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Today's presentation may include forward-looking statements and are subject to change. Hello and welcome to our annual shareholder meeting and thanks for being with us today. One of the best aspects of my job is getting the chance to visit many of the places our people work, seeing and hearing about their exciting projects and watching them create the magic that thrills people the world over. A few weeks ago I was at Pixar reviewing their upcoming films and just last week I was at Walt Disney World, which is such a magical and wonderful place. And next week I'll be at our gleaming new headquarters in New York. Today I'm here at the headquarters of Walt Disney Imagineering in California, where right now some of the world's greatest creative minds are dreaming up extraordinary new ways for our guests to experience the Disney stories and characters they love. Since the company's earliest years under Walt, technology has always been viewed as a powerful storytelling tool and innovation has been in our DNA since the start. This perfect marriage of exceptional creativity and groundbreaking technology achievement is what has always set Disney apart. And I can't think of a better example than these little guys. How are you doing, guys? Great to see you again. These are our BDX droids, created by Imagineering Research and Development, and as you can see, they have a lot of personality. In many ways, these droids are the direct descendants of the earliest audio-animatronics that Walt and his team first introduced to the world more than 60 years ago, and we've come a long way since then. The droids you see here can maneuver through rough terrain and even dance without losing their balance. Not bad. They can show a wide range of behaviors and emotions from sadness... to anger... to joy. That's better. Seems like we've got some inside-out Toufans here. Imaginative technology like this allows us to expand our creative abilities and tell our stories in compelling new ways, both in our parks and in our films and series. And audiences will soon see these BDX droids on the big screen in the Mandalorian and Grogu from Lucasfilm, coming in theaters in 2026. All right, guys, time to take a break. Today, I'd like to take you deeper into how we're executing our strategic priorities. Let's start with our creative studios, which produce the stories and characters that are foundational to all we do. Our theatrical business had an outstanding year at the global box office following our reorganization that restored creativity to the center of our studios. Disney's success in 2024 was fueled by our popular franchises and IP, including the top three movies of the year, Pixar's Inside Out 2, Marvel's Deadpool and Wolverine, and Moana 2 from Walt Disney Animation Studios. Our renewed focus on quality over quantity has also resulted in outstanding critical success. We won a record-breaking 60 Emmy Awards, led by Shogun and The Bear. Shogun also swept all of its nominated categories at the Golden Globes, with FX breaking its previous record for wins. And we received 15 Oscar nominations this year, with Kieran Culkin winning Best Supporting Actor for his performance in Searchlight's A Real Pain. Looking ahead, we're excited about our titles coming to theaters this year, including Snow White, which opens tomorrow, followed by Pixar's Elio, Thunderbolt, and the fantastic four first steps from Marvel Studios, Zootopia 2, and the spectacular third installment of the Avatar franchise, Avatar Fire and Ash. And having seen an early cut of the film, I can tell you that it is absolutely breathtaking. This year, we're also bringing audiences a live-action reimagining of the animated classic, Lilo and Stitch, and today I'm thrilled to share this special extended look. Oh, why do I have to be at your work? I'm sick. Because someone got kicked out of Hula. Stay here. It's so boring here. And no dogs on the table. Why not? Because people eat off them. Nani? Who cares? They're only covered with bird filth. Lilo. Nani! Stay here. Lilo, how's it going? Look, David, I got a dog. You sure that's a dog? Yeah. Oh, okay. Stitch? There you are. Move. Stitch, put it down. Like that? Yeah. Like that? Yeah. No, no, no. Pizza sauce. Thank you. Boom, boom, boom, boom, boom. And then... Move. I'm going to give you to the count of three, Stitch. One. I'm also pleased to announce that a sequel to the Academy Award-winning film Coco is in the works from Pixar. While the film is just in the initial stages, we know it will be full of humor, heart, and adventure. And we can't wait to share more soon. Turning to our television series, many of our fan favorites are returning with new seasons this year, including The Bear, Only Murders in the Building, and Percy Jackson and the Olympians. What all of these films and shows have in common is that ultimately, they will all be accessible on Disney+, expanding our rich library of a century's worth of storytelling. By giving subscribers the option to watch what they love most from across the worlds of Disney, all in one place, we are turning DisneyPlus into the ultimate streaming destination. With the recent additions of the Hulu and ESPN tiles on Disney+, we've created a seamless streaming experience that is both convenient and user-friendly, resulting in higher engagement for our bundle subscribers. And when ESPN's flagship direct-to-consumer offering launches in early fall, subscribers will have the option to access the full suite of ESPN's networks, as well as ESPN+, from inside Disney+. Meanwhile, the most passionate and dedicated sports fans will be able to fully immerse themselves in a new digital destination unlike anything available in the marketplace today. With all of ESPN's content, enhanced by highly interactive and personalized features, all housed within the ESPN app. Nothing compares to the excitement and drama of live sports, which is why audiences have turned to ESPN for the best in sports programming for more than 40 years. We can't wait to deepen this connection with fans by providing an unparalleled digital sports experience. Beyond the digital world, we continue to captivate audiences in the physical world as well, and no one does that better than our experienced businesses. Last year, we talked about our plans to turbocharge growth in this segment through strategic investments. And today, I'm proud to share some of what we've been up to. Right now, we have more projects underway around the world than at any time in our history. Magic Kingdom is undergoing the largest expansion ever, including a new area inspired by cars and the much-anticipated Villains-themed land. A Monsters, Inc. themed land is coming to Hollywood Studios. A new Tropical Americas land is coming to Disney's Animal Kingdom with attractions themed to Encanto and Indiana Jones. We're doubling the size of Avengers Campus with two new attractions at Disney California Adventure. A ride-through attraction themed to Coco is also coming to Disney California Adventure, as is the long-awaited Avatar-themed Destination. And at Disneyland Paris, we are creating the first-ever ride-through attraction themed to The Lion King. And today, I'm thrilled to pull back the curtain here at Walt Disney Imagineering to give you the first look at the large-scale model of this stunning new attraction. And we can't wait for guests to experience this retelling of the classic animated film. Guests are going to love the many new offerings coming to our theme parks, and we're proud of the positive economic impact these projects will have in the communities in which we operate, including creating thousands of new jobs in Florida and California. Disney Cruise Line is also growing, allowing us to double our capacity to reach millions more people around the world. Last year, we launched the spectacular Disney Treasure, the sixth ship in our fleet. There are another seven cruise ships in development, including the Disney Destiny and the Disney Adventure, which are scheduled to launch later this year. All of these projects, as well as our $1.5 billion investment in Epic Games to bring a transformational new games and entertainment universe to Fortnite, reinforce how we are giving consumers the opportunity to experience our popular IP in exciting and innovative ways. At Disney, we've always believed it's important to be one of the world's most admired companies, not only for what we create, but for the positive impact we have. In the wake of the devastating wildfires in Southern California, we committed $15 million to the recovery efforts. It's been especially inspiring to see how our employees have stepped up to assist their neighbors in need, with the Disney volunteers team quickly mobilizing to put on one of the largest disaster relief drives in our company's history. Disney also remains committed to supporting veterans through our Heroes Work Here program, and our recent $1 million donation to Student Veterans of America to support a new career center. And we're enormously proud of our continued relationship with Make-A-Wish. We remain the number one wish granter in the world for children facing critical illness, and on average, Disney grants a child's wish every hour of every day. In addition, last year we fulfilled our $100 million commitment to enhance the children's hospital experience for both patients and their families. Walt believed deeply in the power of happiness and imagination to lift children's spirits even in the most difficult times. And that continues to guide us today. Only Disney shares such a powerful connection with generations of audiences all over the world, and we take that responsibility seriously. Every day, our more than 230,000 employees and cast members come to work with one goal, and that's to entertain you by telling great stories. Thanks to modern technology, there's never been a better time to be a storyteller. Today we have the ability to greatly enhance the quality of our storytelling and to reach more people in more places in more ways than ever before. It was Walt who said we must keep our aim constantly focused on the future. As you reflect on everything we've shared with you today, from the renewed creative momentum at our studios to the bold direction of our streaming and sports strategies to the focused investments we're making in our experiences business to how we are expertly leveraging technology in all that we do, I hope you are inspired and energized by the limitless possibilities before us. I know I am. Thank you for your continued belief in this extraordinary company and the wonderful things we make for the world.