Financial Data and Key Metrics Changes - In 2025, the company generated revenue of $4.735 billion and Adjusted EBITDA of $1.585 billion, exceeding the upper end of the revised guidance range [18] - Adjusted EBITDA margin increased to 33.5% from just over 22% in 2024, reflecting a significant improvement in profitability [18] - For Q4 2025, revenue was $1.038 billion, a 12% increase year-over-year, while Adjusted EBITDA rose 30% to $281 million [19] Business Line Data and Key Metrics Changes - UFC revenue for Q4 2025 was $401 million, up 17% year-over-year, with an Adjusted EBITDA margin of 53% [20] - WWE generated $360 million in revenue for Q4 2025, a 21% increase, with an Adjusted EBITDA margin of 46% [22] - The IMG segment saw a revenue decrease of 9% to $248 million, with an Adjusted EBITDA loss of $4 million [25] Market Data and Key Metrics Changes - The company secured over $15 billion in long-term media rights agreements across its segments, enhancing revenue visibility and predictability [6][34] - The UFC's debut on Paramount+ drew nearly 5 million streaming views, marking it as the largest exclusive live event in Paramount+ history [9] Company Strategy and Development Direction - The company is focused on execution in 2026, emphasizing operational performance over M&A opportunities [5][73] - A capital return program was launched, including a quarterly cash dividend and share repurchase initiatives totaling up to $2 billion [5][31] - The company aims to achieve $1.2 billion in total partnerships revenue by 2030, reflecting strong growth potential in this area [10][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position in the content marketplace, citing strong demand for premium content and the potential for significant revenue growth [5][17] - The outlook for 2026 includes targeted revenue of $5.675 billion to $5.775 billion and Adjusted EBITDA of $2.24 billion to $2.29 billion, driven by new media rights deals and global partnerships [33][34] Other Important Information - The company plans to hold a significant event at the White House in June 2026, which is expected to cost upwards of $60 million but aims to generate substantial visibility and audience engagement [12][36] - The integration of IMG and On Location is expected to fuel growth in core IP and enhance the company's position in the sports and entertainment sector [15] Q&A Session All Questions and Answers Question: Advantages of partners bidding for WBD - Management refrained from commenting on the implications of partners bidding for WBD, emphasizing their strong relationships with both Paramount and Netflix [46][48] Question: Zuffa's strategy regarding the Conor Benn deal - Management clarified that the $15 million deal for Conor Benn is for one fight in 2026 and is financially backed by their partner Sela, not TKO directly [49][51] Question: ROI of the White House event - Management indicated that the White House event is seen as a long-term investment for visibility rather than immediate profit, with plans to offset costs through corporate partnerships [52][53] Question: 2026 guidance details - Management provided insights into expected revenue and Adjusted EBITDA growth, highlighting strong performance in UFC and WWE driven by new media rights and financial incentive packages [59][62] Question: Partnership growth opportunities - Management emphasized the growth potential in partnerships, noting that they exceeded their 2025 target and are on track to achieve their 2030 revenue goal [63][64] Question: M&A strategy and execution focus - Management reiterated that 2026 is a year of execution, focusing on operational performance rather than pursuing M&A opportunities [71][73]

Financial Data and Key Metrics Changes - In 2025, the company generated revenue of $4.735 billion and Adjusted EBITDA of $1.585 billion, exceeding the upper end of the revised guidance range [18] - Adjusted EBITDA margin increased to 33.5% from just over 22% in 2024, reflecting a significant improvement in profitability [18] - For Q4 2025, revenue was $1.038 billion, a 12% increase year-over-year, while Adjusted EBITDA rose 30% to $281 million [19] Business Line Data and Key Metrics Changes - UFC revenue for Q4 2025 was $401 million, up 17% year-over-year, with an Adjusted EBITDA margin of 53% [20] - WWE generated $360 million in revenue for Q4 2025, a 21% increase, with an Adjusted EBITDA margin of 46% [22] - The IMG segment saw a revenue decrease of 9% to $248 million, with an Adjusted EBITDA loss of $4 million [25] Market Data and Key Metrics Changes - The company secured over $15 billion in long-term media rights agreements across its segments, enhancing revenue visibility and predictability [6][35] - The UFC's debut on Paramount+ drew nearly 5 million streaming views, marking it as the largest exclusive live event in Paramount+ history [9] Company Strategy and Development Direction - The company is focused on execution in 2026, emphasizing operational performance over M&A opportunities [5][73] - A capital return program was launched, including a quarterly cash dividend and share repurchase initiatives totaling up to $2 billion [5][31] - The company aims to achieve $1.2 billion in total partnerships revenue by 2030, reflecting strong growth potential in this area [10][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position in the content marketplace and the potential for growth driven by new media rights deals [5][17] - The company anticipates revenue growth of 21% and Adjusted EBITDA growth of 43% for 2026, primarily due to new media rights agreements [33][62] Other Important Information - The company plans to hold a significant event at the White House, expected to cost upwards of $60 million, aimed at increasing brand visibility [12][52] - Financial incentive packages are expected to generate over $300 million in value in 2026, doubling previous amounts [14] Q&A Session Summary Question: Advantages of partners bidding for WBD - Management refrained from commenting on the implications of partners bidding for WBD, emphasizing their strong relationships with both Paramount and Netflix [46][48] Question: Zuffa's strategy regarding the Conor Benn deal - Management clarified that the $15 million deal for Conor Benn is for one fight and is financially backed by their partner Sela, not TKO [49][51] Question: ROI on the White House event - Management confirmed the event is an investment for visibility and audience expansion, expecting to offset half of the costs through partnerships [52][53] Question: 2026 guidance details - Management provided insights on expected revenue and Adjusted EBITDA growth, highlighting contributions from media rights and financial incentive packages [59][62] Question: Growth opportunities in partnerships - Management noted the potential for continued growth in partnerships, emphasizing the appeal of their audience to marketers [63][64] Question: Execution focus for 2026 - Management reiterated that 2026 is a year of execution, focusing on operational performance rather than pursuing M&A opportunities [73]

Financial Data and Key Metrics Changes - In 2025, the company generated revenue of $4.735 billion and Adjusted EBITDA of $1.585 billion, exceeding the upper end of the revised guidance range [19] - Adjusted EBITDA margin increased to 33.5% from just over 22% in 2024, reflecting a significant improvement in profitability [19] - For Q4 2025, revenue was $1.038 billion, a 12% increase year-over-year, while Adjusted EBITDA rose 30% to $281 million [20] Business Line Data and Key Metrics Changes - UFC revenue for Q4 2025 was $401 million, up 17% year-over-year, with an Adjusted EBITDA margin of 53% [21] - WWE generated $360 million in revenue for Q4 2025, a 21% increase, with an Adjusted EBITDA margin of 46% [24] - The IMG segment saw a revenue decrease of 9% to $248 million, with an Adjusted EBITDA loss of $4 million [27] Market Data and Key Metrics Changes - The company secured over $15 billion in long-term media rights agreements across its properties, enhancing revenue visibility and predictability [7] - WWE's partnership with Netflix resulted in 525 million hours of content streamed in its first year, indicating strong audience engagement [8] - UFC's debut on Paramount+ drew nearly 5 million streaming views, marking it as the largest exclusive live event in the platform's history [10] Company Strategy and Development Direction - The company aims to focus on execution in 2026, emphasizing operational efficiency and capital return programs [5][74] - Plans to leverage financial incentive packages (FIPs) to enhance live event economics and drive growth [36] - The company is optimistic about expanding its global partnerships and achieving a target of $1.2 billion in partnerships revenue by 2030 [11][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position within the sports and entertainment ecosystem, anticipating continued growth driven by media rights deals and partnerships [4][18] - The company expects revenue growth of 21% and Adjusted EBITDA growth of 43% for 2026, with a targeted Adjusted EBITDA margin of approximately 39.6% [34] - Management highlighted the importance of upcoming events, including a significant UFC event at the White House, as a strategic investment for long-term visibility [36][52] Other Important Information - The company initiated a capital return program, doubling its quarterly cash dividend and planning to repurchase up to an additional $1 billion of shares [5][33] - Free cash flow for 2025 was $1.159 billion, with a conversion rate of 73% [29] - The company ended 2025 with $3.783 billion in debt and $831 million in cash, resulting in a net leverage ratio of 1.9 times [30] Q&A Session Summary Question: Advantages of partners bidding for WBD - Management refrained from commenting on the implications of partners bidding for WBD, emphasizing their strong business relationships with both companies [46][49] Question: Zuffa's $15 million Conor Benn deal - Management clarified that the deal is for one fight and is financially backed by their partner Sela, not TKO's direct expenditure [50][51] Question: ROI on the White House event - Management indicated that the event is expected to cost upwards of $60 million, with plans to offset half of the cost through corporate partnerships, viewing it as a long-term investment for visibility [52][53] Question: 2026 guidance details - Management provided insights into expected revenue and Adjusted EBITDA growth, highlighting contributions from media rights and financial incentive packages [58][62] Question: Partnership growth opportunities - Management expressed confidence in the growth potential of partnerships, noting the successful exceedance of previous revenue targets and the ongoing expansion into new categories [63][66] Question: M&A strategy for 2026 - Management emphasized that 2026 is a year of execution, focusing on operational performance rather than pursuing acquisitions [74]

Core Insights - Datavault AI Inc. has entered into a software licensing agreement with the World Boxing Council (WBC) to utilize its patented technologies at WBC championship events through 2025 and 2026 [1][10] Group 1: Partnership Details - The agreement allows Datavault to implement its ADIO® ultrasonic engagement technology, DataVault®, VerifyU™, and Information Data Exchange (IDE) platform at WBC events [1] - Revenue generated from event-driven activations will be shared equally between Datavault and WBC on a 50/50 basis [3] Group 2: WBC Overview - The WBC is a prominent sanctioning body in professional boxing, overseeing events in over 170 countries and establishing global standards for fighter safety and competition integrity [2][12] - Recent championship fights, such as Canelo Álvarez vs. Terence Crawford, have attracted significant viewership, with 41 million viewers reported for the latter event [5] Group 3: Data Monetization Potential - Datavault's technology enables the capture of authenticated audience interactions across various channels, creating compliance-ready datasets for sponsors and rights-holders [4][6] - For example, if 10% of 40 million viewers engage through Datavault's technology, it could result in approximately 4 million authenticated interactions, potentially generating multi-million-dollar datasets for future campaigns [8] Group 4: Management Commentary - WBC President Mauricio Sulaimán expressed enthusiasm for integrating Datavault's technology to enhance audience engagement and create new value for fans and partners [11] - Datavault CEO Nathaniel Bradley highlighted the partnership's alignment with the company's mission to transform audience participation into high-integrity data assets with measurable commercial value [11]

Financial Data and Key Metrics Changes - TKO generated revenue of $1.12 billion in Q3 2025, with adjusted EBITDA of $360 million, resulting in an adjusted EBITDA margin of 32% [11][12] - Year-over-year revenue decreased by 27%, while adjusted EBITDA increased by 59%, and adjusted EBITDA margin improved from 15% in the prior year [12] - Free cash flow for the quarter was $399 million, with a conversion rate of 111% [22][23] Business Line Data and Key Metrics Changes - UFC segment revenue was $325 million, down 8%, with adjusted EBITDA of $166 million, a decrease of 15% [13][15] - WWE segment revenue increased by 23% to $402 million, with adjusted EBITDA rising by 19% to $208 million [15][16] - IMG segment revenue decreased by 59% to $337 million, but adjusted EBITDA improved significantly from negative $7 million to $61 million [18][19] Market Data and Key Metrics Changes - UFC's media rights production and content revenue decreased by 7% to $201 million, while WWE's media rights production and content revenue increased by 9% to $249 million [13][17] - WWE's live events revenue surged by 61% to $83 million, driven by higher ticket sales and site fees [16][17] - PBR's broadcast drew an average of 2.7 million viewers, the largest audience since joining CBS in 2012 [9] Company Strategy and Development Direction - TKO is focused on maximizing shareholder value through strong performance across all business segments and capitalizing on new growth opportunities [10][25] - The company aims to enhance its competitive position in boxing with the launch of Zuffa Boxing and significant media rights agreements [5][31] - TKO plans to leverage its media rights deals to secure high-margin revenue streams and expand its global partnerships [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's momentum, citing strong demand for premium sports content and experiences [4][10] - The company raised its full-year 2025 guidance for revenue and adjusted EBITDA for the third consecutive quarter, targeting revenue of $4.69 billion to $4.72 billion [25][26] - Management highlighted the importance of international market expansion and monetization opportunities as key growth drivers [36][37] Other Important Information - TKO announced a $1 billion stock buyback program and doubled its quarterly cash dividend [4][23] - The company ended the quarter with $3.759 billion in debt and $861 million in cash and cash equivalents [24] Q&A Session Summary Question: Why was Paramount chosen as the partner for LATAM and Australia? - Management emphasized the execution story and the importance of maximizing media rights opportunities, noting that Paramount offered the best overall deal [33][34][37] Question: What is the outlook for WWE live events revenue? - Management indicated that both premium live events and weekly events are contributing to revenue growth, with high capacity and appropriate pricing strategies [38][39] Question: How will the distribution model with Paramount affect international markets? - Management clarified that while some markets will retain pay-per-view models, the focus will be on maximizing reach through subscription-based offerings [40][41] Question: What are the plans for boxing beyond the Zuffa Boxing initiative? - Management expressed a strong appetite for super fights and emphasized the potential for high-margin revenue through promotional and management fees [45][46] Question: How significant will site fees be for revenue in 2026? - Management highlighted the strategic focus on securing site fees and the potential for significant revenue growth from upcoming events, particularly in Saudi Arabia [52][54]