Clear Channel Outdoor Holdings Inc (CCO) 2025 Q3 法說會逐字稿

Hello, and welcome to Clear Channel Outdoor Holdings, Inc. third-quarter 2025 earnings conference call and webcast. (Operator Instructions) Also, as a reminder, this conference call is being recorded today.

大家好，歡迎參加 Clear Channel Outdoor Holdings, Inc. 2025 年第三季財報電話會議和網路直播。（操作員說明）另請注意，本次電話會議正在錄音。

If you have any objections, please disconnect at this time. It's now my pleasure to turn the call over to Laura Kiernan, VP of Investor Relations. Laura, please go ahead.

如有任何異議，請立即斷開連接。現在我很高興將電話轉交給投資者關係副總裁勞拉·基爾南。勞拉，請繼續。

Good morning, and thank you for joining our call. On the call today are Scott Wells, our CEO; and David Sailer, our CFO. They will provide an overview of the third quarter 2025 operating performance of Clear Channel Outdoor Holdings, Inc. We recommend that you download the third-quarter 2025 earnings presentation located in the Financial Information section of our Investor Relations website and review the presentation during this call. After an introduction and review of our results, we will open the line for questions.

早安，感謝各位參加我們的電話會議。今天參加電話會議的有我們的執行長 Scott Wells 和我們的財務長 David Sailer。他們將概述 Clear Channel Outdoor Holdings, Inc. 2025 年第三季的營運表現。我們建議您從我們投資者關係網站的財務資訊部分下載 2025 年第三季收益簡報，並在本次電話會議期間查看該簡報。在介紹和回顧我們的研究結果之後，我們將開放提問環節。

Before we begin, I would like to remind everyone that during this call, we will make forward-looking statements regarding the company, including statements about its future financial performance and its strategic goals. 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 risk contained in our earnings press release and on our filings with the SEC.

在開始之前，我想提醒大家，在本次電話會議中，我們將對公司做出前瞻性聲明，包括對公司未來財務表現和策略目標的聲明。所有前瞻性陳述都涉及風險和不確定性，不能保證管理階層的預期、信念或預測能夠實現，也不能保證實際結果不會與預期有所不同。請查閱我們獲利新聞稿和提交給美國證券交易委員會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. When reviewing the earnings presentation, it is important to reiterate that all European and Latin American operations are reported as discontinued operations for all periods presented.

在今天的電話會議中，我們也將提及一些不符合公認會計原則的措施。我們在獲利報告中提供明細表，將這些非GAAP指標與我們依GAAP準則報告的績效進行核對。在審查收益報告時，需要重申的是，所有歐洲和拉丁美洲的業務在所有報告期間均作為終止經營業務進行報告。

This includes our current business in Spain, our former business in Brazil, which was sold on October 1, our former businesses in Mexico, Chile and Peru, which were sold on February 5; and our former Europe North segment, which was sold on March 31. Our reported consolidated results include the America and Airport segments and Singapore. Also, please note that the information provided on this call speaks only to management's views as of today, November 6, 2025, and may no longer be accurate at the time of replay.

這包括我們目前在西班牙的業務、我們之前在巴西的業務（已於 10 月 1 日出售）、我們之前在墨西哥、智利和秘魯的業務（已於 2 月 5 日出售）以及我們之前在北歐的業務（已於 3 月 31 日出售）。我們公佈的合併業績包括美洲和機場業務部門以及新加坡。另外，請注意，本次電話會議中提供的資訊僅代表管理階層截至 2025 年 11 月 6 日的觀點，在重播時可能不再準確。

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

請看收益報告的第 4 張投影片，現在我將把電話交給 Scott。

Good morning, everyone, and thank you for taking the time to join us today. Many thanks to those of you who were able to participate in our Investor Day in September. We hope you came away with a clear understanding of our vision, strategy and financial goals as we center all our efforts on accelerating our revenue growth in the US, increasing our cash generation and reducing debt.

各位早安，感謝大家今天抽出時間參加我們的節目。非常感謝各位參加我們九月的投資者日活動。我們希望您能清楚地了解我們的願景、策略和財務目標，因為我們將全力以赴加快在美國的收入成長，增加現金流並減少債務。

Turning to our results. On a consolidated basis, we generated revenue of $405.6 million, representing a year-over-year increase of 8.1%. This was driven by record third quarter revenue levels in both segments. Our Americas segment grew 5.9% with our 18th consecutive quarter of year-over-year local revenue growth, and Airports delivered another great quarter with 16.1% year-over-year revenue growth.

接下來來看看我們的結果。合併後，我們的營收為 4.056 億美元，年增 8.1%。這主要得益於這兩個業務部門第三季營收均創歷史新高。我們的美洲業務部門成長了 5.9%，連續第 18 個季度實現了本地收入同比增長；機場業務板塊又取得了一個出色的季度業績，收入同比增長了 16.1%。

We saw growth in key markets, including New York and San Francisco, in national and local sales channels and in digital and programmatic sales. Categories that continue to perform well across the company include banking, legal services and technology, including AI. We remain on track to achieve our financial guidance for the year as we benefit from our focus on customer centricity, accelerating technology capabilities and sales execution and further strengthening our balance sheet.

我們在紐約和舊金山等主要市場、全國和地方銷售管道以及數位和程序化銷售方面都看到了成長。公司旗下表現持續良好的產業類別包括銀行、法律服務和科技（包括人工智慧）。我們仍有望實現今年的財務目標，這得益於我們以客戶為中心的理念、加速技術能力和銷售執行以及進一步加強資產負債表。

Our transition into a US-focused company has improved our risk profile, while allowing us to focus our management team on a range of initiatives to drive more business across our platform while pursuing operating efficiencies through our zero-based budgeting effort. In addition to our financial results, we announced some important milestones during and shortly after the third quarter as we continue simplifying and derisking our company.

我們轉型為一家以美國為中心的公司，改善了我們的風險狀況，同時使我們能夠將管理團隊的精力集中在一系列舉措上，以推動我們平台上的業務成長，並透過我們的零基預算工作追求營運效率。除了財務表現之外，我們還在第三季期間及之後不久宣布了一些重要的里程碑，因為我們將繼續簡化公司並降低公司風險。

On September 7, we entered into an agreement to sell our business in Spain to Atresmedia for approximately $135 million. On October 1, we closed the sale of our business in Brazil for $15 million. Once the Spanish sale closes, we will have completed international divestitures worth nearly $900 million. We also continue to derisk our capital structure and extend our debt maturity profile with the August debt refinancing. We continue to strategically reinvest in our business and our digital conversion plan remains key as we leverage our reach, data analytics capabilities, and verticalized sales teams to expand our presence in the broader advertising market and gain share.

9 月 7 日，我們與 Atresmedia 達成協議，將我們在西班牙的業務以約 1.35 億美元的價格出售給該公司。10 月 1 日，我們以 1500 萬美元的價格完成了在巴西業務的出售。一旦西班牙的出售完成，我們將完成價值近 9 億美元的國際資產剝離。我們也透過8月份的債務再融資，繼續降低資本結構風險並延長債務到期期限。我們將繼續對業務進行策略性再投資，我們的數位轉型計畫仍然是關鍵，我們將利用我們的覆蓋範圍、數據分析能力和垂直銷售團隊來擴大我們在更廣泛的廣告市場中的影響力並贏得市場份額。

Last quarter, I spoke about the success we were having with pharma driven by our advances in technology, analytics and our go-to-market strategy. This quarter, I would like to share another example of how we are leveraging the power of our out-of-home scale to serve brands in major cities like New York with global events like the recent US Open tennis tournament. For this year's tournament, we executed multiple campaigns for national advertisers looking to connect with the massive and highly attractive audience attending the US Open.

上個季度，我談到了我們在製藥領域的成功，這得益於我們在技術、分析和市場進入策略方面的進步。本季度，我想分享另一個例子，說明我們如何利用戶外廣告的規模優勢，為紐約等主要城市的品牌以及像最近的美國網球公開賽這樣的全球性賽事提供服務。在今年的比賽中，我們為希望與參加美國網球公開賽的龐大且極具吸引力的觀眾群體建立聯繫的全國性廣告商執行了多項宣傳活動。

We delivered an unmatched advertising platform covering thousands of tennis fans throughout their journey from our inventory in the New York airports as they arrived to our newly expanded New York roadside inventory as they travel to and from the city, and finally, through our high-profile inventory in and around city field, adjacent to the US Open venue. Our business is increasingly surrounding live events with powerful advertising displays in dynamic and integrated ways.

我們打造了一個無與倫比的廣告平台，覆蓋了成千上萬的網球迷，從他們抵達紐約機場時投放的廣告，到他們往返紐約途中投放的全新擴展的紐約路邊廣告，最後，透過我們在美國網球公開賽場館附近城市球場內的高曝光率廣告位，覆蓋了他們的整個旅程。我們的業務越來越注重以動態和整合的方式，在現場活動中融入強大的廣告展示。

This is also a great example of how we're performing on our expanded New York inventory, and I'm pleased to announce that we're ahead of our internal projections for these assets. They are on track to be cash flow positive in year one. We've lapped the fixed cost site lease headwind and expect to see accelerating growth as we've now fully incorporated them into our network.

這也很好地體現了我們在紐約擴大的庫存方面的業績，我很高興地宣布，我們這些資產的業績已經超過了內部預期。他們預計在第一年實現正現金流。我們已經克服了固定成本場地租賃帶來的不利影響，並且隨著我們已將它們完全納入我們的網絡，預計成長速度將會加快。

Diving deeper into our airports platform to show the power of our inventory, a recent study by Nielsen Scarborough found that airports media is the perfect canvas on which to tell a brand story. According to the study, among frequent flyers who noticed airport advertising, 82% read the ads, 61% recalled seeing them, and 57% took action after viewing an ad, a clear demonstration of the impact of this medium.

為了更深入了解我們的機場平台，以展示我們資源的強大力量，尼爾森斯卡伯勒最近的一項研究發現，機場媒體是講述品牌故事的完美畫布。根據這項研究，在註意到機場廣告的常旅客中，82%的人閱讀了廣告，61%的人回憶起看過廣告，57%的人在看過廣告後採取了行動，這清楚地表明了這種媒介的影響力。

Additionally, the study shows that experiential marketing works well in airport settings and in-person brand experiences are highly appealing with 89% of frequent flyers wanting to sample food or beverages and 62% interested in trying new products they had seen advertised in airports.

此外，研究表明，體驗式行銷在機場環境中效果顯著，親身品牌體驗極具吸引力，89% 的常旅客希望品嚐食物或飲料，62% 的常旅客有興趣嘗試他們在機場廣告中看到的新產品。

As we execute on our revenue-driving initiatives, we are also on track to deliver a further reduction in our corporate costs. This is enabled by a combination of direct savings related to the sale of our international businesses as well as the additional efficiency opportunities stemming from our zero-based budgeting efforts, as I previously noted. We are on track to deliver the $50 million in corporate cost savings announced during our Investor Day.

在推動各項創收措施的同時，我們也可望進一步降低公司成本。正如我之前提到的，這要歸功於出售國際業務帶來的直接節省，以及我們零基預算工作帶來的額外效率提升機會。我們正按計畫實現投資者日上宣布的5,000萬美元企業成本節約目標。

To sum it up, our business remains healthy in the fourth quarter, and we are on track to deliver on our financial guidance for the year. We now have 90% of our Q4 revenue guidance under contract and our business pipeline remains strong.

總而言之，我們的業務在第四季度依然保持健康發展，我們有望實現全年的財務目標。我們目前已完成第四季營收預期90%的合約簽訂，業務發展前景依然強勁。

In addition, we remain on track in pursuing the multiyear goals we discussed at Investor Day of 6% to 8% adjusted EBITDA growth, $200 million in AFFO and net leverage of 7 to 8x by the end of 2028. So the future looks bright for our company as we actively pursue what we believe is a substantial opportunity to unlock shareholder value as a US focused organization and leader in our space.

此外，我們仍按計劃推進在投資者日上討論的多年目標，即到 2028 年底實現 6% 至 8% 的調整後 EBITDA 增長、2 億美元的 AFFO 以及 7 至 8 倍的淨槓桿率。因此，作為一家專注於美國市場的公司和行業領導者，我們積極尋求釋放股東價值的巨大機遇，因此我們公司的未來一片光明。

And with that, I will turn the call over to Dave for the financial review.

接下來，我將把電話交給戴夫進行財務回顧。

Thanks, Scott. On to slide 5 for an overview of our results. The amounts I refer to are for the third quarter of 2025 and the percent changes are the third-quarter 2025 compared to the third quarter of 2024, unless otherwise noted.

謝謝你，斯科特。接下來請看第 5 張投影片，了解我們的結果概要。除非另有說明，我所指的金額均為 2025 年第三季的金額，百分比變化均為 2025 年第三季與 2024 年第三季相比的百分比變化。

Our results this quarter continued the steady trend we've seen all year with solid revenue growth and strong liquidity, positioning us well to achieve our year-end guidance. Consolidated revenue for the quarter was $405.6 million, an 8.1% increase, in line with our guidance. The increase was driven in part by strong digital revenue and growth across all sales channels.

本季我們的業績延續了全年穩定成長的趨勢，營收實現穩健成長，流動性強勁，這使我們能夠很好地實現年底的業績目標。本季綜合營收為 4.056 億美元，成長 8.1%，與我們的預期一致。這一成長部分得益於強勁的數位收入和所有銷售管道的成長。

Adjusted EBITDA for the quarter was $132.5 million, up 9.5%; and AFFO was $30.5 million, up 62.5%, both within our expectations.

本季調整後 EBITDA 為 1.325 億美元，成長 9.5%；調整後 AFFO 為 3,050 萬美元，成長 62.5%，皆符合我們的預期。

On to slide 6 for the Americas segment third quarter results. America revenue was $310 million, up 5.9%, in line with guidance. The increase reflected growth across both print and digital revenue with continued benefit from the MTA Roadside billboard contract and improvements in the San Francisco Bay Area. Mobile sales were up 5.7% and national sales were up 6.1% on a comparable basis. Segment adjusted EBITDA was $133.4 million, up 3.9% with a segment adjusted EBITDA margin of 43.1%.

接下來是美洲地區第三季業績的第六張投影片。美國市場營收為 3.1 億美元，成長 5.9%，符合預期。這一增長反映了印刷和數位收入的成長，這得益於 MTA 路邊廣告牌合約的持續收益以及舊金山灣區的改善。以可比口徑計算，行動端銷售額成長了 5.7%，全國銷售額成長了 6.1%。分部調整後 EBITDA 為 1.334 億美元，成長 3.9%，分部調整後 EBITDA 利潤率為 43.1%。

Please see slide 7 for a review of the third quarter results for Airports. Airports delivered another great quarter with revenue of $95.6 million, up 16.1%, in line with guidance. The increase was driven by digital revenue up 37.4% and strong performance in national sales, which grew 25.2%. Mobile sales were up 3% on a comparable basis. Segment adjusted EBITDA was $21.9 million, up 29.2% with a segment adjusted EBITDA margin of 22.9%.

請參閱投影片 7，以了解機場第三季業績回顧。機場業務又迎來了一個出色的季度，營收達 9,560 萬美元，成長 16.1%，符合預期。此次成長主要得益於數位收入成長 37.4% 以及全國銷售額的強勁表現（成長 25.2%）。行動端銷售額以可比口徑計算成長了3%。分部調整後 EBITDA 為 2,190 萬美元，成長 29.2%，分部調整後 EBITDA 利潤率為 22.9%。

Moving on to slide 8. CapEx totaled $13.2 million in the third quarter, down 25.9%, driven by lower digital spend and reduced contractual spend on shelters.

接下來是第8張投影片。第三季資本支出總額為 1,320 萬美元，下降 25.9%，主要原因是數位支出減少和庇護所合約支出減少。

Now on to slide 9. We ended the quarter with liquidity of $366 million, which includes $155 million of cash and $211 million available under the revolvers. Following the amendments of our revolving credit facilities in the second quarter, which extended maturities through June 2030, we completed a $2.05 billion senior secured note offering in August, refinancing $2 billion of existing notes and increasing our weighted average time to maturity to 4.8 years at the time of the refinancing. Through this refinancing and our second quarter debt buybacks, we have maintained essentially flat annualized cash interest, and this does not include interest savings of approximately $28 million from the prepayment of the CCIBV term loans.

現在來看第9張投影片。本季末，我們的流動資金為 3.66 億美元，其中包括 1.55 億美元的現金和 2.11 億美元的循環信貸額度。繼第二季對循環信貸安排進行修訂，將到期日延長至 2030 年 6 月之後，我們在 8 月完成了 20.5 億美元的優先擔保票據發行，為 20 億美元的現有票據進行了再融資，並將再融資時的加權平均到期時間延長至 4.8 年。透過此次再融資和我們第二季的債務回購，我們基本上保持了年化現金利息不變，這還不包括提前償還 CCIBV 定期貸款所節省的約 2,800 萬美元利息。

Now on to slide 10 and our guidance for the fourth quarter and full year of 2025. For the fourth quarter, we expect consolidated revenue to be within $441 million to $456 million, representing a 3% to 7% increase over the same period in the prior year. We expect America revenue to be within $322 million to $332 million, representing a 4% to 7% increase over the same period in the prior year; and Airports revenue to be within $119 million to $124 million, representing a 3% to 7% increase over the same period in the prior year.

接下來是第 10 張投影片，以及我們對 2025 年第四季和全年的預測。我們預計第四季合併收入將在 4.41 億美元至 4.56 億美元之間，比去年同期成長 3% 至 7%。我們預計美洲地區的營收將在 3.22 億美元至 3.32 億美元之間，比去年同期成長 4% 至 7%；機場地區的營收將在 1.19 億美元至 1.24 億美元之間，比去年同期成長 3% 至 7%。

Given our year-to-date performance and our outlook for the fourth quarter, we've tightened our consolidated full year revenue guidance range. We now expect consolidated revenue to be within $1.584 billion to $1.599 billion for the year, representing a 5% to 6% increase over the prior year.

鑑於我們今年迄今的業績以及對第四季度的展望，我們收緊了全年綜合收入預期範圍。我們現在預計全年合併收入將在 15.84 億美元至 15.99 億美元之間，比上年增長 5% 至 6%。

We continue to expect full year adjusted EBITDA to be within $490 million to $505 million, up 3% to 6% from last year. And we now expect full year AFFO to be within $85 million to $95 million, up 45% to 62% from last year. And we continue to expect full year CapEx to be within $60 million to $70 million. And following our recent capital markets transactions, we continue to anticipate future annualized cash interest of approximately $390 million, assuming no additional activity.

我們仍預計全年調整後 EBITDA 將在 4.9 億美元至 5.05 億美元之間，比去年增加 3% 至 6%。我們現在預計全年調整後營運資金 (AFFO) 將在 8,500 萬美元至 9,500 萬美元之間，比去年增長 45% 至 62%。我們仍然預計全年資本支出將在 6,000 萬美元至 7,000 萬美元之間。繼我們最近的資本市場交易之後，假設沒有其他活動，我們繼續預期未來年化現金利息約為 3.9 億美元。

As we discussed during Investor Day, we are powering our cash flow flywheel, including growing revenue, expanding margins, increasing AFFO, and reducing debt. Through this meaningful debt reduction, we are actively converting enterprise value from debt to equity.

正如我們在投資者日上所討論的那樣，我們正在推動現金流飛輪的發展，包括增加收入、擴大利潤率、提高調整後營運資金 (AFFO) 和減少債務。透過大幅減少債務，我們正在積極地將企業價值從債務轉化為股權。

And now, let me turn the call back to Scott before we take your questions.

現在，在回答大家的問題之前，我先把電話轉回給史考特。

Thanks, Dave. To summarize, we believe we are at a pivotal moment with industry trends in our favor, irreplaceable premium inventory, and strong digital capabilities that together create real growth opportunities. The disruption in search and linear TV ad markets makes this the most exciting ad market in which we've operated. As the last mass visual medium with increasing analytic firepower, our industry is poised to gain share if we do the things we need to do. I believe we are doing those things and excited about the opportunities that lie ahead. To that end, I want to thank our company-wide team for their continued dedication and hard work as we pursue this great opportunity.

謝謝你，戴夫。總而言之，我們相信我們正處於一個關鍵時刻，行業趨勢對我們有利，我們擁有不可替代的優質庫存和強大的數位化能力，這些因素共同創造了真正的成長機會。搜尋和線性電視廣告市場的顛覆性變革，使之成為我們經營過的最令人興奮的廣告市場。作為最後一個擁有日益強大的分析能力的大眾視覺媒體，如果我們採取必要的措施，我們的行業將有望獲得市場份額。我相信我們正在做這些事情，並且對未來的機會感到興奮。為此，我要感謝我們公司全體團隊成員在追求這項絕佳機會的過程中所展現出的持續奉獻和辛勤工作。

We are confident in our ability to achieve our near-term guidance and long-term goals, including sustainable top line growth, expanded margins, and meaningful deleveraging in line with what we discussed on our Investor Day.

我們有信心實現近期業績指引和長期目標，包括可持續的營收成長、利潤率擴大以及按照我們在投資者日上討論的內容進行有意義的去槓桿化。

For those of you who don't recall, we described adjusted EBITDA growth of approximately $115 million by year-end 2028 and applied our then current multiple, yielding value creation of roughly $1.3 billion. We added to that further debt paydown of about $400 million in the same time frame. Taken together, we see this as an opportunity for value creation of approximately $1.7 billion for shareholders based on the plan we laid out with further upside if we realize some of the discontinuities we discussed or see improvement in our valuation multiple. With a streamlined business and a growing digital portfolio, we expect to enter 2026 from a position of strength.

對於那些不記得的人來說，我們曾描述過到 2028 年底調整後的 EBITDA 增長約為 1.15 億美元，並應用了我們當時的倍數，得出價值創造約為 13 億美元。在同一時期，我們還額外償還了約 4 億美元的債務。綜上所述，我們認為根據我們制定的計劃，這將為股東創造約 17 億美元的價值，如果我們能夠實現我們討論過的一些不連續性，或者看到我們的估值倍數有所改善，則還有進一步的增長空間。憑藉精簡的業務流程和不斷增長的數位產品組合，我們預計將以強勁的勢頭進入 2026 年。

And now we welcome your questions. Operator?

現在歡迎大家提問。操作員？

(Operator Instructions) Aaron Watts, Deutsche Bank.

（操作員指示）亞倫·沃茨，德意志銀行。

Hi, everyone can you hear me?

大家好，你們聽得到我說話嗎？

Yeah.

是的。

Okay, great. Thanks for having me on. A couple of questions for me. I wanted to start with one on the ad environment for both the billboard and airports unit. Can you provide a bit more detail around how advertiser behavior to close out the year is setting the stage for early '26? And I know we've all been waiting for some stronger tailwinds from the ad market. Curious if you feel that momentum building?

好的，太好了。謝謝邀請。我有幾個問題想問一下。我想先從廣告看板和機場廣告環境兩方面開始。您能否詳細說明一下，廣告商在年底的行為將如何影響 2026 年初的市場走向？我知道我們都在等待廣告市場出現更強的利多因素。你是否也感受到了這股勢頭？

Thanks, Aaron. This is always a tough question to answer from our little quarter of the world. But we really like what we're seeing in the marketplace right now. The year has built how we expected it would. And if you go back to our earlier earnings calls, we sort of described how we thought it would build, and it very much has had momentum build and has had good strength.

謝謝你，亞倫。從我們這小小的世界角落來看，這始終是個難以回答的問題。但我們非常喜歡目前市場上的情況。這一年的發展正如我們所預期的。如果你回顧我們之前的財報電話會議，我們大致描述了我們認為它會如何發展，而且它確實已經積累了相當可觀的勢頭，並且表現強勁。

We've seen it both in local and in national and probably relative to kind of prior quarters in our book, national has probably been better than what it has been in the last couple of years, and we see that continuing into 2026. I don't know how much I generalize that to the total ad market because I don't have visibility. And I do think the things we called out on Investor Day around disruption in search and disruption in linear TV are providing us some tailwinds. We certainly are hearing from advertisers that we're picking up some share as a result of those disruptions.

我們已經在地方和國家層面都看到了這一點，而且就我們看來，與之前的幾個季度相比，國家層面的情況可能比過去幾年要好，我們認為這種情況會持續到 2026 年。我不知道這個結論在多大程度上可以推廣到整個廣告市場，因為我缺乏這方面的資訊。而且我認為，我們在投資者日上提出的關於搜尋領域顛覆和線性電視領域顛覆的議題，正在為我們帶來一些順風。我們確實從廣告主那裡了解到，由於這些幹擾，我們的市佔率有所提升。

Okay. That's helpful. And then if I could ask one more. There was a report about interest in the company from a third party. We've also seen public comments from your shareholders encouraging consideration of strategic alternatives. Can you provide us with an update on where all that stands? And has any of this changed how you and the Board are thinking about the strategic future of the company?

好的。那很有幫助。如果可以的話，我還能再問一個問題嗎？有報告稱，第三方對該公司表現出了興趣。我們也看到貴公司股東發表公開評論，鼓勵考慮其他策略選擇。您可否告知我們目前進展？這些情況是否改變了您和董事會對公司策略未來的看法？

Hey, Aaron, we're a public company. You know the rules on this as well as I do. So I'm not going to be able to comment on market speculation.

嘿，亞倫，我們是一家上市公司。你和我一樣清楚其中的規則。所以我無法對市場投機行為發表評論。

Okay. Fair enough. If I could squeeze one last one in, maybe for Dave. You ended third quarter with around $150 million of cash held in the US, assuming Spain closes as expected, you'll have further liquidity coming in. Remind us what minimum amount of cash you would like to keep on hand day-to-day? And how you're thinking about priorities for allocation of that excess cash above the minimum over the near-term horizon?And thank you again for the time.

好的。很公平。如果我能擠出最後一份，也許是為了戴夫。第三季末，你在美國持有約 1.5 億美元的現金。假設西班牙按預期關閉，你將獲得更多流動資金。請告知您每日所需現金的最低金額？那麼，您打算如何優先分配超出最低要求的那部分現金，以度過短期支出？再次感謝您抽出時間。

Sure. Thanks for the question. Look, now that we're a US focused business, I've mentioned this in the past. We're probably targeting between $50 million and $75 million of a minimum amount of cash.

當然。謝謝你的提問。你看，既然我們現在是一家以美國市場為中心的企業，我以前也提到過這一點。我們的目標金額可能在 5000 萬美元到 7500 萬美元之間，至少要達到這個數字。

I think, allows us to weather the seasonality of our business. We have stronger cash generation in the second half of the year. But we're looking to deploy cash in a disciplined way, prioritizing our near-term debt as we look forward. But prioritizing the paydown of debt, as we mentioned before, is a priority for the business, in addition to obviously investing in the business as well.

我認為這使我們能夠應對業務的季節性波動。我們下半年的現金流狀況更加強勁。但我們希望以審慎的方式運用現金，優先償還近期債務，並展望未來。但正如我們之前提到的，除了對企業進行投資之外，優先償還債務也是企業的優先事項。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Hello, hey. Thank you. Scott, you noted in the release strength in the Northern California market for billboard and airport. I was hoping to just drill in more. Maybe you could speak to what's improved, where you're seeing that incremental demand?

你好，嘿。謝謝。Scott，你注意到北加州廣告看板和機場市場的發布力度。我原本希望能夠再鑽幾下。或許您可以談談哪些方面有所改進，以及您在哪些方面看到了成長的需求？

And then just as a follow-up, just with the government shutdown, any impact here either due to government as a category or maybe looking ahead, just the potential for air traffic reductions and what that could mean to the airports business?

然後，作為後續問題，鑑於政府停擺，無論是政府層級還是展望未來，航空交通量減少的可能性，以及這對機場業務可能意味著什麼？

Sure. Thanks, David. On NORCAL, there are a few things that have been going San Francisco's way of late.

當然。謝謝你，大衛。最近，北加州有幾件事對舊金山有利。

And I think number one is that the city reputation has bounced back. And that has caused broader advertiser interest in the market. A couple of years ago, we suffered as the kind of reputation of where San Francisco was degraded. We're now benefiting from a lot of changes that the city has made cleaning itself up and making progress, and that has helped.

我認為第一點是，這座城市的聲譽已經恢復了。這引起了更多廣告商對該市場的興趣。幾年前，我們遭受了與舊金山聲譽受損類似的打擊。我們現在受益於這座城市在自我清潔和發展方面所做的許多改變，這很有幫助。

I think the second thing and from a dollar level, this might actually be bigger, but it's just kind of one vertical; but it's the tech vertical and specifically AI has been absolutely focused on out-of-home as a vehicle to promote the companies that are emerging in that space, both the big ones and smaller ones. So whenever you have a geographic area with finite inventory where there's a lot of competition to get the word out, that is good. We are a supply and demand business, and this is something that we're benefiting from both in the road side and in airports. So we're very happy about the direction San Francisco is moving in right now.

我認為第二點，從美元層面來看，這可能實際上更大，但它只是一個垂直領域；它是科技垂直領域，特別是人工智慧領域，一直專注於戶外廣告，將其作為推廣該領域新興公司（包括大型公司和小型公司）的載體。所以，在某個地理區域，庫存有限，而且競爭非常激烈，需要大力宣傳，這都是好事。我們是一家供需關係型企業，而這正是我們在公路和機場都受益的地方。所以我們對舊金山目前的發展方向感到非常高興。

On your second point about government shutdowns, we have not seen anything disrupting things to date. Obviously, we are watching it very closely, but we really have not seen a drop in air traffic. The delays have been episodic and around the system, but have not, at this point, driven any dialogue. So, really nothing to report on that. Probably for us, the government shutdown impacts us more in our Washington, Baltimore market, where just that is not an area that advertisers are necessarily prioritizing much because commercial activity is somewhat diminished in that area.

關於您提到的第二點，即政府停擺，到目前為止我們還沒有看到任何干擾政府運作的情況。顯然，我們正在密切關注此事，但我們確實還沒有看到空中交通量下降。這些延誤是零星發生的，涉及整個系統，但到目前為止，還沒有引發任何對話。所以，這方面真的沒什麼好報告的。對我們來說，政府停擺對我們在華盛頓和巴爾的摩市場的影響可能更大，因為該地區的商業活動減少，廣告商並沒有特別重視這些地區。

But honestly, it's not enough for us to see in the numbers at this point. Anyway, I'm just saying that, that would be more where I would look at our portfolio for an impact of it.

但說實話，目前單憑數字我們還不足以下結論。總之，我的意思是，在這方面，我會更專注於我們的投資組合，看看它會產生什麼影響。

Thank you.

謝謝。

Lance Vitanza, TD Cowen.

蘭斯·維坦扎，TD Cowen。

Thank, guys, and nice job on the quarter. Nice job on the quarter. On the Americas, you mentioned strength in San Francisco and New York, but not in LA. And I'm wondering if you could give an update on the prospects for, I guess, entertainment as a national category, but also LA as a local market.

謝謝各位，這季做得很好。這季度表現不錯。關於美洲地區，你提到了舊金山和紐約的實力，但沒有提到洛杉磯。我想請您介紹一下娛樂產業（作為全國性類別）以及洛杉磯本地市場的前景。

And then actually, I'll just throw in auto insurance as a national category, too. I'd be curious to know how those three are shaping up.

實際上，我還要把汽車保險也當作一個全國性類別加上去。我很想知道這三個人目前的狀況如何。

Great. Okay. Lance, that's a broad field. Let me deal with LA first.

偉大的。好的。蘭斯，這領域太廣了。讓我先處理洛杉磯的事情。

We'll come back to insurance. This has been a tough year in LA starting with the fires in January and all of the movement in the entertainment space. Entertainment is being cultivated by lots of different cities around the country and around the world, frankly, for production. And I think we've all seen the articles exploring how entertainment is out of LA.

我們稍後再談保險問題。對洛杉磯來說，今年是艱難的一年，從一月份的火災到娛樂產業的種種變化。坦白說，全國乃至全世界許多不同的城市都在大力發展娛樂產業，以促進娛樂產業的製作。我想我們都看過一些文章，探討娛樂業是如何離開洛杉磯的。

I think LA would still very much assert itself as the entertainment capital of the world. But that obviously is something that is coveted and that other people are impacting. And we have not seen the entertainment vertical. It's been kind of a laggard all year for us.

我認為洛杉磯仍將穩坐世界娛樂之都的寶座。但這顯然是人們所渴望的，也是其他人正在影響的。我們還沒有看到娛樂垂直領域。今年以來，我們的表現一直不太理想。

I don't think that makes us think that that's a permanent condition, but LA is going through a phase like many cities go through. I mean, we just talked about San Francisco with David a minute ago. The outlook in 2023 was very bleak. And here we are two years later, and it's a shining star. And I think I'm a big believer in LA I'm a big believer in LA bouncing itself back

我不認為這會讓我們覺得這是一種永久性的狀況，但洛杉磯正在經歷許多城市都會經歷的一個階段。我的意思是，我們剛才還跟戴維聊著舊金山。2023年的前景非常黯淡。兩年過去了，它依然是一顆耀眼的明星。而且我認為我非常相信洛杉磯能夠重振旗鼓。

And as the entertainment industry evolves and as the rebuilding starts to take hold, which has taken longer, I think, than any of us would have hoped, I think you're going to see LA reassert itself and get itself moving in the right direction again. I do have a lot of faith that Los Angelinos are going to burnish their city and get it moving in the right direction. But it has been a laggard for us this year. We're looking forward to talking about its renaissance though soon.

隨著娛樂業的發展和重建工作的逐步推進（我認為，重建工作比我們任何人預想的都要漫長），我認為你會看到洛杉磯重振旗鼓，再次走上正確的道路。我非常相信洛杉磯人會讓他們的城市煥然一新，並朝著正確的方向發展。但今年它一直是我們表現落後的一項。我們期待著盡快討論它的復興。

In auto insurance, that's a brighter picture. That market, and you and I have talked about this a lot in the last couple of years, they were a really big category for us pre-COVID. Post-COVID, they had shrunk quite a lot. And we're seeing auto insurance come back and the activity that I'm seeing heading into 2026 makes me feel like this is going to have some durability. So I'm hopeful that we'll be talking about auto insurance as a success story for us here over the next couple of years.

在汽車保險領域，情況則樂觀得多。過去幾年裡，你我經常談到這個市場，在新冠疫情之前，它對我們來說是一個非常大的類別。新冠疫情後，他們的規模縮小了許多。我們看到汽車保險市場正在復甦，而且我看到的2026年市場活動讓我覺得這種趨勢將會持續下去。所以我希望在未來幾年裡，我們能把汽車保險當作我們這裡的一個成功案例來討論。

It's moved in the right direction. It will be a grower for us this year, but I think there's still plenty of upside to that vertical for us.

它朝著正確的方向發展了。今年它將是我們成長的主要部分，但我認為這個垂直領域仍然有很大的發展空間。

If I could pivot to New York, and you've talked a bit about that in the prepared remarks, but I'm concerned about New York City going forward and perhaps falling into a sort of a San Francisco style slide. And so I'm just wondering if you could just clarify relative to -- I guess, OUTFRONT is really the big competitor, are you more or less exposed to the New York City marketplace in terms of like revenue contribution relative to other areas?

如果我能把話題轉向紐約，您在準備好的演講稿中也談到了一些，但我擔心紐約市未來的發展，可能會像舊金山一樣滑向衰落。所以我想請您澄清一下——我猜 OUTFRONT 真的是最大的競爭對手——相對於其他地區而言，您在紐約市市場的收入貢獻方面是更多還是更少？

So I don't know their numbers off the top of my head, but I would guess that they are more exposed than we because MTA Subway is a bigger contract than the Port Authority and airports, and they probably have, of the other assets sprinkling around probably somewhat more. But you need to talk to them about what percentage of their revenue it is. For us, it's an increased percentage as a result of the roadside contract MTA that we picked up a year ago. But we very much believe that New Yorkers have grit and that they're going to navigate the uncertainty that the most recent election lays out just fine.

所以，我一時想不起來他們的具體數字，但我估計他們的風險敞口比我們大，因為 MTA 地鐵的合約比港務局和機場的合約要大，而且他們可能還有其他零散的資產，風險敞口可能更大一些。但你需要和他們談談這部分收入佔他們總收入的百分比。對我們來說，由於一年前我們獲得了 MTA 的道路運輸合同，這一比例有所增加。但我們堅信紐約人堅韌不拔，他們一定能很好地應對最近一次選舉帶來的不確定性。

So we feel good about New York. We feel good about New York as a cultural and commercial center for the country and for, frankly, the world. So I appreciate your concern, but we feel good about New York's prospects.

所以我們對紐約感覺很好。我們對紐約作為美國乃至全世界的文化和商業中心感到自豪。我很感謝你的關心，但我們對紐約的前景感到樂觀。

One last one, if I could, regarding the Spain sale. If I recall, this is your second attempt at selling the asset. And so I'm wondering if there's anything in particular that makes you more comfortable that this transaction ultimately gets approved, whereas the last one, if I recall, got blown up by the regulators?

如果可以的話，我想再問一個關於西班牙出售的問題。如果我沒記錯的話，這是你第二次嘗試出售這項資產。所以我想知道，是什麼特別的原因讓你更有信心這筆交易最終會獲得批准，而我記得上一筆交易卻被監管機構否決了？

Your recollection is correct. The first attempted sale was to a direct competitor in the marketplace. This sale is to someone who does not participate in the out-of-home space. They are a media company, but they don't participate in out-of-home. It's in the regulators' hands, Lance, but I can assure you, we did a lot of diligence on that as we were evaluating the process, and we're hopeful that this will be something that is acceptable to the regulator.

你的記憶沒錯。第一次嘗試出售的對像是市場上的直接競爭對手。這次交易的買家並不從事戶外廣告業。他們是一家媒體公司，但他們不參與戶外廣告業務。蘭斯，這取決於監管機構的決定，但我可以向你保證，我們在評估流程時做了大量的盡職調查，我們希望監管機構能夠接受這個方案。

Thank you very much.

非常感謝。

Thanks, Lance.

謝謝你，蘭斯。

Avi Steiner, JPMorgan.

Avi Steiner，摩根大通。

Thanks. A fair bit has already been asked. Maybe one or two things here. Political was a minor bump in the past from a revenue perspective, but I couldn't help notice more political advertising on billboards, at least on my commute than in recent memory, both from candidates and also new prediction market betting sites.

謝謝。已經有人問了很多問題。或許這裡有一兩件事。從收入角度來看，政治廣告過去只是帶來了一點小增長，但我不得不注意到，至少在我通勤的路上，政治廣告牌上的廣告比最近一段時間要多得多，既有候選人的廣告，也有新的預測市場博彩網站的廣告。

And I was wondering if, a, that was helpful at all into the November election? I'm not looking for specific guidance. And is that potential upside as you kind of think into next year?

我想知道，a，這對11月的選舉是否有任何幫助？我不需要具體的指導。那麼，從你對明年的展望來看，這是否是潛在的上漲空間呢？

Thanks, Avi. And I appreciate that you're noting billboards and other outdoor advertising on your commute. You're like many of the commuters out there. We -- political is down this year as a result of a presidential year. So to your specific question, it was not a contributor, particularly to our Q3 results.

謝謝你，艾維。我很欣賞你在通勤途中留意廣告看板和其他戶外廣告。你和很多通勤者一樣。由於今年是總統年，我們的政治活動減少。所以，就你提出的具體問題而言，它並沒有對我們第三季的業績產生影響。

I do think we have been working as have our competitors for years to get political campaigns to use out-of-home more. The US is probably uniquely for our -- particularly state and federal elections, a smaller user of out-of-home than other geographies around the world, which it should not be. That doesn't make a lot of sense. Politicians, the world overuse out-of-home with a lot of success and US politicians take a page out of that playbook.

我認為，多年來，我們和我們的競爭對手一直在努力讓政治競選活動更多地利用戶外廣告。美國可能是唯一一個——尤其是在州和聯邦選舉中——戶外廣告使用率低於世界其他地區的國家，這不應該。這不太合理。世界各地的政客們都在大量使用戶外廣告，並且取得了巨大的成功，美國政客也從中汲取了經驗。

So that's my advertisement. But look, I think that 2026 it won't be like a presidential year, but I do think that there's some prospect of some uplift from it, not something that I think is going to make or break our year, but this is a category we'd like to see spend more with us.

這就是我的廣告。但是，我認為 2026 年不會像總統選舉年那樣，但我確實認為它會帶來一些提振，雖然我不認為這會決定我們這一年的成敗，但我們希望看到這一類別的消費額增加。

Great. And one last one for me. This was a slower tuck-in acquisition year for, I would say, most of the industry. And as you look into '26, do you think there might be more opportunities to kind of, at the margin, bolster the portfolio? And if so, I'm curious where you think seller expectations might be among maybe the smaller operators.

偉大的。最後，我還要再問一個。我認為，對於業內大多數企業而言，今年的併購活動相對較少。展望 2026 年，您認為是否會有更多機會在一定程度上加強投資組合？如果是這樣的話，我很想知道您認為規模較小的運營商的賣家預期會是什麼樣的。

Thanks, Avi. Yeah, look, expectations are always high among the smaller operators on what payment is due and things like that. It's always hard to call what the macro M&A market is going to be like. Obviously, our participation in that market is always pretty limited just given our balance sheet. We are very targeted. Obviously, one of the things we have talked about in our creative commercial solutions is partnering with the people to be able to do some of that, and that may be something that changes our participation in it.

謝謝你，艾維。是的，你看，小型業者總是對應收帳款等事項抱持著很高的期望。宏觀併購市場走勢總是難以預測。顯然，鑑於我們的資產負債表，我們參與市場的程度始終相當有限。我們的目標非常明確。顯然，我們在創意商業解決方案中討論過的一件事是與人們合作來實現其中的一些目標，而這可能會改變我們參與其中的方式。

But I think with M&A in this space, it's a question of the operators being comfortable that they're selling into a good environment. And I think the environment is solid. So it was a quiet year in 2025, but I would not be surprised if we saw a little bit more activity. I don't think that we've had an environment that people's expectations should be wildly out of the realm, but that's probably a positive in terms of being likely to get activity done, but don't really have a deeply informed view of that.

但我認為，在這個領域的併購中，關鍵在於營運商是否確信他們是在一個良好的環境下出售的。我認為環境很穩定。所以 2025 年是平靜的一年，但如果之後出現一些新的活動，我不會感到驚訝。我不認為我們目前的環境會導致人們的期望過高，但這可能有利於活動的發展，但我對此並沒有深入的了解。

Thanks for the time.

感謝您抽出時間。

Daniel Osley, Wells Fargo.

丹尼爾‧奧斯利，富國銀行。

Hi, thanks. So you recently launched your new in-campaign measurement solution and some of your peers have also released new measurement tools as well. So taking a step back, can you speak to the progress you're seeing in addressing out-of-home's historical measurement challenges? Any early feedback you've gotten from advertisers? And are there any updates on Geopath?

您好，謝謝。所以，你們最近推出了新的廣告系列內衡量解決方案，而你們的一些同行也發布了新的衡量工具。那麼，退一步講，您能否談談在解決戶外廣告長期以來面臨的衡量難題方面所取得的進展？你們從廣告主那裡得到過什麼初步回饋嗎？Geopath專案有任何最新進展嗎？

Great. Thanks, Daniel, and thanks for noticing all of the activity and measurement in our space. I think it's exciting and it's a positive for the industry. On the in-flight insights to which you refer, feedback from advertisers has been positive. We've sold a number of campaigns with it, and it's definitely driving a lot of dialogue right now. So I'm optimistic that that's going to be something that's a good tool in our toolbox.

偉大的。謝謝丹尼爾，也謝謝你注意到我們空間裡的所有活動和測量工作。我認為這令人興奮，對業界來說也是一件好事。關於您提到的機上洞察，廣告商的回饋是正面的。我們已經用它成功推廣了好幾個項目，而且它現在確實引發了很多討論。所以我很樂觀地認為，這會是我們工具箱裡的一個好工具。

To your broader question about Geopath, there is an industry effort going on where the Boards of the OAAA and Geopath have brought in an industry expert to help us develop a viewpoint on what next-generation outdoor measurement should be. And that effort is ongoing.

關於您提出的關於 Geopath 的更廣泛的問題，目前業界正在努力，OAAA 和 Geopath 的董事會已經聘請了一位行業專家來幫助我們形成對下一代戶外測量技術的看法。這項工作仍在進行中。

It's going smoothly. It's in the stage now where vendors are being solicited and an architecture is being framed out. And I would expect that's something that Q1 of next year, we're going to get to a point where we have a sense of what investment is required and we can have the industry conversation about how we actually make that happen. It's not at a point that we can say it's going to happen in exactly one form or another, but I'm encouraged by the enthusiasm every part of the out-of-home community has, the buy side and the sell side for taking a hard look at this. I think everybody recognizes that a better quality currency that everybody can be very, very confident in would be a positive development.

一切進展順利。目前正處於徵集供應商和建構架構的階段。我預計到明年第一季度，我們將對所需的投資金額有所了解，並可以與業內人士探討如何真正實現這一目標。現在還不能斷言它會以某種形式發生，但我對戶外廣告界的各個方面，包括買方和賣方，都表現出的熱情感到鼓舞，他們都在認真研究這個問題。我認為大家都體認到，一種品質更高、人人都非常信賴的貨幣將是一個正面的發展趨勢。

That's helpful. And as a quick follow-up, to the extent that you've started conversations with advertisers on term renewals, can you speak to how those conversations are going and how any price increases are coming in compared to prior years? Thanks.

那很有幫助。最後，我想快速問一下，既然您已經開始與廣告商洽談續約事宜，能否​​談談這些洽談進展如何，以及與往年相比，價格上漲情況如何？謝謝。

Great. Yeah. No, thanks, Daniel. You remember our calendar well. For other folks, we always talk about our upfront, our version of an upfront happening kind of between October and February. So we're kind of a quarter of a way in-ish to the timeframe on that.

偉大的。是的。不用了，謝謝你，丹尼爾。你還記得我們的日曆。對於其他人來說，我們總是談論我們的預售會，我們版本的預售會通常在十月到二月之間舉行。所以，我們已經完成了大約四分之一的時間。

And we're encouraged. The early dialogue has been positive. We're seeing solid increases as we do the renewals and there are definitely some very positive developments in terms of people looking to expand their footprint. So touch wood, it's off to a good start, Daniel.

我們深受鼓舞。早期的對話進展順利。我們看到續約業務穩步成長，在人們尋求擴大業務範圍方面，確實出現了一些非常積極的進展。所以，謝天謝地，丹尼爾，開局不錯。

Thank you.

謝謝。

Pat Sholl, Barrington Research.

Pat Sholl，巴林頓研究公司。

Hi, thank you for taking the question. With the CapEx guidance that you provided, to the extent that we get, I guess, a favorable resolution of the tariff issue, would you look to accelerate that in the coming years?

您好，感謝您回答這個問題。根據您提供的資本支出指導，如果我們能夠得到有利於我們的關稅問題解決方案，您是否會考慮在未來幾年加快這一進程？

Look, from a tariff standpoint, there's been a little bit of an effect from a company standpoint. We're seeing an increase in steel. But overall, that really has not had really any impact from a CapEx standpoint and what we're going to invest in the business. You probably noticed our CapEx was down in the third quarter, and that's really more on timing of when we're putting digital in the ground. So not really a huge impact.

從關稅角度來看，這對公司來說確實產生了一些影響。我們看到鋼鐵需求量增加。但總的來說，從資本支出角度以及我們將對業務進行的投資來看，這實際上並沒有產生任何影響。您可能已經注意到，我們第三季的資本支出有所下降，這主要是因為我們推進數位化專案的時間表。所以影響不大。

We also had some shelter that we had to do last year, which we did not this year, which is really driving CapEx being down year-over-year. Airports is pretty consistent year-over-year third quarter last year to this year. But overall, going back from a tariff standpoint, I think the team, we've managed that pretty well. We'll see where that goes into next year, but that really hasn't been part of the decision-making process from a CapEx standpoint.

去年我們還有一些庇護所需要建設，而今年我們不需要，這確實導致了資本支出較去年同期下降。機場業務與去年同期相比，第三季業績相當穩定。但總的來說，從關稅的角度來看，我認為我們團隊在這方面做得相當好。明年情況如何，我們拭目以待，但從資本支出角度來看，這實際上並不在決策過程中。

Okay. And then I guess with the sales process in Brazil largely, all the international markets largely complete, do you have like an update on just like the expense reduction expectations for on the corporate side or like any additional cost takeouts on that? Or is that largely complete?

好的。然後，我想隨著巴西的銷售流程基本完成，所有國際市場也基本完成，您能否提供一些關於公司方面費用削減預期或其他成本削減措施的最新信息？或者說，這基本上已經完成了？

No. It's very similar to what we talked about during Investor Day when we were a global company with all our business units in Europe and Latin America and the US, we had corporate expenses roughly in the $135 million range.

不。這與我們投資者日上討論的情況非常相似，當時我們是一家全球性公司，所有業務部門都位於歐洲、拉丁美洲和美國，我們的公司支出大約在 1.35 億美元左右。

We mentioned on Investor Day, we went through the process that we're going to take $50 million of cost out, which would leave you in the mid-80s range from a corporate expense standpoint. During that call, we had line of sight to roughly $40 million of that $50 million. We're working on that, and we'll get to that run rate sometime in 2026. So I think that's all on track from that standpoint, very similar to what we talked about during Investor Day.

我們在投資者日上提到過，我們將削減 5,000 萬美元的成本，從公司支出角度來看，這將使成本降至 8,000 萬美元左右。在那次通話中，我們大致掌握了那 5,000 萬美元中的 4,000 萬美元。我們正在努力，預計到 2026 年某個時候就能達到那個運行率。所以我覺得從這個角度來看，一切都在按計劃進行，與我們在投資者日上討論的內容非常相似。

Thank you. There are no more questions. So I'll now turn the call back over to Scott Wells for any closing remarks.

謝謝。沒有其他問題了。現在我將把電話轉回給史考特威爾斯，請他作總結發言。

Thank you. And I'd like to thank all of our listeners again for taking the time to listen to our call. Like we said before, this is an exciting time in our industry and for our company. I wanted to end by reiterating what we've tried to make clear in each of our investor updates.

謝謝。我再次感謝所有聽眾抽空收聽我們的電話會議。正如我們之前所說，對於我們行業和我們公司而言，這是一個令人興奮的時刻。最後，我想重申一下我們在每次投資人更新報告中都試圖闡明的內容。

Our Board, consistent with its fiduciary duties, is open to all avenues to create long-term shareholder value. The Board and company are actively working with advisers to evaluate a range of available pathways to do so. We can't guarantee that any particular outcome will be achieved, and we plan to make an update only if and when there's something concrete to report. But make no mistake, this is an effort about which the Board is very serious. Thanks again for joining our call.

本董事會秉持受託責任，對創造長期股東價值的各種途徑持開放態度。董事會和公司正在積極與顧問合作，評估一系列可行的途徑來實現這一目標。我們無法保證一定能取得任何具體結果，只有當有具體進展需要報告時，我們才會發布更新。但毋庸置疑，董事會對此事非常重視。再次感謝您參加我們的電話會議。