Gray Media Inc (GTN.A) 2023 Q1 法說會逐字稿

Welcome to the Gray Television Q1 2023 Earnings Call. I will now turn the call over to our Chairman and CEO, Hilton Howell. You may begin.

歡迎參加 Gray Television 2023 年第一季度財報電話會議。我現在將把電話轉給我們的董事長兼首席執行官希爾頓·豪威爾。你可以開始了。

Thank you, Misty. Good morning, everyone. As our operator mentioned, I am Hilton Howell, the Chairman and CEO of Gray Television. I want to thank all of you for joining our first quarter 2023 earnings call.

謝謝你，米斯蒂。大家，早安。正如我們的接線員提到的，我是希爾頓·豪厄爾，格雷電視台的董事長兼首席執行官。我要感謝大家參加我們的 2023 年第一季度財報電話會議。

With me today are our executive officers, our President and Co-CEO, Pat LaPlatney; our Chief Legal and Development Officer, Kevin Latek; and our Chief Financial Officer, Jim Ryan. As you all know, I'm sure, since our last earnings call, our Chief Operating Officer, Bob Smith, has retired after a long and singularly distinguished career. We wish him all the best in his next adventures and thank him for some of the extraordinary and bold initiatives that he began and that our company still benefits from.

今天與我在一起的有我們的執行官、總裁兼聯合首席執行官帕特·拉普拉特尼 (Pat LaPlatney)；我們的首席法律和發展官 Kevin Latek；以及我們的首席財務官 Jim Ryan。眾所周知，我確信，自上次財報電話會議以來，我們的首席運營官鮑勃·史密斯 (Bob Smith) 在經歷了漫長而傑出的職業生涯後已經退休。我們祝愿他在接下來的冒險中一切順利，並感謝他發起的一些非凡而大膽的舉措，我們的公司仍然從中受益。

With that, we will begin with the disclaimer that Kevin will provide. Kevin?

接下來，我們將從凱文提供的免責聲明開始。凱文？

Thank you, Hilton. Good morning, everyone. Gray uses its website as a key source of company information. The website address is www.gray.tv. We will file our quarterly report on Form 10-Q with the SEC later today.

謝謝你，希爾頓。大家，早安。葛瑞將其網站作為公司信息的主要來源。網站地址是www.gray.tv。我們將於今天晚些時候向 SEC 提交 10-Q 表格季度報告。

Included on the call may be a discussion of non-GAAP financial measures, and in particular, broadcast cash flow, operating cash flow, free cash flow and certain leverage ratios. These metrics are not meant to replace GAAP measurements but are provided as supplements to assist the public in their analysis and valuation of our company. Included in our earnings release as well as on our website are reconciliations of the non-GAAP financial measures to the GAAP measures reported in our financial statements.

電話會議可能會討論非公認會計準則財務指標，特別是廣播現金流、運營現金流、自由現金流和某些槓桿率。這些指標並不是要取代 GAAP 衡量標準，而是作為補充提供，以幫助公眾對我們公司進行分析和評估。我們的收益發布以及我們的網站上包含非公認會計原則財務指標與我們財務報表中報告的公認會計原則指標的調節表。

Certain matters discussed on this call may include forward-looking statements regarding, among other things, future operating results. Those statements are subject to a number of risks and uncertainties. Results in the future could differ from those expressed or implied in any forward-looking statements as a result of various important factors that have been set forth in the company's most recent reports filed with the SEC, including our most recent annual report on Form 10-K and our most recent earnings release. The company undertakes no obligation to update these forward-looking statements.

本次電話會議討論的某些事項可能包括有關未來經營業績等的前瞻性陳述。這些陳述存在許多風險和不確定性。由於公司向 SEC 提交的最新報告（包括我們最新的 Form 10 年度報告）中列出的各種重要因素，未來的結果可能與任何前瞻性陳述中明示或暗示的結果有所不同。 K 和我們最近發布的財報。該公司不承擔更新這些前瞻性陳述的義務。

I now return the call to Hilton.

我現在給希爾頓回電話。

Thank you, Kevin. Gray Television reported an exceptionally strong start to 2023 despite strongly raising interest rates, fears of recession and the off year of the political cycle. Our total revenue of $801 million surpassed our guidance, and our core advertising revenue was even with last year's first quarter after adjusting for the impact of the Super Bowl last year and the Winter Olympics broadcasts. Our retransmission revenue was 12% ahead of the last quarter of 2022, also beating our guidance.

謝謝你，凱文。儘管利率大幅上升、對經濟衰退的擔憂以及政治週期的淡年，格雷電視台報導稱 2023 年開局異常強勁。我們的總收入為 8.01 億美元，超過了我們的指導，在根據去年超級碗和冬季奧運會轉播的影響進行調整後，我們的核心廣告收入與去年第一季度持平。我們的轉播收入比 2022 年最後一個季度增長 12%，也超出了我們的指導。

As noted in the earnings release, Gray's first quarter results benefited from continued strong advertiser demand from our local market-leading local television stations and our digital products. Even as many are still telling this country that a recession is just a few months away, businesses, particularly local businesses, are still working hard with a strong demand to find customers to move their products and to sell their services.

正如收益報告中所指出的，葛瑞第一季度的業績得益於我們當地市場領先的當地電視台和我們的數字產品的持續強勁的廣告客戶需求。儘管許多人仍然告訴這個國家，經濟衰退只剩幾個月了，但企業，特別是本地企業，仍在努力尋找客戶來轉移他們的產品和銷售他們的服務，有著強烈的需求。

And increasingly, local businesses are rediscovering that in this age of audience fragmentation, broadcast television and its digital channels that support it provide one of the most effective ways to achieve their goals regardless of the state of the economy and regardless of the new cycles. We, therefore, continue to be very bullish on the value proposition that our industry and in particular, our company offer to those who want to grow their own businesses.

越來越多的本地企業重新發現，在這個觀眾碎片化的時代，廣播電視及其支持的數字頻道提供了實現其目標的最有效方法之一，無論經濟狀況如何，無論新周期如何。因此，我們繼續非常看好我們的行業，特別是我們公司為那些想要發展自己的業務的人提供的價值主張。

Besides our strong earnings this morning, we are happy to report by the time that we convene our next earnings call, the Assembly Studios, in conjunction with Third Rail Studios, will be opening and operating. And Gray will have welcomed NBCUniversal Studios under our long-term lease and are happy to have that esteemed company join the vibrant Georgia film and television industry.

除了今天早上的強勁收益外，我們很高興地在召開下一次收益電話會議時報告，Assembly Studios 與 Third Rail Studios 一起將開業並運營。格雷將歡迎 NBCUniversal Studios 根據我們的長期租約入駐，並很高興讓這家受人尊敬的公司加入充滿活力的佐治亞州電影和電視行業。

As you will hear more from Pat, we're extremely pleased that people are rediscovering the essential value of broadcast television from local sports teams to local businesses who we are seeing coming to broadcast for the first time ever. I also want to reiterate an outstanding fact with regard to our political advertising. For the first time ever in the year before a presidential election, we are receiving significant presidential ad buys from all major candidates and parties. This is a great sign for this year and for next year.

正如您將從帕特那裡聽到的更多信息一樣，我們非常高興人們正在重新發現廣播電視的基本價值，從當地運動隊到我們首次看到廣播電視的當地企業。我還想重申一個關於我們的政治廣告的突出事實。在總統選舉前一年，我們第一次收到來自所有主要候選人和政黨的大量總統廣告購買。這對今年和明年來說都是一個好兆頭。

I also want to congratulate all of our stations. They are operating at the top of their respective games, but I would particularly like to call out some stations that we acquired and have had stewardship over for the last 18 months, particularly some of the Meredith TV stations. We have seen a dramatic improvement across the board but with particular improvements in very important markets to our company in Atlanta, Phoenix, Nashville and Greenville.

我還要祝賀我們所有的電台。他們在各自的遊戲中處於領先地位，但我特別想提及我們收購併在過去 18 個月內管理的一些電視台，特別是一些 Meredith 電視台。我們看到了全面的顯著改善，但在亞特蘭大、菲尼克斯、納什維爾和格林維爾等對我們公司來說非常重要的市場上取得了特別的進步。

Further, the top-performing stations in a portfolio that we purchased have increased their success, particularly in Las Vegas, St. Louis and Hartford. So while we predicted cost synergies from the acquisition, we are now seeing revenue synergy, not just from Meredith, but also from our Quincy acquisitions.

此外，我們購買的投資組合中表現最好的電台也取得了更大的成功，特別是在拉斯維加斯、聖路易斯和哈特福德。因此，雖然我們預測了收購帶來的成本協同效應，但我們現在看到了收入協同效應，不僅來自梅雷迪思，還來自我們對昆西的收購。

While '23 -- 2023 may be remembered for many challenges, Gray will nevertheless continue producing local content that our audiences want and delivering the value that drives solid advertising and retransmission revenues. I believe, however, that 2023 could be the year in which the value, the tremendous reach and the efficiency of local broadcast televisions gets rediscovered by new and existing advertisers, by sports leagues and teams and perhaps even by Wall Street investors.

儘管 23 年至 2023 年可能會因許多挑戰而被人們銘記，但葛瑞仍將繼續製作觀眾想要的本地內容，並提供推動穩定廣告和轉播收入的價值。然而，我相信，2023 年可能是新的和現有的廣告商、體育聯盟和球隊、甚至華爾街投資者重新發現當地廣播電視的價值、巨大影響力和效率的一年。

It should go without saying that we are tremendously unhappy with Gray's stock price and market valuation, both personally and professionally. This company is undervalued for its current operations and its future promise. And yet, with all that and all that we have to report today, we remain very bullish on the industry and especially on Gray's ability to prove the naysayers wrong and return this company's valuation to its appropriate place.

不言而喻，我們對格雷的股價和市場估值非常不滿意，無論是個人還是職業。該公司當前的運營和未來的前景被低估。然而，儘管如此，我們今天要報告的所有內容，我們仍然非常看好這個行業，特別是格雷有能力證明反對者是錯誤的，並將該公司的估值恢復到適當的水平。

I would now like to introduce Pat LaPlatney to provide more color on our operations. Pat?

現在我想介紹帕特·拉普拉特尼 (Pat LaPlatney)，為我們的運營提供更多色彩。拍？

Thanks, Hilton. Gray's television stations and production companies are executing well and seemingly better than other parts of the advertising ecosystem. Our local advertising continues to demonstrate positive results. National advertising, while softer, is a small portion of our business, and it tends to recover when the economy returns to growth.

謝謝，希爾頓。格雷的電視台和製作公司表現良好，似乎比廣告生態系統的其他部分更好。我們的本地廣告繼續展現出積極的成果。全國性廣告雖然疲軟，但只占我們業務的一小部分，當經濟恢復增長時，它往往會恢復。

Overall, the auto category continued its recovery in Q1 and is pacing to continue improving throughout the year. Other strong categories include services and home improvement. Our local direct ad business, which has been a big priority of ours for the past few years continues to yield new leads and new contracts. In the first quarter, our new local direct broaden over 2,000 new accounts and 9% more revenue than the first quarter of 2022.

總體而言，汽車類別在第一季度繼續復甦，並有望在全年繼續改善。其他強勢類別包括服務和家居裝修。我們的本地直接廣告業務是過去幾年我們的重中之重，不斷產生新的潛在客戶和新合同。第一季度，我們新的本地直接拓展新增賬戶超過 2,000 個，收入比 2022 年第一季度增加 9%。

This momentum has continued into the second quarter. In April of '23, our stations brought in nearly 11 million of new business, which is our best monthly number we had. Our April '23 new business revenue was 17.5% higher than April '22. What this tells us is that year after year, new advertisers are learning how our linear and digital platforms can help them drive their own business success in a brand-safe and cost-efficient manner.

這種勢頭一直持續到第二季​​度。 23年4月，我們站新增業務近1100萬，這是我們最好的月度數據。我們 23 年 4 月的新業務收入比 22 年 4 月高出 17.5%。這告訴我們，年復一年，新的廣告商正在了解我們的線性和數字平台如何幫助他們以品牌安全和成本效益的方式推動自己的業務成功。

In some of our large markets, third-party audits of local television stations revealed that our stations are growing their core spot TV revenue. At the same time, the ad dollars in some of the markets are declined.

在我們的一些大型市場中，對當地電視台的第三方審計顯示，我們的電視台正在增加其核心電視節目收入。與此同時，一些市場的廣告收入有所下降。

As Hilton mentioned, we're seeing this result quite clearly in the former Meredith markets, including Atlanta and Phoenix. Between our core revenue performance overall, our new business success and individual market successes like these, we know that Gray has the right people providing the right solutions at the right price for local advertisers who need to grow and maintain their own businesses.

正如希爾頓所提到的，我們在前梅雷迪思市場（包括亞特蘭大和菲尼克斯）中清楚地看到了這一結果。從我們的整體核心收入表現、新業務的成功以及此類個別市場的成功來看，我們知道葛瑞擁有合適的人才，以合適的價格為需要發展和維持自己業務的本地廣告商提供合適的解決方案。

First quarter also included a pleasant surprise of political ad revenue coming in at double the amount of our current television station portfolio posted in the first quarter of (inaudible), which is the last pre-presidential year in the cycle. This is obviously a good sign.

第一季度還令人驚喜的是，政治廣告收入是我們當前電視台在第一季度（聽不清）發布的廣告收入的兩倍，這是周期中的最後一個總統任期。這顯然是一個好兆頭。

Already in the second quarter, we've received our first presidential political ad buys, as Hilton referenced. I'm pleased to report that not 1 but 3 presidential campaigns already advertising on Gray stations in the early primary states. With the presidential election still 17 months away, the size and scope of these ad buys coming this early is encouraging.

正如希爾頓所提到的，我們已經在第二季度收到了第一筆總統政治廣告購買。我很高興地報告，不是 1 個而是 3 個總統競選活動已經在早期初選州的 Gray 電台上投放廣告。距離總統選舉還有 17 個月的時間，如此早到來的這些廣告購買的規模和範圍令人鼓舞。

Meanwhile, our digital businesses are also excelling. In the first quarter, we set new records for engagement with digital audiences. Importantly, we continue to experience double-digit growth in digital revenue.

與此同時，我們的數字業務也表現出色。第一季度，我們與數字受眾的互動創下了新紀錄。重要的是，我們的數字收入繼續實現兩位數增長。

We continue to launch literally dozens of our fast channels on Samsung TV Plus, Amazon's News by Fire TV and the news category on the Roku Channel Live TV. From long-standing advertisers like the auto industry returning to the medium and early season political campaigns to new business development, there is real momentum [local] broadcast business.

我們繼續在 Samsung TV Plus 上推出數十個快速頻道、Amazon Fire TV 新聞以及 Roku Channel Live TV 上的新聞類別。從汽車行業等長期廣告商回歸到中初季的政治活動，到新業務的開發，[本地]廣播業務具有真正的動力。

We also see enthusiasm for medium coming from the sports world that Hilton mentioned. That's really accelerated in the last few weeks. Since last fall, we've had many calls with professional sports teams seeking to explore how our stations could expand their reach and promotional footprint in their home markets and beyond.

我們還看到希爾頓提到的體育界對媒體的熱情。這在過去幾週確實加速了。自去年秋天以來，我們接到了許多專業運動隊的電話，尋求探索我們的電視台如何擴大其在國內市場及其他市場的影響力和促銷足跡。

Last Friday, we announced a new broadcast rights deal with the Phoenix Suns and Phoenix Mercury that's conditioned on the Sun's existing RSN deal expiring. Assuming the deal proceeds, our Arizona stations will make all of the Suns and Mercury games available to roughly 3x more people than the teams have been reaching with the current RSN model.

上週五，我們宣布與菲尼克斯太陽隊和菲尼克斯水星隊達成一項新的轉播權協議，該協議的條件是太陽隊現有的 RSN 協議到期。假設交易順利進行，我們的亞利桑那州電視台將向大約 3 倍的觀眾提供太陽隊和水星隊比賽的觀看人數，這些人數是目前 RSN 模式下球隊所達到的人數的三倍。

We know our business faces real challenges, but that's nothing new for us. We've shifted our course repeatedly over the past few decades. Yet right now, we're moving forward in new and creative ways with our [audience] with a growing advertiser base with new partnerships with local professional sports teams. We also expect that our industry's and our company's work on the next-gen TV technology will open even more doors for us in the medium term.

我們知道我們的業務面臨著真正的挑戰，但這對我們來說並不是什麼新鮮事。在過去的幾十年裡，我們多次改變了方向。然而現在，我們正在以新的、創造性的方式與我們的[受眾]一起前進，廣告商基礎不斷擴大，並與當地專業運動隊建立了新的合作夥伴關係。我們還預計，我們的行業和公司在下一代電視技術方面的工作將在中期內為我們打開更多的大門。

In short, it's a very good time for Gray in the broadcast business. Kevin?

簡而言之，對於格雷來說，現在是廣播行業的一個非常好的時機。凱文？

Thank you, Pat. Today, we can announce that Gray has successfully completed another retransmission renewal cycle. We have agreements or agreements in principle with 3 very large MVPDs just since the beginning of this year.

謝謝你，帕特。今天，我們可以宣布格雷已成功完成另一個重傳更新周期。從今年年初開始，我們就與 3 個非常大的 MVPD 達成了協議或原則協議。

Consistent with Gray's 3-decade history of retrans negotiations, these important new deals were reached without any consumer disruptions or public rhetoric. Equally important, due to the strength of our local content and operations, we have also managed to secure retransmission rates for our content that met or exceeded our budgets. Our next round of retrans negotiations will occur at the end of this year when we will renew with most of our MVPD partners.

與葛瑞 30 年的再交易談判歷史一致，這些重要的新交易是在沒有任何消費者乾擾或公開言論的情況下達成的。同樣重要的是，由於我們本地內容和運營的實力，我們還設法確保滿足或超出預算的內容重傳率。我們的下一輪重交易談判將於今年年底進行，屆時我們將與大多數 MVPD 合作夥伴續約。

In related news, since first of this year, Gray has entered into the ABC opting agreement for Hulu TV and the CBS opting agreements for Hulu TV, YouTube and Fubo. As a reminder, the big 4 networks negotiate these agreements with virtual MVPDs and present agreements for us to accept or reject. We are not permitted to negotiate to big 4 affiliates with a virtual MVPD directly.

相關消息稱，今年年初以來，葛瑞已簽訂了ABC的Hulu TV選擇協議以及CBS的Hulu TV、YouTube和Fubo選擇協議。提醒一下，四大網絡與虛擬 MVPD 協商這些協議，並提出協議供我們接受或拒絕。我們不允許直接與具有虛擬 MVPD 的四大附屬公司進行談判。

We do, however, have breaking news to report in the virtual MVPD space. Just this week, Gray reached an agreement with YouTube TV that secures carriage of 6 of Gray's independent non-affiliated television stations that provide local news and sports-focused content in our largest markets, including Peachtree TV in Atlanta and Arizona's family TV3 in Phoenix. This is Gray's first-ever retransmission agreement with a virtual MVPD for the linear distribution of local television stations. Limited in scope, this deal proves that local broadcasters are, in fact, fully capable of negotiating retransmission agreements with a large sophisticated virtual distributor.

然而，我們確實有重大新聞要在虛擬 MVPD 空間中報導。就在本週，葛瑞與 YouTube TV 達成了一項協議，確保葛瑞旗下 6 家獨立非附屬電視台在我們最大的市場提供本地新聞和體育內容，其中包括亞特蘭大的 Peachtree TV 和鳳凰城的亞利桑那州 family TV3。這是格雷有史以來第一個與虛擬 MVPD 簽訂的用於本地電視台線性分發的轉播協議。儘管範圍有限，但這筆交易證明當地廣播公司實際上完全有能力與大型複雜的虛擬發行商談判轉播協議。

As such, we are hopeful that deals like this one with YouTube TV opens a door for similar deals with Hulu and Fubo TV to bring these independent stations to our customers and their customers and eventually helps lead to the return of our right to negotiate the carriage of our big 4 affiliated stations with all the MVPDs.

因此，我們希望與 YouTube TV 的此類交易為與 Hulu 和 Fubo TV 的類似交易打開一扇大門，將這些獨立電視台帶給我們的客戶及其客戶，並最終幫助我們恢復協商運輸的權利我們的 4 大附屬電台以及所有 MVPD。

The first quarter retransmission results we posted today are better than expected. In particular, retrans revenue as compared to the last quarter of 2022 grew 12% as basis and 25% on a net basis. These results benefited from higher rates in our distribution contracts with some positive true-ups and adjustments in the quarter that were related to last year's distribution.

我們今天發布的第一季度轉播結果好於預期。特別是，與 2022 年最後一個季度相比，轉接收入增長了 12%，淨額增長了 25%。這些結果得益於我們的分銷合同中較高的費率以及本季度與去年分銷相關的一些積極的調整和調整。

We continue to forecast low single-digit growth in gross and net retrans for the year. As a result, we will renew about -- and as a reminder, we will renew about 58% of our MVPD sub base in the first quarter of next year or in the first -- throughout next year, primarily in the first quarter of next year. At that time, we expect some improvement in reverse comp rates that with higher retrans rates will produce higher net retrans dollars in 2024 as well.

我們繼續預測今年總再交易量和淨再交易量將出現低個位數增長。因此，我們將在明年第一季度或第一季度更新約 58% 的 MVPD 子基地，提醒您，我們將在明年全年更新，主要是在明年第一季度年。屆時，我們預計反向補償率會有所改善，更高的再交易率也將在 2024 年產生更高的淨再交易美元。

This concludes my remarks, and I now turn the call back to Jim Ryan.

我的發言到此結束，現在我將電話轉回吉姆·瑞安。

Thanks, Kevin, and good morning, everyone. I'm going to keep my remarks very brief, given Hilton, Pat and Kevin have covered the highlights.

謝謝，凱文，大家早上好。鑑於希爾頓、帕特和凱文已經介紹了重點內容，我的發言將非常簡短。

Relating to Q2 '23 guidance, our core revenues is expected to be up over Q2 last year. We believe the revenue guidance demonstrates the company is continuing a very good start in 2023.

根據 23 年第二季度的指導，我們的核心收入預計將比去年第二季度有所增長。我們相信收入指引表明該公司在 2023 年將繼續保持良好的開局。

Covering the full year, I'll make a few comments on our expectations for the full year. And obviously, when we were talking in billions of dollars, numbers will change as progresses up or down. Our expectations have not changed significantly since our last Q4 call.

談到全年，我將就我們對全年的預期發表一些評論。顯然，當我們談論數十億美元時，數字會隨著上升或下降而變化。自上次第四季度電話會議以來，我們的預期沒有發生重大變化。

Total revenue of approximately $3.3 billion, core revenue of approximately $1.55 billion, which would be up low single digits. Retransmission revenue of approximately $1.54 billion, again, up low single digits. Political revenue of $50 million, which is an improvement from the $40 million to $50 million range we provided on our last call. And that would be including to date approximately $1 million of 2024 presidential spend. And that -- obviously, that presidential spend is changing and increasing if not day by day, week by week. So that's a bright spot going through the rest of this year.

總收入約為 33 億美元，核心收入約為 15.5 億美元，將增長低個位數。轉播收入約為 15.4 億美元，再次實現低個位數增長。政治收入為 5000 萬美元，比我們上次電話會議提供的 4000 萬美元至 5000 萬美元的範圍有所改善。這將包括迄今為止約 100 萬美元的 2024 年總統支出。顯然，總統的支出即使不是每天、每週都在變化和增加。所以這是今年剩餘時間的一個亮點。

We expect total broadcast revenue of about $3.2 billion. Our total operating expenses before depreciation, amortization, gain and loss on [disposed] assets of about $2.5 billion with broadcast expenses of approximately $2.3 billion, network reverse comp of about $940 million, noncash stock comp of about $5 million and noncash 401(k) expense of about $10 million. Our corporate expenses are tracking to be approximately (inaudible) million, including $17 million of noncash stock comp.

我們預計總廣播收入約為 32 億美元。我們在[處置]資產的折舊、攤銷、損益前的總運營費用約為 25 億美元，其中廣播費用約為 23 億美元，網絡反向補償約為 9.4 億美元，非現金股票補償約為 500 萬美元，非現金 401(k)費用約1000萬美元。據追踪，我們的公司開支約為（聽不清）百萬美元，其中包括 1700 萬美元的非現金股票補償。

For full year '23, our operating cash flow is defined in our senior credit agreement. We currently anticipate of a range of about $800 million to $825 million. Continuing on for significant cash usages in '23, cash interest we expect $420 million to $430 million. We do 5% SOFR interest rate cap on $2.6 billion of our floating rate debt. So we are insulated from further increases in SOFR.

23 年全年，我們的運營現金流在我們的高級信貸協議中定義。我們目前預計範圍約為 8 億至 8.25 億美元。繼續考慮 23 年的大量現金使用情況，我們預計現金利息為 4.2 億至 4.3 億美元。我們對 26 億美元的浮動利率債務設定 5% 的 SOFR 利率上限。因此，我們不會受到 SOFR 進一步增加的影響。

Cash taxes of about $35 million to $45 million, which is a reduction from our previous estimates and a positive for us. Routine capital expenditures of about $105 million to $115 million. The preferred dividend is $52 million, and our required amortization on our Term Loan D as in dog is $15 million.

現金稅約為 3500 萬至 4500 萬美元，這比我們之前的估計有所減少，對我們來說是積極的。日常資本支出約為1.05億至1.15億美元。優先股息為 5200 萬美元，我們的定期貸款 D 所需攤銷為 1500 萬美元。

We currently estimate our free cash will be in a range of about $160 million to $170 million. We are very well positioned starting 2023 as we look forward to a successful year and continuing into a strong 2024 with the return of another presidential cycle.

我們目前估計我們的自由現金將在約 1.6 億至 1.7 億美元之間。從 2023 年開始，我們處於非常有利的位置，我們期待著成功的一年，並隨著另一個總統週期的回歸，繼續進入強勁的 2024 年。

I'll now turn the call back to Hilton.

我現在將電話轉回希爾頓。

Thank you, Jim. At this point, operator, I would like to open up our call for questions from anyone in our audience.

謝謝你，吉姆。接線員，現在我想開始向觀眾提問。

(Operator Instructions) It looks like our first question is going to come from Dan Kurnos from Benchmark.

（操作員說明）看起來我們的第一個問題將來自 Benchmark 的 Dan Kurnos。

Maybe, I guess, Pat, since you brought this up, I think you guys are the only one so far that have said services is strong in 2Q and [clear guys] have generated substantial revenue synergies already, I think, from Meredith and Quincy. So I'm just trying to kind of parse out the underlying there. How much of that is sort of underperformance that you've now brought up to market levels versus how much is sort of intrinsic end market just outperformance?

也許，我想，帕特，自從你提出這個問題以來，我認為你們是迄今為止唯一一個表示第二季度服務強勁的人，並且我認為[明確的人]已經從梅雷迪思和昆西那裡產生了巨大的收入協同效應。所以我只是想解析一下那裡的底層。其中有多少是你現在已經達到市場水平的表現不佳，而有多少是內在終端市場的表現出色？

Yes. So services for us have been healthy right along, Dan. So look, I think we have team sales focused on some of these categories. I think that helps us. So that's one of the reasons why I think we could be doing a little better than the other guys.

是的。所以我們的服務一直很健康，丹。所以看，我認為我們的團隊銷售專注於其中一些類別。我認為這對我們有幫助。這就是我認為我們可以比其他人做得更好一點的原因之一。

But for the last -- if you just take legal, for instance, that category for us has been on a steady upward arc for years, literally years. And home improvement continues to be [wrong]. So yes, I like where we are there.

但最後一點——例如，如果你只考慮合法性，那麼對我們來說，這一類別多年來一直在穩步上升，確實是多年來。而家居裝修仍然是[錯誤的]。所以，是的，我喜歡我們現在的處境。

Dan, services in Q1 '23 is about 29% of core. Q1 '22 services was 28% of core.

Dan，23 年第一季度的服務大約佔核心的 29%。 22 年第一季度服務佔核心服務的 28%。

Okay. I mean, is it a better result in your 2Q (inaudible) are better than everybody else so far. So it's a good call out.

好的。我的意思是，到目前為止，你的 2Q（聽不清）比其他人都好，這是一個更好的結果嗎？所以這是一個很好的呼籲。

Kevin, just on the dynamics, and you called out a true up. I don't know if you can size the true up. We've heard that virtuals have been kind of outpacing. And we've heard some upside to kind of sort of net subs, I guess, in Q1 from virtuals.

凱文，就動態而言，你喊出了一個真正的上升。不知道你能不能量一下真實的尺寸。我們聽說虛擬技術已經超越了。我想，我們在第一季度從虛擬中聽到了某種網絡訂閱者的一些好處。

But given all of the recent virtual negotiation dynamics, can you just kind of help us think through both the true up and then kind of the -- I know we have the full year guide, but just kind of your pace and thoughts on subs and impact from this kind of virtual mix shift.

但考慮到最近所有的虛擬談判動態，您能否幫助我們思考一下真實的情況和隨後的情況——我知道我們有全年指南，但只是您對替補和替補的節奏和想法這種虛擬混合轉變的影響。

Dan, we have true-ups and adjustments throughout the year, every year. They tend to be primarily hit us in Q1. Sometimes they're very positive. There is 1 year, remember, the true-ups turned out to be a little negative. But we -- true-ups are part of the story, primarily in Q1 every year.

丹，我們每年都會進行調整和調整。他們往往主要在第一季度受到衝擊。有時他們非常積極。記住，還有一年的時間，結果是有點負面。但我們——真實的情況是故事的一部分，主要是在每年的第一季度。

And since we set the guidance, we have seen -- on the prior call, we saw some better-than-expected true-ups across the board, primarily coming from the, what we call OTT providers. We don't break down virtual versus direct-to-consumer.

自從我們制定指導方針以來，我們在之前的電話會議上看到了一些全面好於預期的調整，主要來自我們所說的 OTT 提供商。我們不會區分虛擬與直接面向消費者的情況。

Our sub trends, I think, are at this point, pretty consistent with everybody. We're seeing large declines in the traditionals. We're seeing continued really strong growth on the new distributors.

我認為，我們的子趨勢在這一點上與每個人都非常一致。我們看到傳統的大幅下降。我們看到新經銷商持續強勁增長。

We are modeling continued parts to clients in traditional DPDs and continued growth in the OTT distributors. So I don't see anything in the near term that would change either one of those trends or trajectories.

我們正在為傳統 DPD 中的客戶持續提供零件模型，並為 OTT 分銷商提供持續增長的模型。因此，我認為短期內不會有任何事情會改變這些趨勢或軌跡。

So the overall mix is obviously, like everybody else, it's becoming -- shifting more towards the virtuals and the direct-to-consumer folks. So we're happy that people are still getting our signals. We're getting great distribution.

因此，與其他所有人一樣，整體組合顯然正在變得更多地轉向虛擬和直接面向消費者的人群。所以我們很高興人們仍然收到我們的信號。我們得到了很好的分配。

The economics would certainly be better if we were doing the negotiations ourselves instead of getting this an average rate for everybody in the country. We have -- again, we have better [stay]. Those command higher rates. And we should get paid for the content and the value that we're delivering. So that's, I think, a long-winded way of I hope answering your question.

如果我們自己進行談判而不是為全國每個人提供平均費率，那麼經濟肯定會更好。我們再次強調，我們最好[留下來]。那些要求更高的利率。我們應該為我們提供的內容和價值獲得報酬。我認為，這是我希望回答你的問題的冗長方式。

Yes. No, that's helpful. One last one just for Hilton. I know you guys are trying to be very thoughtful about this, and anyone can obviously jump in on this. But sort of the Atlanta -- the Assembly Atlanta unlock, I know it's kind of a tricky proposition, and you're getting excited for the launch here. But just how close are you to kind of having something to share with us? Or how is -- guys in the process of kind of giving us more disclosure and/or color on the economic...

是的。不，這很有幫助。最後一張是獻給希爾頓的。我知道你們正在努力思考這個問題，顯然任何人都可以參與其中。但有點像亞特蘭大——亞特蘭大大會解鎖，我知道這是一個棘手的提議，而你會為這裡的發布感到興奮。但您距離與我們分享一些東西還有多遠呢？或者是如何——人們正在向我們提供更多關於經濟的披露和/或色彩......

Sure, Dan. We have an NDA on the lease terms with NBCU that we will not be disclosing. But we will obviously be releasing our revenue numbers quarter-to-quarter. And the Assembly spending has largely wound up.

當然，丹。我們與 NBCU 簽訂了關於租賃條款的保密協議，但我們不會透露該協議。但我們顯然會按季度發布我們的收入數據。議會支出已基本結束。

I'm really, Dan -- so I'm so proud and candidly, would love to host everyone on this phone call at the Assembly because when you see it, you're going to understand what a remarkable economic engine is going to be. And so while we won't be disclosing our lease agreement with NBCUniversal, you will be seeing revenue beginning certainly in the third quarter, but more importantly, in the fourth quarter and then consistently from there on out.

我真的，丹 - 所以我非常自豪和坦率，很樂意在大會上接待大家參加這次電話會議，因為當你看到它時，你就會明白一個非凡的經濟引擎將會是什麼樣子。因此，雖然我們不會透露與 NBCUniversal 的租賃協議，但您肯定會看到收入從第三季度開始，但更重要的是，從第四季度開始，然後從那時起一直持續下去。

And so you can back into anything you want to at that point. But we think it could end up being one of our single most important assets in the entire portfolio.

這樣你就可以在那時回到你想做的任何事情。但我們認為它最終可能成為我們整個投資組合中最重要的資產之一。

Our next question is going to come from [Courtney Bauman] from Barclays.

我們的下一個問題將來自巴克萊銀行的[考特尼·鮑曼]。

Congrats on the quarter. Just really quick one for me. I know a lot of the economics are still trying or you guys still trying to figure a lot of the Phoenix Suns deal out, and you're probably limited in what you can mention. But how do we think about...

恭喜本季度。對我來說真的很快。我知道很多經濟學問題仍在嘗試中，或者你們仍在試圖弄清楚菲尼克斯太陽隊的很多交易，而你們能提到的內容可能很有限。但我們如何思考...

You nailed it.

你成功了。

Yes. How do we think about kind of the longer-term strategy of the company? Is this like inherently a move back towards a more cyclical model? How do we think about that as kind of a hedge on the retrans side? How do we think about the balance?

是的。我們如何看待公司的長期戰略？這本質上是回歸更具週期性的模型嗎？我們如何看待這作為轉播方面的一種對沖？我們如何考慮平衡？

This is Kevin, Courtney. Let me, I guess, first just clarify that as broadcasters generally are adding professional sports games, they are adding -- we are adding them to non-big 4 stations so that we're adding them to independent TV stations. Some of those have other content that gets displayed. Some are stations that were sort of spinning up, and spectrum are spinning up from scratch.

這是凱文·考特尼。我想，首先讓我澄清一下，由於廣播公司通常會添加職業體育比賽，他們正在添加——我們將它們添加到非四大電視台，以便我們將它們添加到獨立電視台。其中一些還顯示其他內容。有些電台已經開始旋轉，頻譜也從頭開始旋轉。

So there's no impact on the big 4 operations of any broadcaster when we're -- as a general matter, as we're talking about the sports, again, not us, but across the whole industry, we're talking about adding -- bringing sports to independent TV stations. And so I think the whole industry is pretty excited about what opportunities may lie ahead over the next several years.

因此，一般來說，當我們談論體育時，不是我們，而是整個行業，我們談論的是添加——時，對任何廣播公司的四大運營都沒有影響。 - 將體育節目帶到獨立電視台。因此，我認為整個行業都對未來幾年可能出現的機遇感到非常興奮。

But the core business remains big 4, affiliate TV stations and for Gray, it means a local new focus. Majority of our revenue comes from local news. That's not going to be impacted. So it's -- if we add, for example, we had a Telemundo at a bunch of stations last year, if we add sports to stations in the region of the country, it's not going to be something that's going to make that whole business suddenly cyclical.

但核心業務仍然是四大、附屬電視台，對於格雷來說，這意味著本地新的焦點。我們的大部分收入來自本地新聞。那不會受到影響。所以，如果我們添加，例如，去年我們在一些電視台有一個 Telemundo，如果我們在該國地區的電視台添加體育節目，這不會突然使整個業務變得如此。週期性的。

In fact, it's not probably going to be much of a -- at least in the next several years, you're probably not going to see much change in the numbers, just given the sort of ebb and flow of our business because we do think that our business is going to fundamentally change from one that is built around and drives its revenue out of local news.

事實上，這可能不會有太大變化——至少在接下來的幾年裡，考慮到我們業務的起伏，你可能不會看到數字有太大變化，因為我們確實我認為我們的業務將從根本上改變，不再是圍繞本地新聞建立並推動其收入的業務。

From retrans, again, I don't see -- I don't know this would have any impact on retrans. We have -- outside of what I mentioned today, we now have our first deal ever with YouTube, and that is driven by the sports that we do have. And some of these stations are ready, cover sports and it's a big driver. And other sports are added in different markets.

從重傳來看，我沒有看到——我不知道這會對重傳產生任何影響。除了我今天提到的內容之外，我們現在還與 YouTube 達成了第一份協議，這是由我們現有的體育賽事推動的。其中一些電台已經準備就緒，可以報導體育賽事，這是一個巨大的推動力。並在不同的市場中添加了其他運動項目。

Obviously, that can come over time. But the sports and the local news we have on these independent stations is what's driving at least the YouTube conversations. In Atlanta and Phoenix, in particular, the independent stations are -- have a fair amount of local news already in some local sports. But it's not stuff that's going to move the needle, but it is, as Pat said, this along with the new business development shows folks are rediscovering broadcast and the reach that we can deliver in a way that other mediums cannot.

顯然，這可能會隨著時間的推移而實現。但我們在這些獨立電視台上播放的體育和當地新聞至少推動了 YouTube 的討論。特別是在亞特蘭大和菲尼克斯，獨立電視台已經在一些當地體育賽事中播放了大量當地新聞。但這並不是什麼能夠改變現狀的東西，但正如帕特所說，這與新業務的發展一起表明人們正在重新發現廣播以及我們可以以其他媒體無法提供的方式提供的影響力。

Our next question is going to come from Aaron Watts with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Aaron Watts。

I've got a couple of questions. One follow-up on the advertising side. That core seems to be holding steady from (inaudible) [Q2]. Can you talk a little bit more about the month it came in or what you're hearing from the rest? Are you seeing an improved or worse (inaudible) into your confidence and your guidance around core?

我有幾個問題。廣告方面的一個後續行動。該核心似乎從（聽不清）[Q2] 開始保持穩定。您能多談談它出現的月份或者您從其他人那裡聽到的情況嗎？您是否發現您的信心和圍繞核心的指導有所改善或惡化（聽不清）？

Aaron, I hate to tell you, you kind of broke up there, so we missed that. Could -- any chance you could repeat?

亞倫，我不想告訴你，你在那里分手了，所以我們錯過了。你能——有機會重複嗎？

Sure. On the advertising side, I'm encouraged to hear that core seems to be holding steady from 1Q into 2Q. Can you talk a little bit more about the monthly cadence you're seeing or what you're currently hearing from your reps on The Street? Are you seeing sentiment improve or worsen month-to-month and how that plays into your confidence in full year guidance you've provided?

當然。在廣告方面，聽到核心似乎從第一季度到第二季度保持穩定，我感到很鼓舞。您能否多談談您所看到的每月節奏或您目前從華爾街代表那裡聽到的情況？您是否發現情緒逐月改善或惡化？這如何影響您對所提供的全年指導的信心？

Yes. I mean, Jim, did you want to take that? Or...

是的。我是說，吉姆，你想接受這個嗎？或者...

I'd say core in April is up healthy single digits, 4-ish plus percent, obviously is looking strong as well. I think the June is a little too early to call, but June is always a tricky month depending on the industry cycles from second quarter rates, which are higher than third quarter rates. And at some point in June, that third quarter rate scenario starts kicking in. So that's probably why June is maybe not quite as strong as April and May, but still looking healthy and looking in positive territory.

我想說，4 月份的核心指數健康增長了個位數，增長了 4% 以上，顯然看起來也很強勁。我認為六月現在下結論有點為時過早，但六月始終是一個棘手的月份，具體取決於第二季度利率的行業周期，第二季度利率高於第三季度利率。在 6 月的某個時候，第三季度利率情景開始生效。因此，這可能就是為什麼 6 月可能不如 4 月和 5 月那麼強勁，但看起來仍然健康且處於積極區域的原因。

Okay. That's helpful. And then, Jim, I think maybe aiming at you again here, but a question around the margin profile of the business, both in the first quarter, you just report your 2Q guide. Can you talk about some of the factors resulting in margins being a bit below where we've seen them historically?

好的。這很有幫助。然後，吉姆，我想也許在這裡再次針對您，但關於第一季度業務利潤狀況的問題，您只需報告第二季度指南。您能談談導致利潤率略低於歷史水平的一些因素嗎？

Two things. One, I think you need to spot us the $35 million of onetime charges that hit the production expense line in Q1 for basically things that were out of control. Secondly, and we've talked about this both last fall and in the Q4 call, especially in broadcast, our operating expenses are running higher this year than they have been in many -- well, have been longer than I can remember.

兩件事情。第一，我認為你需要為我們找出 3500 萬美元的一次性費用，這些費用在第一季度觸及生產費用線，基本上是因為那些失控的事情。其次，我們在去年秋天和第四季度的電話會議中都討論過這一點，特別是在廣播領域，今年我們的運營支出比許多年都要高——嗯，比我記憶中的時間要長。

But quite frankly, as we talked on the Q4 call, inflation has caught up to us. We've wrung out all the cost synergies that were available from the acquisitions a couple of years ago. And as we've talked about in the last 2 calls, we have -- as an operational issue, we are having a hard time recruiting and retaining staffing at the levels we deem adequate at our stations.

但坦率地說，正如我們在第四季度電話會議上所說，通脹已經追上了我們。我們已經充分利用了幾年前收購帶來的所有成本協同效應。正如我們在過去兩次電話中談到的那樣，作為一個運營問題，我們很難在我們的車站招聘和留住我們認為足夠的人員。

We are making progress on that, and part of that progress was adjusting wages and benefits. But we are still running significantly understaffed from where our optimum model would be, and we're continuing to address that. I don't think the cost increases that you're seeing this year are necessarily going to continue through over the next several years. I think this is kind of the reset year for us, and then we can bring -- we can hold it to a lower increase in future years.

我們正在這方面取得進展，其中一部分進展是調整工資和福利。但與我們的最佳模型相比，我們的人員仍然嚴重不足，我們正在繼續解決這個問題。我認為今年看到的成本增加不一定會在未來幾年持續下去。我認為今年對我們來說是一種重置年，然後我們可以在未來幾年保持較低的增長。

Okay. Okay. Got it. And Jim, I know this is nuance, but are those onetime expenses that you've highlighted, are those in your defined operating (inaudible) as per your credit agreement?

好的。好的。知道了。吉姆，我知道這有細微差別，但是您強調的那些一次性費用是否屬於您根據信貸協議定義的運營（聽不清）？

Yes. Unfortunately, yes.

是的。不幸的是，是的。

Got it. Okay. And then one last one for me, and I appreciate all the time. If I can wear my credit hat for a moment, just wanted to confirm that Assembly is an unrestricted subsidiary as it relates to your debt? And I ask that in the context of thinking about your deleveraging efforts. As the Assembly platform begins to generate profit and/or if you have monetization events around the project in the future that raised cash proceeds, should we be thinking about those cash flows going towards paying down debt and deleveraging at the restricted group?

知道了。好的。然後是最後一張給我的，我一直很感激。如果我可以暫時戴上我的信用帽子，只是想確認 Assembly 是一家不受限制的子公司，因為它與您的債務有關？我提出這個問題是為了考慮你們的去槓桿化努力。隨著 Assembly 平台開始產生利潤和/或如果未來圍繞該項目進行貨幣化活動籌集現金收益，我們是否應該考慮這些現金流用於償還受限制群體的債務和去槓桿化？

First, you are correct. Assembly is an unrestricted subsidiary presently. Obviously, I got a -- I'm going to be careful about talking about possible future cash flows and/or monetizations. But it would be reasonable, I think, to assume just like the rest of the company that, I mean, we run a centralized treasury system.

首先，你是對的。目前，Assembly 是一家非限制性子公司。顯然，我會謹慎談論未來可能的現金流和/或貨幣化。但我認為，像公司其他部門一樣假設我們運行一個集中的財務系統是合理的。

So cash comes in and from all sources in the company. And we have been very clear over the last several calls that our #1 priority for capital allocation is to pay down our debt as quickly as possible.

因此，現金來自公司的各個來源。我們在過去的幾次電話會議中已經非常明確地表明，我們資本配置的第一要務是盡快償還我們的債務。

Our next question is going to come from [Aaron] (inaudible) with BNP.

我們的下一個問題將由法國巴黎銀行的 [Aaron]（聽不清）提出。

A couple from me. Good to see the bolstered liquidity via the securitization facility. The -- just to clarify on the prior question, the reduction in broadcast cash flow, the $35 million was onetime. From the high end of guidance, there's another $15 million or so. And I just wanted to clarify that piece. What was that related to?

我的一對。很高興看到證券化工具增強了流動性。 - 只是為了澄清之前的問題，廣播現金流的減少，3500 萬美元是一次性的。從指導上限來看，還有 1500 萬美元左右。我只是想澄清這一點。那與什麼有關？

I'm not sure what -- the 15 you're speaking to, I'm not exactly sure what that is. Is that a total expense?

我不確定那是什麼——與你交談的那 15 個人，我不太確定那是什麼。這是總費用嗎？

Sorry, the broadcast cash flow prior guidance, I think, was [8 50 to 8 75] versus today, I think you're seeing...

抱歉，我認為廣播現金流之前的指導是 [8 50 到 8 75] 與今天相比，我想您看到了......

Oh. Well, yes, obviously, 35 is a direct hit in Q1, which we didn't see coming. I think the rest of it is just a little bit of fine-tuning on full year estimates, certainly not very significant at all. And $15 million and $800-plus million is not a very big delta.

哦。嗯，是的，顯然，35 是第一季度的直接打擊，我們沒有預見到這一點。我認為其餘部分只是對全年預測進行一點微調，當然不是很重要。 1500 萬美元和 800 多萬美元並不是一個很大的增量。

No, totally. I just wanted to make sure I understood the puts and takes. And then separately, you're obviously focused on deleveraging. You see your unsecured bonds trading in the low 60s. Clearly, with the market cap where it is, it sounds like -- I mean, it seems like it would make sense for you to buy discounted debt as a way to potentially accelerate deleveraging. I just wanted to hear your thoughts on that prospect, especially given the depressed market cap on the equity.

不，完全是。我只是想確保我理解看跌期權和拿走期權。另外，你顯然專注於去槓桿化。您看到您的無擔保債券的交易價格在 60 多美元左右。顯然，鑑於目前的市值，聽起來——我的意思是，購買貼現債務似乎是有道理的，以此作為可能加速去槓桿化的一種方式。我只是想听聽您對此前景的看法，特別是考慮到股票市值低迷。

So I'll preface my comment by saying never say never. But at least as of today, I appreciate that the bond tranches are trading at significant discounts. But we view that as a fact of where short-term interest rates are.

因此，我將在評論前說“永不言敗”。但至少截至今天，我很欣賞這些債券的交易價格大幅折扣。但我們認為這是短期利率的事實。

We look at the longer-term maturities of the bond issues and the absolute coupons we're currently paying. And I compare that to the term loan that is capped now at 8% with our rate cap and the term loan E as an aggregate pricing at 7.5% all in. And shorter-term maturities, I would tend to lean towards paying down the more expensive coupons that have shorter maturities.

我們著眼於債券發行的長期期限以及我們目前支付的絕對息票。我將其與目前利率上限為 8% 的定期貸款以及總定價為 7.5% 的定期貸款 E 進行比較。對於短期到期的貸款，我傾向於還清更多的貸款期限較短的昂貴優惠券。

Got it. Very helpful. And then finally, in terms of deleveraging potential, are there any other [apps] sort of either noncore asset sales, et cetera, that you would consider to potentially accelerate the deleveraging? Because it looks like by my numbers, at least into 2024, even if you generate the full level of cash flow that you expect in -- expected in prior years and maybe more, you'd still be levered in the 5. So any further plans or any further thoughts in terms of accelerating deleveraging would be helpful.

知道了。很有幫助。最後，就去槓桿化潛力而言，是否有任何其他[應用程序]類型的非核心資產銷售等，您會考慮可能加速去槓桿化？因為從我的數據來看，至少到 2024 年，即使你產生了你預期的全部現金流水平——前幾年預期甚至更多，你仍然會在 5 年內槓桿化。所以任何進一步加速去槓桿化的計劃或任何進一步的想法都會有所幫助。

There are no assets, core or noncore, that we plan to dispose of. And quite frankly, anything that's noncore is so tiny that it would not move the needle 1 iota.

我們沒有計劃處置任何資產，無論是核心資產還是非核心資產。坦率地說，任何非核心的東西都太小了，以至於它不會移動針一丁點。

(Operator Instructions) Our next question is going to come from Nick Zangler with Stephens Inc.

（操作員說明）我們的下一個問題將來自 Stephens Inc. 的 Nick Zangler。

This is Dean on for Nick. You've been seeing industry peers there are some local news programs across various markets. And I think there's been some overlap with the Gray stations. Are you seeing any indication of pressure on dealership within the local segment?

這是迪恩替尼克發言。您已經看到行業同行有一些跨不同市場的本地新聞節目。我認為與灰色電台有一些重疊。您是否發現本地細分市場中的經銷商面臨任何壓力？

The answer quickly is no. We're doing the exact reverse of that. We have, in almost every market, been increasing our local news coverage and in some cases, quite significantly. And that ranges across the board with -- regardless of market sizes, we are actually moving more aggressively to create our own local news content and are supplanting in many cases the syndicated product that others may have.

答案很快是否定的。我們正在做與此完全相反的事情。在幾乎每個市場，我們都在增加當地新聞報導，在某些情況下，力度相當大。無論市場規模如何，我們實際上都在更積極地創建自己的本地新聞內容，並在許多情況下取代其他人可能擁有的聯合產品。

So there is no potential of Gray eliminating news coverage anywhere. I think this is a validation of our acquisition strategy over many, many, many years. We have always focused upon news generating and news gathering centered TV stations, #1, #2 stations in important markets.

因此，格雷不可能消除任何地方的新聞報導。我認為這是我們多年來收購策略的驗證。我們始終專注於以新聞生成和新聞採集為中心的電視台，以及重要市場中的#1、#2 電視台。

And so here in Atlanta, for instance, because I watch it every morning, but we've gone in 18 months from the smallest news-producing station to by far, having the largest number of news hours of anyone in the market because at the end of the day, viewers want the news when they want the news. And so we need to be there to provide it. So you'll see no pullback on news from us.

舉例來說，在亞特蘭大，因為我每天早上都看它，但我們在 18 個月內從最小的新聞製作電台發展成為迄今為止市場上擁有最多新聞時數的電台，因為在歸根結底，觀眾想看新聞就想看新聞。所以我們需要在那裡提供它。所以你不會看到我們的消息有任何撤退。

Got it. And then getting more aggressive on more local news content, is any of that -- I know you just mentioned being [gap] in some markets. Is that a bottleneck for expanding that local news coverage?

知道了。然後在更多本地新聞內容上更加積極主動，這就是——我知道你剛剛提到了在某些市場上的[差距]。這是擴大當地新聞報導的瓶頸嗎？

It's not a bottleneck, and I'll let Pat follow up on all those. I think it's just an indication that many different companies and industries have across the country post-COVID. Everybody is trying to find good people, and there's just not enough good folks out there to fill them.

這不是瓶頸，我會讓帕特跟進所有這些。我認為這只是一個跡象，表明全國各地許多不同的公司和行業在新冠疫情之後都採取了行動。每個人都在努力尋找優秀人才，但是卻沒有足夠的優秀人才來填補他們的空缺。

Tight labor market, too. I mean -- so yes, it has not caused us to pull back in any way. We've been able to produce -- as Hilton mentioned, the number of news hours we're producing as a company is going up every year.

勞動力市場也吃緊。我的意思是——是的，這並沒有導致我們以任何方式退縮。我們已經能夠製作——正如希爾頓所提到的，我們作為一家公司製作的新聞時數每年都在增加。

We use technology as best we can to make sure that we do it efficiently and effectively. But yes, we've been able to get through it with a little bit short staffed, and we've made some fairly significant progress in hiring over the last 6 to 8 months. So that's sort of headed in the right direction.

我們盡可能地利用技術來確保我們高效、有效地完成工作。但是，是的，我們已經能夠在人員短缺的情況下度過難關，而且在過去 6 到 8 個月裡，我們在招聘方面取得了一些相當重大的進展。所以這有點朝著正確的方向發展。

Our next question is going to come from Jim Goss with Barrington.

我們的下一個問題將由吉姆·戈斯和巴林頓提出。

Okay. Kevin, I was if you might comment on reverse comp requests from the networks at this stage with any programming cost rationalizations that have been undergoing. Have they been any less aggressive than they've typically been in past?

好的。凱文，我想請您對現階段來自網絡的反向補償請求以及正在進行的任何編程成本合理化發表評論。他們的攻擊性是否比過去有所減弱？

At a high level, Jim, I think fair to say that our peers and I have been prefacing that we expect the rate to grow, the reverse comp will be coming down for a couple of reasons. And we're -- I think several folks have said that over the last few calls, and it is our expectation. It's not changed. I don't want to talk about specific negotiations at this time because we do our -- we are in specific negotiations. So I'm just talking at a fairly high level, but several folks are saying across the industry right now.

在高水平上，吉姆，我認為可以公平地說，我們的同行和我一直在序言中表示，我們預計增長率會增長，但由於幾個原因，反向比較將會下降。我想，在過去的幾次電話會議中，有幾個人已經這麼說了，這是我們的期望。它沒有改變。我現在不想談論具體談判，因為我們正在進行具體談判。所以我只是在相當高的層面上談論，但現在整個行業都有幾個人在說。

Okay. I wonder too some thoughts have been expressed, and I think they seem reasonable that maybe retrans is leveling off to some extent, and your guidance for the next quarter seems to suggest that a little bit that with the erosion in subs offsetting increasing in prices even aside from any reverse comp requests that maybe you've hit somewhat of a max, which isn't bad to have a stable base to provide from in addition to ad sales. But do you think we've started to hit somewhat of a limit with net retrans in total?

好的。我也想知道已經表達了一些想法，我認為它們似乎是合理的，也許重傳在某種程度上趨於平穩，而你對下個季度的指導似乎表明，隨著潛艇的侵蝕抵消了價格的上漲，甚至除了任何反向補償請求之外，您可能已經達到了一定程度的上限，除了廣告銷售之外，擁有一個穩定的基礎來提供也不錯。但您是否認為我們已經開始達到網絡重傳總數的限制？

I'm not -- you were talking -- I wasn't sure of your question about gross or about net.

我不是——你剛才說的——我不確定你的問題是關於毛額還是淨額。

Well, I guess if you're getting a higher (inaudible) that you're losing some of the subs if they offset one another, and then you do have the reverse comp issue, I'm wondering if the -- well, probably both the gross and the net reverse or retrans are sort of going about as far as they might already or think there is more upside. Over the past years, everybody has argued for onward and upward. I'm wondering if that's starting to slow to a point that maybe we shouldn't be thinking in that -- those terms.

好吧，我想如果你得到一個更高的（聽不清），如果它們相互抵消，你就會失去一些低音炮，然後你確實遇到了反向補償問題，我想知道是否 - 嗯，可能總的和淨的反向或再傳輸都已經達到了他們可能已經達到的程度，或者認為還有更多的上行空間。這些年來，大家都在主張向前、向上。我想知道這是否開始放緩到我們不應該考慮這些方面的程度。

I think I'd just reiterate, we still expect gross and net to be up low single digits this year. And next year, we have a large rate reset, and we have new network comp agreements. So we'll have a different reverse comp level next year. So I can just reiterate, we expect that we will still see growth in both gross and net.

我想我只是重申一下，我們仍然預計今年的毛額和淨額將增長低個位數。明年，我們將大幅調整費率，並製定新的網絡補償協議。因此，明年我們將有不同的反向補償水平。因此，我可以重申，我們預計毛額和淨額仍將增長。

Okay. Then I wondered about any of you with a Premion update and any impact from the deal uncertainties that might be introduced from that relationship?

好的。然後我想知道你們中是否有人有 Premion 更新以及這種關係可能帶來的交易不確定性的影響？

Really no impact, Jim. Our stations are doing a great job of selling Premion. The product is excellent. It's in high demand in the market, and year-over-year growth there is substantial.

真的沒有影響，吉姆。我們的電台在銷售 Premion 方面做得很好。該產品非常好。市場需求量很大，並且同比增長顯著。

Okay. And maybe finally, as you've emphasized, news is your key driver. With your broadened platform across, is it big enough to provide any national effort either for a separate business or at least within your own news programs to get sort of a local, national feel?

好的。也許最後，正如您所強調的，新聞是您的關鍵驅動力。隨著您的平台不斷擴大，它是否足夠大，可以為單獨的業務或至少在您自己的新聞節目中提供任何全國性的努力，以獲得某種地方性的、全國性的感覺？

We're really looking to remain very focused on local markets sort of across the board. One of the things that we have done is have the opportunity with our particular footprint to do things on a statewide basis across all markets.

我們確實希望全面關注本地市場。我們所做的事情之一是有機會利用我們特定的足跡在全州範圍內的所有市場開展工作。

The most relevant one immediately is what we've done with Telemundo because we've taken Telemundo statewide so far in Georgia, in Alabama, in Tennessee. And Susan Oh and her team are working to take it to above -- an eventual total of 42 markets. So -- but we look at that on a local and statewide basis, not on a national scale.

最相關的是我們對 Telemundo 所做的事情，因為到目前為止，我們已經在佐治亞州、阿拉巴馬州和田納西州的全州範圍內實施了 Telemundo。 Susan Oh 和她的團隊正在努力將其擴展到上述目標——最終總共 42 個市場。所以，但我們是在地方和全州範圍內看待這一問題，而不是在全國范圍內。

Our next question is going to come from John Kornreich with JK Media.

我們的下一個問題將來自 JK Media 的 John Kornreich。

Jim or Kevin, you reiterated a couple of times that net retrans should be up low single digits this year. Yet the first quarter was down 3.5%, and your guidance for the second quarter is that net retrans will be down 4%. So I take it you're expecting about a 10% year-over-year net retrans increase starting in the third quarter.

吉姆或凱文，你們多次重申今年的淨轉播量應該會上升到低個位數。然而，第一季度下降了 3.5%，您對第二季度的指導是淨重交易量將下降 4%。因此，我認為您預計從第三季度開始，淨重交易量將同比增長約 10%。

We're not giving that level of granularity on guidance at this point.

目前我們還沒有給出如此詳細的指導。

Okay. But you are reiterating up for the whole year net retrans for '23?

好的。但您是否重申了 23 年全年的淨重傳？

Yes.

是的。

And an acceleration of that next year as you do more agreements.

隨著你達成更多協議，明年這一進程將會加速。

Correct, yes.

正確，是的。

Okay.

好的。

We have a lot of subs to reprice next year, and we will also be entering -- we will also have reverse comp agreements that have been negotiated and locked in that have slightly different rate structures next year, which will be -- as we commented, the rate of reverse comp growth for the ones we've locked is significantly less than what we've seen over the last 5 years or so.

明年我們有很多潛艇要重新定價，我們也將簽訂反向補償協議，這些協議已經談判並鎖定，明年的費率結構略有不同，正如我們評論的那樣，我們鎖定的那些的反向競爭增長率明顯低於我們在過去 5 年左右看到的情況。

That's -- will affect '24, not '23.

那將影響'24，而不是'23。

Correct.

正確的。

Okay. Secondly, just quickly on the guidance of [1 60 to 1 70] free flow, again, that includes -- that excludes CapEx and reimbursement on the Assembly project.

好的。其次，再次快速遵循 [1 60 至 1 70] 自由流動的指導，其中包括——不包括裝配項目的資本支出和報銷。

That would be correct, and it also excludes the roughly $30 million of common dividend.

這是正確的，而且它還不包括大約 3000 萬美元的普通股股息。

Right, right. But...

是的是的。但...

And in the Q, which will be filed a little later today, there is good disclosure around what we see for Assembly as far as finishing off from the cost side to complete Phase 1 as well as reimbursement. So if you look at the liquidity section of MD&A, you'll get some good details.

在今天晚些時候提交的 Q 中，我們對 Assembly 的情況進行了很好的披露，包括從成本方面完成第一階段以及報銷。因此，如果您查看 MD&A 的流動性部分，您將獲得一些很好的細節。

When do you guys expect to sort of hit your stride on revenue coming in from the Assembly project? Is that early '24 or...

你們預計裝配項目的收入什麼時候能取得重大進展？是24年初還是...

Full year 2024.

2024 年全年。

2024.

2024 年。

Full year 2024. It will come online in June, and then it will take a period to ramp it up. But we will see it in 2023, but full year 2024, it will be fully operational, and we'll have the benefits of its revenue in additional -- in addition to it being what I think is going to be a remarkable presidential year.

2024年全年。6月上線，之後需要一段時間的爬坡。但我們將在 2023 年看到它，但到 2024 年全年，它將全面投入運營，我們將獲得額外的收入收益——此外，我認為這將是非凡的總統年。

And that's going to bring -- the combination of all of those things are just like after we closed from Raycom, we're going to bring our debt down rapidly in a 2-year period of time. And we're very excited for that.

這將帶來——所有這些事情的結合，就像我們關閉融科之後一樣，我們將在兩年內迅速降低我們的債務。我們對此感到非常興奮。

It's like you should not only buy your stock but buy your bonds too.

這就像你不僅應該購買股票，還應該購買債券。

I would -- both have -- I mean -- and I will tell you, I'm going to be buying stock. So our current price is ridiculous. The Assembly project by itself is worth more than our market cap.

我會——我的意思是——我會告訴你，我將購買股票。所以我們現在的價格是荒謬的。組裝項目本身的價值超過了我們的市值。

One last thing. Kevin, can you reiterate or put together again the flow of retrans agreements starting in the first quarter of this year and then go through '24 again?

最後一件事。凱文，您能否重申或重新整理一下從今年第一季度開始的轉播協議流程，然後再次經歷“24 小時”？

Bear with me. It's in our deck, and I want to be sure to read it from the deck so I don't [speak]. Let's see, 2023, we had 22% of the traditional MVPD subscribers renewing in Q1; 18%,[to] . 2024, it's 38% in Q1, and then 23% in the second half.

耐心聽我說。它在我們的套牌中，我想確保從套牌中讀取它，這樣我就不會[說話]。讓我們看看，到 2023 年，我們有 22% 的傳統 MVPD 訂閱者在第一季度續訂； 18%，[至] . 2024年，第一季度為38%，下半年為23%。

Say '24 again, sorry.

再說一遍“24”，抱歉。

2024, it's 38% in Q1 and then 23% in the second half.

2024 年，第一季度為 38%，下半年為 23%。

Our next question is going to come from Monica Liu from Onex.

我們的下一個問題將來自 Onex 的 Monica Liu。

Can you provide a little more color on the $17 million special charge taken during the quarter to basically account for the credit allowances related to Diamond Sports bankruptcy? What is the nature of that expense? And what are the assumptions behind that number? Also relatedly, there have been some headlines around Diamond sports filed a lawsuit to try to stop the Phoenix Suns agreement with Gray. So in addition to the $17 million, is there any potential other liabilities that we should think about?

您能否對本季度收取的 1700 萬美元特別費用提供更多說明，這些費用主要用於與 Diamond Sports 破產相關的信貸補貼？該費用的性質是什麼？這個數字背後的假設是什麼？同樣相關的是，有一些頭條新聞圍繞鑽石體育提起訴訟，試圖阻止菲尼克斯太陽隊與格雷達成協議。那麼除了這 1700 萬美元之外，我們還應該考慮其他潛在的負債嗎？

The $17 million related to an accounts receivable with Diamond that we fully reserve due to the bankruptcy, and we're not commenting on litigation with any party.

這 1700 萬美元與 Diamond 的應收賬款有關，我們因破產而全額保留了該應收賬款，並且我們不對與任何一方的訴訟發表評論。

Our next question is going to come from Steven Cahall with Wells Fargo.

我們的下一個問題將來自富國銀行的史蒂文·卡霍爾。

So maybe just first kind of, Jim and Hilton, tying a few things you said together. Hilton, you talked about how much you think the stock is undervalued, and Jim, you've been helpful movers on free cash flow.

所以也許只是第一種，吉姆和希爾頓，將你們所說的一些事情聯繫在一起。希爾頓，你談到了你認為股票被低估的程度，吉姆，你一直在推動自由現金流。

One of your peers today said that they do expect to be probably at a higher level of leverage by the end of the year. We kind of think that leverage is the key to getting the equity value higher.

今天您的一位同行表示，他們確實預計到今年年底槓桿率可能會達到更高水平。我們認為槓桿是提高股票價值的關鍵。

So just wondering if you could comment as to where you see leverage trending before you get to 2024. Does it have some upward pressure? Or with the ad market performing as well as it is, do you think you can bring it down between now and the end of the year?

所以想知道您是否可以評論一下您在 2024 年之前看到的槓桿趨勢。它是否有一些上升壓力？或者在廣告市場表現良好的情況下，您認為從現在到年底可以將其降低嗎？

So we're currently about 5.3. In the last fourth quarter, we were about 5.4. I think we're somewhere between 5.25 and 5.5. The variability, I think, will really depend on how much pull forward of the presidential cycle we see in '23. And quite frankly, none of us at least at this side of the phone call have any idea what that number is yet, although we've been delighted at what we (inaudible) in May already.

所以我們目前大約是 5.3。去年第四季度，我們的得分約為 5.4。我認為我們在 5.25 到 5.5 之間。我認為，這種變化實際上取決於我們在 23 年看到的總統週期提前了多少。坦率地說，至少在電話那頭，我們中沒有人知道這個數字是什麼，儘管我們已經對五月份的數字（聽不清）感到高興。

Got it. And then just on sports and vMVPDs, you talked about the YouTube TV deal with the independents, and you've got the deal now for some sports. Given that you can negotiate directly with vMVPDs, independents, does that give you a bias to put more sports on those independents? Or do those sports teams or leagues have a preference for big 4? How do you think about kind of balancing where you might look for some of those rights going forward?

知道了。然後就體育和 vMVPD 而言，您談到了 YouTube TV 與獨立人士的協議，現在您已經達成了一些體育項目的協議。鑑於你可以直接與 vMVPD、獨立人士談判，這是否會讓你傾向於將更多的體育賽事交給這些獨立人士？或者那些運動隊或聯盟是否偏愛四大？您如何看待未來可能尋求其中一些權利的平衡？

Yes. Just again, I'll just go back to very specific what Pat said on the call, and we're not saying that we have an agreement. So just surely parse the words on that carefully. We have been talking to a number of teams over the last several months as I believe every broadcast group has been doing.

是的。再說一次，我將回到帕特在電話中所說的非常具體的內容，我們並不是說我們已經達成協議。所以一定要仔細分析上面的文字。在過去的幾個月裡，我們一直在與許多團隊進行交談，我相信每個廣播組織都在這樣做。

I think there'll be lots of broadcasters announcing lots of sports deals over the next several years. And I would fully expect that professional sports will be on non-big 4 stations because the networks program, so many hours a week that are -- and overlapping with the times of the game.

我認為未來幾年將會有很多廣播公司宣布大量體育賽事。我完全希望職業體育賽事能夠在非四大電視台播出，因為網絡節目每週都有很多小時，並且與比賽時間重疊。

So the professional sports, and frankly, we had this issue with power sports that we air in our D2 channels already, they don't air on -- generally don't air on big 4 affiliates. I would say we -- our interest in bringing sports back to broadcast is not a new thing. We have been pretty aggressive over the last several years and trying to line up more (inaudible) sports, line up more the marquee teams, but we've always been looking to add sports, and that's not going to change.

因此，職業體育賽事，坦率地說，我們已經在 D2 頻道中播出的強力體育賽事遇到了這個問題，它們不會播出——通常不會在四大附屬頻道上播出。我想說的是，我們對將體育賽事重新轉播的興趣並不是什麼新鮮事。在過去的幾年裡，我們一直非常積極地嘗試安排更多（聽不清）的運動項目，安排更多的大牌球隊，但我們一直在尋求增加運動項目，這一點不會改變。

The YouTube deal is certainly a big news for us. We're obviously happy we have it. We have -- we believe we had sort of a compelling justification just by why the sixth station should be carried. And it is sports, and some of it is also a lot of local news.

YouTube 的交易對我們來說無疑是一個大新聞。我們顯然很高興我們擁有它。我們相信我們有一個令人信服的理由來說明為什麼應該進行第六站。而且是體育，有的也是很多當地的新聞。

Phoenix, in particular, that station has a tremendous amount of local news already and is a leader in terms of ratings in that market. And so it just makes sense that station will be available on every platform.

尤其是鳳凰城，該電視台已經擁有大量本地新聞，並且在該市場的收視率方面處於領先地位。因此，該電台在每個平台上都可用是有道理的。

So it's -- again, it comes back to what we have -- we think we've always done, which is for TV stations that have content that local audiences want to see. And sometimes that's sports, and sometimes it's news, and sometimes it's other local content. Sometimes it's entertainment. Sometimes it's game shows.

所以，這又回到了我們所擁有的——我們認為我們一直在做的事情，這是針對那些擁有當地觀眾想看的內容的電視台。有時是體育，有時是新聞，有時是其他本地內容。有時也是一種娛樂。有時是遊戲節目​​。

But our constant striving is to find the right mix of content to drive the local audiences. And I'm happy to see YouTube has recognized that, and we hope to see more deals like that in the future. I hope that answered the question. If not, try me again.

但我們不斷努力尋找合適的內容組合來吸引當地觀眾。我很高興看到 YouTube 已經認識到這一點，我們希望將來能看到更多類似的交易。我希望這回答了問題。如果沒有，請再試一次。

No, that was comprehensive. And then maybe just lastly, I think historically, 2 out of the 4 networks have structured reverse comp as a programming fee to a variable per sub fee. We've heard that the national networks, at least 1 or maybe 2 of those maybe moving towards programming fees.

不，那是全面的。然後也許是最後，我認為從歷史上看，4 個網絡中的 2 個已經將反向補償構建為每子費用變量的編程費。我們聽說全國電視網，其中至少有 1 個或 2 個可能會收取節目費。

So 3 or 4 out of 4 might look to do fixed versus variable. Was just wondering if you could comment as to the structure of how you expect reverse comp going forward? Do you think it will be the same variable fixed split you've always seen or moving more towards that 60?

因此，四分之三的人可能會選擇固定的而不是可變的。只是想知道您是否可以評論一下您期望反向補償未來如何發展的結構？您認為這會是您一直看到的相同的可變固定分割還是更接近 60？

Yes, Steven, we're talking with half the big 4 right now. So I'm not really -- I don't think it's really appropriate for us to talk about terms and structures of deals. So we need to respect the confidentiality of our negotiations.

是的，史蒂文，我們現在正在與四大巨頭中的一半進行交談。所以我真的不認為我們談論交易條款和結構真的合適。因此，我們需要尊重談判的機密性。

Our next question is going to come from Alan Gould with Loop Capital.

我們的下一個問題將來自 Loop Capital 的艾倫·古爾德。

Hilton, one for you, and then I've got a couple for Kevin. In terms of the -- I understand that you can't discuss the revenue. Can you give us some thoughts, has the project gone a little overbudget relative to the initial expectations? And when will we be able to see real estate sales? Or do we have to wait until the plant is operating before we get some interest on real estate sales?

希爾頓，給你一張，然後我給凱文準備了幾張。就我而言，我知道你不能討論收入。您能否給我們一些想法，該項目相對於最初的期望是否超出了預算？我們什麼時候才能看到房地產銷售情況？或者我們是否必須等到工廠投產後才能對房地產銷售產生興趣？

Well, I mean, largely, the real estate sales will come on the other side of the property from where the current studios are placed. We own this property outright. There's no debt on it. We, at the end of the year, because there's a community improvement district that overlays the property, we were able to place tax deferred bonds that closed December 28, which is where Gray is receiving its reimbursements from.

嗯，我的意思是，很大程度上，房地產銷售將來自當前工作室所在房產的另一側。我們完全擁有該財產。上面沒有債務。我們在年底時，因為有一個社區改善區覆蓋了該房產，所以我們能夠發行 12 月 28 日截止的遞延稅債券，葛瑞也從那裡獲得報銷。

We have -- we raised north of $100 million at the end of the year. But as the public improvements, roads, sewers, et cetera, get finished, then Gray gets paid back for it. And so actually, I think the project is coming in on budget and ahead of time. And I'm really excited about that, and I'm very proud of our real estate development partner, the Gibson Companies because it's stunning.

我們在年底籌集了超過 1 億美元的資金。但當公共改善工程、道路、下水道等完成後，格雷就會得到回報。事實上，我認為該項目是在預算之內並且提前完成的。我對此感到非常興奮，我為我們的房地產開發合作夥伴吉布森公司感到非常自豪，因為它令人驚嘆。

We poured our first slab last March. And in June, this (inaudible) opens. And it's an extraordinary facility. We've had 6 different CEOs of the film division of respective places that have told us it's the finest film and television production facility, not just in Georgia, but perhaps even in the world.

去年三月，我們澆築了第一塊板。六月，這個（聽不清）開放。這是一個非凡的設施。我們有來自各個地方的電影部門的 6 位不同的首席執行官，他們告訴我們這是最好的電影和電視製作設施，不僅是佐治亞州，甚至可能是世界上最好的。

And we have a long line of people that have lined up to come here to produce their movies. And so I think it's going to be an outstanding investment for our company, our shareholders, for our city and our state as well. And so we'll start seeing, as I said earlier, revenue from it. In 2023 to 2024, it will be full on.

我們有一長串人排隊來這裡製作他們的電影。因此，我認為這對於我們的公司、我們的股東、我們的城市和我們的州來說都將是一項出色的投資。因此，正如我之前所說，我們將開始看到從中獲得的收入。 2023年至2024年將全面啟動。

And the land sales, when there are 4,000-plus people going to work every day in that complex by this fall, there is the excitement of that traffic, the movies being produced, TV shows happening there, that's, we believe, the best time to start talking about land sales, not now when it's still dirt.

還有土地銷售，到今年秋天，每天都有 4,000 多人在該綜合體中工作，交通令人興奮，電影正在製作，電視節目正在那裡上演，我們相信，那是最好的時機開始談論土地銷售，而不是現在，當它還是泥土的時候。

Certainly, you could do that, but we're trying to maximize value here. So we expect that we've included some numbers here for a while, but those land sales are conversations we expect to be taking place. And there's more excitement visible as you're standing there and watching activity around you.

當然，您可以這樣做，但我們正在努力實現價值最大化。因此，我們預計我們已經在此包含了一些數字一段時間，但這些土地銷售是我們預計將進行的對話。當您站在那裡觀察周圍的活動時，您會感到更加興奮。

Absolutely.

絕對地。

Makes sense. And Kevin, 2 quickies. Can you just update us on the sub trends year-over-year? And secondly, historically, how much difference is there in the primaries when you have an incumbent versus not (inaudible) in the race?

說得通。還有凱文，兩個快手。您能否向我們介紹一下逐年細分趨勢的最新情況？其次，從歷史上看，當競選中有現任者與非現任者（聽不清）時，初選會有多大差異？

Yes. On sub trends, at this point, we largely mirroring our -- mirroring the industry and our peers. There's nothing we look at our sub trends. Again, the MVPDs are down double digits. The OTT, which is direct-to-consumer and the virtuals, are growing nicely.

是的。關於子趨勢，目前，我們在很大程度上反映了我們的——反映了行業和同行。我們沒有關注我們的子趨勢。 MVPD 再次下降兩位數。直接面向消費者和虛擬的 OTT 增長良好。

Sub trends are really, I think, kind of matching everybody else at this point. So I'm not -- we're not -- we're modeling again the more dire case and the MVPDs than we've seen in the past, and that's -- again, we're trying to be realistic and conservative.

我認為，目前的子趨勢確實與其他人相匹配。所以我不是——我們不是——我們正在再次模擬比我們過去看到的更可怕的情況和 MVPD，這就是——我們再次試圖變得現實和保守。

On the political side, we have -- as we said, we have an order from one of the leading candidates who happens to not be in a primary at this point. And that is generally -- I mean, it's not generally, it is unprecedented for us.

在政治方面，正如我們所說，我們收到了一位主要候選人的命令，而他目前恰好沒有參加初選。這通常是——我的意思是，這不是普遍的，這對我們來說是前所未有的。

We had a -- if you go back look at the last few presidential primaries, you see there's a whole bunch of money coming in the fourth quarter for the first primary there in Iowa. And that has been pretty much limited to the people who are competing in the primary and not the incumbent.

如果你回顧一下最近幾次總統初選，你會發現第四季度為愛荷華州的第一次初選帶來了一大筆資金。這在很大程度上僅限於參加初選的人，而不是現任者。

So we have money from someone who's not in the primary. That's new, and it's 17 months before the election. It wasn't that long ago we would comment how crazy was we were seeing ads 12 months before an election. Now we're seeing ads from someone who has a name recognition already 17 months before election day.

所以我們從沒有參加初選的人那裡得到了錢。這是新的情況，距離大選還有 17 個月。就在不久之前，我們還會評論說，在選舉前 12 個月看到的廣告是多麼瘋狂。現在，我們看到的廣告來自於距選舉日 17 個月已有知名度的人士。

So if we only have one primary , we think it's going to still be significant spending on primaries. As we saw in the last couple of cycles, we only had -- we typically have one primary, not 2.

因此，如果我們只有一場初選，我們認為初選的支出仍然很大。正如我們在過去幾個週期中看到的，我們通常只有一個主節點，而不是 2 個。

I'm not smart enough to know there's going to be a Democratic primary of any strength. So what we're assuming at this point, there will be a primary [decenter] on the Republican side. And that, that will be some volume this year, but it's going to certainly be meaningful.

我不夠聰明，不知道民主黨會有任何實力的初選。所以我們現在假設，共和黨方面將有一個主要的[偏心]。今年將會有一定數量，但這肯定是有意義的。

Our next question is going to come from Craig Huber with Huber Research.

我們的下一個問題將來自 Huber Research 的 Craig Huber。

You guys mentioned that April for core average was up 4-plus percent. It's quite good, particularly given the environment that we're in here and stuff. You talked earlier about synergies you're getting on the revenue side from Quincy and the Meredith TV stations and stuff.

你們提到 4 月份核心平均值上漲了 4% 以上。這非常好，特別是考慮到我們這裡的環境等等。您之前談到了昆西和梅雷迪思電視台等在收入方面所獲得的協同效應。

Can you maybe parse that out, that 4% plus number? Is it roughly half of it from the revenue synergies? And also maybe if you could touch on the national piece. Obviously, that sounds like it's down. Could you maybe quantify that a little bit for us?

你能解析一下這個 4% 以上的數字嗎？大約一半來自收入協同效應嗎？也許您也可以談談民族作品。顯然，這聽起來像是下降了。您能為我們量化一下嗎？

Yes, I can -- if you want to look some numbers, I mean, I can't tell you exactly what percent of the 4% is due to Quincy and Meredith. I can tell you that as Hilton alluded to, those stations are performing at a very high level.

是的，我可以——如果你想看一些數字，我的意思是，我無法準確告訴你這 4% 中的百分之多少是由昆西和梅雷迪思貢獻的。我可以告訴你，正如希爾頓所提到的，這些電台的表現非常高。

Anecdotally, I can -- I'll talk about Phoenix for a second. When we acquired these 2 stations in December of '21, their rankings and the ratings were #3 and #4. Today, they're #1 and #2.

有趣的是，我可以——我會談談菲尼克斯。當我們在 2021 年 12 月收購這兩個電台時，它們的排名和收視率分別為#3 和#4。今天，他們是#1 和#2。

For that reason, they're taking a much higher share of the advertising market in Phoenix, Arizona. And that is a phenomenon that's playing out really across that group. So while I can't give you an exact number, I'm sure there is a fairly material contribution from the Meredith stations to that increase.

因此，他們在亞利桑那州鳳凰城的廣告市場中佔據了更高的份額。這種現像在該群體中確實存在。因此，雖然我不能給你一個確切的數字，但我確信梅雷迪思站對這一增長做出了相當大的貢獻。

Okay. And then the national piece, can you help us with that? I mean, it sounds like it's down.

好的。然後是國家作品，你能幫助我們嗎？我的意思是，聽起來好像已經下降了。

In first quarter, national was down. But as we commented earlier, national is a relatively small component of overall core. Looking ahead to second quarter, I think national has the potential to improve a little bit. It probably is still down a bit, although it might be closer to flattish than as down as much as it was in the first quarter.

第一季度，全國下滑。但正如我們之前所評論的，國家是整體核心中相對較小的組成部分。展望第二季度，我認為國家隊有可能有所改善。它可能仍然略有下降，儘管它可能比第一季度的下降幅度更接近持平。

Okay. And then on the retrans sub side of things here, 3 months ago in your last conference call, you said you guys were down about 1.5% retrans subs year-over-year. Now you're talking about it being in line with the market.

好的。然後，在 retrans sub 方面，3 個月前，在上次電話會議中，你們說你們的 retrans sub 同比下降了約 1.5%。現在你說它符合市場。

I mean, your peers are talking on a net basis the virtual and the legacy MVPDs down mid-single digits year-over-year. It sounds like now you're sort of in that ZIP code now, we roll it all up.

我的意思是，你們的同行正在談論虛擬和傳統 MVPD 的淨值同比下降了中個位數。聽起來好像現在您就在該郵政編碼中，我們將其全部匯總起來。

Yes. We've been giving some number to our total subs, which is everyone who pays us a monthly fee (inaudible) signal period. And we've been getting, frankly, just a lot of questions about why we're giving a number that's different than others.

是的。我們一直在給我們的訂閱者總數提供一些數字，即每個向我們支付月費（聽不清）信號周期的人。坦率地說，我們收到了很多關於為什麼我們給出的數字與其他數字不同的問題。

So we're just not going to do that any longer. What matters is the gross revenue and the net revenue. Overall, I'd say, we're reading what other people are saying about their sub trends. And obviously, the MVPDs are reporting their sub trends.

所以我們不會再這樣做了。重要的是總收入和淨收入。總的來說，我想說，我們正在閱讀其他人對他們的子趨勢的看法。顯然，MVPD 正在報告他們的子趨勢。

We're seeing numbers that are generally consistent with what everyone else is doing. We're seeing estimates on the DTC, in the virtuals and public media. And both reported numbers and estimates that are generally consistent with what we're seeing now.

我們看到的數字與其他人正在做的事情基本一致。我們在虛擬媒體和公共媒體上看到了對 DTC 的估計。報告的數字和估計與我們現在所看到的基本一致。

So I'm not sure there's been much value in us giving that year-over-year calculation. Seems to have created a little too much confusion. So we can confirm that what we're seeing is pretty consistent with what everybody else is seeing and what's being publicly reported.

因此，我不確定我們進行逐年計算是否有多大價值。似乎造成了一點太多的混亂。因此，我們可以確認我們所看到的情況與其他人所看到的以及公開報導的情況非常一致。

Okay. And then on the leverage side, looking at some notes here. In your August conference call last year, you guys set publicly a goal at the end of 2024 for debt leverage was in the low 4s conservatively. I'm curious at this stage, do you feel that's still doable?

好的。然後在槓桿方面，請查看此處的一些註釋。在去年 8 月的電話會議上，你們公開設定了 2024 年底債務槓桿率保守地保持在 4 左右的目標。我很好奇現階段你覺得這仍然可行嗎？

That was before interest rates went up 450 basis points in a year. So we will -- through '24, we will -- our leverage will come down. I think whether it's in the low 5s or somewhere in the 4s is going to entirely depend on what the [filers] of the '24 election cycle come out to be.

那是在利率一年內上漲 450 個基點之前。因此，到 24 年，我們的槓桿率將會下降。我認為它是在 5 分以下還是 4 分左右，完全取決於 24 年選舉週期的[申報者]結果如何。

Obviously, we're optimistic about the presidential. As we've said, we are also very strongly positioned in the majority of Senate seats up next year as well. So we think there'll be a strong spend on the Senate side as well.

顯然，我們對總統持樂觀態度。正如我們所說，我們在明年的參議院多數席位中也處於非常有利的位置。因此，我們認為參議院方面也將有大量支出。

Has this cycle of much higher interest rates and obviously, the poor economic backdrop here, has that changed your thoughts long -- you want to sort of set out as a company where your debt load will be -- debt ratio will be out long term? In other words, if you brought that down given what we've gone through right now, you think...

利率是否會大幅上漲，而且顯然，這裡的經濟背景不佳，這是否改變了您長期以來的想法——您想要一家債務負擔將達到的公司——債務比率將長期存在？換句話說，如果你考慮到我們現在所經歷的事情，你會認為……

We would still -- we are still committed to bringing down our debt level and our overall leverage as quickly as possible. We have said consistently for years as we levered up to do an acquisition and then lever down following the acquisition, whether it was Raycom, Quincy, Meredith. And I'm probably -- (inaudible) not sure was in there somewhere, too.

我們仍然致力於盡快降低我們的債務水平和整體槓桿率。多年來，我們一直在說，我們在收購時加槓桿，然後在收購後減槓桿，無論是融科、昆西還是梅雷迪思。我可能——（聽不清）也不確定在那裡的某個地方。

We know we've -- large acquisitions, we've ended up in the roughly mid-5s area for a little bit of time and then have come down into the 4s. Just before we did Quincy, we were in the very high 3s. We would -- it's our intention to work the same cycle again over the next few years and bring down leverage again.

我們知道我們已經進行了大規模收購，我們在一段時間內處於大約 5 年代中期的區域，然後又下降到 4 年代。就在我們對陣昆西之前，我們的三分球處於非常高的位置。我們打算在未來幾年再次遵循相同的周期並再次降低杠桿率。

And let me add something else to that. I mean, you've got to realize this company has articulated for, I mean, decades now our intention to grow our portfolio. We are now a national broadcaster, not implying that we're going to be broadcasting nationally. We're going to do it locally.

讓我補充一些其他內容。我的意思是，你必須意識到，這家公司幾十年來一直在表達我們擴大投資組合的意圖。我們現在是一家國家廣播公司，並不意味著我們將在全國范圍內廣播。我們將在本地進行。

We're in 113 markets. We're the second largest broadcast company in the country. We have achieved that. We were sitting just barely below the articulated cap without the UHF discount.

我們遍布 113 個市場。我們是該國第二大廣播公司。我們已經實現了這一目標。在沒有超高頻折扣的情況下，我們的價格略低於鉸接上限。

And so the 2 largest things that we will be doing since we have already gotten the scale that we need is reducing our leverage and then returning capital to our shareholders through both stock buybacks and dividend increases as the Board sees fit and as they feel comfortable.

因此，自從我們已經達到了所需的規模以來，我們要做的兩件最大的事情就是降低杠桿率，然後在董事會認為合適且感到舒服的情況下，通過股票回購和增加股息將資本返還給股東。

Our Board ratified our dividend yesterday at our Board meeting, and that's what we're going to be doing. And so we have done everything that we have told you guys we were going to do. And now we have built what I think is one of the most remarkable broadcast television companies in the country.

我們的董事會昨天在董事會會議上批准了我們的股息，這就是我們要做的事情。所以我們已經完成了我們告訴你們我們要做的一切。現在我們已經建立了我認為是該國最出色的廣播電視公司之一。

So now we just go about and operate our business, pay down our debt. And I don't see huge acquisitions like we did with Meredith and Quincy in the same year coming. There's just not enough room on the cap for us to do it unless the laws change. So I really expect to see our stock price improve dramatically over the course of this year and next as we delever, and we continue to prove the quality of the assets that are underlying this company.

所以現在我們只是繼續經營我們的生意，償還我們的債務。我並沒有看到像我們在同一年對梅雷迪思和昆西那樣的大規模收購。除非法律改變，否則我們沒有足夠的空間來做這件事。因此，我真的希望看到我們的股價在今年和明年隨著我們去槓桿化而大幅提高，並且我們將繼續證明這家公司的資產質量。

My last quick question. I appreciate your time here. Auto, what was that year-over-year percent change in the quarter? Maybe what's your outlook there, please?

我的最後一個快速問題。我很感謝你在這裡度過的時光。汽車，本季度同比百分比變化是多少？也許您對那裡的前景有何看法？

Somewhere in the mid-teens.

大約在十幾歲的時候。

Yes, hang on, I'm trying to grab it. Auto in Q1 was very healthy. It was around 18%, 18.5% of core in Q1 '23 compared to 15% last year. So as we commented, auto is -- started to get healthy last year, and it's continuing to get healthy this year.

是的，等一下，我正在努力抓住它。第一季度的汽車市場非常健康。 23 年第一季度核心比例約為 18%，為 18.5%，而去年為 15%。正如我們所評論的，汽車行業去年開始健康發展，今年將繼續健康發展。

Our last question is going to come from Michael Kupinski with NOBLE Capital.

我們的最後一個問題將來自 NOBLE Capital 的 Michael Kupinski。

A lot of good questions. My question is on the industry are embracing next gen and indicating the prospects for some revenue contributions by building out a core infrastructure, looking for opportunities in agriculture, utilities and so forth.

很多好問題。我的問題是，該行業正在擁抱下一代，並通過建設核心基礎設施、尋找農業、公用事業等領域的機會來表明一些收入貢獻的前景。

And some have indicated that data casting could be a $6.5 billion to $15 billion industry. Where does Gray stand in terms of building out its core to offer data casting? And are you (inaudible) saying what about the opportunities in data casting as others in the industry? And if so, do you think you'll see revenues in 2024 from data casting?

一些人表示，數據鑄造可能是一個價值 65 億至 150 億美元的產業。格雷在構建其核心以提供數據鑄造方面處於什麼位置？您（聽不清）是否像業內其他人一樣談論數據鑄造的機會？如果是這樣，您認為 2024 年您會看到來自數據廣播的收入嗎？

So to answer your last question first, I don't think '24. I think '25 is a possibility. We continue to build out our 3.0 infrastructure. And I can't remember the exact numbers now, but I think we're somewhere in terms of our population coverage over 50%, maybe 60%.

所以首先回答你的最後一個問題，我不認為是“24”。我認為25年是有可能的。我們繼續構建 3.0 基礎設施。我現在不記得確切的數字，但我認為我們的人口覆蓋率已經超過 50%，也許是 60%。

So look, we see great promise of 3.0. It's been a -- for us, it's been a challenge to nail down exactly when that money starts coming in, but we are active in sort of the data casting world where it's -- there's a lot of opportunities whether there's a single market or networks.

所以看，我們看到了 3.0 的巨大前景。對我們來說，準確確定資金何時開始流入是一個挑戰，但我們在數據鑄造領域很活躍，無論是單一市場還是網絡，都有很多機會。

And as it relates to the networks, we're having discussions with our peers about setting up the appropriate infrastructure. So I think it's starting to come into a little better focus. And I would guess we'd start seeing money in '25. To be clear, I don't think it will be a material number in '25.

由於它與網絡相關，我們正在與同行討論建立適當的基礎設施。所以我認為它開始得到更好的關注。我猜我們會在 25 年開始看到錢。需要明確的是，我認為這在 25 年不會是一個重要的數字。

Okay. There are no more questions in queue. So I'll turn it back to you for any closing remarks.

好的。隊列中沒有更多問題。因此，我會將其轉回給您以供結束語。

Thank you, operator. I'd like to say just a few things before we close up and wrap it up this. But I just want you all to know that we're very proud of our results this morning. We candidly don't see current signs of recession looming on the horizon.

謝謝你，接線員。在我們結束並結束這個話題之前，我想說幾句話。但我只是想讓大家知道，我們對今天早上的結果感到非常自豪。坦率地說，我們目前並沒有看到衰退跡象即將出現。

We have the best television station portfolio in the business. We're the largest local news producer in the television industry. We have presidential money for 2024 coming in the first half of 2023.

我們擁有業內最好的電視台組合。我們是電視行業最大的本地新聞製作商。我們的 2024 年總統撥款將在 2023 年上半年發放。

Assembly comes online next month. Sports and local businesses are returning to the broadcast model. And having said all that, I must emphasize, we're tremendously comfortable with our liquidity.

Assembly 將於下個月上線。體育和當地企業正在回歸轉播模式。話雖如此，我必須強調，我們對我們的流動性感到非常滿意。

We had no near-term maturities. We have already converted our variable rate debt from LIBOR to SOFR, and we have interest rate caps in place. Our balance sheet as well as our core television station business remains strong enough to weather any macroeconomic pressures that we may face before we begin to reap the benefits of significant amounts of political revenue, not just later this year, but fully in 2024.

我們沒有近期到期的債券。我們已經將浮動利率債務從 LIBOR 轉換為 SOFR，並且我們設定了利率上限。我們的資產負債表以及我們的核心電視台業務仍然足夠強勁，能夠承受我們可能面臨的任何宏觀經濟壓力，然後我們才能開始獲得大量政治收入的好處，不僅是在今年晚些時候，而且是在 2024 年全面受益。

So the future is bright. Thank you for your time. We look forward to talking to you if you all need to have individual conversations. And thank you for your time this morning.

所以未來是光明的。感謝您的時間。如果您需要進行單獨對話，我們期待與您交談。感謝您今天早上抽出時間。

This concludes your call. You may now disconnect.

您的通話到此結束。您現在可以斷開連接。