TKO Group Holdings, Inc. Goldman Sachs Communacopia + Technology Conference 2026

Thanks for having me, Stephen. The day after Labor Day.

Look, it's been a whirlwind the 3 years, that's for sure. I think we clearly have benefited/capitalized on some strong secular tailwinds. We sit squarely in the center of a growing ecosystem across sports, entertainment, and really live events. Any which way you slice it, when you look at our company, I think first from a financial profile, and then from a fan composition standpoint, it's a strong profile. It's robust, in many ways bulletproof, given where the market is going and where the environment is going when it comes to content and live events. We're sitting here with strong margins. This year, we'll be up 600 basis points at the midpoint of our guidance to 39.6%, and we will get further expansion in the years to come. We have a very healthy leverage ratio, we'll be below 2x by the end of the year.

We're a geyser for cash, and that will just increase in the years to come. Our free cash flow conversion normalized is 60% plus. Real strong operating leverage, best-in-class operating teams, and we're number one in each of our sport properties. In professional wrestling, WWE is number one. In combat sports, UFC is by far number one. PBR, number one, albeit smaller, in bull riding across the globe. Our sports are more and more becoming globalized. We're going into new countries, new territories. We're in over 200 countries with our content, and we have almost a billion social followers. So real strong currency on that front. We're also a year of execution.

We've stayed true to our word that we are going to spend this year improving our product, improving our content, improving our reach, improving our engagement, working with our new media partners with some extraordinary deals, and capitalize and execute on that. We put out a guide to 2030 for our global partnerships that we'll do $1.2 billion across our properties. Of course, financial incentive packages are also another strong revenue generator for us, and we've put out a guide that we'll do in the frame of $380 million-$420 million.

Remember, what we do on financial incentive packages is we go territory to territory and see where it's best to bring our product, both for our brand and our audience, but also for the deal, and through in-kind and often cash because of the economic impact we bring to those territories, cities line up to have our events there, and we're trying to capitalize on that. I would say, finally, that we're good stewards of capital, and we are uniquely and laser-focused on returning capital to shareholders, albeit through the dividend and the way we've obviously expanded that, and of course, by buying back stock. We are in the market every day right now buying back stock.

We believe in the story, and we think among the stories and narratives in sports and entertainment, you'd be hard-pressed to find really, and I say this with all humility, a rocket ship like TKO.

Yeah, look, we're blessed with the media rights deals we have. Tremendous partners across the board. USA Network's been with us forever. Obviously, they're part of Versa now. Netflix, monster ad. We're top 10 in several countries every week with Raw. Of course, Paramount+ is a massive deal and growing and giving us great exposure globally, and they're more and more launching in different territories internationally. Then, of course, ESPN or WWE and our PLEs are there. What I would say is, look, Paramount, let's start there because that's our bread and butter, if you will. First of all, they're just a terrific partner. They may be a bigger company, which we didn't plan on, with more platforms in the months to come, depending on how that negotiation goes. But you go to their platform, you go to Paramount+, and you see we are front and center.

We're not an oh, by the way. We're a focus. We're a focal point for them, lined up right next to Lioness, which is Taylor Sheridan's big hit and doing extremely well this year. So you can't miss UFC, whether it's long-form or live on Paramount+. It's been a big hit. We're driving acquisition, we're driving retention, and we're seeing terrific engagement. 25% of the viewers that watch Paramount+ also watch UFC. But our fans, the viewer for UFC, is 15 years younger than the average viewer consumer that watches Paramount+ on a regular basis. The live event, of course, we had in Washington, D.C., for our country's anniversary birthday celebration, is the biggest live event ever on the platform. So that's been a real winner for us. We'll keep driving that. Of course, Paramount+ is a bigger partner that we have a PBR deal with them, we have Zuffa Boxing with them, so we're all in on them.

When you look at ESPN, the PLEs are performing well, but soon to get a lot better because they've recently announced a new carriage deal with YouTube TV, which will be big for our fan base, big for our audience, big for our brand, big for our reach, and will certainly increase engagement. What I would say about both these companies, they're among the best marketers in the world when it comes to content. We love our neighbors on Paramount+ and CBS, Masters and the NFL, and of course, ESPN. Just take a look at this weekend. No better example. ESPN Unlimited was out of this world this past weekend.

College football launched, and you go to ESPN+ and you just have a plethora, an abundance of games on top of everything else they have, like the US Open. Of course, the NFL launches this week. We're in a really good position, and we're working with each of those platforms every single day on storylines and building stars. The last thing I would say, Stephen, which I know is important to you, is on the international front. We don't break out international numbers specifically, and frankly, the media revenue we do internationally is tiny compared to our domestic deals. Having said that, this year alone, we've closed China, Japan, Korea, France, and Canada. The average uptake increase on our rights fee from those five deals alone was a 1.7 step-up.