U/O DE

Question 1

U - Revenue Build

Answer 1

Content Rev. 
- 75% - 2% growth (historically high single digits)
Live Event Rev
- 10% - 1% growth
Sponsorship Rev
- 10% - 1% growth
Other Products Rev (merchandise)
- 5% - 1% growth

Question 2

U - Gross Costs

Answer 2

Athlete Costs - 50% of costs - all driven off total revenue
Production costs -25%
Marketing, venue, ect. -25%

Question 3

U - total rev growth

Answer 3

assumed only 1.5% - driven by mostly content revenue

Question 4

U Gross Margin

Answer 4

59% expanding to 5

Question 5

U Adjusted EBITDA

Answer 5

355 - add-backs include legal - stock comp - ~5% of total EBITDA was adjusted

Question 6

U leverage

Answer 6

4. 75x first

6. 25x total leverage

Question 7

U Monetization

Answer 7

Pay Per View, licensing (ESPN), UFC direct Fight pass

Question 8

U Event amount

Answer 8

~40 events total ~5 high profile per year

Question 9

U Sponsorship

Answer 9

Xbox, Monster, Draft kings, Harley, ABinBev(Bud Light)

Question 10

U Athlete Base

Answer 10

500 athletes under contract

Question 11

U Sports market size North America

Answer 11

~71bn growing at 3%

Question 12

U - Competition

Answer 12

Bellator - nobrand recognition

UFC pays better and gerts more viewers

Question 13

U - risk in small events

Answer 13

Company relies on a few major events for a outsized portion of revenue ~50%?

Question 14

U - EBITDA Margin

Answer 14

~45%