Endeavor (EDR)

James Marsh SVP, IR
Ariel Emanuel CEO & Director
Jason Lublin CFO
Benjamin Swinburne Morgan Stanley
Bryan Kraft Deutsche Bank
Stephen Laszczyk Goldman Sachs Group
David Karnovsky JPMorgan Chase & Co.
Meghan Durkin Crédit Suisse
John Hodulik UBS
Jason Bazinet Citigroup
David Joyce Barclays Bank
Call transcript
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Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Endeavor First Quarter 2022 Results Conference Call. [Operator Instructions]. James Marsh, Senior Vice President, Investor Relations, you may begin your conference.

James Marsh

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

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

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

Ariel Emanuel

James. Thanks,

for content and a from the disruption by unique we're put all expanded agnostic. say this and And incredibly dynamic presents States. distribution from that's is content live content, first premium United expansion and revenues the believe at and entrants the then, channels like of XXXX model. secular out, position sports events the XX%, guidance various content posting ago legacy and EBITDA XX quarter, speed fourth you've adjusted at me IPO. future we've opportunity turn. trends sports like recovery play defined throughout our their it is company as into a Whether and We've direct capitalized those year-over-year value lot greater demand they betting the tremendous side a and continued as had the year we've supply is up time heard raised many company, IP. about Discovery, content with the the the about We New for talent, distribution founded proposition first questions fielded Endeavor XX% globally Since seen think we every this the as value this us their Their in strong growth platforms. driven or live and our York Apple, business's of our We in the brands a Bros. of Warner occupied I dynamic, TikTok. a at premium as own Today, players back NBCUniversal and and on Looking ecosystem. environment of by performance benefited of result return distribution of of were to for legacy need on of properties, our the conversations to stakeholders on Channel rights, strong Roku events fulfill of our of sports public quarter capacity newer sports the expansion ability who further our services. These row. the full before, years which response for the to the this up content a results We this continued representation increased We drives driven content. Internet's entertainment distribution content the by the business of places

more expand of fills benefit to portfolio, As global television to scale to podcasts both and of of clients, digital, lanes because X,XXX expanding distribution supplier like newer than our or role the diversity a it beyond and annual our a in ownership our of our UFC and ecosystem inures PBR, properties the sports sports and of more events that's continues experiences. betting as representation our whether the content it than like, live and of definition portfolio X,XXX through

IMG Art and similarly in strong more we've May. the MMA. we every XX out On UFC sports to year and fan responding first the seen is Super which We're events. hosted And on-locations throughout Bowl expanding XXX,XXX quarter. history. its a its demand the on the sold April date, golf, acquired event engagement soccer, business, betting our of event from Arena, globally. over greatest and XX to sports time. days Miami Madrid attendance fans Frieze the in XX on leagues the its route, quarter. which Open in benefits tennis, the and greater first event recorded to basketball, attracted last into live of largest than side, chain. IMG recently value of By outside hospitality the Open, in Fair supply all ARENA complement also European adding pay-per-view portfolio side now became for data single the way to being LA its Building demand hockey largest

our long-standing large In and the of benefit this diverse we the variety by which having and our from portfolio, addition, buyers, with relationships businesses. reinforced of volume value to are

on content a view show the of our Vice. Through series Lakers lead sports the in was become Cycling of the behind Discovery the Discovery, that, William from record-breaking HBO's new for for the William Plus the with ancillary of deals Euphoria Netherlands. sports Open, we've the state With UFC the studio IMG, recently premium Tokyo For you Warner for home example, and at done ranging with most look Winning you and a solving client Morris discovery and content HBO them, was Series: Endeavor rights leave responsible the European produced we also Bros. Morris Batman. actor the U.S. I'll Time. in if popular with to business. Max

around do of future set sits, highest following quarter. spend towards to we the content there's XXXX's be not content Netflix conversation the eye see spend record. the ecosystem, subscriber a is simply in For pointing on Endeavour content, $XX to past the of this the content weeks, increase spending With on with reducing. where supply performance an From its side itself higher-quality programming. few lot to of been billion Netflix

spend in maintain non-scripted for to Netflix subscribers. customers. films, that docuseries, Paramount+, as television likes spend day, on and the scripted have the have gain XXXX decade millions We currently into Max visibility are end growth, tens doing in. platforms they to content. also all They premium HBO Roku, feature of and locked of least the At at content orders productions have and and a Original through many Disney+, adding which of of are the Peacock, have drive reported for subscriber recently for for

sit the content, on of for Given think ultimate of side can us proxy the where you that content as supply we growth.

turn X we're we line in and and Jason. relative this great to of growth. We've Beyond Bottom performance premium feel for sit content, businesses. strong tailwind With beat our where over it to all well-positioned that continued quarter. long-term past for a to quarters, great had the secular raise guidance that, the we I'll is about we

Jason Lublin

quarter I'll for financial to XXXX. everyone. first Thanks, also by of around of good our color quarter. the our start some first seeing provide and afternoon, walking results comparisons COVID what in impacted Ari, operating the segments. be through we're All I'll each you will

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

walk Now through briefly segments. you of I'll our each

first up revenue $XX.X Property million in million the Sports of quarter, or Our $XXX.X own segment generated X%.

London's off-season out calendar sold at shift record-breaking adjusted Fight pay-per-view quarter was several number highest-grossing or scheduled featured impacted the was quarter growth of commercial also saw all Increase greater year in licensing, Holdings. up $X UFC, for pay-per-view solely OX Ohio. event million advance-related was highest-grossing At offset the the At first XXXX. While $XXX.X related compared significant as operating revenue. this was at which EBITDA sponsorship arena PBR segment's and segment and Night the restrictions. events as current greater Fight UFC paying $X.X history million, UFC, in including adjusted QX costs by Baseball driven gains quarter, Commercial and Columbus, U.S. the events, XXXX one when Year-over-year without the in to revenue as pay-per-view Night by history pay-per-view well QX X%. in by in EBITDA well UFC of fewer the in million was calendar Diamond as a

in Eurosport signing with Netherlands in Spain. Additionally, international we Discovery+ deal in continued a multiyear media notably the and our trend most positive rights,

We aggregate, we Korea, broke a in value in in we At XXX% XXXX In growth the over annual QX with excess also with closed is which recently deals closed E&M the all-time announced shows. quarter X CJ deals. sale doubled all as revenue more of than of records South deal of XX average in QX. PBR, gross prior international rights in sold-out

Madness. And up events, experiences million turning XX%. revenue nearly We football million $XX.X and portion the adjusted recorded XX, or offerings includes of saw a This season strong EBITDA Bowl March $XXX.X the of $XXX.X Now in Super the premium million or hospitality NFL of performance to from across quarter. in and up events rights. college million, NCAA XXX%. $XXX.X on-locations quarter, postseason and The the segment bowl

including also Our Sports of Las had to Event record-breaking Miami stronger Open, the Mint like from attendance events, benefited inaugural Frieze Collective turn and our the in-person introduction which the new events Events business LA, in Vegas.

as our XX%, brand EBITDA XX% The revenue $XXX.X board, quarter of $XXX.X specifically, return Wall entertainment. up of which More the to core or Sports our across million IMG live the while including segments million, Representation marketing in WME growth first and had segment. talent, spend talent XX%. by the fashion includes $XX.X such to on million, or increase collective was was compared adjusted Moving business, and strong driven for and The our representation Group, demand Representation increased continued $XXX.X WME, talent increased QX an businesses Revenue million saw Models our XXXX.

resulting including to in the $X.X achieve to quarter $X in our of debt. debt. Cash the portion end, net it structure, Endeavor ended approximately capital content target. with we our net sale at As relates self-correct cash track billion We're the on billion in $X.X billion balances, from leverage quarter of were restricted long-term

the outlook our for remainder to of on XXXX. Moving

$X.XXX We range revenue and billion raising between our are $X.XXX billion.

of addition, range $X.X range EBITDA growth. midpoint In and billion are represents EBITDA our billion. The updated adjusted our XX% we year-over-year raising $X.XX adjusted to between

great reflects balance of the realized our business, feel we our given diversity overall deliver position ecosystem in and our to fundamentals factors, guidance strong the turn tailwinds first updated and our I'll risk macro outperformance in to for about the continue to the that, of confidence strong ability we and some entertainment our quarter. Our year it underlying James. the and sports With results. year-to-date back Despite the

James Marsh

Jason, Emma, all our [Operator Thanks, today. Instructions]. you and joining for us first we'll And take with that, question. thank


[Operator Instructions].

from Swinburne line today the of Your comes question Ben Stanley. Morgan first with

Benjamin Swinburne

James, of we bit could hear more hear market the the I'd spending and across to platforms ecosystem. business it diversified the team from talent on. or is different a clearly a that customers little parts on the little maybe the debate about focused and love media how is content And

concerns maybe TV. I that or there's business some business half is Netflix half the the is think

you're point us may to wondering another Jason of its And I more business topic would Amazon breadth be platforms year investors. on a plans. be like because for revisiting conversion the maybe that's seeing it update among Apple while in if could great So whether Netflix about hear view. or spending cash just And that lean was from

James Marsh

have take on Thanks, Ari in the as Ben. I'll as jump and well other trend Great. the diversification -- question, question. Jason will content

Ariel Emanuel

see from the where Well, reduction viewership. Each don't to in to Ben. we and value drive long-term spend. going content Thanks, platform any own we is strategy have their their sit, increase

all subs, not that Peacock, and Max we're talking was systems. Amazon by Discovery, XX they that Paramount, we HBO and saw As and and between just Apple driven over about their content have on Netflix, million Disney,

some about AVODs. adding Some talking SVOD, are are talking about

So we're distribution as before, that I agnostic. said in space,

good. up, not So going going moving pushing into is in, we very spend Apple and wherever sports because believe is the and is we also Amazon down believe spend the are

the Jason opening As XX% Representation XXXX. statement, revenue in as think a the increased just business streaming in about -- than sense to think And compared the our in you his about business mentioned business. we content broader

streaming and So premium, non-scripted. cable, year from between on -- -- our shows, shows a have basic basis, scripted total number perspective, total a the I over we XXX there's is of XXX we collective XXX. think on and is have between which on There's a broadcast, basis

business Xx being from there. our diversified XXXX. is podcasting That very said, we're So up

significantly. Our up sports business betting is

in mentioned I And so business, lecture we sit content we our business, good these our businesses. touring in feel comedy -- cetera. about our all where the haven't business, even et

X across is are TV spend of So any to platforms coming. there take months shows a would mean, I last a movies thing XXXX. the And their months, the the -- I in no indication -- of is there you, into content to to between from to and sometimes lot sometimes already that say through like X XX beginning year finish, They're are XXXX, years. start and locked

all they're about to and, on With SVOD the out They're to the are in content spreading the but process bottom side, And proxy It these et So of bets decreasing for they defend have get cetera. they've turn how because being the to -- in I'll the they legacy services content isn't also the to line said, continuing some. it that's business. spend, premium made over as spend. I Jason. that, is, is and we podcast

Jason Lublin

QX flow our less have a exposure, to X not than I we're free about In On X% SVOD overall Ben, to to of revenue targeted And get really, diversification. would quarter. XXXX, say point represented in for the XX% free aggregate, flow, cash company relying Yes. on buyers we conversion. cash distribution one our to the the speak from any largest our on revenue it's partner.

well We our and cash way year. on expect generate meaningful flow to there this are


from Deutsche Bank. comes Kraft line Your question of next the Bryan with

Bryan Kraft

to question. ask I wanted you a UFC

to sports or the comparisons regularly to sports. One up how questions NFL other the of team we're like is asked major fighter UFC tend made And mostly measures be compensation NBA. to

the professional up? team that looked question Have other you it is UFC relative measuring And sports is, at do the see besides my comparison? if how So you to major sports? right so,

Jason Lublin

Thank you you, we the NBA, actually Tour, drawn is We is And there in comparisons for fighter Bryan. XX%. the for if would right NASCAR that their comp comparison where XXXX we a as and to for athlete the those think that such individual those out the been percentage think of they're sports Yes. as to of has PGA UFC lot revenue what UFC. and at point FX, XX%, leagues, it's the Look, team paid, right CAGR with I has look right sports and also athletes a such the has comparison since line been ATP. we other relative while is -- agree NFL CAGR that don't compensation. been as the revenue period

about outpacing CAGR product that the has before revenue sponsorship through for entire the comp So been other fighter deals. money And talk ways are we consumer CAGR our the that's company. ancillary earning fighters other and of

of our the without summation we in in So to can here, business. fighters margins we to our invest believe risk continue


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

Stephen Laszczyk

front more touched the the then space. noticeable backdrop you have maybe you you the relates it host talk curious updated well, seen about ones concern particularly for consumer the or your or and I to maybe reopening you related GSM, either live a represent in some the but been macro if that on for month events, fair briefly, in that event it amount as was guys embedded could or economic And change assumptions so? on last guidance? over There's the demand the of any live as

James Marsh

the take and Sure. guidance. on Jason consumer the then Thanks, Stephen. in Ari question first jump on will will

Ariel Emanuel

our there's the no business is that consumer indication Thanks, weak. in Stephen. Well,

UFC every coming Out-of-town the event. pay-per-view quarter, of year-over-year. increase actually an traveling saw fans XX% in sold we events. out and our first to -- First

as at the earnings business. that. people If attendance Madrid that XX%. the had their talks in days, the you over up I attend are before, which Miami In just report, Nation Open said had look XX bookings it which acquired we've was about Miami Even it that it Live relates XXX,XXX biggest our the Super over largest Open, We had we've just on Bowl we Open. to in happened, location, ever was

look If UFC Formula Marvel our over had $XXX sold XX,XXX this at past We pay-per-view movie globally. you do weekend, out One their event. Disney just attend. had people million

all and the You had NHL NBA games.

of going none consumer right very kind we seeing And future restrictions going, of about and we're the actually happening. So -- where only that's into it's the where feel positive we now. look we

any see weakness. don't we So

Jason Lublin

of consumer ahead the for pacing the also our for events, pipeline. in demand upcoming bookings are Concert add we would well levels. pre-pandemic way on fall I see side the great as

businesses consumer-facing is levels. which record business, have Academy Our enrollment

recruiting business surpassed the outpacing already I basis, first equal equal And on And diversified Our the think our we've NCSA seeing at and side, a we're most of sales, sponsorship that PBR. contracted same on platform. we're users XXXX on interest a ever. at XXXoverXX, corporate brand At spend. QX XXXX value active UFC, the through just having has business -- quarter. underscores through on And

far in. As we're and really the into and confidence first fundamentals seeing the updated of business, tailwinds business we and as say, the year-to-date what the year for sectors on in that's look, the our and quarter our underlying the guidance, our guidance, balance based of that visibility our we we and operate outperformance our


next from with of question Your comes line David the Karnovsky JPMorgan.

David Karnovsky

for you in impacted see segment I update XXXoverXX. your your business side. if experiential by marketing a the know was COVID, I wanted negatively especially outlook in could to that

now there brands? what wondering type just So of seeing you're from demand right

Ariel Emanuel

moments throughout went over to side we're -- our seeing from sponsorship our and events. just sites, experiential our great seeing XXXoverXX Jason as on have We're corporations demand

is it higher our sponsorship was across the demand is The perspective, high. So on platform in par XXXoverXX from growing it's than And XXXX. is or business really substantially. our --

David Karnovsky

some you was could provide negotiations you UFC then rights update on in an deals. international And noted Okay. wondering I Brazil. the recent if

think Are you incremental XX do something you interest PASS go region? as you've with I seeing to you in the for think been combat on And like about potentially how FIGHT years. market? launching

Ariel Emanuel

his clear as Jason about in in being XXX%. We and I as And right CJ with give the that deal. I Global statements to Well, FIGHT incumbent. others, there. relates now Brazil We're an many come when and have the about you Netherlands PASS -- We percentage optionality it do to in things above our update. about talked opening incumbent said region, talked think you, specific we talked conversations we have we'll the deal, the down


comes question with next Your from line UBS. John Hodulik the of

John Hodulik

there real guys strength you in EBITDA year asked on business. It through the of how sounds outsized or run in guys a obviously, much Some maybe that? with the the And posted? then represents Events along guys in to location been an post-COVID from say to we from, And Asia? quarterly guess, full you that reopening as to -- did that, that quarter in I further number -- what we're had go But the you benefit the in Super seeing the sort was you're up similar exposure in sort in is to like know Bowl I quarter. maybe the you U.S. Europe the sort have of a But And on additional this at would strength upside everything past, rate. full here? you've of represent the

James Marsh

take Thanks, John. I'll that. Jason let


Jason Lublin

we not the at say Madrid, we and year, in some did of Events we're going to as exposure, coming that far China. on the Bowl. those China one to China that's have events as really attendance is mentioned, as a to where full in potential would certainly the the record events. some would balance returning have we have for exposure allocation of on the Super and definitely in QX On year. -- the update, Look, upside capacity bit Open, of And in 'XX, that we'll goes, the our but see in I exposure a And going saw probably I over we balance in be if certainly they're full what's Yes. of that materialize, little I Miami capacity. say area we seeing, already

So Bowl time, this the you compared is capacity the on-location a Super have you're last year-over-year full first 'XX comparing in to if a 'XX that year. from to business

the been we've on amount it a big versus and from of So put is able that -- 'XX tickets in events 'XX. increase we're to

John Hodulik

this I I as is big rate is at a what was out. I you a sort especially -- minus the as the guess, might pluses Jason, getting run mean segment over and be comes role But EBITDA, kind there's, using reopening good that mean, quarter time forward? The minuses. and of -- should be further that EBITDA pluses level the a Asia. guess, two had Europe in is I you be at level I in we and at in Yes. that might line. base this of going have maybe we of

Jason Lublin

would I Yes. say two things.

media As realize segment, we that E&R it's important I our We that business. just rights look not it's business have also segment, to the at an think right? in events

We IMG business. have Arena our

that We in have our Academy business also segment.

businesses all have events on because happened run rate, bigger QX. QX that quarter up think segment the I would specifically that those are of that you in can't events don't some side, events I a say, and our we as in for -- So use making

there's the they and business, of given So timing a seasonality lot that when events of happen. in


comes from question of Suisse. Meghan Credit with the next Durkin Your line

Meghan Durkin

XX%. talent time will side, And I Jason, the gave you business? the last us general I business. your around your on So I in just that if and just Ari. payment the they as it AAV you about how of mentioned TikTok, international begin the the deals wondering elements, new then, was think to on there monetization landscape talk was -- impact And add you could

So a what happened Can it on accelerated. there? you like give it color looks little

James Marsh

breaking second repeat just slightly. the there you question, you're up Meghan, Could

Meghan Durkin

what like quarter I if on and an the The happened there? or international quarter was deals made between before. market just AAV last comments from accelerated was you've there UFC underpriced this wondering the

James Marsh

Got it.

and can about the talk in Ari Jason So one I'll AAV. jump TikTok let then on

Ariel Emanuel

is Well, platform. representation add them move we I say one, amount the a can all We on significant have the of in side. TikTok influencers across the

sponsorship, Sometimes architecture the book, break across across they platform. sometime It's do them to cetera. et people and then we in unbelievable an our they platform move do

Netflix. perfect [indiscernible] example. She started as there. So did on is She a movie a

very us. new of relationship. So we an talent to a operations base for And find good that's have unbelievable

We stuff a there, also want have UFC and deal they more from us. with


Jason Lublin

far new AAV As the the have E&M been deal we've raised average AAV done the Korea. the in as in of go, some deals which particularly CJ -- up, that Netherlands, and Eurosport have the deal Discovery+ Spain, deal South in

had media just brought last time success on that those So -- we we some great deals spoke. up AAV since rights the has


comes with Tom next Your question of line the Sandler. from Piper Champion

Unidentified Analyst

is on for Jim Tom. This

So keep biggest I and we seasonality look of of guess, for the business strong 'XX looks guess are relative year? start. percent if for for pretty rest to terms a as EBITDA should contribution of to as QX's I things model Jason, pre-COVID, the off revenue mind we the in to what we at total a in be the

James Marsh

Great. Thanks Jim. the for question,

Jason Lublin

timing some take our and course Really, of over events biggest is bigger probably the of the thing year. when the place the they of

we're business. basis, have seasonality the we guiding year. at start do great off on business and about for an this we where we to how and of our in that's because our give are the and we a feel really look we annual guidance, So good But that


Joyce comes Barclays. question of line with from next Your the David

David Joyce

be wondering But fill side, the seeing going how are betting how globally just much could IMG that be providing on strategy Arena to on fixed? out that yet. haven't just of this you addressing was then is for there? there I rate that OpenBet? environment? us should on you secondly, sports that in your them? you you? On increasing thinking And billion, OpenBet $X.X you'll interest in What about we what the the question. closed are are leverage competitive you're for are And growth if debt with what stronger regions And and granted have the On forces

James Marsh

Thanks, David. Jason, take those.

Jason Lublin

$X.X is Yes, of question. our debt the XX% fixed, Roughly with billion I'll interest start debt swaps. side roughly of rate in the

is of continue So to fixed sense. makes it variable portion rates to much how opportunities that's evaluate of replace And we a fixed. rates, further if

what we as expecting expecting In year flow our conversion are our addition free to a net year-end updated by in guidance, for be well where on at our say to are -- we're are we for expecting the sub-Xx we would what on year-end I as on debt, based basis cash XXXX.

OpenBet what a As excited is process, in far that get the as in to regulatory waiting but about goes, extremely we're space. approval opportunity we're

a have new in both and businesses been businesses it's integrate a focus We great being on in money we're for believe offering new regions and with and markets those there. up, us what full as are player product BXB and solutions a have quite time. And and makes IMG As to we to Arena content open a then both of opportunity those making technology some EBITD-A-Positive our that one-of-a-kind us player the for space. EBITDA-positive. supply And able

Ariel Emanuel

Remember The U.S., that we're also regions side. say supply of in we I'll all that about Arena. Here's OpenBet Brazil. the and Japan, business, have opportunity on a that lot are IMG --

there the on gather between economics. to same having DraftKings. have the like platforms a not pay side we're across with So to the BXB the don't and customers. and underlying supply We're of technology. technology their We We're platform also XXX-plus our player FanDuel bookings the

between deals are and X so And years. those X

of synergies his between very the in there's we opening said So million about X revenue where And $XXX Jason remarks, as sit. also, we feel there's business. good

So opportunity it's for great a us.


comes Your today the last with question from line Citi. Bazinet of Jason

Jason Bazinet

you have just EBIT that mind you forecast that parts that had EBITDA now correct think, noncontrolling income. against which XX% jumped out is the that consensus. a bit, numbers guys And stacked done, moving appropriately? on acquisitions with I of can just net they was adjust but at unpacking that up of the looking do the our our -- know just I one there's $XXX I the and happened a lot numbers we was your million, line of so interest, almost, get

Jason Lublin

up detail into Yes. due structure, we're get that on you happy off-line it's follow you. but and Look, the then on to that with the to FC with

Ariel Emanuel

Guys, before just one we kind I guys. thing of to to you sign off want and here, say

and said, we're I on reduction business. raised consumer we spend. our strong, very platform, visibility is now. your why in and just great across any that's business that's our betting for And year. own really and side say The content any We questions. of very in feel I'll because reduction our across thanks conversation. guidance good kind that, we've see right relationship the sports properties, the it. supply our for the of of about all platform, don't the our end why have about our As balance appreciate We with We contracted of don't the year, And we this of see

Jason Lublin

much. very Thanks


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

may disconnect. You now