Good morning. Thank you for attending today's Cineplex Inc first quarter 2024 earnings call. My name is Jennifer, and I'll be your moderator today. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you'd like to ask a question, press star one on your telephone keypad. I would now like to pass the conference over to our host, Mahsa Rejali, VP of Corporate Development and Investor Relations. Mahsa, please proceed. Good morning, everyone. I would like to welcome you to Cineplex's first quarter 2024 earnings release conference call, hosted by Ellis Jacob, President and Chief Executive Officer, and Gord Nelson, Chief Financial Officer. Before we begin, let me remind you that certain statements being made are forward-looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding information currently available. Actual results may differ materially from those expressed in the forward-looking statements. Information regarding factors that could cause results to vary can be found in the company's most recently filed annual information form and management's discussion and analysis. Following today's remarks, we will close the call with our customary question-and-answer period. I will now turn the call over to Ellis Jacob. Good morning. Thank you, Mahsa, and welcome to our Q1 2024 conference call. Today, Gordon and I look forward to highlighting some of our key accomplishments this quarter. While the first quarter North American box office saw a decline of 5.2% versus 2023, Cineplex's box office increased 1.4% to CAD 125 million over the same period. Once again, we exceeded the domestic box office relative to Q1 2023 by a sizable 6.4% and outperformed our peers. We achieved record Q1 BPP of CAD 12.74, and concessions per patron of CAD 8.95, surpassing records we set in Q1 2023. While an anticipated shortage of films impacted the start of the year, given the prolonged disruptions from the Hollywood strike last year, 2024 began on a more positive note than expected. This quarter, we not only exceeded our box office projections, but also surpassed market expectations. Cineplex's top three films during the quarter were Dune: Part Two, which generated over $280 million in domestic box office revenue to date, Kung Fu Panda 4, and Migration. Cineplex delivered strong performance across all three titles, over-indexing the domestic box office in each instance. Furthermore, Cineplex continued to benefit from the strategic management of international content with three titles ranking in the top 20 films. Fighter, Warning 2, and Shaitaan contributed meaningfully to our box office, with Cineplex capturing significant market share ranging from 30%-80%. In addition to achieving industry-leading results, our focus remains on executing important corporate actions designed to reduce leverage, improve financial flexibility, and position Cineplex for accelerated long-term growth. In February, we successfully closed the strategic sale of P1AG for CAD 155 million in gross cash proceeds and recognized the gain of CAD 67 million, a testament to the success of our diversification strategy. The net proceeds were used to repay bank debt, serving as a pivotal catalyst to commence a comprehensive refinancing plan, which we also successfully completed in the first quarter. This refinancing plan was meticulously crafted to deliver three key benefits for our company and shareholders: extending debt maturities, easing restrictions, and minimizing potential dilution from existing convertible debentures. Our new three-year note offering of $575 million had robust demand, surpassing $2 billion across North America, a clear testament to the remarkable confidence the market has in our business plan and team. Now, with our strengthened balance sheet, we are focused on executing our growth initiatives and shifting our capital allocation priorities to support enhanced shareholder return. I'd like to highlight some of these key initiatives that continue to differentiate us from our peers. The first is our ongoing investment in LBE, which is a profitable and successful business with attractive store-level margin excess, in excess of our 25% target. The Rec Room and Playdium brands feature a variety of food and entertainment offerings appealing to an attractive demographic. We entered the business in 2016 as we saw an opportunity in Canada with no other national competitor in the market operating at scale. This first-mover advantage served us well and positioned us as a leading Canadian player. Our expertise in multi-unit retail locations and our customer database through Scene+ helped us extract significant synergies within our business and create an overall entertainment destination for Canadians. Currently, we operate 13 LBE venues strategically positioned in key markets, with an additional three locations opening in the fourth quarter of this year. Among these, a new Playdium venue will be added to the Greater Toronto Area, adjacent to the Cineplex Cinemas Fairview Mall. We will also open two new venues of The Rec Room, a marquee location in downtown Vancouver, another in the exciting Royalmount development in Montreal. Given the success of our LBE business, we believe there's an opportunity to grow to 30 locations across Canada. This expansion has the potential to double the store level EBITDA contribution from the LBE business to approximately CAD 75 million. By fortifying our leadership position in the market, we have good runway to further grow in a highly accretive, high-margin business and strengthen our position as a leading entertainment destination for Canadians. Our media business is also expanding, as Cineplex Digital Media signed two important deals in the quarter with Cadillac Fairview and Cominar, growing our digital out-of-home shopping network to ninety-four premium shopping centers, which includes nine of the country's top ten busiest malls. We now operate and have media representation agreements for more than 1,000 screens in malls across Canada. Cineplex Digital Media is also working closely with retailers looking to innovate their in-store experience with digital displays as a way to inspire and engage shoppers throughout their experience. This speaks to the future of retail. Walmart Canada announced the grand reopening of its flagship location at Square One in Mississauga, a first-of-its-kind concept for Walmart globally, that will test new technologies and concepts as it modernizes its retail operations. Cineplex Digital Media supported Walmart by building digital signage solutions and integrating them throughout the new store design. These solutions included new digital wayfinding technologies with the goal of being part of an immersive retail experience to enhance in-store shopping. As Cineplex Digital Media's network grows, this positions Cineplex Media as a one-stop shop for advertisers looking to reach Canadians through digital out-of-home advertising and in shopping malls and cinemas. A key differentiator among our peers is that we fully own our cinema media business and retain all the revenue generated from the advertising on our screens. By offering a portfolio of media products, we attract advertising customers of all sizes and drive our revenue per patron to industry-leading levels, almost doubling our peers in the U.S. Not only do our expanded media offerings drive increased results, but our in-house team allows us to retain significantly more of this revenue. Our cinema media business operates at an EBITDA margin of approximately 80%, while our U.S. peers retain only a fraction of the revenue stream through an access fee. As attendance continues to grow, we expect further growth in our cinema media business. What makes cinema advertising so compelling is its attention power. The first-ever Canadian cinema advertising attention study was conducted in partnership with Lumen, a global attention technology company. Marketers and advertisers are becoming increasingly conscious of the challenge in capturing an audience's attention due to online information overload. This study shows ads played in cinemas are virtually unmissable. 100% of cinema audiences not only viewed the ads, but also paid an average of 80% active attention to the advertising content on the big screen, regardless of the ad's length. It also demonstrates an average brand recall of 75%, with audiences being 35% more likely to choose those brands as a result of exposure in cinema. As the advertising sector continues to recover, we know cinema advertising provides a compelling ROI to clients and one our team is well positioned to capitalize on. As I mentioned earlier, we consistently surpass the industry box office results and outperform our peers. In March alone, we exceeded the North American box office relative to 2023 by nearly 30%. This consistent outperformance is a direct result of our relentless efforts to elevate the guest experience and drive increased attendance and frequency through our alternative content and premiumization initiatives. We are at the forefront of bringing diverse content to movie lovers, and the box office has been responding. This past quarter, 13% of Cineplex's box office revenues came from international cinema, and this continues to be an important content play for us to expand our offerings. When guests visit a Cineplex theater, not only do they have a variety of content to choose from, they can also choose to upgrade and optimize their moviegoing experience. In this quarter, 41% of box office revenue came from premium experiences like IMAX, UltraAVX, 3D, and VIP. Cineplex's VIP, in particular, has been extremely successful, and not many of our peers have been able to duplicate this offering. Continuing our commitment to premium experiences, we are adding IMAX, ScreenX, and UltraAVX screens and upgrading to laser projections this year, further enhancing our portfolio and solidifying our position as leaders in the industry. We pride ourselves on giving guests an exceptional experience when visiting our theaters, and now we are also making their moviegoing experience a more seamless one with the introduction of online and mobile concession ordering. When purchasing tickets on the Cineplex app or online, guests can add their favorite concessions to their cart and easily pick them up on their way to their seats. We're also creating operational efficiencies through data, automation, and technology. We've shared in the past how we use data to attract and retain guests. We are also leveraging advanced data analytics, automation, and technology to create operational efficiencies across our business. Using these tools helps us create more accurate attendance forecast models that help us anticipate business volumes and more precisely plan staffing levels. I also want to provide a brief update on the Competition Bureau's allegations regarding our online booking fee. We presented our case before the Competition Tribunal in February. We note that the Competition Bureau is not contesting our rights to charge the online booking fee, it is only contesting the manner in which we presented the fee to consumers. We strongly believe we have complied with both the letter and spirit of the law, and that the Competition Bureau's allegations are unfounded. We await the Competition Tribunal's decision in the coming months. Before I pass it on to Gord, I want to touch on last month's CinemaCon, our industry's annual trade show, and meetings the executive committee of the Global Cinema Federation had with studios and the directors and producers guilds. The feedback was extremely encouraging, as every studio and the guilds spoke about the return of product and the importance of theatrical to the overall success of content. As studios unveiled their film lineup for the next year and a half, the emphasis at CinemaCon and in our discussions was on the immense value of theatrical releases. One resounding message from our studio partners was their commitment to both volume of film release and quality of content on the horizon. With the Hollywood strikes resolved, and major players like Amazon and Apple meaningfully leaning into theatrical, our optimism for the box office in the latter half of the year and beyond is growing. In fact, over 30 new films have been added to the 2024 pipeline since December 2023. We are starting to see a buildup of content with exciting titles such as Kingdom of the Planet of the Apes, If, Garfield, Furiosa: A Mad Max Saga, Inside Out 2, A Quiet Place: Day One, Despicable Me 4, Twisters, and Deadpool & Wolverine. In the back half of the year, the slate further strengthens with titles like Beetlejuice Beetlejuice, Moana 2, Joker: Folie à Deux, Wicked, Gladiator 2, The Lord of the Rings: The War of the Rohirrim, Sonic the Hedgehog 3, and Mufasa: The Lion King. Looking ahead to 2025, we already see a robust film slate on the horizon, including another Jurassic World, Superman: Legacy, the next installment of Mission: Impossible, Ballerina from the John Wick universe, Captain America: Brave New World, Minecraft, How to Train Your Dragon live action, Fantastic Four, The Bad Guys 2, Blade, Snow White, Avatar 3, and many more. With this exciting lineup, we are returning to a consistent flow of new and diverse films landing on screens each week, and we are energized by the potential box office ahead. Our recent refinancing has well-positioned our company to drive growth and effectively navigate periods of reduced film volume. We remain confident in our disciplined and balanced approach, and in the successful strategic initiatives we've achieved so far. We have meaningful potential upside as we expand our LBE business and grow as an industry-leading, diversified entertainment and media company. We are optimistic about the future and our ability to drive long-term shareholder return. With that, I will turn things over to Gord. Thanks, Ellis. I'm pleased to present a condensed summary of the first quarter 2024 results for Cineplex Inc. For further reference, our financial statements and MD&A have been filed on SEDAR+ and are also available on our investor relations website at cineplex.com. Our MD&A and earnings press release include a complete narrative on the operational results, so I will focus on highlighting select items, including providing commentary on the gain on sale of P1AG, the loss on extinguishment of debt, and our outlook. For my comments on operations, all amounts, sorry, all amounts following will be from continuing operations unless otherwise stated. As Ellis mentioned, and you are all aware, our first quarter results were impacted by the actors and writers strikes, which delayed the release dates of a number of key titles. Notwithstanding, our total revenue increased 1.2% to CAD 295 million. However, our Adjusted EBITDA decreased to CAD 4.6 million in 2024, as compared to CAD 11.4 million in 2023, primarily due to minimum wage increases and legal costs in the quarter related to the Competition Bureau's lawsuit against Cineplex. Let's take a closer look at our segments. In the film exhibition and content segment, attendance was flat at approximately 9.8 million. Total revenue increased 1.7%, and Segment Adjusted EBITDA decreased CAD 1.5 million, primarily as a result of minimum wage increases. We are using data, automation, and other initiatives to mitigate the impact of these increases going forward. In the media segment, as we mentioned previously, the Cinema Media business model, post-pandemic, has shifted to a CPM-based model. The media segment revenue was flat at CAD 22.1 million, and the segment's Adjusted EBITDA was down slightly by CAD 0.8 million to CAD 8.3 million. Cinema Media revenue was impacted by shifting release schedules and some pandemic-related commitments, which were utilized in the prior year quarter. Our digital place-based media business had strong results, with total revenues up 24% to CAD 9.9 million, primarily as a result of the addition of Cadillac Fairview to our shopping mall network beginning in 2024. Lastly, in our LBE segment, segment revenues were down nominally to CAD 34.5 million from CAD 35.1 million, in part due to the inclement weather experienced across parts of North America during the first quarter, which resulted in some location closures due to extreme conditions. Store-level Adjusted EBITDA margins for Q1 2024 of 28.1% continued to exceed our targets of 25%. With the closing of the P1AG transaction in Q1 2024, we recorded a CAD 67.3 million gain during the quarter, which is detailed in note 2 to the financial statements. I'd like to point out two things related to the gain. First, the gain is included in net income from discontinued operations. And secondly, as a reminder, we will use a portion of our non-capital losses to shelter any cash taxes payable resulting from the gain. Also, during the quarter, we executed and completed our comprehensive refinancing plan. This plan had three key initiatives. Objective 1 was to meaningfully extend debt maturities. The result, we now have senior secured notes with a maturity of 5 years and an amended convert offering with a term of 6 years. Objective two was to reduce restrictions imposed by debt covenants. The result, the repayment in full of the existing bank credit facility and the replacement with a CAD 100 million revolver with a covenant-lite structure. And finally, objective three was to reduce the potential equity dilution from the existing convertible debentures. The result, the amendment and principal repayment resulted in a reduction in potential equity dilution of just under 80 million shares or just under 28% of the potential equity dilution of the existing converts. A well-executed plan was a bold move to strengthen the balance sheet for the future. P&L shows a loss of approximately CAD 54 million on the refinancing, which is primarily related to the treatment of the convertible debenture amendment as an extinguishment of debt. At year-end, the carrying value of the convertible debentures was CAD 272 million versus a face value of CAD 316 million, as a component was included in equity on original issuance. Of the CAD 54 million dollar loss on extinguishment of debt, approximately CAD 43 million was related to non-cash items, including this convert item. Finally, back to the P&L. Net income has increased to CAD 5.2 million from a loss of CAD 30.2 million in 2023, primarily due to the aforementioned items. I would now like to move on and speak to our balance sheet, and in particular, our liquidity position. At quarter end, we had CAD 92 million in cash and nothing drawn under the covenant-lite credit facilities, which have a capacity of CAD 100 million. As I mentioned earlier, with the comprehensive refinancing plan, one of the objectives was to remove restrictions related to covenant testing, and no testing was required under the credit facilities at quarter end. As we've mentioned previously, our capital allocation priorities include maintenance, capital expenditures, continuing to strengthen the balance sheet to achieve our target leverage ratios, investing in growth opportunities, and providing shareholder returns in the form of dividends and/or share buybacks. With respect to CapEx, for the quarter, we had net CapEx of CAD 13.2 million versus CAD 12.2 million in the prior year. Three LBE locations and one theater location under construction and to be opened in 2024. We are currently estimating net CapEx for 2024 of approximately CAD 80 million. As we look forward, in years where we would be bringing on three additional LBE locations and other growth initiatives, we would expect net CapEx to be approximately CAD 80 million, including approximately CAD 30 million in maintenance CapEx. Our LBEs continue to deliver results in line with our targets and as such, growth CapEx will continue to be allocated towards the LBE business. Now, I'd like to take a few moments to consider the future. I want to revisit the world we've described during our past analyst calls. This is a world where we achieve or exceed pre-pandemic Adjusted EBITDA levels on 75%-80% of pre-pandemic attendance levels. With no new near-term cash taxes due to the NOLs, we would generate in excess of CAD 100 million of free cash flow due to our business model and use this free cash flow to invest, delever, and provide shareholder returns. With the confidence coming out of CinemaCon, as Ellis has described, the long-term view for exhibition is solid, and we believe the world that I am describing is real and coming soon, commencing in the back half of this year. We see a continued path to hitting our leverage target of 2.5-3 times, and reintroducing shareholder returns, including share buybacks and or dividends. In summary, we believe there's a lot to be excited about. With that, I would like to turn the call over to the conference operator for questions. Thank you. We will now begin the question and answer session. If you would like to ask a question, please press Star, followed by one on your telephone keypad. If your question has been answered or you wish to remove your question, please press Star followed by two. As a reminder, if you are using a speakerphone, please pick up your handset before asking your question. Our first question comes from the line of Maher Yaghi with Scotiabank. Maher, your line is now open. Great. Thank you for taking my question. I wanted to, you know, maybe if we can have a discussion on your expectation for movie releases in Q2, Q3, Q4. Since we started the quarter, as you mentioned, this morning, and slightly on the weaker side, how should we think about the conversion of attendance to revenues, to EBITDA as the year progresses? And, as a follow-up, you indicated your expectation for additional, you know, expansion, for some of your opportunities, on the entertainment side. Any indications on what that will implicate in terms of CapEx? Thank you. Okay. I'll answer the first part of the question, and, Gord, I'll turn it over to you on the CapEx for the LBE side. The product to me looks extremely strong, you know, especially in the back half of 2024. We have strong movies coming out with Planet of the Apes, you know, on Friday. And we've got, you know, If from Paramount, Garfield, Furiosa, all that in the month of May. And then in June, we've got Inside Out 2, which I think will be one of the larger movies for 2024. We've got A Quiet Place also from Paramount. So there's a lot of product to look forward to, and the back end is even much stronger. And what we see is a lot of movies being put into the slate as we move forward, and it's the reverse to COVID, when things were being pushed out, now they're being pushed in, which is overall strong for us. In July, we've got Despicable Me 4, we've got Twisters, we've got Deadpool 3. Then going through to the balance, we've got Beetlejuice, Transformers, The Wild Robot, and then November, you've got a big slate with Gladiator, Wicked, and Moana. And then we end the year with some strong films like Lord of the Rings, Karate Kid, Mufasa: The Lion King, Sonic the Hedgehog, and Nosferatu. So I'm pretty confident that the product is coming back and it's going to be strong. One of the things, when we did our global cinema presentations and met with the studios and the guilds, some countries, like, for example, India and France, in 2023, India did 99% of its 2019 box office, and France did over 90%. So once the content is there, our guests want to come back and have that experience. Hope that helps. And then on your second question, I just want to remind you that I think, Maher, when you're talking about attendance and the contribution to EBITDA, just want to kind of remind people that if you use sort of the 2023 metrics, that each, you know, incremental guest contributes about between CAD 12 and CAD 13 in EBITDA. So, you know, huge operational leverage there. And that's why we see the path to getting back to pre-pandemic EBITDA on 75-80% of pre-pandemic attendance. On your question related to- Well, maybe, maybe Gord, just maybe before we, we talk about, the CapEx question, you know, I think the, you know, investors I'm speaking with, trying to figure out what, what is the, the run rate of the business, that can, you know, be sustained, now that, you know, we've passed COVID, we've passed the, the Hollywood studio, strike, et cetera. What, what is, what is your view on what the company's operational, performance could look like on a steady state basis, on the top line and, and the EBITDA line? Yeah. So, look at it, and I think the question is, and if you look went to last year's numbers as an example, which, you know, we had total EBITDA of CAD 157 million in a constrained sort of media market. So there's lots of upside in from the media side. But if you looked at the incremental, you know, the, the number I gave with respect to incremental, incremental contribution of each, somewhere between CAD 12-CAD 13. And, you know, potentially, if you're up to 80% of the pre-pandemic level, that would be 53 million people. Roughly 48 million last year. So, you know, 5 million additional guests at CAD 12-CAD 13 is, you know, CAD 60 million-CAD 70 million of incremental EBITDA. So you take that on top of the CAD 157, and, you know, you're in a CAD 220-CAD 230 range, which is in excess of where we were pre-pandemic. So we kind of see that path coming in. As I mentioned in my remarks, you know, I see that world commencing in the back half of this year, and into new. So that's, you know, that's around where we believe kind of this new world run rate is gonna be. And then it's incumbent enough to find other reasons why people wanna come together, that we can potentially increase attendance, you know, above that 75%-80% level. Great. Thank you. And on the second question, on CapEx is, you know, at the end of this year, we'll be up to about 16 LBEs out there. We've communicated that we have plans to, or we think there's opportunity for about 30. So that's 14 additional locations. We've kind of communicated on a potentially an average cost of, you know, CAD 10 million, so that's CAD 140 million, to ramp up to that full capacity, which will double the EBITDA contribution from that business. In my comments, I mentioned about, you know, would we do about 3 a year? That's probably around where we would be in the, you know, in that kind of world is about, you know, we'd be at levels of around CAD 80 million of CapEx. I will suggest that next year we don't have 3 that we're committed to and will be opening, so it'll be a little bit less, a little bit less than that in 2025. Could ramp up to that number as we kind of roll that over, you know, 4-5 years. Good. Great. Thank you. Thank you. Thank you. Our next question comes from the line of Cheryl Zeng with TD Cowen. Cheryl, your line is now open. Hi, thanks, Ellis and Gord. This is Cheryl, standing in for Derek, who's on another call. So, thanks for taking our question. Our first question is around the LBE business. So in addition to the weather impact that, you were lacking a pretty tough comp on both the top line and margins last year. Could you just remind us why it was so strong last year? And I think in the MD&A, you alluded to, the strength that you saw at the end of the quarter. Is that carrying into Q2? And maybe just how you see it developing over the rest of the year. Yeah. So first of all, you know, the top line was relatively in line despite the inclement weather this year. Last year, in the first quarter, we did make—we provided some commentary that the EBITDA margin benefited from certain one-time items last year, and was roughly 35%. And, you know, as we've described, our expectation is to be at 25%. We were above that for the full year last year, and we've been above that for the first quarter. So it was really that there was some one, sort of one-time benefits that were reflected in last year's, which included some items related to kind of labor being kind of over, sorry, underutilized or over constrained, I guess, during the quarter. That really made the first quarter last year more of an anomaly. Okay, thanks. Curious how you see it developing for the rest of the year, like in terms of the top line and the margin? Yeah. So I mean, one thing about the LBE business, as we mentioned last year, too, is, you know, as anything in Canada, it's a beautiful day in Toronto here. But, you know, as weather, you know, as we suffer from bad weather, because we can't open. When weather is strong and good in the springtime, as people often don't wanna be inside. So depending on if we have great weather on weekend, that can hurt the overall results, and we called that out last year during the second quarter, which had impacted that. But we continue to work on and, you know, over the course of the year, we see the average unit volumes of CAD 10 million, and, you know, that we have an EBITDA margin of in excess of 25%. Now you will see the three locations coming on, likely in the fourth quarter, and typically sort of out of the box. You know, as we have training and other things, they may not hit their margins right out of the box, those new ones. But the old ones or the existing ones, we expect to continue on the trajectory that they've that doesn't exceed our targets for the course of the year. Okay, thanks. That was very helpful. And maybe just one more before I queue. Could you remind us again around your plans for increasing shareholder returns, and more specifically, maybe on the timing and, the prerequisites to do so? And also, is there a preference when it comes to dividend versus share buybacks or, and also considering the LBE investment? Just curious how you prioritize or execute on that balancing act. Thank you. Yeah. So thanks, Cheryl, for that question. So, you know, we've been pretty clear in our communication and just to reinforce it again, you know, our focus is to get into our targets of leverage of 2.5-3 times. I described sort of the world that we see that we're gonna get into in the back half of the year and into next year. You know, the question for all of us is really how many sustaining quarters do people want to see once we're in that zone? You know, probably a minimum of two, I would suggest. And which probably puts us into, you know, the beginning of next year. So we will continue to monitor and evaluate. With respect to a decision of, you know, do we do dividends versus share buybacks? I think that would be based on sort of where the share price sits at that point in time. Right now, we would evaluate what would either of those options. And then the last part of your question, I just want to make sure that in the world that I communicated, we would have CAD 100 million of free cash flow. That already includes investing in 3 LBEs. So, so I want to make that clear that the LBE investment does not we do not believe that will constrain us in the short term from considering any return on capital as we've just checked. That's very helpful. Thank you, Gord. Thank you. Our next question comes from the line of Drew McReynolds with RBC Capital Markets. Drew, your line is now open. Yeah, thanks very much, and good morning. Just sticking with the LBE expansion in, you know, the 14 locations, Gord, you allude to, you know, just wondering, as you build those out, the nature of those locations, are they kind of materially different than, you know, what the first kind of 16 would be? And are you able to, with some additional scale, you know, squeeze out some additional profitability? And then the second question, just on the outlook for CDM, how do we, you know, without, I guess, asking for specific quarterly guidance, how do we model this? I know you have two disclosed revenue streams, the project revenues and other revenues. Just how much of, you know, the overall kind of growth here will be, you know, so-called, recurring versus, one time? Just any help on, rules of thumb on that would be great. Thank you. So, Drew, on the amusement and leisure side of the business, as you know, every time we've opened one of these locations, we learn a great deal as to, you know, how do we better our overall, you know, square footage, what our returns are gonna be, and depending on the marketplace. And as Gord said earlier, we basically have to make sure that it's in a location, it is financially strong for us as we move forward. So yes, we'd like to get to 30, but that's not gonna happen overnight. It's gonna take a bit of time because as we've seen, the locations that we have really make a difference as to, you know, the guests coming and enjoying the experience. So we will continue to review that and look at the square footage, depending on the, you know, the demographics in the area we are building, and choose between, you know, whether we build a Rec Room or a Playdium, in the communities that we're going into. I'll turn it over to Gord to talk about CDM. Yeah. Thanks. Thanks, Ellis. And just to add on, like, I think we've clearly learned, you know, I think the size of the Rec Room doesn't need to be as large as it was in those initial ones that were deployed. So we're constantly learning and refining the box as we go forward. And you know, there's significant synergies between the learnings that we're seeing in the Rec Room and then the theaters too. So, you know, food service, as an example, is one that kind of extends across businesses, that connection with seeing that we can drive entertainment co-customers into the box. So significant synergies between kind of the LBE business and the theater business. And then, of course, the obvious one is the Junxion concept, which is we're basically taking an LBE and a theater, putting it into one box. So great opportunities there. On the question on digital media then, so, you know, this is one that I'm kind of, I'm excited about because, you know, we took over Cadillac Fairview and Cominar in the first quarter. If you look at the split between project revenue and other revenue, which includes the media advertising revenue, during the fourth quarter, you'll note that that increased 38% year-over-year, so the other revenue. And then the other thing that you need to remember is that we only started selling those additional networks beginning January 1, and there's always a little bit of a lag and a slowdown when you take over a new network because you need to communicate that you're the agent of record for that network. So you're not ramped up to its full potential in those early periods. So, you know, as you look forward, the project revenue can be a little bit lumpy, depending on who's deployed and who's not deployed. But that 38% growth in other, I would suggest, is... That has a ramp up to where we're gonna be, and it's gonna be 50% or more, you know, as we go forward, given the additional networks that are out. Okay. That's helpful, Gord. Thank you for that. Maybe one last one here. Maybe back to you, Ellis. You've done such a great job on the international film side of the equation, and, you know, obviously, a 13% in Q1, it contributed. Historically, and I guess let's talk pre-COVID, you know, what kind of contribution, apples to apples, would you say, you know, this kind of category of film product would have been contributing? Yeah, historically, we were in the 2%-3% range as far as international content, and that has continued to grow, and we are using all of our data and all of the information we have available, and the relationships with the distributors for those films, and they have really helped grow the business nicely in Canada. Fantastic. Thank you. I foresee that will continue. Sorry. Thank you. Thank you. Our next question comes from the line of Adam Shine with National Bank Financial. Adam, your line is now- Thanks a lot. Good morning. A couple of questions. Gord, when I look at the other line in other OpEx, can you just elaborate a little bit? I see what's there. It's Cineplex Pictures, Store, and some other stuff, but it did move up quite a bit in the period. Is that, you know, more related to do with some of the international activity that you might be bringing in via Cineplex Pictures, or are there other things that might be a bit one-time in nature in the particular period? Yeah, no, Adam, there's one-time items in the prior year. So if you went back two years, you'd see it's kind of more in line with that number. In the prior year, there was kind of a retro adjustment related to, primarily related to Scene, that impacted the other revenue- Right. And the other op by about the same magnitude. So it was really that's the issue. Perfect. Thanks for the reminder. And then maybe, Ellis, just can you talk... I know you've already talked quite a bit about, you know, the movie slate, but more, more specifically, you know, we've seen a number of the studios, you know, releasing results recently. Some of them are sort of rethinking their, you know, output going forward with obviously, you know, try to improve some of the quality that we've seen in the last year or two. Maybe you can, you know, address some of the commentary that you've heard, things that you might have already heard at CinemaCon in regards to some of the strategies regarding output going forward. Of course, you know, you've mentioned many times that the streamers are waking up to the opportunity to put out more product, and we're actually starting to see a bit more of that in recent quarters. Maybe just elaborate on any updates. Thanks. Yeah, I have to tell you, Adam, it was very, very positive. And the Global Cinema Federation, which Cineplex is part of on the executive committee, we met with a number of studios and a couple of the guilds, and they were all very positive about product and what the future is gonna look like. And they've come to the conclusion, which we all knew, that the cinema experience is the engine that drives the train. And to me, that is very important, and Disney reiterated that, Universal did. So I think, you know, once the shackles are off and we are behind the COVID and the strikes, you're going to see a lot more content coming through. I also said previously, in countries where the content was dead, they were close to 100% of their 2019 numbers. You know, as Gord mentioned, if we even get back to 80% of the attendance, which is very possible and even better, we will be better than where we were in 2019 from an EBITDA perspective. Okay, thank you very much. I'll leave it at that. Thank you. Thank you. Our next question comes from the line of Derek Lessard with TD Cowen. Derek, your line is now open. Hi, thank you. This is Cheryl. I'll call you again. And just a few follow-ups. One is, just for modeling. We know there is some ongoing case, but how do we view the litigation expense going forward from a modeling perspective? Okay. So we were in the tribunal phase during the first quarter. So I would suggest that the expenses would be elevated in the first quarter and they will decline significantly off of that in future quarters. Okay. Thanks, Gord, for that. And then the last one for me is, just, are there any wins or takeaways that you can point to now that you've completed the rollout of the online mobile ordering, any upside that you see from on the CPP and theater food service? Thank you. Yeah. So again, it's early on, and so the adoption is low, but what we're seeing is, you know, that will increase over time, and we are seeing, you know, significant lifts on the transactions that are occurring to date. I don't want to give you a, a number right now, because it is kind of early days and an early adoption, but we're very, very pleased with the results. And as I've mentioned to you, previously, is we think this is a, a real opportunity, you know, to use data, to have personalized messaging, to lift sales at the concession stand and a real opportunity for growth in CPP going forward. Great. Thank you. Thank you. There are no questions registered at this time. As a reminder, if you would like to ask a question, it is star one on your telephone keypad. There are no questions registered at this time, so I would like to pass the call back to Ellis Jacob for any closing remarks. Thank you very much, and I would like to thank all of you for joining the call this morning, and we look forward to a strong summer and look to speak with you in August for our second quarter 2024 results. Have a great day. Thanks again. That concludes today's call. Thank you for your participation. You may now disconnect your line.