“For 2023, we expect to continue to maintain leverage at around current levels, which I expect will support continued strong capital returns.”

In context

“on over last year as we continue to build Epic, which we plan to open in 2025 and begin work on our recently announced park extensions mentioned earlier. The required investment to develop these extensions is nowhere near the scale of Epic or Universal Beijing but rather enable us to leverage our already large market opportunity and can serve as a model that contributes to even higher growth at Theme Parks in the future. Working capital was $3 billion for the year, a $1.5 billion increase over last year's level, reflecting a post-COVID ramp of investment in content creation. Turning to capital allocation. We ended the year with net leverage at 2.4 times and returned a total of $17.7 billion to shareholders, including $4.7 billion in dividend payments and $13 billion in share repurchases. For 2023, we expect to continue to maintain leverage at around current levels, which I expect will support continued strong capital returns. As we announced this morning, we are raising the dividend by $0.08 a share to $1.16 per share, our 15th consecutive annual increase. This reflects our long-standing balanced capital allocation policy. We're committed to investing organically in the businesses while maintaining a strong balance sheet and also returning a very healthy amount of capital to shareholders. Thanks for joining us on the call this morning. I'll turn it back to Marci, who will lead the question-and-answer portion of the call. Marci Ryvicker: Thanks, Mike. Operator, let's open the call for Q&A, please. Operator: [Operator Instructions] Our first question comes from Doug Mitchelson with Credit Suisse. Please go ahead. Doug Mitchelson: Good morning. And thank you. Brian and Mike as well giving your promotion to Pre”