Financial Data and Key Metrics Changes - The company reported revenue in line with expectations for Q3 2025, with operating income impacted by a Brazilian tax matter, which would have exceeded forecasts otherwise [2][10] - Engagement metrics showed record share TV time in Q3 in both the U.S. and the U.K., indicating healthy engagement levels [2][19] Business Line Data and Key Metrics Changes - The advertising segment is on track to more than double ad revenue this year, with the best ad sales quarter ever recorded [2][10] - The company achieved its highest quarterly view share ever in the U.S. at 8.6% and in the U.K. at 9.4% [19] Market Data and Key Metrics Changes - The company is currently capturing only about 7% of the addressable market in terms of consumer spending, indicating significant growth potential [4] - The Brazilian tax issue is a unique cost of doing business, affecting the financials but not expected to have a material impact going forward [10] Company Strategy and Development Direction - The company aims to continue focusing on profitable growth and reinvesting in its core business while exploring selective M&A opportunities [36][37] - The strategy includes expanding original content and enhancing engagement through interactive features and gaming [42][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of the business and the opportunities ahead, emphasizing the importance of competition in driving improvement [2][4] - The company is excited about its upcoming content slate for 2026, which includes returning popular series and new films [22][23] Other Important Information - The company is exploring the integration of high-quality video podcasts through a partnership with Spotify, aiming to broaden its entertainment offerings [24][25] - The company is also focused on enhancing its advertising capabilities and improving fill rates as it scales its ad suite [17][15] Q&A Session Summary Question: Health of the business and future opportunities - Management believes the business is healthy and sees significant opportunities ahead, with a focus on key initiatives and engagement metrics [2][4] Question: Nature of the Brazilian tax expense - The tax is a gross tax on outbound payments, not an income tax, and has been recorded as a component of cost of revenues [7][10] Question: Revenue and operating income growth for 2026 - Full year 2026 guidance will be provided in January, but the company aims to sustain healthy revenue growth and expand margins [11] Question: Advertising revenue growth - The company is on track to more than double ad revenue in 2025, with a strong growth trajectory expected [13][14] Question: Engagement metrics - Total view hours grew faster in Q3 2025 than in the first half, with significant cultural impact from key titles [19][20] Question: Live events impact - Live events like the Canelo Crawford fight have shown to attract mass audiences and positively impact acquisition and retention [29][30] Question: Industry consolidation and competitive landscape - Management views industry consolidation as an opportunity but emphasizes the importance of organic growth and selective M&A [36][37] Question: AI and content creation - The company sees AI as a tool to enhance creativity rather than replace it, focusing on leveraging AI for better storytelling [54][58]