The following is a summary of the TKO Group Holdings, Inc. (TKO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• TKO Group reported a Q1 2024 revenue of $630 million, experiencing a net loss of $250 million due to a $335 million charge from a legal settlement.

• The adjusted EBITDA for the company was $282 million.

• The UFC segment experienced a 2% increase in revenue at $313 million and a 5% boost in its adjusted EBITDA at $195 million, driven by growing partnerships and sponsorships.

• The WWE segment reciprocated these positive results with a revenue of $317 million and an EBITDA of $140 million.

• The company's financial future suggests a potential increase in revenue and EBITDA for 2024, influenced by the robust year-to-date operating performance and a contract with the USA Network for domestic rights to RAW.

• TKO has planned $200 million payments for 2024, decreasing tax distributions to members and overall impacting the cash on hand.

Business Progress:

• TKO sealed agreements for WWE with Netflix and renewed UFC rights in various international markets.

• Viewership metrics have shown positive results with WrestleMania 40 bagging the highest viewership ever and UFC 300 being one of the highest-grossing events.

• The company has heightened its annual guidance in terms of revenue and adjusted EBITDA, based on their Q1 performance.

• They anticipate continual growth in their partnerships and foresee a potential increase in revenue and EBITDA for 2024.

• The business relationship with the Kingdom of Saudi Arabia boosts the possibility of more WWE and UFC events in the future.

• The success of WrestleMania in terms of sponsorships, ticket sales, viewership and social hits, with the next event announced to be held in Las Vegas, suggests continued expansion of the WWE brand.

• TKO is exploring the possibility of mergers, acquisitions and organic expansion within the premium sports content and live events realm.

• Negotiations for media rights between UFC, TKO and Walt Disney are set to begin in mid-January.

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