Operator

Good afternoon. Thank you for standing by. Welcome to Playboy Inc.'s First Quarter 2026 Earnings Conference Call. [Operator Instructions] This conference is being recorded today, May 11, 2026, and the earnings press release and Form 10-Q from which information may be referenced during this call were issued after the market closed today. On our call today are Playboy Inc.'s Chief Executive Officer, Ben Kohn; and Chief Financial Officer and Chief Operating Officer, Marc Crossman.

I would like to remind you that the information discussed today is qualified in its entirety by the Form 8-K and Form 10-Q filed today by Playboy Inc., which may be accessed on SEC's website and on Playboy Inc.'s website. Please note that statements made during this call, 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 Inc.'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