Good afternoon, everyone, and welcome to today's news conference announcing the Thoroughbred Championship Series from Churchill Downs Incorporated and the New York Racing Association. Thank you for joining us. Today's news conference is being recorded. Joining us today are Mr. Bill Carstanjen, Chief Executive Officer of Churchill Downs Incorporated, and Mr. David O'Rourke, President and Chief Executive Officer of the New York Racing Association. Bill and David will each provide opening remarks, followed by a moderated question and answer session. Reporters will also have the opportunity to ask questions live. To allow time for as many questions as possible, we ask that reporters limit themselves to one question. I would now like to introduce Sam Ullrich, Churchill Downs Vice President of Investor Relations. Thank you, Abby. Good afternoon, and welcome to our joint conference call. A copy of this announcement is available at the section of Churchill Downs' website titled News, located at churchilldownsincorporated.com, as well as in the website's investor section. Some of the statements made today may include forward-looking statements. All forward-looking statements should be considered in conjunction with the cautionary statements in our press releases and the risk factors included in our filings with the SEC, specifically the most recent reports on Form 10-Q and Form 10-K. We undertake no obligation to update these statements as a result of new information or future events. Now I'll turn the call over to Churchill Downs' Chief Executive Officer, Mr. Bill Carstanjen. Good afternoon, everyone, and thank you for joining us. I'm so pleased to be here today with David O'Rourke and our partners at the New York Racing Association to announce what we believe is one of the most significant developments in Thoroughbred racing in decades. At its core, the Thoroughbred Championship Series is about the future of our sport. Thoroughbred racing has everything people love about sports. It has extraordinary equine athletes, iconic races, legendary venues, and traditions that have captivated fans for generations. Every year, the Kentucky Derby introduces millions of people to a new generation of stars and reminds us why this sport holds such a special place in American culture. Today's fans experience sports differently than they did even a decade ago. They want stories that unfold over time. They want rivalries, standings, and meaningful competition that builds from one event to the next. They want a championship they can follow throughout an entire season. They want to see a champion crowned each year to celebrate. That's exactly what Churchill Downs and the New York Racing Association have set out to create. Starting in 2027, the Thoroughbred Championship Series, or TCS, will bring together each year the world's most spectacular horses and jockeys who compete in the Kentucky Derby, the Belmont Stakes, and the Travers Stakes, and link these extraordinary athletes and iconic races to form a new six-race series over five months at our sport's most iconic venues. Each of the six races matter as we build new traditions and standards of equine excellence, culminating with the crowning of a champion at the finale of the series to be held in September at Churchill Downs Racetrack. You do not have to win every race or even any particular race to become the champion. The winner will be the horse who demonstrates consistent excellence and stamina in the face of the world's toughest competition across the six races. Each year, the champion of the Race for the Vase will have earned a special place in our sport's history. This isn't simply about adding another series to the calendar. It's about connecting our greatest events into one compelling season. It's about giving fans a reason to continue following the sport's biggest stars beyond the Kentucky Derby, and it's about creating meaningful incentives that encourage the nation's leading three-year-olds to continue competing against one another throughout the summer and into the fall. We believe that's good for our fans, we believe it's good for horsemen, and ultimately, we believe it's good for the long-term future of Thoroughbred racing. None of this would be possible without our partnership with the New York Racing Association. Together, we've built a championship around some of the most prestigious races and historic venues in the sport, and we share a common vision for growing Thoroughbred racing by creating a competition that is easier for fans to follow, more compelling to watch, and worthy of the extraordinary athletes that compete in it. We are also very appreciative of our broadcast partners, in our case, NBC, for their support and commitment to helping build this event. Both NBC and FOX have demonstrated consistent and tremendous support for racing, and we look forward to collaborating with all parties to bring more exciting racing content to a national audience. Six races, three iconic racing venues, one champion. Great sports create seasons, great seasons create champions. Today, Thoroughbred racing begins a new chapter. Thank you for joining us today. We're excited to share more about this vision. With that, I'll turn it over to David. David? Thank you all for joining us. It's an honor to be here representing the New York Racing Association alongside our partners at Churchill Downs. This partnership represents a genuinely new approach for our sport. Our goal is straightforward: To build a true season-long competition that carries the energy of the spring classics through the summer and into the fall, and in doing so, capture the attention of both lifelong fans and entirely new audiences. The Thoroughbred Championship Series will showcase the sport's defining races at its most iconic venues to a national audience across both FOX and NBC. This format is built on standings, the season-long chase that develops real rivalries and brings a playoff atmosphere to racing. Beginning on the first Saturday in May and continuing into the early fall. It's a structure sports fans instantly understand. With the reach of our television partners at FOX and NBC, we'll be able to tell the compelling stories and introduce the personalities that have always been at the heart of this sport. The Triple Crown shows us every year how powerful these events capture the public imagination. Our aim is to carry that energy across the full season and give the fans a reason to stay with the sport's best three-year-olds from May into the fall. We also believe a stronger, more connected three-year-old season is good for everyone in the sport, for the horses, for the horsemen, and for the fans who follow them. Here in New York, we'll soon begin a new era at Belmont Park, which opens on September 18th, following a three-year project to create a world-class sports and entertainment destination. Contrast that modern venue with the historic Saratoga Race Course, one of the state's most beloved attractions year after year. By linking our tracks with the iconic TwinSpires at Churchill Downs, fans across the country will experience the very best our sport has to offer. That's exactly what we envision for the Thoroughbred Championship Series, a dynamic, thrilling races from the sport's finest venues brought to new audiences through compelling national broadcast coverage, matched with an in-person experience to rival any live event anywhere. We're grateful to our partners at Churchill Downs, and we can't wait to get started. Thank you. Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you're called upon to ask your question and are listening via speakerphone on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. To be able to take as many questions as possible, we ask that you please limit yourself to one question. Again, it is star one to join the queue, and we'll pause for just a moment to compile the Q&A roster. Our first question comes from the line of Ed DeRosa with Horse Racing Nation. Your line is open. Thanks for the time, gentlemen. Congratulations. I know there's been some consternation, industry at large, and perhaps even at NYRA, David, about the strength of Kentucky. Does partnering with Churchill in this manner and developing an almost year-long series, we're working collaboratively at the highest end of the game, alleviate some of those concerns about where Kentucky was placing its stature within the industry? I would view that differently than that in terms of I think this is leaning into strengths. What we're trying to do here is set a foundation for a season-long series and combining our broadcast presences and be able to create a cross narrative. I wouldn't term it exactly in terms of the way that you're terming a reaction to. I think this is building upon two organizations that are two of the biggest racing organizations in the sport, and collectively, we're creating a new series that kind of modernizes the way that the public can consume our game. Again, it is star one if you would like to ask a question. Ladies and gentlemen, that concludes today's news conference. If you have additional questions, please contact the media representatives listed in today's news release. A replay of today's news conference will be available on the Churchill Downs Incorporated Investor Relations website. Thank you for joining us today, and have a great afternoon