Gray Media Inc (GTN) 2023 Q4 法說會逐字稿

Welcome to the Gray Television Q4 2020 Earnings Call. I will now turn the call over to Glen and hello, Chairman and CEO of Gray Television units.

歡迎參加葛瑞電視 2020 年第四季財報電話會議。我現在將電話轉給格倫，您好，葛瑞電視部門的董事長兼執行長。

Thank you, operator, and good morning, everyone, and thank you for joining us. As the operator mentioned, I'm Hilton Howell, the Chairman and CEO of Gray Television. Thank you for joining our fourth quarter 2023 earnings call with me here in Atlanta are all of our executive officers, patent flattening, our President and Co-CEO, St. Gabriel, and our Operating Officer, Kevin Latek, our Chief Legal and Development Officer, and Jim Ryan, our Chief Financial Officer. As usual, we will begin with a disclaimer that Kevin will provide, though up thereafter, I will discuss the Company's results and expectations followed by brief remarks from Jim Ryan regarding our financial posture. And then after those remarks, we will have a few questions for all of our officers here with me today. Kevin?

謝謝您，接線員，大家早安，謝謝您加入我們。正如接線員所提到的，我是格雷電視台的董事長兼執行長希爾頓‧豪厄爾。感謝您參加我們在亞特蘭大舉行的2023 年第四季財報電話會議，與我一起參加的是我們所有的執行長、專利扁平化、我們的總裁兼聯合執行長St. Gabriel 以及我們的營運長Kevin Latek、我們的首席法律和發展官，以及我們的財務長 Jim Ryan。像往常一樣，我們將以凱文將提供的免責聲明開始，儘管此後我將討論公司的業績和期望，然後吉姆·瑞安對我們的財務狀況進行簡短的評論。在這些發言之後，我們將向今天和我一起在場的所有官員提出幾個問題。凱文？

Great. Thank you, Hilton, and good morning. Everyone. Gray uses its website as a key source of company information. The website address is w. w. w. GRAY. dot TV. We filed filed our annual report on Form 10 K with the SEC a few minutes ago. 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, 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 our website.

偉大的。謝謝你，希爾頓，早安。每個人。葛瑞將其網站作為公司資訊的主要來源。網址是w. w。 w。灰色的。點電視。幾分鐘前，我們向 SEC 提交了 10 K 表格年度報告。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、營運現金流、自由現金流和某些槓桿。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的分析和估值，這些指標包含在我們的收益發布以及我們的網站中。

Our reconciliations of non-GAAP financial measures to the GAAP measures reported in our financial statements 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. Actual 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, and I would turn the call to health.

我們對非公認會計原則財務指標與財務報表中報告的公認會計原則指標的調節 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，未來的實際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，我將呼籲健康。

Thank you, Kevin. Before turning to today's earnings release, I want to address Gray's upcoming transition to a new Chief Financial Officer for the first time in 25 years a few days ago after the successful completion of the refinancing and the upsizing of our revolver, Jim Ryan notified me that he would like to transition into retirement after 2025 and as part of that plan to step down from the CFO position later this summer.

謝謝你，凱文。在討論今天的財報之前，我想談談格雷即將在25 年來首次擔任新的首席財務官，幾天前，在成功完成再融資和擴大我們的左輪手槍規模後，吉姆·瑞安(Jim Ryan) 通知我：他希望在 2025 年之後退休，並作為今年夏天晚些時候辭去財務長職位的計劃的一部分。

As many of you know, Jim joined gray as its CFO in 1998 upon our acquisition of Buzzi broadcasting were Jim had also served as CFO. And during that process, we were so impressed that he negotiated to the very end and really almost negotiated himself out of a job that we decided to offer him a job to take over and run the combined company. And happily he agreed he has provided steady leadership and management of the company as we have divested our previous publishing assets and embarked on two significant waves of acquisitions of the highest quality television stations in the industry. Jim and his entire team have been instrumental in helping to build gray into the leading multimedia company that it is today. While we will all miss Jim's day-to-day contributions, we're very fortunate to have succeeded in hiring his most logical successor and Jeff Gignac, a 20-year veteran of media and telecom banking at Wells Fargo Securities.

眾所周知，吉姆於 1998 年收購 Buzzi 廣播公司後加入葛瑞擔任財務官，吉姆也曾擔任財務長。在此過程中，我們印象深刻的是，他談判到了最後，幾乎透過談判讓自己失業，因此我們決定為他提供一份工作來接管和經營合併後的公司。令人高興的是，他同意他為公司提供了穩定的領導和管理，因為我們已經剝離了先前的出版資產，並開始了對業內最高品質電視台的兩波重大收購浪潮。吉姆和他的整個團隊在幫助葛瑞成為當今領先的多媒體公司方面發揮了重要作用。雖然我們都會懷念 Jim 的日常貢獻，但我們非常幸運地成功聘請了他最合乎邏輯的繼任者 Jeff Gignac，他是富國證券 (Wells Fargo Securities) 媒體和電信銀行業務 20 年的資深人士。

Ray's leadership and finance teams have worked closely with Jeff for many transactions or transactions. And he knows our company as well as almost anyone who is not already working here. He is therefore the perfect candidate to become our next CFO. So I'd like to welcome Jeff to the Gray Television family.

Ray 的領導和財務團隊與 Jeff 就許多交易或交易進行了密切合作。他了解我們公司，也了解幾乎所有尚未在這裡工作的人。因此，他是成為我們下一任財務長的完美人選。因此，我歡迎傑夫加入格雷電視大家庭。

Turning now to our earnings release, it should be clear to all that Gray Television delivered in 2023 by nearly every measure. Our core advertising and retrans revenues increased over the prior year, and political advertising revenue increased over 2019 the last year before a presidential cycle. Meanwhile, our local television stations continued to score with our audiences and to bring new business to our airwaves, our digital platforms. Our stations also collected more awards and recognitions from outside organizations for the successful news investigations and community service. In the second half of the year, we reached substantial completion of our state of the art assembly studios, movie and television production facility here in Atlanta. And in December, NBC Universal commenced its long-term lease for two thirds of our sound stages at Assembly Atlanta. With these achievements in 2023, we have laid a strong foundation for 2024, which we believe will be further powered by another significant presidential election cycle.

現在轉向我們的財報發布，所有人都應該清楚的是，從幾乎所有指標來看，Grey Television 在 2023 年的業績都是如此。我們的核心廣告和轉播收入較前一年增加，政治廣告收入較 2019 年（即總統週期前的最後一年）增加。同時，我們的當地電視台繼續贏得觀眾的青睞，並為我們的廣播和數位平台帶來新業務。我們的電台也因成功的新聞調查和社區服務而獲得了更多來自外部組織的獎項和認可。今年下半年，我們在亞特蘭大的最先進的組裝工作室、電影和電視製作設施基本上已經完工。12 月，NBC環球開始長期租用亞特蘭大 Assembly 劇院三分之二的攝影棚。憑藉 2023 年取得的這些成就，我們為 2024 年奠定了堅實的基礎，我們相信，另一個重要的總統選舉週期將進一步推動這一基礎。

In the fourth quarter of 2023, Gray had total revenue of $864 million, which was at the high end of our revenue guidance. The Company had total operating expenses of $664 million, which was below the low end of our expense guidance for the quarter, fourth quarter revenue was $143 million or 20% ahead of 2021. Our most recent nonpolitical year, our fourth quarter 2023 core advertising revenue was $415 million, an increase of 2% from the fourth quarter of 2022 retransmission consent revenue was $365 million, an increase of 3% from the fourth quarter of 2022. Unfortunately, investments to grow and diversify our company do not always pan out, but in the fourth quarter '23, due in part to noncash write-downs of certain investments, great posted a net loss attribute to common stockholders of $22 million. On the other hand, when investments do pay off, the awards can be tremendous. And indeed, we saw such a pay off about two weeks ago with the receipt of $110 million in pretax proceeds from the sale of BMI in which we have long held a position operationally, we had a tremendous fourth quarter, not only in sales and content, but also in multiple initiatives to leverage our unique assets for future growth. In fact, our significant both focus on developing new local direct advertising business continues to be very strong. During the fourth quarter, we grew our new local direct ad revenue by 12%, and that momentum has continued into 2024. In addition, as the year drew to close, we extended our affiliation agreement with NBC for another two years. We are happy that this long-term relationship continues. The most exciting initiatives involve our aggressive efforts to bring professional sports teams in our markets back to free over-the-air broadcast television. After extensive efforts over the summer and fall, we were able to announce two major deals on top of our previously announced long-term deal with the Phoenix Suns and mark during with storied professional sports franchises at the end of the year, literally New Year's Eve. First, the Atlanta Hawks returned to Peachtree TV and Atlanta after almost 30 years away for nearly every Friday night game remaining in the 2023, 2024 NBA season. Thereafter, we followed up with the announcement that the New York New Orleans publicans would have turned up their games this NBA season, broadcast defense on Gray's WBUA. and our balanced channel in New Orleans but significantly in both cases, we have supported the teams by carrying these games in all of our stations where all of their true fans are. So the Hawks are broadcast throughout the state of Georgia and a good half of Alabama and the Pelican serve broadcast across the entire great State of Louisiana and most in Mississippi and even part of Alabama, GREG has begun 2024 with great momentum. In January, we hosted our station general managers for our annual meeting, and they are universally excited about the year ahead. We have continued to sign up professional sports contracts with new deals announced in the last few weeks to bring Gray's stations games featuring the Cleveland Cavaliers, the Oklahoma City Thunder and the Milwaukee Bucks over the past several weeks, Greg has also renewed all of its retransmission consent agreements with MVPDs that expired in the fourth quarter of January 2020. For these renewals cover sizable portion of our subscriber base at higher rates and improved terms that recognize the enduring value of our truly unique local stations and what they continue to provide earlier this month, our CBS portfolio capitalize on the Super Bowl with $18 million in local ad sales. That was a 200% increase over our Super Bowl net revenue last year across our FOX station portfolio, but significantly, it also represents a 39% increase over the last Super Bowl broadcast on our CBS stations. Most recently, we took advantage of a good opportunity to launch a process to refinance certain of our senior credit facilities. Unfortunately, an unexpected turmoil and capital markets led us to postpone that effort with regard to our term loan expiring in 2026. We did, however, successfully refinanced our revolving credit facility as our bank stood strongly with us and provide us with a new and larger revolver totaling $625 million. Although we do not have any amounts currently drawn on our revolving credit facility, it will provide us with additional flexibility in the future when and as and if needed, we very much appreciate the bank's continuing and deep understanding of our company and our business and their unwavering support of our efforts to grow the Company and reduce its debt load.

2023 年第四季度，葛瑞的總收入為 8.64 億美元，處於我們收入指導的上限。該公司的總營運費用為 6.64 億美元，低於我們本季費用指引的下限，第四季營收為 1.43 億美元，比 2021 年成長 20%。在我們最近的非政治年度，我們2023年第四季的核心廣告收入為4.15億美元，比2022年第四季成長了2%；轉播同意收入為3.65億美元，比2022年第四季成長了3 %。不幸的是，我們公司發展和多元化的投資並不總是成功，但在 23 年第四季度，部分由於某些投資的非現金減記，Great 公佈普通股股東的淨虧損為 2,200 萬美元。另一方面，當投資確實獲得回報時，回報可能是巨大的。事實上，大約兩週前我們就看到了這樣的回報，我們從BMI 的出售中獲得了1.1 億美元的稅前收益，我們長期在該公司運營，我們在第四季度取得了巨大的成就，不僅在銷售和內容方面，而且還採取多項措施來利用我們獨特的資產來實現未來的成長。事實上，我們對開發新的本地直接廣告業務的重視仍然非常強勁。第四季度，我們新的本地直接廣告收入成長了 12%，這一勢頭一直持續到 2024 年。此外，隨著這一年的臨近，我們將與 NBC 的合作協議延長了兩年。我們很高興這種長期關係能夠持續下去。最令人興奮的舉措包括我們積極努力將我們市場上的專業運動隊帶回免費的無線廣播電視。經過夏季和秋季的大量努力，除了先前宣布的與菲尼克斯太陽隊的長期協議之外，我們還宣布了兩項重大交易，並在年底（實際上是除夕夜）與傳奇的職業體育特許經營商進行了合作。首先，亞特蘭大老鷹隊在闊別近 30 年後重返 Peachtree TV 和亞特蘭大，參加 2023 年和 2024 年 NBA 賽季剩餘的幾乎每個週五晚上的比賽。此後，我們宣布紐約新奧爾良酒館將在本賽季的 NBA 比賽中出現，並在格雷的 WBUA 上轉播防守。以及我們在新奧爾良的平衡頻道，但在這兩種情況下，我們都透過在所有忠實球迷所在的所有站點播放這些比賽來支持球隊。因此，老鷹隊的比賽將在喬治亞州和阿拉巴馬州的大半個州轉播，鵜鶘隊的發球​​將在整個路易斯安那州、密西西比州的大部分地區甚至阿拉巴馬州的部分地區進行轉播，GREG 以強勁的勢頭開始了2024 年。一月份，我們接待了站長們參加我們的年會，他們普遍對未來的一年感到興奮。我們繼續簽署職業體育合同，並在過去幾周宣布了新協議，將過去幾週克利夫蘭騎士隊、俄克拉荷馬城雷霆隊和密爾沃基雄鹿隊的格雷格電台比賽轉播給格雷格，格雷格還續訂了所有轉播與 MVPD 的同意協議於 2020 年 1 月第四季到期。由於這些續訂以更高的費率和改進的條款覆蓋了我們相當大一部分的訂戶群，這些條款認可了我們真正獨特的本地電視台的持久價值以及他們在本月早些時候繼續提供的服務，我們的CBS 投資組合利用超級盃在當地提供1800 萬美元的資金廣告銷售。這比我們福克斯電視台組合去年超級盃的淨收入增長了 200%，但更重要的是，它也比我們 CBS 電視台上一次播出的超級盃收入增長了 39%。最近，我們利用一個很好的機會啟動了一個流程，為我們的某些高級信貸安排進行再融資。不幸的是，意外的動盪和資本市場導致我們推遲了 2026 年到期的定期貸款的努力。然而，我們確實成功地為我們的循環信貸安排進行了再融資，因為我們的銀行堅定地支持我們，並為我們提供了總額為 6.25 億美元的新的、更大的左輪手槍。雖然我們目前沒有從我們的循環信貸額度中提取任何金額，但它將在未來需要時為我們提供額外的靈活性，我們非常感謝銀行對我們公司、我們的業務及其持續深入的了解。移地支持我們發展公司並減少債務負擔的努力。

As we now look ahead to 2024, I remain very bullish about our prospects and our future. Our television stations continue to perform at the absolute top of their game sports teams are rediscovering what our local advertisers and viewers already know, which is that our local stations offer unparalleled reach and promotional opportunities for free to 100% of the viewing audience 2024 will see us continue to build on these foundations for continued success.

現在展望 2024 年，我仍然對我們的前景和未來非常樂觀。我們的電視台繼續在其比賽運動隊中表現絕對頂尖，正在重新發現我們當地廣告商和觀眾已經知道的事情，即我們的當地電視台向 2024 年 100% 的觀眾免費提供無與倫比的覆蓋範圍和宣傳機會我們將繼續在這些基礎上繼續取得成功。

Finally, I'm very proud that we have created the nation's finest television and movie production facilities at our assembly, Atlanta complex here at Latham by relying on local contractors, tradesmen and materials, we were able to deliver the facilities to NBCU and just 19 months from the date of announcement in 2024, we will be putting the finishing touches on the studio complex and certain infrastructure projects. These additional projects will require about $52 million and capital expenditures, but they will be netted about by against about $31 million in reimbursements for the public nature of these infrastructure projects or a net of about $21 million. It is extremely gratifying to us to now see the major content creator. Nbc Universal leverages the sound stages and support buildings into a new major center for its world-class productions.

最後，我感到非常自豪的是，我們依靠當地承包商、商人和材料，在我們位於萊瑟姆的亞特蘭大綜合體工廠創建了全國最好的電視和電影製作設施，我們能夠將這些設施交付給NBCU ，並且僅在19自 2024 年宣布之日起的幾個月內，我們將對工作室綜合體和某些基礎設施項目進行收尾工作。這些額外項目將需要約 5,200 萬美元和資本支出，但它們將透過這些基礎設施項目的公共性質的約 3,100 萬美元報銷或約 2,100 萬美元的淨額獲得淨額。現在能見到主要的內容創作者，我們感到非常高興。Nbc 環球影城利用攝影棚和配套建築打造其世界級製作的新主要中心。

On the gray side, we are actively marketing the sound stages that we have retained at assembly as well as our pre-existing sound stages at our Addison. Third rail studios to bring additional production work here to Atlanta.

在灰色方面，我們正在積極行銷我們在組裝時保留的音場以及我們在 Addison 預先存在的音場。第三個鐵路工作室將額外的製作工作帶到亞特蘭大。

This now concludes my report remarks and I will turn the call over to Jim Ryan.

我的報告發言到此結束，我將把電話轉給吉姆·瑞安。

Thank you, Hilda, and good morning, everybody. At Hilton cover the key highlights of the quarter and of the full year. So my remarks, my remarks will be very short today. Again, we're very pleased with our team for a year to date results, especially the growth in core revenue on a debt net of cash basis. And on terms consistent with our senior credit facility, total leverage ratio at the end of the year was 5.60 times, and our first lien leverage ratio at the end of the year was 2.38 times.

謝謝你，希爾達，大家早安。希爾頓報告本季和全年的主要亮點。所以我的發言，我今天的發言會很短。同樣，我們對我們的團隊今年迄今的業績感到非常滿意，特別是在現金債務淨額基礎上的核心收入增長。依照我們的優先信貸額度一致的條款，年末總槓桿率為5.60倍，年末第一留置權槓桿率為2.38倍。

Turning to our Q1 24 guidance. We look forward to a successful full year '24, and we're off to a good start in Q1. We're very pleased with core revenue in Q1's growth guiding to mid single digit percentage increases. Core revenue got off to a great start, helped by the $18 million of Super Bowl advertising revenue in February, providing for a strong year-over-year increase in core revenue in February. But more importantly, we see both in January and March, core revenue is expected to be increasing in both months year over year.

轉向我們的 24 年第一季指引。我們期待 24 年全年取得成功，並且我們在第一季有了一個良好的開端。我們對第一季核心營收實現中個位數百分比成長感到非常滿意。由於 2 月份 1800 萬美元的超級盃廣告收入，核心收入有了一個良好的開端，使得 2 月份的核心收入同比強勁增長。但更重要的是，我們看到一月和三月的核心收入預計將年增。

I'll turn now to some comments on the full year '24. And as we've said consistently for some time publicly, we are not providing a guide on political revenue for the full year of 2024, we will point to 2020 and say that after deducting the $50 million that was associated with the double Ascentage runoff election in Georgia in that year, we had approximately $600 million of total. And of that $600 million, about 22% represented the presidential campaigns that year.

我現在談談對 24 年全年的一些評論。正如我們一段時間以來一直公開表示的那樣，我們不會提供 2024 年全年政治收入指南，我們將指向 2020 年，並表示在扣除與雙亞盛決選相關的 5000 萬美元後那一年在喬治亞州，我們的總金額約為6 億美元。在這 6 億美元中，大約 22% 用於當年的總統競選活動。

I will also point to 2022, where we had approximately $515 million of political revenue. All of you on the call are welcome to plug in whatever political revenue estimate you want for 2024. And after election day, we can compare notes to see who got closes.

我還將指出 2022 年，我們的政治收入約為 5.15 億美元。歡迎所有參加電話會議的人填寫您想要的 2024 年政治收入估算。選舉日之後，我們可以交換意見，看看誰贏了。

Turning to some other data points of full year 2024, we expect core revenue of approximately $1.6 billion, retransmission revenue of approximately $1.5 billion, other TV revenue of approximately $70 million. Production companies revenues of approximately $110 million. Our operating expenses before depreciation, amortization, impairment gain and loss on disposal of assets broadcasting of approximately $2.4 billion. That would include approximately [$937 million] of network compensation, also known as retransmission expense. We expect approximately $85 million of expense at the production companies in our corporate expense of approximately $125 million. Significant cash use uses in 2024 are as follows. We expect cash interest of approximately $430 million, routine capital expenditures between $115 million and $120 million. As Hilton already mentioned, our net additional investment in assembly Atlanta is expected to be $21 million cash. Our cash taxes are expected to be between $190 million and $210 million that obviously reflects political in 2024. It also reflects the taxes we will be paid on $110 million of the BMI sales proceeds. Our preferred dividends were approximately $52 million and our common dividends will be approximately $30 million.

轉向 2024 年全年的一些其他數據點，我們預計核心收入約為 16 億美元，轉播收入約為 15 億美元，其他電視收入約為 7,000 萬美元。製作公司收入約1.1億美元。我們在處置廣播資產的折舊、攤提、減損損益之前的營運費用約為 24 億美元。這將包括約[9.37億美元]的網路補償，也稱為重送費用。我們預計製作公司的費用約為 8500 萬美元，而我們的公司費用約為 1.25 億美元。2024 年的重要現金使用如下。我們預計現金利息約為 4.3 億美元，常規資本支出在 1.15 億至 1.2 億美元之間。正如希爾頓已經提到的，我們在亞特蘭大組裝廠的淨額外投資預計為 2,100 萬美元現金。我們的現金稅預計在 1.9 億至 2.1 億美元之間，這顯然反映了 2024 年的政治因素。它還反映了我們將為 BMI 銷售收益中的 1.1 億美元繳納的稅款。我們的優先股息約為 5,200 萬美元，普通股息約為 3,000 萬美元。

Turning again, to the BMI proceeds of $110 million. That translated into approximately $81 million after-tax cash proceeds. We used $50 million of that $81 million to repay in full all outstanding amounts under our revolving credit facility. As Hilton said earlier, we have nothing drawn on the revolving credit facility as of today.

再次轉向 BMI 收益 1.1 億美元。這轉化為約 8,100 萬美元的稅後現金收益。我們用這 8,100 萬美元中的 5,000 萬美元全額償還了循環信貸額度下的所有未償還金額。正如希爾頓早些時候所說，截至今天，我們尚未利用循環信貸額度。

Finally, as Hilton mentioned, we're very pleased to upsize our revolver to $625 million, and we appreciate our bank syndicates, understanding of the fundamentals of our business and partnering with us into the future.

最後，正如希爾頓所提到的，我們非常高興將我們的左輪手槍規模擴大到 6.25 億美元，我們感謝我們的銀行財團、對我們業務基本面的理解以及與我們未來的合作。

I'll now turn the call back to Hilton. Thank you.

我現在將電話轉回希爾頓。謝謝。

Thank you, Joe. Before we open up the floor to take questions, I would like to conclude our remarks on what I view as exceptionally positive note about the momentum that we are building with professional sports, particularly with the NBA, we have been able to use our unmatched regional presence to distribute these games on our stations across the entirety of the states of Arizona, Georgia, Ohio, Louisiana, Mississippi and Alabama. At the same time, we have worked with other broadcasters to fill in a few holes in our distribution map as we have done as we have done with Allen Media and soon we'll announce similar deals with other groups. We have also worked with other broadcasters to enable our stations to provide outdoor market distribution for NBA teams in cities where we do not have the major market television station as we have done with Griffin and meta media in Oklahoma City and Tulsa and with Weibo broadcasting and soon with more companies, I'm happy to see the industry working together to provide the power of broadcasting to local proportional professional sports teams and their amazing fans.

謝謝你，喬。在我們開始提問之前，我想結束我們的發言，我認為這是關於我們正在建立的職業體育勢頭的非常積極的言論，特別是與 NBA，我們已經能夠利用我們無與倫比的區域性我們將在整個亞利桑那州、喬治亞州、俄亥俄州、路易斯安那州、密西西比州和阿拉巴馬州的電視台上分發這些遊戲。同時，我們與其他廣播公司合作，填補了我們的發行地圖中的一些漏洞，就像我們與 Allen Media 所做的那樣，很快我們將宣布與其他集團達成類似的交易。我們也與其他廣播公司合作，使我們的電視台能夠為我們沒有主要市場電視台的城市的NBA 球隊提供戶外市場發行，就像我們在俄克拉荷馬城和塔爾薩與格里芬和元媒體以及微博廣播和很快就會與更多公司合作，我很高興看到該行業共同努力，為當地專業運動隊及其出色的球迷提供轉播的力量。

Last but certainly not least, it is worth highlighting the massive increase in viewership that these teams are receiving when their games appear on free local broadcast stations instead of their traditional regional sports networks in market after market. These NBA teams are enjoying ratings that are two and often three times higher than what they had been receiving previously. And even more importantly, they're reaching 100% of their fans. We are racking up impressive ratings for NBA games, not just and this is important to me in their home market. But throughout the regions, we are distributing the games through to local broadcast on Gray Television. They are getting to 100% of their fans and broadcast stations and professional sports teams are among the strongest local institutions that help to bind our communities together when we struck our deal with the Phoenix Suns and Mercury something occurred that I'm extremely proud of that. I am a little embarrassed that I didn't think of our hand once we launched and it went out on broadcast television, our local general managers receive many letters from local individual America, American Indian viewers who had never been able to watch their basketball teams before we are immensely proud that we have spread these sports teams to truly 100% of their fans. We are at an important time in history when these two powerful forces are proving that coming together can provide unparalleled reach and experience that benefits everyone So operator, at this time, we ask that you open the line for questions. I've anyone here on the leadership team.

最後但同樣重要的是，值得強調的是，當這些球隊的比賽出現在免費的當地廣播電台而不是市場上的傳統區域體育網絡上時，這些球隊的收視率大幅增加。這些 NBA 球隊的收視率比以前高出兩倍甚至三倍。更重要的是，他們的粉絲達到了 100%。我們在 NBA 比賽中取得了令人印象深刻的收視率，這對我來說在他們的本土市場很重要。但在整個地區，我們透過格雷電視台的本地廣播來分發比賽。他們接觸到了100% 的球迷，廣播電台和職業運動隊是當地最強大的機構之一，有助於將我們的社區團結在一起，當我們與菲尼克斯太陽隊和水星隊達成協議時，發生了一些讓我感到非常自豪的事情。令我有點尷尬的是，我們一推出並在廣播電視上播出後，我沒有想到我們的手，我們當地的總經理收到了許多來自美國當地個人、美國印第安人觀眾的來信，他們從未見在他們的籃球隊在此之前，我們非常自豪地將這些運動隊伍傳播給真正 100% 的球迷。我們正處於歷史上的一個重要時刻，這兩股強大的力量正在證明，走到一起可以提供無與倫比的影響力和經驗，使每個人受益。我的領導團隊裡有人。

If you would like to ask a question, please press star one on your telephone keypad. Again, to ask a question, press star one on the telephone keypad, and I'll just give it a few moments for the to it looks like our first question is going to come from Aaron Watts with Deutsche. Your line is open.

如果您想提問，請按電話鍵盤上的星號一。再次，要提問，請按電話鍵盤上的星號，我會稍等一下，看起來我們的第一個問題將來自德意志銀行的亞倫·瓦茨(Aaron Watts)。您的線路已開通。

Hi, everyone. Thanks for having me on. Let me start by saying that, Jim, congrats on the announcement well-deserved, but I'm happy we still have some time left to work together, and I'll save my auditory remarks for a later date. And it maybe I can start with a question around retrans. Your retrans revenue growth implied in your first quarter guidance seems to be a bit of a slowdown from what we've seen in recent quarters. Can you unpack that a little more for us. Is that just timing of renewals? Is there an acceleration from the decline in the underlying sub base? And maybe same question, thinking about the components full year.

大家好。謝謝你邀請我參加。首先我要說的是，吉姆，祝賀您當之無愧的宣布，但我很高興我們還有一些時間一起工作，我將把我的口頭發言留到以後再說。也許我可以從一個關於重傳的問題開始。第一季指引中暗示的轉接收入成長似乎比我們最近幾季看到的有所放緩。你能為我們再解釋一下嗎？這只是更新的時間嗎？基礎底基的下降是否加速？也許還有同樣的問題，考慮全年的組成部分。

Hi, Aaron, this is Kevin. I'm if this is Kevin latex, we renewed a number of our contracts that were expiring at the end of the years, helped mentioned on the call and we were happy where those renewed at a numbers are getting bigger. The percentage increases are our can't be as big and by they were very happy with the number with the rates that we got and the terms that we received. So the first quarter was about 38% of our total MVPD sub base. The virtuals, of course, are becoming a more sizable portion of that. So when we talk about the percentage, we're talking about the traditional MVPDs, the the increase in our growth was not as significant as we had hoped and we attribute that to the not to the rate increases, but to the sub declines, the traditional MVPDs, this is publicly reported by the public by the companies you all continue to see losses last year and unfortunately that these losses actually accelerated last year, it may be due to the strikes leading to not as much new programming or interesting programming on the broadcast networks. So we're hopeful with the strike behind us and new premieres coming back out and there we'll see the sub losses stabilize. But we do we did see a continued decline in the traditional MVPD subs through last year, including through the end of last year, we were expecting to see that slowdown. So the net result of that was at our grocery trends. It was not powered as much as we had small, a smaller sub base to multiply it times.

嗨，亞倫，我是凱文。我想，如果這是凱文·乳膠，我們續簽了一些年底到期的合同，在電話會議上提到了這一點，我們很高興續籤的合同數量越來越多。增加的百分比是我們不可能那麼大的，他們對我們得到的費率和我們收到的條款非常滿意。所以第一季大約占我們 MVPD 子基數的 38%。當然，虛擬技術正在成為其中越來越大的一部分。因此，當我們談論百分比時，我們談論的是傳統的 MVPD，我們的成長增幅並不像我們希望的那麼顯著，我們將其歸因於不是利率上升，而是子下降，傳統的MVPD，這是由公眾公開報告的，你們去年都繼續看到虧損，不幸的是，這些虧損去年實際上加速了，這可能是由於罷工導致沒有那麼多新節目或有趣的節目廣播網絡。因此，我們對罷工的過去和新首映的回歸充滿希望，我們將看到子損失穩定下來。但我們確實看到去年傳統 MVPD 替補球員的數量持續下降，包括去年年底，我們預計會看到這種放緩。所以最終的結果就是我們的雜貨趨勢。它的動力不如我們有一個小的、更小的底座來乘以它的倍數。

On the reverse side, we've been saying for some time, we expect the network comp is going to stabilize. And I think that's pretty clear in the guide today that none of our comp is stable. And but the system where we're paying a fixed fee to the networks and receiving variable income is one that has to change. And I expect all the broadcasters see that and we will continue to push for a and a realignment of that formula because that's now obviously not working for local broadcasters any longer.

另一方面，我們已經說過一段時間了，我們預期網路競爭將趨於穩定。我認為今天的指南中非常清楚地表明我們的比賽都不穩定。但我們向網路支付固定費用並獲得可變收入的系統必須改變。我希望所有廣播公司都能看到這一點，我們將繼續推動公式的重新調整，因為現在這顯然不再適用於當地廣播公司。

Okay. Thanks, that that's helpful.

好的。謝謝，這很有幫助。

And then, Jim, I appreciate your comment on political, but with the way the Republican primaries played out, have your expectations, our political for the year changed and given the rates that you see in play, I don't know if I could ask you if you think you can grow off that $600 million result from 2020. I think you mentioned.

然後，吉姆，我很欣賞你對政治的評論，但是隨著共和黨初選的進行，你的期望是否會改變，我們今年的政治發生了變化，考慮到你所看到的利率，我不知道我是否可以問您是否認為 2020 年 6 億美元的業績能讓您成長。我想你有提到過。

We are not going to comment on any growth rates for specific numbers, we will tell you we are confident that 2024 will be a strong political year, given how this year's primaries have shaped up versus 2020 which is just stating the obvious, right? I mean, it's two different cycles. We think the political will be naturally more back weighted to the second half of the year and especially the traditional general election campaign season of September through election. So okay, Andre, I other than saying I don't know how many hundreds of millions of dollars we're going to get, but we're going to get a lot of it. So and we have always historically done better per capita than anybody in the peer space by a long shot. We don't see that being any different this year. And we are got a lot of Senate and House races as well. So we think it will be a good year, but we're not going to put a number on it at this early. It's way too early to even tried to put a number on it.

我們不會對具體數字的成長率發表評論，我們會告訴您，考慮到今年的初選與 2020 年相比，我們有信心 2024 年將是一個強勁的政治年，這只是顯而易見的，對吧？我的意思是，這是兩個不同的週期。我們認為政治自然會更關注下半年，尤其是透過選舉的 9 月傳統大選競選季節。好吧，安德烈，我除了說我不知道我們會得到多少億美元之外，但我們會得到很多。因此，從歷史上看，我們的人均表現一直比同行中的任何人都好得多。我們認為今年情況沒有什麼不同。我們還有很多參議院和眾議院的競選。因此，我們認為這將是美好的一年，但我們不會這麼早就給出具體數字。現在嘗試給出一個數字還為時過早。

And let me just add a little bit to that. I mean this is an unusual time period in the sense that you have a number of third party candidates. We've had them in the past that may be out there.

讓我補充一點。我的意思是，這是一個不尋常的時期，因為有許多第三方候選人。我們過去曾經有過它們，可能就在那裡。

Robert Kennedy obviously comes to mind he had a $7 million add that a package is put on the Super Bowl that I'm sure all of you saw we have had a rapidly moving on Republican primary season. So South Carolina is Saturday, but Governor Haley, Secretary, Hayley ambassador, Hayley, I should say, has significant funds, and she intends to continue with the primary process Donald Trump's able to generate an awful lot of free media by his rallies and that covers it, but he's not going to get what he had in the past. So I think he is going to be advertising. A lot of you may be thinking that a lot of money is going to legal fees will seeing one number that I'm actually certain of is that the Biden Harris team announced a quarter ago that they had raised 100 -- and I think was $114 million, which was the largest sum ever accumulated by any Democratic candidate and any previous election cycle, and that was a long time in advance. And so I think the real the real determinant are going to be what the respective parties and their respective candidates raise. And from everything I'm saying those numbers are historic numbers. And hopefully that goes through and matriculate through in an ad business because they're not going to sit on that money. They're not going to pay their debt off with it, right? They're going to spend that money in Gray Television stations because of their news dominance and there's huge viewership in their local markets always outperform. So the only thing we see is not repeating outside of strong strong political revenue. We don't expect a double Senate runoff for four months in Georgia this time around. So we've taken that out and that was in Jim's comments, we think it's going to be a great season.

羅伯特肯尼迪顯然會想到他有一個 700 萬美元的附加費，這是超級碗的一個套餐，我相信你們所有人都看到了我們在共和黨初選賽季中的快速進展。所以南卡羅來納州是周六，但是海莉州長、國務卿、海莉大使，我應該說，海莉擁有大量資金，她打算繼續進行初選程序唐納德·特朗普能夠通過他的集會產生大量的自由媒體，而且掩蓋了它，但他不會得到他過去擁有的東西。所以我認為他會做廣告。你們中的許多人可能會認為很多錢都花在了法律費用上，但我實際上可以肯定的是，拜登哈里斯團隊在一個季度前宣布他們籌集了 100 美元，我認為是 114 美元百萬美元，這是所有民主黨候選人和之前任何選舉週期中累積的最大金額，而且提前了很長時間。因此，我認為真正的決定因素將是各個政黨及其各自的候選人所提出的問題。從我所說的一切來看，這些數字都是歷史數字。希望這能夠通過並進入廣告業，因為他們不會坐擁這筆錢。他們不會用它來償還債務，對嗎？他們將把這筆錢花在格雷電視台上，因為他們在新聞領域佔據主導地位，而當地市場的巨大收視率總是表現出色。因此，我們唯一看到的就是在強大的政治收入之外不會重複。我們預計喬治亞州這次在四個月內不會出現兩次參議院決選。所以我們把這一點去掉了，吉姆的評論中也提到了這一點，我們認為這將是一個偉大的賽季。

Okay. Thanks for that help. And I'm just maybe one more in and I appreciate the time. You ended 2023 at 5.6 times leverage as we are starting a new year Jim, any fresh thoughts on where you see that leverage trending 12 months past 24 months out? And relatedly, does debt paydown remain a top capital allocation priority? Are there any other levers beyond organic free cash flow, we should be thinking about to help accelerate the deleveraging process? That's it for me. Thank you again.

好的。感謝您的協助。我可能只是其中的一員，我很珍惜這段時光。2023 年結束時，您的槓桿率為 5.6 倍，而我們即將開始新的一年。與此相關的是，償還債務仍然是資本配置的首要任務嗎？除了有機自由現金流之外，我們是否應該考慮其他任何槓桿來幫助加速去槓桿化？對我來說就是這樣。再次感謝你。

So our number one priority with our free cash is to continue to delever as rapidly as possible. We've been saying that consistently for some time, and that has not changed over over the next year or so. I see us getting without being too specific because I if I get too specific, then people will start triangulating on political and I'm not going to go step on that land mind after just saying we're not guiding for political. So I see as getting into the lower fives and then as you go out a little farther, you're definitely in the fours and we will continue to push it downward over the next several years as rapidly as possible.

因此，我們對自由現金的首要任務是繼續盡快去槓桿化。一段時間以來，我們一直在這麼說，並且在接下來的一年左右的時間裡也沒有改變。我認為我們沒有太具體，因為如果我太具體，那麼人們就會開始在政治上進行三角測量，而我不會在只是說我們不為政治提供指導後就去踩那顆土地的心。因此，我認為進入前五名，然後當你再往前走一點時，你肯定會進入四名，我們將在接下來的幾年裡繼續以盡可能快的速度將其降低。

Our next question is going to come from Dan Kurnos with Benchmark.

我們的下一個問題將來自 Benchmark 的 Dan Kurnos。

Your line is on bench.

你的線在長椅上。

Great. Thanks. Good morning. And Kevin, can we just go back to retrans for a second? I guess first housekeeping, because I think Hilton said this are all of the deals that came up at the end of the year, that 38% are they all done.

偉大的。謝謝。早安.凱文，我們可以回到重播嗎？我想首先是內務管理，因為我認為希爾頓說這是今年年底出現的所有交易，38% 都完成了。

Hilton said all of the deals that expired in the fourth quarter and in January 2024 have been renewed. We have not finished the first quarter and therefore, we have not finished renewing the contracts that expired after January 2024. We're still in discussions, the figure of 38% of our subs is the entire quarter. So we have renewed a almost all contracts, but there are still discussions with another large party and it's going fine. And we expect as it has in all prior cases, we will get it wrapped up in the ordinary course, and it will be retroactive to the expiration date. So again, we had 38% expiring in Q1, which takes us to basically January first. And we have done all those that expired at the end of the year in the month of January, and we have a continuing conversation with another party that's on track that is in Q1 in the second quarter. We have for renewals that are up does renewals represent about 23% of our traditional MVPD sub base.

希爾頓表示，所有在第四季和2024年1月到期的交易都已續約。我們第一季尚未完成，因此我們尚未完成 2024 年 1 月後到期的合約續約。我們仍在討論中，38% 的潛艇是整個季度的。所以我們已經續簽了幾乎所有的合同，但仍在與另一個大方進行討論，一切進展順利。我們預計，就像所有先前的案例一樣，我們將在正常過程中解決它，並將追溯至到期日。同樣，我們有 38% 的產品在第一季到期，這基本上是一月一日。我們已經完成了所有在今年年底到期的一月份的工作，並且我們正在與第二季度第一季的另一方進行持續對話。我們的續約人數正在增加，約占我們傳統 MVPD 子基數的 23%。

Okay. So the Q1 guide assumes that retroactively you will complete the large party negotiation. That's what you're saying what you're telling us.

好的。因此，第一季指南假設您將追溯完成大方談判。這就是你要告訴我們的。

Our guide represents our current estimate at this time, some of the deals that will be in place and our good faith estimate of what the rates will be for the first quarter.

我們的指南代表了我們目前的估計、一些即將到位的交易以及我們對第一季費率的真誠估計。

Okay. And look, you made some fairly strong commentary about the ecosystem and the fact of the fixed fee and the impact, obviously on the reverse and based on your guide, I mean, how do we think about kind of net retrans from here? Obviously, one five could mean a couple of different things, but just we have the reverse piece of this. I'm just trying to get a sense, especially since your biggest renewal year, how we should be thinking about net growth from here.

好的。看，您對生態系統以及固定費用和影響的事實做出了一些相當強烈的評論，顯然是相反的，並且基於您的指南，我的意思是，我們如何看待這裡的淨重交易？顯然，一五可能意味著幾個不同的事情，但我們有相反的部分。我只是想了解一下，特別是自你們最大的續約一年以來，我們應該如何考慮這裡的淨增長。

Jim provided a full year guide of approximately $1.5 billion for growth and at [$937 million], I believe for network comp. We're not at this point smart enough to know tens of millions of dollars, which way that $1.5 million is going to be some. Again, we don't we don't have a crystal ball on the sub numbers. And as you know, well, we don't even get the numbers until three to six months after the quarter's over. So we're doing all the modeling. We can making assumptions. We I've believed for a while that the sub losses would be kind of mostly move through the folks who were planning to drop traditionals and other go and for with virtuals or back to antennas this past fall, the programming was not particularly strong and the sub losses continued when we expected them to slow, we can only make guesses at this point as to what the future holds and so I will just simply say, we continue to think that the sub losses should be slowing, but we don't have the visibility into what's going to happen in the future. So I don't know how we can give a and we are not going to give a more specific guide on growth because we don't have enough and intelligence on what the future is actually going to do with with the in the peak traditional MVPD subs.

Jim 提供了約 15 億美元的全年成長指導，我認為網路補償為 [9.37 億美元]。目前我們還不夠聰明，無法知道數千萬美元，也就是說 150 萬美元也算是一些了。再說一遍，我們沒有關於子數字的水晶球。如您所知，我們甚至要到季度結束後三到六個月才能得到這些數字。所以我們正在做所有的建模。我們可以做出假設。我們有一段時間相信，子損耗將主要透過那些計劃在去年秋天放棄傳統和其他方式而轉向虛擬或回到天線的人們來轉移，編程不是特別強大，而且當我們預計子損失會放緩時，子損失仍在繼續，我們此時只能猜測未來會發生什麼，所以我只是簡單地說，我們仍然認為子損失應該會放緩，但我們沒有對未來將要發生的事情的可見性。所以我不知道我們如何給出一個關於成長的更具體的指南，因為我們沒有足夠的情報來了解傳統 MVPD 的未來實際上會如何發展。

Okay. And just one on the production studios and assembly, where is that, I guess for Jim or for Hilton, where is that going to hit the P&L? And what do you guys have assumes, I guess or directionally assumed for '24? I think Hilton said you're might be a Hilton, I think you said you're marketing the other sound stages. So just to how do we think about your ability to grow again.

好的。就製作工作室和組裝而言，我想對於吉姆或希爾頓而言，這對損益表有何影響？我猜你們對 24 有何假設或定向假設？我想希爾頓說你可能是希爾頓，我想你說你正在行銷其他攝影棚。那我們如何看待您再次成長的能力。

Let me just kind of touch base on that. I mean, we're in a very unusual. I'm how Hollywood, however, you define that term is not green lighting, a great number of productions right now. In fact, we have had three that were coming to our studios initially that ended up getting canceled by their respective production houses. And I think there are a number of issues that are holding that back on. Obviously there is a potential strike and hopefully it is just a potential and it will dissipate what I am saying that I think comes up in May and I think that leads to some reticence. I will say I think there was a lot of expectation that when the studio was and the guild and sag after I came to conclusion that it would be a rush back. The truth is unlike people actually really stopped. And so I think a lot of productions are out there writing the scripts. And so we expect a pretty healthy resumption of production capacity, but exactly when that begins will depend on a largely on the hot seat strike or lack thereof.

讓我談談這一點。我的意思是，我們正處於一個非常不尋常的時期。然而，我就像好萊塢所定義的那樣，這個詞不是綠色照明，而是現在大量的製作。事實上，我們最初有三部作品來到我們的工作室，但最終被各自的製作公司取消了。我認為有很多問題阻礙了這個進程。顯然，存在潛在的罷工，希望這只是一種可能性，它會消散我所說的，我認為五月會出現的情況，我認為這會導致一些沉默。我想說的是，當我得出結論認為這將是一次匆忙回歸之後，我認為當工作室和公會陷入困境時，人們有很多期望。事實並不像人們真正停下來的那樣。所以我認為很多製作都在寫劇本。因此，我們預計產能將會相當健康地恢復，但具體何時開始將在很大程度上取決於熱席罷工或缺乏罷工。

And where does it all that stuff on the P&L, just to be clear.

需要明確的是，損益表上的所有內容在哪裡？

To the production lines as it has been.

生產線保持原樣。

Got it.

知道了。

Thanks, guys. Appreciate the color.

多謝你們。欣賞顏色。

Our next question is going from come from Jim Goss with Barrington Research. Your line is open.

我們的下一個問題來自 Barrington Research 的 Jim Goss。您的線路已開通。

All right, thanks. A couple of about your sports comments. One, I'm curious if adding some of the sports at the CW link could including live call is it impacted your affiliated properties to any significant extent? And also, when you noted sort of regional broadcasts of some of the local sports teams to maybe the rest of the state or neighboring states to address stations. I assume that's envisioned in the contract terms when you do those negotiations. I wonder can they talk about that a little bit?

好的，謝謝。一些關於您的體育評論。第一，我很好奇在 CW 連結中添加一些體育賽事是否可以包括現場通話，這是否會對您的附屬財產產生重大影響？而且，當您注意到一些當地運動隊向該州其他地區或鄰近州進行區域廣播以向電視台發表講話時。我認為當你進行這些談判時，合約條款中已經設想了這一點。我想知道他們能談談這個嗎？

Sure. Let me start with your second question, Jim, it's Pat. So yes, we are I think at this point in pointing out the fact that we're not just in Atlanta, but we're in the whole state of Georgia and some other markets in neighboring states. And with over the air television is just an indicator of how the audiences that we're seeing as an indicator of what a great move. This is for professional sports to go to local television stations. Phil referenced the onset about ratings performance, and I'll give you a couple of examples. So in New Orleans, Louisiana, we've run four or five NBA Pelican games on our Fox affiliate there. And you'll see, Andy, correct me if I'm wrong here, but the ratings on those games are essentially double what the normal prime time averages in that market?

當然。讓我從你的第二個問題開始，吉姆，我是帕特。所以，是的，我認為我們現在要指出這樣一個事實：我們不僅在亞特蘭大，而且在整個喬治亞州以及鄰近州的其他一些市場。對於無線電視來說，這只是我們如何看待觀眾的指標，也是一個偉大舉措的指標。這是職業運動去當地電視台看的。菲爾提到了收視率表現的開始，我將舉幾個例子給你聽。因此，在路易斯安那州新奧爾良，我們的福克斯附屬公司已經播放了四到五場 NBA 鵜鶘隊的比賽。你會看到，安迪，如果我錯了，請糾正我，但這些遊戲的收視率基本上是該市場正常黃金時段平均收視率的兩倍？

So it's so these games are bringing they're bringing new viewers, many of those viewers are younger are bringing very large audiences. They're bringing new advertisers to our stations. And again, the key point in your question revolves around well, such as New Orleans is also Shreveport and it's Biloxi, Mississippi and in our Baton Rouge and same thing with Augusta in Albany and Columbus and Macon, Georgia. So all of those markets are seeing a lift there, not only in ad revenue, but also in new folks coming to traditional television stations along with new advertisers.

所以這些遊戲帶來了新的觀眾，其中許多觀眾都比較年輕，帶來了非常多的觀眾。他們正在為我們的電台帶來新的廣告商。再說一次，你問題的關鍵點很好地圍繞著，例如新奧爾良也是什里夫波特，密西西比州的比洛克西和我們的巴吞魯日，奧爾巴尼的奧古斯塔以及喬治亞州的哥倫布和梅肯也是如此。因此，所有這些市場都在成長，不僅是廣告收入，而且還有新用戶和新廣告商來到傳統電視台。

So your other question was around live golf and CW.

你的另一個問題是關於現場高爾夫和 CW 的。

Right? And I think they've they've been looking at sports as a complement in areas where you really didn't have any programming from that that network.

正確的？我認為他們一直在將體育視為對那些確實沒有該網絡的任何節目的領域的補充。

Yes. So I think the first thing I'd point out is that the for the ACC football and basketball packages that the CW is airing actually comes from Raycom Sports, which is a great company and we're very excited about that it look, we're happy to see that network go acquire sports.

是的。所以我想我首先要指出的是，CW 播出的 ACC 足球和籃球節目實際上來自融科體育，這是一家偉大的公司，我們對此感到非常興奮，我們'我們很高興看到該網絡開始收購體育賽事。

We think it's good. We need to get, you know, it's good for to grow the viewership base on their network and good crew retention. We know we are we are happy to have some-odd CW affiliates and to be partnered with Nexstar on that. I hope that answers your question.

我們認為這很好。我們需要，你知道，這有利於增加他們網路的收視率和良好的工作人員保留率。我們知道我們很高興能擁有一些奇怪的 CW 附屬公司並與 Nexstar 合作。我希望這能回答你的問題。

Well, I was just wondering if that's made much of a difference, is it significant or just a minor minor thing?

好吧，我只是想知道這是否有很大的不同，是重要的還是只是一件小事？

We're seeing some increases, but I can't say it. (technical difficulty)

我們看到了一些成長，但我不能說。（技術難度）

I will just tell you as a viewer, Jim, like just to have Georgia Tech football here in the Atlanta market, that's a really big deal. I mean, I'm not a project along, but I love watching those games on the CW. And so I think we're probably the second largest CW affiliate, and we're thrilled that Raycom Sports could help move the ACC to go to the CW. And we're actually also thrilled that live golf is out there that it's Super Bowl live. Golf was out there at the same time, they had huge audiences. We don't have any numbers for that here. That may be a question. You need to ask the folks at Nexstar. But from our side, we're very happy with what they're doing. And we're very happy to be affiliated with the CW network.

我只想告訴你，作為一名觀眾，吉姆，就像在亞特蘭大市場上看到佐治亞理工學院的橄欖球一樣，這真的是一件大事。我的意思是，我不是一個項目，但我喜歡在 CW 上觀看那些比賽。因此，我認為我們可能是 CW 的第二大附屬機構，我們很高興融科體育能夠幫助 ACC 轉入 CW。事實上，我們也很高興看到現場高爾夫、超級盃現場直播。高爾夫同時出現，他們擁有大量觀眾。我們這裡沒有任何數字。這可能是一個問題。你需要問問 Nexstar 的人。但從我們的角度來看，我們對他們所做的事情感到非常滿意。我們很高興加入 CW 網路。

Okay, thanks. And one other maybe the three you Hilton, primarily, it had quite a period of time over the past several years. With a significant acquisitions, which you mentioned in talking about Jim and the retrans growth and assembly studios now ramping up. I'm wondering as you look forward to the next year or two, what do you think would be the principal growth levers you should think we should be calling attention to?

好的謝謝。另外一個可能是希爾頓三個，主要是在過去幾年度過了相當長的一段時間。您在談論 Jim 時提到了一項重大收購，以及現在正在崛起的 retrans 成長和組裝工作室。我想知道，當您展望未來一兩年時，您認為我們應該引起注意的主要成長槓桿是什麼？

Well, we haven't spoken about this, but we have a presentation coming up for our Board from Rob valued. We think ATSC 3.0 is going to be a huge growth for the future. We think there's going to be changes with regard to the retrans that exists with traditional MVPDs in terms of how that's taken on a Kevin sort of addressed that one of things that I'm actually really thrilled about is that throughout 2023 rate was the only TV company out there that consistently grew its core revenue. And so quarter after quarter, our core revenue was up. And in the first two months of this year. It's accelerating. Now that may because standard brands now in charge of it all I don't know what she is doing. She is doing a great job out there. And so we think there is a, you know, all kinds of avenues for growth and some of them may not be quite as fast as the retrans from 2020 2009 to today in terms of its growth. But we think broadcast television, it is healthy. Now, if not healthier than it's been in decades, we actually did a video for our general managers is back to the future. And because what we're seeing is a return to broadcast television. Now I know that doesn't fit the narrative out in New York with too many people confuse the term linear television, a lot of people. What they mean by that is cable distribute cable networks back in the day when Ted Turner was in the cable business, and he was telling everybody who is cable for cable was Google when they started all those different businesses. But you know, way back in the day and some of us around this table were here. All we had was advertising to grow the Company. Now we have so many other different areas. One of the things that we have been so successful is growing our digital revenue. That's 100% ours and it gets bigger and bigger and bigger every year. And so I think there's just a tremendous amount of opportunities for growth. And I think you're going to see us have an extraordinary 2024.

好吧，我們還沒有談論過這一點，但我們有 Rob valued 為我們的董事會所做的演講。我們認為 ATSC 3.0 未來將會有巨大的成長。我們認為，傳統 MVPD 中存在的重播將會發生變化，具體來說，凱文如何解決這一問題，令我真正感到興奮的一件事是，整個 2023 年，重播率是唯一的電視公司的核心收入持續增長。因此，我們的核心收入逐季成長。而在今年的前兩個月。它正在加速。現在這可能是因為標準品牌現在負責這一切，我不知道她在做什麼。她在那裡做得很好。因此，我們認為有各種成長途徑，其中一些成長速度可能不如 2020 年、2009 年至今的 retrans 成長速度快。但我們認為廣播電視是健康的。現在，如果沒有比幾十年來更健康的話，我們實際上為我們的總經理製作了一個回到未來的影片。因為我們看到的是廣播電視的回歸。現在我知道這不符合紐約的說法，因為太多人混淆了線性電視這個詞，很多人。他們的意思是，在特德·特納（Ted Turner）從事有線電視業務的時候，有線電視分發有線電視網絡，當他們開始所有這些不同的業務時，他告訴每個有線電視公司就是谷歌。但你知道，很久以前，我們這張桌子周圍的一些人就在這裡。我們所擁有的只是廣告來發展公司。現在我們有很多其他不同的領域。我們如此成功的事情之一就是增加我們的數位收入。那是 100% 我們的，而且每年都變得越來越大。因此，我認為存在大量的成長機會。我想你們將會看到我們度過一個不平凡的 2024 年。

All right. Well, thanks for your comments. Appreciate it.

好的。嗯，謝謝您的評論。欣賞它。

And our next question is going to come from John Kornreich with JK Media. Your line is open.

我們的下一個問題將來自 JK Media 的 John Kornreich。您的線路已開通。

Hi, Jim. I got a question for you right now. You have subordinated debt of $1.450 billion coming up in '26 and mid-'27. The market is expressing skepticism as to whether you're going to be able to refinance that yield on on that debt is about as of today is about 13%. What is the plan to reliably predictably refinance the 26 27 subordinate?

嗨，吉姆。我現在有個問題想問你。'26 年和 27 年中期，您將面臨 14.5 億美元的次級債務。截至目前，該債務的收益率約為 13%，市場對是否能夠進行再融資表示懷疑。為 26 27 下屬機構提供可靠、可預測的再融資的計劃是什麼？

Yes, you're talking about the senior notes, John, and not the term loan.

是的，約翰，你說的是優先票據，而不是定期貸款。

Rate bonds.

利率債券。

I have every confidence that they'll be refinanced in due course, the Company throws off tremendous amounts of free cash on a two year blended cycle. As you well know. And as we've consistently demonstrated for years, I think a lot of the pricing in the bonds is reflective of the the interest rates on those those bonds in where the current interest rate environment is.

我完全相信他們會在適當的時候進行再融資，公司在兩年的混合週期中釋放了大量的自由現金。正如你所知。正如我們多年來不斷證明的那樣，我認為債券的許多定價反映了當前利率環境下這些債券的利率。

They are yielding 12% to 13% yield to maturity and at current yields, I mean that to me expresses some skepticism, have your ability to refinance the bonds either way. This is a building. It's more like Nexstar or Tenable, which center.

它們的到期收益率為 12% 至 13%，按照目前的收益率，我的意思是，對我來說，這表達了一些懷疑，無論哪種方式，你都有能力為債券再融資。這是一棟建築物。它更像是 Nexstar 或 Tenable，哪個居中。

What I can tell you is I have absolute confidence that we will be in due course, we will be refinancing them.

我可以告訴你的是，我絕對有信心我們將在適當的時候為他們提供再融資。

Okay. Thank you.

好的。謝謝。

As a reminder, if you would like to ask a question, press star one on your telephone. Our next question is going to come from Craig Huber with Huber Research. Your line is open.

提醒一下，如果您想提問，請按電話上的星號一。我們的下一個問題將來自 Huber Research 的 Craig Huber。您的線路已開通。

Great, thank you. On my first question, your retrans subs in the fourth quarter, I'm actually down year over year and I think you said three months ago that for the third quarter they were down mid-single digits. What was the trend the latest quarter?

太好了謝謝。關於我的第一個問題，第四季的轉播潛艇數量實際上同比下降，我想你三個月前說過，第三季度的轉播潛艇數量下降了中個位數。最近一個季度的趨勢是什麼？

Yes, we have not been providing our sub counts. Our sub counts are running sort of consistent with what you're reading in the truck and in the press and with the public companies are reporting. So the traditionals have been declining, the virtuals have been growing and the net effect of that is that our total sub count is down a little bit. But the traditionals is where obviously our rates are higher because we negotiate those on our own and those those those are declining much faster. Those numbers, public company, public pay TV companies are reporting their numbers and we're seeing numbers. Our numbers are fairly reflective of where our company used to be primarily concentrated in small midsize markets. So our sub trends seem to be different than what has been publicly reported since we closed the Meredith deal are now more evenly distributed among large markets through small markets. And as a result, we've been saying for the last year or so that are what we see in our own internal sub count sub report, our numbers that are largely reflective of what's being reported publicly. So we don't feel the need to start throwing out minor differences between what's been publicly reported, what you see publicly is reflective of our own experience.

是的，我們還沒有提供我們的子計數。我們的子計數與您在卡車上、媒體上以及上市公司的報告中讀到的內容有些一致。因此，傳統的數量一直在下降，虛擬的數量一直在增長，其淨效應是我們的總子數略有下降。但傳統的利率顯然更高，因為我們自己談判這些利率，而那些利率下降得更快。這些數字，上市公司、公共付費電視公司正在報告他們的數字，我們也看到了這些數字。我們的數字相當反映了我們公司過去主要集中在中小型市場的情況。因此，我們的子趨勢似乎與自我們完成梅雷迪思交易以來公開報道的不同，現在透過小市場更均勻地分佈在大市場中。因此，我們在過去一年左右的時間裡一直在說，這就是我們在自己的內部子計數子報告中看到的內容，我們的數字在很大程度上反映了公開報告的內容。因此，我們認為沒有必要開始排除公開報道內容之間的細微差別，您公開看到的內容反映了我們自己的經驗。

Okay. And then, Jim, a housekeeping question on below the line of a miscellaneous income number, about $12 million in the quarter. It's a lot larger than it normally is just what is it to be clear?

好的。然後，吉姆，一個關於雜項收入數字線以下的家政問題，該季度約為 1200 萬美元。它比平常大很多，有什麼需要清楚的嗎？

Yes. And I'm trying to just progress with tea and health.

是的。我正在努力在茶和健康方面取得進步。

Again or something them?

又或者他們什麼的？

It's a yes, yes, it's a probably have some of the Now let me start there before. I'm really interested in, I'll call it out and let me just catch I'll catch up to you later on that. I need to go down another level of detail, which I don't have right in front of me.

是的，是的，可能有一些現在讓我從之前開始。我真的很感興趣，我會把它說出來，讓我抓住，我稍後會趕上你。我需要進一步了解細節，但我目前還沒有這些細節。

Okay. I appreciate that. So on the total cost, total net cost for Atlanta assembly, including the $21 million that you're expecting to have pay this year, what's the total net cost for that it would come out to you.

好的。我很感激。那麼，關於總成本，亞特蘭大組裝的總淨成本，包括您預計今年支付的 2,100 萬美元，您需要支付的總淨成本是多少。

it in the 10-K?

它在10-K嗎？

Yes, we put it in the 10-K in liquidity, $570 million.

是的，我們將其納入 10-K 流動性中，即 5.7 億美元。

Okay.

好的。

Including what you're going to pay this year.

包括今年你要繳的錢。

Okay.

好的。

Appreciate. Okay, good.

欣賞。好的。

So just given your guidance for this year, so wanted to get down to here, you talked about production revenue [$110 million to $85 million] of production costs, obviously back into $25 million or so of EBITDA for the whole production company line. Obviously, that line the EBITDA last year, I guess is about $6 million the year before it was $10 million. Are you I mean, first, maybe we round up Scott, $20 million of EBITDA this year, inferring it over time that's going to grow significantly from that number? Or is what's going on there between $20 million of EBITDA versus [$570 million] total costs is not exactly that. And our oh, I am sure you originally were expect.

剛剛給出了今年的指導，所以想在這裡談談，您談到了生產成本的生產收入 [1.1 億美元到 8500 萬美元]，顯然整個生產公司生產線的 EBITDA 回到了 2500 萬美元左右。顯然，去年的 EBITDA 大約是 600 萬美元，前年是 1000 萬美元。我的意思是，首先，也許我們將斯科特今年的 EBITDA 計算為 2000 萬美元，並推斷隨著時間的推移，這個數字將會顯著增長？或者說，2000 萬美元的 EBITDA 與 [5.7 億美元] 的總成本之間的情況並不完全是這樣。還有我們的哦，我相信你最初是在期待的。

So there's some puts and takes in the production line is Hilton already. Matt mentioned for this year, our studios that we own are have our net. We expect that they will be leased a little later in the year, which is muting that production revenue number for the full year. But as Hilton said, we fully expect as the year goes on that those studios will be we hope as we had originally intended.

因此，希爾頓已經在生產線上進行了一些投入和投入。馬特今年提到，我們擁有的工作室擁有我們的人脈。我們預計它們將在今年稍後出租，這將削弱全年的生產收入數字。但正如希爾頓所說，隨著時間的推移，我們完全期望這些工作室將成為我們最初的預期。

Also, if you recall, we commented about this in the Q1 call last year when diamond when diamond had its bankruptcy, we had a completely redo our ACCI. agreement, and that's how we got it over to the CW. But we also said at the time that that redone agreement was was not as lucrative to us as the previous agreement we had with Diamond. So there is there is some noise in that and production line for for this year and thinking to the larger assembly project overall, remember, the studio complex represents only about 43 acres of the of the total acreage and we have somebody can correct me if I'm wrong, but I think we have about 80 acres left that is that is undeveloped presently. And we have said that over the next three, five, seven years, we would be looking to develop that. And I think that future development certainly will bring with it additional revenues to all2 to justify the total investments.

另外，如果您還記得的話，我們在去年第一季的電話會議中評論過這一點，當時鑽石破產了，我們徹底重做了我們的 ACCI。協議，這就是我們將其交給 CW 的方式。但我們當時也表示，重訂協議對我們來說並不像我們之前與戴蒙德簽訂的協議那樣有利可圖。因此，今年的生產線存在一些噪音，並考慮到整體上更大的組裝項目，請記住，工作室綜合體僅佔總面積的 43 英畝左右，如果我有的話，我們有人可以糾正我我錯了，但我認為我們還剩下大約80 英畝，目前尚未開發。我們說過，在接下來的三年、五年、七年裡，我們將尋求發展這一點。我認為未來的發展肯定會為所有人2帶來額外的收入，以證明總投資的合理性。

Okay. I appreciate that.

好的。我很感激。

You're just saying this could take some time here to build a proper ROI in your mind.

您只是說這可能需要一些時間才能在您的腦海中建立適當的投資回報。

I guess you're saying.

我猜你是說。

Yes, yes. Phase one was the studios in we as we've talked about a couple of times in our calls last year, we we quote unquote rush that because we had a tight delivery line under our NBC lease agreement. And so we we ran full speed ahead to get that done and delivered to NBCU on time. And then we have been clear on multiple calls last year that aside from the $21 million of modest cleanup investment this year, which is largely public infrastructure and that we would be taking a pause in the very near term to start thinking long and hard about how to unlock the rest of the value is on the undeveloped acreage. So the short answer is yes. I'm going to take a little more time.

是的是的。第一階段是我們的工作室，正如我們去年在電話中多次談到的那樣，我們引用了不加引號的匆忙，因為根據 NBC 租賃協議，我們的交付線很緊。因此，我們全速前進以完成任務並按時交付給 NBCU。然後，我們在去年的多次電話會議上明確表示，除了今年 2100 萬美元的適度清理投資（主要是公共基礎設施）之外，我們將在短期內暫停，開始長期認真地思考如何釋放剩餘價值的是未開發的土地。所以簡短的回答是肯定的。我要再花一點時間。

Okay.

好的。

And my last question, if I could guys on your retrans costs, your guidance is obviously flat year over year and stuff. I believe you had an NBC contract renewal at the end of last year, correct me if I'm wrong, there are a handful of CBS stations up for renewal. I mean that's pretty good idea. Darn good on your part that you can hold that line flat this year despite those contracts up for renewal.

我的最後一個問題，如果我能了解你們的轉口成本，你們的指導顯然是逐年持平的。我相信你在去年年底與 NBC 續簽了合同，如果我錯了，請糾正我，有幾個 CBS 電視台需要續簽。我的意思是這是個好主意。儘管這些合約需要續簽，但今年你仍能保持這條線，這對你來說真是太好了。

Intellectually, if I have that right, let's just talk a little bit deeper about them going on there because it's not like what's happened in the past. Obviously, you obviously have in your way here on the on the contract side of things of these renewables. First to me, right.

從理智上講，如果我有權利的話，讓我們更深入地討論那裡發生的事情，因為這與過去發生的情況不同。顯然，在這些再生能源的合約方面，你顯然受到了阻礙。首先對我來說，對吧。

Without obviously commenting any specific contract. We renewed CBS last summer and for the Americas group and then the legacy group and which were on slightly different dates. And then yes, our NBCs are up at the end of the year. We have been predicting for, I think, two years now that the network com, our rate of increase would be slowing. If not stabilizing. I think we've seen that in the numbers that we've posted today in our full year guide for comp being flat with last year. That what I said at the beginning of the call is we would anticipate and broadcasters have been more vocal about changing that regime so that there were never a comp against a decline. And along with along with the sub numbers, but that will take some time to work out that obviously and something that's not on our near term to access. We have no near-term renewals.

沒有明確評論任何具體合約。去年夏天，我們續訂了 CBS 的美洲組，然後是傳統組，日期略有不同。是的，我們的 NBC 節目將在年底播出。我認為，兩年來我們一直在預測，隨著網路的發展，我們的成長率將會放緩。如果沒有穩定下來。我認為我們已經從今天在全年指南中發布的數字中看到了這一點，該數字與去年持平。我在電話會議開始時所說的是，我們預期廣播公司會更直言不諱地改變這種制度，這樣就不會出現下滑的情況。以及子數字，但這顯然需要一些時間才能解決，而且這不是我們近期可以訪問的東西。我們沒有近期續約。

Okay, great.

好的，太好了。

Thank you, guys.

感謝你們。

And circling back to the question on the $12 million miscellaneous, the vast majority of that was actually some proceeds on a spectrum auction that we've actually we're pleasantly surprised that.

回到關於 1200 萬美元雜項的問題，其中絕大多數實際上是頻譜拍賣的一些收益，我們對此感到驚喜。

Our next question is going to come from House Biner with BMP. Your line is open.

我們的下一個問題將來自 House Biner 和 BMP。您的線路已開通。

Hi, guys.

嗨，大家好。

Thank you so much for taking the question. I think I just wanted to clarify for one. I think your 20 sixes and 20 sevens are trading at yields actually below 10%, nowhere near 12%. So I just wanted to straighten that out because that was a law. But anyway, I think notwithstanding maybe a little bit have a softer guide or for 1Q, you guys are still going to generate a substantial amount of free cash flow this year and in light of the equity coming off a little bit, your bonds coming off a little bit, is it still right to think that the main priority for free cash flow to be addressing the front end 26, 27 and not pursuing any discounted debt buybacks, anything like that?

非常感謝您提出這個問題。我想我只是想澄清一下。我認為你的 20 個 6 和 20 個 7 的交易收益率實際上低於 10%，遠低於 12%。所以我只是想澄清這一點，因為這是一條法律。但無論如何，我認為儘管第一季度的指導可能會更加溫和，但今年你們仍然會產生大量的自由現金流，並且鑑於股本略有下降，你們的債券也有所下降一點點，認為自由現金流的主要優先事項是解決前端問題26、27 並且不追求任何折扣債務回購之類的想法仍然正確嗎？

I think there is more likely than not?

我覺得有的可能性大於沒有？

Yes, I know you always got to say I can't never say never, but I think it has clearly, as we did start a refinancing of the 26 Term Loan A couple of weeks ago and because of market dislocation that had absolutely nothing to do with us. We put it on the we'd postpone that just to wait for a little bit better time in the market. So I think our we've clearly signaled that it's more likely than not that we'll be focusing on the 20 sixes and 20 sevens. First and then thinking about the longer dated stuff later.

是的，我知道你總是要說我不能永遠說永遠，但我認為這已經很明顯了，因為幾週前我們確實開始了26 期貸款的再融資，而且由於市場混亂，絕對沒有什麼可做的。我們把它推遲，只是為了等待市場更好的時機。所以我認為我們已經明確表示我們很可能會專注於 20 個六點和 20 個七點。首先，然後再考慮較長期的事。

Got it.

知道了。

That's super helpful. Thank you so much, but that's all my questions.

這非常有幫助。非常感謝你，但這就是我的所有問題。

I guess question is going to come from Alan Gould with Loop Capital. Your line is on.

我猜問題將來自 Loop Capital 的艾倫·古爾德 (Alan Gould)。你的線路已接通。

Thanks for taking the question.

感謝您提出問題。

And first, Jim, congratulations on your retirement.

首先，吉姆，恭喜你退休。

I have two questions left.

我還有兩個問題。

One is the reimbursements on the assembly plant appear to be a little bit less than I was expecting.

一是裝配廠的報銷似乎比我預期的少。

I was wondering if that might be in some other line item.

我想知道這是否可能出現在其他訂單項目中。

And secondly, Phil, or someone could comment if the Georgia production tax credit bill has a any significant impact on what you see coming to Georgia?

其次，菲爾或有人可以發表評論，喬治亞州生產稅收抵免法案是否對您所看到的喬治亞州產生重大影響？

So I'll take the first question.

那我來回答第一個問題。

Yes, there is a little bit of a timing difference in '23. We some of that we had expected to get in '23, and it's actually it's showing up now in the and what we're about the roughly $31 million we're expecting in '24. Part of it was just a shift in the time line of some of those projects. So as I've commented before, the public side has to be done completed, inspected valued. And I think there's several other steps involved at So one, some of the public stuff, what it wasn't critical to get it done to activate the NBCU lease. So we let it slide a little bit. So the the public funds are following it as well in the construction schedule. And I'll remind everybody that those public funds, which we refer to as the CIB., all of that money has been in a trust account. So it's it is dollar Good. It's just that the related public infrastructure has to be completed in order for us to go through the process of getting the funds out of the trust account and into our bank account.

是的，23 年有一點時間上的差異。我們原本預計在 23 年獲得其中一些，但實際上它現在已經在 24 年實現，我們預計大約 3100 萬美元。部分原因只是其中一些項目的時間軸發生了變化。因此，正如我之前評論的那樣，公共方面必須完成，並進行評估。我認為還涉及其他幾個步驟，其中之一是一些公共事務，對於啟動 NBCU 租約而言，完成這些步驟並不重要。所以我們讓它滑動一點。因此，公共資金也在建設計劃中遵循它。我要提醒大家，這些公共資金，我們稱之為 CIB，所有這些錢都存入信託帳戶。所以這就是美元好。只是相關的公共基礎設施必須完成，我們才能完成將資金從信託帳戶轉移到我們銀行帳戶的過程。

And then with regards to any questions about the Georgia tax home credit, we have obviously been deeply involved. I've personally been deeply involved in all of the negotiations during during the summer. The State of Georgia launched a review of all tax credits and an effort to begin a process of reducing the overall tax burden on the Georgia citizens here. And we don't see any effort on the part of anyone in the generally got the tax credits. We don't think that's an issue at all. In fact, everyone wants to make sure that Georgia remains a competitive player in the film industry because it is now a permanent part of our economy and generates a huge amount of revenue for the state. There's all kinds of discussions about how much that really revenue is and on. And there's room for people of good faith to differ with what that is. But I'll tell you one thing on the film business that has a big chunk of the reason that state of Georgia is sitting on close to an $18 billion surplus this year. And so I think everybody at the General Assembly understands that because it creates revenues from everything from restaurants to two lumber mills to Carpet Mills to every industry in this state. And so plus all the creatives that we have in Georgia has spent two decades, two generations really through Georgia film Academy of building up a huge reservoir of local talent that can operate in the production space and on that employment base is in the hundreds of thousands. And so there's a huge constituency here for that in this business. And so I expect to continue the slowdown that we have in terms of leasing, I think you'll probably hear about it and a lot of places people are reassessing a number of things, holidays, just not riding on enough. I think that will change dramatically when this potential strike it is settled and when subscriptions get written.

然後，對於有關喬治亞州稅收住房抵免的任何問題，我們顯然已經深入參與了。我個人深入參與了夏季期間的所有談判。喬治亞州啟動了對所有稅收抵免的審查，並努力開始減少喬治亞州公民的整體稅收負擔。我們沒有看到任何人在整體上獲得稅收抵免方面做出任何努力。我們認為這根本不是問題。事實上，每個人都希望確保喬治亞州在電影業中保持競爭力，因為它現在已成為我們經濟的永久組成部分，並為國家創造了大量收入。關於真正的收入有多少，有各種各樣的討論。善意的人也可以對此持不同意見。但我要告訴你一件關於電影業的事情，這在很大程度上是今年喬治亞州擁有接近 180 億美元盈餘的原因。因此，我認為大會上的每個人都明白這一點，因為它從餐廳、兩家木材廠、地毯廠到該州的每個行業的各個行業創造了收入。因此，加上我們在喬治亞州擁有的所有創意人員花了二十年、兩代人的時間，真正透過喬治亞電影學院建立了一個巨大的本地人才庫，可以在製作領域運作，並且就業基地有數十萬。因此，這個行業有許多支持者。因此，我預計租賃方面的放緩將繼續下去，我想你可能會聽說這一點，很多地方的人們正在重新評估一些事情，例如假期，只是騎得不夠多。我認為，當潛在的罷工得到解決以及訂閱被寫入時，情況將會發生巨大變化。

Okay.. Thank you, Hilton.

好的..謝謝你，希爾頓。

Thank you.

謝謝。

And we have enough time for one more question and that's going to be from Steven Cahall with Wells Fargo. Your line is open.

我們還有足夠的時間再問一個問題，這個問題將由富國銀行的史蒂文·卡霍爾提出。您的線路已開通。

Thank you, and thanks for squeezing me in maybe first, Kevin, just as or as it relates to reverse the slowing rate you said, and the comment about how reverse isn't working for broadcasters any longer? I think you've maybe been leading the charge here to trying to change the norms, whether it's negotiating directly with the MVPDs or changing the structure of reverse. Can you give any more clarity on how you think this can work for affiliates over the next couple of years to start to realign vacations in reverse your outlook for us for growth? And then maybe Hilton or Pat, how do we think about margins on sports rights?

謝謝你，也謝謝你首先讓我加入進來，凱文，正如它與扭轉你所說的減速率有關，以及關於扭轉如何不再對廣播公司起作用的評論？我認為你可能一直在帶頭嘗試改變規範，無論是直接與 MVPD 談判還是改變反向結構。您能否更清楚地說明您認為這對未來幾年的附屬公司如何開始重新調整假期，從而扭轉您對我們成長的展望？然後也許希爾頓或帕特，我們如何看待體育版權的利潤？

So it certainly seems like the viewership is strong, the advertising and the revenue generation is strong. I think one of your peers has said they expect to be essentially cash accretive on sports in year one. So wondering if you could confirm that with your sports rights as well? And then lastly, Jim, how do you just think about when you want to restart the refinancing process. I know there was a lot of volatility in the stock that caused you to had to delay that with the completion of the upsized revolver. But what do you need to see to kind of get back on that track?

因此，看起來收視率很高，廣告和創收也很強勁。我想你的一位同行已經說過，他們希望在第一年在體育運動上獲得實質上的現金增值。那麼想知道您是否也可以用您的體育權利來確認這一點？最後，吉姆，您如何考慮何時要重新啟動再融資流程。我知道庫存波動很大，導致您必須推遲完成大型左輪手槍的生產。但你需要看到什麼才能回到正軌呢？

Thank you.

謝謝。

We're going to do these really, really fast because we have the post cost actually starting a minute ago, and you've got your team coming up this afternoon. So it's super fast and all of the affiliates of the content companies, cable, satellite, virtuals, pay for all channels on a per-sub basis, broadcasters are the only people who are paying the conglomerates on a fixed fee basis. And so I think the simple answer there is we usually pay a per sub basis as well.

我們會非常非常快地完成這些工作，因為我們的後期成本實際上是在一分鐘前開始的，而且您的團隊今天下午就來了。所以它的速度非常快，內容公司的所有附屬公司，有線、衛星、虛擬公司，都按每個子頻道為所有頻道付費，廣播公司是唯一以固定費用向集團公司付款的人。所以我認為簡單的答案是我們通常也按每個子項目付費。

So quick answer on sports.

如此快速地回答體育問題。

Yes, sure.

是的，當然。

So these deals will be accretive.

因此，這些交易將會增值。

Yes, I'm sorry, Steve, can you what was the third leg of that question for me?

是的，我很抱歉，史蒂夫，你能告訴我這個問題的第三部分是什麼嗎？

Key to restart the refinancing process.

重啟再融資過程的關鍵。

We will more likely than not be coming sooner than later. That's not necessarily commencement of Monday, but we certainly would like to get back to the market and get that done in the reasonably near future. Obviously, that was an opportunistic refi and we want to hit a good market window where a loss we have where we can. We can conclude that opportunistic refi.

我們遲早會來。這不一定是周一開始的，但我們當然希望回到市場並在不久的將來完成這項工作。顯然，這是一次機會主義的再融資，我們希望找到一個良好的市場窗口，盡可能避免損失。我們可以得出這樣的結論：機會主義再融資。

Got it.

知道了。

Got it. Thank you.

知道了。謝謝。

That was sufficient. (multiple speakers) Stephen, you talk to you soon.

這就足夠了。（多個發言者）史蒂芬，你很快就會和你說話。

Listen, and thank all of you for being here this morning. We really do appreciate it. We can't wait to talk to you about our first quarter of 2024. It's wonderful to bring 2023 to an end. As you all recall, we began thereby I was nervous. We're going to have a recession going to be a badge. It turned out to be a fabulous year I expect the same thing to happen in 2024. So talk to you next quarter beyond.

聽著，感謝大家今天早上來到這裡。我們真的很感激。我們迫不及待地想與您談論 2024 年第一季的情況。2023 年結束真是太好了。你們都記得，我們​​開始時我很緊張。經濟衰退將成為我們的標誌。事實證明，這是美好的一年，我預期 2024 年也會發生同樣的事情。所以下個季度再和你談談。

Okay. This concludes your call. You may now disconnect.

好的。您的通話到此結束。您現在可以斷開連線。