Joining me now is Randy Smallwood. He's CEO of Wheat and Precious Metals. Well, congratulations, I guess, on uh the the the price of your output going up like this.So, you're CEO of a company. You don't necessarily have control over the price of gold, but what can you do strategically in a period like this to lock in the benefit of what's going on in the precious metals market. >> Well, we're longtime believers in gold.First off, John, thanks to be honor to be here. Uh we're longtime believers in the value ...

Financial Data and Key Metrics Changes - Total revenue for the quarter was $319.7 million, down 2% sequentially and 7.4% year over year [12] - Adjusted OIBDA was $33.4 million, down from $92 million in the previous quarter, primarily due to higher content amortization [13] - The company ended the quarter with $573.5 million in total net debt, down $42.1 million sequentially, with a leverage ratio of 3.2 times [14] Business Line Data and Key Metrics Changes - The company had 12.18 million U.S. OTT subscribers, a sequential decline of 120,000, and a total of 19.08 million North American subscribers, down 520,000 sequentially [12] - OTT revenue was $221.1 million, while linear and other revenue was $98.6 million, reflecting declines due to lower OTT subscriber additions [13] Market Data and Key Metrics Changes - The linear subscriber base declined to 6.22 million, reflecting continued declines in Pay TV households [12] - The company expects sequential revenue and OTT subscriber growth in the next two quarters due to the successful premiere of "Blood of My Blood" [13] Company Strategy and Development Direction - The company aims for higher adjusted OIBDA margins, higher free cash flow, and lower leverage, with a target of reaching a 20% margin by the end of calendar 2028 [6][10] - The content slate includes high-performing returning series and new premieres, which are expected to drive subscriber growth and revenue [9][10] Management's Comments on Operating Environment and Future Outlook - Management views 2025 as a transition year for cash flow management, with a focus on deleveraging in 2026 and 2027 [14] - The company believes it is undervalued compared to peers and expects valuation disconnect to become more apparent as large media companies spin off their linear networks [6] Other Important Information - The company is excited about its content slate, including the return of "Spartacus" and the launch of "Fightland," which is expected to have a lower cost structure compared to previous productions [10][46] - The passage of the One Big Beautiful Bill Act allows the company to reduce federal tax liabilities, leading to no significant cash tax payments anticipated for the foreseeable future [14] Q&A Session Summary Question: What defines scale in this business and prerequisites for M&A? - Management has a clear plan for deleveraging and achieving a 20% margin, focusing on delivering that plan regardless of M&A participation [18] Question: What caused the underperformance of BMF and adjustments going forward? - BMF was still a large show but did not meet growth expectations due to gross adds issues; management is analyzing the situation and has new content in development [28] Question: Insights on ARPU and distribution relationships? - ARPU was slightly down due to more customers on multi-month offers, which helps reduce churn; no rate increases are planned for the next year [30][32] Question: Audience transition for "Blood of My Blood"? - The company has a strong track record of franchising, with spin-offs typically retaining over 85% of the original audience [38] Question: Confidence in the return of "Spartacus"? - There is significant demand for "Spartacus" to return, and the company has incorporated diverse characters to appeal to a broader audience [46]

Financial Data and Key Metrics Changes - Wheaton Precious Metals achieved record revenue of $5.03 billion, a 68% increase compared to the previous year, driven by a 32% increase in commodity prices and a 28% increase in sales volumes [16][17] - Net earnings increased by 139% year-over-year to $286 million, while adjusted net earnings rose by 91% [17] - Operating cash flow reached $450 million, a 77% increase from last year [17] Business Line Data and Key Metrics Changes - Production for the quarter was 159,000 gold equivalent ounces (GEOs), a 9% increase from the prior year, primarily due to stronger production at Salobo and the commencement of production at Blackwater [10][12] - Salobo produced 69,400 ounces of attributable gold, a 10% year-over-year increase [10] - Antamina produced 1.3 million ounces of attributable silver, marking a 31% increase compared to last year [11] Market Data and Key Metrics Changes - 65% of revenue came from gold, 33% from silver, with the remainder from palladium and cobalt [17] - The company noted that silver prices have recently outpaced gold, reaching their highest level in over a decade, which positions Wheaton well to benefit from current pricing momentum [17] Company Strategy and Development Direction - Wheaton is focused on disciplined capital deployment, targeting accretive opportunities that generate long-term value [7] - The company aims for a 40% production growth by 2029, which supports its strategy of pursuing high-quality streaming opportunities [7] - Wheaton was recognized among the top 10 companies on Corporate Knight's annual 50 best corporate citizens in Canada, reflecting its commitment to sustainability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 production guidance of 600,000 to 670,000 GEOs, with strong performances expected from key assets [6][12] - The leadership changes were highlighted as pivotal for driving the company's strategy forward during a transformative growth phase [5] - Management emphasized the importance of maintaining a robust balance sheet to pursue growth opportunities while supporting shareholder returns [20] Other Important Information - The company has over $1 billion in cash and a $2 billion undrawn revolving credit facility, providing strong liquidity [7][18] - Wheaton launched its second annual Future of Mining Challenge, focusing on sustainable water management technologies [8] Q&A Session Summary Question: How aggressive is Wheaton's stance on deals given the organic growth? - Management stated that they focus on accretive transactions and are currently evaluating 12 to 15 opportunities, with a mix of development and operating stage opportunities [22][23][24] Question: What should be expected regarding global minimum tax payments? - The global minimum tax will be applicable starting in 2024, with the first payment expected in 2026 [25][26][27] Question: How does Wheaton handle potential tariffs on gold deliveries? - Management confirmed that they are insulated from tariffs as they take delivery of credits in London and are not subject to U.S. tariffs [34][35] Question: Are the terms of opportunities becoming more restrictive? - Management noted that while the market is becoming more competitive, they are still comfortable with the opportunities available [44][46] Question: What is the expected impact of the potential acceleration of phase two at Blackwater? - The acceleration is not currently included in long-term guidance, but it could represent a significant increase in production if realized [78][82] Question: What is the outlook for silver production? - Management indicated that silver production is expected to remain stable, with potential increases in Q4 due to improved performance at Antamina [55][56]