Sphere Entertainment Co.

Good morning and thank you for standing by. Welcome to the Sphere Entertainment Company's second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's remarks, there will be a question and answer session. I would now like to turn the call over to Ari Danes, Investor Relations. Please go ahead.

Thank you. Good morning and welcome to Sphere Entertainment's second quarter 2025 earnings conference call. Today's call will begin with our Executive Chairman and CEO, Jim Dolan, who will provide an update on the business. Robert Langer, our Executive Vice President, Chief Financial Officer, and Treasurer, will then review our financial results for the period. After our prepared remarks, we will open up the call for questions. If you do not have a copy of today's earnings release, it is available in the investor section of our corporate website. Please take note of the following. Today's discussion may contain 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 materially from those in the forward-looking statements. Please refer to the company's filings with the SEC for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. On pages five and six of today's earnings release, we provide consolidated statements of operations and a reconciliation of operating income to adjusted operating income, or AOI, a non-GAAP financial measure. And with that, I'll now turn the call over to Jim.

Thank you, Ari, and good morning, everyone. As we said from the start, our goal was to design and operate a venue that's busy 365 days a year with multiple events on most days. And while we started in Las Vegas, our strategy has always included a global network of sphere venues. This year, our priorities have been to continue enhancing our operating model in Las Vegas, drive long-term profitability for the business, and advance our plans to bring Sphere to Abu Dhabi and additional markets around the world. Our original content category, the Sphere Experience, has been one of the key profit drivers of the business, and we remain focused on developing a diverse slate. Our next experience, the Wizard of Oz at Sphere, will be the best example to date of experiential content in this new media. we will be utilizing innovative technologies like AI. And that innovation will continue with the production of our next Sphere experience, From the Edge, which we expect to debut in 2026. In terms of early demand for The Wizard of Oz at Sphere, we have sold over 120,000 tickets to date and expect to reach 200,000 by the opening later this month. We're also seeing increasing demand from artists across a variety of genres. which are driving renewed interest in their music by playing Sphere in Las Vegas. We have continued to add shows to our calendar and now expect to host more than 100 concerts this year, up from 70 in 2024. We are also making progress building a recurring base of revenues. In terms of corporate events, this past June, Hewlett Packard held a keynote at Sphere for the second consecutive year. and we're now in discussion with a number of companies that have held events at Sphere and are looking to return. We're also expanding our roster of advertisers on the ExoSphere. This includes securing advertising commitments as part of a new multi-year sponsorship. With regards to our expansion plans, we recently entered into agreements related to the construction, development, and operation of Sphere Abu Dhabi, and are now finalizing the pre-construction phase with the Department of Culture and Tourism. At the same time, discussions are ongoing with a number of other international markets regarding large-scale spheres. In addition, we have now completed our design and business model for small-scale spheres, which could be built faster and at lower cost, and are already in the market having discussions with potential partners. I will now turn the call over to Robert, who will take you through our financial results and MSG Network's debt restructuring.