Good day. Thank you for standing by. Welcome to IMAX's fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised today's conference is being recorded. I would like to hand the conference over to speaker today, Jennifer Horsley. Please go ahead. Good afternoon, and thank you for joining us for IMAX's fourth quarter 2025 earnings conference call. On the call today to review the financial results are Rich Gelfond, Chief Executive Officer, and Natasha Fernandes, our Chief Financial Officer. Rob Lister, Chief Legal Officer, is also joining us today. Today's conference call is being webcast in its entirety on our website. A replay of the webcast will be made available shortly after the call. In addition, the full text of our earnings press release and the slide presentation have been posted on the investor relations section of our site. Our historical Excel model is posted to the website as well. I would like to remind you of the following information regarding forward-looking statements. Today's call, as well as the accompanying slide deck, may include statements that are forward-looking and that pertain to future results or outcomes. These forward-looking statements are subject to risks and uncertainties that could cause our actual future results to not occur or occurrences to differ. Please refer to our SEC filings for a more detailed discussion of some of the factors that could affect our future results and outcomes. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information, future events, or otherwise. During today's call, references may be made to certain non-GAAP financial measures. Discussion of management's use of these measures and the definition of these measures, as well as a reconciliation to non-GAAP financial measures, are contained in this afternoon's press release and our earnings materials, which are available on the investor relations page of our website at imax.com. With that, let me now turn the call over to Mr. Richard Gelfond. Rich? Thanks, Jennifer. Thanks everyone for joining us today as we review our results for a record-breaking year and look ahead to a very promising 2026. 2025 was a truly transformational year for the company, in which we firmly established IMAX as a premier global platform for entertainment and events, with a powerful position among out-of-home experiences and a content pipeline that continues to grow richer and more diverse. We finished with a record $1.28 billion in global box office, up 40% year-over-year. We captured our biggest share of the global box office ever, up 700 basis points year-over-year. We achieved our highest grossing year ever for local language films, with $405 million worldwide, with 67 international releases from 14 countries, including two of our top five in Ne Zha 2 and Demon Slayer: Infinity Castle. We drove significant network growth with agreements for 166 new and upgraded IMAX systems and 160 systems installed worldwide, including 8% network growth in the rest of the world. We are an unqualified winner in a complex entertainment landscape. Signs of our impact are everywhere. Studios put IMAX front and center in their marketing campaigns, driving record indexing and enormous media value for our brand. The New York Times, Wall Street Journal, and Los Angeles Times have all published features highlighting our unique success. Our stock is among the best performers in global media and entertainment, up over 44% in 2025. IMAX releases earned 58 Academy Award nominations, including five of the 10 Best Picture nominees. Every one of Warner Bros.' 38 nominations was for a film that played in IMAX, including Sinners, which was shot with IMAX film cameras, and One Battle After Another, which received an IMAX 70-millimeter film run. We delivered at least 20% of the domestic opening for Sinners, One Battle After Another, and F1. Our financial results reflect our progress and the strength and incrementality in our model. We beat projections across almost every key financial metrics, setting several company records. We delivered a record $410 million in total revenue in 2025. We achieved double-digit% beats on original consensus estimates for Adjusted EBITDA and EPS, with $185 million and $1.45, respectively, for the full year. We delivered a 45% EBITDA margin, a record, and our first time breaking 40 since 2019. Record operating cash flow of $127 million for the full year. In the fourth quarter, we delivered record box office and over 50% growth in Adjusted EBITDA and adjusted EPS. We expect another outstanding year in 2026, with a projected $1.4 billion in global box office, 160-175 system installations worldwide, and total Adjusted EBITDA margin in the mid-forties range, with a floor of 45%. Through 2028, we aim to drive revenue growth at high single to low double-digit compound annual growth rate, Adjusted EBITDA margin of over 50% by 2028, adjusted EPS growth at twice the rate of revenue, and free cash flow conversion of approximately 50% in 2026 and growing. We believe we are far from our peak, but rather in a period of evolution and growth. With superior immersive technology and unmatched scale, IMAX is the premier global platform for blockbuster content, and blockbuster content continues to grow in importance across the global ecosystem. The world's greatest filmmakers, studios, and even streamers are leaning into blockbuster theatrical releases as drivers of IP and value throughout the chain. As this trend accelerates, IMAX becomes an increasingly valuable player. We're the only game in town with a global platform, content portfolio, and well-recognized brand. We're able to re- leverage the shift to premium and consumer demand for great out-of-home experiences. With a very strong slate booking all the way into 2029 and an expanding total addressable market for IMAX systems, we are capitalizing on our strong position and delivering for our shareholders. The slate for 2026 is arguably the strongest we've ever seen, highlighted by massive film for IMAX Tent poles, headlining a record of at least 12 film for IMAX releases worldwide, including Christopher Nolan's The Odyssey, the first theatrical feature shot entirely with IMAX film cameras. Tickets for select IMAX 70-millimeter showings sold out a full year in advance, and we will have 40 film locations for Odyssey's debut in July. The Mandalorian and Grogu, the big screen debut of the massively popular Disney+ former TV series from director Jon Favreau, who crafted the film with cutting-edge technology specifically for IMAX screens. Dune: Part Three, the next installment in Denis Villeneuve's franchise and the first of the series shot with IMAX film cameras. Next month's Project Hail Mary, a film for IMAX space adventure that is earning excellent buzz and will screen in IMAX 70-millimeter across 16 locations, an indicator of strong indexing for recent releases. Highly anticipated family releases at a time when family films are leading the box office, and IMAX is capturing a greater box office share of family films than ever before, including Super Mario Galaxy Movie, which we're hearing is testing extremely well, Minions 3, and Toy Story 5. The previous of installments of these films all grossed near or above $1 billion. A diverse collection of distinctive and filmmaker-driven releases that we believe hold real upside, from Michael to Zach Cregger's Resident Evil. Another strong offering of local language films from around the world, including the eagerly awaited sequel, Godzilla Minus One, from Japan, and the Indian epic Ramayana. Finally, Barbie director Greta Gerwig's Narnia, a pioneering partnership with Netflix that we believe will deliver greater value to our exhibition partners. Furthermore, we are already set 60% booked for 2027, with blockbusters including Top Gun: Maverick and F1 director Joseph Kosinski's Miami Vice, which will be filmed for IMAX. Star Wars: Starfighter from Deadpool & Wolverine, director Shawn Levy. The film looks to be a throwback to the galaxy-spanning adventure of the original trilogy. The Thomas Crown Affair from Academy Award nominee Michael B. Jordan, Avengers: Secret Wars, and The Batman – Part II. For 2028, we look forward to being involved in Sam Mendes' groundbreaking The Beatles four-film event. With two months down in 2026, we feel good about our projected box office for the year as we enter one of the most promising periods. Our global box office in January was up 16% year-over-year. Avatar: Fire and Ash extended our success with that franchise, earning more than $188 million in IMAX, our sixth highest grossing release of all time, and our highest indexing of the series with 13% worldwide. The Chinese New Year holiday delivered $28 million on the strength of Pegasus 3, our biggest Chinese title since Ne Zha 2. We continue to diversify our content slate, securing an agreement with Apple to stream live broadcasts of Formula One World Championship races to IMAX locations this season, and delivering a very successful exclusive opening of Baz Luhrmann's Elvis doc, EPiC. We also continue to drive strong system sales and network growth worldwide, particularly in under-penetrated, high-value rest-of-the-world markets, where we installed a record 118 systems in 2025. We now work with more exhibition partners globally than ever before, 257 in total last year, up 28% over 2019. Surging demand for IMAX supported an expansion of our total addressable market to nearly 4,500 total zones worldwide, double our current systems in operation and backlog. To capture that opportunity, we're executing against a four-pronged strategy. One, focusing on high-growth, underserved markets. We've had tremendous success here, driving our biggest year ever for sales and installations in Japan in 2025, tripling our network in Australia since 2023, and making strong progress in France and Germany. Second, continuing to unlock new opportunities in North America. Domestic is an engine of growth for us, with new and existing partners alike, dispelling the notion that this is a fully mature market. In 2025 alone, we struck agreements with each of the biggest exhibitors in the U.S., AMC, Cinemark, and Regal, that advanced key strategic priorities, including new locations in Los Angeles and New York with Regal, and three new IMAX 70-millimeter film locations with Cinemark. Third, identifying opportunities to add a second IMAX location in high-performing zones. For all our success with marquee locations in major metropolitan areas, we are still deeply under-penetrated in many, presenting an opportunity to grow within our best market centers. For instance, we have only 5 IMAX locations serving a population of 1.6 million people in Manhattan, including our first new location in 15 years, set to open in Battery Park. We see a lot of opportunities in metropolitan areas, including Chicago, Boston, San Antonio, and San Jose, among others. Lastly, finally, we continue to explore innovative deal structures that leverage our liquidity. Given our strong balance sheet and momentum, we can help our partners get more IMAX into their circuits quickly. Through upfront capital expenditures that pay for themselves, given our strong market share gains and the impressive film slate lying ahead. In sum, 2025 was a transformational, record-breaking year for IMAX. We exceeded our targets for financial performance and finished with a strong fourth quarter. We drove great results for our exhibition partners, breaking box office records as fans, filmmakers, and studios clamor for more of the IMAX experience. We continued network expansion with significant runway to grow further, even as we capture a record share of the global box office. In every way, we've leveled up our performance. With an incredibly promising slate locked in for the next several years, we continue to believe the best is yet to come. We're focused on strengthening our position, executing with financial discipline, providing the most immersive entertainment experience on the planet, and delivering for our shareholders. Thank you all. Now I'll turn it over to Natasha. Thanks, Rich. Good afternoon, everyone. In a time of limitless entertainment options and more discerning global audiences, IMAX delivered record fourth quarter and full-year results, exceeding our guidance and street expectations across key measures. Fourth quarter box office was $336 million, up 16% versus the prior Q4 record, driving full-year box office to $1.28 billion. We captured a record 3.8% of global box office, up 700 basis points year-over-year, underscoring the increasing value the IMAX platform delivers to exhibitors and to the broader industry. Strong demand for the IMAX experience also drove us to the high end of our installation guidance, with 160 systems installed in 2025, up 10% year-over-year. As we keep our focus on delivering value for shareholders, from a profitability perspective, our operating leverage resulted in an Adjusted EBITDA margin of 45% for full year 2025, above our guidance of low 40%. Adjusted EPS reached a new full-year record of $1.45, an increase of $0.50 year-over-year. Importantly, these results translated into our highest-ever cash from operations of $127 million, with cash conversion directly benefiting from the margin expansion. Our standout 2025 financial results once again illustrate the uniqueness of IMAX's operating model and position as a leading entertainment platform. We believe the momentum is carrying into 2026 as we look toward the exceptional slate. With all the major tentpole Hollywood releases still in front of us, many with breakout potential, we believe we are well-positioned to achieve another year of strong performance. We expect IMAX box office will build through the year, with Q1 representing the lowest box office quarter. Specifically in China, we expect a more balanced year as opposed to 2025, where 46% of China's box office was in Q1, as two of the larger local language titles, Once Upon a Time in the Middle East and Fengshen 2, did not make it into Chinese New Year and will likely release mid to late this year, along with there being a more balanced and compelling Hollywood release setup for Greater China. Taking a closer look at our Q4 and full year 2025 results, we had a strong close to 2025, with fourth quarter revenues up 35% year-over-year, which drove us to a full-year revenue record of $410 million, an increase of 16% over 2024's full year revenue of $352 million. Gross margin continues to grow faster than revenues, clearly demonstrating the value proposition of our business model, which enables a high level of incremental profit flow-through as we scale our platform and box office growth. Q4 gross margin was at a 58% margin, a 540 basis point improvement over the prior year period, while full-year gross margin was $246 million at a 60% margin, up 600 basis points year-over-year. Looking at our results at the segment level, content solutions revenues grew significantly, driven by higher box office, with fourth quarter revenues of $38 million or 50% growth over the prior year comparative period, and full-year content revenue growth of 21%. We have continuously focused on diversifying our content offerings and sought to outperform expectations, and 2025 displayed the success of our strategies. Every quarter of 2025 had a different content storyline enabled by our diverse programming strategy. Q1 box office was local language-driven. Q2 into Q3, our Film for IMAX program delivered some of our highest indexing levels in our history. Q3 benefited from a diverse mix of local language, horror titles, and alternative content. Q4 anchored the year with large Hollywood tentpoles. Fourth quarter content solutions gross profit was $22 million, while full-year content solutions gross profit of $100 million grew 50% year-over-year, more than twice the rate of revenue, actualizing the proof point of the significant operating leverage in our model. As a result, we delivered a 66% gross margin for 2025, a substantial increase of 1,260 basis points from the 53% in 2024. Turning to our technology products and services segment, fourth quarter revenues were up 32% year-over-year, with a gross profit margin of 58%, up approximately 500 basis points year-over-year, while full-year revenues for this segment grew 16% with a gross profit margin of 57%, up approximately 400 basis points year-over-year, driven by higher systems installed under sales arrangements, growth in box office, driving a higher level of rental revenues and increasing maintenance revenue associated with the growing network. In the fourth quarter, we installed 65 systems, up from 58 last year. For the full year, installations reached 160 systems at the high end of our guidance, driving 3.5% growth in our commercial footprint, led by 4% growth in our domestic network and just over 8% in the rest of world. A very strong result reflecting our growth prioritization. We're expanding in the strongest box office markets, including in the U.S., Japan, France, and Australia. Japan grew almost 20%, while Australia more than doubled its footprint. We believe growing in our strongest markets will both scale our platform and meaningfully increase our network productivity. The engine for future growth remains strong as we completed 166 system signings in 2025, an increase of 28% year-over-year. More than 25% of the signings were signed and installed in the same year, reflecting the demand by our exhibitor partners to get IMAX locations quickly up and running to capitalize on the strengthening IMAX slate. We expect the same dynamic in 2026, given the outstanding film slate in front of us. Turning to operating expenditures, defined as research and development and selling general and administrative expenses, excluding stock-based compensation, was $29 million in the fourth quarter and $118 million for full year 2025. Full-year operating expenses increased only 1% year-over-year, a much lower rate than the 16% growth rate in revenues, reflecting continued expense and cost discipline that helped to offset the impact of inflation and continued investment in the business. We will continue in 2026 to focus on optimizing our uses of technology and evaluating work processes to enhance productivity across our business as we aim to crystallize a high level of flow-through to gross profit and to the bottom line. Included in Q4 results is $22 million of one-time charges, $15 million for the strategic repurchase of over 99% of the convertible notes due 2026, and $7 million resulting from a non-cash goodwill impairment of the legacy StreamWave business associated with the monitoring of content quality. We continue to lean in on our core business, where we see tremendous opportunity to gain share and expand the network. We have been repositioning our streaming and consumer technology business to enhance our differentiation, particularly in support of live streaming content across the IMAX platform, as well as the evolution of our core DMR and system technologies. With this shift in strategy, we have also been reviewing and optimizing the cost structure of the StreamWave business. Overall, our strong operational performance led to record full-year total consolidated Adjusted EBITDA of $185 million. Adjusted EBITDA grew 33% for the full year, more than twice the rate of revenue growth, reflecting the operating leverage stemming from higher revenues coming from both box office and system sales. This resulted in an above-expectation full-year Adjusted EBITDA margin of 45%, up approximately 570 basis points year-over-year, and placing us above our full-year guidance of low 40%. Full-year adjusted EPS was $1.45, up $0.50, driven by the strong profit growth. 2025's results reflect a 28% tax rate compared to 13% in 2024, or a year-over-year headwind of $0.16 per share. No tax benefits were recognized for the one-time charges in 2025, while 2024's tax rate was unusually low, having benefited from an internal asset sale to more closely align intellectual property rights with its global operations. Turning to cash flow and the balance sheet. Cash flow from operations of $127 million set a new full-year record, exceeding the previous high of $110 million in 2018. Full-year free cash flow, which includes $28 million of investment in the IMAX network through joint revenue sharing systems, was $85 million, which equates to a record Adjusted EBITDA conversion of 46%, or a conversion of 61%, excluding this investment in network growth CapEx. We believe these results reflect the positive incrementality in our model, as well as improvements in working capital, which we expect to continue as box office and our network expands. Turning to investing cash flows. We continue to prioritize use of our available capital to invest in the business, including partnering with exhibitor customers to grow and upgrade the IMAX network through joint revenue sharing arrangements, allowing us to benefit from the rising demand for IMAX and the stellar IMAX slate in 2026, 2027, 2028 and beyond. Our capital-light model and execution have resulted in a strong capital structure. As of year-end 2025, we held $151 million in cash, an increase of 50% from year-end 2024, and $289 million in debt, with a net leverage of 0.7 x. During 2025, we strengthened our liquidity and reduced dilution risk through strategic transactions. We renewed and expanded our five-year revolving credit facility to $375 million, adding $75 million of liquidity. In November, we refinanced our 2021 convertible notes with $250 million of new convertible notes at a very attractive 0.75% interest rate. Through this transaction, we simultaneously retired the vast majority of the 2021 notes with cash of $46 million to minimize dilution. Importantly, we also entered into a capped call on the new notes, raising the effective conversion price from a company dilution standpoint to $57 per share. Together, the cash payment for the outperformance in the 2021 notes and the new capped call equates to approximately $70 million, strategically spent to maximize the opportunity for shareholders to benefit from the growth we expect in the coming years, and in our view, is akin, in some respects, to that of a share repurchase. To sum up, we aim to build on the momentum in 2025, and as Rich Gelfond shared, the table is set for 2026 and 2027 with mega titles like The Odyssey, two Star Wars movies, Narnia, Dune, and Avengers. Beloved proven family content, including Toy Story, Moana, Minions, Shrek, and Frozen. Large fan base video game IP, such as Super Mario, Mortal Kombat, The Legend of Zelda, and Minecraft. Tier one superhero franchise films around Spider-Man, Batman, and Superman, as well as potential for new breakout IP, like the upcoming Project Hail Mary film, music-centered content like the Twenty One Pilots concert and Michael, and new sports ventures such as recently announced with Apple TV for live F1 races. As we highlighted at our recent Investor Day, we believe we have a clear strategy to continue to expand our entertainment platform in 2026 and beyond to bring the IMAX experience to more audiences. We are focused on deepening our relationships with leading filmmakers and building new connections with a diverse array of content creators and studios. At the same time, we are aiming to grow our footprint, box office, and productivity of our network, along with the value we can bring to our exhibitor partners. As we have shown, the growth in box office and our increasing network scale will positively impact our bottom line and cash flows, given the incrementality in our financial model and our laser focus on keeping operating expenses as flat as possible. Given these dynamics, we expect to drive total Adjusted EBITDA margin to over 50% in the coming years. That's why we believe IMAX's position has never been as strong. We are focused on executing on the significant opportunity in front of us to deliver on our guidance and expectations for 2026 and beyond, and to drive ever-increasing shareholder returns. With that, I will turn the call over to the operator for Q&A. Thank you. Ladies and gentlemen, if you have a question or a comment at this time, please press star one one on your telephone. If your question has been answered, and you wish to remove yourself from the queue, please press star one one again. We'll pause for a moment while we compile our Q&A roster. Our first question comes from Omar Mejias with Wells Fargo. Your line is open. Good evening, and thanks for the question. Rich or Natasha, can you give us an update on the state of the Chinese box office and the early start to the Chinese New Year? We saw Pegasus 3 start very strong and outperform initial expectations. Just curious on how is the overall health of the market and the slate ahead. Thanks. Omar, you know, I don't think you could take 10 days and talk about the state of the Chinese box office. I think, you know, when you look at China, Chinese New Year was kind of a B slate this year, and very similar to the slate in 2024. What happened was, there were a number of titles that were supposed to open for Chinese New Year, and they slipped, and they weren't done in production, and they moved them to this summer. I think, you know, that's what accounted for kind of modest results during that period of time. I think in the summer will be better than we thought it would be, because we thought those movies will have played earlier. I think, you know, the result is more a matter of timing than it's the result of any trends in the Chinese box office. That's very helpful. Maybe my second question on local language and alternative content. You guys had a record year in 2025 with over $400 million in box office. Recently announced a new deal with Apple to air F1 races, and based on your investor presentation, looks like you have a big slate ahead. How much runway does IMAX have to drive local language and alternative content box office alongside Hollywood content? Is there a certain limit to the growth of non-Hollywood content box office? I don't think we think about it in that way, Omar. I think we try and program the best content for a particular market throughout the year. You know, I think one thing you're asking is, are you too stocked with Hollywood films, where you can't do a lot of foreign language films? Again, it depends when things are scheduled, how they're performing. You know, we might slide something in if something's underperforming or move something if it's overperforming. There are a couple of very big international films this year. One is called Ramayana, which is an Indian film that the director and producer are preparing for global release later this year. Again, I don't think anybody said, "Well, we have Ne Zha this year, last year." You just don't know how they're going to break out. I believe there's enough runway and enough space to accommodate more in number of international films, the local language films, than we had last year. We're pretty comfortable with how they look at the moment going out. I think, you know, that's going to continue to be an important part of our business. Great. Thank you very much. One moment for our next question. Our next question comes from Eric Wold with Texas Capital Securities. Your line is open. Thank you. Good afternoon. A couple questions on kind of just pricing. I know it's kind of come up in the past, Rich or Natasha. I know you can't directly control ticket pricing with your exhibitor partners. Can you talk about what you've seen maybe over the past year, kind of maybe an average ticket price increase for IMAX showings as exhibitors, you know, look to take advantage of kind of this shift in moviegoer demand? Does any expectation for additional increases play into your box office outlook for 2026, or could that be an incremental upside driver if they do kind of play into that demand with additional price hikes? I'm not sure what the numbers were for 2025, Eric, but I do know that for 2026, we can't tell the exhibitors what price to charge. That's their decision. I think given the strength of the slate, and especially the number of event films coming out this year, like The Mandalorian, like Dune 3, like The Odyssey, that there is potential for price increases in there. You know, I think especially if you also look at the film releases coming out, I mean, historically, the exhibitors charge the same for film as they charge for digital, and even coming out soon is Project Hail Mary in about 16 film locations. I think there are definitely instances where I think you could push the price higher. You know, if we ran theaters, you know, we would certainly do that. You know, I'm hoping that it at least where there are films in great demand, of which there are a lot this year, that the exhibitors would choose to test that. just to follow up on that, you build out some of these, you know, emerging markets that are, you know, maybe a little bit newer to IMAX screens and build them out. Can you talk about what you typically see with the exhibitor partners there on their pricing? Do they tend to be a little more conservative, given the consumer may not be, you know, fully aware of the IMAX product, as much as more developed markets, and they kind of ramp pricing from there? Or do they tend to be, I don't want to say aggressive, but maybe as aggressive as other developed markets at the get-go? Well, we provide them as part of the sales process with what the IMAX premium is in different countries around the world. I mean, they're aware, and that's one reason they buy in, 'cause they understand the price premium. And, you know, they understand it more as a% than an absolute number, 'cause obviously in India, the premium, the ticket price could be different than it's going to be in Japan. They have the tools to do that, and I think the trend we've noticed is, depending on the country, they charge a similar premium than they would somewhere else. That's not really an issue. I think they understand how to maximize their profit. Perfect. Thanks, Rich. One moment for our next question. Our next question comes from Mike Hickey with StoneX. Your line is open. Hey, Rich, Natasha, Jennifer. Congrats, guys. Amazing, 2,000. First question, Rich, just on your film cameras, really remarkable run here you've had with Sinners and 25, and getting 16 Oscar nominations is really remarkable. One battle for another as well, which I think was under digital cameras. No, no. Sorry, Mike. We got, like, over 50 Oscar nominations overall. Totally. I'm just focused on Sinners, but you're right. I mean, it's truly incredible. 23 was Oppenheimer. This year, you've got Odyssey, Dune, you got your next-gen cameras with Odyssey, which are quieter and lighter. One, I guess, you know, how do you know? I'm curious how you're going to answer this, Rich. How do you know the right films to pick? Because some are obvious, but when you look at something like Sinners, I mean, that was not obvious. Obviously, that's been an incredible success. You know, and I'm sure it's an ecosystem thing, but how are you approaching and finding the right films to pick? When you have this consistent level of success, obviously durable, what opportunities? Obviously, we see a lot of them, but I imagine your phone is ringing more than ever. Whether it's installations, maybe a better opportunity to scale more, these 70 millimeter film opportunities, or just, you know, relationships with filmmakers, talent, and your competitive vote overall. Just sort of curious, you know, how this builds your overall opportunity over time? Mike, it's the perfect time to ask you that question, 'cause I've been out in L.A. for over a month right now, and, you know, I've been meeting with filmmakers, I've been meeting with studios, I've been meeting with producers, and you're quite right, the demand is, you know, very elevated from over it was before. I'll give you a couple of categories of answer, like something that never would have happened yet years ago, but like, well-known filmmakers who you know, will approach us and will say, "I wanna do an IMAX film," and they'll actually do, like, a pitch, and they'll come in and they'll tell us what it's about, and why they want to do it in IMAX, and why it's important to them. That's a category, and obviously, I can't say who, but last week we got pitched by some very well-known filmmakers, and it's a little bit off the beaten track. If someone had sent in a script, we might not have been interested, but we are interested 'cause it was very unusual. It doesn't fit in a box. Another way, which I think is really important, is the relationships we have with existing filmmakers. You know, one example would be, we've done a lot of films with Joe Kosinski over the years, and then he did Top Gun: Maverick, and obviously, it was a huge success and a huge success in IMAX. Then we did F1 with him, which is not as well-known IP, obviously, and it became one of our top films of the year. Joe is working on his next project, which is Miami Vice, and he came to us. Then we started talking to him about the different opportunities to shoot in IMAX and, you know, different tools, and, you know, we're still working our way through that. Then, you know, it'll be studios who will say, you know, by way of example, you know, Warner knows they've got-... 30 Oscar nominations. They're looking at their slate, the people who run the studio, and they're going to a filmmaker, and they're saying, you know, "Hey, have you thought of shooting this with either IMAX film or IMAX digital cameras?" There's a lot of opportunities that come in. I think maybe the most promising one is the filmmakers who worked with us before and Filmed for IMAX and their, you know, desire to use IMAX technology. You know, there are a lot of ways, but, you know, having spent the last month with a level of meetings that I'd never seen before, and the types of talent coming in and executives, you know, there's lots of projects coming in. You know, without spending much more time on this, if you don't know the filmmaker that well, you know, you look at their reputation, you look at other things that they've shot and what it looks like. A big thing for us is the filmmakers also leaning in to the IMAX of it all, and a great recent example of that was Ryan Coogler. In Sinners, as you probably remember, you know, he made a pamphlet about aspect ratios. He talked a lot about IMAX everywhere he went, and that, you know, that really helped a lot. It's all of the above. Nice. Thanks, Rich. The second question, big film for you, Narnia. Very important film, very important partner. I think with anyone, you sort of cracked the here, seems like. Just curious, you know, as you continue to Ted or whoever on the team you're talking with, you know, do you sense that they're more motivated, Rich, to make this movie a success? Do you also feel like, you know, that there's a bigger opportunity maybe in the future with this model that you've created here, which obviously was smart, or maybe your normal model? You know, you use your canvas, I guess, sort of your excitement for Narnia, the input from Netflix, and your future opportunity you would see with that really for yourself and the broader end. The first point, Mike, is that, you know, we make movies with filmmakers, and, you know, studios or streamers are part of the system. Greta, as you know, came to us because she was excited about releasing it in IMAX, and together, we planned to talk this through with Netflix and brought Netflix into the fold. The most important thing is that Greta is incredibly excited. When she thinks about how to make the movie, and she thinks about the sets, and she thinks about the magnitude and scale, she really leans in. You know, it's too early to see a rough cut, but from conversations with her, I believe she's making a movie that's going to look fantastic in IMAX, and that's the thing that probably makes me the most confident. In terms of the business model, I mean, Netflix has approached us about a number of projects since we did that deal with Greta. You know, some of them we did under different sorts of models, like Frankenstein, with Guillermo del Toro and a number of other things over time. You know, we're always talking about different ideas. My hope when I did this deal was this model's going to work so well, I'm not talking about only the box office. Remember, the point of it is to create a buzz and a cultural event. I think when Greta releases this in IMAX, it will be a cultural event. I think they're going to get the benefit from that, of increased streaming, hits after that. Remember, it's a series of books. It's not a one-off, and it's going to help build an event, and I think that's what we really do. I'm very optimistic that, you know, when the IMAX audience sees that movie, there's going to be the kind of reaction which is going to lead to a number of good things. Thanks, Rich. Good luck, guys. In the interest of time and to allow everyone to participate in the Q&A portion of today's presentation, we ask that you limit yourself to one question. One moment for our next question. Our next question comes from Chad Beynon with Macquarie Capital. Your line is open. Hi, good afternoon. Thanks for taking my question. You guys, at the Investor Day and reiterated today, talked about the high single digit, low double-digit growth through 2028 and hopefully beyond. I think a big component of that is that underpenetrated rest of world opportunity that you've spoken about. Rich, what do you think the main catalyst is at this point? The business model makes more sense every year for these exhibitors. You're clearly putting up the results. Local language is working. What's the next inflection point to grow the pipeline for that rest of world? Thanks. When you look at the slate going ahead this year, and I believe the financial returns that follow for the exhibitors, you know, for us, we've talked a lot about that. For the exhibitors, I think it just makes so much sense. You know, obviously, exhibition has had its challenge in its traditional industry, and I think it's certainly looking for growth opportunities for its network and its strategy. I think, you know, they look at their box or someone else's box next door that's selling out, and it's getting very attractive paybacks. You know, I think that's gonna have a big influence. You know, using some examples, for markets in Japan, in 2025, the per-screen average was up an enormous amount, from 2024. The returns to the exhibitors are much more attractive. It probably doesn't surprise you that there's a lot of activity coming out of Japan in 2026, and our team was over there, and there's a fairly large number of deals under discussion. Avatar, really did extremely well in certain areas like France and Germany, where it was among the leading markets in the world, in numbers that were a step change over the previous year. There's a lot of activity this year, inquiries coming out of France and Germany. I think in general, it's looking at performance and trying to replicate it and bring it forward. Then, you know, you add some kind of obvious things like the slate this year, and, you know, there's lots of movies, as I said in my prepared remarks. You know, whether it's Mandalorian or whether it's The Odyssey or whether it's Dune: Part Two, I think people wanna get open. In advance of that, the people who opened before Avatar, we looked at the number, I don't recall, but I think we opened, like, 27 theaters right before Avatar opened. You look at the performance of those theaters. By being open for Avatar, their ROI and their payback period were far superior to what would have been if they waited. Our team around the world is using that data and sharing it, and I think that's what's helping create a catalyst. We're also being a little bit more flexible, as we talked about in our prepared remarks, in using some of our capital in different places in the world where we know the results are really terrific. You know, I'll use Japan again as an example, but the numbers were so strong and compelling, the payback periods are fairly short and the economics very good. We're seeding some of those markets by using a small amount of our capital to help jumpstart them. I'd say all of that. Thanks, Rich. Appreciate it, guys. Good quarter. One moment for our next question. Our next question comes from Steve Frankel with Rosenblatt Securities. Your line is open. Good afternoon. You know, Rich, you had a big install quarter in Q4. Given the demand situation, how much more can you ramp, your team and or to take that to another level? Yeah, it's just a question of timing, Steve. You know, if you asked me how many we could install in the fourth quarter, the answer was an awful lot because it's like analyze it like a supply chain. Can you order the parts in advance? Can you do the designs? Can you deploy the teams? Sort of in any given year, it's a much larger number than we're doing now. If you said to me, you know, people wanna open for Hail Mary in 3 weeks, you know, it's more difficult to do that. Over the longer term, you know, I never use the word infinite, but you certainly could open a lot more if you wanted to. There's not much constraint on that. Okay, great. Thank you. One moment for our next question. Our next question comes from David Joyce with Seaport Research Partners. Your line is open. Thank you. Given that you've got a lot of cash on your balance sheet now, how are you seeing your mix of sales versus JRSAs this year? Given that you've got more of that cash and it's a strong box office year, how are you thinking of the relative ROI between those approaches? Thanks. Hi, David. We see it as a lots of opportunity for us to use our balance sheet, and we talked about it in Investor Day as well. The opportunity to look at those top-performing zones and could we help the installation go faster by essentially seeding the money, as Rich was just talking about, and in return, getting some sort of change in our deal type as well, or change in our economic, our standard economics, so that we could get that return as well, but have the theaters open earlier. I think that that's the opportunity that we have with this strong balance sheet, with our liquidity position sitting at $550 million. It is a significant opportunity in front of us to roll out our backlog at a faster pace and also look at more opportunities. You know, we talked about it at Investor Day of, you know, second screens or top-performing locations, flagships. We think that while we look at not only investing in our business with respect to our own technology and the way that we operate and the Filmed for IMAX program, we invested in cameras. There's also the opportunity to look at expanding the network. I think what's been great is, this past year, we expanded our domestic network by 4%, and we expanded our rest of world by over 8%. We are using our capital in the right way right now, and we see the ability to ramp that up. Great. Thank you. One moment for our next question. Our next question comes from David Karnovsky with JP Morgan. Your line is open. Hi, this is Scott Hastings on for David Karnovsky. Thanks for the question. I just wanna ask on STL installs and upgrades this year, is there any insight you can give us on expectations regarding market mix? You've been talking about more opportunities in the U.S. and whatnot. Should we expect revenue per install and revenue per upgrade to be relatively stable year-over-year? Thank you. Generally, yes. I think that we have a standard sort of selling price. The opportunity is as the box office grows, and you would have seen it in the incrementality in our model in 2025, the JV system, we have the ability to capture more box office there, and as our box office grows. I think that as you look at the mix, we did guide towards 160-175 systems with a mix of 45%-55% sales to JV mix. I think we're still tracking towards that. That's what we've guided publicly, and we'll keep working towards that. I think the opportunity, though, is looking at how do we capture more from those JV locations as the box office grows there as well. That was one of the significant contributors to us, not only having the over 45% Adjusted EBITDA margin, but also our cash flows that came in at a record level. Okay, gotcha. Thank you. One moment for our next question. Our next question comes from Eric Handler with Roth Capital. Your line is open. Good afternoon. Thanks for the question. Just a little follow-up to that last question. Wonder if you could talk about how you're thinking about capital allocation at this point. You don't have debt due until 2030. You know, you should have, you know, more free cash flow than last year. How are you thinking about buybacks? You've had good returns with the JRSA. Where else can you sort of invest internally that you think would get high returns as well? Eric, I think the best place we can invest is in our network growth, and that's because, you know, when you look at PSAs this year, compared to last year, when you look at the films that we have in 2026 to slate, but maybe more importantly, you look at the backlog of films in 2027 and 2028. Like, we have an insight that, most operators around the world don't have, which is we know what our slate is gonna be going forward, and we have kind of a unique perspective on how it's gonna perform, and we have a perspective also on how IMAX fits into the ecosystem. If we have an opportunity to leverage our network growth or leverage our returns through maybe steering a deal one way or the other way, you know, we think the releveling of IMAX is probably the best opportunity there is in terms of where to put our money. I would also add that, you know, people didn't think of it this way, but Natasha mentioned it briefly in her remarks. When we issued our new convert and we took out the old convert, we could have taken out the shares that were in the money in 2 ways. 1, we could have given people shares, or 2, we could have used cash, and we took them out with cash, which effectively lowered dilution and was analogous to a share buyback. Obviously, you know, we're open to being opportunistic in various ways, but, if you know, we're very focused on how to capitalize on our growth. Thank you. One moment for our next question. Our next question comes from Patrick Scholl with Barrington Research. Your line is open. Hi, thanks for taking the question. Just in terms of installing into a second screen in a zone versus entering a new market, is there sort of any difference in the return profile or the speed of getting to sort of, I guess, a steady state of PSAs? There doesn't appear to be a difference because, you know, if we're putting a second theater in a zone where the exhibitor is, you see a very successful zone, and the brand is well known there, so you're leveraging off of your previous success. I know we've been saying for a while that, you know, we're gonna do more of that, but we've actually taken some concrete steps with different exhibitors and identified specific locations where we would put a second screen in and are discussing with exhibitors. You know, seemingly, they have a more open mind to it than they did in prior years, especially coming off the strong results in 2025. I think you should model it as a similar return profile, but I'd be surprised if you didn't see some of that materialize this year. Pat, the other thing to consider is that we have a very experienced team who is involved in the analysis of the returns on locations and really assessing what is best for the IMAX brand. for the IMAX business. I think that's one thing we've proven over the years, is that as we continue to expand, we're expanding in locations that are returning to our bottom line as well. We do analyze each of our locations as we look through signing new deals, signing upgrades, signing whether it's second screens or flagships, and assessing to make sure that it hits our ROI hurdles. Yeah, I think I'd also like to remind you that the converts we issued, the interest rate is 75 basis points. You know, this is a well-priced capital for us. Okay. Thank you. One moment for our next question. Our last question comes from Drew Crum with B. Riley Securities. Your line is open. Okay, thanks. Hey, guys. Good afternoon. Thanks for sneaking me in. Rich, I wanna go back to the discussion around alternative content and the partnership with Apple TV for Formula 1. You know, it looks like the initial launch is U.S. only. Do you have the ability to add international screens? More broadly speaking, how are you thinking about bringing more live sports into your programming mix? You know, with 2026 being a World Cup year, is that a consideration? Thanks. Sure. The answer is the international, your first part of your question, with F1, Apple only controls the North American rights, so we made the maximum deal we could have made with Apple. We are exploring the possibility of looking at international races, and we are following up on that. Again, that wouldn't be through Apple, that would be through others, and we announced this in the last two days, so it's a little premature to expand on it yet. Yes, we would be interested in finding a way to expand that. In sports, we've been offered a lot of opportunities in all kinds of different sports. You know, sports is complicated. It's gotta be the right formula. It's gotta be the right match with the IMAX experience. These rights issues, as you know, are very complicated and expensive, so you've got to model it through and see which sports have a good return and which don't. We have had some discussions about the World Cup. Again, there's interesting issues there because the finals of the World Cup are on the same weekend that Odyssey opens. You know, you can't just stick your finger in the air and say, "Oh, that would be a good idea." You know, there's complicated issues around all of these. Again, you know, I, there's a lot of interesting things going on, and stay tuned, and I think some of them will come to fruition. Okay. Thanks, Rich. I'm not showing any further questions. I'd like to turn the call back to Rich for any further remarks. Thank you very much, operator, and thank you all for joining us. I really appreciate people who have invested in us for a period of time, 'cause 2025, you know, really brought the pieces together. As a management team, you know, we had high hopes, and we always believed that all the pieces could come together and put us, you know, in a new place. You know, the quantitative results are evident in what we reported, and the qualitative ones are less evident to you, but if you were living my last month in L.A., they would be equally obvious to you. It's very gratifying to, you know, be seen as a different company in such an important position, not only in Hollywood, but around the world. I think our job is to make sure that we use that place and we use our momentum to continue the growth rate and, you know, maybe even make it higher and really capitalize on where we come into, and making sure that we take full advantage of that opportunity. Thank you all for joining us. Thank you, ladies and gentlemen. This does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.