Good day, and thank you for standing by. Welcome to the AMC Networks Inc. Second Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question- and- answer session. To ask a question during the session, you will need to press Star, one, one on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press Star, one, one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Nick Seibert, SVP, Corporate Development and Investor Relations. Please go ahead. Thank you. Good morning and welcome to the AMC Networks Second Quarter 2025 Earnings Conference Call. Joining us this morning are Kristin Dolan, Chief Executive Officer, Patrick O'Connell, Chief Financial Officer, Kim Kelleher, Chief Commercial Officer, and Dan McDermott, President of Entertainment and AMC Studios. Today's press release is available on our website at amcnetworks.com. We will begin with prepared remarks, 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 Networks' SEC filings for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements made on this call today. We will discuss certain non-GAAP financial measures. The required definitions and reconciliations can be found in today's press release. With that, I'd like to turn the call over to Kristin. Thanks, Nick, and good morning, everyone. We continue to execute our clear strategic plan focused on programming, partnerships, and profitability as we manage AMC Networks through this period of change in our industry. I'm pleased with the progress we've made in the first half of the year. In the second quarter, streaming revenue growth accelerated. We saw strong licensing performance and generated $96 million of free cash flow. In light of these positive results, we are raising our free cash flow outlook to approximately $250 million for the full year. In addition, we recently completed important financing transactions, which Patrick will discuss in more detail. We expect that the retirement of our debt at a significant discount will create meaningful shareholder value. I'd like to spend a moment discussing a core competency that differentiates AMC Networks, which is our ability to build and grow fan communities around our high-quality content. This is the goal of every company in media, and our success in this regard spans our linear networks, programming franchises, targeted streaming services, and film business. Two weeks ago, we were at San Diego Comic-Con, the biggest fan event in the world and a major annual priority for our company. Our Walking Dead and Anne Rice universes, and for the first time, our Shudder streaming service, were well represented. Active fan relationships drive our company and also deliver meaningful value to our distribution and advertising partners. It was powerful and affirming to see people lined up for hours to be terrified at our Shudder activation, to watch Norman Reedus and Melissa McBride preview a new season of The Walking Dead: Daryl Dixon in Hall H, or experience the cast of Interview with the Vampire entering Ballroom 20 to deafening applause. We've also approached streaming in a unique and fan-forward way, building a suite of targeted services that allow us to efficiently serve passionate fans of specific genres while achieving very high levels of engagement and loyalty. When a horror fan finds Shudder, or someone who loves cozy mysteries discovers Acorn TV, something very powerful happens. They don't just add another platform to the pile; they subscribe to a service that quickly becomes their favorite. Our viewers-first strategy is designed to meet viewers wherever they are on every possible platform. The benefits of this approach are cascading across our business and allowing us to expand audiences by finding new viewers across linear, streaming, and CTV FAST. We have more than 20 domestic FAST channels today, which do more than just grow our digital ad business. They promote sampling and raise awareness and interest in our brands and franchises. They drive viewership on our linear networks and subscriptions on our streaming services. We're also adapting our success in FAST internationally. We're already seeing a great response to the three FAST channels we've launched in the U.K. and are adding three more this month. Later this year, we'll launch channels in markets across Central and Northern Europe, Iberia, and Latin America. We've been focused on expanding awareness and subscriber interest in the Acorn TV service and brand, one of the world's first targeted streaming services. In the quarter, we celebrated our first Murder Mystery May, a new event that delivered the biggest month for Acorn TV membership ever and achieved a multi-year high in subscriber acquisition. In addition to that effort, we developed a custom plan with a partner that successfully drove higher subscriber acquisition for the service. A new mystery series called Art Detectives, starring Stephen Moyer, premiered during the quarter and is now the number one new series in Acorn TV history. Irish Blood, starring and executive produced by Alicia Silverstone, premieres next week, and a new Brooke Shields mystery goes into production next month. Shudder continues to cement its status as the premiere brand for fans of horror and the supernatural with the breakout success of Clown in a Cornfield. The film opened to critical acclaim in May and set a company record for opening weekend box office. We're looking forward to extending the film's momentum with its streaming debut today on AMC+ and Shudder. It's worth noting that during the quarter, we implemented rate events at both Acorn TV and Shudder and still saw year-over-year and sequential improvements in both our rate of churn and engagement across our streaming portfolio. All of our streaming services are still priced below $10 a month, which is increasingly rare today. I'd also like to call out the strong growth of our HIDIVE streaming service. Anime is a popular genre with a passionate and highly engaged fan base. We see a lot of potential for continued growth at HIDIVE. In terms of operational updates, we're very pleased with our performance in the current advertising upfront negotiations and the continued expansion of our digital ad business as more of our advertising partners embrace the power of reaching our viewers by buying across multiple platforms. We're tracking toward the same overall volume as last year while driving a 25%+ increase in digital commitments, capitalizing on the innovation we've invested in over the last few years. Our commercial team leads the industry in key areas of innovation and attribution, and we see momentum as new currency opportunities are embraced by the marketplace. We're in advanced discussions with Netflix to extend and expand the innovative branded AMC collection content relationship we launched a year ago. We expect to provide a more specific update in the coming weeks. Let me just say both companies have been very happy with the results that came from making prior seasons of many of our shows, including our biggest franchises, available to this enormous base of subscribers in the U.S. In terms of content licensing in general, we're seeing interest in our shows and franchises around the world. We saw strong performance in this category during the quarter, including continued demand for our content, the sale of our music catalog, as well as additional fees related to our development of Apple TV+'s hit series Silo. This reinforces not only the value of our owned IP, but also the versatility and breadth of AMC Studios' assets and capabilities as we continue to develop premium content for our own platforms and opportunistically for other buyers. AI has become a significant focus generally and in media. We recently entered into a partnership with a company called Runway, a leader in the use of generative AI in entertainment, to leverage AI in our marketing and programming development. We've already begun using these tools to efficiently and quickly explore possibilities around certain storylines or locations, expanding the quality and volume of opportunity in these important areas. We'll have more to say on this and how we're using this new technology across marketing and programming development in the coming months. Our work with Comcast Technology Solutions to standardize and streamline our back-office functions continues and crossed several important performance milestones in the last quarter. Just recently, we worked with CTS to expand the delivery of our content to an ever-increasing number of digital distribution partners. On the linear side, we fully transitioned origination for our LatAm channels as well as disaster recovery services for our North American channels. This meaningful progress positions us well for the technical challenges associated with a rapidly evolving media distribution landscape. We are looking forward to a third season of The Walking Dead: Daryl Dixon, which will premiere in September, and the arrival of a third series in our Anne Rice universe, Talamasca: The Secret Order, later this fall. Our size, independence, and unified organizational structure serve our company, our partners, and of course, our viewers extremely well in this changing time in media. We have done the hard internal work to ensure that our employees are empowered, focused, and clear on our strategy, which gives us the ability to move quickly, intelligently, and decisively to seize new opportunities. We are managing this business in a thoughtful and strategic way as we continue to build franchises and entertain fans. Now I'll turn the call over to Patrick. Thank you, Kristin. We are pleased to report another quarter of healthy free cash flow generation with second quarter free cash flow totaling $96 million. On the heels of the strong cash flow generation in the first half of the year, we've increased our outlook and now anticipate approximately $250 million of free cash flow for 2025. I'll have more to share on this when I reiterate the rest of our full-year outlook later in my remarks. On to our consolidated results. Second quarter consolidated net revenue declined 4% year-over-year to $600 million. Favorability in foreign exchange rates resulted in an approximately 60 basis point tailwind to our consolidated revenue growth rate. Consolidated AOI declined 28% to $109 million with an 18% margin, and adjusted EPS was $0.69 per share. I'll now review our segment results. Domestic operations revenue decreased 2% to $527 million. Subscription revenue decreased 1% due to a 12% decline in affiliate revenue, partly offset by streaming revenue growth of 12%. Streaming subscribers grew 2% year-over-year and sequentially, and we ended the second quarter with 10.4 million streaming subs. Streaming revenue growth in the quarter benefited from the implementation of recent rating initiatives. Despite two price increases in the second quarter, we still saw year-over-year and sequential improvement in retention and engagement across our portfolio of streaming services. In July, we implemented a $1 rate event at HIDIVE, and performance to date at this service is encouraging, with retention tracking in line with our expectations. With all planned rate events for the year now in flight, we anticipate an acceleration in quarterly streaming revenue growth as the year progresses, and we continue to expect our full-year streaming revenue growth rate will be in the low to mid-teens. For the second quarter, domestic operations advertising revenue decreased 18% year-over-year due to linear rating declines and lower marketplace pricing, including lower digital CPMs. The ad market remains challenging for everyone, but we remain encouraged by our upfront performance, the strength of our programming, and our significant advanced and digital advertising capabilities. Content licensing revenue was $84 million for the quarter, reflecting the timing and availability of deliveries in the period. Our second quarter results reflected continued healthy demand for our high-quality content, including the sale of our music catalog and executive producer fees related to Apple TV+'s Silo. As you know, licensing revenues often vary quarter to quarter due to the timing of agreements and delivery schedules. Regarding the quarterly cadence of licensing revenue, we anticipate that the third quarter will represent the lowest licensing revenue quarter for the year and that revenue will pick back up in the fourth quarter. This is typical timing variability driven by the cadence of our delivery schedule. We continue to anticipate approximately $250 million of domestic operations content licensing revenue for the year. Domestic operations AOI was $126 million for the quarter, representing a decrease of 19%. The decrease in AOI was largely driven by continued linear revenue headwinds. Streaming and content licensing revenue strength provided a partial offset in the second quarter. Moving to our international segments, second quarter international revenues were $76 million. Excluding prior period advertising revenues related to a retroactive adjustment and the favorable impact of foreign exchange in the current period, international revenues decreased 6%. Subscription revenue, excluding FX, decreased 9% due to the non-renewal with Movistar in Spain, which occurred in the fourth quarter of 2024. Advertising revenue, excluding the prior period retroactive adjustment and the favorable FX impact in the current period, increased 2%. International AOI for the second quarter was $15 million with a 20% margin. Excluding the prior period adjustment and the beneficial FX impact in the current period, international AOI decreased 15%. Moving to the balance sheet, the strength of our balance sheet remains a focus as we reduce gross debt and extend maturities. Proactive and prudent management of our balance sheet provides improved flexibility today and in the future, while allowing us to focus on the continued evolution of our business. We believe that our securities offer attractive opportunities to deploy cash opportunistically across the capital structure to create meaningful equity value. So far this year, total debt reduction has exceeded $400 million. This includes the retirement of $699 million of our unsecured senior notes due 2029 at a significant discount to par and the early prepayment of $90 million of our Term Loan A. Through July, we've captured approximately $138 million of debt discount. Adjusting for transactions that closed in July, we ended the quarter with pro forma net debt of approximately $1.3 billion and a consolidated net leverage ratio of 2.7x a reduction from 2.9x in the previous quarter. We have $875 million of total liquidity, including approximately $700 million of pro forma cash on the balance sheet and our undrawn $175 million revolver. During the second quarter, we repurchased 1.6 million shares of our Class A common stock for approximately $10 million. As of June 30th, we had $125 million remaining on our current authorization. On the topic of capital allocation, our philosophy remains consistent. First, we look to support the business by creating and acquiring compelling programming that resonates with our audiences while maintaining healthy levels of cash flow generation. Second, we remain focused on reducing gross debt and extending debt maturities. Lastly, M&A, share repurchases, and dividends will be opportunistic and measured and remain further down our priority list. Moving to our 2025 outlook, we remain confident in our ability to drive free cash flow. As I mentioned earlier, we've raised our free cash flow outlook and now anticipate approximately $250 million of free cash flow for the year. Our increased outlook contemplates our strong year-to-date cash flow performance, efficiency in our programming investments, and cash tax savings largely related to full interest deductibility from the One Big Beautiful Bill. We continue to expect consolidated revenue of approximately $2.3 billion, reflecting continued linear headwinds partially offset by increasingly meaningful streaming growth, and continue to expect consolidated AOI in the range of $400 million- $420 million. We continue to anticipate year-over-year increases in technical and operating expenses, as well as increased SG&A expenses largely driven by streaming-related marketing. Regarding the quarterly cadence of AOI for the remainder of the year, due to the timing of revenue, including content licensing, we anticipate that AOI in the third quarter will represent the low point for the year. The fourth quarter will be the first full quarter reflecting all 2025 price increases that are streaming services. We expect fourth quarter AOI will benefit from accelerating streaming revenue growth and the timing of content licensing revenues. As such, in absolute dollar terms, we expect fourth quarter AOI to be consistent with second quarter AOI. While the operating environment remains ever-changing, we remain highly focused on the variables within our control. We continue to execute our consistent strategy of making great content, distributing that content broadly, generating meaningful free cash flow, and being prudent with how we allocate our capital. We are well capitalized with a large cash balance, a long-term view of the business, and a clear strategic plan. At the same time, we are nimble and opportunistic as we create and curate the high-quality content that engages fans and builds valuable franchises. With that, I'll hand the call back to Nick. Thanks, Patrick. Operator, we'll now move to the Q&A portion of the call. Certainly. As a reminder, to ask a question, please press Star, one, one on your telephone and wait for your name to be announced. To withdraw your question, please press Star, one, one again. One moment for our first question, which will come from Thomas Yeh of Morgan Stanley. Thomas, your line is open. Thanks so much. Good morning. Can you dig into the source of the free cash flow upside a little bit more relative to the reiteration of revenue and EBITDA? It sounded like, Patrick, you mentioned cash tax savings is a driver. Any changes to cash spending in the roughly $1 billion zone and working capital to help us bridge the gap? Sure. Hey, Thomas, thanks for the question. Just unpacking the kind of the increase in the free cash flow guide, a couple of factors. I would say the largest factor is the cash taxes. An offset to that was we did have some incremental cancellation of indebtedness income on which we pay tax on. On a net basis, cash taxes is the largest component of the guidance increase. I would say second to that would be savings across some of our programming. Those are more modest in relation to the cash tax savings, but still important. Even more important than either of those two is the fact that the cash tax savings will compound into 2026 and 2027 as we get full interest deductibility going forward. Obviously, given our capital structure, that was an important component of that legislation for us. Not meaningful changes to the prior guidance in terms of cash programming spend. In ranked order, it's the cash taxes first and the programming second. Okay, that's super helpful. If we benchmark relative to the original guidance across the revenue buckets at the beginning of the year, you reiterated content licensing and streaming. It seems like advertising is tracking a little worse and affiliate maybe a little bit better. As we think about the back half for those two, can you maybe just help us think about the trends on a year-over-year comparison basis and what we've been seeing recently continues? I mean, we continue to feel good about the $2.3 billion total revenue guide. I think the story remains sort of much the same as it has been for the last couple of quarters in that content licensing revenue continues to be strong. The market is strong. Obviously, our content performs well on our services. It performs extraordinarily well on other platforms in addition. We continue to see strength in those marketplaces, both domestically and internationally. On the margin, I would say incremental strength on content licensing, a little bit of weakness on the advertising side. Affiliate, we continue to feel kind of really good about our relationships with our partners, and those deals continue to get signed as a matter of course. You know, don't expect any sort of material change from our initial guidance for the year. I would caution, however, we don't sort of typically give kind of quarter by quarter kind of reframes on a revenue line item basis. There are multiple ways up the mountain. You know, we feel good about the $2.3 billion, and there's obviously a number of ways to get there. In terms of broad brush strokes, I think the trends you've seen in the past are going to kind of carry through for the balance of the year. Understood. If I can squeeze one more in just on the Runway partnership and the puts and takes there, is it right to assume that you're allowing them to train off your content library, and then in return, you can leverage these tools exclusively for yourself to empower you to do a more efficient post-production and pre-production? Maybe help us to frame through what the give and take is there. Hey, Thomas, it's Kristin. Runway is just a facilitation for us. It's a tool that allows us to ideate, but the content is ours. Essentially, our goal is to put the best tools in the hands of our creatives. Our teams are using Runway for visualization of ideas, whether it's set design or, interestingly, shots that we wouldn't necessarily be able to afford on our budget. Things like shooting an oil rig or an aerial shot of a shipwreck. The relationship there is really to help facilitate our opportunities to expand our scope, ensure creative alignment, and visualize more quickly. We've had some wins. Actually, Dan could probably give you an example or two. Runway is really just, they're great partners, but we use them to facilitate our creative work. It's a technology play. It's not an integrated IP kind of play with any of our content or anything that we've created. Yeah. I see. I'll just add to that, Thomas. I mean, I'd just say, look, the business has been integrating emerging technologies into the development and production of shows and film since the advent of the talkies. As Kristin has mentioned and driven us over the last couple of years, we are an early adapter in the fast-moving space of deploying AI in the service of generative visualization. We are using them to help us ideate, come up with concepts, ideas, help our showrunners visualize what they want to do, where they want to do it. In the realm of post-production, we're able to save a considerable amount of money across our 30- 50 episodes of television a year because generative AI is so good right now. It delivers 4K imagery priced at anywhere from 20%- 40% of what traditional VFX is. We're not displacing any of these people either. I want it to be really clear that all of our efforts live clearly and cleanly within the parameters established by all the guilds. We're committed to the principle that everything we do is in support of the people that make these great shows possible. We're literally just giving them tools that will enhance their ability to do the great work they do. Understood. Thank you so much. Thanks, Thomas. We'll go to the next question, please. Our next question will be coming from John Hodulik of UBS. Your line is open, John. All right, thank you. Just a couple more details on the top line. First, given the strength you've seen in streaming, do you think subscription revenue growth can grow sustainably from here? Any more details you can tell us on the sort of ad trends or the ad market, specifically what you're seeing in terms of pricing both on the linear side and the CTV side? We've heard about some pressure on general entertainment advertising in both sides. Any color that you're seeing and what you expect for the second part of the second half of the year would be great. Thanks. Great. Hey, John, it's Patrick. I'll take the streaming and Tim will take the advertising. Listen, we feel really good about the acceleration on the streaming side, both in terms of price and unit, right? We've had some amazing success with some of the recent programming both on Acorn TV and on HIDIVE that really resonates with audiences. We're seeing attractive upticks and subscribers there. Could always do better, but we like what we see, particularly the last couple of quarters on those two platforms. In terms of the economics of the business, it's really important to note that we've done a handful of price increases across our platform with really attractive net results. We're seeing a very, very modest impact to gross adds, churn, etc. The metrics continue to hold up really well. We've got some nice pricing power here. You're going to see that compound through the balance of the year into Q3 and Q4, obviously beyond. We feel really good about that, and we expect that streaming revenue will continue to accelerate into the back half of the year. John, just to note, I think it was in our remarks, but just to reiterate that streaming revenue will be our largest single revenue component this year. It's going where we need it to go. Kim on advertising. Sure. I think that it would be helpful to just reiterate Kristin's comments about the strength of our upfront this year, which is probably the most leading indicator you've heard from others and us on where advertising is going. To see nearly flat year-over-year volume while driving over a 25% increase in our digital revenue, it's all signs pointing in the right direction as we look forward. Obviously, that upfront begins in October of this year in fourth quarter and flows through next year. That's leading. I would also add that we continue to be, our teams are leaders in the national linear addressable space. What that really does, John, is that increases the value of our inventory by increasing the value it delivers to our advertisers through best-in-class targeting. We continue to push as much of our inventory directionally, whether that's from the virtual MVPDs, the traditional MVPDs, and obviously the CTV space. We sell cross-platform to our partners, and that value increases with the layered targeting enhancements in the Audience Plus programming. Excuse me, the Audience Plus. I'm blanking on the word. Yeah, the Audience Plus tool we introduced, actually, almost two years ago. Great. Thank you all. Our next question will be coming from Charles Wilber of Guggenheim Securities. Your line is open. Hi, good morning. Thank you for the question. I appreciate the detail on the upfronts there. Just wanted to ask, could you share any kind of incremental color on particular areas of success, whether verticals or particular shows or content style or platforms or audience segments that are kind of working best for you? Secondly, on the international FAST expansions, any costs or limitations on how quickly you can roll these out, and how you're thinking about the return profiles and the contribution timing from these? Thank you. It's Kim again. I'd just throw in, you know, we saw real health in our QSR and FAST casual category. Financial is up. Food and retail is up. Those all bounced up in Q2 of this year, and we'll continue to watch the categories going forward. On the downside, automotive has been a tough one for consecutive quarters for many. We continue to actually work hard in that space. In the areas of opportunity, we continue to expand that digital inventory, like I talked about in my last response. We see that as the future because of the nature of the targeting abilities in that space, which do lend to higher CPMs. We're setting ourselves up for the future. Great. On the FAST front, we've said it before, but now we're up to 28 FAST channels on 21 platforms around the world. That's 190 global feeds of FAST. We've been doing more and more partnerships both with the OEMs, with the CTV folks, as well as with our other distribution partners. For example, with TCL, we launched 11 FAST channels there in May. We domestically introduced two new channels in the marketplace, Acorn TV Mysteries and Love After Lockup, with select partners and more to come. Internationally, one of the big ones is we launched The Walking Dead by AMC FAST channel in Latin America, including Brazil, which is the world's third largest FAST market. We see a lot of opportunity here, particularly because, as Kim always points out, we retain the sales rights. Our digital inventory stack gets bigger and broader as we launch more FAST channels. On the tech side, what I love about this is as we've continued the migration over to CTS, we now have all of our assets sitting on servers in one place, obviously with a backup in another area, but two sets of cloud storage, one primary and one for disaster recovery. Everything can be fed from the same place. As we ideate different channels, all of the files are there, and our teams can put them together into a FAST channel that could either be a pop-up or persistent channel if it's something super effective like The Walking Dead, seasonal opportunities, or regional opportunities. FAST is just a great embodiment of a digital platform being so fast. For us, the opportunity is to continue to mine the library of everything that we have across all of our IP to create some really interesting and hopefully compelling content across the world. Thank you. Our next question will be coming from David Joyce of Seaport Research Partners. David, your line is open. Thank you. A little bit more detail, please, on the contribution to the streaming subs and advertising from, I guess, from the renewals that you've inked with your distributors in the past year, where they're kind of making your streaming services more available. What's that done for those subscriber and advertising trends? David, I'm sorry, did you mean advertising revenue or just asking about success so far with the silos and the spectrum constructs? Yeah, both what those new relationships have done for the advertising trajectory, what they're doing for advertising for you, and how they supported your subscriber growth. Okay, just on the subscription side, we've always loved the Charter model, the Spectrum model. We've worked really closely with the team there on making sure that subscribers who are entitled to AMC+ as part of their TV select package are activating. We're definitely in keeping, if not outperforming, some of the other folks that are available to Spectrum subscribers. Working very closely, and Charter's done an excellent job. I'm a subscriber. I get a lot of information reminding me what I have, what my entitlements are. We've been very, very pleased with the volume and take rate and engagement of those subscribers, as well as with Philo, where we're also embedding AMC+ with our core linear channels. On the advertising front, these are ad-supported versions of AMC+, but it's still pretty early as far as the total footprint for these bundled subscribers on the advertising front. Kim, I don't know if you want to add anything to that. I think that we will see. It accrues over time, absolutely, in an additive way. It is a multi-revenue opportunity for growth. All right, thank you. Operator, I think we'll go to the last question, please. Our last question will be coming from Steven Cahall of Wells Fargo. Steven, your line is open. Yeah, thanks. Good morning. I'm sure you all have noticed that some of the media peers have been looking to split up their cable distribution assets from their content assets. I imagine this is a question that you all have taken internally as well. You have a very successful studio, as we see from your licensing revenue. There's a lot of pressure on your revenue and AOI from the linear distribution part. I guess how are you thinking about that opportunity? You've been active in the debt market as well. We just love any color there. Maybe just back to capital allocation. You bought back some stock in the quarter. Patrick, I think you said that your priorities haven't changed, which is still content or buybacks. Given that there's always scope to invest in more content to drive future value, how should we think about when buybacks come into the picture? Thank you. Great. Hey, Steven, it's Patrick. I'll take them in reverse order. First, on capital allocation, as you mentioned, the philosophy remains unchanged. I would look at the very modest $10 million buyback in the context of the other kind of capital markets activity we undertook over the course of the last couple of quarters, including reducing net leverage by a quarter turn, given the discount that we captured in the recent activity. More importantly, obviously, we're extending the duration of our balance sheet, including the new $400 million secured issue due 2032. We feel really good about the work we've done to set the company up for a long-term sort of financial success here via the balance sheet. I would view the capital allocation in the context of those recent activities. When you look up and you see that the free cash flow yield of the stock is 90%, it does look screamingly cheap. We also see potential opportunities across the capital structure. We've taken advantage of some of them, as I mentioned, by capturing some discount. There may be more opportunities in the future, and we'll be mindful of those. On your first question, in terms of the asset composition of the business, I think it's worth highlighting because I don't think it's as well understood, given the fact that we've got a number of other spin posts coming out, which are cable networks businesses at their core. AMC is very different. We have a studio. We have a big streaming business. Streaming revenue is going to be our largest revenue source in 2025. There's a lot of IP housed within this company. We've also got an amazing portfolio of streaming products that work really hard alone, and they work even harder together. I think that's thematically how we think about the business as a whole. All the pieces work together, and it compounds strength. We see continued opportunity to sell across our platform, as Kim has mentioned, and to use the IP to drive our business and also assist others and monetize it around the world. At this point, we'd like to hand it over to Adele. We think we've got a great set of assets, and we think they're really working hard together. Thank you. I'm showing no further questions. I would now like to turn the call back to Kristin for closing remarks. Great, thank you, operator. I'd like to close by saying it's a changing and sometimes challenging time in media. As we discussed this morning, we're finding strength and opportunity in a clear strategic plan focused on programming, partnerships, and profitability. I'm pleased with our results this quarter and our prospects for the remainder of the year, including a higher reforecast for free cash flow, which is, as everyone knows, one of our major ongoing priorities. Between that and the return of The Walking Dead: Daryl Dixon next month, the expansion of our Anne Rice universe later this year, and our continued strong activity at Acorn, Shudder, HIDIVE, and across the portfolio of targeted streaming services, we think we're in pretty good shape. We want to thank everybody again for joining us and for your continued interest in AMC Networks. With that, we'll end the call. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.