Sphere Entertainment Co.

Good morning and thank you for standing by. Welcome to the Sphere Entertainment Co. fourth quarter and year-end 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 fourth quarter and year-end 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 Investors 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 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 FTC 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 four and five 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. This morning, we reported our fourth quarter financial results. which serve as continued validation of the business model behind Sphere. Our success in Las Vegas, including most recently the Wizard of Oz, is an important blueprint for our long-term vision, a global network of Sphere venues powered by our proprietary technology and immersive content. And we're now one step closer to realizing that vision. Last month, we announced that we will bring the second Sphere in the U.S. to National Harbor in Maryland, which is minutes from D.C.' 's. National Harbor is one of the top tourist destinations in the Mid-Atlantic with more than 15 million annual visitors. This 6,000-seat sphere venue will be built with support from the Peterson Companies, the landowner and developer of National Harbor, as well as the state of Maryland and Prince George's County. The project will utilize a combination of public and private funding, This includes approximately $200 million in state, local and private incentives. We are moving quickly to finalize agreements and secure necessary approvals and believe the venue could be open in four years or less. In Abu Dhabi, we have reached the final stages of reconstruction and expect to share additional updates in the near future, including details on the site location. We are also in active discussions with a significant number of domestic and international markets regarding large and smaller scale SPHERES. We will update you on our progress over the course of the year. Moving beyond expansion, we continue to invest in immersive technology and experiential content to fortify SPHERES leadership position. As you've seen, the Wizard of Oz at SPHERE has been both a critical and commercial success. with over 2.2 million tickets now sold and approximately $290 million in ticket sales. Later this year, we plan to release The Wizard of Oz 2.0, an enhanced version of the production with new scenes and new 4D effects. We are also on track to complete our next Sphere Experience from the Edge later this year. In addition, we continue to have positive discussions with IP holders regarding new Sphere Experience projects. So in summary, we are pleased with the momentum we're seeing across our business, especially our progress towards a global network of spheres, which we believe positions the company for substantial long-term growth. With that, I will turn the call over to Robert, who will take you through our financial results.