Clear Channel Outdoor Holdings Inc (CCO) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Clear Channel Outdoor Holdings 2023 Second Quarter Earnings Conference Call. My name is Bruno, and I'll be operating your call today. (Operator Instructions) I will now turn the call to your host, Eileen McLaughlin, Vice President, Investor of Investor Relations. Please go ahead.

女士們先生們，感謝你們的支持。歡迎參加 Clear Channel Outdoor Holdings 2023 年第二季度收益電話會議。我叫布魯諾，今天由我接聽您的電話。 （操作員說明）我現在將電話轉給主持人，投資者關係副總裁艾琳·麥克勞克林 (Eileen McLaughlin)。請繼續。

Good morning, and thank you for joining our call. On the call today are Scott Wells, our CEO; and Brian Coleman, our CFO. They will provide an overview of the 2023 second quarter operating performance of Clear Channel Outdoor Holdings, Inc. and Clear Channel International BV. We recommend you download the earnings presentation located in the financial section on our investor website and review the presentation during this call.

早上好，感謝您加入我們的通話。今天參加電話會議的是我們的首席執行官斯科特·威爾斯 (Scott Wells)；和我們的首席財務官布萊恩科爾曼。他們將概述 Clear Channel Outdoor Holdings, Inc. 和 Clear Channel International BV 2023 年第二季度的運營業績。我們建議您下載我們投資者網站財務部分的收益演示文稿，並在本次電話會議期間查看該演示文稿。

After an introduction and a review of our results, we'll open the line for questions, and Justin Cochrane, CEO of Clear Channel U.K. and Europe will join Scott and Brian during the Q&A portion of the call.

在介紹和審查我們的結果後，我們將開通提問熱線，Clear Channel 英國和歐洲首席執行官賈斯汀·科克倫 (Justin Cochrane) 將與斯科特和布萊恩一起參與電話問答部分。

Before we begin, I'd like to remind everyone that during this call, we may make forward-looking statements regarding the company, including statements about its future financial performance and its strategic goals.

在開始之前，我想提醒大家，在這次電話會議中，我們可能會做出有關公司的前瞻性陳述，包括有關其未來財務業績和戰略目標的陳述。

All forward-looking statements involve risks and uncertainties, and there can be no assurance that management's expectations, beliefs or projections will be achieved or that actual results will not differ from expectations. Please review the statements of risks contained in our earnings press release and our filings with the SEC.

所有前瞻性陳述均涉及風險和不確定性，無法保證管理層的期望、信念或預測能夠實現，或者實際結果不會與預期不同。請查看我們的收益新聞稿和向 SEC 提交的文件中包含的風險聲明。

During today's call, we will also refer to certain measures that do not conform to generally accepted accounting principles. We provide schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of the earnings presentation.

在今天的電話會議中，我們還將提及某些不符合公認會計原則的措施。作為收益報告的一部分，我們提供了將這些非 GAAP 指標與我們按照 GAAP 報告的結果進行協調的時間表。

Also, please note that the information provided on this call speaks only to management's views as of today, August 7, 2023, and may no longer be accurate at the time of a replay.

另請注意，本次電話會議中提供的信息僅代表截至今天（2023 年 8 月 7 日）管理層的觀點，重播時可能不再準確。

Please turn to Slide 4 in the earnings presentation, and I will now turn the call over to Scott.

請翻到收益演示文稿中的幻燈片 4，我現在將把電話轉給 Scott。

Good morning, everyone, and thank you for taking the time to join today's call. We delivered consolidated revenue of $636 million during the second quarter, excluding movements in foreign exchange rates, which was in line with our guidance and up 3.5% as compared to the prior year, excluding the movements in foreign exchange rates and the sales of our former businesses in Switzerland and Italy.

大家早上好，感謝您抽出時間參加今天的電話會議。我們第二季度的綜合收入為 6.36 億美元，不包括匯率變動，這與我們的指導一致，比上年增長 3.5%（不包括匯率變動和前一年的銷售額）瑞士和意大利的企業。

In addition, since our last quarterly call, we made notable progress on several facets of our strategic plan. Our results continue to be led by our digital assets, which accounted for 40.8% of our consolidated second quarter revenue, and increased 7.3% compared to the prior year, excluding movements in foreign exchange rate and sold businesses. I'd like to thank our global team for their efforts running our business despite the ongoing strategic reviews and a more difficult operating environment. Your focus remains a critical ingredient for our success.

此外，自上次季度電話會議以來，我們在戰略計劃的多個方面取得了顯著進展。我們的業績繼續由數字資產引領，占我們第二季度合併收入的 40.8%，較上年增長 7.3%，不包括匯率變動和出售業務。我要感謝我們的全球團隊在持續的戰略審查和更加困難的運營環境下為運營我們的業務所做的努力。您的關注仍然是我們成功的關鍵因素。

In our America reporting segment, revenue was up compared to the prior year with higher revenue in most markets, partially offset by continued weakness in San Francisco. We continue to make inroads with new advertisers and categories during the quarter, particularly pharma, due in large part to our investments in data analytics. In addition, our Airports reporting segment rebounded robustly as advertisers tap into our dynamic platform to target millions of consumers on the move. And we saw continued strength in several markets in our Europe-North segment, including in Belgium and the U.K.

在我們的美國報告部分，收入與上年相比有所增長，大多數市場的收入有所增加，但部分被舊金山的持續疲軟所抵消。本季度我們繼續進軍新的廣告商和類別，特別是製藥行業，這在很大程度上要歸功於我們在數據分析方面的投資。此外，隨著廣告商利用我們的動態平台瞄準數百萬移動消費者，我們的機場報告部分強勁反彈。我們看到歐洲北部市場的幾個市場持續強勁，包括比利時和英國。

At the heart of our strategy, we remain committed to becoming a visual media powerhouse by understanding our customers' needs, strengthening our digital capabilities and securely tapping into the right kinds of data to help our clients plan, measure and optimize their campaigns. We continue to believe this is elevating our role within the advertising ecosystem and increasing the range of advertisers we can pursue.

作為我們戰略的核心，我們仍然致力於通過了解客戶的需求、增強我們的數字能力並安全地利用正確的數據來幫助我們的客戶規劃、衡量和優化他們的營銷活動，從而成為視覺媒體巨頭。我們仍然相信，這正在提升我們在廣告生態系統中的作用，並擴大我們可以追求的廣告商範圍。

In a first for our industry, we recently entered into several partnerships aimed at integrating our RADAR data platform with best-in-class Data Clean Room or DCR applications and services to enable brands to utilize first-party data matching for out-of-home in the U.S. The marketers that leverage DCRs, and the budgets that fund these first-party data-driven programs typically are separate from out-of-home budgets. And many users of DCRs are not traditional buyers of out-of-home. We believe these integrations will open more doors for us with digital-first brands by allowing them to leverage our scale and creative impact to run the most relevant ads and understand and analyze audience behaviors, all in a privacy conscious and secure manner.

我們最近建立了多項合作夥伴關係，這在行業中尚屬首次，旨在將我們的RADAR 數據平台與一流的數據潔淨室或DCR 應用程序和服務集成，使品牌能夠利用第一方數據匹配進行戶外活動在美國，利用 DCR 的營銷人員以及為這些第一方數據驅動計劃提供資金的預算通常與戶外預算分開。而且 DCR 的許多用戶並不是傳統的戶外買家。我們相信，這些整合將為我們與數字優先品牌打開更多大門，讓他們能夠利用我們的規模和創意影響力來投放最相關的廣告並了解和分析受眾行為，所有這些都以注重隱私和安全的方式進行。

Since our last call, we also took several important steps with regard to our plan to optimize our portfolio. We closed on the sale of Italy on May 31, and we expect to close on the sale of Spain in 2024 upon satisfaction of regulatory approval and other customary closing conditions. We also entered into exclusive discussions to sell our business in France, and are aiming to complete the proposed transaction in Q4 2023, subject to an information and consultation process with Clear Channel France's employee works council, execution of a share purchase agreement and the satisfaction of customary closing conditions.

自上次電話會議以來，我們還就優化投資組合的計劃採取了幾個重要步驟。我們於 5 月 31 日完成了意大利的出售，預計在滿足監管部門批准和其他慣例成交條件後，將於 2024 年完成西班牙的出售。我們還就出售我們在法國的業務進行了獨家討論，目標是在2023 年第四季度完成擬議交易，具體取決於與Clear Channel France 員工工作委員會的信息和諮詢流程、股票購買協議的執行以及股東的滿意度。慣例成交條件。

We were able to move forward with these agreements during a difficult environment for transactions, including tightened credit markets and the increased cost of financing. I'd like to thank our team and advisers for their diligence and hard work in executing on our business sales efforts.

在信貸市場收緊和融資成本增加等困難的交易環境下，我們能夠推進這些協議。我要感謝我們的團隊和顧問在執行我們的業務銷售工作中的勤奮和辛勤工作。

We expect the sales of our businesses in Switzerland and Italy as well as the anticipated sale of our business in Spain, will generate approximately $175 million in gross total proceeds, if and when completed. These transactions, together with France, will enable us to exit markets that have historically demonstrated a greater degree of volatility in our portfolio, which we believe will improve our risk profile and elevate our ability to drive positive cash flow. Consider that our remaining European businesses, encompassing our Europe-North segment, on a trailing 12-month basis as of June 30, 2023, delivered revenue of $577 million, segment adjusted EBITDA of $102 million and invested $34 million in CapEx.

我們預計，如果完成的話，瑞士和意大利業務的出售以及西班牙業務的預期出售將產生約 1.75 億美元的總收益。這些交易與法國一起將使我們能夠退出歷史上我們的投資組合波動較大的市場，我們相信這將改善我們的風險狀況並提高我們推動正現金流的能力。考慮到我們剩餘的歐洲業務，包括我們的歐洲北部部門，截至 2023 年 6 月 30 日過去 12 個月的收入為 5.77 億美元，部門調整後 EBITDA 為 1.02 億美元，資本支出投資 3400 萬美元。

Consistent with the vision we laid out in our Investor Day last September, the European markets, which currently comprise our Europe-North segment, have delivered higher margins and better financial metrics overall, have a higher degree of digital penetration and have less volatility than the businesses in our Europe-South segment. And importantly, we believe Europe-North is in a stronger position to meet its own cash needs.

與我們在去年9 月的投資者日中提出的願景一致，歐洲市場（目前構成我們的歐洲北部市場）整體上實現了更高的利潤率和更好的財務指標，具有更高程度的數字滲透率，並且波動性比歐洲市場更小。我們南歐部分的業務。重要的是，我們相信北歐在滿足自身現金需求方面處於更有利的地位。

Our Board is continuing to conduct its review of strategic alternatives for our remaining businesses in Europe as well as evaluating a range of other strategic opportunities to enhance value. We remain focused on delivering profitable growth, strengthening our balance sheet and further demonstrating the operating leverage of our model. In addition, we intend to meaningfully restructure our corporate expense as our footprint simplifies.

我們的董事會正在繼續審查我們在歐洲剩餘業務的戰略替代方案，並評估一系列其他戰略機會以提高價值。我們仍然專注於實現盈利增長、加強我們的資產負債表並進一步展示我們模型的運營槓桿。此外，隨著我​​們的足跡簡化，我們打算有意義地重組我們的公司開支。

Now turning to our outlook. Looking ahead, our visibility is somewhat reduced, but we are not seeing an uptick in cancellations, and we remain within our annual financial guidance ranges after adjusting for sold businesses. However, we did tighten the high end of our guidance range. We're closely monitoring business trends and reducing costs and CapEx as appropriate, while operating in a disciplined manner as we execute on our strategic plan. There were, in fact, benefits from this cost discipline in our Q2 results.

現在轉向我們的展望。展望未來，我們的能見度有所下降，但我們沒有看到取消數量增加，並且在對出售的業務進行調整後，我們仍處於年度財務指導範圍內。然而，我們確實收緊了指導範圍的上限。我們密切關注業務趨勢並酌情降低成本和資本支出，同時在執行戰略計劃時以嚴格的方式運營。事實上，我們第二季度的業績中這種成本控制帶來了好處。

Brian will go through the guidance in detail. And as you might have seen in the earnings release, we are expanding our guidance by providing revenue guidance for America, Airports and Europe-North for the third quarter and fiscal year in addition to the consolidated guidance we have provided in the past.

Brian 將詳細介紹該指南。正如您可能在收益發布中看到的那樣，除了我們過去提供的綜合指導之外，我們還通過為美國、機場和歐洲北部地區提供第三季度和財年的收入指導來擴大我們的指導。

In our Americas segment, we started to see the market softening in June, resulting in a slightly lower Q2. This trend has continued into the third quarter and is mostly national and includes media and entertainment, auto and technology. This is disappointing given the strong start of the year we had with our upfront, but what we are hearing from certain advertisers and agencies is that some brands are pausing with an intention to spend in the fourth quarter, so we remain optimistic.

在美洲市場，我們從 6 月份開始看到市場疲軟，導致第二季度略有下降。這一趨勢一直持續到第三季度，並且主要是全國性的，包括媒體和娛樂、汽車和技術。考慮到今年我們的預付款表現強勁，這令人失望，但我們從某些廣告商和代理商那裡聽到的是，一些品牌正在暫停，打算在第四季度進行支出，因此我們保持樂觀。

As anticipated, our Airports business rebounded strongly, and we're seeing continued momentum with the potential for revenue to grow at an even faster rate in the third quarter as compared to the prior year than it did in the second quarter. In Europe-North currently, we are seeing continued strength in the U.K., our largest market, driven in part by the strength of our digital footprint, somewhat offset by tougher comps in certain markets due to the timing of the COVID-19 rebound last year.

正如預期的那樣，我們的機場業務強勁反彈，我們看到了持續的勢頭，第三季度的收入增長速度可能比上年同期更快，比第二季度的增長速度還要快。目前，在歐洲北部，我們看到我們最大的市場英國持續走強，部分原因是我們數字足蹟的強勁，但由於去年COVID-19 反彈的時機，某些市場的競爭更加激烈，在一定程度上抵消了這一影響。 。

As we execute our plan, we are keeping a close eye on advertiser sentiment while operating in a disciplined manner. And with that, let me now turn it over to Brian.

在執行計劃時，我們會密切關注廣告商的情緒，同時以嚴格的方式運作。現在讓我把它交給布萊恩。

Thank you, Scott. Good morning, everyone, and thank you for joining our call. Please turn to Slide 5. As Scott mentioned, the second quarter reflects a mix of results, but overall, our second quarter consolidated revenue was in line with our guidance. As a reminder, during our discussion of GAAP results, I'll also talk about our results excluding movements in foreign exchange rates, a non-GAAP measure. We believe this provides greater comparability when evaluating our performance. Direct operating expenses and SG&A expenses include restructuring and other costs that are excluded from adjusted EBITDA and segment adjusted EBITDA. And the amounts I refer to are for the second quarter of 2023, and the percent changes are the second quarter of 2023 compared to the second quarter of 2022, unless otherwise noted.

謝謝你，斯科特。大家早上好，感謝您加入我們的通話。請參閱幻燈片 5。正如 Scott 提到的，第二季度反映了多種結果，但總體而言，我們第二季度的合併收入符合我們的指導。提醒一下，在我們討論公認會計原則結果時，我還將討論不包括外匯匯率變動（一項非公認會計原則衡量標準）的結果。我們相信，這在評估我們的績效時提供了更大的可比性。直接運營費用和 SG&A 費用包括重組和不包括在調整後 EBITDA 和部門調整 EBITDA 中的其他成本。除非另有說明，我提到的金額是 2023 年第二季度的金額，百分比變化是 2023 年第二季度與 2022 年第二季度相比的情況。

It has been a busy period since our last call with the sale of Italy, our agreement to sell Spain and our entry into exclusive discussions on France. Including Switzerland, these are all the businesses within the Europe-South reporting segment. When we report our third quarter results, all businesses within Europe-South are expected to be considered discontinued operations in all periods presented. In addition, when I refer to results excluding sold businesses, I am referring to Switzerland and Italy. The sales of Switzerland on March 31 and Italy on May 31 are impacting comparability to prior periods.

自從我們上次就出售意大利的電話、出售西班牙的協議以及就法國問題進行獨家討論以來，這是一段忙碌的時期。包括瑞士在內，這些都是南歐報告細分市場內的所有業務。當我們報告第三季度業績時，預計歐洲南部地區的所有業務在所有報告期間都將被視為已停止運營。此外，當我提到不包括已出售業務的結果時，我指的是瑞士和意大利。瑞士 3 月 31 日和意大利 5 月 31 日的銷售額正在影響與前期的可比性。

Now on to the second quarter reported results. Consolidated revenue for the quarter was $637 million, a 1% decrease. Excluding movements in foreign exchange rates, consolidated revenue for the quarter was $636 million, in line with the second quarter guidance we provided in May and within the guidance range of $629 million to $654 million after adjusting for the sale of Italy.

現在報告第二季度的業績。該季度綜合收入為 6.37 億美元，下降 1%。不計匯率變動，本季度綜合收入為 6.36 億美元，與我們 5 月份提供的第二季度指引一致，且在意大利出售調整後的指引範圍內為 6.29 億至 6.54 億美元。

Lastly, excluding movements in foreign exchange rates and sold businesses, consolidated revenue was up 3.5%.

最後，排除匯率變動和出售業務的影響，綜合收入增長了 3.5%。

Net loss was $37 million, an improvement over the prior year's net loss of $65 million. Included in net loss was $19 million related to an increase in our legal liability for the previously disclosed investigation into our former joint venture in China, which relates to conduct occurring prior to our separation.

淨虧損為 3700 萬美元，比上一年的淨虧損 6500 萬美元有所改善。淨損失中包括 1,900 萬美元，該損失與我們因之前披露的對我們在中國的前合資企業的調查而增加的法律責任有關，該調查涉及我們分拆之前發生的行為。

Adjusted EBITDA was $146 million, down 10.9%. Excluding movements in foreign exchange rates and sold businesses, adjusted EBITDA would be down 7.2%.

調整後 EBITDA 為 1.46 億美元，下降 10.9%。排除匯率變動和出售業務的影響，調整後的 EBITDA 將下降 7.2%。

AFFO was $31 million in the second quarter.

第二季度 AFFO 為 3100 萬美元。

On to Slide 6 for America segment second quarter results. America revenue was $288 million, up 0.9%, reflecting higher revenue in most markets, partially offset by the impact of the weakness in our San Francisco Bay Area market. Digital revenue, which accounted for 34.2% of America revenue, was up 2.4% to $98 million. National sales, which accounted for 35% of America revenue, were down 1.5%. Local sales accounted for 65% of America revenue and continued to deliver growth, up 2.2%.

幻燈片 6 為美國分部第二季度業績。美國收入為 2.88 億美元，增長 0.9%，反映出大多數市場的收入增加，部分被舊金山灣區市場疲軟的影響所抵消。數字收入占美國收入的 34.2%，增長 2.4% 至 9800 萬美元。占美國收入 35% 的全國銷售額下降了 1.5%。本地銷售占美國收入的 65%，並持續增長，增長 2.2%。

Direct operating and SG&A expenses were up 4.4% to $158 million. The increase is primarily due to a 6.8% increase in site lease expense to $86 million, driven by lease renewals and amendments, including the large lease renewal that has been creating a headwind since Q4 of 2022, as well as lower rent abatements.

直接運營和 SG&A 費用增長 4.4%，達到 1.58 億美元。這一增長主要是由於租賃續約和修訂（包括自2022 年第四季度以來一直帶來不利影響的大規模租約續約）以及較低的租金減免推動，場地租賃費用增加了6.8%，達到8600萬美元。

Segment adjusted EBITDA was $130 million, down 3.3%, with the segment adjusted EBITDA margin of 45%, down from Q2 2022. The renegotiation of a large existing site lease contract I just mentioned and the decline in rent abatements resulted in the margin declining this quarter as compared to the prior year. Excluding rent abatements and the impact of the lease renewal, the margin would have been at pre-COVID levels.

部門調整後EBITDA 為1.3 億美元，下降3.3%，部門調整後EBITDA 利潤率為45%，較2022 年第二季度有所下降。我剛才提到的一份大型現有場地租賃合同的重新談判以及租金減免的下降導致利潤率下降與去年同期相比。排除租金減免和續租的影響，利潤率將處於新冠疫情爆發前的水平。

Now please turn to Slide 7 for a review of the second quarter results for Airports. Airports revenue was $71 million, up 16.3%. The robust increase in revenue was driven by increased demand due to recovery in air travel after COVID-19 and the timing of campaign spending. Digital revenue, which accounted for 59.3% of Airports revenue, was up 22.5% to $42 million. National sales, which accounted for 59.7% of Airports revenue, were up 31.6%. Local sales accounted for 40.3% of Airports revenue and were down 0.8% due to exiting a few regional airports.

現在請翻到幻燈片 7，回顧機場第二季度的業績。機場收入為 7100 萬美元，增長 16.3%。收入的強勁增長是由於 COVID-19 後航空旅行的複蘇以及競選支出的時機導致的需求增加所推動的。數字收入佔機場收入的 59.3%，增長 22.5%，達到 4200 萬美元。佔機場收入 59.7% 的全國銷售額增長了 31.6%。本地銷售佔機場收入的 40.3%，由於退出一些支線機場而下降了​​ 0.8%。

Direct operating and SG&A expenses were up 18.1% to $55 million. The increase is primarily due to a 24.7% increase in site lease expense to $43 million, driven by lower rent abatements and higher revenue. Segment adjusted EBITDA was $16 million, up 10.5%, with a segment adjusted EBITDA margin of 23%, which is a bit elevated compared to normalized levels due to rent abatements.

直接運營和 SG&A 費用增長 18.1%，達到 5500 萬美元。這一增長主要是由於租金減免減少和收入增加推動，場地租賃費用增加了 24.7%，達到 4,300 萬美元。部門調整後 EBITDA 為 1600 萬美元，增長 10.5%，部門調整後 EBITDA 利潤率為 23%，由於租金減免，與正常水平相比略有升高。

Next, please turn to Slide 8 for a review of our performance in Europe-North. My commentary on Europe-North and Europe-South is on results that have been adjusted to exclude movements in foreign exchange rates.

接下來，請翻到幻燈片 8 來回顧我們在歐洲北部的表現。我對北歐和南歐的評論是針對經過調整以排除外匯匯率變動的結果。

Europe-North revenue increased 4.5% to $152 million, driven primarily by higher street furniture revenue. Revenue was up in most countries, most notably Belgium and the U.K. and Denmark, partially offset by lower revenue in Sweden and Norway. Digital accounted for 52.8% of Europe-North total revenue and was up 6.2% to $80 million.

歐洲北部收入增長 4.5%，達到 1.52 億美元，主要是由於街道設施收入增加。大多數國家的收入均有所增長，尤其是比利時、英國和丹麥，但部分被瑞典和挪威的收入下降所抵消。數字業務佔歐洲北部地區總收入的 52.8%，增長 6.2%，達到 8000 萬美元。

Europe-North direct operating and SG&A expenses were up 6.9% to $126 million. The increase is due to higher rental costs related to additional digital displays and higher labor cost and electricity prices. In addition, site lease expense was up 3.4% to $60 million, mainly driven by higher revenue and new contracts.

歐洲-北歐直接運營和銷售、一般管理費用增長 6.9%，達到 1.26 億美元。增加的原因是與額外數字顯示器相關的租金成本增加以及勞動力成本和電價上漲。此外，場地租賃費用增長 3.4%，達到 6,000 萬美元，這主要是由於收入增加和新合同的推動。

Europe-North segment adjusted EBITDA was down 5% to $26 million and the segment adjusted EBITDA margin was 17.4%, down from the prior year primarily due to the increase in expenses that I just mentioned.

歐洲北部部門調整後 EBITDA 下降 5%，至 2600 萬美元，部門調整後 EBITDA 利潤率為 17.4%，較上年下降，主要是由於我剛才提到的費用增加。

Now on to Slide 9 for our performance in Europe-South. Europe-South segment revenue decreased 20.6% to $104 million. Sales of our former businesses in Switzerland and Italy resulted in an FX-adjusted decrease of $28 million. Additionally, higher revenue from Spain related to the continued recovery from COVID-19 was partially offset by lower revenue from France due to weaker demand as a result of civil unrest and protests as well as billboard takedowns.

現在轉到幻燈片 9，了解我們在歐洲南部的表演。歐洲-南部部門收入下降 20.6% 至 1.04 億美元。我們之前在瑞士和意大利的業務的銷售導致經匯率調整後減少了 2800 萬美元。此外，西班牙因新冠肺炎 (COVID-19) 疫情持續復甦而帶來的收入增加，但被法國因內亂和抗議以及廣告牌被拆除導致需求疲軟而減少的收入部分抵消。

Europe-South segment adjusted EBITDA was $2 million.

歐洲-南部部門調整後的 EBITDA 為 200 萬美元。

Moving on to CCIBV on Slide 10. Clear Channel International BV, referred to as CCIBV, is an indirect wholly owned subsidiary of the company and the issuer of our 6.625% Senior Secured Notes due 2025. It includes the operations of our Europe-North and Europe-South segments as well as Singapore which, following the changes to our reporting segments in the fourth quarter of 2022, is included in other.

轉到幻燈片10 上的CCIBV。Clear Channel International BV（簡稱CCIBV）是該公司的間接全資子公司，也是我們2025 年到期的6.625% 高級擔保票據的發行人。它包括我們的Europe-North和南歐分部以及新加坡在 2022 年第四季度報告分部發生變化後，已包含在其他分部中。

CCIBV revenue decreased 6.8% to $261 million from $280 million. Excluding the $0.1 million impact from movements in foreign exchange, CCIBV revenue decreased 6.9%, driven by the sales of our former businesses in Switzerland and Italy, which resulted in an FX adjusted decrease of $28 million. This was partially offset by higher revenue from many of our remaining European businesses, as I just mentioned.

CCIBV 收入下降 6.8%，從 2.8 億美元降至 2.61 億美元。排除外匯變動帶來的 10 萬美元影響，CCIBV 收入下降 6.9%，這是由於我們之前在瑞士和意大利的業務出售所致，導致經匯率調整後的收入減少了 2800 萬美元。正如我剛才提到的，我們剩餘的許多歐洲業務的收入增加部分抵消了這一影響。

Singapore represented less than 2% of CCIBV revenue for the 3 months ended June 30, 2023.

截至 2023 年 6 月 30 日的三個月，新加坡佔 CCIBV 收入的比例不到 2%。

CCIBV operating income was $13 million compared to $16 million in the same period of 2022.

CCIBV 營業收入為 1300 萬美元，而 2022 年同期為 1600 萬美元。

Now moving to Slide 11, and our review of capital expenditures. CapEx totaled $37 million in the second quarter, a decrease of $9 million over the prior year due to timing.

現在轉到幻燈片 11，我們回顧一下資本支出。第二季度資本支出總計 3700 萬美元，由於時間安排比上年減少 900 萬美元。

On to the Slide 12, our liquidity was $456 million as of June 30, 2023, down $89 million compared to liquidity at the end of the first quarter due to lower cash and cash equivalents, partially offset by higher availability under our credit facilities, driven by an increase in our total borrowing limit.

在幻燈片12 上，截至2023 年6 月30 日，我們的流動性為4.56 億美元，與第一季度末的流動性相比減少了8,900 萬美元，原因是現金和現金等價物減少，但部分被我們信貸安排下可用資金的增加所抵消。通過提高我們的總借款限額。

As you may know, in June, we were able to amend and extend our revolving credit line, which we believe strengthens our liquidity profile given the significant market volatility and tightened credit availability. During the second quarter, cash and cash equivalents declined by $107 million to $233 million, driven by net operating cash outflow and capital expenditures. The net operating cash outflow was driven by cash paid for interest and other changes in working capital, primarily accounts receivable.

如您所知，六月份，我們能夠修改和延長我們的循環信貸額度，鑑於市場大幅波動和信貸供應收緊，我們認為這增強了我們的流動性狀況。第二季度，受淨運營現金流出和資本支出的推動，現金和現金等價物減少了 1.07 億美元，至 2.33 億美元。運營現金流淨流出是由利息支付的現金和營運資金（主要是應收賬款）的其他變化驅動的。

Our debt was $5.6 billion as of June 30, 2023, basically flat with March 31. Cash paid for interest on debt was $130 million during the second quarter, an increase compared to the same period in the prior year due to higher interest rates on our term loan facility.

截至2023 年6 月30 日，我們的債務為56 億美元，與3 月31 日基本持平。第二季度為債務利息支付的現金為1.3 億美元，較上年同期有所增加，原因是我們的利率較高。定期貸款便利。

Our weighted average cost of debt was 7.4%, a slight increase compared to the weighted average cost of debt as of March 31, 2023. And as of June 30, 2023, our first lien leverage ratio was 5.52x, a slight increase as compared to the March 31, 2022. The credit agreement coming in threshold is 7.1x.

我們的加權平均債務成本為7.4%，較截至2023年3月31日的加權平均債務成本略有上升。截至2023年6月30日，我們的第一留置權槓桿率為5.52倍，較截至2023年3月31日略有上升到 2022 年 3 月 31 日。信貸協議的門檻為 7.1 倍。

Moving on to Slide 13, and our guidance for the third quarter and the full year of 2023. As you can see on this slide, we have expanded our revenue guidance for both the third quarter and the full year to include revenue guidance on America, Airports and Europe-North. Spain and France are still in our consolidated guidance, along with other, but Europe-South is expected to be considered discontinued operations when we report our third quarter results, and therefore, we are not providing separate guidance.

轉到幻燈片13，以及我們對2023 年第三季度和全年的指導。正如您在這張幻燈片中看到的，我們擴大了第三季度和全年的收入指導，包括美國的收入指導，機場和歐洲北部。西班牙和法國以及其他國家仍在我們的綜合指導中，但當我們報告第三季度業績時，歐洲南部預計將被視為已停止運營，因此，我們不會提供單獨的指導。

All consolidated guidance in Europe-North guidance excludes movements in foreign exchange rates, with the exception of capital expenditures and cash interest payments.

歐洲-北歐指南中的所有綜合指南均不包括外匯匯率的變動，但資本支出和現金利息支付除外。

For the third quarter, we believe our consolidated revenue will be between $570 million and $600 million. We expect America revenue to be between $273 million and $283 million, a decline compared to the prior year, driven primarily by softness in National. And Airports revenue is expected to be between $73 million and $78 million, a 17% to 25% increase over the prior year, potentially offsetting the decline in America. Europe-North revenue is expected to be between $132 million and $142 million. Based on the average foreign exchange rates in June 2023, there could be an FX benefit in the quarter of about 5% or $7 million.

我們認為第三季度的綜合收入將在 5.7 億美元至 6 億美元之間。我們預計美國收入將在 2.73 億美元至 2.83 億美元之間，與上年相比有所下降，這主要是由於國家黨疲軟所致。機場收入預計在 7300 萬美元至 7800 萬美元之間，比上年增長 17% 至 25%，可能抵消美國收入的下降。歐洲北部收入預計在 1.32 億美元至 1.42 億美元之間。根據 2023 年 6 月的平均外匯匯率，本季度的外匯收益可能約為 5% 或 700 萬美元。

Now that we are halfway through the year, and based on our current visibility, we have updated our full year guidance previously reported in May to reflect the sale of our former business in Italy and to tighten the high end of the ranges provided. For the full year, we expect consolidated revenue to be between $2.465 billion and $2.535 billion. America revenue is expected to be between $1.095 billion and $1.115 billion. And Airports revenue is expected to be between $285 million and $295 million. Europe-North revenue is expected to be between $590 million and $610 million.

現在，今年已過半，根據目前的能見度，我們更新了之前 5 月份報告的全年指引，以反映我們之前在意大利業務的出售，並收緊所提供範圍的高端。我們預計全年綜合收入將在 24.65 億美元至 25.35 億美元之間。美國收入預計在 10.95 億美元至 11.15 億美元之間。機場收入預計在 2.85 億美元至 2.95 億美元之間。歐洲北部收入預計在 5.9 億美元至 6.1 億美元之間。

On a consolidated basis, we expect adjusted EBITDA to be between $522 million and $552 million. AFFO guidance is $62 million to $82 million. Capital expenditures are expected to be in the range of $163 million and $183 million, with a continued focus on investing in our digital footprint in the U.S.

在合併基礎上，我們預計調整後 EBITDA 將在 5.22 億美元至 5.52 億美元之間。 AFFO 指導值為 6200 萬至 8200 萬美元。資本支出預計在 1.63 億美元至 1.83 億美元之間，並將繼續重點投資於我們在美國的數字足跡。

Additionally, our cash interest payment obligations for 2023 are expected to be approximately $416 million, an increase over the prior year as a result of higher floating rate interest on our Term Loan B facility. This guidance assumes that we do not refinance or incur additional debt.

此外，由於我們的定期貸款 B 設施的浮動利率較高，我們 2023 年的現金利息支付義務預計約為 4.16 億美元，比上一年有所增加。本指南假設我們不進行再融資或承擔額外債務。

Lastly, as part of our review of strategic alternatives for our remaining European businesses, and assumed disposition of those businesses, which is uncertain, would be expected to ultimately reduce our corporate expenses by at least $30 million annually.

最後，作為我們對剩餘歐洲業務戰略替代方案審查的一部分，並假設這些業務的處置（尚不確定）預計最終將每年至少減少 3000 萬美元的公司開支。

And now let me turn the call back over to Scott for his closing remarks.

現在讓我將電話轉回給斯科特，讓他發表結束語。

Thanks, Brian. Looking ahead, we continue to be optimistic about our outlook. Within the U.S., the American National business remains challenged, while local continues to grow and Airports is experiencing strong growth. In Europe, Europe-North continues to deliver solid results. We remain within our annual financial guidance ranges after adjusting for sold businesses as well as tightening the high end of our ranges, and we'll take further steps to address our costs, if necessary.

謝謝，布萊恩。展望未來，我們對前景繼續持樂觀態度。在美國境內，美國國家航空業務仍然面臨挑戰，而本地業務則持續增長，機場也正在經歷強勁增長。在歐洲，歐洲北部繼續取得穩健的業績。在對出售的業務進行調整併收緊範圍的高端之後，我們仍保持在年度財務指導範圍內，如有必要，我們將採取進一步措施來解決我們的成本問題。

Additionally, assuming a stable macro environment and continued progress in the execution of our strategic review process, and successful application of resulting net sales proceeds, we believe the company will reduce its indebtedness, and, in 2024, meaningfully grow AFFO.

此外，假設宏觀環境穩定、戰略審查流程的執行持續取得進展，以及由此產生的淨銷售收益的成功運用，我們相信該公司將減少債務，並在 2024 年實現 AFFO 的大幅增長。

Further, and as previously mentioned, we anticipate that the assumed disposition of our remaining European businesses would enable us to lay out a time line for material corporate cost reductions. We continue to believe these actions will ultimately drive value for our shareholders.

此外，如前所述，我們預計對剩餘歐洲業務的假設處置將使我們能夠制定實質性企業成本削減的時間表。我們仍然相信這些行動最終將為我們的股東帶來價值。

And now let me turn over the call to the operator for the Q&A session, and Justin Cochrane will join us on the call.

現在讓我將電話轉給接線員進行問答環節，賈斯汀·科克倫 (Justin Cochrane) 將加入我們的通話。

(Operator Instructions) Our first question comes from Ben Swinburne from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Ben Swinburne。

Scott, maybe just one for you. As you think about the categories that are under pressure that you called out in your prepared remarks, what are you thinking or seeing from them as you look into the fourth quarter? You've obviously got a fourth quarter sort of implied in your full year guidance and your Q3 guidance. I'm just wondering if you think this weakness sort of continues on or gets any visibility to improvement or further decay? Maybe that's just a conversation about the weaker categories would be helpful.

斯科特，也許這只是一個適合你的。當您思考您在準備好的講話中指出的面臨壓力的類別時，您在展望第四季度時有何想法或從中看到了什麼？顯然，您的全年指導和第三季度指導中隱含了第四季度的情況。我只是想知道你是否認為這種弱點會繼續存在，或者有任何改善或進一步衰退的跡象？也許只是討論較弱的類別會有幫助。

And then, Brian, anything you want to highlight on expenses in the second half, whether it's year-over-year comparisons to rent abatements and thinking about the Americas segment or anything else you'd want to call out in terms of cost action as we think about OpEx in the second half of the year?

然後，布萊恩，您想在下半年的支出方面強調什麼，無論是與租金減免的同比比較，還是考慮美洲市場，還是您想在成本行動方面提出的任何其他內容，例如我們考慮下半年的OpEx？

Thanks, Ben. First off, on the categories. The behavior of the market has been a little eclectic of late. And the categories that we called out are the ones that were weakest, but there's definitely been some account campaign activity being held over the course of the summer. We really saw it start happening in June, and it was pretty broad-based. The ones that we called out were the ones that were the weakest.

謝謝，本。首先，關於類別。最近市場的行為有點不拘一格。我們指出的類別是最弱的類別，但在整個夏天肯定會舉辦一些帳戶活動活動。我們確實看到它從六月開始發生，而且基礎相當廣泛。我們喊出來的，都是實力最弱的。

As we think about how things are going to build, we always have pretty good visibility. We talked about our upfront, and I referenced being disappointed that we're not seeing the growth that we thought we might see in Q3 when we saw what our upfront looked like. That's really what continues to give us confidence in Q4 also just looking at the current booking activity that Q4 is going to be stronger than what Q3 is going to be. But it is always very difficult to tell when people start going into this mode.

當我們思考事情將如何發展時，我們總是有很好的可見性。我們討論了我們的預付款，我提到了失望，因為當我們看到我們的預付款時，我們沒有看到我們認為在第三季度可能看到的增長。這確實讓我們對第四季度充滿信心，而且從當前的預訂活動來看，第四季度將比第三季度更強。但很難判斷人們何時開始進入這種模式。

The thing that we're hearing from a lot of our agency partners is that there are -- the pipeline of activity for Q4 is really strong. It's a question of whether people are going to hit go buttons toward the latter part of August, early part of September, that's when we're really going to know for sure how things build. But the book has the strength to deliver the guidance that we've put and then some, I think. And I think as this plays out, it does seem like there may be some shifting of seasonality. And I don't want to read too much into this because I think tech in particular, have been working on their P&Ls this year and have really been quite pausing in their campaigns.

我們從許多代理合作夥伴那裡聽到的消息是，第四季度的活動渠道非常強勁。問題在於人們是否會在八月下旬、九月初按下按鈕，那時我們才能真正確定事情的發展情況。但我認為，這本書有能力提供我們已經提出的指導以及一些指導。我認為隨著情況的發展，季節性似乎確實可能會發生一些變化。我不想對此進行太多解讀，因為我認為科技行業今年一直在研究損益表，並且在營銷活動中確實相當暫停。

Media and Entertainment, who knows where the writers or actors strike go. Television is a less important part of media and entertainment to us than movies, and movies are not going to be as impacted if this doesn't go on a super long time. So I guess what you're getting from me is, we've given a guide we feel very good about, but it is very hard to create the straight line between exact categories and exactly where that guide is.

媒體和娛樂，誰知道作家或演員罷工去了哪裡。對我們來說，電視在媒體和娛樂中的重要性不如電影，如果這種情況不持續很長時間，電影就不會受到那麼大的影響。所以我想你從我這裡得到的是，我們已經提供了一個我們感覺非常好的指南，但是很難在確切的類別和該指南的確切位置之間創建直線。

Brian, do you want to take the expenses?

布萊恩，你願意承擔這些費用嗎？

Sure. Thanks, Ben. For the second half of the year, we're going to continue to monitor operations closely. In fact, I think you probably heard in the script of the prepared remarks that we are seeing the benefit of some cost reductions even in Q2, even though there wasn't a lot of elaboration. So certainly monitoring operations through the second half of the year, and we'll adjust as appropriate.

當然。謝謝，本。下半年，我們將繼續密切監控運營情況。事實上，我認為您可能在準備好的發言稿中聽說過，即使在第二季度，我們也看到了一些成本削減的好處，儘管沒有太多闡述。因此，我們肯定會監控下半年的運營情況，並酌情進行調整。

Abatements, they kind of continue to roll away from the prior year. It's a bit chunky, but as we lap the last year, where we had a lot of abatements, I think we'll continue to see those fall away. We are still seeing the impact from the large contract that we've talked about. That will roll away after Q3 of this year, and so the comps will normalize.

減排量與上一年相比繼續減少。它有點厚重，但當我們去年進行了很多削減時，我認為我們將繼續看到這些削減。我們仍然看到我們討論過的大合同的影響。這種情況將在今年第三季度之後消失，因此比較將正常化。

I'd also mention that you likely saw CapEx down this quarter versus the same quarter in the prior year. Some of that is timing and deferrals. Some of that is reduction. I think what I would characterize all this as saying is we're closely monitoring operations and to the extent performance is under what we're expecting. We will continue to use cost levers and capital levers as appropriate to ensure adequate liquidity.

我還想提一下，您可能會看到本季度的資本支出與去年同期相比有所下降。其中一些是時間安排和延期。其中一些是減少。我認為我將這一切描述為我們正在密切監視運營情況，並且在一定程度上性能低於我們的預期。我們將繼續酌情運用成本槓桿和資本槓桿，確保流動性充足。

Our next question comes from Steven Cahall from Wells Fargo.

我們的下一個問題來自富國銀行的史蒂文·卡霍爾。

Maybe first, Scott, if you could talk a little bit about the differences in Local versus National. We heard from some TV broadcasters on Friday that Local was quite strong, especially in Auto. It doesn't seem like that National is a leading indicator for local right now. But historically, sometimes we have seen local kind of catch up to national trends. So maybe you can kind of compare and contrast what you're seeing in local demand versus what you're seeing in national demand? And how you see those 2 trending with a little bit of a split between how much of your business is local and national?

也許首先，斯科特，你能談談本地與全國的差異嗎？週五我們從一些電視廣播公司獲悉，本地市場相當強勁，尤其是在汽車領域。目前看來，國家黨並不是地方的領先指標。但從歷史上看，有時我們會看到當地的趨勢趕上了全國的趨勢。那麼也許您可以比較和對比您在本地需求中看到的情況與在全國需求中看到的情況？您如何看待這兩個趨勢，以及您的本地業務和全國業務之間的差異？

And then on Airports, would just also love some color on the strength there? And Brian, is it correct that you do have a tough rent abatement comp in the third quarter in Airports, just thinking about how we might model that EBITDA?

然後在機場上，是否也會喜歡那裡的強度上的一些顏色？布萊恩（Brian），您在機場第三季度確實有一個艱難的租金減免補償，只是考慮一下我們如何對 EBITDA 進行建模，這是正確的嗎？

Thanks, Steve, I'll start with the local, national. Roughly, we're 60% local, 40% national. It fluctuates a little quarter-to-quarter, but that's a reasonable way to think about our mix. And it definitely is the case for Q2 and for our guide that local is more reliable than national, and it has been really, really since the start of COVID. The 2 markets really split. There was a stretch where National came roaring back after COVID and then that has abated somewhat in more recent times. And as I was mentioning to Ben, the tech companies, in particular, we know that they've been working on their P&Ls and pulling back on ad spending. And we've seen the impact of that.

謝謝，史蒂夫，我將從當地的、全國的開始。粗略地說，我們 60% 是本地人，40% 是全國人。它每個季度都有一點波動，但這是考慮我們的組合的合理方式。第二季度和我們的指南確實如此，本地比全國更可靠，自新冠疫情爆發以來確實如此。這兩個市場確實分裂了。在新冠疫情之後，國家黨曾一度強勢回歸，但最近這種情況有所減弱。正如我向本提到的，特別是科技公司，我們知道他們一直在努力製定損益表並削減廣告支出。我們已經看到了它的影響。

As we look forward, I would definitely say that local looks better than national certainly for Q3. Q4 could be a little bit of a toss-up. Again, I have some expectation that we're going to see some campaigns come off the sidelines, but it is a very inexact thing to forecast exactly how the advertising is going to go. So that's local, national.

當我們展望未來時，我肯定會說第三季度本地看起來肯定比全國更好。第四季度可能會有點難以抉擇。再說一次，我有一些預期，我們會看到一些廣告活動被擱置，但準確預測廣告將如何進行是一件非常不准確的事情。所以這是地方性的、全國性的。

On Airports, we are still benefiting from the build-out of the New York contract. We had Newark online this year. LaGuardia came online sort of second half of last year -- parts of LaGuardia. LaGuardia has been coming online for a while. So those are some of the things driving the strength in it. I think, obviously, the air travel is driving the strength, and there are a lot of advertisers interested in that real premium audience that's very, very active this summer.

在機場方面，我們仍然受益於紐約合同的擴建。今年我們有紐瓦克在線。拉瓜迪亞機場於去年下半年上線——拉瓜迪亞機場的部分地區。拉瓜迪亞機場上線已有一段時間了。這些是推動其力量的一些因素。我認為，顯然，航空旅行正在推動這一勢頭，並且有很多廣告商對今年夏天非常非常活躍的真正優質受眾感興趣。

Brian, do you want to take the abatement question?

Brian，你想回答減排問題嗎？

Sure. Steve, I know we had some airport abatements in the second half of last year. I can't exactly remember the timing. I think we disclosed when that is. And we should expect a reduction as we kind of lapse those rent abatements. So it could lead to a tough comp. Really, the only thing I'd say in counter to that is Airports in Americas is the 1 place where we are continuing to seek some relief, and don't know if and when that will come through, but that could be an offset. I wish I could be more specific, but that's probably about as much detail as I can give you to help with your model. So hopefully, it's something to work with.

當然。史蒂夫，我知道去年下半年我們對機場進行了一些削減。我記不清具體時間了。我想我們已經透露了具體時間。當我們取消這些租金減免時，我們應該預期租金會減少。所以這可能會導致一場艱難的比賽。真的，我唯一要說的是，美洲機場是我們繼續尋求緩解的第一個地方，不知道是否以及何時會實現，但這可能是一種抵消。我希望我能說得更具體，但這可能是我能為您提供的幫助您建立模型的盡可能詳細的信息。所以希望這是可以合作的。

That's helpful. And maybe just a quick follow-up on Europe. I mean so you've got a lot of Europe-South done now, effectively all of Europe-South done now. I think Europe-North, which you said is both kind of a better business and maybe also is the print hub for a lot of Europe. So I'm wondering if there's any benefit to revenue or EBITDA as a supplier to the divested European-South? And kind of more strategically, how do you think about Europe-North in terms of keeping it in the portfolio versus strategic alternatives for it?

這很有幫助。也許只是對歐洲的快速跟進。我的意思是，現在你已經完成了很多南歐的工作，實際上所有南歐的工作現在都已經完成了。我認為歐洲北部，你說這是一個更好的業務，也許也是許多歐洲的打印中心。所以我想知道作為剝離後的歐洲南部的供應商對收入或 EBITDA 是否有任何好處？從更具戰略性的角度來看，您如何看待歐洲北部地區，將其保留在投資組合中，而不是戰略替代方案？

Well, the strategic review is definitely ongoing. You're right, Europe-North is where a fair bit of our corporate team ultimately sits, although there's a fair bit of corporate distributed around the country as, obviously, a lot of the budgets around -- a lot of the countries have their own corporate overhead that you need to have a country lead, you have technology in the country. There's certain financial and legal and other sorts of overhead that would be in the countries.

嗯，戰略審查肯定正在進行中。你是對的，歐洲北部是我們公司團隊的大部分成員最終所在地，儘管有相當多的公司分佈在全國各地，因為顯然，很多預算 - 許多國家都有自己的預算自己的企業管理費用，你需要有一個國家領先，你在該國擁有技術。這些國家會產生一定的財務、法律和其他類型的管理費用。

But I think you should just think of our process is ongoing. We've been very clear that we're a long-term exiter of Europe. We think that, that's an important part of our REIT conversion ultimate plan. And there's nothing -- the thing I would really emphasize on what we've accomplished so far is we've done some of the toughest deal making to create the ability to have a much derisked European platform. I think that's how I'd characterize it, Steve.

但我認為您應該想到我們的流程正在進行中。我們非常清楚，我們是歐洲的長期退出者。我們認為，這是我們房地產投資信託基金轉換最終計劃的重要組成部分。沒有什麼——我真正要強調的是，我們迄今為止所取得的成就是，我們已經完成了一些最艱難的交易，以創造擁有一個風險大大降低的歐洲平台的能力。我想這就是我對它的描述，史蒂夫。

And Steve, just to add on kind of the expense side. Keep in mind that while we have these countries, in a couple of cases, Switzerland, Italy sold, in the other cases, agreements or movement toward an agreement, the -- we still got to manage these businesses. For example, Spain actually won't close till 2024. So we've tried to provide some guidance on corporate expense reduction after the process is complete. But it will -- there's a lag in achieving those. Obviously, we'll continue to reduce costs if and when we can. But we've also got to do it at the right time as these businesses are either still operating or maybe there's a service agreement in place for a period of time.

史蒂夫，只是補充一下費用方面的情況。請記住，雖然我們與這些國家（在某些情況下，瑞士和意大利）出售了協議或達成協議的進展，但我們仍然必須管理這些業務。例如，西班牙實際上要到 2024 年才會關閉。因此，我們試圖在流程完成後提供一些有關企業費用削減的指導。但它會實現——實現這些目標有一個滯後。顯然，如果可以的話，我們將繼續降低成本。但我們也必須在正確的時間這樣做，因為這些企業要么仍在運營，要么可能已經簽訂了一段時間的服務協議。

Our next question comes from Richard Choe from JPMorgan.

我們的下一個問題來自摩根大通的 Richard Choe。

I just wanted to follow up a little bit on, I guess, the Airports. Has international travel supported the strength there? Or is it just the build-outs that are continuing to help, and then I have a few follow-ups.

我想我只是想跟進一下機場的情況。國際旅行是否支持了那裡的實力？或者只是擴建繼續提供幫助，然後我有一些後續行動。

Yes, Richard, international travel certainly has contributed. It's hard to isolate. Probably the way we most see international travel, I think, back to when COVID came on the scene and international travel stopped. Certain individual airports like a JFK or like San Francisco or like Atlanta in our portfolio, Chicago in our portfolio, those airports all suffered a lot with both international and business travel shutting down during COVID. And they've definitely helped as things have rebounded. But it's difficult to isolate specific to international travel beyond kind of the airports that have a good exposure to it.

是的，理查德，國際旅行確實做出了貢獻。很難隔離。我想，這可能是我們最常見的國際旅行方式，可以追溯到新冠疫情出現、國際旅行停止時。某些個別機場，如肯尼迪機場、舊金山機場或我們投資組合中的亞特蘭大機場、我們投資組合中的芝加哥機場，這些機場都因新冠疫情期間國際和商務旅行關閉而遭受了很大損失。隨著情況的反彈，他們確實提供了幫助。但除了那些經常接觸國際旅行的機場之外，很難將其具體化。

And we definitely have seen -- that's been supporting of the broader thesis people have had in buying airport inventory.

我們確實已經看到了——這支持了人們在購買機場庫存時所提出的更廣泛的論點。

Got it. And then on the digital side continues to be strong. How much of that is from the build-outs versus strength in the business? And are you seeing any weakness there? And is there potential to have less -- or is there less visibility there? So is that a bigger question mark?

知道了。然後在數字方面繼續強勁。其中有多少來自業務的擴建和實力？您是否發現其中存在任何弱點？是否有可能減少——或者那裡的可見度是否較低？那麼這是一個更大的問號嗎？

Yes. I mean you have digital playing a role in every element of our business. So if I think about the European business, digital continues to be strong, and it's a central part of the trading there. In airports, a lot of the inventory that we're building is digital as these airports modernize and everything like that. And so it's -- those are the 2, Europe and Airports are where the proportion of digital revenue has been growing the strongest. I suspect the root of your question is the U.S. digital business. A lot of our investors are very interested in that. And it grew, but not that robustly. And I think it is because it is the kind of late booking part of our portfolio, it can be the most volatile part of our portfolio.

是的。我的意思是，數字化在我們業務的各個方面都發揮著作用。因此，如果我考慮歐洲業務，數字化仍然強勁，並且是那裡交易的核心部分。在機場，隨著這些機場的現代化以及類似的一切，我們正在建立的許多庫存都是數字化的。所以，這就是第二個，歐洲和機場是數字收入比例增長最快的地方。我懷疑你問題的根源在於美國的數字業務。我們的很多投資者對此非常感興趣。它也在增長，但不是那麼強勁。我認為這是因為它是我們投資組合中延遲預訂的部分，它可能是我們投資組合中最不穩定的部分。

And when we get to a little bit of pauses in demand or where the spot market isn't as rich as it is usually, you see that down. But I think we continue to be very bullish on doing the digital conversions, but it is something we watch very closely. Does that get to the root of your question?

當需求出現一點停頓或者現貨市場不像平時那麼豐富時，你就會看到需求下降。但我認為我們仍然非常看好進行數字轉換，但這是我們非常密切關注的事情。這是否觸及了你問題的根源？

Yes. You left it a little open ended just to kind of see where you could give us a little more color on strength and maybe trends just because it is obviously a large part of all your businesses. But just a followup lastly on the national softness in the overall environment. I guess you're characterizing it more as a pause and not cancellations. And is that the best way that we should be approaching the rest of the year at this point? Or is it a little bit worse than that or different than that?

是的。你把它留得有點開放，只是為了看看你可以在哪裡給我們更多關於實力和趨勢的色彩，因為它顯然是你所有業務的很大一部分。但這只是對全國整體環境疲軟的最後一個後續行動。我猜你更多地將其描述為暫停而不是取消。這是我們目前應對今年剩餘時間的最佳方式嗎？或者比這更糟糕或者有所不同？

So it's a really hard question to give you a really hard -- really firm answer on exactly is it a pause or is it not? The behavior certainly -- if you think about the year, January and February were rough. And then things really got on a very steady state of improvement and actually really strength by the time you're talking about sort of May. And then June, it just wasn't as good. When you think about this business, so much of the concern -- it's interesting, the concern on recession has diminished. But when you think about this business going into recession, that's when you really see the cancellation activity, and that's why we called it out is we've tried to be very transparent about this that we haven't been seeing cancellation activity and cancellation activity is what usually is the precursor to real downturns in our business. And we're not seeing that, and we have continued to not see that.

因此，要給你一個非常困難、非常堅定的答案，到底是暫停還是不是暫停，這是一個非常困難的問題。當然，如果你想想這一年，一月和二月的表現很糟糕。然後，當你談論五月份的時候，事情真的進入了一個非常穩定的改善狀態，並且實際上非常強勁。然後六月，情況就不那麼好了。當你想到這個行業時，你會發現很多擔憂——有趣的是，對經濟衰退的擔憂已經減少。但是，當你想到這項業務正陷入衰退時，你就會真正看到取消活動，這就是我們大聲疾呼的原因，因為我們試圖對此保持透明，我們沒有看到取消活動和取消活動通常是我們業務真正衰退的先兆。我們沒有看到這一點，而且我們仍然沒有看到這一點。

What we have seen is a lot of campaigns getting planned and then people saying, "Oh, we'll launch that in August. We'll launch that in September." And so we're in a little bit of that holding pattern right now. And it's very hard to generalize and know exactly how that takes off. But if you think about our business, we always have the load that we get from the upfront that gives us a sense of where we are kind of year-on-year with pretty good visibility. And then we're working on trading in the spot market, and that's where that digital stuff really comes into play. And the spot market in June and into July, it actually got somewhat better as July progressed. Has -- that's what's behind our guide. I mean, obviously, we do our guide at the very last minute before we have to do the earnings calls.

我們看到很多活動都在計劃中，然後人們說，“哦，我們將在八月推出。我們將在九月推出。”所以我們現在有點處於這種等待狀態。很難一概而論，也很難確切地知道這是如何發生的。但如果你考慮一下我們的業務，我們總是會從前期獲得負載，這讓我們了解我們的同比情況，並具有相當好的可見性。然後我們致力於現貨市場的交易，這就是數字化東西真正發揮作用的地方。 6月和7月的現貨市場實際上隨著7月的進展有所好轉。有——這就是我們指南背後的內容。我的意思是，顯然，我們在召開財報電話會議之前的最後一刻才制定指南。

And so I'd characterize it as it's behaving the way that we think it's going to behave, but marketers are an unpredictable bunch, and it's hard to know exactly how it will all land.

因此，我將其描述為它的行為方式與我們認為的行為方式相同，但營銷人員是一群不可預測的人，很難確切地知道這一切將如何發生。

Our next question comes from Avi Steiner from JPMorgan.

我們的下一個問題來自摩根大通的阿維·斯坦納。

A couple here. Just first on free cash flow, a little bit higher than I was looking for. I think I understand cash interest and CapEx. I'm just wondering if there's anything else we should be thinking through for the back half of the year, whether it's working capital or anything else? And then I've got a follow-up.

這裡有一對夫婦。首先是自由現金流，比我想要的要高一點。我想我了解現金利息和資本支出。我只是想知道下半年我們是否還應該考慮什麼，是營運資金還是其他什麼？然後我有一個後續行動。

Yes. You mentioned the big drivers of interest expense and investment in the business through CapEx, even though we ranked it in a little bit this quarter. I think on the working capital side, there is a big AR build. It's seasonal. And so I think those patterns will continue going forward quarter-to-quarter. But it was a big number this quarter. And so that's may be kind of the difference. And so I would characterize kind of those 3 items impacting free cash flow in the overall backdrop of a little soft quarter than we had hoped for.

是的。您提到了利息支出和通過資本支出進行業務投資的主要驅動因素，儘管我們本季度將其排名稍高。我認為在營運資金方面，有一個很大的增強現實建設。這是季節性的。因此，我認為這些模式將逐季度繼續發展。但本季度這個數字很大。所以這可能是不同之處。因此，在本季度比我們希望的稍微疲軟的整體背景下，我會描述影響自由現金流的這三個項目。

Appreciate that. And then, Scott, a couple for you, if I could. The strategic review language, maybe it's just me, but it looks to have changed a little bit from prior releases to read that as well as Europe, maybe you -- maybe, but you are evaluating a range of other strategic opportunities to enhance value. I don't know, if possible, but to the extent possible, perhaps you can elaborate on that? And then I've got one last one.

感謝。然後，斯科特，如果可以的話，給你幾張。戰略審查語言，也許只是我個人的看法，但它看起來與之前的版本相比發生了一些變化，以及歐洲，也許你 - 也許，但你正在評估一系列其他戰略機會來提高價值。我不知道，如果可能的話，但在可能的範圍內，也許你可以詳細說明一下？然後我還有最後一張。

Yes, Avi, I mean I think we are always striving to be as disclosive and transparent as we can be, but you may be reading a little more into that one than it merits. But we've been pretty clear, I think. I guess I'd go back to first principles on this one that we ultimately see this as a U.S.-focused business. And we have assets in various parts of the world that are not the U.S., and I think, strategically, we're considering the right time and the right opportunity for making those divestitures as it makes sense. But I don't know that there was anything intentional in our write-up on that. I don't know, Brian, if you...

是的，阿維，我的意思是，我認為我們一直在努力做到盡可能公開和透明，但您可能對這一點的解讀超出了其應有的程度。但我認為我們已經非常清楚了。我想我會回到這個問題的首要原則，即我們最終將其視為一家專注於美國的企業。我們在美國以外的世界各地都有資產，我認為，從戰略上講，我們正在考慮適當的時間和適當的機會進行這些有意義的資產剝離。但我不知道我們對此的報導中有什麼故意的。我不知道，布萊恩，如果你...

Other than we always keep an open mind and look at alternatives, but nothing specific.

除此之外，我們始終保持開放的態度並考慮替代方案，但沒有具體的內容。

Exactly.

確切地。

Fair enough. And let me ask 1 last question, if I can, and I appreciate the time as always. I know the moderating outlook, ad outlook is temporal in nature, but maybe given the lower equity valuations of at least one of your REIT peers, I'm wondering if your thoughts about potentially driving towards a REIT conversion, conversion which you had mentioned earlier, might have changed at all. And if there are any other options that might be attractive to the company?

很公平。如果可以的話，讓我問最後一個問題，我一如既往地珍惜時間。我知道前景緩和，廣告前景本質上是暫時的，但也許考慮到至少一個房地產投資信託同行的股權估值較低，我想知道您是否有可能推動房地產投資信託基金轉換，您之前提到的轉換，可能已經完全改變了。還有其他可能對公司有吸引力的選擇嗎？

Yes, Avi, it's a great question. I think our view on REIT is driven by the benefits that REIT status ultimately give. For those benefits to work maximally, you have to have the right capital structure associated with it. So I think if there's anything I'd characterize that this just redoubles our commitment that we need to get our balance sheet in the right place before we pull the trigger on becoming a REIT. I don't know, Brian, if you would add anything to that.

是的，阿維，這是一個很好的問題。我認為我們對房地產投資信託基金的看法是由房地產投資信託基金地位最終帶來的好處所驅動的。為了最大限度地發揮這些優勢，您必須擁有與之相關的正確資本結構。因此，我認為，如果有什麼我想說的，這只會加倍我們的承諾，即在我們成為房地產投資信託基金之前，我們需要將資產負債表放在正確的位置。布萊恩，我不知道你是否願意補充任何內容。

I think that's exactly right, Scott.

我認為這是完全正確的，斯科特。

(Operator Instructions) Our next question comes from Jonnathan Navarrete from TD Cowen.

（操作員說明）我們的下一個問題來自 TD Cowen 的 Jonnathan Navarrete。

The first one is regarding Airports. So could you speak a little bit about when did volumes start picking up? Was it like maybe towards the end of May? And has that type of volume continued, or has it increased even?

第一個是關於機場的。那麼您能談談成交量何時開始回升嗎？大概是五月底吧？這種交易量是否仍在繼續，或者甚至有所增加？

And a follow-up to that is, with Airports, are you seeing any indication that the bottoms will continue to pick up into the fourth quarter? Or how -- do you have any insight into the fourth quarter as of now?

後續問題是，對於機場，您是否看到任何跡象表明底部將繼續回升到第四季度？或者說，到目前為止，您對第四季度有什麼了解嗎？

Sure. Thanks, Jonnathan. We spent a lot of time in our Q1 call trying to explain what happened in Airports. And I think that I'll just reiterate it just to be clear. We had a very large campaign move from Q1 to later in the year. And part of what you're seeing and the strength in Q2 and in our outlook is the benefit of that campaign running through. And that had dropped late enough -- that decision had drop late enough that we were not able to backfill because it was a very substantial contract. And so you're seeing that play out.

當然。謝謝，喬納森。我們在第一季度的電話會議中花了很多時間試圖解釋機場發生的事情。我想我只是重申一下，以便澄清這一點。從第一季度到今年晚些時候，我們進行了一次非常大的營銷活動。您所看到的以及第二季度和我們的展望中的優勢的一部分是該活動的持續進行所帶來的好處。這個決定已經足夠晚了，以至於我們無法回填，因為這是一份非常重要的合同。所以你會看到這種情況的發生。

Airports has a relatively long lead time going into it. It varies by location. It varies by campaign. But people tend to plan fairly well in advance and buy fairly well in advance. And so the guide that we are sharing with you reflects our up-to-the-minute view of that. And we will see the tailwind of LaGuardia coming online abate as the year goes. And as we get into 2024, the tailwind from Newark coming online will abate. There is still more build-out activity and things like that, and we'll have the normal puts and takes on contracts. But the New York Airports really do exercise a differential impact.

機場的準備時間相對較長。它因地點而異。它因活動而異。但人們往往會提前做好計劃並提前購買。因此，我們與您分享的指南反映了我們對此的最新觀點。隨著時間的推移，我們將看到拉瓜迪亞機場的上線勢頭減弱。進入 2024 年，紐瓦克上線的推動力將會減弱。還有更多的擴建活動和類似的事情，我們將有正常的看跌期權和認購合同。但紐約機場確實產生了不同的影響。

And what -- the guide that we provide is what we feel very good about as of today.

到目前為止，我們對我們提供的指南感到非常滿意。

Okay. Follow-up is on just Latin America. In terms of timing and investing in this asset, how are you thinking about that? Or would you prefer to complete the Europe strategic review first and then focus on Latin America?

好的。後續行動僅針對拉丁美洲。就該資產的時機和投資而言，您是如何考慮的？或者您願意先完成歐洲戰略評估，然後再關注拉丁美洲？

I think, we are, as Brian said, always looking at the market and always looking at where the opportunity is. While there'll be some overlap in the resources, we need to run a process, it wouldn't be 100%. So it's not impossible for us to do that. But I think we need to work the timing on that as the market conditions put us in position for that to make sense. I think that's how I'd characterize it.

我認為，正如布萊恩所說，我們始終關注市場，始終關注機會在哪裡。雖然資源會有一些重疊，但我們需要運行一個流程，但不會是 100%。所以我們這樣做也不是不可能的。但我認為我們需要確定時機，因為市場條件使我們處於合適的位置，這樣才有意義。我想這就是我對它的描述。

Okay. And the last one, and again, perhaps I'm reading too much into the language in the release, but when you guys described out of Spain and Italy, you guys describe it as Stellar, right? Whereas for the French business, you guys used the word ["The Best".] So I'm just wondering like can this -- can this be a quote for like we're not expecting any closing for the France business or am I reading too much into it?

好的。最後一個，也許我對版本中的語言讀得太多了，但是當你們在西班牙和意大利描述它時，你們把它描述為Stellar，對吧？而對於法國業務，你們使用了“最好的”這個詞。所以我只是想知道這可以嗎——這是否可以作為我們不希望法國業務關閉的報價，或者我是這樣嗎？讀得太多了？

I think it's code for we're not done because we are in the midst of the works council review. We're not done with the process. But I think we have been clear that our expectation is it would be a closure in Q4, presuming that, that works council process goes well. And I think we have to honor that process. And so there's -- we're not really able to give a lot of detail on the terms at this point.

我認為這是我們尚未完成的代碼，因為我們正在進行工作委員會的審查。我們還沒有完成這個過程。但我認為我們已經明確表示，我們的預期是第四季度結束，假設工作委員會流程進展順利。我認為我們必須尊重這個過程。因此，目前我們還無法提供有關這些條款的大量細節。

Our next question comes from Jim Goss from Barrington Research.

我們的下一個問題來自 Barrington Research 的 Jim Goss。

And I was curious to the extent that Clear Channel would like to be a U.S.-focused operation, but the Northern European operations are doing fairly well. Is there any potential consideration of spinning that off as a separate company rather than selling them individually? And I do have a couple of others.

我很好奇 Clear Channel 希望成為一家專注於美國的業務，但北歐業務做得相當不錯。是否有可能考慮將其分拆為一家獨立公司，而不是單獨出售？我還有其他幾個。

Sure, Jim. I mean, I think when we talk about a strategic review, implicit in that is that we're going to look for the highest and best use for any asset that we're thinking about separating from. That is not -- that's not a structuring thing or an avenue that I'm in any position to speculate on right now. But as we highlighted in their LTM financials, this is a business that is a business that can sustain itself or we believe can sustain itself. And that would be a possible avenue if that seems like that was the value maximizing avenue, but I can't really comment on it beyond that.

當然，吉姆。我的意思是，我認為當我們談論戰略審查時，隱含的是我們將為我們正在考慮分離的任何資產尋找最高和最佳用途。這不是——這不是我現在可以推測的結構性事物或途徑。但正如我們在其 LTM 財務報告中所強調的那樣，這是一項能夠自我維持的業務，或者我們相信能夠自我維持的業務。如果這看起來是價值最大化的途徑，那將是一個可能的途徑，但除此之外我無法對此發表真正的評論。

Okay. And one other thing is, you mentioned Belgium, U.K. and Denmark were doing reasonably well, but Sweden and Norway were having more challenges. And I'm wondering what would be the distinguishing factors between those markets? Are there specific market-by-market issues? Or is there something broader than that we might look at?

好的。另一件事是，你提到比利時、英國和丹麥表現相當不錯，但瑞典和挪威面臨更多挑戰。我想知道這些市場之間的區別因素是什麼？是否存在具體的市場問題？或者還有比我們可能看到的更廣泛的東西嗎？

Justin, do you want to comment on that one?

賈斯汀，你想對此發表評論嗎？

Yes. I think the simplest way to think about it is, the only difference in those markets maybe is we've got a higher degree of transit and transits took longer to bounce back from COVID. So I think in those markets, you saw a bigger bounce back in the middle of 2022. So on a comparative basis, they've got hard comparative than other markets that have. I don't think there's anything else particularly that distinguishes them. It's probably more just a function of timing.

是的。我認為最簡單的思考方式是，這些市場的唯一區別可能是我們的交通程度更高，而且交通需要更長的時間才能從新冠疫情中恢復過來。因此，我認為在這些市場中，您會在 2022 年中期看到更大的反彈。因此，在比較的基礎上，它們與其他市場相比很難進行比較。我認為他們沒有什麼特別的區別。這可能更多地只是時間的函數。

Okay. And one last thing. You also mentioned that you felt your strength in digital capability were helping potentially, including planning and measurement, were helping broaden the range of advertisers you can serve. And I wonder if you might talk a little bit more about that. What types of additional advertising -- advertisers you might be able to access? Whether it might change your national and local mix to any great extent?

好的。最後一件事。您還提到，您認為您在數字能力方面的優勢（包括規劃和衡量）可能會有所幫助，有助於擴大您可以服務的廣告商範圍。我想知道你是否可以多談談這一點。您可以接觸哪些類型的附加廣告——廣告商？它是否會在很大程度上改變你的國家和地方組合？

And I guess that's mainly it.

我想主要就是這樣。

It's a great question, Jim, and it gets to the root of what we're working on in the U.S. of becoming a more modern medium. I think there's a couple of avenues to it. I think first off, we've called out that we're seeing growth in pharma, and that is directly related to analytic capabilities that we have developed and that we have demonstrated the efficacy of. We've been working with that vertical for some time. Now is when we're talking about it because we're in the midst of renewals with a key partner and seeing the results kind of compound and that's a direct result of the kind of analytics.

這是一個很好的問題，吉姆，它觸及了我們在美國致力於成為一種更現代的媒體的根源。我認為有幾個途徑。我認為首先，我們已經指出我們看到了製藥業的增長，這與我們開發的分析能力以及我們已經證明的功效直接相關。我們已經在這個垂直領域合作了一段時間。現在是我們談論它的時候，因為我們正在與一個關鍵合作夥伴進行續約，並看到結果的複合，這是這種分析的直接結果。

I think related to that, the CPG category is a phenomenal advertiser globally, but not very good in the U.S. And part of the reason in the U.S. is the lack of data. Part of the reason is that the assets are not as close to point of sale as like street furniture is, but you've got advertisers that spend meaningfully you know out-of-home in Europe or Latin America that do not spend in the U.S. that we have seen some traction with the data that we've got.

我認為與此相關的是，CPG 類別在全球範圍內是一個現象級的廣告客戶，但在美國卻不是很好，而美國的部分原因是缺乏數據。部分原因是這些資產不像街道設施那樣靠近銷售點，但廣告商在歐洲或拉丁美洲的戶外支出有意義，但在美國卻沒有支出。我們已經看到了我們所掌握的數據的一些吸引力。

And then I think the final piece is we really do perceive opportunity in the digital-first advertisers and there's a lot of them. And you saw our announcement on data clean rooms. That is something that we think is going to pay real dividends for us over the medium term because it enables us to be -- it enables us to be in dialogue and in partnership with companies that frankly don't use traditional media hardly at all.

然後我認為最後一點是我們確實看到了數字優先廣告商的機會，而且這樣的廣告商有很多。您也看到了我們關於數據潔淨室的公告。我們認為，從中期來看，這將為我們帶來真正的紅利，因為它使我們能夠與坦率地說幾乎不使用傳統媒體的公司進行對話和合作。

And so it's all 3 of those areas that we're seeing opportunity in. Marketers do move fairly slowly. And so the way that it works typically is you do test budgets, you go through a cycle, that might take 6 months, 9 months, and that's setting aside whatever it took you to sell in the idea to begin with, which is not a short sale. And then once you've had the tests, you start to get the renewals and you start to get the upsizing of the budgets. And so this is a compounding process. It's not a fast process, but it's something we very much believe is a key to the future of this industry, and we're aiming to be at the forefront of it. So hopefully, that gives you some more color.

因此，我們在這三個領域都看到了機會。營銷人員的行動確實相當緩慢。所以它通常的運作方式是你做測試預算，你經歷一個週期，這可能需要 6 個月、9 個月，這就是拋開你一開始推銷這個想法所花費的一切，這不是一個賣空。一旦你完成了測試，你就開始獲得續約，並且開始增加預算。所以這是一個複合過程。這不是一個快速的過程，但我們非常相信這是該行業未來的關鍵，我們的目標是處於該行業的最前沿。希望這能給你更多的色彩。

It does. And it sounds like if you're discussing pharma and CPG that, that would tend to tilt a little more toward national, if that's a fair assumption?

確實如此。聽起來如果您正在討論製藥和快速消費品，那麼這往往會更傾向於全國性，如果這是一個公平的假設？

Yes. I think certainly, pharma, CPG, yes, I mean, there are knock on, some CPG budgets get activated locally and that ends up looking more like local spend, so that's a little less 1 for 1. But yes, on the margin, you're probably right that it probably is a little bit more national. I don't think -- in the kind of planning horizon, I don't think that, that will dramatically change our sort of 60-40 split because we're also doing a lot of things to develop in our local business, different sales force tactics, using inside sales, various things like that. So we're striving to drive growth across our portfolio of customers.

是的。我想當然，製藥公司、消費品公司，是的，我的意思是，有一些連鎖反應，一些消費品公司的預算在當地被激活，最終看起來更像是當地的支出，所以這比一比一的情況要少一些。但是，是的，在邊際上，你可能是對的，它可能更具有民族性。我不認為——在某種規劃範圍內，我不認為這會極大地改變我們 60-40 的分配方式，因為我們也在做很多事情來發展我們的本地業務，不同的銷售人員策略，利用內部銷售，諸如此類的各種事情。因此，我們正在努力推動客戶組合的增長。

We currently have no further questions. So I would like to hand over the call back to Scott Wells for closing remarks. Please go ahead.

目前我們沒有進一步的問題。因此，我想將電話轉回給斯科特·威爾斯（Scott Wells），讓其發表結束語。請繼續。

Great. Thank you, Bruno, and thank you for all of our questions. I'd just leave you with 3 thoughts. This is a time that there's a little bit of a pause in the marketplace, and it's not entirely clear where the market is going to go. But this business remains a very good business with attractive economics. And it's a business that we are in the midst, which is our second thought. We are in the midst of derisking it, and we're making material progress on that, which should be something that pays real dividends over time. And look, we're an LBO publicly. And LBOs typically are private, and they get to do a lot of things behind the scenes that are hard things that are hard to talk about until they're done. But when you have them done, you're really glad that they're done.

偉大的。謝謝你，布魯諾，也謝謝你提出的所有問題。我只想留給你三個想法。現在市場有一點停頓，市場將走向何方並不完全清楚。但這項業務仍然是一項非常好的業務，具有有吸引力的經濟效益。這是我們正在進行的一項業務，這是我們的第二個想法。我們正在消除風險，並且正在這方面取得實質性進展，隨著時間的推移，這應該會帶來真正的紅利。看，我們是公開的槓桿收購。槓桿收購通常是私人的，他們可以在幕後做很多事情，這些事情在完成之前很難談論。但當你完成它們時，你真的很高興它們完成了。

We are striving to be as transparent as we can be. But these are -- some of these transactions are pretty difficult. So we're striving to be transparent. We think we're making great progress, and this business remains a good business. So thank you for your interest in us, and we'll look forward to catching up and giving updates as we continue to make progress. Take care.

我們正在努力做到盡可能透明。但其中一些交易相當困難。因此，我們努力做到透明。我們認為我們正在取得巨大進步，而且這項業務仍然是一項好業務。因此，感謝您對我們的興趣，我們將期待在不斷取得進展的過程中及時跟進並提供最新信息。小心。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines. Thank you.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。謝謝。