Stephen Laszczyk

Schleimer attributed the raise to broad business strength, especially UFC, and cautioned against over-indexing on the World Cup.

Shapiro gave a broad strategic answer on engagement and reach with the SummerSlam example, but limited quantification.

Schleimer attributed UFC slowdown to two fewer events with per-event revenue allocation. WWE was impacted by 12 international events which are harder to monetize. Both confirmed nothing to read through.

Shapiro cited WrestleMania hitting top 10 in 33 countries on Saturday, highlighted youth demos and diversity driving partnership upside, and pointed to no slowdown in demand.

Schleimer declined segment-level detail but confirmed 21% revenue growth, 43% EBITDA growth, 600bps margin expansion. Milan Olympics ~$170M revenue but aggregate Olympics contribution negative due to LA28 prespend. World Cup $75M EBITDA.

Shapiro cited underestimation of partnerships division. Exceeded $450M target, raised 2030 target to $1.2B. Categories still expanding (cited DUDE Wipes). Hard-to-reach young men 18-34 remain core value prop. Margin expansion from 33.5% to ~40% fueled by partnerships.

Shapiro described TKO as execution story. Paramount won LatAm/Australia on best combination of brand, marketing plan, holistic investment and rights fee. International monetization gap is key priority.

Khan explained both capacity and pricing driving growth. Reducing non-televised live events created scarcity for televised events. European tour for Raw/SmackDown before Royal Rumble in Saudi Arabia with tickets already on fire.

Khan cited family-friendly programming with 50% live audience bringing children, 40% female audience as sponsorship differentiators. Shapiro described WWE as blank canvas with fertile ground across mat, arena, concourse, hospitality and broadcast integration.

Schleimer attributed outperformance to live events, IP and partnerships. WWE hit 59% margins in Q2 from 40% just a few years ago. SummerSlam becoming another WrestleMania-caliber event.

Schleimer attributed outperformance to live events and global partnerships beating internal expectations. WrestleMania tailwinds provide visibility through December. Shapiro explicitly denied sandbagging.

Shapiro emphasized prudence and cash accumulation. Schleimer reiterated fairly linear buyback over 3-4 years but can be opportunistic. Buyback expected to commence Q2 or Q3.

Schleimer confirmed meaningful incentive package for Kansas City Takeover but did not quantify. Highlighted opportunity to monetize 200+ events in the portfolio.

Shapiro confirmed $375M sponsorship target on track. Highlighted selling across three leagues (UFC, WWE, PBR) with VeChain as Kansas City presenting sponsor.

Berchtold gave the stepped-up full-year framing and explained the back-half US weighting and the operated-venue mix behind margin expansion.

Rapino answered directly with fan count up over 10%, cancellations at 1.1% versus a 1.6 average, and record deferred levels.

Berchtold broke down: sponsorship double-digit AOI, ticketing not expecting a lot due to secondary headwinds, concerts targeting double-digit growth.

Rapino confirmed consistent theme: global market growing, all venue segments from clubs to stadiums doing more business. High single-digit industry growth expected.

Berchtold detailed 120 more stadium shows balanced US/international, 250 fewer amp shows, arenas flat. Growth driven heavily by operated stadiums.

Berchtold said FTC suit is weak legally. Identity verification was already in development. DOJ case has completed discovery with March 6 trial date reaffirmed.

Berchtold expected Q3 very strong with about 1/3 of fans in stadiums vs 1/4 last year. Arena and theater activity weighted more to Q4.

Rapino described OCESA partner extending put-call to stay invested in future growth. Brazil seen as another Mexico-sized opportunity.

Berchtold confirmed March 2026 trial date, ongoing discovery and depositions. Hoping for settlement discussions but nothing substantive yet.

Berchtold said 4 venues open by year-end with clear run-rate addition for next year. Others open next year with full run rate by 2027.

Rapino provided specific metrics showing over 75% sell-through on first week stadium on-sales, higher than any comparable year.

Berchtold noted Ticketmaster will benefit most from stadium volume but exact AOI growth balance depends on amphitheater season performance.

Cocks answered directly: growing/reacquired player base, double-digit distribution growth, and a strong 2027 first-party and Universes Beyond set lineup.

Goetter said the raise passes through H1 upside; Wizards back-half guide unchanged (Q4 down on comp/timing), CP moving to low-single-digit growth.

Goetter confirmed $12-14M/month run rate continuing into 2026 with decay rates in line. UA expense has declined, and Scopely effective at value capture through in-game purchasing.

Cocks broke down short/mid/long-term: productivity boom now (1M hours saved), creative workflow acceleration midterm (10x concept speed in toys), long-term new categories of play. Collector and adult markets first, then broader adoption.

Goetter detailed: $350M capitalized software on balance sheet (all games not just Exodus). 65% of dev cost hits launch quarter, 85% in first year. Development budgets $100-250M range. Not added back to EBITDA.

Cocks described surgical pricing under $15-$20 thresholds with minimal elasticity so far. Tale of 2 consumers: top 20% robust, balance more price-sensitive. About 50% of portfolio under $20.

Cocks compared to LOTR ($200M in 6 months vs FF in 1 day), noted 4x production increases, still left demand. Expects strong backlist tail. Also expressed confidence in 2026-27 Universes Beyond lineup being 'Final Fantasy like.'

Goetter outlined Q2 as down quarter due to DI-to-domestic shift, with back half still representing 60-65% of revenue base. Holiday resets happen September-October.

Cocks attributed strength to game stickiness, strong events (Star Wars collab announced), and maturing player acquisition spend. Reiterated $10M/month guidance for balance of year.

Goetter identified video game launch timing as key margin swing factor. On CapEx: ~$250M total, half to video games, other half split between toy innovation and transformation initiatives.