TKO Group Holdings, Inc.

Good afternoon. Thank you for attending the TKO Q3 2025 earnings call. My name is Matt and I'll be the moderator for today's call. All lines be muted during the presentation portion of the call for an opportunity for questions and answers at the end. If you'd like to ask a question, please press star one on your telephone keypad. I'd like to pass the conference over to our host, Seth Zaslow, head of investor relations. Seth, please go ahead.

Good afternoon and welcome to TKO's third quarter 2025 earnings call. A short while ago, we issued a press release which you can view on our investor relations website. A recording of this call will also be available via our website for at least 30 days. After prepared remarks from Ari Emanuel, TKO's Executive Chair and Chief Executive Officer, and Andrew Schweimer, TKO's Chief Financial Officer, we'll open the call for questions. Mark Shapiro, our President and Chief Operating Officer, and Andrew will be handling the Q&A. The purpose of this call is to provide you with information regarding our third quarter 2025 performance. I want to remind everyone that the information discussed will include forward-looking statements and or projections that involve risks, uncertainties, and assumptions. Please see our filings with the Securities and Exchange Commission for further detail. If these risks or uncertainties were to materialize or any assumptions prove incorrect, our results may differ materially from those expressed or implied on this call. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events, except as legally required. Our commentary today will also include non-GAAP financial measures, which we believe provide an additional tool for investors to use in evaluating ongoing operating results and trends. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP metrics can be found in our press release issued today, as well as the information posted on our IR website. With that, I'll now turn the call over to Ari.

Thanks, Seth. Q3 was a milestone quarter for TKO. securing landmark media rights deals, doubling our quarterly cash dividend, and launching a $1 billion stock buyback. These achievements, paired with strong quarterly results and the increased full-year guidance we announced today, underscore our continued momentum in the business. Our fundamentals are strong, premium sports content and experiences are in high demand, and as such, the table is set for long-term sustainable growth. Our historic media rights agreements were the standout this quarter, locking in recurring revenues, and creating new monetization opportunities for our biggest brands. UFC's seven-year, $7.7 billion agreement with Paramount to bring UFC to Paramount Plus and CBS in the U.S. places us squarely in the sports mainstream and doubles the AAV of our previous agreement. Starting in 2026, UFC will join the NFL, the Masters, March Madness, and UEFA in Paramount's sports portfolio, expanding our reach and removing barriers to entry for fans, ultimately worldwide. WWE's five-year premium live events partnership with ESPN in the U.S. launched ahead of schedule in Q3 with the first ever WrestlePalooza, a new franchise streamed exclusively on ESPN's new direct-to-consumer service. This deal delivers a greater than 1.8 times step up in value and brings WWE's marquee events, including WrestleMania and SummerSlam, into ESPN's unrivaled promotional ecosystem, further expanding WWE's footprint and fan base. Our Zufa boxing joint venture will officially launch in 2026. And with it, we announced a significant media rights agreement with Paramount in the US, Canada, and Latin America. We ramped up our competitive position in boxing by promoting the Canelo versus Crawford fight in September, which sold out Allegiant Stadium in Las Vegas and drew more than 41 million viewers worldwide on Netflix. Those super fights will serve as significant marketing stages for Zufa boxing going forward. In addition to closing these major media rights deals, our sports properties, which collectively reach more than a billion fans globally, created strong momentum for our live events and brand partnership segments, setting new records and adding first ever partners. As a few examples, UFC 319 became the highest-grossing event at Chicago's United Center, and UFC's highly anticipated return to mainland China sold out Shanghai's indoor stadium in less than a minute. Similarly, WWE's live event set 35 individual market records throughout the quarter, and the first-ever two-night SummerSlam sold more than 100,000 tickets at MetLife Stadium. Building on these arena records, our live events continue to attract strong interest from cities and venues worldwide. This quarter, UFC and WWE expanded their relationships with T-Mobile Arena in Las Vegas and Delta Center in Salt Lake City. We also announced a four-year UFC partnership with Galaxy Macau and a WWE agreement with the General Entertainment Authority to bring WrestleMania 43 to Riyadh in 2027. WWE content also continues to generate impressive ratings for our media partners. SmackDown led primetime cable ratings nine Fridays in the quarter, and Raw maintained its position on Netflix's Global Top 10 every single week through the quarter, extending a streak that began with the launch in January. Global brand partnerships achieved impressive results, with WWE's robust double-digit growth in the quarter, powered by SummerSlam, and new blue-chip brands, including Maybelline, WWE's first ever official cosmetics partner. And at PBR, fan engagement continued to grow. In October, a single Sunday broadcast drew an average of 2.7 million viewers on CBS, the league's largest audience since joining the network in 2012, outperforming MLB playoffs and college football ratings that day. With this momentum and building on its longstanding partnership with CBS, PBR earlier today announced a five-year deal to bring its Unleash the Beast series to Paramount Plus beginning in 2026. Finally, IMG and On Location also demonstrated momentum in the quarter. IMG, in addition to advising on TKO's landmark media rights deals, played a pivotal role in driving global broadcast coverage for top sporting events including Wimbledon, the U.S. Open Tennis Championships, the Open at Royal Portrush, and the Ryder Cup. And On Location continued to capitalize on robust demand for premium experiences, selling out packages to 20,000 fans at the Ryder Cup and hosting 47,000 attendees in Dublin for the Aer Lingus Classic. Across the board, we're firing on all cylinders, but we know we're still in very early innings. With our cornerstone media rights agreements secured, we are squarely focused on preparing for UFC's paramount debut, maximizing WWE's presence on ESPN, driving growth across live events and site fees, strengthening our global partnerships, and launching Zufa Boxing. Our priorities are clear as we finish the year and position the business for 2026, sustain strong performance across all our businesses, capitalize on new growth opportunities, and maximize shareholder value. With that, I'll turn the call over to Andrew.