Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation first quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session. I would like to emphasize that functionality for the question-and-answer queue will be given at that time. If you should require assistance during the call, please press star, then zero. As a reminder, this conference is being recorded. Now I'll turn the conference over to Chief Investor Relations Officer, Mr. Joe Dorrego. Please go ahead. Thank you, operator. Good afternoon, and welcome to our fiscal 2022 first quarter earnings call. Joining me on the call today are Lachlan Murdoch, Executive Chairman and Chief Executive Officer, John Nallen, Chief Operating Officer, and Steve Tomsic, our Chief Financial Officer. First, Lachlan and Steve will give some prepared remarks on the most recent quarter, and then we'll take questions from the investment community. Please note that this call may include forward-looking statements regarding Fox Corporation's financial performance and operating results. These statements are based on management's current expectations, and actual results could differ from what is stated as a result of certain factors identified on today's call and in the company's SEC filings. Additionally, this call will include certain non-GAAP financial measures, including adjusted EBITDA or EBITDA, as we refer to it on this call. Reconciliations of non-GAAP financial measures are included in our earnings release and our SEC filings, which are available in the investor relations section of our website. With that, I'm pleased to turn the call over to Lachlan. Thanks, Joe. Good afternoon, and thank you all for joining us to discuss our first quarter results. We've started off the 2022 fiscal year strongly, supported by industry-leading affiliate revenue growth and the healthiest ad market we have seen in some time. This momentum is clearly seen across our operating businesses, which includes the return to a full slate of live events at Fox Sports, the expansion of ratings leadership at Fox News, and continued exceptional growth from Tubi. Audiences are migrating to live news, sports, and streaming, underscoring the operational and financial pillars that have defined our short history as Fox Corporation. This quarter continued to demonstrate the strength of our businesses, where we delivered 12% growth in top line revenues, led by a 17% increase in advertising and near double-digit growth in affiliate revenues. On the advertising front, Fox is uniquely benefiting from a healthy national ad market where brands are increasingly seeking out engaged real-time audiences at scale that only live news and sports platforms deliver. This strong market is also benefiting Tubi and our Fox News digital assets, which provide targeted audiences to advertisers across many platforms. Despite comparisons to a heavy political ad cycle last year, our local markets are also performing well. On the affiliate revenue side, we again have best-in-class growth reflective of the power that our core brands hold in the pay TV universe. Our commitment to keeping our highest profile content, like the NFL, exclusive to our distribution partners, gives us confidence that the healthy annual price escalators we've commanded for our brands over the past renewal cycles will carry over into the next. While Steve will walk you through our financial performance in more detail shortly, I'll now turn to the operating highlights across our businesses. You've heard it from me before, and all of our advertisers know well that Fox owns the fall through our football and baseball coverage at Fox Sports. This fall is once again proof of that fact. NFL viewership is up across the industry, college football is back in full force, and we have just concluded a highly competitive Major League Baseball postseason. Throughout it all, Fox Sports has been expanding its live coverage to deliver viewers more of the content that they want. The NFL is off to a great start, seeing solid growth in overall viewership through the first eight weeks of the season. Excluding a rather complicated week one comparison, Fox's NFL viewership is up 8% over last year, and our schedule only gets better from here. College football has also seen solid growth. By all measures, it's off to its best start in recent memory. Season to date, average viewership of our college football games on Fox is up nearly 20% over 2019, the most appropriate comparison given the postponements and cancellations that characterized last year's COVID-impacted schedule. Fox's marquee Big Noon window is averaging more than 5 million viewers, while our Saturday morning pregame show, Big Noon Kickoff, has also seen viewership up nearly 20% over 2019 levels. Moving from the football field to the baseball diamond, Major League Baseball has been a bright spot this year. The inaugural Field of Dreams game this summer was a great success, clocking nearly 6 million viewers and delivering the most-watched regular season baseball game in 16 years. It drew viewers en masse, notably women and teens, and from a business standpoint, was the highest revenue-generating regular season game of all time. This game was something that only the Fox Sports team could envision and produce, deftly tapping into the nation's desire for an uplifting event underpinned by nostalgia and optimism. We all look forward to returning to Iowa in August 2022 for next season's Field of Dreams game. The momentum from the Major League Baseball regular season has translated into the postseason and what has been a superb World Series for Fox. In fact, the World Series is the only content this season outside of the NFL to average over 11 million viewers and will easily outrate the NBA finals to rank as the No. two championship event in professional sports this year. Today, we are happy to announce the expansion of our international soccer portfolio with a landmark rights agreement for the UEFA European Championship. We will have access to more than 1,500 matches, highlighted by the 2024 and 2028 Euros, along with the UEFA Nations League, World Cup, and Euro qualifiers, and international friendlies. This is on top of our existing international soccer portfolio, which, as you know, already boasts the FIFA Men's and Women's World Cups. Importantly, we have also acquired sports betting rights alongside our coverage of these UEFA competitions, including integration opportunities with FOX Bet and Foxbet Super 6, which are already benefiting from our existing sports rights portfolio. At the end of the quarter, the user base for Foxbet Super 6 exceeded 5 million players, making it the biggest free-to-play sports betting game in the country. Beyond our direct investments and options in the wagering area, our national networks and local stations are benefiting from the legalization of gambling across the country. Take the FOX Television Stations as an example. Sports betting is only legalized in six of our 18 Fox markets, and yet we have already written approximately 20% more sports betting revenue at this early point of the fiscal year than we did across all of fiscal 2021 combined. This implies that this new category will end the year as one of the largest in local advertising. Staying with local advertising, the overall market trends for us are quite positive, with travel, entertainment, and pharmaceutical categories proving particularly robust. While we continue to observe some softness in automotive, this is being more than offset by growth in other areas, including sports betting. Excluding political spending, our core local advertising was up again this quarter. At Fox News Media, linear and digital segments are performing very well. The Fox News Channel has further solidified its leadership position in cable news, reaching market share levels that are now at multiyear highs. In both total day and prime time, the Fox News Channel accounted for over 50% of cable news viewership during the first quarter, more than CNN and MSNBC combined. This momentum has accelerated into the current quarter, with Fox News Channel accounting for 55% of total day and prime time cable news viewership in the month of October. I should just say here as an aside, last night saw a viewership share of the Fox News Channel of 65% of all of cable news viewing. 65%. The first quarter also marked the seventh straight quarter that the Fox News Channel was number one in all of basic cable for prime time, and this ratings leadership continues even into the late night hours. Gutfeld! regularly outpaces nearly all late-night programs on cable and broadcast television, even besting The Late Show with Stephen Colbert on select nights. At Fox Nation, the complimentary streaming service to Fox News, our total subscriber count was up nearly 25% compared to last quarter and up over 130% compared to the same quarter last year. Not only are new subscribers seeking out Fox Nation, they are also staying with the platform longer. The first quarter was Fox Nation's highest quarter for engagement and the best quarter for subscriber retention. The momentum at Fox Nation has continued into the current quarter with the addition of the iconic series COPS. This show, which was a staple of the Fox network for so many years, launched on October 1st and has quickly become one of the most popular titles on the platform. We recently launched another digital product under the Fox News Media umbrella, FOX Weather. The FOX Weather app and its 24/7 free ad-supported streaming service debuted last week as the most downloaded free app in the App Store, ahead of TikTok, YouTube, and other social media platforms. Since launch, the FOX Weather app has been downloaded over 1 million times. In just its first week of existence, users generated over 28 million page views and spent over 42 million minutes engaging with the product. Using the strength of our national and local news operations, we are excited about the prospects for FOX Weather and our ability to be a leading player in the space, delivering compelling live content to viewers and serving as a desirable platform for advertisers to reach our valuable audiences. The FOX Weather streaming service is currently available for free on all Fox News Media digital properties as well as on FOX Now. The distribution and availability of FOX Weather will expand in the near term with a launch later this month on Tubi, followed by YouTube TV and the major streaming platforms, making FOX Weather ubiquitously available well before the end of our fiscal year. Our digital strategy is focused and sets Fox apart from its media peers. Our strategy is deliberately less capital-intensive than what others in the industry are currently pursuing. Our approach to investment is to develop businesses that are extensions of, rather than replacements for, our existing lines of business, thereby creating revenue streams that are truly incremental to Fox. Tubi is a prime example of our unique approach to streaming compared to others in the media landscape. We program and monetize Tubi in distinct contrast to the SVOD approach of many other media companies, and we're more than pleased with the results. While others compete aggressively in the SVOD space, investing heavily in content and promotion, we identify the opportunity to be a leader in AVOD, a strategy which aligns with our advertiser and audience focused approach company-wide. As SVOD platforms face the challenges of subscriber acquisition and retention and ever-increasing programming costs, Fox has carved out a differentiated and unique path. Tubi's measured investment in its content library and original programming is delivering solid returns. In addition to serving viewers with a content library of more than 35,000 titles, which is more than five times the size of Netflix's library, Tubi's unique original content strategy is already seeing early signs of success. Out of the first four original films that Tubi released this year, two of which have performed so well in the quarter that they have already generated advertising revenue well above their local production costs, meaning they are already generating a positive return on investment. Tubi's deep understanding of its audience is a key asset, as Tubi original movies outperform blockbuster movies available on the platform. The growth at Tubi continues to exceed even our best expectations for the business when we acquired it. Tubi will generate significantly more revenue this fiscal year than our cost to purchase the platform in early 2020. In the first quarter of the fiscal year, Tubi more than doubled its revenues year-over-year, and total view time on the platform, TVT, Tubi's key metric, continues to climb with 30% growth compared to last year. Fox's content and reach have supercharged Tubi's revenue and audience. News on Tubi, a collection of 70 news channels, is anchored by live news from the FOX Television Stations and has drawn viewers for increasingly long periods of time. Since launching last fall, News on Tubi viewership has grown over 130%, and Tubi continues to expand its linear offerings with the recent launch of Sports on Tubi, which further leverages Fox's content expertise with premium sports channels, including Fox Sports, the NFL Network, and the MLB Network. Also, Fox Entertainment recently acquired TMZ. The acquisition of TMZ fits perfectly with our focus on live programming and gives us an array of possibilities to rapidly expand a brand and platform that have long been one of the cornerstones of our local TV stations. Fox Entertainment is focusing on bringing the TMZ brand to all parts of the Fox portfolio, including further monetizing the TMZ brand across the Fox TV stations, developing TMZ-branded content for Tubi, and amplifying TMZ's digital presence. Finally, this is just a lot of fun. We are very pleased with the early results of our investment in Blockchain Creative Labs. Through this investment, we own a share of the underpinning marketplace and wallet technologies that power these next-generation experiences. We recently launched MaskVerse alongside the current season of The Masked Singer, in which fans of the show have downloaded over 120,000 NFT packs and created over 100,000 wallets on the platform. We look forward to the expansion of this business through our NFT partnership with the WWE. This further highlights the marketing power of the Fox broadcast network to drive new businesses and the creative and entrepreneurial spirit of all of us here at Fox. Clearly, the fiscal year is off to an excellent start, and we are encouraged by the outlook for the rest of the year. Our strategy to focus on the broadcast of live event programming that audiences crave, like sports and news, which, coupled with the addition of Tubi, puts us in an enviable competitive position. This intentionally differentiated portfolio and approach will further propel our growth and drive exceptional value for shareholders. Now Steve will take us through the financial details of the first quarter. Thanks, Lachlan, and good afternoon. Our strong operational execution across our businesses has led to another quarter of impressive financial results. Let me walk you through our start to the fiscal year before providing some markers that will be helpful as we think through the quarters ahead. In the first quarter of fiscal 2022, the company reported total revenues of $3.05 billion, up 12% over the first quarter of fiscal 2021, reflecting revenue growth across all operating segments. Total company affiliate revenues increased 9% with 14% growth at the television segment and 5.5% growth at the cable segment. The rate of subscriber declines held steady in the quarter with trailing twelve-month industry sub losses again running at approximately 4.5%. Total Company advertising revenues increased 17%, reflecting strength in the national and local marketplaces, the return of normalized programming schedules following the COVID-related postponements and game-cancellations last year, and continued strong growth at Tubi. It is worth noting that this total company growth was achieved despite the comparison to the prior year quarter, when we generated nearly $100 million in net political advertising revenues leading into the presidential election. Total company other revenues increased 15% in the quarter, primarily due to the return of sports sublicensing revenues and pay-per-view boxing at the Cable segment. Quarterly adjusted EBITDA was $1.06 billion, down 9% against the comparative period in fiscal 2021, reflecting higher operating expenses associated with the return of normalized sports and entertainment programming, and as we signaled on our fiscal 2021 year-end call, increased digital investment at Fox News Media and Tubi. Net income attributable to stockholders of $701 million or $1.21 per share was down versus the $1.11 billion or $1.83 per share in the prior year quarter. This variance reflects the EBITDA movement I just described, along with the one-time gain recognized in other net in the prior year quarter. This was associated with the reimbursement of a cash tax prepayment from Disney in relation to its acquisition of 21st Century Fox. Excluding the impact of non-core items, adjusted EPS of $1.11 in the current year quarter was down modestly when compared to the $1.18 reported in the prior year quarter. Turning to the performance of our operating segments in the quarter, Cable Networks reported a 7% increase in revenues. Cable affiliate revenues increased 5.5%, once again led by double-digit pricing gains at Fox News. Cable advertising revenues increased 4%, supported by the return of a full slate of college football games at the national sports networks following the COVID-related disruptions that occurred last year, as well as the addition of international soccer matches, including the Gold Cup. Cable advertising growth was also helped by double-digit digital revenue growth at Fox News Media, but partially offset by lower linear advertising revenues at the Fox News Channel due to the absence of the political cycle that we experienced in the prior year. Cable other revenues increased by $26 million, primarily due to the return of sports sub-licensing revenues and pay-per-view boxing following the COVID disruptions last year, as well as continued subscription momentum at Fox Nation. EBITDA at our Cable segment was down $7 million versus the prior year period, as this healthy revenue growth was offset by higher programming costs at the national sports networks, primarily due to the sports scheduling changes I just mentioned and the anticipated increase in digital investment at Fox News Media, including costs associated with last week's launch of Fox Weather. Now turning to television, where we reported a 17% increase in revenues in the quarter. Television affiliate revenues increased 14%, reflecting double-digit increases for both our programming fees from non-owned station affiliates and for our direct retransmission revenues at our owned and operated stations. This once again reaffirms we are well on track to achieve the television affiliate revenue growth we outlined at our Investor Day. Television advertising revenues increased 22%, supported by a strong ad marketplace, normalized schedules on the Fox network, and sustained momentum at Tubi. At Fox Sports, we benefited from a full slate of college football, the return of the MLB All-Star Game, and the inaugural broadcast of the Field of Dreams game, all of which were disrupted by COVID last year. At Fox Entertainment, we resumed a more traditional fall schedule anchored by our primary scripted and unscripted hits, as compared to a schedule last year that was hampered by COVID-related production delays, which compromised the quality of the programming slate. At the FOX Television Stations, we continued to observe a meaningful rebound in the base market with our core ad revenues up high single digits, which partially offset the absence of historic political advertising revenues that we experienced last year. Rounding out the television segment, as Lachlan mentioned, Tubi more than doubled its revenues against the prior year. The fact that growth in monetization is outpacing the significant growth in total view time is testament to the revenue synergies delivered from bringing Tubi into the Fox portfolio. Finally, EBITDA at our Television segment was down $98 million against the prior year period, as this healthy revenue growth was offset by higher programming costs, primarily associated with the normalized sports and entertainment schedules at the Fox network and increased digital investment at Tubi. Turning now to cash flow, where our free cash flow deficit of $24 million is consistent with the seasonality of our working capital cycle, where the first half of our fiscal year is characterized by a concentration of payments for sports rights and the buildup of advertising-related receivables, both of which reverse in the second half of our fiscal year. So far this fiscal year, we have returned $440 million of capital to shareholders, comprising approximately $140 million in the form of our semi-annual dividend payment and a further $300 million directed towards our ongoing share repurchase program. Against our enhanced buyback authorization of $4 billion, we have now cumulatively repurchased approximately $1.9 billion, representing over 9% of our total shares outstanding since the launch of the buyback program in November 2019. From a balance sheet perspective, we ended the quarter with $5.4 billion in cash and $7.95 billion in debt. As we look out over the remainder of our fiscal year, we'd like to remind you of a handful of markers. Firstly, our fiscal Q2 will comp against the heightened news cycle and record political revenues of nearly $250 million that we delivered across the company in the December quarter of last year, most of which was earned in our Television segment. On our last call, we discussed our plans to invest $200 million-$300 million on a net EBITDA basis into the expansion and acceleration of our digital assets. With a relatively modest amount deployed to date, the phasing of these investments will be skewed towards the final three quarters of the fiscal year. From an affiliate revenue perspective, there are at least two things worth calling out. Firstly, you'll recall that last year's college football season was shortened and included a number of game cancellations. As such, we will have the tailwind of comparing against an accrual for potential distribution credits booked at the national sports networks in the December quarter of last year. Secondly, as I mentioned on our last call, we have a light affiliate renewal cycle, with only 5% of our total company distribution revenues up for renewal this year. As a result, we expect the growth in affiliate revenues to moderate over the course of this fiscal year before we see the progress from more meaningful rate increases from the 70% of total company affiliate revenues that come due across our fiscal 2023 and 2024. The start of our affiliate revenues cycle next year is just one piece of what should be an exceptional fiscal 2023 for Fox as we look ahead to Super Bowl LVII, the FIFA World Cup, the early exit of our Thursday Night Football deal, and November's midterm elections. With that, I'll now turn the call back to Joe. Thank you, Steve. Now we'd be happy to take questions from the investment community. Ladies and gentlemen, I'd like to emphasize the functionality of the question-and-answer queue. If you wish to ask a question, please press one, then zero on your touch-tone phone. You'll hear a tone indicating you've been placed in queue. You may remove yourself from queue at any time by pressing one, zero, then zero. If you're using a speakerphone, please pick up the handset before pressing the numbers. It has been requested that you limit yourself to one question. Once again, if you have a question, please press one, zero at this time. Our first question comes from the line of Alexia Quadrani from JP Morgan. Please go ahead. Thank you. My one question is maybe on the sports side. Can you talk a bit about your ability to sort of leverage more your incredible brand you have in sports and all the rights that you have in sports longer term? Is there consideration of a greater sort of digital strategy beyond what you're already doing with Tubi? Thanks, Alexia. Hi. Look, I think it's twofold for us. What we're currently focused on is obviously leveraging our sports brand and sports content through FOX Bet, you know, first through Foxb et Super 6, and then obviously as we drop sports wagers down into the wagering sites at FOX Bet. You know, we continue to like that business. We continue to really drive that business and spend a lot of time promoting it and marketing it and really building value through our I think pretty unique sports wagering assets. That's number one. Number two. I think this is you know important for us 'cause obviously what drives the sports business is first and foremost live sports and live sports content. We've taken you know a very clear and very clear strategy and we've been very open about it and very vocal about it is that you know we believe the best place for our premium sports is on our broadcast networks. That drives the most value for us, it drives the most value for our affiliates and for you know the distributors that partner with us with retransmission fees. By really keeping our, you know, content exclusive with our partners, we think we drive a tremendous amount of value, not just for us, but for the whole ecosystem. Operator, we can go to the next question. Our next question will come from the line of Jessica Reif Ehrlich from Bank of America Securities. Please go ahead. Hi. I have one multi-part question, of course. Hi, Jessica. Right. Hi. Hi. I mean, this is a news question. The 65% share last night is pretty astounding, but even before that, there's been a record amount of money raised from both parties before the election, and after yesterday, there's probably a lot more to come. I guess the question is, you know, can you talk about monetization across your various assets, you know, Fox News and TV? The second part of that is just measurement's been a real issue for everybody. Does that affect your news, like how you monetize news? And then I was just, you know, since you brought up, you know, news on Tubi, just on content in general, I guess, can you just talk about your outlook for how Tubi's content profile will change in the coming year? Thank you. Thanks, Jessica. Let me start with news monetization and I think you connected that sort of some of the political revenues that we've seen over this past 12 months and what we're you know continuing to see. We believe you know the midterm elections and contests next year you know bode to be you know truly staggering. You know news monetization as you mentioned our share of audience is you know now at 55% of cable news viewers is you know incredibly impressive. It's a lot of hard work, you know, to build that share and maintain it. One of the interesting things as a byproduct of that share is really the breadth of our audience as well. You know, we have, you know, more independents watching Fox News than anyone else. Interestingly, we have just about an equal amount of Democrats watching Fox News as watch CNN, according to Nielsen. The breadth of the audience, the fact the audience is also, you know, demographically becoming broader is actually bringing in new advertisers and new categories of advertisers onto the news platform. It's incredibly pleasing to see, you know, we're seeing scatter pricing, you know, for news, you know, well above upfronts and, you know, the market is strong. Obviously local news is a big part of our news business as well. We now produce over 1,100 hours of local news per week. Many of our stations are now in battleground states. If they weren't battleground states before, they're now battleground states after last night. We see a tremendous opportunity for them, you know, going forward as the next political cycle approaches. As far as Nielsen goes, Nielsen's always. We know, like others, believe that the Nielsen data is imperfect. You know, we'd like to see Nielsen, you know, invest further in their data-gathering capabilities. I think it affects lower-rated, more fragmented sections of the market more than us, more than particularly in a sort of mass scale of our news audiences and sports audiences. Lastly on Tubi, I want to get to your third question, Jessica. I can't remember the specifics of my question. It was Building out the Tubi content. Building out the Tubi content. It's, there's two elements of it. It's obviously the original content on Tubi. These, as you know, are very inexpensive, you know, made-for-TV movies. As you mentioned, they are all designed to be, you know, profitable in the very short term. Two of them were profitable within months, which was tremendous to see. The second element of the strategy is streaming kind of FAST channels, right? Linear channels such as we have now with Sports on Tubi and with News on Tubi, which are, you know, very low cost but are helping drive the Tubi too. Operator, we can go to the next question. Our next question will come from the line of Ben Swinburne from Morgan Stanley. Please go ahead. Thank you. Good afternoon. For any of you, there's been obviously a lot of focus on sort of the ad market and the potential supply chain issues for some verticals. You guys didn't mention any of that, so I'm just wondering if you're seeing any softness in the television market, sitting here as we head into the holidays. I was just curious on Tubi if you had international plans that you'd want to share with us on taking that platform, you know, overseas in a substantial way over the next couple of years. Thanks, Ben. I hope you're well. In terms of categories, you know, we've seen softness in auto. You specifically talked about sort of supply chain issues. I think if you look across a couple of categories, it's both supply chain and I think in some it's you know a shortage of staffing and employment. You know where. Now auto being the key one and the largest of those where there continues to be some softness. These are more than made up for new categories and growing categories that are coming into certainly onto our platforms. On the local side, you know, clearly, wagering is mentioned in my prepared comments and is booming across the local markets. Travel is also coming back and restaurants locally. These categories are more than making up for the softness in a couple of categories that are seeing some supply chain issues. From a national point of view, you know, we continue to benefit from a very strong upfront, and scatter pricing is averaging around 20% up above upfront pricing. You know, entertainment's a little higher than 20%. News is a little lower than 20%. Sports is about 25%. It's averaging about 20%. Nationally, there's some wagering money, not as much as local, but the crypto category, which is a brand-new category, particularly in sports, is booming, as well as finance. Tubi International, Tubi currently other than domestically in the U.S., is in Mexico, Australia, New Zealand, and Canada. You know, but our focus has been driving the U.S. business, but we do see international as a big opportunity. We can go to the next question. Our next question will come from the line of Robert Fishman from MoffettNathanson. Please go ahead. Hi, good afternoon. If I could follow up on sports with your UEFA deal. Can you discuss how you see the ROI for incremental sports rights and whether you plan to monetize UEFA on Tubi? If not, how does your focus on keeping the rights exclusive to the pay TV ecosystem help with, you know, either these negotiations or future negotiations? Thanks, Robert. As with all our sports rights, you know, we study them very carefully to make sure we have a positive return on them and return on our capital. With UEFA, you know, as it's 1500 matches that we have available to us, you know, practically all of them will be on Fox Sports 1 and will be the backbone of Fox Sports 1 through those summers where the Euros are held. You'll have the Euros on some summers, you know, really being the backbone of our summer soccer, and you'll have FIFA, the World Cups, the other summers. We think it's a tremendous addition for Fox Sports 1. We will have some games on Fox Broadcasting. We'll have about 4x many games as were previously on ABC, but that's only, you know, like 20 games versus the five that showed up on ABC when they had those rights. We don't envision putting Euro games, live games on Tubi at this stage, although I know we could. Operator, we can go to the next question. Our next question comes from the line of Doug Mitchelson from Credit Suisse. Please go ahead. Hi, thanks so much, and good afternoon, everyone. I guess my question and my follow-ups, I'll just ask right away. Lachlan, how's top of funnel doing for Tubi versus that 30% growth in usage? I know you always highlight that it's growth in usage that really matters, but you know, to measure the health, you know, we still need to understand whether you're attracting new users at Tubi and you know, what marketing and distribution levers are left to pull to continue to scale that business. You know, for John, we've talked in the past about visibility for core costs for the company. You know, we've had obviously these huge pandemic swings, but I'm curious if you exclude investment spending and unusuals like Super Bowl and Thursday Night Football exit, you know, can you help us understand what the core OpEx growth looks like for your linear network businesses? Because I think we sort of all have views as to what advertising affiliate revenue on a core basis will look like going forward. Then lastly for Steve, you know, can you monetize these higher NFL ratings or is that all sold up front? Thank you. I got an easy one. It's good. No, look, Tubi is growing both in users and in engagement in TVT. One of the things that you do, you juggle or balance, probably a better word than juggle, but that you balance is when you market for new users, right? You can, through you know digital acquisition tools, you know, very quickly gain new users. Depending on how much you wanna spend, you can toggle that up and down. That's a losing strategy if those users are not engaged and spend, you know, only a short period of time on the platform, and then you have to re-market to them, for instance. You know, Farhad and the team are very scientific and very experienced in just balancing the new users that they acquire versus, you know, the quality of those users and how engaged they are. It is really why the total viewing time, which includes new viewers coming onto the platform, you know, really remains the best metric 'cause it includes all viewers as well as, you know, as a measure of the engagement that they have. Hey, Doug. Yeah. Well, Doug, I'll just comment on the cost overall and let Steve take some of the details. Probably at the heart of your question is the visibility we have over our cost profile, our cost envelope. If you look at what we've done over the last year or two, particularly securing the NFL for the next 12 years, having a baseball contract that goes well into the next decade, today's announcement about where we're going to be with UEFA, you know, it just gives us great confidence about the, you know, the rest of the year and the future for us because we've got such great visibility over the cost envelope. It's not like, we're expecting great surprises, you know, coming out of any one of the areas, be it the stations, news division, sports or entertainment. Again, it just brings confidence to us as to the outlook for the business. Yeah. Doug, to state the obvious, obviously within that sort of overall cost envelope, we've seen, when you compare like-for-like schedules on the entertainment side, we'll look to moderate the cost there and make sure that that business delivers ROI. Also in that same segment, we've got Tubi, which we're really leaning into from an investment and a cost basis. You'll see that come through in the numbers, particularly over the quarter. We're pretty light in terms of the amount of money that we put against Tubi from a net investment perspective over this quarter, and you'll see that ramp with subscriber or user acquisition costs and marketing costs over the next couple of quarters. From an NFL ratings perspective, we'll absolutely look to monetize it with still selling scatter there, as Lachlan mentioned. Scatter's been incredibly robust for our sports with sort of 25% ahead of upfront or pricing premium to upfront. We'll definitely look to monetize that over the course of the remainder of the season. Operator, we have time for one more question. Thank you. Our final question will come from the line of Steven Cahall from Wells Fargo. Please go ahead. Thanks. I just wanted to ask about FOX Bet and Super 6. Thanks for that data point on Super 6 with the 5 million. I was wondering if you could give us any metrics around FOX Bet, and are you seeing Super 6 act as a strong funnel for conversion from free to pay? I know you're a passive, I guess, sort of participant in FOX Bet. How should we think about you maybe using your sports rights to make that more of a differentiated platform or also taking more of an operational role so that it might start to show up in the financials at some point? Thank you. Thank you, Steven. Sure. I appreciate the question. I was surprised that it took five, six questions to get to FOX Bet and Super 6. You know, it's obviously a business that is very meaningful for us. First of all, I'm not sure how much data I can give on FOX Bet itself. I understand that Flutter reported to the market last night, and as the operator of this business, I don't wanna give any information that is market sensitive, or that they wanna hold, you know, closer to their chest. If you remember the structure of our joint venture, you know, we have Foxbet Super 6 with, you know, over 5 million users as the number one national free-to-play game that drops people into FOX Bet. It's critical to realize, though, that FOX Bet includes and the joint venture in FOX Bet includes PokerStars and iCasino. Over time, as we monetize, you know, sports wagering, we also have the benefit of monetizing PokerStars and iCasino in FOX Bet. What that means, as we go through to really sort of take full value and take a, you know, full grasp of the opportunity fully, you know, we are, you know, beginning to explore the process of getting licensed, you know, a wagering license, in order to, you know, to fully capture the value of these tremendous assets, you know, for all of our shareholders. That's a process that we're just beginning. It's a complicated process because it goes state by state, in terms of where we would operate with our joint venture partner, these assets. It's probably a process that will take some time. Of course, we're also in our arbitration with Flutter under some of the elements of our options, our 50% option in FOX Bet and our 18.6% option in FanDuel, and we expect that arbitration to be complete by June of next year. That's probably as much as I can say on FOX Bet. At this point, we're out of time, but if you have any further questions, please give me or Dan Carey a call. Thank you once again for joining today's call. Thank you. Ladies and gentlemen, that does conclude your conference call for today. Thank you for using AT&T Executive Teleconferencing. You may now disconnect.