Beasley Broadcast Group Inc (BBGI) 2025 Q2 法說會逐字稿

Good morning, and welcome to Beasley Broadcast Group's second quarter 2025 earnings call. Before proceeding, I would like to emphasize that today's conference call and webcast will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties described in the risk factors section of our most recent annual report on Form 10-K as supplemented by our quarterly report on Form 10-Q.

早安，歡迎參加 Beasley Broadcast Group 2025 年第二季財報電話會議。在繼續之前，我想強調的是，今天的電話會議和網路廣播將包含有關我們未來業績和經營成果的前瞻性陳述，這些陳述涉及我們最新的 10-K 表年度報告（由 10-Q 表季度報告補充）的風險因素部分中描述的風險和不確定性。

Today's webcast will also contain a discussion of certain non-GAAP financial measures within the meaning of Item 10 of Regulation S-K. A reconciliation of these non-GAAP measures with their most directly comparable financial measures calculated and presented in accordance with GAAP can be found in this morning's news announcement and on the company's website.

今天的網路廣播也將討論 S-K 條例第 10 條所定義的某些非 GAAP 財務指標。這些非公認會計準則指標與按照公認會計準則計算和呈現的最直接可比較財務指標的對帳可以在今天早上的新聞公告和公司網站上找到。

I would also remind listeners that following its completion, a replay of today's call can be accessed for five days on the company's website, www.bbgi.com.

我還要提醒聽眾，今天的電話會議結束後，可以在公司網站 www.bbgi.com 重播五天。

You can also find a copy of today's press release on the Investors or Press Room sections of the site. At this time, I would like to turn the conference over to your host, Beasley Broadcast Group's CEO, Caroline Beasley

您也可以在網站的投資者或新聞室部分找到今天的新聞稿副本。現在，我想將會議交給主持人，比斯利廣播集團執行長卡洛琳·比斯利

Thank you, and good morning, everyone. We appreciate you joining us to review our second quarter results. Q2 was a challenging but important quarter for Beasley, yielding mixed results. On a positive note, I am pleased to announce that we signed this week an agreement to sell WBCN-AM, WJPT-FM and WWCN-FM in Fort Myers to a third party for $9 million. In addition, we entered into a purchase agreement to sell WRXK-FM and WXKB-FM in Fort Myers to a separate third party for $9 million.

謝謝大家，早安。感謝您與我們一起回顧我們的第二季業績。對比斯利來說，第二季度是一個充滿挑戰但又非常重要的季度，其結果好壞參半。積極的一面是，我很高興地宣布，我們本週簽署了一項協議，以 900 萬美元的價格將邁爾斯堡的 WBCN-AM、WJPT-FM 和 WWCN-FM 出售給第三方。此外，我們還簽署了一項購買協議，以 900 萬美元的價格將邁爾斯堡的 WRXK-FM 和 WXKB-FM 出售給單獨的第三方。

As a result of the sales, which are subject to FCC approval, the company will no longer have operations in the Fort Myers Naples market. In June, we announced the sale of WPBB-FM in Tampa, Florida for $8 million. So to summarize, we will be selling these assets for a combined $26 million in gross proceeds.

由於此次銷售需獲得美國聯邦通訊委員會 (FCC) 的批准，該公司將不再在邁爾斯堡那不勒斯市場開展業務。6 月，我們宣布以 800 萬美元的價格出售位於佛羅裡達州坦帕的 WPBB-FM。總而言之，我們將以總計 2,600 萬美元的總收益出售這些資產。

As stated in previous quarters, we remain open to additional opportunities where the strategic rationale is compelling, and the financial impact supports our broader objective. While our digital business continues to gain meaningful traction with strong revenue growth and expanding margins, our core audio segment significantly underperformed, contributing to a larger than expected revenue shortfall.

正如前幾個季度所述，我們仍然對具有令人信服的策略理由且財務影響能夠支持我們更廣泛目標的更多機會持開放態度。雖然我們的數位業務持續獲得顯著成長，營收成長強勁，利潤率不斷擴大，但我們的核心音訊部門表現明顯不佳，導致營收缺口大於預期。

These results highlight both the progress we're making in reshaping the business and the urgency of the transformation still underway. We're operating with our eyes wide open. This quarter underscores the importance of accelerating our progress on the priorities we laid out earlier this year.

這些結果凸顯了我們在重塑業務方面取得的進展以及仍在進行的轉型的迫切性。我們睜大眼睛開展工作。本季度強調了加快推進我們今年早些時候提出的優先事項的重要性。

Number one, advancing our digital road map, number two, reducing structural costs; and then number three, taking tangible steps to improve our capital position. It also reinforced the need to drive accountability across our sales force.

第一，推進我們的數位化路線圖；第二，降低結構性成本；第三，採取實際措施改善我們的資本狀況。這也強調了推動整個銷售團隊責任制的必要性。

In Q2, digital revenue grew by 1.3% or 8.1% on a same-station basis and accounted for 25% of our total revenue. This is an important milestone and one that we've been working towards deliberately. But this growth isn't just about top line. It's about quality of earnings and operating leverage.

第二季度，數位營收成長1.3%，同台營收成長8.1%，佔總營收的25%。這是一個重要的里程碑，也是我們一直在努力實現的目標。但這種成長不僅體現在營業收入上。這與獲利品質和經營槓桿有關。

Our digital business continues to scale profitably with our digital segment operating margin improving 900 basis points quarter-over-quarter from 17.8% to 26.8%.

我們的數位業務持續獲利擴大，數位部門營業利潤率較上季提高 900 個基點，從 17.8% 增至 26.8%。

This margin expansion is the result of targeted product development, disciplined sales alignment and increasingly efficient infrastructure. Two key strategic drivers are fuelling this margin improvement. First, we saw a meaningful shift in our digital inventory mix from 49% O&O in Q1 to 55% in Q2.

利潤率的提高是目標明確的產品開發、嚴格的銷售協調和日益高效的基礎設施的結果。兩個關鍵的策略驅動因素正在推動利潤率的提高。首先，我們看到數位庫存結構發生了顯著變化，從第一季的 49% O&O 變為第二季的 55%。

This increases profit margin and gives us far greater control over the end to end monetization cycle. Then number two, we continue to deliver on programmatic growth, driven by enhancements to our backend tech stack that improved inventory access, targeting precision and campaign optimization.

這提高了利潤率，並使我們能夠更好地控制端到端的貨幣化週期。第二，我們持續實現程式化成長，這得益於我們後端技術堆疊的增強，從而改善了庫存存取、目標定位精度和活動優化。

We further refined our ad delivery infrastructure to maximize impressions across content channels and implemented ongoing improvements to our programmatic waterfall, enabling more efficient yield management and higher CPM realization across key demand sources.

我們進一步完善了廣告投放基礎設施，以最大限度地提高內容管道的展示次數，並不斷改進我們的程序化瀑布廣告，從而實現更有效率的收益管理和在關鍵需求來源實現更高的 CPM。

These improvements are compounding. We're not just driving higher-margin revenue. We're building a scalable data-driven digital platform with durable earnings power. Our teams across engineering, product and content have executed with focus and the impact is visible in both our financial results and client feedback.

這些改進正在不斷增強。我們不僅僅是追求更高的利潤收入。我們正在建立一個可擴展且具有持久盈利能力的數據驅動數位平台。我們的工程、產品和內容團隊都專注於執行，其影響力在我們的財務表現和客戶回饋中都有所體現。

At the same time, we recognize the challenges facing our broader revenue performance. While digital continues to scale, overall net revenue was down 11% on a same station basis, a performance we take full ownership of. This is not simply a macroeconomic issue. It reflects a deeper challenge in sales execution. For too long, our business has been overly dependent on agency-driven revenue at both the national and local levels.

同時，我們也意識到整體收入表現面臨的挑戰。儘管數位業務規模不斷擴大，但同台整體淨收入卻下降了 11%，對此我們負全部責任。這不僅僅是一個宏觀經濟問題。這反映出銷售執行更深層的挑戰。長期以來，我們的業務過度依賴國家和地方層級的代理商帶來的收入。

In 2025, both channels have experienced significant and sustained pullback. The impact has been especially pronounced with our largest brands, which have historically attracted a greater share of agency spend. Our sales organization has not yet fully evolved to offset these losses through direct digitally led selling, an area where we are now making deliberate changes.

2025年，兩個管道都經歷了顯著且持續的回調。這種影響對於我們最大的品牌來說尤其明顯，因為這些品牌歷來吸引了更大份額的代理商支出。我們的銷售組織尚未完全發展到能夠透過直接數位化銷售來彌補這些損失，我們現在正在對此領域進行深思熟慮的改變。

We recognize this reality, and we're not approaching that with short-term solutions. The pivot away from legacy selling models and toward a digitally native local-first approach is a foundational shift and one that will take time to fully implement and scale.

我們認識到這個現實，並且我們不會採取短期解決方案來解決這個問題。從傳統的銷售模式轉向數位原生的本地優先方法是一個基礎性的轉變，需要時間來全面實施和擴展。

Our focus is on building a high-performing team that can lead with data, convert traditional agency clients into digital first buyers and unlock the long tail SMB market through scalable, repeatable processes. To support this pivot, we are training AE to lead with full funnel marketing strategy, bundling on-air endorsements with trackable digital solutions.

我們的重點是建立一支高效的團隊，該團隊能夠以數據為主導，將傳統代理客戶轉變為數位優先買家，並透過可擴展、可重複的流程解鎖長尾中小企業市場。為了支持這一轉變，我們正在培訓 AE 以全通路行銷策略為主導，將直播代言與可追蹤的數位解決方案捆綁在一起。

Our ability to offer integrated radio and digital campaigns has already demonstrated measurable success as these campaigns have shown 30% plus higher purchase intent versus radio or digital alone. This is a long-term investment and capability, not a quick fix. We don't expect the full impact to materialize next quarter, but we are executing against it with urgency, clarity and conviction.

我們提供全面廣播和數位行銷活動的能力已經證明了可衡量的成功，因為這些行銷活動比單獨的廣播或數位行銷活動顯示出了高出 30% 以上的購買意願。這是一項長期投資和能力，而不是快速解決方案。我們預計下個季度不會出現全部影響，但我們正在緊迫、清晰、堅定地採取行動。

The sales team we're building reflects where Beasley is headed, platform-driven, insight-led and positioned for growth across O&O and programmatic inventory. On the expense side, we continue to manage with discipline. In the first half of the year, we implemented approximately $10 million in annualized expense reductions, bringing the total to roughly $30 million over the past 12 months.

我們正在組建的銷售團隊體現了 Beasley 的發展方向，即以平台為驅動、以洞察力為主導，並致力於實現 O&O 和程序化庫存的成長。在支出方面，我們持續嚴格管理。今年上半年，我們實施了約 1,000 萬美元的年度費用削減，使過去 12 個月的總削減額達到約 3,000 萬美元。

These actions span every part of the company. At the corporate level, we streamlined G&A expenses, optimized vendor contracts and restructured support functions.

這些行動涉及公司的各個部門。在公司層面，我們精簡了一般及行政費用、優化了供應商合約並重組了支援職能。

At the market level, we've realigned resources to focus on high-performing stations and product categories while eliminating redundancies. And in digital, we've retooled infrastructure to improve automation, reduce overhead and shift investment toward growth products. Our aim is not just to cut costs, it's to rebalance the organization for long-term sustainability and value creation.

在市場層面，我們重新調整資源，專注於高效能網站和產品類別，同時消除冗餘。在數位領域，我們重新調整了基礎設施，以提高自動化程度、降低管理費用並將投資轉向成長產品。我們的目標不僅是削減成本，而是重新平衡組織以實現長期永續發展和價值創造。

With that, I'll turn it over to Lauren to walk through the financial results in more detail, including agency trends and expense reductions. Lauren?

接下來，我將把主題交給勞倫，讓她更詳細地介紹財務結果，包括代理商趨勢和費用削減。勞倫？

Thanks, Caroline, and good morning, everyone. Let me begin by directly addressing the primary driver of our second quarter performance, continued weakness in our agency business.

謝謝，卡羅琳，大家早安。首先，我直接談談我們第二季業績的主要驅動因素，即代理業務的持續疲軟。

Macroeconomic volatility was not the defining challenge this quarter. It was the continued structural decline across national and local agency channels. These channels, which historically represented a sizable portion of our overall business, have proven increasingly fragile in the current traditional media environment.

宏觀經濟波動並不是本季最大的挑戰。這是國家和地方代理通路的持續結構性衰退。這些管道在歷史上佔據了我們整體業務的相當大一部分，但在當前的傳統媒體環境下，它們變得越來越脆弱。

In Q2, agency-related revenue declines were deep and widespread. National agency revenue was down 12.1% year over year, reflecting ongoing budget compression, delayed decision making, and reduced upfront commitments from larger advertisers.

第二季度，代理相關收入下滑幅度較大且普遍。全國代理商收入年減 12.1%，反映出持續的預算壓縮、決策延遲以及大型廣告商的前期承諾減少。

Local agency performance deteriorated even further, down 24.7% year over year, with most of our markets seeing high double digit decline.

本地代理商業績進一步惡化，年減 24.7%，其中大多數市場均出現兩位數的高點跌幅。

This is not just cyclical, it is structural. Agency business models are evolving, and with that, the mechanics of media buying are shifting. Increasingly, agencies are incorporating large language models and AI-driven recommendation engines into their planning workflows. These systems prioritize media channels based on digital attribution data, real-time performance metrics, and optimization algorithms.

這不僅是周期性的，而且是結構性的。代理業務模式不斷發展，隨之而來的是媒體購買機制也在改變。越來越多的機構將大型語言模型和人工智慧驅動的推薦引擎納入其規劃工作流程中。這些系統根據數位歸因數據、即時效能指標和最佳化演算法對媒體管道進行優先排序。

Areas where traditional audio often lacks direct parody. As a result, radio is being systematically deprioritized in media mixes, not necessarily due to performance, but because it is underrepresented in the digital data sets and signals that power these tools.

傳統音訊通常缺乏直接模仿的領域。因此，廣播在媒體組合中的地位逐漸降低，這不一定是因為效能，而是因為它在這些工具所依賴的數位資料集和訊號中所佔比例不足。

This trend has accelerated the shift away from legacy audio buys and has further widened the GAAP between traditional planning cycles and where advertising dollars are flowing. Without deliberate human override or advocacy, traditional formats like radio are often omitted altogether.

這一趨勢加速了從傳統音訊購買的轉變，並進一步擴大了傳統規劃週期和廣告資金流向之間的 GAAP。如果沒有人為的刻意推行或倡導，像廣播這樣的傳統形式往往會被完全忽略。

While this presents a near-term headwind, it also reinforces the urgency behind our digital transformation and the importance of positioning our owned and operated assets, targeting capabilities, and measurement tools to compete in a technology first buying environment.

雖然這在短期內會帶來不利影響，但它也強調了我們數位轉型的緊迫性，以及定位我們擁有和經營的資產、定位能力和測量工具以在技術優先的購買環境中競爭的重要性。

The impact on our total revenue was material. While we continued to see growth in digital and stability in local direct, these games were not sufficient to fully offset the contraction in agency. As a result, as Caroline previously mentioned, total net revenue for the quarter declined by 11.1% year over year on a same station basis.

這對我們的總收入影響很大。雖然我們繼續看到數位業務的成長和本地直銷業務的穩定，但這些遊戲不足以完全抵消代理業務的萎縮。因此，正如卡羅琳之前提到的，本季總淨收入同比同一站點下降了 11.1%。

That said, the data also reinforces where our strengths lies. Local direct revenue is up 1.7% year over year. And now represents the majority of our local sales mix. Digital growth continues to accelerate at 8.1% year over year on the same station basis.

話雖如此，數據也證實了我們的優勢所在。地方直接收入較去年同期成長1.7%。現在代表了我們本地銷售組合的大部分。以同一電台計算，數位成長繼續加速，年增 8.1%。

And 22.5% quarter over quarter as Caroline mentioned earlier with strong contribution from owned and operated channels and programmatic monetization.

正如 Caroline 先前提到的，季度環比增長 22.5%，這得益於自有和營運管道以及程序化貨幣化的強勁貢獻。

This further validates the strategic pivot we are making to reorient the business around the scalable, higher margin revenue streams.

這進一步驗證了我們正在進行的策略轉變，即圍繞可擴展、利潤率更高的收入流重新調整業務方向。

We are acting with urgency to address the core issues. As Caroline mentioned, we began a broad transformation of our sales organization, starting with recruiting and process realignment.

我們正在緊急採取行動解決核心問題。正如卡羅琳所提到的，我們開始對銷售組織進行廣泛的轉型，首先是招募和流程調整。

While that transition will take time, we are confident it is the right path forward, and early signs of traction in digital and direct reinforce that confidence.

雖然這種轉變需要時間，但我們相信這是正確的前進道路，而數位和直接發展的早期跡像也增強了這種信心。

Turning to expenses, our cost discipline remains a defining strength. Q2 total operating expenses were down $4.6 million, or 9.3% year over year, driven by the impact of previously announced restructuring actions and incremental cost containment across corporate, market, and digital operations.

談到費用，我們的成本控制仍然是一個決定性的優勢。第二季總營運費用下降 460 萬美元，年減 9.3%，這主要受到先前宣布的重組行動以及企業、市場和數位營運的增量成本控制的影響。

These cost actions were not reactive, they were strategic. They allowed us to preserve margin amid revenue compression, while continuing to reinvest in our highest conviction growth priorities.

這些成本行動不是被動的，而是策略性的。它們使我們能夠在收入壓縮的情況下保持利潤率，同時繼續對我們最有信心的成長重點進行再投資。

Station operating income for the quarter was $8.2 million, reflecting an SOI margin of 15.6%. Adjusted for stock based compensation and non-recurring severance expenses, our SOI would have been $8.4 million, reflecting a margin of 15.8%. Corporate expenses for the quarter totalled $3.8 million a 2.8% year over year decline.

本季電台營運收入為 820 萬美元，SOI 利潤率為 15.6%。經股票薪酬和非經常性遣散費調整後，我們的 SOI 將達到 840 萬美元，利潤率為 15.8%。本季公司支出總計 380 萬美元，年減 2.8%。

It is worth noting that our Q2 2024 results included a one-time $225,000 vendor credit that partially offset expenses in that period.

值得注意的是，我們的 2024 年第二季業績包括一次性 225,000 美元的供應商信貸，部分抵銷了該期間的費用。

Excluding that credit, the year over year improvement in corporate spend reflects continued discipline in managing overhead, optimizing vendor relationships, and streamlining centralized functions to support a meaner, more efficient operating structure.

除此之外，企業支出的逐年改善反映了企業在管理間接費用、優化供應商關係和簡化集中職能方面的持續紀律，以支持更精簡、更有效率的營運結構。

Adjusted EBITDA was $4.7 million after adding back $226,000 in severance and stock-based compensation. We continue to manage margins and liquidity tightly, and we believe the work done over the last year has created a more resilient operating base.

加上 226,000 美元的遣散費和股票薪酬後，調整後的 EBITDA 為 470 萬美元。我們繼續嚴格管理利潤率和流動性，我們相信過去一年所做的工作已經創造了更具彈性的營運基礎。

From a liquidity standpoint, we ended Q2 with $13.7 million in cash on hand, and continue to manage capital expenditures, which were $600,000 in the second quarter.

從流動性角度來看，我們在第二季結束時持有 1,370 萬美元現金，並繼續管理資本支出，第二季的資本支出為 60 萬美元。

In summary, while topline performance remains under pressure due to continued agency softness, our strategic direction is clear. We're simplifying the business, reallocating resources towards digital and direct, and executing with discipline across both operations and the balance sheet. With that, I'll turn it back to Caroline.

總而言之，儘管由於代理商持續疲軟，營收表現仍然面臨壓力，但我們的策略方向是明確的。我們正在簡化業務，將資源重新分配到數位化和直接化方向，並在營運和資產負債表上嚴格執行。說完這些，我就把它交還給卡洛琳。

Thank you, Lauren. While Q2 marked another step in the maturity of our digital platform, looking ahead, the most exciting part of this evolution is still to come. We are preparing to launch display plus later this quarter, our newest proprietary digital product, which will pair with audio plus to give advertisers full-funnel solutions and advanced attribution across our digital footprint.

謝謝你，勞倫。雖然第二季標誌著我們的數位平台又邁出了成熟的一步，但展望未來，這一演變中最令人興奮的部分還未到來。我們準備在本季稍後推出我們最新的專有數位產品 Display Plus，它將與 Audio Plus 配對，為廣告主提供全通路解決方案和整個數位足蹟的高級歸因。

Together with our new video platform now live in select markets and our expanded market newsletters, these tools form the foundation of a comprehensive multi-platform advertising ecosystem that's built for performance and scale. By the end of the year, we will be launching our self-serve advertising platform, a major milestone in our digital transformation.

這些工具與我們目前在特定市場上線的新視訊平台以及擴展的市場通訊一起，構成了為性能和規模而構建的綜合多平台廣告生態系統的基礎。到今年年底，我們將推出自助廣告平台，這是我們數位轉型的一個重要里程碑。

This tool will enable small and midsized businesses to plan, purchase and manage their campaigns entirely online, using AI powered features that simplify everything from proposal generation to creative development and reporting. It's a turnkey solution designed for the long tail and one that will reduce our dependence on traditional sales channels while unlocking new scalable revenue streams.

該工具將使中小型企業能夠完全在線上規劃、購買和管理他們的活動，使用人工智慧功能簡化從提案生成到創意開發和報告的所有流程。這是專為長尾設計的交鑰匙解決方案，它將減少我們對傳統銷售管道的依賴，同時開啟新的可擴展收入來源。

Each of these investments is purpose driven to improve client outcomes, increase monetization per impression and drive higher margins across our digital business. Now looking ahead to third quarter, we are seeing continued softness across national and local agency channels, which account for roughly 45% of our total revenue. And as of today, total revenue is pacing down high single digits, and that's excluding political.

每項投資都是為了改善客戶成果、提高每次展示的貨幣化程度並提高我們數位業務的利潤率。展望第三季度，我們看到全國和地方代理商管道持續疲軟，這占我們總收入的約 45%。截至今天，總收入正以高個位數的速度下降，這還不包括政治收入。

When you include political, we're looking at similar pacing as what we ended second quarter with. The decline continues to be driven by softness in both local and national agency business, which are currently pacing down 15% and 20%, respectively.

如果將政治因素考慮進去，我們會看到與第二季末類似的節奏。本地和全國代理業務的疲軟繼續推動了這一下降，目前本地和全國代理業務分別下降了 15% 和 20%。

On the positive side, the business that we have control over, local direct and digital are pacing up approximately 3% and 18%, respectively. In Q3, we expect digital will account for between 25% and 30% of our total revenue mix for the first time.

從積極的一面來看，我們所控制的業務、本地直銷和數位業務分別成長了約 3% 和 18%。在第三季度，我們預計數位業務將首次占到我們總收入的 25% 至 30%。

Now turning to Ratings.

現在轉向評級。

Our brands continue to solidify their premium status in the radio industry, delivering impressive growth across key metrics in the second quarter. According to Nielsen, our PPM market station ratings rose by 14% year over year and AQH among the critical adult 25-54 demo.

我們的品牌持續鞏固其在廣播產業的高端地位，在第二季各項關鍵指標上都取得了令人矚目的成長。根據尼爾森的調查，我們的 PPM 市場電台收視率同比增長了 14%，並且在 25-54 歲年齡段的成年人中 AQH 也上升了。

Notably, four of our PPM stations in Boston, Charlotte, Detroit, and Philly ranked number one in their respective markets within that same demo. Our total come, which includes traditional over the air, streaming and podcast is up 7% year over year, reflecting our continued ability to attract and engage listeners across platforms.

值得注意的是，我們位於波士頓、夏洛特、底特律和費城的四個 PPM 站在同一個演示中在各自的市場中排名第一。我們的總收入（包括傳統廣播、串流媒體和播客）年增 7%，反映了我們持續吸引和吸引跨平台聽眾的能力。

In addition, thanks to our focused efforts on social engagement, our social media audience has grown over 8% compared to last year.

此外，由於我們專注於社交參與，我們的社群媒體受眾與去年相比成長了 8% 以上。

And as we move into the second half of the year, we remain focused on our priorities. Number one, executing on our digital strategy, which is focused on scaling proprietary inventory, enhancing monetization efficiency and building a platform capable of delivering durable margin growth.

隨著我們進入下半年，我們仍然專注於我們的優先事項。第一，執行我們的數位策略，重點是擴大自營庫存，提高貨幣化效率，並建立能夠實現持久利潤成長的平台。

Number two, strengthening our sales organization and building a digitally fluent local-first revenue engine. Number three, continuing to streamline our operations for agility and efficiency. And number four, sharpening our capital structure through disciplined deleveraging, focused asset rationalization and a clear commitment to long-term financial resilience.

第二，加強我們的銷售組織並建立一個數位化流暢的本地優先收入引擎。第三，繼續精簡我們的運營，提高靈活性和效率。第四，透過有紀律的去槓桿、有針對性的資產合理化和對長期財務韌性的明確承諾來完善我們的資本結構。

On the capital structure front, we took action this quarter. In May, we repurchased $1.5 million of our stub notes, reducing the remaining balance to $2.8 million. And as I mentioned at the beginning of the call, we've entered into an agreement to sell WPBB and Tampa for $8 million and our Fort Myers cluster for a total of $18 million. This combined total is $26 million, and we plan to use the net proceeds to reduce debt and therefore, strengthen our capital structure. We've been clear about our priorities, and we've taken action from meaningful cost reductions to portfolio optimization and targeted debt repayment.

在資本結構方面，我們本季採取了行動。五月份，我們回購了 150 萬美元的存根票據，將剩餘餘額減少至 280 萬美元。正如我在電話會議開始時提到的那樣，我們已經達成協議，以 800 萬美元的價格出售 WPBB 和坦帕，並以總價 1800 萬美元的價格出售我們的邁爾斯堡集群。總計 2,600 萬美元，我們計劃利用淨收益減少債務，從而加強我們的資本結構。我們明確了自己的優先事項，並採取了一系列行動，從大幅削減成本到優化投資組合和有針對性的債務償還。

We are delivering on the road map we laid out, that consistency matters. It builds trust with our partners, confidence with our investors and clarity with our lenders, and we're committed to sustaining that discipline in the quarters ahead.

我們正在按照我們制定的路線圖進行，一致性很重要。它與我們的合作夥伴建立了信任，與我們的投資者建立了信心，與我們的貸方建立了清晰度，我們致力於在未來幾季保持這種紀律。

So thank you very much and Lana, I think we have some questions that were submitted today.

非常感謝你，拉娜，我想我們今天提交了一些問題。

Yes, we will now take the questions that were submitted at today's call. One, can you update us on where the cost savings plan stands? How much has hit the numbers and how much more will benefit 2025? Given the current revenue challenges, do you expect to do more cuts in 2026?

是的，我們現在將回答今天電話會議上提出的問題。第一，能否向我們介紹一下成本節約計畫的進度？有多少已經達到了這些數字，到 2025 年還有多少將受益？鑑於目前的收入挑戰，您是否預計 2026 年會進一步削減開支？

So first, thanks for the question, as Caroline noted, since the second quarter of last year, we have taken cost actions that will take out approximately $30 million in annualized total cost.

首先，感謝您的提問，正如卡羅琳所說，自去年第二季以來，我們已經採取了成本措施，將減少約 3000 萬美元的年總成本。

As you think about 2025, we reported approximately $219 million in operating in corporate expenses in 2024. I would expect our 2025 expenses to land kind of, [$20] to below $20 million less, for the full year of 2025, and that sort of includes the, sort of annualized portion of the cost cuts that we did in 2024, as well as the cost cuts that we've done here to date.

展望 2025 年，我們報告 2024 年公司營運費用約為 2.19 億美元。我預計，2025 年全年我們的支出將減少 2000 萬美元到 2000 萬美元以下，這包括我們在 2024 年進行的成本削減的年度部分，以及我們迄今為止進行的成本削減。

So you know as we look ahead to 2026. I think we're continuing to make proactive and prudent calls about our cost structure and in particular we're focused on as we renew key vendor contracts for next year sort of being prudent in how we do that and sort of rationalizing what services we you know really require so I think you'll continue to see that cost the cost structure. Be further optimized as we head forward here. Thank you.

所以你知道我們展望 2026 年。我認為我們將繼續對我們的成本結構做出積極和審慎的判斷，特別是當我們續簽明年的主要供應商合約時，我們會更加謹慎地處理這個問題，並合理化我們真正需要的服務，所以我認為你會繼續看到成本結構的成本。隨著我們繼續前進，我們將得到進一步優化。謝謝。

How are CPMs trending? Are peers being competitive on pricing given the challenged environment?

CPM 趨勢如何？在充滿挑戰的環境下，同業在定價上是否具有競爭力？

So we're going to break this out. Digital CPMs are holding in the current environment and we see this with the competition as well. Our effective CPMs on digital continue to increase as we are selling more direct O&O. Then as far as traditional, over the years CPMs, we are seeing those trending down, primarily due to the fact that agency business is trending down double digits. So pricing remains competitive in our market.

所以我們要解決這個問題。數位 CPM 在當前環境下保持穩定，我們在競爭中也看到了這一點。隨著我們銷售的直銷 O&O 增多，我們在數位領域的有效 CPM 持續增加。就傳統而言，多年來，我們看到 CPM 呈下降趨勢，主要是因為代理業務呈現兩位數下降趨勢。因此，我們市場上的定價仍然具有競爭力。

Thank you and the last question, do you see the opportunity for more asset sales?

謝謝。最後一個問題，您是否看到了更多資產出售的機會？

So as we have consistently stated and as we demonstrated today, we're always open to asset sales or swaps if it makes sense for the company.

因此，正如我們一貫聲明和今天所展示的那樣，如果對公司有意義，我們始終願意進行資產出售或互換。

So is that it? That's all of our questions. Alright, thank you very much. Should you have any follow up questions, please feel free to reach out to Lauren or myself, and we appreciate your time today. Thank you.

就這樣嗎？這就是我們所有的問題。好的，非常感謝。如果您有任何後續問題，請隨時聯繫 Lauren 或我本人，我們非常感謝您今天抽出時間。謝謝。