Beasley Broadcast Group Inc (BBGI) 2026 Q2 法說會逐字稿

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. Number one, advancing our digital roadmap. 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. In Q2, digital revenue grew by 1.3%.

我們是在睜大眼睛、充分掌握情況下在營運。本季凸顯了加速推進我們今年稍早所提出優先事項的重要性。第一，推進我們的數位路線圖。第二，降低結構性成本。第三，採取具體措施改善我們的資本狀況。同時也再次強化了在整個銷售團隊推動問責制的必要性。第二季，數位營收成長1.3%。

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 toward deliberately. But this growth isn't just about top line. It's about quality of earnings and operating leverage. 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%. This margin expansion is the result of targeted product development, disciplined sales alignment, and increasingly efficient infrastructure.

以同台站口徑計算成長8.1%，並占我們總營收的25%。這是一個重要的里程碑，也是我們長期有計畫、循序推進所努力達成的目標。但這項成長不僅僅是營收規模的提升。更關乎獲利品質與營運槓桿。我們的數位業務持續以獲利方式擴張，數位部門營業利益率較上季提升900個基點，從17.8%升至26.8%。這樣的毛利率擴張，源自於精準的產品開發、嚴謹的銷售對齊，以及日益高效率的基礎設施。

Two key strategic drivers are fueling this margin improvement. First, we saw a meaningful shift in our digital inventory mix from 49% O&O in Q1 to 55% in Q2.

有兩項關鍵策略驅動因素正在推動這項毛利率改善。第一，我們看到數位庫存組合出現顯著轉變，O&O占比從第一季的49%提升至第二季的55%。

This increases profit margin and gives us far greater control over the end-to-end monetization cycle. Then #2, we continue to deliver on programmatic growth, driven by enhancements to our back-end tech stack that improves inventory access. Targeting precision and campaign optimization. We further refined our ad delivery infrastructure to maximize impressions across content channels and implemented ongoing improvement to our programmatic waterfall, enabling more efficient yield management and higher CPM realization across key demand sources.

這提升了利潤率，並讓我們對端到端變現週期擁有更高的掌控力。第二，我們持續兌現程式化成長，主要由後端技術堆疊的強化所驅動，進而改善庫存可得性。提升定向精準度與活動優化能力。我們進一步精煉廣告投放基礎設施，以在各內容渠道最大化曝光量，並持續優化我們的程式化瀑布流（waterfall），使收益管理更有效率，並在關鍵需求來源上實現更高的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. At the same time, we recognize the challenges facing our broader revenue performance.

這些改善正在產生疊加效應。我們不只是推動更高毛利的營收。我們正在打造一個可擴展、以數據驅動的數位平台，具備持久的獲利能力。我們在工程、產品與內容團隊的同仁專注執行，其成效已清楚反映在財務結果與客戶回饋上。同時，我們也認知到整體營收表現所面臨的挑戰。

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. In 2025, both channels have experienced significant and sustained pullbacks. The impact has been especially pronounced with our largest brands, which have historically attracted a greater share of agency spend.

儘管數位持續擴張，整體淨營收以同台站口徑計算仍下滑11%，我們對此完全承擔責任。這不僅僅是宏觀經濟問題。它反映出銷售執行層面更深層的挑戰。長期以來，我們的業務在全國與地方層級都過度依賴代理商驅動的營收。在2025年，兩個渠道都出現顯著且持續的縮手。影響在我們最大的品牌客戶上尤其明顯，這些品牌過去一向吸引較高比例的代理商投放預算。

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

我們的銷售組織尚未完全進化，無法透過直接、以數位為主導的銷售來彌補這些流失；而這正是我們現在正有意識推動變革的領域。我們認清這個現實，也不會以短期方案來應對。要從傳統銷售模式轉向數位原生、以在地優先的做法。這是一項基礎性的轉型，且需要時間才能全面落地並擴大規模。我們的重點是打造一支高績效團隊，能以數據為先，將傳統代理商客戶轉化為數位優先買家，並透過可擴展、可複製的流程開拓長尾的中小企業（SMB）市場。

To support this pivot, we are training AEs to lead with full funnel marketing strategies, bundling own-air endorsements with trackable digital solutions. 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 in capability, not a quick fix. We don't expect. Full impact to materialize next quarter, but we are executing the gets hit with urgency, clarity, and conviction. The sales team we're building reflects where Beesley has had platform-driven, insight-led, and positioned for growth across O&O and programmatic inventory.

為了支持這項轉型，我們正在訓練業務代表（AE）以全漏斗行銷策略為主軸，將自有頻道（own-air）口播背書與可追蹤的數位解決方案進行綁定。我們提供整合式廣播與數位活動的能力已展現可量化的成效，因為這類活動相較於僅做廣播或僅做數位，購買意向提升30%以上。這是一項能力建設的長期投資，而非快速修補。我們不預期。其完整影響會在下個季度就顯現，但我們正以緊迫感、清晰度與堅定信念推進執行。我們正在打造的銷售團隊，反映出Beesley所具備的平台驅動、洞察導向特質，並已定位於在O&O與程式化庫存上實現成長。

On the expense side, we continue to manage with discipline.

在費用方面，我們持續以紀律進行管理。

In the first half of the year, we implemented approximately $10 million in annualized expense. Bringing the total to roughly $30 million over the past 12 months.

在今年上半年，我們已落實約1,000萬美元的年度化費用削減。使過去12個月的合計約達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. 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.

這些措施涵蓋公司各個部分。在總部層面，我們精簡一般與行政（G&A）費用、優化供應商合約，並重整支援職能。在市場層面，我們重新配置資源，聚焦於高表現的電台與產品類別，同時消除重複配置。在數位方面，我們已重新調整基礎設施以提升自動化、降低。

Ahead 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. 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.

前置成本，並將投資轉向成長型產品。我們的目標不只是削減成本，而是重新平衡組織，以實現長期永續與價值創造。接下來我把時間交給Lauren，請她更詳細說明財務結果，包括代理商趨勢與費用削減。Lauren。

Thanks, Caroline, and good morning, everyone.

謝謝你，Caroline，各位早安。

Let me begin by directly addressing the primary driver of our second-quarter performance. Continued weakness in our agency business.

我先直接說明驅動我們第二季表現的主要因素。我們代理商業務持續疲弱。

Macroeconomic volatility was not the defining challenge this quarter. It was the continued structural decline across national and local agency channels.

宏觀經濟波動並非本季的決定性挑戰。真正的問題是全國與地方代理商渠道持續出現結構性下滑。

These channels, which historically represented a sizeable portion of our overall business, have proven increasingly fragile in the current traditional media environment.

這些渠道過去曾占我們整體業務相當大的比重，但在當前傳統媒體環境下，已被證明愈來愈脆弱。

In Q2, agency-related revenue declines were deep and widespread.

第二季，與代理商相關的營收下滑幅度深且範圍廣。

National agency revenue was down 12.1% year over year, reflecting ongoing budget compression, delayed decision-making, and reduced upfront commitments from larger advertisers.

全國代理商營收年減12.1%，反映出預算持續緊縮、決策延後，以及大型廣告主降低前期承諾。

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

地方代理商表現進一步惡化，年減24.7%，我們多數市場都出現高雙位數的下滑。

This is not just cyclical it is structural.

這不僅是景氣循環性的問題，而是結構性的。

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.

代理商的商業模式正在演進，隨之而來的是媒體採買的運作機制也在轉變。代理商愈來愈多地將大型語言模型與 AI 驅動的推薦引擎納入其規劃工作流程中。

These systems prioritize media channels based on digital attribution data, real-time performance metrics, and optimization algorithms.

這些系統會依據數位歸因資料、即時成效指標與最佳化演算法，來優先排序媒體渠道。

Areas where traditional audio often lacks direct parity.

而這些領域往往是傳統音訊缺乏直接對等能力之處。

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.

因此，廣播在媒體組合中被系統性地降低優先順序，未必是因為成效不佳，而是因為在支撐這些工具的數位資料集與訊號中，廣播的代表性不足。

This trend has accelerated the shift away from legacy audio buys and has further widened the gap between traditional planning cycles and where advertising dollars are flowing.

這一趨勢加速了從傳統音訊採買轉移的步伐，並進一步擴大了傳統規劃週期與廣告預算實際流向之間的落差。

Without deliberate human override or advocacy, traditional formats like radio are often omitted altogether.

若沒有刻意的人為介入或倡議，像廣播這類傳統形式往往會被完全排除。

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.

雖然這在短期內帶來逆風，但也更凸顯我們推動數位轉型的急迫性，以及在以科技為先的採買環境中，必須將我們自有與自營資產、定向能力與衡量工具定位到具競爭力的重要性。

The impact on our total revenue was material.

對我們總營收的影響相當顯著。

While we continued to see growth in digital and stability in local direct, these gains were not sufficient to fully offset the contraction in agency.

儘管我們持續看到數位成長、在本地直客方面也保持穩定，但這些增長仍不足以完全抵消代理商業務的萎縮。

As a result, as Caroline previously mentioned, total net revenue for the quarter declined by 11.1% year-over-year on a saving station basis.

因此，如 Caroline 先前提到的，本季總淨營收以同台口徑（same-station basis）計算，年減 11.1%。

That said, the data also reinforces where our strengths lie.

話雖如此，這些數據也再次強化了我們的優勢所在。

Local direct revenue was up 1.7% year-over-year.

本地直客營收年增 1.7%。

And now represents the majority of our local sales mix.

目前也已占我們本地銷售組合的大多數。

Digital growth continues to accelerate at 8.1% year-over-year on a same-station basis and 22.5% quarter-over-quarter, as Caroline mentioned earlier, with strong contributions from owned and operated channels and programmatic monetization.

如 Caroline 先前所述，數位成長持續加速：以同台口徑計算年增 8.1%，且季增 22.5%，主要受惠於自有與自營渠道以及程式化變現的強勁貢獻。

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

這也進一步驗證我們正在進行的策略轉向：將業務重新聚焦於可擴張、毛利率更高的營收來源。

We are acting with urgency to address the core issues.

我們正以高度急迫感採取行動，解決核心問題。

As Caroline mentioned, we've begun a broad transformation of our sales organization, starting with recruiting and process realignment.

如 Caroline 提到的，我們已開始對銷售組織進行廣泛轉型，從招募與流程重新對齊著手。

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

雖然這項轉型需要時間，但我們有信心這是正確的前進道路，而數位與直客端的初步進展也強化了這份信心。

Turning to expenses, our cost discipline remains a defining strength.

接著談費用面，我們的成本紀律仍是最具代表性的優勢之一。

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.

第二季總營運費用年減 460 萬美元（或 9.3%），主要來自先前已公告的重組措施影響，以及公司層面額外的成本控管，涵蓋市場與數位營運。

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.

這些成本措施並非被動反應。而是策略性作為。它們使我們在營收承壓的情況下仍能維持利潤率，同時持續再投資於我們最具信心的成長優先事項。

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

本季電台營運利益（SOI）為 820 萬美元，SOI 利潤率為 15.6%。若調整股票基礎薪酬與一次性資遣費用，SOI 將為 840 萬美元，利潤率為 15.8%。本季公司費用合計 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 2024 年第二季的結果包含一次性 22.5 萬美元的供應商抵扣，部分抵銷了當期費用。

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

若排除該抵扣，年對年公司支出反映出我們在管理間接費用、優化供應商關係，以及精簡集中化職能以支援更精實、更高效率的營運架構方面，仍持續保持紀律。

Adjusted EBITDA was $4.7 million after adding back $226,000 in severance and stock-based compensation.

調整後 EBITDA 為 470 萬美元，已加回 22.6 萬美元的資遣費與股票基礎薪酬。

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.

我們持續嚴格管理利潤率與流動性，並相信過去一年所完成的工作已打造出更具韌性的營運基礎。

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

就流動性而言，我們在第二季末持有現金 1,370 萬美元，並持續控管資本支出；第二季資本支出為 60 萬美元。

In summary, while top-line performance remains under pressure due to continued agency softness.

總結來說，儘管由於代理商端持續疲弱，營收端表現仍承受壓力。

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.

我們的策略方向很明確。我們正在簡化業務、將資源重新配置至數位與直客，並在營運與資產負債表兩方面以紀律執行。

With that, I'll turn it back to Caroline.

接下來我把時間交回給 Caroline。

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. 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. This tool will enable small and mid-sized 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.

謝謝你，Lauren。雖然第二季標誌著我們數位平台成熟度的又一步，但展望未來，這次演進最令人振奮的部分仍在後頭。我們正準備在本季稍晚推出 Display Plus，這是我們最新的自有數位產品，將與 Audio Plus 搭配，為廣告主提供全漏斗解決方案，並在我們的數位版圖上提供進階歸因能力。再加上我們的新影音平台（已在部分市場上線）、以及擴展的市場電子報，這些工具共同構成一個為成效與規模而打造的完整多平台廣告生態系的基礎。在今年年底前，我們將推出自助式廣告平台，這是我們數位轉型的重要里程碑。該工具將使中小型企業能夠透過 AI 驅動功能，完全在線上規劃、購買並管理其行銷活動，並簡化從提案生成到創意開發與成效報告的各個環節。這是一套為長尾市場設計的交鑰匙解決方案，將降低我們對傳統銷售渠道的依賴，同時開啟新的、可擴張的營收來源。

Each of these investments is purpose-driven to improve client outcomes, increase monetization per impression, and drive higher margins across our digital business.

上述每一項投資都有明確目的：改善客戶成效、提高每次曝光的變現能力，並推動我們數位業務的更高利潤率。

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.

展望第三季，我們看到全國性與本地代理商渠道仍持續疲弱，這些渠道約占我們總營收的 45%。

And as of today, total revenue is pacing down high single-digits, and that's excluding political when you include political at similar pacing's as what we ended second quarter with.

截至今天，總營收的進度約為年減高個位數；此為不含政治廣告的口徑，若納入政治廣告，則其進度與我們第二季結束時的水準相近。

The decline continues to be driven by softness in both local and national agency business, which are currently pacing down 15% and 20%, respectively. On the positive side, the business that we have control over, local direct and digital, are pacing up approximately 3% and 18%, respectively.

下滑仍主要受到本地與全國代理商業務疲弱所驅動，目前其進度分別較去年同期下滑15%與20%。正面的是，我們可控的業務——本地直客與數位——其進度分別約成長3%與18%。

In Q3, we expect digital will account for between 25% and 30% of our total revenue mix for the first time.

在第三季，我們預期數位將首次占我們總營收組合的25%至30%。

Now turning to ratings, 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 in AQH among the critical adult 2,554 demo.

接著談收聽率，我們的品牌持續鞏固在廣播產業的高端定位，並在第二季於關鍵指標上繳出亮眼成長。根據尼爾森（Nielsen），我們在PPM市場的電台收聽率上升14%。在關鍵的成人25–54歲族群（demo）的AQH方面，年增表現亦然。

Notably, four of our PPM stations in Boston, Charlotte, Detroit, and Philly ranked number one in their respective markets within that same demo.

值得一提的是，我們在波士頓、夏洛特、底特律與費城的四個PPM電台，在同一族群中於各自市場皆排名第一。

Our total CAM, which includes traditional over-the-air, streaming, and podcasts, is up 7% year over year, reflecting our continued ability to attract and engage listeners across platforms. In addition, thanks to our focused efforts on social engagement, our social media audience has grown over 8% compared to last year.

我們的總CAM（包含傳統空中廣播、串流與Podcast）年增7%，反映我們持續有能力在各平台吸引並提升聽眾參與度。此外，受惠於我們在社群互動上的聚焦投入，我們的社群媒體受眾較去年成長超過8%。

And as we move into the second-half of the year, we remain focused on our priorities.

隨著我們進入下半年，我們仍聚焦於既定優先事項。

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.

第一，落實我們的數位策略，重點在於擴大自有庫存規模、提升變現效率，並打造可帶來持續性毛利率成長的平台。

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 discipline, deleveraging, focused asset rationalization, and a clear commitment to long-term financial resilience.

第二，強化我們的銷售組織，打造以本地優先、具數位能力的營收引擎。第三，持續精簡營運，以提升敏捷性與效率。第四，以紀律、去槓桿、聚焦的資產合理化，以及對長期財務韌性的明確承諾，來優化我們的資本結構。

On the capital structure front, we took action this quarter. In May, we purchased $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 WPPB 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.

在資本結構方面，我們本季已採取行動。5月，我們回購了150萬美元的次順位票據（stub notes），將剩餘餘額降至280萬美元。此外，如我在電話會議一開始提到的，我們已簽署協議，以800萬美元出售WPPB與坦帕（Tampa），並以合計1,800萬美元出售我們的邁爾斯堡（Fort Myers）電台群。合計總額為2,600萬美元，我們計畫使用其淨收益。用於償還債務，從而強化我們的資本結構。

We've been clear about our priorities and we've taken action from meaningful cost reduction to portfolio optimization and targeted debt repayment. We are delivering on the road map we laid out.

我們已清楚表明優先事項，並已採取行動，從大幅成本削減到投資組合優化，以及有針對性的債務償還。我們正按既定路線圖推進並交付成果。

That consistency matters. It builds trust with our partners, confidence with our investors, and clarity with our vendors. And we're committed to sustaining that discipline in the quarters ahead. So thank you very much. And Alana, I think we have some questions that were submitted today.

這種一致性很重要。它能與合作夥伴建立信任、讓投資人更有信心，也讓供應商更清楚方向。我們承諾在接下來的幾個季度持續維持這份紀律。非常感謝。Alana，我想今天有一些提交的問題。

Yes. We will now take the questions that were submitted at today's call.

是的。我們現在將回答今天電話會議中提交的問題。

One, can you update us on where the cost savings plan stands?

第一，您能更新一下成本節省計畫目前的進度嗎？

How much has hit the numbers and how much more will benefit 2025?

有多少已反映在數字上？還有多少將在2025年帶來效益？

Given the current revenue challenges, do you expect to do more cuts in 2026?

鑑於目前的營收挑戰，您預期2026年會再進一步削減成本嗎？

So first, thanks for the question.

首先，謝謝這個問題。

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 costs.

如Caroline所提，自去年第二季以來，我們已採取成本措施，將使年度化總成本約減少3,000萬美元。

As you think about 2025.

談到2025年。

We reported approximately$ 219 million in operating and corporate expenses in 2024. I would expect our 2025 expenses to land kind of, 20 to below $20 million left 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.

我們在2024年申報的營運與公司費用約為2.19億美元。我預期我們2025年的費用大致會落在較2024年減少約2,000萬美元或低於2,000萬美元的水準，涵蓋2024年所做成本削減的年度化影響。也包含我們在2024年所做成本削減的年度化部分。

As well as the cost cuts that we've done year to date.

以及我們今年迄今所做的成本削減。

So 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 really require. So I think you'll continue to see the cost structure be further optimized as we head forward here.

展望2026年，我認為我們會持續就成本結構做出主動且審慎的決策；特別是當我們為明年續約關鍵供應商合約時。我們會以審慎方式處理，並合理化我們真正需要哪些服務。因此，我認為隨著我們持續往前推進，你將會看到成本結構進一步被優化。

Thank you.

謝謝。

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

CPM的趨勢如何？在環境具挑戰的情況下，同業在定價上是否更具競爭性？

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-air CPMs, we are seeing those trending down, primarily due to the fact that agency business is trending down double-digits.

我們會把這部分拆開來說。在目前環境下，數位CPM維持穩定，我們也看到競爭對手同樣如此。隨著我們銷售更多直售的自營自有（O&O）庫存，我們的數位有效CPM持續提升。至於傳統空中廣播的CPM，我們看到其呈下降趨勢，主要因為代理商業務呈現雙位數下滑。

So, pricing remains competitive in our market.

因此，在我們的市場中，定價仍維持競爭態勢。

Thank you. And the last question.

謝謝。最後一個問題。

Do you see the opportunity for more asset sales?

您是否看到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.

如我們一貫所述，也如我們今天所展現的，只要對公司有意義，我們始終願意考慮資產出售或交換。

So is that it? That's all of our questions? All right, 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.

所以就這樣嗎？這就是我們所有的問題嗎？好的，非常感謝。若您有任何後續問題，歡迎隨時聯絡Lauren或我本人，也感謝各位今天撥冗參與。

Thank you.

謝謝。