TKO Group Holdings, Inc.

Hello, everyone. Thank you for joining us and welcome to TKO's first quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. I will now hand the call over to Seth Zaslow, head of investor relations.

Good afternoon and welcome to TKO's first quarter 2026 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, Mark Shapiro, TKO's President and Chief Operating Officer, and Andrew Schweimer, TKO's Chief Financial Officer, we'll open the call for questions. Mark and Andrew will be handling the Q&A. The purpose of this call is to provide you with information regarding our first quarter 2026 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. 2026 is off to a formidable start, especially considering the macro environment. The key growth drivers we outlined in February, media rights, live events and experiences, global partnerships, and financial incentive packages, all delivered as planned in the first quarter in line with our guidance. We are introducing our live events and experiences to new markets around the world while capitalizing on all the revenue generators inside our machine. And our newer properties, most notably Zufa Boxing, are on accelerated growth tracks. TKO sits squarely at the center of a growing sports and entertainment ecosystem. As AI transforms how content is created and consumed, the value of our IP and properties increases. Our content is live, it's communal, it's scarce, and no algorithm can replicate it. Reflecting our conviction in TKO and its long-term value, we've announced an incremental $1 billion share repurchase authorization, complementing the existing program, which we expect will be largely complete in the near term. We firmly believe TKO is built for what's ahead. Mark will take you through the quarter in greater detail.