STARZ ENTERTAINMENT CORP /CN/

Previous wording

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the accompanying financial statements relate to the intangible asset associated with the customer relationships with U.S. MVPDs ("Starz Traditional Affiliates"), which is amortized in the proportion that current period revenue bears to management’s estimate of future revenue over the remaining estimated useful life of the asset; estimates of future viewership used for the amortization of programming content; income taxes including the assessment of valuation allowances for deferred tax assets; and impairment assessments for licensed program rights and intangible assets. Actual results could differ from such estimates.

Current wording

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the accompanying financial statements relate to the intangible asset associated with the customer relationships with U.S. MVPDs ("Starz Traditional Affiliates"), which is amortized in the proportion that current period revenue bears to management’s estimate of future revenue over the remaining estimated useful life of the asset; estimates of future viewership used for the amortization of programming content; the estimated contract termination liability associated with the termination of certain live-action films under a post-pay-one output licensing arrangement, including assumptions regarding expected theatrical box office performance, timing of payments and discount rates; income taxes including the assessment of valuation allowances for deferred tax assets; and impairment assessments for licensed program rights and intangible assets. Actual results could differ from such estimates.

Previous wording

Following the Separation, Starz manages and reports its operating results through one reportable segment, Starz Networks, which includes our consolidated operations. During the six months ended June 30, 2026, International included our operations in India and Southeast Asia. Effective April 1, 2025, we transferred our operations in India and Southeast Asia to New Lionsgate. Given that Starz and New Lionsgate were under common control at the time of the transfer, no gain or loss was recorded related to the transfer.

Current wording

Following the Separation, Starz manages and reports its operating results through one reportable segment, Starz Networks, which includes our consolidated operations. During the nine months ended September 30, 2025, International included our operations in India and Southeast Asia. Effective April 1, 2025, we transferred our operations in India and Southeast Asia to New Lionsgate. Given that Starz and New Lionsgate were under common control at the time of the transfer, no gain or loss was recorded related to the transfer.

Previous wording

During the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, programming amortization expense decreased primarily due to fewer premiers of output titles due to the termination of certain live-action films under a post pay-one output licensing agreement in April 2026 and the timing of lower cost original series airing on the Starz Platform.

Current wording

During the three months ended September 30, 2026 as compared to the three months ended September 30, 2025, programming amortization expense decreased primarily due to fewer premieres of output titles as a result of the termination of certain live-action films under a post-pay-one output licensing agreement entered into in April 2026. The decrease was partially offset by higher development expenses and increased distribution amortization related to international ancillary market sales of Fightland Season 1.

Previous wording

Starz Networks other operating expenses increased $4.0 million during the three months ended June 30, 2026 primarily due to increases in operating employee related expenses. The increase in share-based compensation expense was driven by a higher STRZ share price during the quarter, which increased the value of certain equity awards and the related compensation expense recognized.

Current wording

Starz Networks other operating expenses decreased $1.3 million during the three months ended September 30, 2026 primarily due to a reduction in legal expenses. The increase in share-based compensation expense was driven by a higher STRZ share price during the quarter, which increased the value of certain equity awards and the related compensation expense recognized.

Previous wording

During the three months ended June 30, 2026, Starz Networks' general and administrative expenses increased $1.7 million as compared to the three months ended June 30, 2025, primarily due to an increase in employee related costs, partially offset by a decrease in professional services. The increase in share-based compensation expense was driven by a higher STRZ share price during the quarter, which increased the value of certain equity awards and the related compensation expense recognized

Current wording

During the three months ended September 30, 2026, general and administrative expenses increased $2.5 million as compared to the three months ended September 30, 2025, primarily due to an increase in share-based compensation expense, driven by a higher STRZ share price during the quarter compared to the prior year quarter, which increased the value of certain equity awards and the related compensation expense recognized.

Previous wording

Depreciation and Amortization Expense. Depreciation and amortization of $67.3 million for the three months ended June 30, 2026 increased $18.6 million from $48.7 million during the three months ended June 30, 2025, due primarily to our Starz Traditional Affiliate customer relationship finite-lived intangible asset, which is amortized based on estimated total revenue expected to be generated from the underlying affiliation agreements over its remaining useful life. During the three months ended March 31, 2026, the Company reduced the life of the Starz Traditional Affiliate customer relationship finite-lived intangible asset from 14 years to 12 years, based on the continued decline in linear revenue resulting in higher amortization expense during the three months ended June 30, 2026.

Current wording

Depreciation and amortization of $67.4 million for the three months ended September 30, 2026 increased $19.5 million from $47.9 million during the three months ended September 30, 2025, due primarily to our Starz Traditional Affiliate customer relationship finite-lived intangible asset, which is amortized based on estimated total revenue expected to be generated from the underlying affiliation agreements over its remaining useful life. During the three months ended March 31, 2026, the Company reduced the life of the Starz Traditional Affiliate customer relationship finite-lived intangible asset from 14 years to 12 years, based on the continued decline in linear revenue resulting in higher amortization expense during the three months ended September 30, 2026.

Previous wording

Restructuring and Other. Restructuring and other increased $144.8 million during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, and includes restructuring costs, certain transaction-related and other expenses, and unusual charges or benefits, as applicable. The increase is primarily the result of contract termination fees incurred during the three months ended June 30, 2026. Refer to Note 8, Restructuring and other, for further details.

Current wording

Restructuring and Other. Restructuring and other decreased $13.3 million during the three months ended September 30, 2026 as compared to the three months ended September 30, 2025, and includes restructuring costs, certain transaction-related and other expenses, and unusual charges or benefits, as applicable. The decrease was primarily driven by a reduction in estimated contract termination fees recorded during the three months ended September 30, 2026 resulting from updated assumptions underlying the termination liability, partially offset by severance costs associated with workforce reduction initiatives. Refer to Note 8, Restructuring and other, for further details.

Previous wording

(4)Severance costs for the three months ended June 30, 2026, represent a reduction in our work force due to cost-saving initiatives and the continued decline in traditional linear services.

Current wording

(4)Severance costs for the three months ended September 30, 2026, represent workforce reductions due to cost-saving initiatives and the continued decline in traditional linear services.

Previous wording

Interest Expense. Interest expense of $13.6 million during the three months ended June 30, 2026 increased $0.4 million from the three months ended June 30, 2025 due primarily to an increase in our programming related obligations.

Current wording

Interest Expense. Interest expense of $14.0 million during the three months ended September 30, 2026 decreased $1.8 million from the three months ended September 30, 2025 primarily due to the paydown of our programming notes in August 2026.

Previous wording

Interest and Other Income. Interest and other income of $0.5 million for the three months ended June 30, 2026 increased by $0.5 million compared to interest and other income of nil for the three months ended June 30, 2025, due to increased cash held in interest-bearing operating bank accounts during the three months ended June 30, 2026.

Current wording

Interest and Other Income. Interest and other income of $0.1 million for the three months ended September 30, 2026 decreased by $0.1 million compared to interest and other income of $0.2 million for the three months ended September 30, 2025.

Previous wording

Other Expense. Other expense of $2.0 million for the three months ended June 30, 2026 decreased by $0.5 million compared to other expense of $2.5 million for the three months ended June 30, 2025, which primarily represents the loss recorded related to our monetization of accounts receivable program. See Note 13, Additional Financial Information, to our consolidated financial statements for further details.

Current wording

Other Expense. Other expense of $1.4 million for the three months ended September 30, 2026 decreased by $0.4 million compared to other expense of $1.8 million for the three months ended September 30, 2025, which primarily represents the loss recorded related to our monetization of accounts receivable program. See Note 13, Additional Financial Information, to our consolidated financial statements for further details.

Previous wording

Income Tax Benefit. We had an income tax benefit of $1.2 million for the three months ended June 30, 2026, compared to an income tax benefit of $0.1 million for the three months ended June 30, 2025. Our income tax provision differs from the U.S. federal statutory rate multiplied by pre-tax income (loss) due to the income tax effects of state income taxes, and changes in the valuation allowance against our deferred tax assets.

Current wording

Income Tax Benefit. We had an income tax benefit of $1.7 million for the three months ended September 30, 2026, compared to income tax expense of $(0.4) million for the three months ended September 30, 2025. Our income tax provision differs from the U.S. federal statutory rate multiplied by pre-tax income (loss) due to the income tax effects of state income taxes, and changes in the valuation allowance against our deferred tax assets.

Previous wording

Net Loss from Continuing Operations. Net loss from continuing operations for the three months ended June 30, 2026 was $189.4 million. This compares to net loss from continuing operations for the three months ended June 30, 2025 of $42.5 million.

Current wording

Net Loss from Continuing Operations. Net loss from continuing operations for the three months ended September 30, 2026 was $34.8 million. This compares to net loss from continuing operations for the three months ended September 30, 2025 of $52.6 million.

Previous wording

The following table sets forth our consolidated results of operations for the six months ended June 30, 2026 and June 30, 2025.

Current wording

The following table sets forth our consolidated results of operations for the nine months ended September 30, 2026 and September 30, 2025.

Previous wording

Revenue. Revenue by segment was as follows for the six months ended June 30, 2026 and June 30, 2025:

Current wording

Revenue. Revenue by segment was as follows for the nine months ended September 30, 2026 and September 30, 2025:

Previous wording

Revenue. Consolidated revenue decreased $11.8 million. The decrease primarily reflects declines in revenue of $13.2 million resulting from the continued decline in traditional linear households, partially offset by an increase in distribution and other revenue of $1.1 million related to the recognition of revenue resulting from the change in our Canadian operations to a content licensing relationship. OTT revenue increased $3.4 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, but was partially offset by a decrease of $3.3 million resulting from the change in our Canadian operations to a content licensing relationship.

Current wording

Consolidated revenue decreased $34.0 million. The decrease in Starz Networks revenue reflects declines of $36.8 million driven by the continued decline in traditional linear revenue due to lower linear households. In addition, the decrease in Starz Networks revenue includes an $8.4 million decline in OTT services, primarily related to our Canadian operations which we transitioned to a content licensing relationship in the fourth quarter of 2025. The declines in revenue were partially offset by a $15.6 million increase in distribution and other revenue related to international ancillary market sales of Fightland Season 1 and the transition of our Canadian operations to a content licensing relationship.

Previous wording

During the six months ended June 30, 2026 and the six months ended June 30, 2025, the following original series premiered on STARZ:

Current wording

During the nine months ended September 30, 2026 and the nine months ended September 30, 2025, the following original series premiered on STARZ:

Previous wording

During the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, Starz Networks' programming amortization expense decreased primarily due to fewer output titles due to the termination of certain live-action films under a post pay-one output licensing agreement in April 2026, partially offset by the timing, and higher number, of original series airing on the Starz Platform.

Current wording

During the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025, Starz Networks' programming amortization expense decreased primarily due to fewer premieres of output titles as a result of the termination of certain live-action films under a post-pay-one output licensing agreement entered into in April 2026. The decrease was partially offset by the timing, and higher number, of original series airing on the Starz Platform, higher development expenses and increased distribution amortization expense as a result of the release of Fightland Season 1.

Previous wording

Other Operating Expenses. Other operating expenses by segment and share-based compensation expense which is not allocated to our segments were as follows for the six months ended June 30, 2026 and June 30, 2025:

Current wording

Other Operating Expenses. Other operating expenses by segment and share-based compensation expense which is not allocated to our segments were as follows for the nine months ended September 30, 2026 and September 30, 2025:

Previous wording

Starz Networks' other operating expenses decreased by $2.6 million during the six months ended June 30, 2026, resulting from a decrease in residuals offset by an increase in operating employee related expenses The increase in share-based compensation expense was driven by a higher STRZ share price during the period, which increased the value of certain employee equity awards and the related compensation expense recognized.

Current wording

Starz Networks' other operating expenses decreased by $4.5 million during the nine months ended September 30, 2026, primarily due to a reduction in legal fees and increased capitalization of software development costs. The increase in share-based compensation expense was driven by a higher STRZ share price during the period, which increased the value of certain equity awards and the related compensation expense recognized.

Previous wording

Advertising and Marketing Expenses. Advertising and marketing expenses by segment were as follows for the six months ended June 30, 2026 and June 30, 2025:

Current wording

Advertising and Marketing Expenses. Advertising and marketing expenses by segment were as follows for the nine months ended September 30, 2026 and September 30, 2025:

Previous wording

Starz Networks' advertising and marketing expenses decreased during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to lower originals marketing spend. International declined due to the transfer of our operations in India and Southeast Asia to New Lionsgate effective April 1, 2025.

Current wording

Starz Networks' advertising and marketing expenses decreased during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025, primarily due to overall lower direct-to-consumer marketing spend, partially offset by an increase in media spend related to the timing of premieres. International declined due to the transfer of our operations in India and Southeast Asia to New Lionsgate effective April 1, 2025.

Previous wording

General and Administrative Expenses. General and administrative expenses by segment and share-based compensation expense which is not allocated to our segments were as follows for the six months ended June 30, 2026 and 2025:

Current wording

General and Administrative Expenses. General and administrative expenses by segment and share-based compensation expense which is not allocated to our segments were as follows for the nine months ended September 30, 2026 and 2025:

Previous wording

During the six months ended June 30, 2026, Starz Networks' general and administrative expenses increased $6.4 million as compared to the six months ended June 30, 2025, primarily due to an increase in employee related costs and professional services. International declined due to the transfer of our operations in India and Southeast Asia to New Lionsgate effective April 1, 2025. The increase in share-based compensation expense was driven by a higher STRZ share price during the period, which increased the value of certain employee equity awards and the related compensation expense recognized.

Current wording

During the nine months ended September 30, 2026, Starz Networks' general and administrative expenses increased $6.9 million as compared to the nine months ended September 30, 2025, primarily due to an increase in employee-related costs, partially offset by lower corporate overhead allocations previously charged by Old Lionsgate and lower public company-related fees. International declined due to the transfer of our operations in India and Southeast Asia to New Lionsgate effective April 1, 2025. The increase in share-based compensation expense was driven by a higher STRZ share price during the period, which increased the value of certain employee equity awards and the related compensation expense recognized.

Previous wording

Depreciation and Amortization Expense. Depreciation and amortization of $135.8 million for the six months ended June 30, 2026 increased $39.0 million from $96.8 million in the six months ended June 30, 2025, due primarily to our Starz Traditional Affiliate customer relationship finite-lived intangible asset, which is amortized based on estimated total revenue expected to be generated from the underlying affiliation agreements over its remaining useful life. During the three months ended March 31, 2026, the Company reduced the life of the Starz Traditional Affiliate customer relationship finite-lived intangible asset from 14 years to 12 years, based on the continued decline in linear revenue resulting in higher amortization expense during the six months ended June 30, 2026.

Current wording

Depreciation and amortization of $203.2 million for the nine months ended September 30, 2026 increased $58.5 million from $144.7 million in the nine months ended September 30, 2025, due primarily to our Starz Traditional Affiliate customer relationship finite-lived intangible asset, which is amortized based on estimated total revenue expected to be generated from the underlying affiliation agreements over its remaining useful life. During the three months ended March 31, 2026, the Company reduced the life of the Starz Traditional Affiliate customer relationship finite-lived intangible asset from 14 years to 12 years, based on the continued decline in linear revenue resulting in higher amortization expense during the nine months ended September 30, 2026.

Previous wording

Restructuring and Other. Restructuring and other increased $100.5 million during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, and includes restructuring costs, certain transaction-related and other expenses, and unusual charges or benefits, as applicable. The increase is primarily the result of the rationalization of the content portfolio and the termination of certain live-action films under a post pay-one output licensing agreement discussed below, partially offset by lower legal and other costs incurred related to transaction-related expenses as compared to the prior year quarter. Refer to Note 8, Restructuring and other, for further details.

Current wording

Restructuring and Other. Restructuring and other increased $87.2 million during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025, and includes restructuring costs, certain transaction-related and other expenses, and unusual charges or benefits, as applicable. The increase is primarily the result of the rationalization of the content portfolio and the termination of certain live-action films under a post-pay-one output licensing agreement discussed below, partially offset by lower legal and other costs incurred related to transaction-related expenses as compared to the prior year. Refer to Note 8, Restructuring and other, for further details.

Previous wording

(2)During the six months ended June 30, 2026 and June 30, 2025, Starz undertook actions to rationalize its content portfolio as part of its ongoing efforts to right-size its content cost structure in response to the evolving macroeconomic and industry environment, including continued declines in traditional linear services and operating as a standalone company following the Separation. These actions included evaluating programming on the Starz Platform, cancelling certain previously ordered programming, and removing and abandoning content determined to have limited strategic value.

Current wording

(2)During the nine months ended September 30, 2026 and September 30, 2025, Starz undertook actions to rationalize its content portfolio as part of its ongoing efforts to right-size its content cost structure in response to the evolving macroeconomic and industry environment, including continued declines in traditional linear services and operating as a standalone company following the Separation. These actions included evaluating programming on the Starz Platform, cancelling certain previously ordered programming, and removing and abandoning content determined to have limited strategic value.

Previous wording

(3)Transaction and other costs during the six months ended June 30, 2026 and June 30, 2025 reflect costs associated with certain potential strategic transactions, costs associated with certain legal matters, and transaction, integration, and legal costs associated with the Separation.

Current wording

(3)Transaction and other costs during the nine months ended September 30, 2026 and September 30, 2025 reflect costs associated with certain potential strategic transactions, costs associated with certain legal matters, and transaction, integration, and legal costs associated with the Separation.

Previous wording

(4)Severance costs for the six months ended June 30, 2026 and June 30, 2025, represent a reduction in our work force due to cost-saving initiatives and the continued decline in traditional linear services.

Current wording

(4)Severance costs for the nine months ended September 30, 2026 and September 30, 2025, represent workforce reductions due to cost-saving initiatives and the continued decline in traditional linear services.

Previous wording

Interest and Other Income. Interest and other income of $0.9 million during the six months ended June 30, 2026 decreased by $0.8 million compared to interest and other income of $1.7 million for the six months ended June 30, 2025, which was related to guarantee fees from Old Lionsgate received during the six months ended June 30, 2025.

Current wording

Interest and Other Income. Interest and other income of $1.0 million during the nine months ended September 30, 2026 decreased by $0.9 million compared to interest and other income of $1.9 million for the nine months ended September 30, 2025, which was related to guarantee fees from Old Lionsgate received during the nine months ended September 30, 2025.

Previous wording

Other Expense. Other expense of $3.8 million during the six months ended June 30, 2026 decreased by $0.5 million compared to other expense of $4.3 million for the six months ended June 30, 2025, which primarily represents the loss recorded related to our monetization of accounts receivable program. See Note 13, Additional Financial Information, to our consolidated financial statements for further details.

Current wording

Other Expense. Other expense of $5.2 million during the nine months ended September 30, 2026 decreased by $0.9 million compared to other expense of $6.1 million for the nine months ended September 30, 2025, which primarily represents the loss recorded related to our monetization of accounts receivable program. See Note 13, Additional Financial Information, to our consolidated financial statements for further details.

Previous wording

Income Tax Benefit. We had an income tax benefit of $4.4 million during the six months ended June 30, 2026, compared to an income tax benefit of $0.1 million for the six months ended June 30, 2025. Our income tax provision differs from the U.S. federal statutory rate multiplied by pre-tax income (loss) due to the income tax effects of state income taxes, and changes in the valuation allowance against our deferred tax assets.

Current wording

Income Tax Benefit. We had an income tax benefit of $6.1 million during the nine months ended September 30, 2026, compared to an income tax expense of $0.3 million for the nine months ended September 30, 2025. Our income tax provision differs from the U.S. federal statutory rate multiplied by pre-tax income (loss) due to the income tax effects of state income taxes, and changes in the valuation allowance against our deferred tax assets.

Previous wording

Net Loss from Continuing Operations. Net loss from continuing operations for the six months ended June 30, 2026 was $354.3 million. This compares to net loss from continuing operations for the six months ended June 30, 2025 of $196.5 million.

Current wording

Net Loss from Continuing Operations. Net loss from continuing operations for the nine months ended September 30, 2026 was $389.1 million. This compares to net loss from continuing operations for the nine months ended September 30, 2025 of $249.1 million.

Previous wording

The Company uses this non-GAAP measure, among other measures, to evaluate the operating performance of our business. We believe this measure provides useful information to investors regarding our results of operations before non-operating items. Adjusted OIBDA is considered an important measure of the Company’s performance because this measure eliminates amounts that, in management’s opinion, do not necessarily reflect the fundamental performance of the Company’s businesses, are infrequent in occurrence, and in some cases are non-cash expenses.

Current wording

The Company uses this non-GAAP financial measure, among other measures, to evaluate the operating performance of our business. We believe this measure provides useful information to investors regarding our results of operations before non-operating items. Adjusted OIBDA is considered an important measure of the Company’s performance because this measure eliminates amounts that, in management’s opinion, do not necessarily reflect the fundamental performance of the Company’s businesses, are infrequent in occurrence, and in some cases are non-cash expenses.

Previous wording

This non-GAAP measure is commonly used in the entertainment industry and by financial analysts and others who follow the industry to measure operating performance. However, not all companies calculate this measure in the same manner and the measure as presented may not be comparable to similarly titled measures presented by other companies due to differences in the methods of calculation and excluded items.

Current wording

This non-GAAP financial measure is commonly used in the entertainment industry and by financial analysts and others who follow the industry to measure operating performance. However, not all companies calculate this measure in the same manner and the measure as presented may not be comparable to similarly titled measures presented by other companies due to differences in the methods of calculation and excluded items.

Previous wording

(1)Share-based compensation expense excluded from Adjusted OIBDA for the three months ended June 30, 2026 and June 30, 2025 includes $3.4 million and $0.9 million, respectively, in other operating expenses, and $13.5 million and $4.3 million, respectively, in general and administrative expenses. Refer to Note 6, Capital Stock, for further details.

Current wording

(1)Share-based compensation expense excluded from Adjusted OIBDA for the three months ended September 30, 2026 and September 30, 2025 includes $1.3 million and $0.7 million, respectively, in other operating expenses, and $5.0 million and $3.0 million, respectively, in general and administrative expenses. Refer to Note 6, Capital Stock, for further details.

Previous wording

Starz Networks Adjusted OIBDA of $59.9 million for the three months ended June 30, 2026, increased by $26.5 million from the three months ended June 30, 2025. Such increase was primarily due to lower programming amortization expense which was offset by lower revenue and increases in other operating expenses, advertising and marketing expenses and general and administrative expenses.

Current wording

Starz Networks Adjusted OIBDA of $44.2 million for the three months ended September 30, 2026, increased by $22.4 million from the three months ended September 30, 2025. Such increase was primarily due to lower programming amortization and lower advertising and marketing expenses.

Previous wording

(2) Share-based compensation expense excluded from Adjusted OIBDA for the six months ended June 30, 2026 and June 30, 2025 includes $3.9 million and $1.7 million, respectively, in other operating expenses, and $16.2 million and $7.6 million, respectively, in general and administrative expenses. Refer to Note 6, Capital Stock, for further details.

Current wording

(2) Share-based compensation expense excluded from Adjusted OIBDA for the nine months ended September 30, 2026 and September 30, 2025 includes $5.2 million and $2.4 million, respectively, in other operating expenses, and $21.2 million and $10.6 million, respectively, in general and administrative expenses. Refer to Note 6, Capital Stock, for further details.

Previous wording

Starz Networks Adjusted OIBDA of $117.9 million for the six months ended June 30, 2026, decreased by $7.6 million from the six months ended June 30, 2025. Such decrease was primarily due to lower revenue and increased general and administrative expenses offset by lower programming amortization expense, other operating expenses, and advertising and marketing expenses.

Current wording

Starz Networks Adjusted OIBDA of $162.1 million for the nine months ended September 30, 2026, increased by $13.6 million from the nine months ended September 30, 2025. Such increase was primarily due to lower programming amortization expense and advertising and marketing expenses, offset by lower revenue and increased general and administrative expenses.

Previous wording

Our liquidity and capital resources for the three and six months ended June 30, 2026 were provided principally through cash generated from operations, our $150 million revolving credit facility, programming related obligations, and the monetization of trade accounts receivable as discussed below.

Current wording

Our liquidity and capital resources for the three and nine months ended September 30, 2026 were provided principally through cash generated from operations, our $183.0 million revolving credit facility, programming related obligations, and the monetization of trade accounts receivable as discussed below.