AMC Global Media Inc.

Good day, and thank you for standing by. Welcome to the AMC Network's fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, we'll open up for questions. To ask a question during a session, you need to press star 11 on your telephone. You then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded I would like to hand it over to your first speaker, Nick Siebert, Senior Vice President, Corporate Development and Investor Relations. Please go ahead.

Thank you. Good afternoon and welcome to the AMC Network's fourth quarter and full year 2025 earnings conference call. Joining us today are Kristen Dolan, Chief Executive Officer, Patrick O'Connell, Chief Financial Officer, Kim Kelleher, Chief Commercial Officer, and Dan McDermott, Chief Content Officer and President of AMC Studios. We'll begin with prepared remarks, and then we'll open the call for questions. Today's call may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ. Please refer to AMC Network's SEC filings for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements. On this call, we will discuss certain non-GAAP financial measures. Required definitions and reconciliations can be found in today's press release available on our website at amcnetworks.com. And with that, I'd like to turn the call over to Kristen.

Thanks, Nick, and thanks, everyone, for joining us. AMC Networks had a successful 2025. We used our unique strengths and advantages to drive the company forward in a time of change. This year, we strengthened our balance sheet and achieved a meaningful inflection point in our business. Streaming is now our largest single source of domestic revenue. This is a validation of our strategy and an important milestone in our business transformation. We generated $272 million in free cash flow, a key priority for us, well ahead of our previously increased forecasts. We expect that 2026 will represent another solid year on this front and anticipate free cash flow of at least $200 million for the full year. Our streaming strategy is simple and distinct. We offer fans of specific genres unmatched curation and depth through our targeted services. We window content efficiently, keep prices low, and deliver clear value to our subscribers and wholesale partners through which we reach the vast majority of our viewers. We also operate all our services through unified technology that delivers an excellent viewing experience, efficiently and with predictable costs. In November, we launched our newest targeted streaming service called All Reality, bringing viewers the best in unscripted content, including our most popular reality franchises. It's currently available through Amazon Prime Video and Roku, with more platforms coming soon. At last month's Sundance Film Festival, we relaunched Sundance Now as the definitive streaming home for independent film. The service features more than 1,000 hours of distinguished programming sourced from our independent film company, RLJE Films, and Shudder. Building on decades of expertise and credibility, Sundance Now gives fans a window into the world's most important film festivals and access to the most acclaimed titles. Our anime service, HiDive, has achieved strong growth since we acquired it four years ago, the result of the increasing popularity of the genre and our team's expert curation. Acorn TV had a very active and successful 2025. We will continue the momentum with returning favorites and new originals, including You're Killing Me, starring and executive produced by Brooke Shields. We will also bring fans second installments of two popular programming events, An Autumn to Die For and Murder Mystery May, which drove record viewership last year. We have significantly reoriented our advertising business, embracing viewership changes and opportunities that have come with streaming, fast, and AVOD. In 2025, we saw growth in each of these areas. This is so important as the market shifts away from traditional reporting metrics and age-based demos to driving business outcomes. We'll be showcasing our advanced advertising capabilities and the unique value we deliver at a series of partner events in the coming months. In the fourth quarter, we completed a transaction that gives us full ownership of RLJ Entertainment. This includes Acorn TV, All Black, RLJE Films, and a substantial investment in Agatha Christie Limited, which manages and monetizes Agatha Christie's valuable IP worldwide. Content remains at the center of everything we do, and we're excited to bring a dynamic slate of strong programming to AMC and AMC Plus this year. Our critically acclaimed sports docuseries, Rise of the 49ers, was the most watched new AMC original since The Walking Dead, The Ones Who Live. It also drove the biggest day of signups to AMC Plus direct-to-consumer platforms since the season two premiere of The Walking Dead, Dead City last spring. Dark Winds returns for its fourth season next week, and was just renewed for season five. This remarkable series has established itself as one of the best noir crime dramas in the history of television. It is also one of the most watched shows on AMC+. We're very excited about a new prestige drama set in the world of Silicon Valley called The Audacity. It has all the elements of a classic AMC series. Great story, unforgettable characters, a talented cast, and something to say. We can't wait to preview it at South by Southwest next month, and bring it to viewers on AMC and AMC Plus on April 12th. And we just kicked off a new partnership with TNA Wrestling, bringing a two-hour block of live TV to our schedule every week. We have significantly expanded TNA's television audience. The Thursday night show is also attracting younger viewers to AMC who have a clear affinity for our Walking Dead, Anne Rice, and Shudder content, a connection we will leverage in the months ahead. industry consolidation is highlighting the value of studio assets and powerful ip our dynamic mix of content across a wide range of platforms underscores our strength as a studio-based programmer able to build franchises and engage fans it's worth noting that the streaming rights to all 177 episodes of the walking dead the biggest franchise in the history of cable television returned to amc networks in less than a year still beloved The original series generated nearly half a billion hours of viewership on Netflix over the last six months of 2025. Over the course of 2025, we successfully renewed more than a third of our affiliate footprint in the U.S. and Canada on favorable terms, including long-term agreements with DirecTV, NCTC, Philo, and Eastlink, among others. Many of these larger agreements include bringing video customers access to the ad-supported version of AMC Plus at no additional cost. More than 1.1 million Spectrum TV customers have activated the ad-supported version of AMC Plus that is now bundled into their video service. Charter's recent results included video subscriber growth for the first time in almost six years, which management directly connected to their strategy of bundling streaming value into their video product. We see this as a hopeful sign for the industry and the entire paid TV ecosystem. Three years into this role leading AMC Networks, I can say without reservation that I believe in our strategy, our people, and the opportunities we see for this company. Our independence is a source of strength in a changing time. Our studio engages viewers by populating our platforms with high quality and efficiently produced IP that we own. We have the strongest and most mutually beneficial partner relationships in the industry, and advanced technology powers everything that we do. It's clear to me that we're only scratching the surface of what this company can achieve. I'd like to take a moment to thank our CFO, Patrick O'Connell, who has been a great partner and colleague and will be stepping down next month to take on a new role outside our industry. We appreciate his contributions and will be cheering him on in his new endeavor. And now I'd like to turn the call over to Patrick.