“We've also been clear we will have significant costs leading up to this opening with over $100 million or the vast majority landing in the first quarter.”

In context

“t in 2025 despite certain higher areas of investment. In addition, we landed our CapEx intensity at just over 10% in 2024 and expect to continue in and around this range for 2025. This all creates continued favorable characteristics for strong and growing net cash flow generation coming out of Connectivity & Platforms. In the Content & Experiences segment, I would frame the business as follows. In parks, we're seeing some stabilization after a slowdown in the second and third quarters. Adjusted for Epic preopening costs of around $35 million, EBITDA in the fourth quarter was flat year-over-year with attendance trends improving across most of our parks, including Orlando, solidifying the foundation for our opening of Epic Universe in May. We couldn't be more excited for the launch of Epic. We've also been clear we will have significant costs leading up to this opening with over $100 million or the vast majority landing in the first quarter. In addition, we will have incremental domestic marketing spend as well as an impact from the tragic fires that raged around Hollywood. Our Studios continue to deliver as this was the third straight year in which we've been in the top 2 in global box office. And we are excited about the 2025 slate, which includes How to Train Your Dragon, Jurassic World Rebirth and Wicked: For Good, just to name a few. While we expect another strong theatrical and PVOD run, Studio EBITDA growth will be impacted in 2025 by higher marketing expenses tied to a larger film slate and lower carryover from prior years, given the writers' and actors' strikes in 2023. In Media, we are making a successful pivot to streaming as evidenced by Peacock's strong revenue growth of 46% for the full-year, driving a $1 billio”