This is Trent Tappe. I'm the Deputy General Counsel, Chief Compliance Officer, and Secretary of Warner Music Group Corp. It's my pleasure to welcome you to our 2026 Annual Meeting of Stockholders. I will be secretary of the meeting and will take us through the agenda and address any procedural issues that may arise. Michael Lynton, our Chairman of the Board, will be presiding over this meeting. Robert Kyncl, our CEO, Armin Zerza, our CFO, and Paul Robinson, our General Counsel, will also be available to address any matters germane to this meeting. We're excited to be hosting another virtual meeting as we continue to believe a virtual meeting allows us to be more inclusive and to reach greater number of our stockholders. It is shortly after 12:00 P.M. Eastern Standard Time on March 3rd, and this meeting is officially called to order. I first wanted to acknowledge the other members of our Board of Directors who are attending this meeting. We welcome you and thank you for your participation. We are also joined by KPMG, our independent auditors. They will be available to respond to your questions. Finally, we have appointed Broadridge Financial Solutions to act as Inspector of Election. Peter Descovich from Broadridge is with us. He has taken the oath of Inspector of Election. We will answer questions on any matters to be voted on by stockholders before the voting is closed. After the formal meeting is adjourned, we will provide time for other questions. Only validated stockholders may ask questions in the designated field on the web portal. Out of consideration for others, you should limit yourself to one question as set forth in the Rules of Conduct and Procedures, which you can find on the web portal. Please note that this meeting is being recorded. No one attending this meeting is authorized to use any recording device. Our Board of Directors fixed January 6, 2026 as the record date for determining stockholders entitled to vote at this meeting. An affidavit has been delivered attesting to the fact that either, one, a notice of internet availability of the notice of the meeting, the proxy statement, and the 2025 Annual Report to Stockholders. Or two, the documents themselves were mailed on or about January 20, 2026 to all stockholders as of the record date. The affidavit will be incorporated into the minutes of this meeting. The stockholder list shows that as of the record date, January 6, 2026, there were 7,654,566,959 votes of the company's common stock entitled to vote at this meeting, consisting of 146,960,699 outstanding shares of Class A common stock with 1 vote each, and 375,380,313 outstanding shares of Class B common stock with 20 votes each. We are informed by the Inspector of Election that there are represented in person or by proxy shares of common stock representing over 99% of the voting power on the record date. As a result, a quorum is present for purposes of transacting business. Now I will present the matters to be voted upon. Proposal one is the election of directors. Our Board of Directors has nominated the following persons for election as directors to hold office until the 2027 Annual Meeting of Stockholders or until their successors are duly elected and qualified. Lincoln Benet, Len Blavatnik, Val Blavatnik, Mathias Döpfner, Nancy Dubuc, Noreena Hertz, Ynon Kreiz, Ceci Kurzman, Robert Kyncl, Michael Lynton, and Donald A. Wagner. Proposal two is the ratification of the appointment of KPMG as the company's independent registered public accounting firm for the fiscal year 2026. It is now approximately 12:05 P.M. Eastern Standard Time on March 3rd, the polls are now open. Any stockholder who hasn't voted yet or who wishes to change their vote may do so by clicking on the Voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and do not wish to change their vote do not need to take any further action. We'll take a short pause for voting. Now that everyone has had the opportunity to vote, I declare the polls for the 2026 Warner Music Group Corp Annual Meeting of Stockholders closed at approximately 12:06 P.M. Eastern Standard Time on March third. We will now review preliminary voting. We have been informed by the Inspector of Election that the preliminary vote report shows that the nominees for election to our Board of Directors have been duly elected and the ratification of the appointment of KPMG as the company's independent public accounting firm for fiscal year 2026 has been approved. We will be reporting the final vote results in a Form 8-K within 4 business days. There being no further business to come before the meeting, the 2026 Annual Meeting of Stockholders of Warner Music Group Corp. is now adjourned. Before we close the meeting, we would now like to again review the web portal to see if there have been any questions submitted. It appears we have no germane questions. We will therefore proceed to close the meeting. We wanna thank everyone for joining us and for your ongoing support of Warner Music Group Corp. We look forward to updating you on our progress throughout the upcoming year. This wraps up today's meeting. Have a wonderful rest of your day, and goodbye. This meeting has now concluded. Thank you for joining. You may now disconnect.