Ladies and gentlemen, thank you for your patience and thank you for attending today's Endeavor Q2 2022 earnings conference call. My name is Amber, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad at any time. It is now my pleasure to hand the conference over to our host, James Marsh, SVP, Head of Investor Relations. James, please proceed. Good afternoon and welcome to Endeavor's Q2 2022 earnings call. A short while ago, we issued a press release which you can view on our investor relations site, investorendeavorco.com. A recording of this call will also be available via that site for at least 30 days. Today you'll hear from Endeavor's CEO, Ari Emanuel, and CFO, Jason Lublin, before we open for questions. The purpose of this call is to provide you with information regarding our Q2 2022 performance in addition to our financial outlook for the balance of the year. I do want to remind everyone that the information discussed will include forward-looking statements and/or projections that involve risks, uncertainties and assumptions, as well as described in the Risk Factors section of our filings with the Securities and Exchange Commission, including our 10-Qs and 10-K. If these risks or uncertainties ever materialize or our assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements and projections. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them publicly in light of new information or future events, except as legally required. Our commentary today will also include non-GAAP financial measures, which we believe provide an additional tool for investors to use in evaluating ongoing operating results and trends. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP metrics for the reported results can be found in our press release issued today, as well as in our reconciliations posted on our IR website. With that, I'll turn it over to Ari. Thanks, James. This quarter continues to showcase the fact that our company occupies an incredibly unique position within the sports and entertainment landscape. We're benefiting from various secular tailwinds ranging from sports rights to premium content to live events. We're also built to withstand many of the challenges that other companies are constantly having to overcome. We have a highly diverse but highly complementary portfolio. We have deep category expertise and a global scale across these secular trends. As it relates to the content, we sit on the supply side of the equation, allowing us to benefit from growing demand no matter the end user. As a result of our unique position and our continued strong performance across our segments, Q2 revenue is up 18%, adjusted EBITDA up nearly 82% year-over-year. Given these results and our line of sight into the remainder of the year, we've raised our adjusted EBITDA guidance for 2022. Jason will walk you through the specifics of what drove our Q2 performance. First, I'll spend a few minutes on the secular trends we index against and how Endeavor stands to benefit due to the unique offering we've built. First, as it relates to the growing value and demand for sports rights, there have never been more buyers or greater competition. Whether that's Disney paying a high premium to retain F1 or Apple entering into a 10-year deal worth $2.5 billion for MLS, the U.S. market for rights is at an all-time high. This benefits both our own sports portfolio and the hundreds of sports properties we represent. We're also seeing strong rights demand internationally for both our represented and owned properties. On the client side, we continue to broker lucrative deals like the one for CONMEBOL in Latin America and sign new clients, having recently struck a 12-year deal with the Rugby Football League to completely reimagine the sport. As for the UFC, the aggregate annual average value of our international deals continues to exceed 100% since we started tracking in the Q2 of last year. We previously shared that we would also be opportunistic in evaluating distribution strategies in certain international markets. Brazil is the home to one of UFC's largest fan base outside the U.S. and boasts one of the largest percentage of athletes on the UFC roster. It's a market where prospects of going DTC and partnering with a free-to-air distributor recently presented an opportunity too strong to pass up, particularly when you look at the fact that an estimated 96% of UFC fans in Brazil watch TV through streaming services. This week we announced that we will launch Fight Pass Brazil in January. Beyond the launch of that OTT platform, which will be powered by Endeavor Streaming, we're introducing free-to-air TV partnership with one of the largest TV networks in Brazil, and a comprehensive digital partnership is in the works. For the first time, we're owning the customer relationship in one of UFC's fastest-growing international markets, enabling us to continuously evolve our offering to address what fans want most and to attract new fans. This creates yet another blueprint to consider as we look at all the options available across markets when rights come up for renewal. Beyond the media rights, we continue investing in adjacent businesses to enable us to completely surround live sports experiences. In particular, we're carving out a unique position for ourselves within the growing sports data and betting space, primed to capitalize on more states legalizing online betting and international territories re-regulating. IMG Arena continues to add official data rights to its sports betting client roster, the latest being MLS. With the upcoming close of the OpenBet acquisition and IMG Arena and OpenBet joining forces, we feel great about where this business is headed, both in the U.S. and internationally. As we recently announced, we also negotiated a $400 million reduction in OpenBet's purchase price, including $250 million in cash savings. Given our enhanced cash position, we plan on paying down $250 million of debt. Now turning to premium experiences and events. We purpose-built Endeavor for the experience economy, identifying early on where the demands of the consumer were headed and carefully assembling the assets and capabilities necessary to capitalize. On the heels of the NFL flipping its On Location ownership stake into Endeavor and On Location becoming a wholly owned subsidiary of Endeavor, we recently combined our premium experiences and events businesses under singular leadership. This will enable us to foster even greater collaboration between the two businesses and further strengthen our offering for both our clients and our own properties. Across live events more broadly, we saw strong sales from consumers from general admission to the most high-end experiential offerings. At the UFC, we've seen 21 consecutive sellouts since resuming live events with audiences coming out of the pandemic, and an increasing number of fans are traveling to fights from out of state. On average, about 40% of fans in the quarter nearly double pre-pandemic figures. It's a great indicator of UFC's growing fandom and helpful to us as we look to secure more site fees in the future. Meanwhile, sales of On Location's UFC fan experience at our pay-per-view events were up 300% QoQ. At WME, Broadway, concerts, festivals, and comedy tours, which had been slow to rebound, have resumed. We've already booked over 30,000 touring dates this year, putting us 85% of the way to our typical annual total. Our clients represent more than half of music festival headliners in the US. What has also become clear in the event space is that there's no replacement for great IP. We've built a strong asset portfolio and have a thorough process of identifying new IP and evaluating its potential when dropped into the Endeavor flywheel. Today, we announce that we are expanding into a new events category with the acquisition of the premium collectible car auction and live events company, Barrett-Jackson. It's primed for the experience economy, and there's no better company than Endeavor to create a one-of-a-kind experience for brands and consumers. We're looking to elevate the Barrett-Jackson brand across categories, including on-location experiences, content, marketing, and partnerships. Finally, turning to premium content and the enduring value of top talent, we continue to benefit from our unique position as one of the largest talent suppliers. We see no slowdown in demand and spend for all forms of high-quality content. We continue closing major multi-year and multifaceted deals for our content creators across the streaming spectrum, like the significant deal for filmmaker Shane Black and Robert Downey Jr. to develop a slate of films and television projects for Amazon. Meanwhile, our clients' current projects continue to perform across platforms. Season four of Stranger Things became Netflix's biggest premiere weekend. Obi-Wan Kenobi became Disney+'s most-watched original series to date, and Candy gave Hulu its best debut since 2021 season of The Handmaid's Tale. We also continue to broker major podcast deals, and our clients' podcasts continue topping charts, whether that's David S. Goyer's Batman Unburied starring Hasan Minhaj hitting number one on Spotify or Dick Wolf's Dark Woods reaching the top of the Apple fiction charts, leading to it now with it being developed as a TV series. Lastly, the box office is delivering across genres and age groups from Marvel's Doctor Strange, Jurassic World, Elvis, and Minions, all films featuring a significant WME client presence grossing over $2.5 billion worldwide. While we're certainly not immune to macroeconomic conditions, we feel great about the diverse collection of assets and capabilities that we've assembled and continue to grow. Enabling us to constantly evolve with the industry and the consumer. Given this quarter's strong performance, our line of sight through the end of the year and our confidence in our ability to continue driving value to our clients and our own properties, we've raised our adjusted EBITDA guidance for the fifth consecutive quarter and look forward to continuing to deliver strong results. With that, I'll turn it over to Jason. Thanks, Ari, and good afternoon, everyone. I'll start by walking you through our financial results for the Q2. I'll also provide you some color around what we're seeing in each of our operating segments. All comparisons will be to the COVID-impacted Q2 of 2021. For the quarter ended June 30, 2022, we generated $1.313 billion in consolidated revenue, up $201 million or 18%. Adjusted EBITDA for the quarter was $306.4 million, up $138 million or 82%. Our Owned Sports Properties segment generated revenue of $331.9 million in the Q2, up $73.1 million or 28%, while the segment's adjusted EBITDA was $161.3 million, up $29 million or nearly 22%. Our strong growth in the segment was primarily driven by an increase in media rights fees and live event, partnership, and consumer products and licensing revenues at UFC, as well as higher revenues at PBR and the inclusion of Diamond Baseball Holdings. We continue to have record-breaking UFC attendance at our live events. All four live events in the quarter sold out, and we set gate records at UFC 274 and 275 in Phoenix and Singapore. Additionally, our Austin fight night in June became our highest grossing U.S. fight night ever. To date, UFC has had 21 consecutive sellouts since restarting full capacity events following the pandemic. During the quarter, we also announced a new multi-year media rights deal for UFC with BT Sport in the U.K. and Ireland. As Ari mentioned, the increase in aggregate AAV on our international deals has exceeded 100% since we started tracking in Q2 of last year, and we continue to explore new direct-to-consumer opportunities as we have with Fight Pass Brazil. Earlier this week, we announced the sale of Diamond Baseball Holdings to Silver Lake for approximately $280 million. We expect that deal to close in the Q4. Now turning to Events, Experiences & Rights. The segment recorded revenue of $627.9 million in the quarter, up $99.2 million or 19% and adjusted EBITDA of $108.1 million, up $71.3 million or 194%. Growth in this segment was primarily driven by the return of live events without restrictions, including music festivals, the Masters, and NCAA Final Four, our acquisitions of Madrid Open and NCSA, as well as increased enrollment at the IMG Academy. Revenue was offset by the expiration of certain unprofitable previously disclosed media contracts. Finally, our Representation segment revenue was $358 million, an increase of $29.7 million or 9%, while adjusted EBITDA was $111.2 million, up $49.5 million or 80%. The prior year included $70 million of revenue from the restricted portion of Endeavor Content, which we sold in January of this year. Performance in this segment was driven by our core talent agency business, which saw strong growth across the board, including an uptick within the music and comedy touring categories, as well as our 160over90 marketing business, where we saw increased spending from our corporate clients. We ended the quarter with $5.7 billion in debt and approximately $1.8 billion in cash. Recently, as a matter of financial prudence in a volatile interest rate environment, we increased the notional value of our fixed for floating rate swaps. The new swaps, along with the existing $1.5 billion of swaps already in place, bring our aggregate fixed rate debt to $2.25 billion, or approximately 40% of our total outstanding debt. Based on our enhanced cash position following the reduced OpenBet purchase price as well as the expected proceeds from DBH, we intend to pay down $250 million of debt by the end of the Q3. We remain on track to be below our sub-4x leverage target at year-end. Our Q2 conversion of adjusted EBITDA to free cash flow, defined as cash from operating activities, less CapEx, was over 75%. We anticipate free cash flow conversion of approximately 40% for the year. We remain committed to our long-term conversion target of 50% over the next 12-24 months. Moving to our updated 2022 outlook, we are raising our adjusted EBITDA guidance range to $1.13 billion-$1.17 billion, which is $1.15 billion at the midpoint, up $25 million from the midpoint of our prior range, representing year-over-year adjusted EBITDA growth of 31%. Our full year revenue guidance remains unchanged, primarily driven by the estimated foreign exchange impact of approximately $60 million. Our updated guidance for both revenue and adjusted EBITDA also incorporates the following considerations. The previously mentioned FX, which primarily impacts our EER segment, the disposition of Diamond Baseball Holdings, which we expect to close in the Q4, the acquisition of Barrett-Jackson, which we expect will have a negative impact on 2022 due to the timing of their events. Revised timing of OpenBet's close, which we now expect at the end of the third quarter, resulting in reduced contribution to the full year. The shift of clients, sponsorship, and event-related revenue and adjusted EBITDA. The increased investment in On Location's IoT initiatives driven by incremental technology and marketing spend, and the impact of COVID restrictions in China, most notably, the cancellation of the WGC-HSBC Champions. Given our high degree of visibility into our revenue for the rest of the year, a significant portion of which is already contracted, we remain confident in our increased full-year guidance. With that, I'll turn it over to James. Thanks, Jason, and thank you all for joining us today. I'll help direct questions. In order to get through as many questions as possible, I'd like to ask that you please limit yourself to one question. With that, Amber, you can open the line for questions. Of course. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to submit for a question, that's star one. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question. We will pause here briefly as questions are registered. Our first question comes from Ben Swinburne with Morgan Stanley. Ben, your line is now open. Thank you. Thanks. Good afternoon. Hey, guys. Ari, you already hit it, but I got to ask it anyway because this is the end of earnings. We've been hearing it all month about slowing cash content spend, you know, Disney last night, but going back to Netflix, you know, Warner. Talk a little bit about the visibility you have in the pipeline. I'm curious if the shift maybe back towards theatrical for movies, which is something that certainly Warner Bros. has highlighted, that seems to be a trend, if that impacts the outlook for the talent business as you think about shifting distribution models, good or bad or indifferent. Well, I could have written that question. You know, if you look at all the players on the buy side, whether they be traditional players from the linear side that have added SVOD and now potentially AVOD, streaming services or the new streaming services, their strategies are gonna keep on evolving. At one point, it was just taking all their movies and putting it on their streaming services. Now, Amazon's bought Metro-Goldwyn-Mayer, they're gonna go theatrical. Everybody's shifting and changing. For us, it really doesn't matter. Mm-hmm Also, it doesn't matter whether they're measuring their subs by, you know, the success by subs, by revenue, or any of the other metrics that you guys put forward to them. Our strategy has been consistent. They need premium content, and we're on the supply side of the talent equation in that situation. They have to come through us. They're gonna have this is gonna change multiple times in this conversation. I would just say to you, the representation business has been a double-digit grower for the last decade. I think we're in early days. There's a lot of more shifting and changing gonna happen. From our perspective, we're positioned to benefit no matter how many platforms spend and the strategies they take over the course of the next few years. We feel very good about where we sit. If they go to AVOD and they have to change their distribution deals with end users on the other side of it, they're gonna have to come to us and change our deals, so we're gonna benefit there. We're positioned to benefit no matter how the platform's strategies change. I think they're all like the Warners, like the Disneys. You see what's happening with movies that are released from Sony that are now on Netflix. They're performing better because they were theatrically released. This is gonna be a constant change. Again, all I'd say to you is we're the largest player on the supply side of the equation, and we'll benefit from all of them. The last thing I'll say is, I didn't know there was austerity at spending $30 billion on content. We feel very good about our position on the supply side. Can I just ask one follow-up? Thanks, Ben. If James will let me on OpenBet? It's been a while since you announced the deal. Congratulations on getting the price knocked down. How's the business been performing? You have any sense for the expectations you laid out for us, you know, 10 months ago when you announced it, if the business is performing or if your strategy's evolved, or how are you feeling about the outlook here a year later? Ari, thanks. I'll let Ari take that one. Our strategy is the same. The business is doing well. It was a timing issue that enabled us to renegotiate portions of the deal. We feel incredible about the business, combining that with Arena, where we sit on that side of the business as the supply side, again, in that end of the distribution model. The combination is the most important in the field right now. With the combination of where we are with IMG Arena, it gives us a lot of force in that space. There's no change. Their business is performing incredible. Jordan Levin is unbelievable. Freddie Long from our side is incredible. It's all going really, really well. It just was. We had the ability to renegotiate the deal. We took advantage of it. Both parties are happy with it, and we're going forward. Thank you. Thanks, Ben. Amber, next question, please. Thank you. Our next question comes from John Hodulik with UBS. John, your line is now open. Great. Hey, John. Thanks for the question, guys. All right, can we just drill down on the decision to go direct in Brazil? Maybe, you know, maybe set the stage for us in terms of what the video market looked like in Brazil. Can you give us any more color on the sort of terms of the deal or your confidence in that you'll get the viewership and whether or not there's a sort of transition phase as you sort of build up the audience? Lastly, whether this model could be used in other major markets for UFC. Thanks. All right. Well, listen, I would say the following: We're constantly evaluating our options by market to put ourselves in the best position for long-term success. As I stated internationally, we started tracking in the Q2 of 2021, the aggregate annual average value of our rights has exceeded 100%, for those rights. In Brazil specifically, listen, we identified a unique opportunity to own the customer relationship in one of our fastest growing international markets. It's the second biggest sport in Brazil. There's an estimated 50 million UFC fans in Brazil. 96% of them as we looked at it are UFC fans, and they watch TV via streaming services. More likely than not, the Brazilian fan is watching sports online compared to fans of most other sports. We're going to where the fans are. We launched Fight Pass free to air TV with a partnership with Band, one of the largest TV networks in the marketplace. We're gonna announce a digital partnership there also in the ecosystem. I think it really important, just kind of in the flywheel of Endeavor, we're powering this whole thing with Endeavor Streaming, which we built. In Brazil, they spend more time on their smartphones than any other country, and spent nearly 50% over the last few years. It creates a huge kind of blueprint for us to consider as we look to options available across other territories, depending on the negotiation. In game theory, internationally, if people don't wanna pay what we think are the value of our property, we can go direct in any of those territories. This was a unique situation because it's such a big marketplace. I would just add to that, you know, from a price to value perspective, we think we're really pricing this product right in the market. It's gonna be the first place where we're putting 100% of our live event content on a digital platform. Subscribers there will have access to all 42 live UFC events per year. We'll have a more robust ecosystem than we do today with our free tier or partner. We're currently in negotiations for both a digital and telco partner. Regarding transition, we already do have a built-in base today on our current digital platform there that we think, you know, we'll have some conversion and some substantial conversion of that day one. Great. Thanks, John. Thanks, guys. Amber? Thank you. Our next question comes from Stephen Laszczyk with Goldman Sachs. Steven, your line is now open. Hey, Stephen. Great. Thank you. Maybe just a strategic one. Hey, guys, a strategic one on On Location. Could you give us an update maybe on the progress you're making on building out some of the capabilities needed ahead of the Olympics in 2024, and perhaps the opportunities you see to scale the On Location platform once those capabilities are fully built out? Have you guys had any incremental conversations with potential partners or see any areas of the market that have been opened up to you after signaling some of those intentions to increase your capabilities? I'll let Jason take this one. Thanks, Stephen. Yeah. You know, we had previously talked about increased spend in the second half of the year in advance of the Olympics. You know, the Olympics. We're going to make some further incremental spends over the Q3, Q4 period this year to enhance the profitability profile and further for Paris 2024. Those spends will be increased in digital as well as marketing. One of the great things about what we're building here for On Location is the platform that we are building will have broader implications and be able to be used by the broader On Location business post just the Olympics. It's gonna be a great asset, not just for the Olympics and help us maximize revenue, but it'll be a great asset remaining for the organization to use on potential other partners down the road. Okay. Thank you. Thanks, Stephen. Amber, can we have the next question, please? Thank you. Our next question comes from Kutgun Maral with RBC. Kutgun, your line is now open. Great. Thanks for taking the question. I just wanted to follow up on the UFC Fight Pass Brazil news, conversation. You know, shifting from pay TV to direct to consumer, I think makes perfect sense. I was hoping you could talk a bit about what the considerations were in terms of going at it alone, as opposed to partnering with another streaming service that's already in the market. For example, partnering with Disney in Brazil. I guess second, as you approach the launch in January, what are the financial implications that we should consider, and how quickly do you expect this shift to be net positive. I'm sorry, just one more on this. You know, Ari, I think you characterize it as a blueprint to consider when evaluating and monetizing your UFC rights. I know that the UFC is the crown jewel in terms of the rights that you have. Do you envision a path to expanding this blueprint with other rights that you either have or manage? Thanks. Sure. Why don't then Ari jump in on the considerations of going alone? I'll have Jason jump back to talk about the financial implications, and then we'll talk about the blueprint. Well, all I'll say to you is, on the broadcast side, we have Band. We have Endeavor Streaming, so I don't need any other partners on the streaming side. We have an incredible technology there that does the WWE, NFL, still does the NBA. That technology exists. I didn't need another partner. It's something that we've built already over a number of years. It's a blueprint because from our perspective, as what's happening with global, you know, their linear business has imploded. If that happens internationally, we have the ability and we'll have the expertise to go direct in any territory. We have a great marketing plan coming into January, so we feel very good about where we are. That market, we have a huge fan base and a huge fighter base, so. Jason, maybe you could just chime in. Yeah. Look, what I would say is, you know, upfront, you know, year one, we would expect this to be neutral to marginally positive, but certainly we expect this to be accretive over the long term, you know. Otherwise, we wouldn't be making this decision to go this way in the market. Okay. Any other questions for Kutgun? No, I guess just to follow up, I appreciate the answers. Just, you know, would you consider, you already have the technology and the platform, again, maybe thinking about other rights that you either have or manage, and expanding a little bit more meaningfully with streaming? Well, are you talking about in that territory? No, more broadly. It's a case by case. Haven't really thought about it right now. Great. Thanks, Kutgun. Amber, can we get the next question, please? Of course. Our next question comes from Jessica Reif Ehrlich with Bank of America. Jessica, your line is now open. Okay. Thank you. Hi. This is a UFC question, but ESPN seems increasingly selective in what rights they're willing to pay up for. We've seen them walk away from IPL Digital, and now it seems like they're walking away from Big Ten after four decades. Does this concern you, or do you think it's more a sign that they're saving up for what is essential to them? Strategically, if you were to go to auction with the UFC in a couple of years, I mean, how do you think about the fan companies? If they are the highest bidder, is reach a concern? So- I'll let Ari take that. Yeah, no problem. You know, we have three years left on our current ESPN deal. We have a great relationship with ESPN. They've talked about how we have kind of helped them grow their direct-to-consumer business. On a general basis, if you just look at the ecosystem, you know, it's over $1 billion for Thursday Night Football from Amazon. As I mentioned in my opening remarks, Apple is now in baseball. They just did a $2.5 billion deal with MLS. The EPL rights at NBC went for an unbelievable number. Formula One went from $5 million-$85 million. They doubled the NHL rights at ESPN. We feel really good about the space and the value of sports in the ecosystem, but our relationship could not be better, you know, between The Contender Series, The Ultimate Fighter, Fight Night, our pay-per-views. You know, they've just put us on ABC. We feel really good about where we sit in that ecosystem and the relationship, so we're feeling very confident. The whole ecosystem for sports rights is on the way up. Anything else, Jessica? No, I was just wondering, like with the fan companies, is there any concern at all about reach or is it just about money? Like, just how do you think about them? I'm not nervous about reach, like I wasn't nervous about reach with ESPN+. I'm really comfortable with it. Okay. Great. Thank you. Thanks, Jessica. Amber, next question, please. Thank you. Our next question comes from Bryan Kraft with Deutsche Bank. Brian, your line is now open. Thank you. Good afternoon. I just wanted to ask you, I guess a high-level question. How should we think about your appetite for larger scale M&A in this environment? Is there much out there that's for sale right now that might be a fit? You know, just how would you think about funding M&A given the rising rate environment and the higher cost of capital and your commitment to deleveraging the balance sheet? Thank you. All right. right. I'll let Ari jump in on the strategic side, and then Jason will talk about the balance sheet. As it relates to kind of, M&A, we're opportunistic. We make sure that it goes through a rigorous process as it relates to what we can do on cost and how we can grow the business, like we've always done, whether that be with Madrid, now Barrett-Jackson. In the marketplace, there's a lot coming up. It goes through its process. I don't identify now what the targets are. You know, we've been a very curious company in the past, and if we think something is a opportunity for long-term value, we'll pursue it. We feel good about where we sit, and when things come into our flywheel, how we can generate greater economic value to them. You wanna talk about balance sheet? Yeah. Look, I mean, we think we have like we said before, we're committed to getting to sub-4x leverage. We expect to be there by the end of the year. Given you know, our financial profile, the fact that we have a public equity, we certainly think there's many ways for us to go execute on large scale M&A, being committed to making sure we're on a debt level and a ratio with that expectation revenue that we remain sub-4x. Great. Thanks. Thank you. Next question please. Thank you. Bye. Thank you. Our next question comes from David Joyce with Barclays. David, your line is now open. Hey, David. Thank you. Hey, Lublin. I wanted to ask broadly if you could touch on the guidance a bit in terms of the cadence this year, and then more granularly feeding into that, if you could help us understand the EER business in terms of how much of the revenue comes from seasonal events, like Mutua Madrid, versus how much is recurring. Also, you know, on the representation side, you know, how the streamer spending feeds into the seasonality of spending. Basically, if you could just help us understand the components that go into what the cadence of the guidance would be. Thanks. Jason, jump into the guidance drill down. We'll get into a little bit of cadence and then just some of the event's cadence for the back of the year, EER. Yeah. Look, what we continue saying, David, what I would like to reiterate is that we think the right way to look at our guidance is on a full year annual basis. You know, we raised our guidance from Q1 to Q2 by $25 million at the midpoint to 1,150, which is up, you know, $55 million from the beginning of the year and represents at the midpoint of 1,150 a 31% increase in EBITDA year-over-year. You know, that being said, incorporated into our updated revenue and adjusted EBITDA ranges are, among other things, the following. The impact of foreign exchange, primarily in our EER business segment, which is adverse to revenues, as well as a much lower basis to adjusted EBITDA. The shift in the timing of our OpenBet closing, which reduces its revenue and adjusted EBITDA contribution. The removal of Diamond Baseball Holdings revenue and adjusted EBITDA, assuming a closing later this year. The inclusion of the recently announced Barrett-Jackson acquisition through results, which is slightly loss-making for the balance of the year, given the timing of the events. Some timing shifts of client sponsorship and event-related revenues associated with adjusted EBITDA. As previously mentioned, an increase in Olympic spend to enhance the profitability profile, even further for Paris 2024. Lastly, the COVID-impacted cancellation of a HSBC golf event in China this year. Those are all things that are going into our revised forecast for the balance of the year. Great. Thanks, David. Thank you. This concludes the Q&A session and wraps up today's Endeavor's Q2 2022 earnings call. Thank you all for your participation. You may now disconnect your line.