“We ended the year with net leverage of 2.3 times, in line with our target leverage of around 2.4 times, and we expect to remain at this target level in 2024.”

In context

“ase in spend. In 2024, we expect parks capex to remain elevated and then decrease in 2025 when we open Epic. Working capital was $2 billion for the year, which was better than we expected, improving a billion over last year’s level. Our 2023 results included benefits from the pause in production during the work stoppages associated with the writers and actors strikes during the year. Turning to return of capital on our balance sheet, for the full year we returned a total of $15.8 billion to shareholders - this includes share repurchases of $11 billion, including $3.5 billion in the fourth quarter. In addition, dividend payments totaled $4.8 billion. As we announced this morning, we are raising our dividend by $0.08 a share to $1.24 per share - that’s our 16th consecutive annual increase. We ended the year with net leverage of 2.3 times, in line with our target leverage of around 2.4 times, and we expect to remain at this target level in 2024. Wrapping up, we had a very solid quarter and a great year, and we’re focused on continuing to execute our long term growth strategy supported by our balanced and disciplined approach to capital allocation. I’m proud of the steady and consistent framework which guides our decision-making. We’re going to invest aggressively for organic growth across our six key areas. We’ll protect our balance sheet and cash flow position and return capital to shareholders. Now I’ll turn it over to Brian for a few remarks before we turn to Q&A. Brian Roberts: Thanks Jason, and good morning everyone. I’d like to just emphasize a couple of points. As I think about the year, it’s hard not to be really proud of what we’ve accomplished. 2023 was the best financial year in our 60-year history, and we already hav”