TKO Group Holdings Inc at Goldman Sachs Communacopia & Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : Maybe starting high level, Mark. And this Friday is the two-year anniversary of TKO. The company has executed against many of the initiatives that I remember speaking with you about two years ago when you first combined WWE and UFC together, streamlining the operations, growing sponsorship, live events and more recently, renegotiating many of your media rights deals on improved terms. Maybe just thinking about all that you've executed against and how the TKO story has progressed from here, would be curious to get your latest sense of what makes you most excited at this point looking forward and where we are in the arc of the growth strategy?

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : That's a great overview, and I definitely want to get into a lot of what you did discuss there. Maybe starting first with the media rights, you mentioned the ESPN deal, the WWE PLEs, Paramount-CBS with UFC. Mark, could you maybe talk a little bit more about these deals specifically and why ESPN and Paramount are the right partners for WWE and UFC, respectively?

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : Along the story of media rights, there's a few other media rights properties out there at the moment up for renegotiation or will be coming up for renegotiation in UFC International, PBR Boxing, which you mentioned earlier. Maybe just talk a little bit more about the status of those rights negotiations, the right type of partner that you're looking for in others and how you see that process playing out?

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : Maybe since you mentioned boxing, there's -- thinking about the longer-term plan for boxing, so you mentioned two to four fights ramping up over the next year or so, potentially layering in media rights on the back of that. I guess as you see execution, both over the next 12 months in boxing and then maybe further ambitions, looking out over the next couple of years, how big could boxing get in the US and then the opportunity internationally?

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : I do want to get to capital returns and capital allocation more broadly. But maybe picking up on something that you touched on, on partnership and sponsors and a broader opportunity with bringing more brands into the ecosystem, it's been a great growth story over the last year or two for UFC and WWE in particular. The new deals, you mentioned have some ad inventory available, I think two minutes an hour. Could you just talk a little bit more about where we are in the growth story in sponsorship? Maybe how does new inventory unlocks opportunities for you and where you see --

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : On live events, you guys have spent the better part of the last two years optimizing some of the capacity around UFC and WWE, optimizing some of the pricing. You mentioned the fight this weekend, ticket prices are very impressive in terms of what they're going for. I think it shows the demand at the upper end of the spectrum. Maybe you could just give us a lay land of where do you see the consumer at today? Where do you see demand for live events today? And then looking ahead, room for further optimization on maybe up-tiering venues, up-tiering pricing? Where is the bigger growth opportunity for TKO?

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : On-site fees, this has been a story that's been building for the better part of the last few years. Over the last year, you just signed deals with Las Vegas, New Jersey, Baku, Qatar. Maybe you could just update us on where we are in terms of execution against the site fee opportunity? I think you have 24 marquee fights that you've looked to put site fees around. So just be curious where you are in terms of your goal of reaching 24? And then how's the pipeline looking?

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : Maybe switching gears --

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : It could be as many as 30 site fee opportunities out there?

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : I want to pivot to margins. You mentioned earlier that the revenue growth that you expected to achieve over the next couple of years, I think most investors think of you as a high operating leverage business in the sense that a lot of revenue growth dropped down to the bottom line. I would just be curious to your take as you look forward into next year, balancing reinvestment in the OpEx of the business, whether that's fighter pay, whether that's more ancillary programming around the UFC and WWE to build engagement, to build fan momentum. How should investors really be thinking about the level of reinvestment? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 5:50PM, TKO.N - TKO Group Holdings Inc at Goldman Sachs Communacopia & Technology Conference

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : Maybe pivoting back to some of the other assets within the Endeavor complex, you mentioned On Location, World Cup and Olympics selling out well for the next year. Can you talk a little bit more about the longer-term growth for On Location and picking up new pieces of IP, new events to layer on to the platform? And then as part of this, the conversation I do have with investors around this is thinking through the risk profile of some of these contracts that typically tend to be more fixed deals, which transfers the risk to On Location, how do you get comfortable with that?

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : Mark, I can't let you go without digging deeper into capital allocation. You mentioned earlier, the free cash flow generation profile of the business, leverage, modest, not too much capital intensity or needs at the moment. How do you think about capital allocation within that capital returns versus M&A?

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : You mentioned the commitment by end of 3Q to start the share repurchase?

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : That's great. Mark, we have to leave it there, but thank you for taking the time to attend the conference this week.