Total revenue increased by 1.0% to $243.2 million in 2025 from $240.8 million in 2024. National advertising revenue grew by 3.5% to $194.5 million in 2025, primarily due to a 22.1% increase in utilization and a 2.0% increase in attendance, despite an 18.1% decrease in national advertising CPMs. Local and regional advertising revenue decreased by 11.5% to $34.6 million in 2025, impacted by reduced contract activity in pharmaceutical, travel, government, and automotive sectors. Net loss attributable to NCM, Inc. significantly improved by 52.5%, from $(22.3) million in 2024 to $(10.6) million in 2025. Adjusted OIBDA decreased by 14.4% to $39.1 million in 2025 from $45.7 million in 2024, with the Adjusted OIBDA margin falling to 16.1% from 19.0%. Acquired Spotlight Cinema Networks on November 14, 2025, for $8.2 million, increasing national market share by over 6.0% and expanding theater presence by approximately 30.0% in critical New York and Los Angeles markets. Extended the Exhibitor Services Agreement (ESA) with AMC by five years on April 17, 2025, and AMC waived rights under the Tax Receivable Agreement (TRA) and Common Unit Adjustment Agreement, resulting in a $14.2 million reduction to intangible assets. Entered into a new $45.0 million senior secured revolving credit facility on January 24, 2025, maturing January 24, 2028, replacing the prior facility and reducing overall interest expense. Repurchased 4.1 million shares of common stock for $22.3 million in 2025 under a $100.0 million program approved on March 18, 2024, with $64.8 million remaining authorized. NCM LLC emerged from Chapter 11 bankruptcy on August 7, 2023, with NCM, Inc. regaining 100.0% ownership and contributing $15.5 million in cash, and issuing 83,421,135 shares to secured creditors. Regal terminated its ESA on July 14, 2023, and became a network affiliate, waiving rights to the TRA and other joint venture agreements.