Operator
Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Playboy’s Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] This conference is being recorded today, Monday, March 16, 2026, and the earnings press release accompanying this conference call was issued after the market closed today. On our call today is Playboy’s Chief Executive Officer, Ben Kohn; and its Chief Financial Officer and Chief Operating Officer, Marc Crossman. I’d like to remind you that the information discussed today is qualified in its entirety by the Form 8-K and Form 10-K filed today by Playboy Inc., which may be accessed on the SEC’s website and on Playboy’s website. Please note that statements made during this call, including financial projections and other statements that are not historical in nature, may constitute forward-looking statements.
Such statements are made on the basis of Playboy’s views and assumptions regarding future events and business performance at the time they are made, and we do not undertake any obligation to update them. Forward-looking statements are subject to risks, which could cause the company’s actual results to differ from its historical results and forecast, including those risks set forth in the SEC filings, and you should refer to and carefully consider those for more information. This cautionary statement applies to all forward-looking statements made during this call. Do not place undue reliance on any forward-looking statements. In addition, throughout today’s call, the company may refer to adjusted EBITDA, a non-GAAP financial measure, which it believes provides helpful information to investors about the performance of
