Sphere Entertainment Co.

Good morning, and thank you for standing by. Welcome to the Sphere Entertainment Co. 3rd 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 Daines, Investor Relations. Please go ahead.

Thank you. Good morning and welcome to Sphere Entertainment's fiscal 2025 third quarter 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 a 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. For today's call, I'd like to focus on two important areas to the Sphere business model, the technology that powers Sphere and the opportunities it creates for our company, and our progress in expanding the Sphere venue footprint around the world. Behind virtually every aspect of what we do is the proprietary technology we have developed. This is reflected in what audiences experience at Sphere in Las Vegas to the work taking place at Sphere Studios in Burbank. We own key technology component providers to Sphere and have a portfolio of over 60 patents in the US spanning across Sphere, venue design, audio delivery, video capture and display, 4D technologies and more. We have also continued to secure international patents to protect our innovations around the world. And we are not standing still. as we continue to invest in technology and content to extend our leadership position. The use of these technologies is also not limited to Sphere venues. For example, this year we introduced our advanced audio system, Sphere Immersive Sound at Radio City Music Hall, transforming the audio experience in nearly a 100-year-old venue. And we're now exploring additional commercial opportunities for Sphere Immersive Sound as well as other aspects of our technology portfolio. In terms of original content, the Wizard of Oz at Sphere utilizes advanced technologies like generative AI in ways that haven't been done before. As we look ahead, we intend to use these AI tools in partnership with Google for additional Sphere experience projects. We are also actively pursuing opportunities to utilize these AI tools for content on other distribution platforms. We expect to have more to share in the months ahead. Turning to our venue expansion plans, in Abu Dhabi, we are nearing completion of the pre-construction phase with the Department of Culture and Tourism. We also have discussions with a significant number of domestic and international markets, as well as potential financing partners. These discussions span across small, medium, and large-scale spheres. Our designs include seating capacities of approximately 3, 6, and 18,000. Behind each venue design is an economic model that we believe will generate an attractive return on investment. We look forward to updating you on our progress, and with that, I will now turn the call over to Robert, who will take you through our financial results.