iHeartMedia Inc (IHRT) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to iHeartMedia Q4 2023 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded. I will now hand today's call over to Mike McGuinness, Head of Investor Relations. Please go ahead sir.

女士們、先生們，謝謝大家的支持，歡迎參加 iHeartMedia 2023 年第四季財報電話會議。（操作員說明）謹此提醒，今天的通話正在錄音。現在，我將把今天的電話會議轉交給投資者關係主管 Mike McGuinness。請先生繼續。

Good morning, everyone, and thank you for taking the time to join us for our fourth quarter 2023 earnings call. Joining me for today's discussion are Bob Pittman, our Chairman and CEO; and Rich Bressler, our President, COO, and CFO.

大家早安，感謝您抽出時間參加我們的 2023 年第四季財報電話會議。與我一起參加今天討論的是我們的董事長兼執行長 Bob Pittman；以及我們的總裁、營運長兼財務長 Rich Bressler。

At the conclusion of our prepared remarks, management will take your questions. In addition, to our press release, we have an earnings presentation available on our website that you can use to follow along with our remarks.

在我們準備好的發言結束後，管理階層將回答您的問題。此外，在我們的新聞稿中，我們的網站上還提供了收益演示文稿，您可以使用它來關注我們的評論。

Please note that this call may include forward-looking statements regarding our financial performance and operating results. These statements are based on management's current expectations, and actual results could differ from what is stated as a result of certain factors identified on today's call and in the company's SEC filings.

請注意，本次電話會議可能包括有關我們財務績效及經營績效的前瞻性陳述。這些聲明是基於管理層目前的預期，由於今天的電話會議和公司向 SEC 提交的文件中確定的某些因素，實際結果可能與所述結果有所不同。

Additionally, during this call, we will refer to certain non-GAAP financial measures. Reconciliations between GAAP and non-GAAP financial measures are included in our earnings release earnings presentation and our SEC filings, which are available in the Investor Relations section of our website. And I will turn the call over to Bob.

此外，在本次電話會議中，我們將提及某些非公認會計準則財務指標。GAAP 和非 GAAP 財務指標之間的調整包含在我們的收益報告和 SEC 文件中，這些資訊可在我們網站的投資者關係部分找到。我會將電話轉給鮑伯。

Thanks, Mike, and good morning, everyone. We're pleased to report that our fourth quarter 2023 results were in line with our previously provided adjusted EBITDA and revenue guidance ranges. Before I take you through the fourth quarter highlights, I want to share some thoughts on the year we've just had while the advertising marketplace ended up being more uncertain than we had originally anticipated, when we began the year, we navigated that ad environment and at the same time, continue to make important strides in the initiatives that are critical to our longer-term success, including substantial progress in developing our proprietary technology platform to enhance our advertising business, which will unlock programmatic and automated trading revenue for our broadcast inventory, the application of AI to translate our podcast content, enabling cost-effective international expansion into non-English language markets and continuing to extend our audience leadership position beyond just AM/FM and onto new devices and platforms.

謝謝麥克，大家早安。我們很高興地報告，我們的 2023 年第四季業績符合我們先前提供的調整後 EBITDA 和收入指導範圍。在向您介紹第四季度的亮點之前，我想分享一些對我們剛剛度過的一年的想法，而廣告市場最終比我們最初預期的更加不確定，當我們年初時，我們在廣告環境中航行同時，繼續在對我們長期成功至關重要的舉措上取得重大進展，包括在開發我們的專有技術平台以增強我們的廣告業務方面取得重大進展，這將為我們的廣播帶來程序化和自動交易收入庫存，應用人工智慧翻譯我們的播客內容，實現成本效益高的國際擴張到非英語市場，並繼續擴大我們的受眾領導地位，超越 AM/FM 並擴展到新的設備和平台。

At the same time, we continue to look at our cost base and have built a culture within the organization that is relentless in driving efficiencies. And of course, we have a new tool to use to fuel that, which is a Now let me take you through some of the key financial results of the quarter. In the fourth quarter, we generated adjusted EBITDA of $208 million within the guidance range we provided of $205 million to $215 million.

同時，我們繼續關注我們的成本基礎，並在組織內建立了一種不斷提高效率的文化。當然，我們有一個新工具可以用來推動這一目標，那就是現在讓我帶您了解本季的一些關鍵財務表現。第四季度，我們調整後的 EBITDA 為 2.08 億美元，位於我們提供的 2.05 億至 2.15 億美元的指引範圍內。

Our consolidated revenues for the quarter were down 5.2% compared to the prior year quarter, a little better than the guidance we provided of down high single digits. Excluding the impact of political, our consolidated revenues were flat and we generated $142 million of free cash flow.

我們本季的綜合收入與去年同期相比下降了 5.2%，略好於我們提供的高個位數下降的指導。排除政治因素的影響，我們的綜合收入持平，並產生了 1.42 億美元的自由現金流。

Turning now to our individual operating segments. The Digital Audio Group generated fourth quarter revenues of $318 million, up 5.5% versus prior year and now represents approximately 30% of the Company's total revenue. And for the full year, the Digital Audio Group generated over $1 billion of revenue for the quarter, the Digital Audio Group generated adjusted EBITDA of $117 million, up 17.3% versus prior year.

現在轉向我們各自的營運部門。數位音訊集團第四季營收為 3.18 億美元，比去年同期成長 5.5%，目前約占公司總營收的 30%。就全年而言，數位音訊集團本季創造了超過 10 億美元的收入，調整後的 EBITDA 為 1.17 億美元，比去年同期成長 17.3%。

And the digital audio group's adjusted EBITDA margins were 37%, up from 33% in Q4 2022. This was the highest margin we've ever achieved in a quarter for the Digital Audio Group. And I would note that for the full year, this was the digital audio Group's best adjusted EBITDA and adjusted EBITDA margin as well had approximately $350 million of adjusted EBITDA with a margin of 33%.

該數位音訊集團的調整後 EBITDA 利潤率為 37%，高於 2022 年第四季的 33%。這是我們數位音訊集團在一個季度內實現的最高利潤。我要指出的是，就全年而言，這是數位音訊集團最好的調整後 EBITDA 和調整後 EBITDA 利潤率，調整後 EBITDA 約為 3.5 億美元，利潤率為 33%。

Within the Digital Audio Group, our podcast revenues grew 16.6% versus prior year. Podcasting continues to be the hottest new consumer, medium and as we are the industry leader, it remains a strong growth engine for the Company. Additionally, our financial discipline has paid off as our podcasting EBITDA margins continue to be accretive to our total company EBITDA margins in December I Heart was once again ranked the number one podcast publisher in the U.S. with more monthly downloads from the next two largest podcast publishers combined according to pod track.

在數位音訊集團內，我們的播客收入比去年增長了 16.6%。播客仍然是最熱門的新消費媒體，由於我們是行業領導者，它仍然是該公司強勁的成長引擎。此外，我們的財務紀律也得到了回報，我們的播客EBITDA 利潤率繼續增加公司12 月份EBITDA 利潤率。商數的每月下載量也有所增加。

Our leadership position in podcasting is in part the result of the power of our broadcast radio assets, which we have used to build new lines of business for the Company, starting out with the I Heart Radio app over 10 years ago, our marquee live events business, including the I Heart, radio, Jingle Ball tour and most recently with podcasting.

我們在播客領域的領導地位部分歸功於我們廣播廣播資產的力量，我們利用這些資產為公司打造新的業務線，從 10 多年前的 I Heart Radio 應用程式開始，我們的大型現場活動業務，包括I Heart、廣播、Jingle Ball 巡演以及最近的播客。

In addition to our industry-leading podcast business, we also have the number one streaming digital radio service, which has five times the listing of our closest competitor. We have the largest social footprint of any audio service by a factor of seven. And we operate 3,000 national and local websites that reach more than 120 million people in the United States each month, all of which represent additional opportunities for our advertising partners to interact with our highly engaged consumer base and provide additional revenue growth for the Company.

除了業界領先的播客業務外，我們還擁有排名第一的串流數位廣播服務，其排名是我們最接近的競爭對手的五倍。我們的社群足跡是所有音訊服務中最大的七倍。我們經營3,000 個國家和地方網站，每月覆蓋美國超過1.2 億人，所有這些都為我們的廣告合作夥伴提供了與我們高度參與的消費者群互動的額外機會，並為公司帶來了額外的收入增長。

Turning now to the multi-platform group, which includes our broadcast radio networks and events businesses. In the fourth quarter, revenues were $684 million, down 6.7% versus prior year and down 3.2%. Excluding the impact of political advertising, adjusted EBITDA was $142 million, down 38.5% versus prior year. And as a reminder, we're comparing this performance to Q4 2022, which benefited significantly from the impact of record political advertising spend for non-presidential election year.

現在轉向多平台集團，其中包括我們的廣播廣播網路和活動業務。第四季營收為 6.84 億美元，年減 6.7%，年減 3.2%。剔除政治廣告的影響，調整後 EBITDA 為 1.42 億美元，較上年下降 38.5%。提醒一下，我們將這一表現與 2022 年第四季進行比較，後者很大程度上受益於非總統選舉年創紀錄的政治廣告支出的影響。

As we look to the year ahead. We see 2024 as a recovery year, and we expect to return to growth mode, which will benefit all of our assets with a disproportionate adjusted EBITDA benefit to our multi-platform group and broadcast radio assets.

當我們展望未來的一年時。我們認為 2024 年是復甦年，我們預計將恢復成長模式，這將使我們的所有資產受益，調整後的 EBITDA 將為我們的多平台集團和廣播電台資產帶來不成比例的調整後 EBITDA 收益。

Because of the higher operating leverage in that segment, we expect to see our multi-platform group performance improve quarter by quarter throughout the year. And of course, as 2024 as a presidential election year, we expect to see a material benefit from political advertising the back half of the year as well and looking at our Digital Audio Group, we're excited about the growth of the overall digital audio TAM as well as our own growth within it. And now I'll turn it over to Rich.

由於該領域的營運槓桿較高，我們預計我們的多平台集團業績將在全年逐季改善。當然，2024 年是總統選舉年，我們預計下半年政治廣告也會帶來實質好處，看看我們的數位音訊集團，我們對整體數位音訊的成長感到興奮TAM 以及我們自己在其中的成長。現在我會把它交給里奇。

Thank you, Bob. As I take you through our results, you'll notice that, as Bob mentioned, our fourth quarter 2023 results were in line with our previously provided adjusted EBITDA and revenue guidance ranges. Our Q4 2023 consolidated revenues were down 5.2% year over year, a little better than the guidance we provided of down high single digits. Excluding the impact of political, our consolidated revenues were flat. Our consolidated direct operating expenses increased 0.4% for the quarter.

謝謝你，鮑伯。當我向您介紹我們的業績時，您會注意到，正如鮑勃所提到的，我們 2023 年第四季度的業績與我們之前提供的調整後 EBITDA 和收入指導範圍一致。我們 2023 年第四季的合併收入年減 5.2%，略優於我們提供的高個位數下降的指導。排除政治因素的影響，我們的綜合收入持平。本季我們的綜合直接營運費用成長了 0.4%。

This small increase was primarily driven by higher broadcast content fees and higher variable content costs, resulting from an increase in digital segment revenue, including profit sharing cost and production costs, but somewhat mitigated by lower third party digital cost and reduced compensation expense as a result of our ongoing cost savings initiatives.

這一小幅成長主要是由於數位部門收入（包括利潤分享成本和製作成本）增加而導致廣播內容費用和可變內容成本增加，但第三方數位成本降低和補償費用減少在一定程度上緩解了這一成長我們正在進行的成本節約措施。

Our consolidated SG&A expenses increased 8.5% for the quarter, primarily driven by increased trade and border marketing expense associated with the promotion of our events business in the quarter, including the streaming of our I Heart Radio Music Festival, moving to Hulu as well as increased variable bonus expense, which we stated on last quarter's call when discussing our Q4 guidance.

本季我們的綜合 SG&A 費用增加了 8.5%，主要是由於與本季度活動業務推廣相關的貿易和邊境行銷費用增加，包括 I Heart Radio 音樂節的串流媒體播放、轉移到 Hulu 以及增加可變獎金費用，我們在上個季度的電話會議上討論第四季度指導時指出了這一點。

These increases were partially offset by expense reductions driven by our ongoing cost savings initiatives. We generated fourth quarter GAAP operating income of $79.8 million compared to $172.8 million in the prior year quarter.

這些成長被我們持續的成本節約措施所帶來的費用減少所部分抵銷。我們第四季的 GAAP 營業收入為 7,980 萬美元，而去年同期為 1.728 億美元。

Our fourth quarter adjusted EBITDA was $208 million compared to $316 million in the prior year quarter, which as a reminder, was an election year and within the guidance range we provided of $205 million to $215 million.

我們在第四季度調整後的 EBITDA 為 2.08 億美元，而去年同期為 3.16 億美元，提醒一下，去年是選舉年，在我們提供的 2.05 億至 2.15 億美元的指導範圍內。

Turning now to the performance of our operating segments, and as a reminder, there are slides in the earnings presentation on our segment performances. In the fourth quarter, the digital audio Group's revenues were $318 million, up 5.5% year over year, and they comprised approximately 30% of our fourth quarter consolidated revenues.

現在轉向我們營運部門的業績，提醒一下，收益報告中有關於我們部門業績的幻燈片。第四季度，數位音訊集團的營收為3.18億美元，年增5.5%，約佔第四季合併營收的30%。

The digital audio group's adjusted EBITDA was $117 million, up 17.3% year over year. And our Q4 margins were 36.7%, a year-over-year increase of 370 basis points. Within the Digital Audio Group, our podcasting revenues, which grew 16.6% year over year.

數位音訊集團調整後的 EBITDA 為 1.17 億美元，較去年同期成長 17.3%。我們第四季的利潤率為 36.7%，年增 370 個基點。在數位音訊集團內，我們的播客收入較去年同期成長 16.6%。

And our non podcasting digital revenues, which declined 1.1% year over year. The multi-platform Group's revenues were $684 million, down 6.7% year over year or down 3.2%. Excluding the impact of political, adjusted EBITDA was $142 million, down 38.5% year over year.

我們的非播客數位收入年減 1.1%。多平台集團營收為6.84億美元，年減6.7%，季減3.2%。剔除政治影響，調整後 EBITDA 為 1.42 億美元，年減 38.5%。

The multi-platform group's adjusted EBITDA margins were 20.7%. Multi-platform goods fourth-quarter margins were primarily impacted by year-over-year increases in trade and border marketing expenses as I mentioned previously, as well as increases to certain programming fees and bad debt expenses, which were partially offset by the previously announced ongoing cost reduction program to take a step back.

此多平台集團的調整後 EBITDA 利潤率為 20.7%。正如我之前提到的，多平台商品第四季度的利潤率主要受到貿易和邊境營銷費用同比增長以及某些編程費用和壞賬費用增加的影響，這些費用被之前宣布的部分抵消正在進行的成本削減計劃退一步。

As you can see from the results in this quarter, we've continued to build out a successful and high-growth digital business, which for the full year 2023, generate over $1 billion of revenue with a 33% adjusted EBITDA margin. What might not be as apparent is that as part of our relentless focus on efficiencies, we've been reallocating capital from a lower growth multi-platform group to feed our high growth Digital Audio Group.

從本季的業績中可以看出，我們繼續打造成功且高成長的數位業務，該業務在 2023 年全年將產生超過 10 億美元的收入，調整後 EBITDA 利潤率為 33%。可能不那麼明顯的是，作為我們對效率的不懈關注的一部分，我們一直在從低成長的多平台集團重新分配資本，以養活我們高成長的數位音訊集團。

In fact, since 2019, we have actually reduced our multi-platform group expenses by approximately 7%, which has in part helped us to fund the growth of our Digital Audio Group, whose adjusted EBITDA grew by approximately 270% over that same time period. And as digital has a higher growth rate than our Multiplatform Group. The adjusted EBITDA of the Digital Audio Group in Q4 2023 is now approximately 80% as large as the multi-platform group's adjusted EBITDA up from 11% in Q4 2019.

事實上，自2019 年以來，我們的多平台集團開支實際上減少了​​約7%，這在一定程度上幫助我們為數位音訊集團的成長提供了資金，該集團的調整後EBITDA 同期成長了約270 % 。由於數位化的成長率比我們的多平台集團更高。數位音訊集團 2023 年第四季調整後 EBITDA 約為此多平台集團調整後 EBITDA 的 80%，而 2019 年第四季為 11%。

Turning to the Audio & Media Services Group revenues was $68 million, down approximately 28.6% year over year. And adjusted EBITDA was $21 million, down from $45 million in the prior year. Excluding the impact of political in the prior year quarter, the Audio & Media Services Group revenues were down 5.2%. And as reminder, the Audio & Media Services group also includes television revenues, which has greater year-over-year peaks and troughs due to the impact of political advertising.

音訊和媒體服務集團收入為 6,800 萬美元，年減約 28.6%。調整後的 EBITDA 為 2,100 萬美元，低於上年的 4,500 萬美元。排除上一季政治因素的影響，音訊和媒體服務集團的收入下降了 5.2%。提醒一下，音訊和媒體服務集團還包括電視收入，由於政治廣告的影響，電視收入的同比高峰和低谷更大。

At quarter end, we had approximately $4.9 billion of net debt outstanding and our total liquidity was $772 million, which includes a cash balance of $346 million. Our quarter ending net debt to adjusted EBITDA ratio was 7 times. And in 2024, we expect to make progress towards our long-term goal of a net debt to adjusted EBITDA ratio of approximately four times.

截至季末，我們的未償淨債務約為 49 億美元，流動資金總額為 7.72 億美元，其中現金餘額為 3.46 億美元。我們季度末淨負債與調整後 EBITDA 的比率是 7 倍。到 2024 年，我們預計將在實現淨債務與調整後 EBITDA 比率約為四倍的長期目標方面取得進展。

As highlighted on past calls, we have no material maintenance covenants and no debt maturities until May 2026. We continue to be opportunistic in responding to market developments and opportunities surrounding our capital structure. In Q4, we repurchased $15 million of the principal balance of our eight and three eight senior unsecured notes at a meaningful discount to their par value, generating both earnings and free cash flow accretion.

正如過去的電話會議所強調的那樣，我們在 2026 年 5 月之前沒有實質的維護契約，也沒有債務到期日。我們繼續以機會主義的態度來應對市場發展和圍繞我們資本結構的機會。在第四季度，我們以相對面值大幅折扣的價格回購了八張和三張八張高級無抵押票據的本金餘額中的 1500 萬美元，從而產生了收益和自由現金流增長。

This brings our total repurchase of these notes to $534 million, reducing the outstanding amount from $1.45 billion to approximately $916 million and results in aggregate annualized interest savings of approximately $45 million. In the fourth quarter, we generated $142 million of free cash.

這使得我們回購這些票據的總額達到 5.34 億美元，將未償還金額從 14.5 億美元減少到約 9.16 億美元，年化利息節省總額約為 4,500 萬美元。第四季度，我們產生了 1.42 億美元的自由現金。

Turning now to our outlook for Q1, the first quarter got off to a slow start with January revenue down 8% year over year. However, we are seeing momentum in February-March, which are both pacing up low single digits, and we are now currently pacing slightly better than down 1% for the quarter. And we expect our Q1 2024 revenues to be flat to down 2% year over year.

現在轉向我們對第一季的展望，第一季開局緩慢，1 月營收年減 8%。然而，我們看到 2 月至 3 月的勢頭，均以低個位數增長，目前的增長速度略好於本季度下降 1% 的水平。我們預計 2024 年第一季的營收將持平或年減 2%。

And we are seeing that momentum continuing into Q2, which is pacing up low single digits as well. So we see this trajectory as further validation that January was an anomaly and a positive sign for us as we progress throughout the year, we expect to generate first quarter adjusted EBITDA in the range of $100 million to $110 million compared to $93 million in the prior year quarter.

我們看到這種勢頭持續到第二季​​度，也以較低的個位數成長。因此，我們認為這一軌跡進一步驗證了1 月份對我們來說是一個反常現象，也是我們全年進步的一個積極信號，我們預計第一季度調整後EBITDA 將在1 億至1.1 億美元之間，而上一季為9,300 萬美元。

Turning to the individual segments, for Q1, we expect the Digital Audio Group revenues to be up mid-single digits. We expect the multi-platform group's revenue to be down mid single digits. And we expect the Audio & Media Services Group revenue to be up approximately 10% in terms of free cash flow as a reminder, Q1 is always our lowest free cash flow quarter of the year. And in Q1 2023, we generated negative free cash flow before returning to positive free cash flow generation in all subsequent quarters.

談到各個細分市場，我們預計第一季數位音訊集團的營收將成長中個位數。我們預計多平台集團的收入將下降至個位數。我們預計音訊和媒體服務集團的收入將在自由現金流方面成長約 10%，提醒您，第一季始終是我們一年中自由現金流最低的季度。在 2023 年第一季度，我們產生了負自由現金流，然後在隨後的所有季度恢復了正向自由現金流。

Turning to some of the items affecting our full year free cash flow, we expect our cash taxes to be approximately 10% of adjusted EBITDA in 2024. Our estimate of full year 2024 capital expenditures is expected to be approximately $100 million. Cash restructuring expenses will be approximately $50 million while not included in free cash flow calculation.

談到影響我們全年自由現金流的一些項目，我們預計 2024 年我們的現金稅將約為調整後 EBITDA 的 10%。我們預計 2024 年全年資本支出約為 1 億美元。現金重組費用約 5000 萬美元，但不包含在自由現金流計算中。

In February 2024, we received $101 million of cash proceeds from our equity stake in the sale of BMO. As Bob mentioned, we expect 2024 to be back in growth mode as we continue to see signs of improvement throughout our business and the broader advertising marketplace. And as reminder, during the last presidential election, we generated $167 million of political revenue.

2024 年 2 月，我們透過出售 BMO 股權獲得了 1.01 億美元的現金收益。正如鮑伯所提到的，我們預計 2024 年將恢復成長模式，因為我們繼續看到整個業務和更廣泛的廣告市場的改善跡象。提醒一下，在上次總統大選期間，我們創造了 1.67 億美元的政治收入。

So in combination with our ongoing efficiency efforts and given the power of technology now at our disposal we expect to see a significant year-over-year improvement in our adjusted EBITDA before.

因此，結合我們持續不斷的效率努力，並考慮到我們現在掌握的技術力量，我們預計先前調整後的 EBITDA 將比去年同期顯著改善。

And finally, on behalf of our entire management team, Bob and I want to thank our team members who work to deliver for their communities and for I Heart every single day.

最後，鮑伯和我謹代表我們整個管理團隊感謝我們的團隊成員，他們每天都在努力為社區和「我的心」做出貢獻。

Now we'll turn it over to the operator to take your questions. Thank you.

現在我們將把它交給接線員回答您的問題。謝謝。

(Operator Instructions) Jessica Reif with BOA Securities.

（操作員指示）傑西卡·賴夫（Jessica Reif）與 BOA 證券。

Hi, good morning. Thank you. And a couple of questions on podcasting. Can you talk about like just the overall industry, what you're seeing in terms of growth and some of the implications of changes in competitors' strategies? And what do you think your share is now? And then I have another question.

早安.謝謝。還有一些關於播客的問題。您能談談整個產業的發展以及競爭對手策略變化的一些影響嗎？您認為您現在的份額是多少？然後我還有另一個問題。

Well, thanks, Jessica. Look, I think podcasting by almost any measurement and there are number of them out there, show it to be the biggest growth, a vector in the media business today. And we don't see any sign that it's subsiding, you know, as we've said very early on, we think it's a really a clear adjacent business to radio.

嗯，謝謝，潔西卡。聽著，我認為播客幾乎以任何衡量標準，而且數量眾多，都表明它是最大的成長，是當今媒體業務的一個載體。我們沒有看到任何跡象表明它正在消退，你知道，正如我們很早就說過的那樣，我們認為它確實是一個與廣播明顯相鄰的業務。

Some would argue it's sort of radio on demand for radio like programming that's available on demand and I think the marketplace has gotten a lot more rational. I think people who have ideas about subscriptions about pay about exclusivity, about paying tons of money for people in hopes that one day, it will be profitable, have all sort of fallen by the wayside. And we've gotten back to very clear basics, which is obviously helpful to us because it turns into a rational marketplace in terms of dealing with both talent and dealing with advertisers.

有些人會認為這是一種類似廣播節目的點播廣播，可以點播節目，我認為市場已經變得更加理性。我認為，那些對訂閱、付費、排他性、為人們支付大量金錢以期有一天能夠盈利的想法的人，都已經半途而廢了。我們已經回到了非常清晰的基礎知識，這顯然對我們有幫助，因為它在與人才打交道和與廣告商打交道方面變成了一個理性的市場。

And the podcast sector continues to have superior CPMs, premium CPMs on it by most measurements, garners the most attention on the podcast host or trusted sort of every metric you click off, Jessica is sort of this wonderful being of superior metrics. And so I think that's sort of the way we look at the marketplace in terms of share, it's, you know, hard to understand. I think it's hard to get the true denominator on it. But you know, I think people have said we're sort of 20% share in the marketplace that's meaningful.

播客行業繼續擁有卓越的每千次展示費用（CPM），從大多數衡量標準來看，其優質每千次展示費用（CPM），在播客主持人或您點擊的每個指標的可信類型上獲得最多關注，傑西卡（Jessica）就是這種卓越指標的奇妙存在。所以我認為這就是我們從份額角度看待市場的方式，你知道，這很難理解。我認為很難得到真正的分母。但你知道，我認為人們已經說過我們在市場上佔有 20% 的份額，這是有意義的。

If you take some of the numbers, that's sort of where it works out. Obviously, in terms of profitability. I wish for a lot more than that.

如果你拿一些數字，那就是結果了。顯然，從盈利能力來看。我的願望遠不止於此。

Hey, Jess on. I'll just I'll just make a couple of quick things and then go to your next question by the way in the investor deck. You know, what's interesting is not just about us, but we have a slide in there on the data and point people to that. It shows the scale of podcasting that makes up more than two times in terms of time spent, it's double the amount of ad streaming audio streaming music services. So in terms of its breadth out out there, not just ourselves.

嘿，傑西。我只是做一些簡單的事情，然後順便在投資者平台上回答你的下一個問題。你知道，有趣的不僅僅是我們，而且我們有一張關於數據的幻燈片並向人們指出這一點。它顯示了播客的規模，就花費的時間而言，是其兩倍多，是廣告串流媒體音訊串流音樂服務量的兩倍。因此，就其廣度而言，不僅僅是我們自己。

The other thing I would say is think about podcasting of all the people that kind of predict advertising revenue, talk about the pool of podcasting dollars that, you know, most estimate there was about, I don't know, $1 billion, a $2 billion worth for US dollars last year. People are talking about it going to $4 billion, $5 billion, $6 billion. Where do you go three years out four years out five years out to Bob's point?

我要說的另一件事是，考慮一下所有預測廣告收入的播客，談論播客資金池，你知道，大多數估計是，我不知道，10 億美元，2 美元去年價值十億美元。人們談論它會達到 40 億美元、50 億美元、60 億美元。三年四年五年後，你會在哪裡去了解鮑伯的觀點呢？

So I don't think there's any debate about the TAM growing in terms of podcasting and the other, which I think tells you that we really are even with all our success and financial success that we're in the early days.

因此，我認為關於 TAM 在播客和其他方面的成長沒有任何爭議，我認為這告訴你，我們確實與早期的成功和財務成功持平。

And what are the things that kind of point to is interesting is that really big advertisers just started to come to podcasting a couple of years ago. And the reason why that's so important is because big avatars to state the obvious. But I think it's important to reiterate big, big dollars.

有趣的是，真正的大廣告商幾年前才開始涉足播客。這之所以如此重要，是因為大頭像可以表達顯而易見的事。但我認為重申大量美元非常重要。

And just finally, I'd say, yes, it does start with an audience, not just the size, the level of engagement. And when you look at podcasting and just you've been doing this a long time like we have, it's the most engaged medium. Any of us have ever seen. I think the number something like 85% of every podcast that started is listen to all the way through. So if you make that connection, it is no surprise about the growth in podcasting revenue because of the effectiveness with advertisers.

最後，我想說，是的，它確實從觀眾開始，而不僅僅是規模和參與程度。當你看看播客時，你會發現它是參與度最高的媒體，就像我們一樣，已經做了很長時間了。我們任何人都見過。我認為大約 85% 的播客從頭到尾都會被收聽。因此，如果你建立這種聯繫，那麼由於廣告商的有效性，播客收入的成長就不足為奇了。

I would add one more thing, Jess, just on the future of that, as a reminder, we've been building out the ad tech platform with the data and analytics, which will allow us. And it's obviously one of the advantages of having such a strong hand in podcasting that if someone finds an audience, they really like that's really engaged. It's very important to them. We'll be able to find that audience in broadcast radio at greater scale and add it to the podcast, our reach of whatever they're doing. So for us, it promises to extend the power of podcasting directly into our broadcast radio as well.

Jess，關於未來，我還想補充一件事，提醒一下，我們一直在利用數據和分析來建立廣告技術平台，這將使我們能夠實現這一目標。顯然，在播客領域擁有如此強大的影響力的優勢之一是，如果有人找到了觀眾，他們真的很喜歡這種真正的參與。這對他們來說非常重要。我們將能夠在廣播電台中更大規模地找到受眾，並將其添加到播客中，無論他們在做什麼，我們都能覆蓋。因此，對我們來說，它有望將播客的力量直接擴展到我們的廣播電台。

Right. And then thank you for that all of that.

正確的。然後感謝您所做的一切。

And then the follow-up is just on advertising. I mean, you guys because you seem relatively optimistic as the year progresses. So what can you just give us maybe a little deeper dive on what you're seeing in the marketplace in terms of what is strength or weakness in certain categories? And then, Rich, just one last follow-up. And you reiterated your goal of four times leverage, but what do you think the timeframe is to get there?

然後後續就只是廣告了。我的意思是，你們，因為隨著時間的推移，你們看起來相對樂觀。那麼，您能否讓我們更深入地了解您在市場上看到的某些類別的優勢或劣勢？然後，里奇，這是最後一個後續行動。您重申了四倍槓桿的目標，但您認為實現這一目標的時間範圍是多少？

Well, if I can jump in on the advertising question, Jessica, we think advertising is strengthening. We've called it last year. We thought this year would be the recovery year. We're seeing that January was a little slow, but it's up picked up in February and March and seeing it into the second quarter. So we're optimistic that we're seeing that and that will be a beneficiary of it.

好吧，傑西卡，如果我能談談廣告問題，我們認為廣告正在加強。我們去年就這麼稱呼過。我們認為今年將是復甦年。我們看到一月份有點慢，但二月和三月有所回升，並進入第二季。因此，我們樂觀地認為我們正在看到這一點，而這將是其中的受益者。

And in terms of issues in terms of leverage ratio of we haven't given a specific time frame. We do expect to make significant progress this year towards getting to four times and which has also helped. And we highlighted this in the release that the sale of our equity interest in BNY. and C. approximate $100 million, $101 million onto that. So when you look at our asset base. And our performance of this company continues to be a great generation generator, excuse me, of free cash flow, and we'll continue to focus on the generation free cash flow.

至於槓桿率的問題，我們還沒有給出具體的時間框架。我們確實預計今年將取得重大進展，爭取達到四次，這也有所幫助。我們在出售我們在紐約銀行股權的新聞稿中強調了這一點。 C. 約 1 億美元，還有 1.01 億美元。所以當你看看我們的資產基礎時。對不起，我們公司的業績仍然是自由現金流的偉大生成器，我們將繼續關注自由現金流的生成。

Thank you.

謝謝。

Thank you, Jess.

謝謝你，傑西。

(Operator Instructions) Steven Cahall, Wells Fargo.

（操作員說明）Steven Cahall，富國銀行。

Thank you. So first, just on the advertising inflection from down eight in January to pacing up low single digits, February March. I'm wondering if there's particular areas that you can point to that's driving that, whether it's national improving, whether it's particularly particular categories coming back to the market that you hadn't seen. And just to clarify, I want to make sure that those comments are all kind of excluding any impact from political. So there underlying market, if that's correct. And I have a couple of follow-ups.

謝謝。首先，我們來看廣告的變化，從 1 月的下降 8 到 2 月的低個位數成長。我想知道您是否可以指出推動這一趨勢的特定領域，是否是全國性的改善，是否是您沒有看到的特別特定類別回到市場。只是為了澄清，我想確保這些評論都排除了任何政治影響。如果這是正確的話，那麼就有潛在的市場。我還有一些後續行動。

Sure.

當然。

Look, I think we're seeing across the board seeing a strengthening of advertising. You know, obviously some groups of advertisers will be stronger than others. But as a reminder, we have no category that's more than 5% of our ad revenue. So we're pretty diverse in terms of our exposure to categories.

看，我認為我們全面看到廣告的加強。您知道，顯然某些廣告商群體會比其他群體更強大。但提醒一下，我們沒有任何類別的廣告收入占我們廣告收入的 5% 以上。因此，我們的類別非常多樣化。

And I think again, for whatever reason, and I think listening to others, what you heard in the marketplace, the January just start off a little slow and it can be a lot of external variables that do stuff. It's the slowest month of the year. But as the year picked up, I mean on February, people are here and I think in our discussions with advertisers, I think everybody's looking for growth out of their business and the growth is driven by advertising.

我再次想到，無論出於什麼原因，我認為聽聽其他人的意見，你在市場上聽到的消息，一月份的開始有點慢，可能是很多外部變量在起作用。這是一年中最慢的一個月。但隨著時間的推移，我的意思是在二月份，人們都在這裡，我認為在我們與廣告商的討論中，我認為每個人都在尋求業務成長，而成長是由廣告驅動的。

Yes, Steve, it's Rich on this. The only other thing I might add is we don't Bob mentioned there in terms of categories also from London, we have no individual advertiser. That's more than 2%. Our overall, and we also commented, I think we see that we expect this growth even continue on into Q2 as we look forward.

是的，史蒂夫，這是里奇的事。我唯一要補充的是，我們沒有鮑伯在倫敦的類別方面提到，我們沒有個人廣告商。那是超過2%。總體而言，我們也發表了評論，我認為我們預計這種增長甚至會持續到第二季​​度，正如我們所期望的那樣。

On political, just as a reminder, there is some political dollars in Q1 but they are very small. They are immaterial to the overall company. I think Bob stated in his remarks that we expect this to be a robust political year, but that's really going to manifest itself in Q3 and Q4, as you would expect.

在政治方面，提醒一下，第一季有一些政治資金，但它們非常小。它們對整個公司來說並不重要。我認為鮑伯在演講中表示，我們預計今年將是一個強勁的政治年，但這確實會在第三季和第四季體現出來，正如您所期望的那樣。

Great. And then just on digital ex podcast, I think it was flat and 23 was down a bit in Q4. Could you just help us understand what the trends are there? Is there continued pricing pressure there? Are you seeing any engagement issues on your ad-supported music platforms? Because we've seen a lot of growth in things like TikTok. So we'd just love to understand the trends in digital ex podcasts.

偉大的。然後就數位前播客而言，我認為第四季度持平，23 略有下降。您能幫我們了解一下趨勢嗎？那裡是否存在持續的價格壓力？您在廣告支援的音樂平台上是否發現任何參與度問題？因為我們看到了 TikTok 等業務的巨大成長。所以我們很想了解數位前播客的趨勢。

One point I would make is that last year we talked some about rebalancing the mix of ad products going for profitability. And I think you've seen that come through in the margin of our digital business in this quarter.

我要指出的一點是，去年我們討論了一些關於重新平衡廣告產品組合以實現盈利的問題。我認為您已經在本季度我們的數位業務利潤中看到了這一點。

Yes, the other thing, I would say, look, we had a just as a reminder in digital ex podcasting, which obviously we think continues to be a great growth engine for us. We had a tough comp last year because we're still dealing with a significant amount of COVID money last year. When you look at that, we looked at comparisons of new kind of, again, our I'm not a big person about, okay, you take this out.

是的，另一件事，我想說，看，我們在數位前播客方面有一個提醒，顯然我們認為這仍然是我們巨大的成長引擎。去年我們的業績比較艱難，因為去年我們仍在處理大量的新冠疫情資金。當你看到這一點時，我們會再一次查看新類型的比較，我們的“我不是一個大人物”，好吧，你把這個拿出來。

You take that out, look of the year where it could grow. But I but I do think it's kind of worth kind of worth calling that out. And just by the way of Russia to help myself in terms of you look at our asset base and you mentioned TikTok just as a reminder, in terms of our reach and level of engagement, we reach over 90% of which has been the resiliency and TikTok is somewhere kind of in the mid-30% overall in terms of reach of the country. So I think people always have to remember in terms of our reach on the turns reach, American in terms of consumers and our level of engagement on the unique asset we have as a company continues to be that and I just to bring it full circle.

你把它拿出來，看看它可以成長的年份。但我確實認為這是值得的。順便說一句，俄羅斯可以幫助我自己，看看我們的資產基礎，你提到 TikTok 只是為了提醒一下，就我們的影響力和參與程度而言，我們達到了 90% 以上，其中的彈性和就該國的覆蓋率而言，TikTok 整體處於30% 左右。因此，我認為人們必須始終記住，我們在轉彎方面的影響力、美國消費者的影響力以及我們作為一家公司對我們擁有的獨特資產的參與程度仍然如此，我只是將其帶回原點。

Bob commented for a second on our technology. But just as a reminder, that it was a response to the PodcastOne question we just got, but we've got the ability even on a broadcast inventory to do everything on any of the big digital players can do what we do want to Cohort one to two for many, which is obviously the way the world is going away from one to one.

鮑伯對我們的技術發表了一些評論。但提醒一下，這是對我們剛剛收到的 PodcastOne 問題的回應，但我們甚至有能力在廣播庫存上做任何大型數位播放器上的所有事情，我們可以做我們想做的事情為二為多，這顯然是世界正在從一變成一的方式。

Thanks. And then just lastly, you have a lot of maturities in 26 and then a couple of more walls and 27 and 28. What's the timing when you start to engage in those discussions? I know this is a growth year. You're based on consensus deleverage with free cash flow. You'll generate a lot more EBITDA, but you'll still probably be entering those discussions at a higher level of leverage than your target. So how do we just kind of think about risk and opportunity there?

謝謝。最後，26 期有很多到期日，然後還有更多的牆以及 27 和 28 期。您什麼時候開始參與這些討論？我知道今年是成長的一年。您的基礎是共識去槓桿化和自由現金流。您將產生更多的 EBITDA，但您仍可能以比您的目標更高的槓桿水平參與這些討論。那我們要如何思考那裡的風險和機會呢？

I don't think this is surprising. I'm not going to comment on anything on anything specific, but safe to say, and you reiterated your first and foremost are continuing to execute on the generation of significant free cash flow. And we are focused on our maturities and we're evaluating all of them. And we continue to focus on on our refinancing of the balance sheet as you would expect. But yes, our objectives haven't changed at all and our focus has not changed.

我認為這並不令人驚訝。我不會對任何具體事情發表評論，但可以肯定地說，您重申您的首要任務是繼續執行大量自由現金流的生成。我們專注於我們的成熟度，並且我們正在評估所有這些成熟度。正如您所期望的那樣，我們將繼續關注資產負債表的再融資。但是，是的，我們的目標根本沒有改變，我們的重點也沒有改變。

Thank you.

謝謝。

(Operator Instructions) Ben Swinburne, Morgan Stanley.

（操作員指示）Ben Swinburne，摩根士丹利。

Thank you, guys. So good morning, Rich, how are you thinking about the expense trends in 20 for any color on kind of expense growth or how you think about margins?

感謝你們。早安，Rich，您如何看待 20 年來任何顏色的費用成長趨勢，或者您如何看待利潤率？

I assume you should get some nice margin expansion in given the political year? And then I just wanted to clarify on the restructuring. You mentioned $50 million. Is that cash tied to last year's restructuring activity, are there additional cost actions that you're announcing today that are taking place in 2024?

我認為在特定的政治年度中，您應該會獲得一些不錯的利潤擴張？然後我想澄清一下重組的情況。你提到了5000萬美元。這些現金是否與去年的重組活動有關？

Thanks Ben. Let me you are maybe not exactly known or let me take your last one personnel. We just you're getting done and continuing to want to provide transparency, transparency, just giving an estimate of what we think of as you look at as you look into 24 and we're not announcing any new cash, a new cost excuse me, our programs today, but I think if you go back over the last couple of years out the rigor we apply both in terms of our cost programs, efficiencies.

謝謝本。讓我告訴你，你可能不太了解，或讓我帶走你的最後一名人員。我們只是你們正在完成工作，並繼續希望提供透明度，透明度，只是對我們的想法進行估計，當你們研究 24 時，我們不會宣布任何新的現金、新的成本，對不起。但我認為，如果你回顧過去幾年，我們在成本計劃和效率方面都採用了嚴格的標準。

I think in the beginning of Bob's opening remarks, you talked about that talked about taking advantage of a I guess as we go forward, our technology, quite frankly, that is called AI. It obviously called everybody's Workday I today.

我想在鮑勃的開場白中，你談到了利用我們的技術，坦白說，我想隨著我們的前進，這就是所謂的人工智慧。今天顯然是每個人的工作日。

But if you look at our track history over the last two, three, four years, we've continued to look at our company and rigorously look at efficiencies. And today, you know, I really would focus people on in terms of all remarks that if you look at what we did with multi-platform grew faster in 2019, we've actually reduced our overall expense base by 7%, and we used that. And what we've done with that is two things we've invested on in terms of our higher growth businesses on the digital side, including podcasting and I think the number we gave is [EBITDA] is up 170%.

但如果你看看我們過去兩年、三年、四年的發展歷史，你會發現我們一直在持續關注我們的公司並嚴格審視效率。今天，你知道，我真的想讓人們關注所有的言論，如果你看看我們在2019 年在多平台方面所做的增長更快的事情，我們實際上已經將我們的整體費用基礎減少了7 %，並且我們使用了那。我們所做的就是我們在數位方面的高成長業務方面投資了兩件事，包括播客，我認為我們給出的數字是 [EBITDA] 成長了 170%。

Yes, to our I'm sorry, towards 270%. I apologize on over that period of time. And I'll just remind us, we said, and we've generated a lot of free cash flow during that period of time. And just to be clear, and we believe multi-platform is a growth business.

是的，對不起，我們的目標是 270%。我對那段時間表示歉意。我只想提醒我們，我們說，在那段時間我們產生了大量的自由現金流。需要明確的是，我們相信多平台是一項成長業務。

It's not we don't believe it's as high growth as the digital business, but we expect we've said this before, multi-platform, we get back to low single digit growth. And again, to reiterate sticky. Obviously, it's a great free cash flow business. And as you look into 2024, I would just remind us your political is our highest margin EBITDA business in a company that has a lot of high margin EBITDA business. And it's one of the great advertising categories when we get the cash upfront in terms of political.

並不是我們不相信它會像數位業務那樣高速成長，而是我們之前已經說過，多平台，我們會回到低個位數成長。再次重申黏性。顯然，這是一項很棒的自由現金流業務。當你展望 2024 年時，我只想提醒我們，在一家擁有大量高利潤 EBITDA 業務的公司中，政治是我們利潤率最高的 EBITDA 業務。當我們在政治方面預先獲得現金時，這是很棒的廣告類別之一。

Got it okay.

明白了，沒問題。

That's very helpful. And then I just was curious, you guys gave some helpful cash tax guidance as well for the year. There's a lot of stuff happening in there. You know right in Congress or maybe not happening, but potentially have seen around tax changes. I'm just wondering if you have any advice for us beyond 24 on thinking about cash tax rates for IR?

這非常有幫助。然後我只是很好奇，你們今年也提供了一些有用的現金稅收指引。那裡發生了很多事情。你知道國會可能會發生或可能不會發生，但可能已經看到了稅收變化。我只是想知道您對 24 歲以上的我們在考慮 IR 現金稅率方面是否有任何建議？

No. I mean, look, we I think the advice here we've said is about 10% of EBITDA and cash taxes. Yes, we're all aware of the various efforts going on, but that assumes no changes that we've all been reading about.

不。我的意思是，看，我認為我們所說的建議是 EBITDA 和現金稅的 10% 左右。是的，我們都知道正在進行的各種努力，但這假設我們都沒有看到任何變化。

And any of the proposed changes, potential changes out there, which at least some of the potential changes could impact us very favorably, but we have not assumed at this point.

任何建議的變化、潛在的變化，至少其中一些潛在的變化可能會對我們產生非常有利的影響，但我們目前還沒有假設。

Thanks so much.

非常感謝。

(Operator Instructions) Jim Goss, Barrington Research.

（操作員說明）Jim Goss，Barrington Research。

Good morning, it was encouraging to see your confidence in the growth in the Digital Audio Group continuing through the year. Is this are you thinking this is not just a one year issue, but that that's a steady trend that you feel will go on for several years or beyond.

早安，很高興看到您對數位音訊集團今年持續成長的信心。您是否認為這不僅僅是一年的問題，而是您認為將持續數年或更長時間的穩定趨勢。

And the off your attention to the improvement in the margin for that sector I'm wondering if you have any thoughts on what the upside might be in the margin ultimately in this address driving some of those potential.

如果您不關注該行業利潤率的改善，我想知道您是否對這個地址最終推動其中一些潛力的利潤率有什麼想法。

But let me hit the first part of that, and I'll have Rich take the other is we see the digital TAM continuing to expand and we are able to participate in it through our Digital Audio Group and we also think that we are probably expanding our growth within that as well. And obviously, adding the technology to our broadcast radio inventory, our strategy is to get that into the digital TAM, too. So that eventually the broadcast radio inventory is benefits from the growth of digital overall.

但讓我談談第一部分，我會讓 Rich 談談第二部分，我們看到數位 TAM 繼續擴張，我們能夠透過我們的數位音訊小組參與其中，我們也認為我們可能正在擴張我們也在其中成長。顯然，將這項技術添加到我們的廣播電台庫存中，我們的策略是將其也納入數位 TAM 中。因此，廣播電台庫存最終將受益於數位整體的成長。

And I'm sorry, your second question, second?

對不起，你的第二個問題，第二個問題？

It just the drivers of the margin improvement and what the upside, and I'm sure I did hear some thought in the margin in mind.

這只是利潤率改善的驅動因素和好處，我確信我確實聽到了一些關於利潤率的想法。

Well, you know, look, we've always have had just a freshly repeated look, we've always talked about how to think about the digital TAM on margin when you model out as kind of a 35% on EBITDA business. And I think as you look at our numbers in the data, we continue to make great progress towards that.

嗯，你知道，看，我們總是有一個新的重複的外觀，我們總是討論當你將 EBITDA 業務模型化為 35% 時如何考慮數位 TAM 的保證金。我認為，當您查看數據中的數字時，我們將繼續在這方面取得巨大進展。

So and back on your cost and NAI. a little bit, like I think I commented on the previous questions and then a question on cost and efficiency and that constant rigor, it is something we continue to do wind and look to technology to help help take advantage of it. And again, I think we for the first time really just tried to put in context and demonstrate and put some real data around it.

那麼，回到你的成本和 NAI。一點點，就像我對先前的問題進行了評論，然後是關於成本和效率的問題以及持續的嚴格性，這是我們繼續做的事情，並尋求技術來幫助利用它。再說一遍，我認為我們第一次真正嘗試將其置於上下文中並進行演示並提供一些真實的數據。

When we mentioned about the expense reduction at the multi-platform group, which again doesn't take away from our view that it will return to a growth engine. But yes, in terms of the rigorous allocation of capital that we've been allocating it more capital to our highest growth areas. So other than saying, I expect us to get to that 35% EBITDA margin on an annual basis of going to do Digital Audio Group.

當我們提到多平台集團的費用削減時，這並沒有改變我們的觀點，即它將回歸成長引擎。但是，是的，就嚴格的資本配置而言，我們一直在為成長最快的領域分配更多資本。因此，除了說之外，我希望我們在數位音訊集團的基礎上每年能夠達到 35% 的 EBITDA 利潤率。

I wouldn't comment any further.

我不會再發表任何評論。

On for the last three with their brightness core broadcasting business, it is essentially becoming pharmacist part of element to the growth in the digital businesses. It would seem as though you did talk about and the social media and the websites and the other supportive elements within broadcast, I wonder if you could talk about the role you envision with the broadcast business?

在過去的三個核心廣播業務中，它基本上成為數位業務成長要素的一部分。看來您確實談到了社交媒體、網站以及廣播中的其他支援元素，我想知道您是否可以談談您對廣播業務的設想？

Sure.

當然。

Look at the at the heart of it, we have this incredible and unique reach. We reach 90% of Americans with our our AM/FM broadcast business, our assets, and that's higher than Facebook and Google Home. It's a double more than double the broadcast network TV networks and no one in the digital audio space comes close. So that is a real advantage we have we reach consumers.

看看它的核心，我們擁有令人難以置信和獨特的影響力。我們的 AM/FM 廣播業務、我們的資產覆蓋了 90% 的美國人，這比 Facebook 和 Google Home 還要高。這是廣播網路電視網路的兩倍多，數位音訊領域無人能與之媲美。所以這才是我們接觸消費者的真正優勢。

And if you go to the fundamentals of marketing, the basic marketing is the more people I can tell my message to the more business out because a certain percentage of everyone at Intel will turn into a customer. So we know that's valuable.

如果你了解行銷的基礎知識，基本的行銷就是我可以向更多的人傳達我的訊息，因為英特爾的每個人都有一定比例的人會成為客戶。所以我們知道這很有價值。

The problem with broadcast radio has not been the consumer reach has not been the consumer. It has been how we're selling our advertising and we have are developing the technology platform. So that the advertisers who are looking for that inventory to look like digital inventory will have the platform that allows that to happen.

廣播電台的問題不在於消費者的影響力，也不在於消費者。這就是我們銷售廣告和開發技術平台的方式。因此，那些正在尋找看起來像數位庫存的廣告商將擁有允許這種情況發生的平台。

We think that's the major benefit to us in broadcast radio. So broadcast radio doing extraordinarily well with the consumer and has a huge upside opportunity in our mind for advertising sales because of one that reach and to our ability to serve that reach, as Rich talked earlier, being able to provide that same kind of reach to specific cohorts, not just Nielsen audiences.

我們認為這是廣播電台為我們帶來的主要好處。因此，廣播電台在消費者中表現得非常好，並且在我們看來，廣告銷售有巨大的上升機會，因為廣播電台的覆蓋範圍以及我們服務於該覆蓋範圍的能力，正如里奇之前所說，能夠向特定群體，而不僅僅是尼爾森受眾。

Okay. Thanks for that. Appreciate it.

好的。感謝那。欣賞它。

(Operator Instructions) Stephen Laszczyk, Goldman Sachs.

（操作員指示）Stephen Laszczyk，高盛。

A great.

一個了不起的。

Thank you all.

謝謝你們。

Maybe one on political and one on podcast in, I guess first on for Bob, just talk a little bit more about what you're seeing in terms of the adoption of political advertising on podcasting.

也許一個是關於政治的，一個是關於播客的，我想首先是鮑勃，稍微多談談你在播客上採用政治廣告方面所看到的情況。

How big of an opportunity do you think it is this year?

您認為今年的機會有多大？

And is this something you think the the campaigns are looking at as incremental or a mix shift within their budget for for audio as a whole? And then I think you called out the opportunity for podcasting in non-English markets.

您是否認為廣告活動將其視為整個音訊預算內的增量或混音轉變？然後我認為您指出了非英語市場播客的機會。

Just curious if you could spend a little time talking about the tech stack and the pieces that you've run together on that side and where you're at in terms of the supply demand funnels in those markets and when you think you could start seeing that become a meaningful contributor to revenue for podcasting? Thank you?

只是好奇您是否可以花一點時間談論技術堆疊和您在這方面一起運行的部分，以及您在這些市場的供需管道方面所處的位置，以及您何時認為您可以開始看到成為播客收入的有意義的貢獻者？謝謝你？

Well, let me start with political. We think that, of course, the biggest opportunity is probably broadcast radio for political as TV's reach has declined. The candidates have to reenter people with issues have to reach the voters and we have the ability to do that now the political advertisers look very closely at which cohorts which groups of people and now with the data and analytics we have available, we're able to serve that need. So we think that helps us substantially with political this year.

好吧，讓我從政治開始。當然，我們認為最大的機會可能是政治廣播，因為電視的影響力已經下降。候選人必須重新讓有問題的人接觸到選民，我們有能力做到這一點，現在政治廣告商非常密切地關注哪些群體、哪些人群，現在利用我們現有的數據和分析，我們能夠做到這一點來滿足這種需求。因此，我們認為這對我們今年的政治工作有很大幫助。

The other thing to remember is that only 6% of voters, say no one influences me. And that means 94% of the people are influenced by somebody else people in the household, their coworkers people at the gym, religious leaders, et cetera.

另一件要記住的事情是，只有 6% 的選民表示沒有人影響我。這意味著 94% 的人會受到家庭中其他人、健身房裡的同事、宗教領袖等的影響。

So when you're looking at targeting and I think they will recognize this if you target just the voter, you're not targeting the and not reaching the people who are influencing them. The great news about broadcast radio is if they buy a cohort on broadcast radio, that's their target, everybody else basically hears the message as well. So the people are influencing them, it will be it will have the message and hopefully can influence that voter. So we see that's very important.

因此，當你考慮目標時，我認為如果你只針對選民，他們會意識到這一點，那麼你就沒有針對影響他們的人，也沒有接觸到那些影響他們的人。關於廣播電台的好消息是，如果他們在廣播電台上購買了一批人，那就是他們的目標，其他人基本上也會聽到這個消息。因此，人們正在影響他們，它將傳達訊息，並希望能夠影響選民。所以我們認為這非常重要。

You're right about podcasting. Clearly with the the impact of political and podcasting, there is opportunity there. And that probably will be a big growth area for us for podcasting this year as well.

關於播客，你是對的。顯然，隨著政治和播客的影響，那裡存在著機會。這也可能成為我們今年播客的一個巨大成長領域。

It was something on pocket you want to talk about translation, not only

這是你口袋裡的東西，你想談論翻譯，而不僅僅是

Non, I guess the non-English opportunity embarking

非，我猜非英語機會出發

On English on?

上英語嗎？

Yes, we are we have been experimenting on. It's getting better and not quite to the level we need it to be to say, let's roll it out, but it's making fast our pace gains in terms of the quality. And we anticipate probably in this year that we'll get stuff of that quality, how quickly we'll be able to monetize it and get it out there.

是的，我們一直在試驗。它正在變得更好，但還沒有達到我們需要的水平，讓我們推出它，但它使我們在品質方面的步伐加快了。我們預計今年我們將獲得這種品質的產品，我們將能夠以多快的速度將其貨幣化並推出。

I don't think we have any projections yet, but we'll know a lot more by probably the next couple of earnings calls.

我認為我們還沒有任何預測，但我們可能會在接下來的幾次財報電話會議上了解更多。

But it is just as a side note, one of the areas when people look at AI. that it really is efficient to use AI to help on that translation that again, as box and I wouldn't change your numbers this year for it.

但這只是一個旁注，是人們看待人工智慧的領域之一。使用人工智慧來幫助翻譯確實很有效，就像盒子一樣，今年我不會為此改變你的數字。

It's not going to say not significant, but it isn't that we benefit from me on it is uneconomic to do it manually because there's so many episodes to somebody podcast as so many languages. And AI is really the solution.

這並不是說不重要，但這並不是說我們從我那裡受益，因為手動執行它是不經濟的，因為某個播客的劇集與語言一樣多。人工智慧確實是解決方案。

Got it. Thank you.

知道了。謝謝。

This will, first of all, on behalf of Bob myself and quite frankly, the entire management team and everybody at our heart of really appreciate everybody taking the time to listen to the I Heart story, and we're here for any follow-up questions. Thank you again.

首先，這將代表鮑伯本人，坦白說，整個管理團隊和我們核心的每個人都非常感謝大家花時間聆聽「我心」的故事，我們將在這裡等待任何後續行動問題。再次感謝你。

This concludes today's call. Thank you for joining, and you may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入，您現在可以斷開線路了。