Entravision Communications Corp (EVC) 2025 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to Entravision's fourth-quarter and full year 2025 earnings call. I'm Roy Nir, Vice President of Financial Reporting and Investor Relations.

各位下午好，歡迎參加 Entravision 2025 年第四季及全年財報電話會議。我是 Roy Nir，財務報告與投資人關係副總裁。

Joining me today to discuss our results are Michael Christenson, our Chief Executive Officer; and Mark Boelke, our Chief Financial Officer and Chief Operating Officer.

今天與我一同討論公司業績的有：執行長 Michael Christenson，以及財務長兼營運長 Mark Boelke。

Before we begin, I would like to inform you that this call will contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ. Please refer to Entravision's SEC filings for a list of risks and uncertainties that could impact actual results. The press release is available on the company's Investor Relations page and was filed with the SEC on Form 8-K. Additional information may also be found on our annual report on Form 10-K, which was also filed today.

在開始之前，我想提醒各位，本次電話會議將包含前瞻性陳述，且可能受到各項風險與不確定性影響，導致實際結果出現差異。請參閱 Entravision 向美國證券交易委員會（SEC）提交的文件，以了解可能影響實際結果的風險與不確定性清單。新聞稿已發布於公司投資人關係頁面，並已以 Form 8-K 向 SEC 提交。更多資訊亦可參閱我們的年度報告 Form 10-K，該報告也於今日提交。

Our call today is using Zoom. If you'd like to ask a question, please use the Q&A function on the screen, during the call, indicate you name and company, and submit your question in writing. We will try to answer any questions that relate to the topics contained in today's call during the Q&A session.

我們今天的電話會議使用 Zoom 進行。若您想提問，請在會議期間使用螢幕上的 Q&A 功能，註明您的姓名與公司，並以文字提交問題。我們將在問答環節中，盡力回答與今日會議所涵蓋主題相關的問題。

I will now turn the call over to Michael Christenson.

接下來我把電話會議交給 Michael Christenson。

Thanks, Roy, and thank you to those of you joining this call today. We appreciate your interest and your support. As you saw in our press release, on a consolidated basis, Entravision increased revenue 26% to $134 million in 4Q '25 compared to 4Q '24. We had an operating loss of $21 million in 4Q '25 compared to an operating loss of $49 million in 4Q '24. The 4Q '25 operating loss included a $26 million non-cash impairment charge. So we would have had an operating profit if we exclude that adjustment.

謝謝你，Roy，也感謝今天加入本次電話會議的各位。我們感謝各位的關注與支持。如各位在新聞稿中所見，以合併口徑計算，Entravision 2025 年第四季營收較 2024 年第四季成長 26%，達到 1.34 億美元。2025 年第四季營業虧損為 2,100 萬美元，相較之下 2024 年第四季營業虧損為 4,900 萬美元。2025 年第四季的營業虧損包含 2,600 萬美元的非現金減損費用。因此，若排除該項調整，我們本可呈現營業獲利。

But as we've said on prior calls, we're committed to growing our business and earning a profit. So we acknowledge that we have work to do to improve our operating performance and profitability, especially in our Media business.

但正如我們在先前的電話會議中所說，我們致力於推動業務成長並實現獲利。因此，我們也承認仍需努力改善營運表現與獲利能力，尤其是在我們的媒體業務方面。

We report our results for two segments: Media and Advertising Technology & Services, what we call ATS. For our Media segment, our revenue declined 32% in 4Q '25 compared to 4Q '24. This decline was primarily due to lower political revenue. Excluding political revenue, our 4Q '25 results included a 4% increase in local advertising revenue and a 5% decrease in national advertising revenue.

我們將業績分為兩個部門揭露：媒體（Media）以及廣告技術與服務（Advertising Technology & Services），我們稱之為 ATS。就媒體部門而言，2025 年第四季營收較 2024 年第四季下滑 32%。此下滑主要是因政治廣告收入較低所致。若排除政治廣告收入，2025 年第四季本地廣告收入成長 4%，全國性廣告收入則下滑 5%。

Our local operations had 3% lower monthly active advertisers, but this was offset by an 8% increase in revenue per monthly active advertiser. In terms of operating expenses and profitability, as we have discussed in the past, we made a number of important investments in our media business in 2025.

我們的本地營運每月活躍廣告主數量下降 3%，但每位每月活躍廣告主的收入成長 8%，抵銷了部分影響。在營運費用與獲利能力方面，如我們過去所討論，2025 年我們在媒體業務進行了多項重要投資。

We added capacity to our local sales teams, more sellers, and we added digital sales specialists and digital sales operations capabilities, more digital. When we analyzed our local markets and our local advertiser base, we saw an opportunity to increase revenue by adding sales capacity.

我們擴充了本地銷售團隊的產能，增加了更多業務人員，並增聘數位銷售專家與建立數位銷售營運能力，以強化數位面向。當我們分析本地市場與本地廣告主基礎時，我們看到透過增加銷售產能來提升營收的機會。

In addition, virtually all our local advertising customers are advertising in digital channels, search, social, streaming video and streaming audio. And we believe we can serve their needs in digital channels as well as our traditional broadcast, video and audio channels. The increase in operating expenses in our Media segment for these investments is about $8 million on an annualized basis. However, we funded these investments in part by improving efficiency and reducing costs in non-revenue generating operations.

此外，幾乎所有本地廣告客戶都在數位渠道投放廣告，包括搜尋、社群、串流影音與串流音訊。我們相信，我們能在數位渠道同樣滿足其需求，就如同我們在傳統廣播、影音與音訊渠道所提供的服務一樣。媒體部門因這些投資而增加的營運費用，按年化計算約為 800 萬美元。不過，我們也透過提升效率並降低非營收產生活動的成本，來部分支應這些投資。

So as you'll see, total operating expenses in our Media segment were actually 6% lower in 4Q '25 compared to 4Q '24. Since revenue was lower because we did not have political revenue, we did have an operating loss of $428,000 in 4Q '25 compared to an operating profit of $18.5 million in 4Q '24.

因此，如各位將看到的，我們媒體部門的總營運費用在 2025 年第四季實際上較 2024 年第四季下降 6%。由於缺少政治廣告收入導致營收較低，2025 年第四季我們的營業虧損為 42.8 萬美元，相較之下 2024 年第四季營業獲利為 1,850 萬美元。

For our Media segment, we have two additional initiatives underway to generate incremental revenue. First, in October of last year, we began broadcasting a new network that we call Altavision. Altavision is broadcast on our multicast capacity across all of our markets. We provide the broadcasting infrastructure and sales, and we also provide local news programming.

就媒體部門而言，我們另有兩項正在推進的計畫，以創造增量營收。第一，去年 10 月我們開始播出一個新的聯播網，稱為 Altavision。Altavision 透過我們在所有市場的多播（multicast）頻寬進行播出。我們提供播出基礎設施與銷售，同時也提供本地新聞節目內容。

The balance of the programming is provided by Grupo Multimedios of Monterrey, Mexico. And together, we share the revenue. The stations have been on the air since October, and we've been test marketing with local advertisers since the beginning of this year.

其餘節目內容由墨西哥蒙特雷（Monterrey）的 Grupo Multimedios 提供。我們雙方共同分享營收。這些電視台自 10 月起已開始播出，而我們自今年年初起便已與本地廣告主進行測試行銷。

In addition, on January 1, 2026, we launched new programming on our full power Orlando television station, WOTF TV, in a partnership with Hemisphere Media. Hemisphere Media owns WAPA TV, the number one television station in Puerto Rico.

此外，我們於 2026 年 1 月 1 日與 Hemisphere Media 合作，為我們位於奧蘭多的全功率電視台 WOTF TV 推出新的節目內容。Hemisphere Media 擁有 WAPA TV，該台是波多黎各收視率第一的電視台。

And together, we launched WAPA Orlando Channel 26 to serve the growing Puerto Rican, Caribbean, Central and South American Spanish-speaking communities in Central Florida. There are more than 500,000 Puerto Ricans in the Orlando market, and we are very excited about this new -- the new revenue potential for this business.

我們雙方共同推出 WAPA Orlando 第 26 頻道，以服務中佛羅里達日益成長的波多黎各、加勒比海、中南美洲西語社群。奧蘭多市場有超過 50 萬名波多黎各人，我們對這項新業務的——新的營收潛力感到非常振奮。

Now for our Advertising Technology & Services segment. ATS revenue more than doubled in 4Q '25 compared to 4Q '24, and we had more customers and higher spend per customer. We've continued to invest in our ATS segment in 4Q '25 to grow revenue and operating profits. We invested in our engineering team to continue to improve our technology and to build more powerful AI capabilities into our platform.

接下來談我們的廣告技術與服務部門。ATS 營收在 2025 年第四季較 2024 年第四季成長逾一倍，客戶數增加，且每位客戶的支出也更高。我們在 2025 年第四季持續投資 ATS 部門，以推動營收與營業獲利成長。我們投資於工程團隊，持續改善技術，並在平台中建置更強大的 AI 能力。

And we invested to increase the capacity of our sales organization and customer operations. In addition, our infrastructure costs, primarily cloud computing costs increased in 4Q '25 compared to 4Q '24 as our infrastructure costs will grow as our revenue grows.

我們也投資以提升銷售組織與客戶營運的產能。此外，隨著業務成長，我們的基礎設施成本（主要為雲端運算成本）在 2025 年第四季較 2024 年第四季上升，因為基礎設施成本將隨營收成長而增加。

They're currently growing at about the same pace as revenue. But as the business gets larger, we expect to see some incremental operating leverage so that these costs will grow at a slower pace than revenue. But the combination of our investments, investments in increased operating expenses, that's the direct operating expenses plus selling, general and administrative expenses were $6.5 million higher in 4Q '25 compared to 4Q '24. That's $26 million higher on an annualized basis.

目前其成長速度大致與營收相當。但隨著業務規模擴大，我們預期將出現一些額外的營運槓桿，使這些成本的成長速度低於營收。不過，綜合我們的投資所帶來的營運費用增加（即直接營運費用加上銷售、一般及行政費用），2025 年第四季較 2024 年第四季增加 650 萬美元。按年化計算則增加 2,600 萬美元。

The operating profit for ATS was $12 million in 4Q '25 compared to an operating profit of $2 million in 4Q '24. In our ATS segment, this week, we announced an acquisition. We acquired the technology, platform and product IP of Playback Rewards. Playback Rewards is a reward and loyalty platform.

ATS 的營業獲利在 2025 年第四季為 1,200 萬美元，相較之下 2024 年第四季營業獲利為 200 萬美元。在我們的 ATS 部門，本週我們宣布了一項收購案。我們收購了 Playback Rewards 的技術、平台與產品智慧財產權（IP）。Playback Rewards 是一個獎勵與忠誠度平台。

For the past year, we have been developing our own reward platform, but this acquisition presented an opportunity to accelerate our entry into this market with a more robust platform.

在過去一年，我們一直在開發自有的獎勵平台，但這次收購讓我們有機會以更強健的平台加速切入這個市場。

So to summarize, in Media, we're investing to increase our local sales capacity and to expand our digital sales and digital sales operations capabilities. Again, more sellers and more digital. And in ATS, we're investing to add more engineers to advance our technology and to increase our sales capacity, more technology, better technology and more sellers. We believe these investments will help us build a stronger company.

因此總結來說，在媒體業務方面，我們正在投資以提升本地銷售能力，並擴大我們的數位銷售與數位銷售營運能力。再次強調，更多業務人員與更多數位化。而在 ATS 方面，我們正在投資增聘更多工程師以推進技術，並提升銷售能力——更多技術、更好的技術，以及更多業務人員。我們相信這些投資將幫助我們打造更強大的公司。

So now I'll ask Mark to share with you more details of our financial results for 4Q '25 and the full year 2025. Mark?

接下來我會請 Mark 與各位分享 2025 年第四季（4Q '25）以及 2025 全年的財務結果細節。Mark？

Thank you, Mike. I'll start by reviewing the performance of each of our two reporting segments, again, Media and Advertising Technology & Services. In our Media segment, fourth quarter revenue was $45.8 million, which was down 32% compared to fourth quarter 2024.

謝謝你，Mike。我先回顧我們兩個申報部門的表現，也就是媒體（Media）與廣告技術與服務（Advertising Technology & Services）。在媒體部門，第四季營收為 4,580 萬美元，較 2024 年第四季下降 32%。

Full year 2025 revenue was $176.7 million, down 20% compared to full year 2024. As we've noted on previous calls, our Media business began slowly in 2025, in part due to advertiser uncertainty in the environment of a new administration and federal immigration enforcement actions. In addition, there was significant political advertising in 2024 that was not present in 2025.

2025 全年營收為 1.767 億美元，較 2024 全年下降 20%。如同我們在先前的電話會議中提到的，2025 年我們的媒體業務起步較慢，部分原因是新政府上任的環境以及聯邦移民執法行動，使廣告主存在不確定性。此外，2024 年有大量政治廣告，但 2025 年並未出現。

However, we've seen sequential quarterly improvements in revenue as we move through 2025, particularly in local ad sales, and we're seeing momentum and progress in the execution of our revenue strategies.

不過，隨著 2025 年推進，我們看到營收逐季改善，尤其是在本地廣告銷售方面；同時我們也看到在執行營收策略上出現動能與進展。

One of our goals is to optimize our organizational structure and the expense of support services in order to align them with revenue and to be profitable in each segment as well as on a consolidated basis. Let's look at total operating expense for the Media business, again, meaning the sum of direct operating expense and selling, general and administrative expense, or SG&A, as those two line items are reported in our segment results.

我們的目標之一，是優化組織架構與支援服務費用，使其與營收相匹配，並在各部門以及合併基礎上都能達成獲利。我們來看媒體業務的總營運費用，也就是直接營運費用加上銷售、一般及行政費用（SG&A）之合計；在部門結果中，這兩項會以兩個科目呈現。

Media segment total operating expense in the fourth quarter decreased $2.5 million compared to fourth quarter '24, a decrease of 6%. Operating expense was flat for full year 2025 compared to full year 2024. Starting in Q3 '25, we have taken steps under an ongoing organizational design plan intended to support revenue growth and reduce expenses in our Media segment.

媒體部門第四季總營運費用較 2024 年第四季減少 250 萬美元，降幅 6%。2025 全年營運費用與 2024 全年相比持平。自 2025 年第三季（Q3 '25）起，我們在一項持續進行的組織設計計畫下採取措施，旨在支持媒體部門的營收成長並降低費用。

Key components of this plan included a reduction in Q3 and Q4 of approximately 5% of the Media segment's total workforce, primarily in back-office roles, and we abandoned several leased facilities with impacted employees transitioning to remote work.

該計畫的關鍵內容包括：在第三季與第四季將媒體部門總人力約縮減 5%，主要集中在後勤職能；同時我們放棄了數處租賃據點，受影響員工轉為遠端工作。

We expect these changes to reduce media operating expense by approximately $5 million on an annual basis, and we recorded charges during third and fourth quarter totaling $2.8 million for the expenses associated with these moves. And these charges were reported as restructuring costs on our income statement.

我們預期這些變更將使媒體營運費用按年減少約 500 萬美元；而在第三季與第四季，我們就相關調整所產生的費用合計認列 280 萬美元的費用。這些費用在損益表中列為重組成本。

The Media segment had an operating loss of $0.4 million in Q4 '25 compared to operating profit of $18.5 million in Q4 '24. The decrease was mainly due to political advertising revenue in Q4 '24 that was not present in Q4 '25.

媒體部門在 2025 年第四季（Q4 '25）出現 40 萬美元的營業虧損，而 2024 年第四季（Q4 '24）則為 1,850 萬美元的營業利益。下降主要是因為 2024 年第四季的政治廣告收入在 2025 年第四季並未出現。

We continue to evaluate the organizational structure of our Media business in order to provide compelling content, drive sales, streamline our organization and optimize expense. And the Media segment operating loss improved significantly from third quarter to fourth quarter '25.

我們持續評估媒體業務的組織架構，以提供具吸引力的內容、推動銷售、精簡組織並優化費用。此外，媒體部門的營業虧損在 2025 年第三季到第四季之間顯著改善。

Now let's turn to our Ad Tech & Services segment, or ATS. Fourth quarter revenue for the ATS business was $88.6 million. This was an increase of 123% compared to fourth quarter '24 and a sequential increase of 16% from third quarter to fourth quarter '25.

接著我們來看廣告技術與服務部門（Ad Tech & Services），簡稱 ATS。ATS 業務第四季營收為 8,860 萬美元。這較 2024 年第四季增加 123%，且較 2025 年第三季到第四季呈現 16% 的季增。

Full year 2025 revenue was $270.9 million, an increase of 90% year-over-year compared to full year 2024. As the year progressed through the fourth quarter, we had a higher number of monthly active accounts and higher revenue per monthly active account.

2025 全年營收為 2.709 億美元，較 2024 全年年增 90%。隨著年度推進至第四季，我們的每月活躍帳戶數增加，且每個每月活躍帳戶的營收也更高。

As discussed on previous calls, we have had success executing our strategies in the ATS business during 2025, including expanding the sales team and geographic sales coverage and strengthening our AI capabilities and platform technology.

如同先前電話會議所討論的，我們在 2025 年成功執行 ATS 業務策略，包括擴充銷售團隊與地理銷售覆蓋範圍，以及強化我們的 AI 能力與平台技術。

ATS total operating expenses increased by 48% in the fourth quarter '25 compared to Q4 '24, an increase of $6.5 million. Operating expenses increased by 54% in full year '25 compared to full year '24. The ATS expense increase was primarily related to the increase in revenue.

ATS 第四季（Q4 '25）總營運費用較 2024 年第四季增加 48%，增加金額為 650 萬美元。2025 全年營運費用較 2024 全年增加 54%。ATS 費用增加主要與營收成長相關。

For example, as Mike mentioned, the expense of cloud computing services has increased as a result of processing more transactions and using stronger AI capabilities built into our ad tech platform. There was an increase in sales commissions and performance compensation as a result of the revenue increase and achievement of other performance metrics.

例如，如 Mike 所提到的，隨著處理更多交易並在我們的廣告技術平台中使用更強的 AI 能力，雲端運算服務費用有所增加。此外，因營收增加及達成其他績效指標，銷售佣金與績效獎酬也隨之上升。

And the ATS business has also hired additional sales, engineering and ad operations staff in recent quarters in order to drive ATS growth and expand into new geographic areas. ATS operating profit was $12.3 million in Q4 '25. This was an increase of 464% versus Q4 '24 and a sequential increase of 26% from the prior quarter, Q3 '25. Operating profit for full year 2025 was $33.8 million, an increase of 317% versus full year 2024.

而且，為了推動 ATS 成長並拓展至新的地理區域，ATS 業務在近幾季也增聘了額外的銷售、工程與廣告營運人員。ATS 在 2025 年第四季（Q4 '25）的營業利益為 1,230 萬美元。這較 2024 年第四季增加 464%，且較前一季 2025 年第三季（Q3 '25）季增 26%。2025 全年營業利益為 3,380 萬美元，較 2024 全年增加 317%。

Our goal for the ATS business is to continue to grow revenue and generate positive operating leverage and the ATS revenue increase exceeded the expense increase in terms of percentage and absolute dollars.

我們對 ATS 業務的目標是持續成長營收並產生正向營運槓桿；而 ATS 的營收增幅在百分比與絕對金額上都超過了費用增幅。

Combining our two operating segments, on a consolidated basis, revenue for fourth quarter '25 was $134.4 million, up 26% compared to fourth quarter '24. Full year 2025 revenue was $447.6 million, up 23% compared to full year '24.

將兩個營運部門合併後，以合併基礎計算，2025 年第四季（Q4 '25）營收為 1.344 億美元，較 2024 年第四季增加 26%。2025 全年營收為 4.476 億美元，較 2024 全年增加 23%。

The two segments together generated a consolidated segment operating profit of $11.9 million in Q4 '25 and $27.6 million for full year '25, a decrease of 43% and 41% compared to the respective prior periods. The decrease was a result of decreasing -- I'm sorry, was a result of decreased operating profit in the Media segment, primarily due to political revenue in 2024 that was not present in 2025, partially offset by increased operating profit in the ATS segment.

兩個部門合計在 2025 年第四季（Q4 '25）產生合併部門營業利益 1,190 萬美元，2025 全年為 2,760 萬美元，較各自前期分別下降 43% 與 41%。下降的原因是——抱歉——主要是媒體部門的營業利益下滑，主要由於 2024 年的政治廣告收入在 2025 年並未出現；部分被 ATS 部門營業利益增加所抵銷。

We had a consolidated operating loss of $20.7 million in Q4 '25 compared to a loss of $48.6 million in Q4 '24. Our consolidated operating loss included a noncash impairment charge of $26 million related to certain FCC licenses. Without this noncash impairment charge, we would have had an operating profit of over $5 million in Q4 '25.

我們在 2025 年第四季（Q4 '25）的合併營業虧損為 2,070 萬美元，而 2024 年第四季（Q4 '24）為虧損 4,860 萬美元。我們的合併營業虧損包含一筆與特定 FCC 執照相關的 2,600 萬美元非現金減損費用。若不計入這筆非現金減損費用，我們在 2025 年第四季（Q4 '25）本可達成超過 500 萬美元的營業利益。

Full year 2025 operating loss was $83.4 million versus $52 million for full year 2024, with the increase primarily due to a loss on lease abandonment related to our corporate headquarters and restructuring charges related primarily to our Media segment.

2025 全年營業虧損為 8,340 萬美元，相較於 2024 全年為 5,200 萬美元；增加主要係因與公司總部相關的租賃放棄損失，以及主要與我們媒體事業部相關的重整費用。

Again, our goal is to be profitable for each segment and generate a consolidated operating profit. We have additional work to do, particularly in the Media business, and we remain focused on growing revenue and reducing operating expense throughout 2026 and beyond.

再次強調，我們的目標是讓各事業部皆能獲利，並產生合併營業利益。我們仍有額外工作要做，特別是在媒體業務方面；我們將持續專注於在 2026 年及其後提升營收並降低營業費用。

Looking at corporate expenses, we have taken significant steps to reduce these expenses over the past few years. Corporate expenses in fourth quarter '25 were $6.5 million, a 13% decrease compared to fourth quarter '24 or about $1 million. The decrease was primarily due to expense reductions in rent and professional services.

就公司費用而言，過去幾年我們已採取重大措施以降低這些費用。2025 年第四季公司費用為 650 萬美元，較 2024 年第四季減少 13%，約減少 100 萬美元。減少主要來自租金與專業服務費用的下降。

For full year 2025, we reduced corporate expenses by $10.5 million compared to full year '24, a 28% decrease year-over-year. Going back one year further for additional context, corporate expense in 2025 was almost half of the amount of corporate expense in 2023.

2025 全年，我們較 2024 全年將公司費用降低 1,050 萬美元，年減 28%。再往前一年提供更多背景，2025 年的公司費用幾乎只有 2023 年公司費用的一半。

Entravision's balance sheet remains strong with over $63 million in cash and marketable securities at year-end. We're proud of our strong balance sheet, which we believe sets us apart from others in the industry. In 2025, we made total debt payments of $20 million, reducing our credit facility indebtedness to about $168 million as of year-end.

Entravision 的資產負債表仍然穩健，年末持有超過 6,300 萬美元的現金及有價證券。我們以強健的資產負債表為傲，並相信這使我們在同業中脫穎而出。2025 年我們合計償還債務 2,000 萬美元，使年末循環信貸融資的借款餘額降至約 1.68 億美元。

We entered into an amendment to our credit facility in Q3 as previously reported. The amendment was a proactive and strategic move to accelerate debt reduction and provide more financial stability and flexibility under our credit agreement.

如先前所報告，我們於第三季對信貸融資協議進行修訂。該修訂為一項主動且具策略性的舉措，旨在加速減債，並在信貸協議下提供更高的財務穩定性與彈性。

In addition, we paid $4.6 million in dividends to stockholders in the fourth quarter or $0.05 per share and a total of $18 million for full year 2025 or $0.20 per share. For the first quarter of 2026, our Board of Directors has approved a $0.05 dividend per share payable on March 31 to stockholders of record as of March 17 for a total payment of approximately $4.6 million.

此外，我們於第四季向股東支付 460 萬美元股利（每股 0.05 美元），2025 全年合計支付 1,800 萬美元（每股 0.20 美元）。就 2026 年第一季而言，本公司董事會已核准每股 0.05 美元股利，將於 3 月 31 日支付予 3 月 17 日登記在冊之股東，總支付金額約為 460 萬美元。

Our strategy regarding allocation of cash is, first, reduce debt and maintain low leverage; and second, return capital to our shareholders, primarily through dividends. We look at capital allocation on a two year basis to take into account cyclical political advertising that occurs every other year.

我們的現金配置策略是：第一，降低債務並維持低槓桿；第二，將資本回饋股東，主要透過股利。我們以兩年為一期檢視資本配置，以納入每兩年發生一次的週期性政治廣告因素。

During the past two years, 2024 and 2025, we had about $85 million of net cash provided by operating activities. During this two year period, we used about $76 million of that $85 million to pay down debt and pay a shareholder dividend. That's $40 million used to reduce debt and $36 million used to pay dividends to shareholders. 2025 was not a political year, so we did not have meaningful political revenue last year, but we have now entered another political advertising election year here in 2026.

在過去兩年（2024 年與 2025 年）期間，我們營業活動提供的淨現金約為 8,500 萬美元。在這兩年期間，我們將其中約 7,600 萬美元用於償還債務及支付股東股利。其中 4,000 萬美元用於減債，3,600 萬美元用於支付股東股利。2025 年並非政治年，因此去年並無具意義的政治營收，但我們現在已進入 2026 年這個新的政治廣告選舉年。

We'd like to thank you for joining our call today. We welcome our investors to connect with us through the Investor Relations page on our corporate website, entravision.com, where you will have access to a transcript of this call, the press release containing our fourth quarter and full year financial results and a copy of our annual report filed with the SEC on Form 10-K.

感謝各位今天參加我們的電話會議。我們歡迎投資人透過公司網站 entravision.com 的投資人關係頁面與我們聯繫，您可在該處取得本次電話會議逐字稿、載有第四季與全年財務結果的新聞稿，以及我們向美國證券交易委員會（SEC）提交的 Form 10-K 年報副本。

At this time, Mike and I would like to open the call for questions from the investment community.

此時，Mike 和我想開放投資界提問。

Roy, I'll turn it back over to you.

Roy，我把時間交還給你。

Thank you, Mark. (Operator Instructions)

謝謝你，Mark。（接線員指示）

The first question is regarding the outlook for political revenue in 2026. Mike, do you want to address that?

第一個問題是關於 2026 年政治營收的展望。Mike，你要回應一下嗎？

Yes. So as of today, we are 243 days away from election day 2026. And as you can see in the news, primaries are underway across the country. I think we're very well positioned for a strong political spending environment in 2026. As we've said on prior calls, we believe the Latino vote will be critical to the outcome of the congressional elections in all -- in our six Southwestern states.

好的。截至今天，距離 2026 年選舉日還有 243 天。如各位從新聞所見，全國各地的初選正在進行。我認為我們在 2026 年強勁的政治支出環境中具備非常有利的定位。如我們在先前的電話會議所說，我們相信拉丁裔選票將對國會選舉結果至關重要——在我們西南部六個州皆是如此。

The Cook Political Report lists the 35 closest races of the 435 congressional races, and we are fortunate to have 11 of those 35 in our markets. We also have the important Texas US Senate race, which is, again, getting a lot of press. And then finally, we have governors' races in California, Colorado, Nevada, New Mexico and Texas.

《庫克政治報告》（Cook Political Report）列出 435 場國會選舉中最接近的 35 場選戰，而我們很幸運地在我們的市場中涵蓋其中 11 場。我們也有重要的德州聯邦參議員選舉，再次獲得大量媒體關注。最後，我們在加州、科羅拉多州、內華達州、新墨西哥州與德州還有州長選舉。

So we're very well positioned. And what I would say is, which we've also said on past calls, we believe the Latino vote will be critical to the outcome of these elections. Studies have shown that Latinos are the most persuadable segment of the electorate, and we have a powerful channel for reaching that audience.

因此我們的定位非常有利。我想說的是——我們在過去的電話會議也提過——我們相信拉丁裔選票將對這些選舉結果至關重要。研究顯示，拉丁裔是選民中最容易被說服的族群，而我們擁有觸及該受眾的強大渠道。

And what we will say to make it very clear, what we say to everyone, we can get to listen to our pitch, you must win the Latino vote to win your election. And if you want to win the Latino vote, you should double or triple your allocation to Spanish language media. So again, we're very optimistic about how we're positioned for 2026.

為了把話說得非常清楚——我們對所有人都是這麼說的——只要你願意聽我們的提案，你就必須贏得拉丁裔選票才能贏得選舉。而如果你想贏得拉丁裔選票，你就應該把對西班牙語媒體的預算配置加倍或增加到三倍。所以再次強調，我們對 2026 年的布局非常樂觀。

Thank you, Mike. We received another question related to the status of renewing the affiliation agreement with TU. Can you provide an update on that?

謝謝你，Mike。我們收到另一個問題，與續簽與 TU 的聯播合作協議狀態相關。你能提供最新進度嗎？

Sure. Not much to update since our last call, what we said last time, and it's still the case today. The affiliation agreement with TelevisaUnivision runs through December 31, '26. We've been partners for three decades, and our plan is to renew this agreement. So we expect to renew this agreement. But that's all I can say at this point.

當然。自上次電話會議以來沒有太多更新；我們上次所說的情況，今天仍然如此。與 TelevisaUnivision 的聯播合作協議有效期至 2026 年 12 月 31 日。我們已合作三十年，我們的計畫是續簽該協議。因此我們預期會續簽。但目前我只能說到這裡。

Thank you, Mike. Please hold as we review additional questions.

謝謝你，Mike。請稍候，我們將檢視其他問題。

Thank you, everyone, for joining us today. Mike, I'll turn it back to you for closing remarks.

感謝各位今天參與。Mike，我把時間交給你做結語。

At this point, we'll say thanks, Roy, and thank you again to all of you who are joining our call today. We look forward to speaking with you again when we report our 2026 first quarter results. Thank you very much.

此時，我們要說謝謝你，Roy，也再次感謝今天參加我們電話會議的各位。我們期待在公布 2026 年第一季業績時再次與各位交流。非常感謝。