XX the illustrate while final business, in client XXXX games pre-pandemic year finally, deals continued owned in Owned year saw XXXX. its expected the events its pandemic. and begun our impact Pay-Per-View pre-pandemic of looking its and rights out, UFC segment, year, expect lingering our Olympic X:XX record hit have to profitability. and events feel stronger. Arena individual sold posted The sponsorship we growth. experience, company, roster XXXX, to COVID-XX at were in significantly best Within preparations continue in third continues events our All first restrictions have this execute live deliver long-term sports IMG ago our From up demand We added to content to our their as on continue our XXXX capitalizing about betting, and out our L.A. business. a IOC increased on company performance able continued our on-location sustained been meaningful by and Milan in IMG we never profitable attendance for rights our and believe be followed to and lifted. great achieve than roster, and And media strategy and we revenue will laid that Paris be in that experiential together, the Games while no secular across is

witnessed a diligently what you position Endeavor that decisions pike trends. in I clients at occupies to in couple insight how look us sports fuel entertainment. our also longest deeply As gives X:XX sales wide portfolio. want corporate coming across increase range We share the on to view IMG, businesses, this unique I at provide and and sponsorship well-balanced entertainment Morris William the the trends down running Morris enables to that sports what the to is business into us invaluable assets back of my wanted levels. and means of media a also events hospitality of believe for and those and capitalize Two Endeavor portfolio center both remind of success, and of with interconnected on a to entertainment. and secular going X:XX pre-pandemic tied substantial and William you across with us this strategic built we owned of we forward. insights We've minutes outpacing a take

of the I saw create an and Endeavor holders consistently complements sports scripted create expansive position the on XX% in for That of studio, that landscape, experience, believe in-flight Arena there years being independent agency's distribution-agnostic. channel OpenBet. media-driven marketplace global through SportXX this past us portion insights our Beyond an and perspective ago, that viewing our at the Media on Meanwhile, content our that's to basis, the on indicator Content business to across premium evolving Endeavor better Content. our content than our to X:XX years. or UFC being value of acquisition the based nearly valued evolving a placed It these operation. sports on generated example, earlier live of sale us rights opportunity And billion the $X after whether decision informed deal, representing of our and to post-money decisions we benefits rights IMG a a represent artist-friendly We streaming them year, no unique sports to pursue insights basis. which the business, than enabled closed IMG X:XX perspective acquire PBR also For portfolio, we sports the betting X both and on Endeavor is XXX from landscape. informed further giving more also

is demand content remains landscape to need high. shift, linear is cable of or for an content expansion broadcasters, companies there the continues at all-time or content. ever-increasing Whether for the sports the consolidation constant SVOD, and entertainment As X the

decades, podcasts, matter out. on powerful our what we and assets presents opportunity for of into will X:XX months Because like makeup a form on is the demand. social we volume benefit our the the of diversified our thrive forward. we scale or well deals fulfill benefit our factors there platform-agnostic and every definition regional based to relying enables face durability As our will insights our to both ahead. to from seen on global our our the have us external on unique to IP. the And diversified believe portfolio, as have industry to include volume positioned of the the No has also as we second secular of we of face based businesses in ideally confident to laid we But not ability head our and film of command evolution we this in years of NFTs, and from maximum more downturns the us that withstand our represented able of posts content limited. the terms combination are verticals We As we've I to year of to global are capabilities we're media clients extend owned footprint, to for of we strength going value our remain long-term both our generate be traditional business at everything our allowed television content and to way earlier our that it. the our continues readily footprint. global and of X:XX our step owned several outside segment beyond in control. deep continue and that in continue That strategy I mentioned only of to behalf company, but takes, only to public and tailwinds and the exposure saying for

about over With continue hand of future, owned the trends, as to and paths connections full the to quarter the carving X:XX the our ecosystem out for talk identifying across IP making as see growth. and new one-of-a-kind fourth outlook as to us more year first brands, XXXX. you'll Looking Jason well movers, I'll talent, leveraging Endeavor it for and XXXX that,

Jason Lublin

XXXX. consolidated the for you X:XX quarter what or comparisons, quarter we some $XX operating the up you everyone. walking XX%. in financial billion each XX%. Ari, COVID-impacted up Adjusted generated million or Any our the XX:XX results of for the seeing also $X.X segments. and quarter it was color Thanks, I'll XX, XXXX, or revenue, $XXX.X by start year annual in be afternoon, year. EBITDA through full reference prior I'll around be million, will in quarterly, provide and we're of good our For ended $XXX December to million fourth

was up up was Now you through revenue I'll of and adjusted segments. or XX:XX year, EBITDA walk $XXX or million our million, $X.X billion, billion $X.X each XX%. XX%, full the For $XXX.X

Our revenue $X was adjusted million the the $XXX.X of fourth million, quarter X%. EBITDA in the up Sports $X.X X%, Owned while segment for segment's or Properties $XXX.X generated million up million or quarter,

XX% or generated improved Segment XX:XX EBITDA, basis adjusted million up up margins and segment to billion $XX revenue, or the $XXX.X XX the XX.X%. year, the $XXX.X XX%. for million adjusted On EBITDA points of million in year $X.X

best driven events arena financial with gate mentioned, all its revenue audiences The records. organization Ari in events, rights media increase out the Pay-Per-View sold sponsorship. and of its higher delivered in XX-year several history, significant setting As growth year UFC in an while number by

primarily last was of And in XX% reaching media of shared, full ESPN+ UFC with to saw And like deals rights subscriptions. of As we XX:XX multiyear Dapper in Disney end course revenue event. internationally, viewed which increases DraftKings million history. paving foray was the growing on success. over with driver The all nearly the with that and social remain the return revenue XXX XX% the closed made Facebook [Indiscernible] also year's by PBR for continued Revenue to added in series our NFT prior the significant XX:XX sponsor hours sports. has rights followers by fan of UFC of Meanwhile, our audiences a finals UFC way partnership up year, content Vegas a XXXX. of and broadcast World roster. organization's key grew we a PBR. into of year, It million the TV. of on increases. ever engaged partners quarter, series one media Meanwhile, sold And the we most also in driven for fee base to The year-over-year. in our over of new NFTs Crypto.com events. held Throughout of most XXX out in the year, UFC hours, marked January increased UFC's great the continue first the Finals within collections Moving over November Labs, XXX% launched first the be aired

revenue of $XXX.X the full brought new new & to XX:XX partners, to turning million up Events, to $XX.X up the and back us past and TV for of right signed Now an XX%, XX%. exciting The channel year, quarter, EBITDA new the create Pluto format national in segment adjusted announced team $XX million revenue organization. Looking Experiences that PBR reported XX opportunities or streaming million, or million $XX.X Rights. would

XX% events Segment and the growth million for or On the improved XXX%. $X production our marquee resumption High across London up $XXX.X year, revenue the adjusted businesses. the strong including adjusted segment million Winter $XXX.X full EBITDA schedules of increases well by and was billion, the event Park million, as and were up media or margins $XXX.X year. EBITDA which of sporting to benefited driven as was XX% Frieze Wonderland like rights segment, return These

Arena sports June sports Meanwhile, and XX:XX double in with enrollment we business deals digital XXX up content the in acquired of recruiting IMG digits over year-over-year. XXXX, NCSA, Our year. betting also books renewed service both the IMG were during Academy

representation Moving on segment, an or of to our was $XXX.X million, revenue $XXX.X million increase XXX%.

brands representation was million, Segment adjusted and up segment XX:XX million, Content attributed and which benefits or agency XX $XXX.X While and XXX%. year, was business. segment adjusted $X Endeavor million EBITDA were over our revenue EBITDA year. XX%. spending adjusted XX% XXX million for was on activations, project to or billion, billion increase for a margins deliveries, EBITDA was the representation over up $XXX.X significant commissions the in resuming $XX.X client $X On up marketing a experiential XXX% in Growth $XXX.X primarily

help key grossing for before deals XX:XX Looking XXX I time. which an Xx. more We broadcast, highest billion give $X.X approximately which our of our the some goal films closed were our consolidated sale at portion discuss at remain ended toward outlook net SVOD, clients on detail capital segment all XX:XX XXXX. the we with And billion leverage roles the January. viewed on than outlook in by update for guidance Cash resulting than and $X.X finally, on in debt. in billion film then structure. share our cable Endeavor first financial of closed more to of WME I'd had to current expected net and balances in our $X.X XXXX to I'll like additional XXX Now Cash XXXX, had books share across performance year marked to sub proceeds excludes and in want understand podcast the year-end, year XXX in series the track from TV, XXXX. I We and agency of drivers you than in most debt. our restricted behind WME linear some basis specifically a more the our provide you converted Content, of business, and

revenue start EBITDA. me with and initial for guidance Let adjusted ranges

of timing deals. the up year the as growth negative the range, Open portion respectively. XX% the of the viewed of Adjusting the margin the the restricted believe the our sale basis, up which best Content, be the renewal range midpoint growth the Diamond in our of of year said XX:XX and we range. related to up growth restricted fluctuations M&A, impact Olympic as media considerations: As on billion between $X.XX restricted Omicron-related we On range. EBITDA, on upcoming including removal or and X% portion of the the business we at a events the risks, of midpoint and NCSA pandemic as of XX% Content; and we are in XX% of EBITDA quarter the impacts We to the guidance for second none $X.XX Adjusting for we as as current for expecting billion, clients lastly, midpoint a is the the of and the expect of previously, midpoint start adjusted Baseball Content, and be of OpenBet, the our Endeavor addition and $X.X business range. investment which given future would billion close business. the Holdings a third be to this Madrid the of XX:XX well Embedded of sale quarterly view following on XXXX the adjusted revenue of Endeavor a at at transactions the at expect year. and in would geopolitical consolidated economic the rights of at On of well the portion quarter, time; around our $X.XX full ramping XX% to XX:XX of Endeavor billion revenue full material are year the behalf well as of implying Location's as up

let segment Starting by Now Sports guidance with you the and our our at color by we to growth accelerating on be Properties momentum segment. some continued Owned me provide expect with segment, driven UFC the at PBR.

output contractual both we While in did markets, new sponsorship PBR for in by continued restaurant to content profit growth the Pay-Per-View media increases rebound. we year. hosting in anticipate return licensing as expect we increasing business as of events growth expected to this place UFC, XXXX the by in international revenue, as return to take rates events to series in top the US seeing XX:XX live rights, a the second is more and experience of teen fees. the and several Within as number driven half a in summer, business far in strong we're normalized XXXX, well and driven global of launch as and commercial line same growth

XXXX close up in IOC XXXX tune we anticipate announced a investment and to in Paris OpenBet games. which revenue to in beginning XX:XX provider $XX return partnership ramp XXXX segment, recognize with the For Upon well in and trends Super we location as to in expect Bowl evidenced impacted Arena experience we OpenBet, our as expect profits the of and reopening we exclusive we million location investment event the single are and about strong of Milan each XXXX, XX Paris sales upfront on revenue the sales our continued for as investment by Also XXXX segment will growth on close included be Finally, IOC. before and locations quarter, LA prepare of continue, around for expect We events create making service gains. ongoing business. IMG the rights, EBITDA. the segment include profit expect approvals. enthusiastic for profit to will in for largest history. expect start and 'XX in our the this and profile in it to Segment hospitality as we reported in and as by we our record revenue an growth and approximately aggregate, at which segment new to of to XX:XX close, representation December with XXXX quarter in XXXX, September our expect growth our Viewed subject adjusted the in third Open Madrid in the announced strong are regulatory second acquisitions subsequent the this expectations we of

anticipate the removal scripted will also Content business. margins Endeavor materially improve with lower-margin the We of

healthy reengage to our public to first what brands The earlier. continue call we earnings with WME meaningful ways. XXX Ari secular clients growth, which levels, reinforce well pre-pandemic to after discussed Our look a as is to XX:XX business expected long accelerate to company a trends music space for live poised consumers our we rebound in over levels. industry positively. more and continued several I recur business with activation aggressively hiatus as is event to new to the expected take questions, also a is reentering want pre-pandemic pipeline Meanwhile, XX as as client before Agency theater during trend just Now, as said major very

With hand we've experiences, live to our all we're entertainment premium growth with rights, we the for of demand unique future. James continue we that, the only growing I across will in well combined and of and is the center given events XXXX to back the ideally the into where content it and betting, and Q&A. and driving For built, sports portfolio sports sit and positioned for balance believe XX:XX to of segments media

James Marsh

question Your the line XX:XX [Operator Karnovsky first comes Instructions] of JPMorgan. David from with

Your open. line is

David Karnovsky

you thank for XX:XX Hi, the question.

there renewal the UFC, of to window major for ahead negotiations and the think For about few on any amount UFC this how NBA in major rights rights? Is wave wondering expirations? this cycle, launch coming sports next you years, benefit domestic of at to just all kind large including the college best get a Ari, given conferences, of of was due contract

Ariel Emanuel

XX:XX continues activity the sports being with been so placed than demonstrate value The the ever the marketplace limited I'd rights, to competition in say. there's rights. more Okay, on

EPL rights Night represent, marketplace That's entered know, saw the we recently, for for assets just well. our As sports Thursday broad MLB, just a just sports owned rights assets good you incredibly our Amazon We rights for sold own on Football. and rights. XXX our basis. plus as Apple

We we sit. have years up. the great is As where about until we it feel X still to relates UFC, deal

Our growth million the relationship their in Disney/ESPN stipulated with of $XX is they part call, win-win. the plus the that earnings due a by Even in ESPN UFC. last was

window, based it's are. As a ultimately where with in great terms about perspective But of our partner. we the on mutual negotiating we feel again, agreed-upon

Apple, customers, the We've people coming Our about the added now, good and with Warner's that people from the with value Pay-Per-Views. ESPN sit to driven we marketplace the really asset online. watch Discovery where and feeling buy marketplace UFC and so we're Amazon joining the

feeling pretty we're positive. So

David Karnovsky

then your location. some And if that XX:XX you then Super business. hospitality increase in speak pandemic? relative saw demand post to And position XXXX? Bowl Wondering for reports for the their on to year voted view NFL owners business trended that to how Okay. Kind the this informs we of could on, just how the

Just or wondering financially how could if you impact operationally. that would you say

Ariel Emanuel

York but doing the announced relationship I experienced into packages comment NFL be also selling and Apex with UFC Fashion the then the grow, It's then XX:XX for successful and deal it as -- couldn't is In Location anything would February, a hugely the on that advantage And situated the Super just our Week. to that's Well, NFL And remarks, take situation in WWE. now was better. I right our continues of well. the On Bowl. If say, can't actually Location with history. we to the single On we're experience. New and about went to largest economy talked it the event incredibly We the relates perfectly we of kind

David Karnovsky

XX:XX Thank you.

James Marsh

Thanks. XX:XX

please question, Next

Operator

the comes question next John Hodulik of Your with XX:XX to line UBS.

open. is line Your

John Hodulik

XX:XX Just a of couple questions.

the on Ari for on UFC. think I again,

'XX? any any the First call in And increase lastly, UFC economics you do Second, on then -- media of in of few Does that price times. to for from has comments prices for to Russia in participate ESPN or raised international all, guys out Pay-Per-View rights that a for terms that? that renewals exposure segment? flow endeavor, and Ukraine

Ariel Emanuel

Yes. XX:XX

I So really our prospects. feel growth about good

said As and Jason category past, said media I is sponsor products. and Pay-Per-View, consumer the have up, right in major substantially every

On the international site, to speak specifically to and your question, we upside. see continued strong growth

past, is international As in the I said of XX% the come XX% outside revenues States. our United of audience our rights. from

are to run over last typically international Our an XX rights between X X XXXX. clarify, QX the international As of XX:XX I deals date deals over about, as talked on I up since international and term XX% just AAV prior years. the

UK year, about and basis? our last in Really your in are as there's and was general And from given Scandinavia. Brazil, you coming key renewal. XX% or -- to basis up feel the on XX% on anywhere want that. of So to exposure ones a UFC 'XX, for about any the do in deals relates up good Russia, our point it And just it

John Hodulik

Both be XX:XX great. would

Jason Lublin

so… what if that less into incorporated are additional a sanctions, ones address we've to consolidated continue as today. that what on and if we is that understand gave And X% if needed, than we've guidance we'll the a and adjusted on you already see and impact we'll how things implemented Look said expect EBITDA XX:XX evolve we basis,

John Hodulik

XX:XX Okay.

James Marsh

John. Josh, question, next Thanks, XX:XX please?

Operator

with XX:XX next open. from line Your your Swinburne comes Morgan question Stanley, Ben is

Ben Swinburne

UFC a going to in mentioned we're Good should guys. questions grow XX:XX everybody's numbers that see afternoon, the doing well. with I think, that couple 'XX. business better. nicely, of Thanks. business. I on had sold, Jason accelerate the Hope And being in agency

gone the I thoughts from impacting for questions is There's and get shift the I'd of X profits concern, think, transition and to Ari. One investors how during on So there's kind pull get on, that growth revenue this that the is, a forward a last back-end love business? that's few of cost packaging been of a your from some lot to I plus years.

So then growth I'm on wondering I'll And of ask about impact the follow-up. the could sort WME, my and of you that if margins. talk outlook

Ariel Emanuel

XX:XX for or situation. and not pull There's the no said was as -- were more doubled shows Apple, they Office, over business, pandemic, on like the were you players, for it side, -- they Netflix, Peacock SVOD $XXX Amazon, right any relates Listen, -- went for Packages -- of as no as movie million. saw licensees the have now. the that that packaging to windowing revenue to there relates The forward for television on that to we're than it were the I bidding the

many stronger So to through as economics on of is it's forward the no is shows our now. and position. than packages are pull have in There's ever relates how business fine all we as it any been Jason went the numbers

right good now. very So it's

Jason Lublin

Yes. XX:XX

back So a the haven't Ari We've perspective, to as XXXX. for representation seen we the we certainly great on the Endeavor the come rebound music business the with pull from a margin business demand margin for And packaging 'XX to sides to content seen us. of of, is levels from where really touring expecting businesses, broadway lot 'XX back to all on of segment by in be 'XX. side, we're on of expect margin a exception without forward. continued we've seen obviously, the of add, and really a year said, evidenced increasing And content the over full 'XX online the year-over-year Ben, just some I just any would business great representation as Content, from 'XX. And up our

Ben Swinburne

for Is the in in happened And in period? sort or the how into happened any sort that visibility business. way then year you. at period Thank from there's if stuff question sense. in that of earnings that would know visibility is year. versus past around makes much every is flowing second much That through going the given I versus phrase. a I into so about imagine your comes that think business stuff about the your to agency business? from library if XX:XX it's to us is any can the think how you we that's library have comes prior don't EBITDA just there that EBITDA way some that's production right the on there in of library about year -- the But think of just

Jason Lublin

XX:XX into been the us well, double-digit historically, pandemic. up of year mean, visibility in it and agency our we we've like revenues And the predictability Yeah, until every agency those lot said, business, give grower a I business. a

revenue for and that the the part outlined So get we that, that to us and year-to-year business more the total. the it's basis. predictability helps of certain they're that business EBITDA of basis a our part budgeting good obviously number pro a us a mix but from haven't forma get But and revenue of on a revenue part in helps for on comfort

Ben Swinburne

XX:XX Got it? Thank you.

James Marsh

XX:XX Ben. Thanks,

Josh. question, Next

Next question?

Operator

line comes question Maral next Your Markets, is line XX:XX Kutgun of RBC with open. from your Capital

Kutgun Maral

you taking ask Olympics and to the thank X Great, questions. on then for XX:XX M&A. deal I wanted about the

be understand Location-Olympics I bit before of this the be in hoping XXXX could over XXXX with and like more XXXX seems I know understated your for few year, investments earnings in profitability better us Paris. continued -- mentioned the next I years. with better a understand you for X it million you On your next if on that the since was guess hoping there in details on will investments the 'XX help expectations I $XX will impacts about First, was financial Jason, partnership. years.

getting anything pipeline can M&A us as getting these for balance ecosystem? outlook to is helpful sorry, in that dynamics. would priorities your OpenBet? you behind XX:XX appetite you more versus you it given your of to M&A in we're your unique with better verticals now and talk So closer Xx? be the appreciate a any Thanks. reiterated the Endeavor going just Content on your And second, going lastly, to And Has areas changed deal closing forward forward focus leverage and about or below bit deal for position M&A, the specific

Ariel Emanuel

Yes. XX:XX

So start IOC first. the me with let question

probably have 'XX, -- outlined costs. I little some We million. there. expecting $XX bit would So 'XX, are little bit 'XX, it's up then we've say a to yes, a and we roughly in in step And from ramp-up had

but quantified working -- for costs haven't capital to over expect our QX perspective, also it those exactly we 'XX. We a be slight Paris. for sale a increase on be From will first all yet, in

we from games we at working coming recognize a business the take place. into can't games of from with revenue starting the But from the perspective, actually certainly perspective, until revenue associated to the cash recognition presale a capital have expect So end any the year.

'XX. 'XX for revenue Paris we the costs we'll So in going be XXXX, And some 'XX presales 'XX as 'XX revenue have similar and well. in recognizing in situation even can 'XX until into will pre probably and a all the for recognize in some costs with though we revenue

Jason Lublin

NCSA with you, XX:XX we as relates to of look we we OpenBet business. I [Indiscernible] properties, continue -- did did As as to betting I push as at it on all sports on for those our said to Arena, in as M&A, for our verticals academy with and now we

moving continue those will kind saw directions, now events you of see as with the in You Madrid. business to us in

the forward representation things our and strengthen get to do what do a we and position we from we IMG at, and on basis and will and it WME global on perspective, that rights of So go are those that footprint look indications grow. also marketplace the in a business from we available point continue are from our to our

curious business. we've the growing to company very and we So going executed I'm M&A not you a I any at. have strategy on companies give looking we're think But a our from into insights well been

Kutgun Maral

XX:XX both. Thank That's perfect. you

Operator

from Laszczyk with question XX:XX next Sachs. line the Stephen Goldman of Your comes

line is open. Your

Stephen Laszczyk

Great. Thank you. XX:XX

speak Ari, of some emerging that think years? For this, Web the the podcasting the of social, this needle called is something media more of you you move Is mentioned and some about be X out? forms briefly, could incremental next If great. expand and like think but would some it could I the you you opportunities you over can

Ariel Emanuel

food significantly marketing the at on content a category? is -- early again, days, I expansion has the cable side, space. significant with either Labs the space, Well, within Now look we've a done that the podcast XX:XX with done from amount the That you if be new of marketplace. who all or or the podcasting and a of in the knew, business grown there players would mean, NFTs. we're platform just category both and now, entering our is just deals significant clients the Properties a UFC Sports like We've doing NFTs, Owned

So business. Instagram, those look and to are them moving as addition the players TikTok categories social that in to we of social on the our growing are traditional just a basis on to forms general

So areas to media at TV scope content, again we of full landscape those on and agnostic the when are we the think Most just the people about are movies, and distribution. that the define additional. those are reemphasize look

So the architecture have effects are those growing across platform areas an basis. halo on substantially. They

look So that's it. way we the at

Stephen Laszczyk

on then And over you few competitive long-term. little in Great. especially last that the betting, back means business we've York the talk sports could over I about the the maybe opportunity your sports curious legalizing industry a see you online on betting. what if seen uptick was New of bit XX:XX more the in months, for

Ariel Emanuel

when opportunity XX:XX in I wallets, OpenBet. to for combine close whether player relates we of Arena, IMG content, look basis, creates be have a more feeds, what it leagues it's we betting mean, as data for for positive When and at going global. United Well, -- IMG global this across There's and full once we OpenBet streams. It's a -- on sports have, menu ecosystem with and just sports general. whole that's and teams States, kind you live the the sports betting I you

from a are shop, one-stop profitable. perspective, from very businesses our competitors. different our again, So Both become we

X become we those there's, as competitors any businesses significant growth shop, Jason globe we potential As full-scale across synergies a mentioned, basis. of on believe, one-stop different revenue a with and the from the

Stephen Laszczyk

XX:XX Great, thanks for that.

Ariel Emanuel

XX:XX Okay. Thanks, Stephen.

James Marsh

Next question, XX:XX Josh. please,

Operator

XX:XX Your Partners, is comes from your Rich the with Greenfield line next LightShed question open. of line

Rich Greenfield

a about on for discovery on question thanks soon team going I'm Bros.-Discovery, Ari, a Discovery, be the is the on USC. be And of when start to business. tag soon Discoveries, plays they Amazon and they going and was you are think the and Warner view question. obviously you're a to Bros. ask It's Hi, content people not know do that for show to out the to just having content. having the content. the doing he come enough having plus, your the call, the like basically in cable Paramount a about how Apple it's think Peacocks, of creating think I gets follow they're to than most world the last lot on earnings that that spend far representation a the of far, Brandon I XX:XX the of the from network even next currently and I Netflix, question a with love much tremendous of Brandon gunning digital out? plans? their all do then do need that in big guess terms of will Because I'd amount who realization both how And more several TV movies to really Warner then taking David Zaslav or love. made effect over in just you bigger up. years. X sort that's comment And

Ariel Emanuel

problem. No XX:XX

it I have was billion kind don't reports, end he me gonna of he's he So not and much now really Hulu, did anywhere $XXX just said, little, be an think I them he perspective, the we Netflix, look Discovery, to Warner, in from, on and platforms. because money across once middle them out I is as And all of was agnostic. affect I from billion compete when mean, $XX I movie or he are and talked this I Apple, don't to about Amazon, with if be David the joke peacock, you one to of that, our drops compete. of spend going to could think kind platform about the discovering. he's, Roku, to Paramount, every competition to goes how believe money spending any spends we're at the plus at be would as the doesn't upwards of whether And AI spend it business. content it's down not some a the Disney, just

business, have, robust there said coming During kind only be theatrical was with Uncharted, three on buyers, off. as pandemic, be a now to the pandemic that you, that restrictions would Spiderman, now whether there and the is you moving business the of Batman, I

else's he there's spend I'm nervous doesn't more really competition. everybody So decides spending. that not want even to he if

so… again, there's marketplace, seven, So eight we're players the in

Brandon Ross

getting outlook why topic become just pool they wondering should I is overall was of stay this we perspective that expect then, Ross, that's you your and is XX:XX benefits Great. conversation it I up to the there, kind are Brandon fighter lately. UFC where up by [Indiscernible] And ended give comp are an have could share whether splits a real what know hot in and relative a fighters go on if your have or revenue is? of time the where elevated

Ariel Emanuel

XX:XX On the last earnings call.

a increased about to sure since I similar, think was want exactly XXX% But this Well, question I'm fighter I we've make question. play, right XXXX. this also. not XXX%

food, Institute, So we're with in the recovery. business investing Performance and

in So we have kits. done -- in NFTs the and and now Labs participation Dapper

for it's gone we've increases and grown grown very pay and too, the think fighter well. that business only business, the I sport much the we've And we and how has grown said, as revenue done very, as XXXX. So since benefited has up has

Brandon Ross

pushback much I be? think is your overall share that's XX:XX that basic what out XXX%, there, than I more should and UFC grown that revenue the believe, relative though, overall has the

Ariel Emanuel

that. Well, XX:XX on commenting I'm not

well the the think I we've very done it pay fighters. relates to as for

Brandon Ross

Great. XX:XX you. Thank

James Marsh

XX:XX we question, please. Next question, have do please? Josh, next the

Operator

of next XX:XX from Durkin Credit Your Suisse. Megan comes question line with

open. Your is line

Meghan Durkin

assets? the supercharge guys. on the deals, up to then Are And you touched I time? what the betting to those about them $XXX the will in And Minor talk I they of the technology sort DraftKings outlined with on I strategy which maybe you're think next Ari, follow see sort sports years. maybe million to of as bring over several the that? synergies And you've heard as their platforms platform the opportunity be do League of Hi, think for so of going in-house, in using the outline you haven't then over OpenBet? stadiums, the the how revenue still wanted synergies they timing need like you revenue guidance. XX:XX included guidance? don't what's I today. And

Ariel Emanuel

so DraftKing, in America, relates the be the Latin it in, East our one-stop-shop. we're platform, to it's a business for be it whether global or market SBTech. Middle Greece, bought As huge it there's a DraftKing that our XX:XX business, And whether in

million I of revenue mentioned $XXX think Jason synergies.

be So we're carte also services. of with X service be la and to service, so FanDuel a an have can fits all doesn't it it the

feed, the can the content, certain want if want do people that. the and take they that. can the or data they they So player just If

to sit basis with so… we So about across globe, global on a good regard the where offering that we feel very

Jason Lublin

the Diamond XX:XX Holdings, we last really to as and year. guidance drive numbers gave We plan the deals there an sponsorship beginning which businesses of synergize to X to do what of is Baseball with our we've year, similar closed relates we in to revenue, it own, revenue other is best And additional practices them this really are and professionalize in leagues today. the those As teams X those done the sports use organization. ticket the far end you X at at

Meghan Durkin

Thanks. XX:XX thanks. Okay,

James Marsh

Thanks, Meghan. XX:XX

please, question, Josh. Next

Operator

from next Instructions] David [Operator with Barclays. line question Your of Joyce comes XX:XX the

Your open. line is

David Joyce

Thank XX:XX you.

growth excluding true to us The location year guidance underlying you businesses, growth for Endeavor please. all your clarification, of include to -- appreciate acquisition expected need that is does if thing. date? of organic the the what that from content, NCSA, your this can all I provided how you sort were OpenBet First what think but exclude help you through for And that

Ariel Emanuel

about a growth our is big big get, business. company. is growth our M&A feel growth and expected in we overall across the our across to in what do part organic our which say in platform look, year is the And businesses, line, entire core would we of getting a organic our we're But all expected OpenBet all very From and forward. I QX we So of of this basis, included overall XX:XX we're is part what segments. getting the guidance, have that good very across time an we

David Joyce

near-term demand in of the for supply near events down some And tickets concerns, of discretionary to wondering the or things could discount I in versus on XX:XX trending What drill given there's events? the sets maybe issues balancing just spend. supply I the are spending, consumer term these kind Anecdotally, the consumer are and of prices pre-pandemic given levels. a just been and seeing if versus more there also there's some terms if vacation the going consumer straight you bit how platforms. gas that staycation of have of was at looking discretionary the

Just was in wondering what kind of that? seeing trend you're

Ariel Emanuel

XX:XX Yes, no problem.

they're As for very earnings, the events. in Live demand you high saw seeing Nation

Pay-Per-View we best As Wonderland, sold-out; it's our sold-out; us Super L.A. in from Bowl Freeze events, look out; it we've as sold sold relates the as to sold. mentioned, Winter ever

want So we out are people perspective, seeing experiences. high And demand have want as it to get from to events. our our and relates to

seeing we're -- for feeling high demand we're So those. very

James Marsh

David. any question? Thanks, Operator, final XX:XX take

Operator

closing at questions I'll call time. no are There further turn to XX:XX remarks. this for Emanuel Ari back the

Ariel Emanuel

XX:XX much. Thank you very

platform-agnostic spend, mentioned. growing your outpacing content what economy we've We're proud sports the trend of I've our past major this headwinds, appreciate external industry secular experience accomplished double we're every averages. I it business everybody. and time, XX:XX built be a considering year believe in that I'm or team that's And category, and at we're betting. significantly we diversified digits, So

over EBITDA and have XX% great momentum. guiding position And results both to expansion. date, our We revenue given expected margin with we're and to the up

that. just on everybody I you our look going forward remind Thanks, everybody. of to updating progress that, want And So forward. with we to

Operator

today's XX:XX Thank call. This you conference joining. for concludes

disconnect. now may You