iHeartMedia Inc (IHRT) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Rebecca and I will be your conference operator today. At this time, I would like to welcome everyone to the iHeartMedia Q3 2024 earnings call. (Operator Instructions)

謝謝你的支持。我叫麗貝卡，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 iHeartMedia 2024 年第三季財報電話會議。（操作員說明）

I would now like to turn the call over to Mike McGuinness, Head of Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係主管 Mike McGuinness。請繼續。

Good morning, everyone and thank you for taking the time to join us for our third quarter, 2024 earnings call. Joining me for today's discussion are Bob Pittman, our Chairman and CEO; and Rich Bressler, our President, COO and CFO. At the conclusion of our prepared remarks, management will take your questions.

大家早安，感謝您抽出時間參加我們的 2024 年第三季財報電話會議。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。在我們準備好的發言結束後，管理階層將回答您的問題。

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. 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 including today's recent 8-K filing.

除了我們的新聞稿之外，我們的網站上還提供了收益演示文稿，您可以使用它來了解我們的評論。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（包括今天最近的 8-K 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 now I'll turn the call over to Bob.

此外，在本次電話會議中，我們將參考某些非GAAP 財務指標，GAAP 和非GAAP 財務指標之間的調節表包含在我們的收益發布、收益演示和SEC 文件中，這些資訊可在我們網站的投資者關係部分找到。現在我將把電話轉給鮑伯。

Thanks, Mike and good morning, everyone. Before we discuss the company's third quarter operating results, I want to provide two important and positive updates. The first is about our capital structure. As you may have seen in our 8-K file this morning, we're pleased to report that we have entered into a transaction support agreement with a group of debt holders representing on an aggregate basis, approximately 80% of the company's outstanding debt. We've agreed to pursue and the supporting debt holders have agreed to support exchange offer transactions that will be offered to all holders of the company's existing debt.

謝謝麥克，大家早安。在我們討論公司第三季的經營業績之前，我想提供兩個重要且正面的更新。第一個是關於我們的資本結構。正如您今天早上在我們的8-K 文件中看到的那樣，我們很高興地報告，我們已與一組債務持有人簽訂了交易支持協議，這些債務持有人總計約占公司未償債務的80%。我們已同意進行交換要約交易，支持的債務持有人也已同意支持交換要約交易，該交易將提供給公司現有債務的所有持有人。

The exchange offers will accomplish three things. One, they will extend the majority of our debt maturities by three years. Two, our current consolidated annual cash interest expenses will remain essentially flat and three they will provide for some overall debt reduction. We expect the exchange offers to close prior to the end of the year.

交換要約將完成三件事。第一，他們將把我們大部分債務的期限延長三年。第二，我們目前的合併年度現金利息支出將基本保持不變，第三，它們將減少總體債務。我們預計交換要約將在今年底前結束。

The high levels of support from our debt holders demonstrates the confidence they have in the future of our business for which we are extremely appreciative. The transaction support agreement marks an important step in our commitment to optimize our balance sheet and it provides the company with the flexibility to remain focused on continuing IHeart's transformation.

我們的債權人的高度支持表明他們對我們業務的未來充滿信心，對此我們非常感激。交易支援協議標誌著我們致力於優化資產負債表的重要一步，它為公司提供了繼續專注於繼續 IHeart 轉型的靈活性。

The second is an update on our ongoing modernization initiatives and the associated cost savings. As a reminder, iHeart is a high operating leverage business. Technology is the key to increasing our operating leverage and it is a constant focus for us. It allows us to speed up processes, streamline legacy systems and it enables our folks to create more, better and faster.

第二個是我們正在進行的現代化計劃和相關成本節約的最新情況。提醒一下，iHeart 是一家營運槓桿較高的企業。科技是提高我們營運槓桿的關鍵，也是我們持續關注的焦點。它使我們能夠加快流程、簡化遺留系統，並使我們的員工能夠創造更多、更好、更快。

We've now taken another significant step in our modernization journey, flattening our organization, eliminating redundancies and breaking down silos. It will be easier to do business with us and easier to get our business done as well as accelerate revenue growth. And this new use of technology will have a major impact on cost, reducing our annual expenses by approximately $150 million in 2025.

現在，我們在現代化過程中又邁出了重要一步，精簡了我們的組織，消除了冗餘並打破了孤島。與我們開展業務將更容易，完成業務並加速收入成長將更容易。這種新技術的使用將對成本產生重大影響，到 2025 年我們的年度開支將減少約 1.5 億美元。

Coupled with the full year benefit of actions taken earlier this year, this brings our total annual cost savings to $200 million in 2025 compared to 2024. In addition to improving our operations, these cost savings give us greater certainty in delivering our financial performance for next year and beyond. And we will continue this modernization process as we further deploy AI and other advancements to transform our operating structure as we move forward.

再加上今年稍早採取的行動帶來的全年效益，與 2024 年相比，到 2025 年我們的年度總成本節省將達到 2 億美元。除了改善我們的營運之外，這些成本節省還使我們能夠更確定地實現明年及以後的財務表現。我們將繼續這項現代化進程，進一步部署人工智慧和其他先進技術，以改變我們的營運結構。

Now, turning to our financial results, we're pleased to report that our third quarter, 2024 results were in line with our previously provided adjusted EBITA and revenue guidance ranges. And we see continued evidence that this is a recovery year for advertising revenues. While the marketplace is dynamic, we continue to see strong momentum in our podcast business, our digital X podcast business and the sequential improvement of our Multiplatform Group's year over year revenue performance.

現在，轉向我們的財務業績，我們很高興地報告，我們 2024 年第三季的業績符合我們先前提供的調整後 EBITA 和收入指導範圍。我們看到持續的證據顯示今年是廣告收入復甦的一年。雖然市場充滿活力，但我們繼續看到我們的播客業務、數位 X 播客業務以及多平台集團收入表現的逐年改善勢頭強勁。

In addition to the continuing positive impact of an ad market recovery, our results also reflect the power of our assets, the upside from political advertising and the benefit of our ongoing focus on cost efficiencies.

除了廣告市場復甦的持續正面影響外，我們的業績還反映了我們資產的力量、政治廣告的優勢以及我們持續關注成本效率的好處。

Now let me take you through some of the key financial results for the quarter. In the third quarter, we generated adjusted EBITDA of $205 million within the guidance range we provided of $200 million to $220 million. Our consolidated revenues were up 5.8% compared to the prior year quarter in line with our guidance of up mid single digits and excluding the impact of political, our consolidated revenues were even up 2% compared to the prior year quarter.

現在讓我向您介紹本季的一些主要財務表現。第三季度，我們在 2 億至 2.2 億美元的指引範圍內產生了 2.05 億美元的調整後 EBITDA。與去年同期相比，我們的綜合收入成長了 5.8%，符合我們中個位數成長的指引，並且排除政治因素的影響，我們的綜合收入甚至比去年同期成長了 2%。

Turning now to our individual operating segments, the Digital Audio Group generated third quarter revenues of $301 million up 12.7% versus prior year in line with our previously provided guidance of up low double digits and represented approximately 30% of the company's total revenue and is now about half the size of the Multiplatform Group's revenue.

現在轉向我們的各個營運部門，數位音訊集團第三季​​營收為 3.01 億美元，比去年同期成長 12.7%，符合我們先前提供的低兩位數成長指引，約占公司總收入的 30%，現在大約是Multiplatform Group 營收規模的一半。

For the quarter, the Digital Audio Group generated adjusted EBITDA of $100 million up 6.8% versus prior year. The Digital Audio Group's adjusted EBITDA margins were 33.2% continuing the trend of sequential margin improvement in each quarter this year. The Digital Audio Group's earnings are now almost three quarters the size of the multi platform group's earnings.

本季度，數位音訊集團調整後 EBITDA 為 1 億美元，比去年同期成長 6.8%。數位音訊集團調整後的 EBITDA 利潤率為 33.2%，延續了今年每季利潤率較上季改善的趨勢。目前，數位音訊集團的獲利幾乎是多平台集團獲利的四分之三。

Within the Digital Audio Group, our podcast revenues which grew 11% versus prior year in line with our previously provided guidance of up low double digits. Our non-podcast digital revenues grew 14% versus prior year and we expect that strength to continue as well.

在數位音訊集團內，我們的播客收入比去年增長了 11%，符合我們先前提供的低兩位數成長指引。我們的非播客數位收入比去年增長了 14%，我們預計這種勢頭還將持續下去。

In September, iHeart was once again ranked the number one podcast publisher in the US according to Podtrac and our financial discipline and podcasting continues to pay off as our podcasting EBITDA margins remain accretive to our total company adjusted even a margins.

9 月份，根據Podtrac 的數據，iHeart 再次被評為美國第一大播客發行商，我們的財務紀律和播客業務繼續獲得回報，我們的播客EBITDA 利潤率仍然在增加我們整個公司的利潤率，即使調整後的利潤率也是如此。

As a reminder, our leadership position in podcasting is in part the result of the power of our broadcast radio assets. We have used those assets to build not only the podcast business but also the iHeartRadio app, which is the number one digital radio service and our [marquee] live events business, which includes the recent iHeartRadio Music Festival, as well as the upcoming iHeartRadio Jingle Ball tour.

提醒一下，我們在播客領域的領導地位部分歸功於我們廣播電台資產的力量。我們利用這些資產不僅建立了播客業務，還建立了 iHeartRadio 應用程式（這是排名第一的數位廣播服務）和我們的[字幕]現場活動業務，其中包括最近的 iHeartRadio 音樂節以及即將推出的 iHeartRadio Jingle球之旅。

In addition to our industry leading podcast business and our digital radio streaming service, which has 5x the digital listing of our closest competitor, we also have the largest social footprint of any audio service by a factor of six. And we operate 3,000 national and local websites that reach more than 140 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.

除了我們行業領先的播客業務和數位廣播串流服務（其數位清單是我們最接近的競爭對手的 5 倍）之外，我們還擁有所有音訊服務中最大的社交足跡，是我們的六倍。我們經營3,000 個國家和地方網站，每月覆蓋美國超過1.4 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體互動的額外機會，並為公司帶來額外的收入增長。

Turning now to the Multiplatform Group which includes our broadcast radio, networks and events businesses. In the third quarter, revenues were $620 million down 1.1% versus prior year in line with our previously provided guidance of down low single digits and down 2.9% excluding the impact of political advertising.

現在轉向多平台集團，其中包括我們的廣播電台、網路和活動業務。第三季營收為 6.2 億美元，比上年同期下降 1.1%，符合我們先前提供的低個位數指引，不包括政治廣告的影響則下降 2.9%。

Adjusted EBITDA was $130 million compared to $162 million in the prior year quarter due primarily to the timing of certain non-cash marketing expenses associated with our iHeartradio Music Festival, which we discussed last quarter as well as expenses associated with serving as the exclusive audio home of NBC's coverage of the 2024 Summer Olympics in Paris. We believe NBC's ratings success further validates the strength of our relationship with our listeners and the power of our multiple platforms, including broadcast radio to drive performance for our partners.

調整後EBITDA 為1.3 億美元，而去年同期為1.62 億美元，這主要是由於與我們的iHeartradio 音樂節相關的某些非現金營銷費用（我們上季度討論過）以及與作為獨家音頻之家相關的費用NBC 對 2024 年巴黎夏季奧運會的報導。我們相信 NBC 的收視率成功進一步驗證了我們與聽眾的關係的牢固性以及我們多個平台（包括廣播電台）為我們的合作夥伴提高績效的力量。

And there's one more point I want to make about the power and uniqueness of our broadcast radio assets that's particularly relevant right now. Over the past few years, we've done groundbreaking work to identify and understand the ignored consumer as part of our ongoing tracking of the American consumer. This is a huge consumer group that feels ignored and even disrespected by the media and advertisers.

關於我們廣播電台資產的力量和獨特性，我還想強調一點，這一點現在特別重要。在過去的幾年裡，作為我們持續追蹤美國消費者的一部分，我們做了開創性的工作來識別和了解被忽視的消費者。這是一個巨大的消費者群體，感覺被媒體和廣告商忽視，甚至不尊重。

Indeed, this week's national election could even be thought of as the revenge of the ignored consumer. Let me tell you who they are. Their top participatory sports are not golf and pickleball. They're cornhole and bowling with hunting and fishing not far behind. They have deep respect for religion, the military and the police and they span gender, age, ethnicities, geographies and income levels.

事實上，本週的全國大選甚至可以被認為是被忽視的消費者的報復。讓我告訴你他們是誰。他們參與度最高的運動不是高爾夫和泡菜球。他們有沙包洞和保齡球，緊隨其後的是狩獵和釣魚。他們對宗教、軍隊和警察懷有深深的尊重，並且跨越性別、年齡、種族、地理和收入水平。

We saw this ignored consumer and the wave of public dissatisfaction coming. How? We've been connecting with these ignored consumers for years through our network of trusted hosts and broadcast radio stations who talk and engage with them on a daily basis. These ignored consumers will have a tangible impact on business and marketing decisions going forward and given our unique position here, we think will benefit from that.

我們看到了這種被忽視的消費者和公眾不滿的浪潮即將到來。如何？多年來，我們一直透過我們值得信賴的主持人和廣播電台網絡與這些被忽視的消費者建立聯繫，他們每天與他們交談和互動。這些被忽視的消費者將對未來的業務和行銷決策產生切實的影響，鑑於我們在這裡的獨特地位，我們認為將從中受益。

And with our multi platform group, we're also continuing the important development of programmatic platforms that will enable the automatic buying, selling and planning of our broadcast radio inventory which allow us to participate in the growing and substantial digital and programmatic tams.

透過我們的多平台團隊，我們也持續開發程式化平台，這將使我們的廣播電台庫存能夠自動購買、銷售和規劃，使我們能夠參與不斷增長的大量數位和程式化廣播。

Turning to the audio and media services group, revenues were $90 million, up 45.3% year over year and adjusted EBITDA was $44 million, up 162% from $17 million in the prior year. Excluding the impact of political, the audio and media services group's revenues were still up 13.7% driven primarily by the growth in digital revenues.

音訊和媒體服務集團的營收為 9,000 萬美元，年增 45.3%，調整後 EBITDA 為 4,400 萬美元，比上年的 1,700 萬美元成長 162%。排除政治因素的影響，音訊和媒體服務集團的收入仍然成長了13.7%，這主要是由數位收入的成長所推動的。

Digital is an important growth area for [catch] and the ad tech investments made across iHeart will continue to enhance that performance. Before I turn it over to Rich, I want to take a moment to acknowledge the incredible work of our teams on the ground as two hurricanes impacted the country last month. As the storms approach, our local stations updated listeners to forecast and provided life saving insights into how to prepare for storms of this magnitude.

數位化是 [catch] 的重要成長領域，iHeart 的廣告科技投資將繼續增強其績效。在我把它交給里奇之前，我想花點時間感謝我們的團隊在上個月兩次颶風襲擊該國時在當地所做的令人難以置信的工作。隨著風暴臨近，我們當地的電台向聽眾更新了天氣預報，並提供了有關如何為如此嚴重的風暴做好準備的救生見解。

And as the storms made landfall, our teams remained on site and on the air providing critical real time updates to our listeners often the only source of information available as power outages knocked out TV stations and took down cell and Wi Fi service. We're extremely proud that in the midst of these overwhelming natural disasters, the people of iHeart continued to do what they do best even if they were personally impacted, tirelessly, supporting their communities in times of need, serving as trusted and necessary sources of information assistance and vital personal connection when nobody else could.

當風暴登陸時，我們的團隊仍留在現場並透過廣播向聽眾提供重要的即時更新，這通常是停電導致電視台癱瘓、手機和 Wi-Fi 服務中斷時唯一可用的資訊來源。我們感到非常自豪的是，在這些壓倒性的自然災害中，iHeart 的人們即使受到個人影響，仍然繼續做他們最擅長的事情，不知疲倦地在需要時支持他們的社區，成為值得信賴和必要的資源來源。

And now I'll turn it over to Rich.

現在我會把它交給里奇。

Thank you, Bob. As I take you through our results, you'll notice that our third quarter, 2024 EBITDA results were in line with our revenue and adjusted EBITDA guidance ranges. Our Q3 2024 consolidated revenues were 5.8% year over year in line with the guidance we provided about mid-single digits. Our consolidated direct operating expenses increased 7.8% for the quarter. This increase was primarily driven by higher variable content costs related to the increase in digital revenues.

謝謝你，鮑伯。當我向您介紹我們的業績時，您會注意到我們 2024 年第三季 EBITDA 業績與我們的營收和調整後 EBITDA 指引範圍一致。我們 2024 年第三季的合併收入年增 5.8%，符合我們提供的中個位數指引。本季我們的綜合直接營運費用成長了 7.8%。這一增長主要是由於與數位收入增加相關的可變內容成本上升所致。

Our consolidated SG&A expenses increased 6.4% for the quarter. The increase was driven primarily by the timing of higher noncash marketing expense due to the 2024 Summer Olympics and the iHeart Radio Music Festival as well as cost incurred in connection with the cost savings initiatives implemented in the third quarter.

本季我們的綜合 SG&A 費用成長了 6.4%。這一增長的主要原因是 2024 年夏季奧運會和 iHeart 廣播音樂節導致非現金行銷費用增加，以及與第三季度實施的成本節約措施相關的成本。

We generated third quarter GAAP operating income of $76.7 million compared to income of $69 million in the prior year quarter. Our third quarter adjusted EBITDA was $205 million within the guidance range we provided of $200 million to $220 million and compared to $204 million in the prior year quarter.

我們第三季的 GAAP 營業收入為 7,670 萬美元，而去年同期的營收為 6,900 萬美元。我們第三季調整後的 EBITDA 為 2.05 億美元，位於我們提供的 2 億至 2.2 億美元指引範圍內，而去年同期為 2.04 億美元。

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 third quarter, the Digital Audio Group's revenues were $301 million of 12.7% year over year and they comprised approximately 30% of our third quarter consolidated revenues.

現在轉向我們營運部門的業績，作為提醒，收益報告中有關於我們部門業績的幻燈片。第三季度，數位音訊集團的營收為 3.01 億美元，年增 12.7%，約佔第三季合併收入的 30%。

The Digital Audio Group's adjusted A BD A was $100 million of 6.8% year over year and our Q3 margins were 33.2%. Within the Digital Audio Group are our podcasting revenues of $114 million, which grew 11% year over year. And our non-podcasting digital revenues of $187 million which grew 13.6% year over year, reflecting the investments we've made in building out our more diversified digital capabilities even though some of those incremental revenues came in at a slightly lower margin.

數位音訊集團調整後的 BD A 為 1 億美元，年增 6.8%，第三季利潤率為 33.2%。數位音訊集團的播客收入為 1.14 億美元，年增 11%。我們的非播客數位收入為 1.87 億美元，年增 13.6%，反映出我們為建立更多元化的數位能力而進行的投資，儘管其中一些增量收入的利潤率略低。

The multi-platform group's revenues were $620 million down 1.1% year over year were down 2.9% excluding the impact of political. Adjusted EBITDA was $130 million down from $162 million in the prior year quarter. And the Multiplatform Group's adjusted EBITDA margins were 21%.

該多平台集團的營收為 6.2 億美元，年減 1.1%，排除政治影響，年減 2.9%。調整後 EBITDA 為 1.3 億美元，較去年同期的 1.62 億美元減少。Multiplatform Group 的調整後 EBITDA 利潤率為 21%。

Turning to the audio media services group revenues were $90 million up 45.3% year over year and adjusted EBITDA was $44 million, up 162% from $17 million in the prior year. Excluding the impact of political, the audio and media services group's revenues were up 13.7% driven primarily by the growth in digital revenues.

音訊媒體服務集團營收為 9,000 萬美元，年成長 45.3%，調整後 EBITDA 為 4,400 萬美元，比上年的 1,700 萬美元成長 162%。排除政治因素的影響，音訊和媒體服務集團的收入成長了 13.7%，這主要得益於數位收入的成長。

As Bob mentioned in his remarks this morning, we announced that we have entered into a transaction support agreement with a group of debt holders representing approximately 80% of our existing debt to support an exchange of approximately $4.1 billion of debt for new notes and term loans. The key highlights here are that as a result of the transaction contemplated by the agreement, we expect our new notes and term loans to have maturities ranging from 2029 to 2031. And we expect to slightly reduce our total debt levels.

正如鮑勃在今天早上的演講中提到的，我們宣布我們已與占我們現有債務約80% 的債務持有人簽訂了一項交易支持協議，以支持用約41 億美元的債務交換新票據和定期貸款。這裡的主要亮點是，由於協議中預期的交易，我們預計我們的新票據和定期貸款的期限為 2029 年至 2031 年。我們預計將略微降低我們的總債務水準。

We also know many of you have watched carefully to see an extension of our debt would increase our cash interest payments. And I am pleased to say that our annual cash interest expense will remain essentially unchanged. And notably, none of the exchange transactions will have any impact on the equity capitalization of the company. Overall, this transaction strengthens the company's financial flexibility while providing iHeart with ample runway to accelerate our strategic growth initiatives.

我們也知道，你們中的許多人都仔細觀察過，我們的債務延期會增加我們的現金利息支付。我很高興地說，我們的年度現金利息支出將基本保持不變。值得注意的是，所有交換交易都不會對公司的股本產生任何影響。總體而言，此交易增強了公司的財務靈活性，同時為 iHeart 提供了充足的跑道來加速我們的策略成長計畫。

This marks a significant step in the company's strategy of discipline balance sheet and capital structure management, and we look forward to continuing the dialogue with additional debt holders in the coming weeks. At quarter end, we had approximately $4.79 billion of net debt outstanding, which was the lowest net debt position in the history of our company.

這標誌著該公司在紀律資產負債表和資本結構管理策略方面邁出了重要一步，我們期待在未來幾週內繼續與其他債務持有人進行對話。截至季末，我們的未償淨債務約為 47.9 億美元，這是我們公司歷史上最低的淨債務狀況。

Our total liquidity was $858 million at quarter end which includes a cash balance of $432 million. Our quarter ending net debt to adjusted if ad a ratio was 7.2x and we expect to end the year at approximately 6x. In the third quarter, our free cash flow was $73 million compared to $68 million in the prior year quarter.

截至季末，我們的總流動資金為 8.58 億美元，其中現金餘額為 4.32 億美元。如果廣告比率為 7.2 倍，我們的季度末淨債務將進行調整，我們預計年底約為 6 倍。第三季度，我們的自由現金流為 7,300 萬美元，去年同期為 6,800 萬美元。

Before I get into our detailed guidance, I want to spend a moment on our technology driven efficiency actions and how you should think about them in the context of our financials. As Bob mentioned, as a result of the initiatives we announced today, we reduce our annual expenses by approximately $150 million in 2025.

在詳細介紹我們的指導之前，我想花點時間介紹我們的技術驅動的效率行動，以及您應該如何在我們的財務背景下考慮它們。正如 Bob 所提到的，由於我們今天宣布的舉措，我們到 2025 年的年度開支將減少約 1.5 億美元。

And when we couple that with the full year benefit of actions taken earlier this year, we will generate $200 million of cost savings in 2025 compared to 2024. There will be some ordinary cost add backs to the business, like increasing music license fees in line with growing revenues, contractually obligated increases to certain license products and services, an additional compensation expense as we continue to invest in high growth areas amongst others, which are expected to add approximately $50 million to our 2025 expense base. This results in net savings of approximately $150 million in 2025 compared to 2024.

如果將其與今年稍早採取的行動的全年效益相結合，我們將在 2025 年比 2024 年節省 2 億美元的成本。業務中將會有一些普通成本增加，例如隨著收入的增長而增加音樂許可費、合約規定的某些許可產品和服務的增加、隨著我們繼續投資於高增長領域而產生的額外補償費用等，其中預計我們 2025 年的支出基礎將增加約 5,000 萬美元。與 2024 年相比，2025 年淨節省約 1.5 億美元。

Our continuous focus on cost efficiency not only helps to unlock the value of the company's assets, it also provides us with the financial flexibility to weather periods of advertising uncertainty. Let me now give you some context for our Q4 guidance.

我們對成本效率的持續關注不僅有助於釋放公司資產的價值，也為我們提供了應對廣告不確定時期的財務靈活性。現在讓我為您提供一些有關我們第四季度指導的背景資訊。

As a result of the change in the democratic Presidential candidate, we expect our political revenues to be only slightly better compared to the last Presidential election cycle in 2020 which was slightly less than we had originally expected.

由於民主黨總統候選人的變動，我們預計我們的政治收入將僅比 2020 年上一個總統選舉週期稍好一些，略低於我們最初的預期。

Although this is the best year of political spend we've ever had, this slight dip lower expectations has impacted Q4. In addition, like many other media companies, advertising agencies, we also saw a slowdown in non-political advertising leading up to election day as a number of advertisers held their spend what they seem to have viewed as a period of uncertainty.

儘管這是我們有史以來政治支出最好的一年，但預期的略微下降影響了第四季。此外，與許多其他媒體公司、廣告公司一樣，我們也看到選舉日之前的非政治廣告業務放緩，因為許多廣告商在他們認為的不確定時期保留了支出。

With the election now behind us, we expect nonpolitical spending to resume. However, since we can't be certain advertisers resume their prior spending levels, we reduced our full year adjusted EBITDA guidance to approximately $750 million as reflected in today's TSA filing, down from the previously announced range of $760 million to $800 million.

隨著選舉的結束，我們預計非政治支出將恢復。然而，由於我們無法確定某些廣告商會恢復先前的支出水平，因此我們將全年調整後EBITDA 指引值從先前宣布的7.6 億美元至8 億美元的範圍下調至約7.5 億美元，如今天的TSA備案文件所示。

Turning out the guidance for Q4 and the full year. We expect our Q4 2024 revenues to be up high single digits. We are still closing the month of October but expect revenues to be up approximately 15%.

公佈第四季和全年的指導。我們預計 2024 年第四季的營收將實現高個位數成長。我們仍將結束 10 月份，但預計收入將成長約 15%。

Turning to the individual segments for Q4, we expect the Digital Audio Group revenues to have high single digits. We expect multi platform groups revenues to be up mid single digits and we expect the audio and media services group revenues to be up approximately 50%. We expect to generate fourth quarter adjusted EBITDA of approximately $290 million up approximately 39% compared to $208 million in the prior year quarter.

談到第四季的各個細分市場，我們預計數位音訊集團的營收將達到高個位數。我們預計多平台集團營收將成長中個位數，我們預計音訊和媒體服務集團營收將成長約 50%。我們預計第四季度調整後 EBITDA 約為 2.9 億美元，較去年同期的 2.08 億美元成長約 39%。

We expect our full year 2024 revenues to be up mid single digits. As mentioned earlier, we expect to generate full year adjusted EBITDA of approximately $750 million up approximately 8% compared to $697 million in 2023.

我們預計 2024 年全年營收將成長中個位數。如前所述，我們預計全年調整後 EBITDA 約為 7.5 億美元，較 2023 年的 6.97 億美元成長約 8%。

Turning to some of the items affecting our full year free cash flow. We expect cash taxes to be approximately 5% of adjusted EBITDA in 2024. Our full year 2024 capital expenditures are now expected to be approximately $95 million. Cash restructuring expenses will be approximately $100 million this year as we continue to execute our new opportunities to optimize our organization for efficiency and growth.

轉向影響我們全年自由現金流的一些項目。我們預計 2024 年現金稅將約為調整後 EBITDA 的 5%。我們 2024 年全年的資本支出預計約為 9,500 萬美元。今年現金重組費用約為 1 億美元，因為我們將繼續利用新機會來優化我們的組織以提高效率和成長。

And as today's TSA filing also included forward estimates. I want to take a minute to touch on a few of the key 2025 projections including there as well. We expect our full year 2025 revenues to be approximately flat to 2024. Excluding the impact of political, we expect our 2025 revenues to be up low single digits. We expect to generate full year adjusted EBITDA of approximately $770 million and free cash flow of approximately $200 million.

今天的 TSA 文件還包括前瞻性估計。我想花一點時間談談 2025 年的一些關鍵預測，其中也包括這一點。我們預計 2025 年全年營收將與 2024 年大致持平。排除政治影響，我們預計 2025 年營收將成長低個位數。我們預計全年調整後 EBITDA 約為 7.7 億美元，自由現金流約為 2 億美元。

At year end 2025, we expect our net debt to adjusted EBITDA ratio to be approximately 5.5x. And as you'll see in today's TSA, we expect that to improve to approximately 3.2x by the end of 2028.

到 2025 年底，我們預期淨負債與調整後 EBITDA 的比率約為 5.5 倍。正如您將在今天的 TSA 中看到的那樣，我們預計到 2028 年底這一數字將提高到約 3.2 倍。

We will now turn it over to the operator to take your questions. Thank you.

我們現在將其轉交給接線員回答您的問題。謝謝。

(Operator Instructions)

（操作員說明）

Steven Laszczyk, Goldman Sachs.

史蒂文‧拉斯奇克，高盛。

Hey, great. Thanks for taking the questions. Two if I could. Maybe first on the '25 guide. Bob your guidance for next year for revenue implies some nice growth in the underlying business, ex political. I'm curious if you could just talk a little bit more about what you're hearing or seeing from your advertising partners that could be confident in the ad market improving, heading into next year.

嘿，太棒了。感謝您提出問題。如果可以的話，兩個。也許首先是'25指南。鮑勃，你對明年收入的指導意味著基礎業務（不包括政治業務）會出現一些良好的成長。我很好奇您是否可以多談談您從廣告合作夥伴那裡聽到或看到的內容，這些合作夥伴對明年廣告市場的改善充滿信心。

What verticals do you see recovering or outperforming going into next year? And then maybe one for Rich on the EBITDA guide. Your guidance for adjusted EBITDA up $20 million year every year for next year. Even with $150 million in cost efficiencies, just curious why more that isn't flowing down to the bottom line. Could you perhaps help us think about the margin profile of the underlying business and how we should think about the puts and takes of margin next year? Thank you.

您認為哪些垂直產業將在明年復甦或表現出色？然後也許是 EBITDA 指南中的 Rich 的一篇。您對明年調整後 EBITDA 的指導每年增加 2000 萬美元。即使成本效益達到 1.5 億美元，我只是好奇為什麼更多的資金沒有流入底線。您能否幫助我們考慮一下基礎業務的利潤狀況以及我們應該如何考慮明年的保證金的看跌期權和賣出期權？謝謝。

Thank you. And let me hit -- look, I think at the end of the day we feel good about next year because I think it's a continuation of what we're feeling this year, which is a recovery year. You know, it's a little bit of a backup here waiting to see what happened in the election. And I think the sense you hear from the election, regardless of your political belief is people think this is very good for business and we're hearing that from sort of main street on up. So I think that's good as sort of an overall complexion about what's going on.

謝謝。讓我說——聽著，我認為歸根結底，我們對明年感覺良好，因為我認為這是我們今年感受的延續，今年是復甦的一年。你知道，這裡有點後備，等著看選舉中發生了什麼事。我認為，無論你的政治信念如何，你從選舉中聽到的感覺是，人們認為這對商業非常有利，我們從大街上聽到了這樣的聲音。所以我認為這作為對正在發生的事情的整體看法是好的。

And then I think from our standpoint, you know, it starts with consumers' use our products. We have more listeners today on our broadcast radio than we had 10 years ago. And I think there's an increasing realization, you know, pendulum swing, an increasing realization that reach is key. You remember the market formula is basically how many people hear a message times the response rate equal the result.

然後我認為從我們的角度來看，這一切始於消費者使用我們的產品。今天我們廣播電台的聽眾比十年前還要多。我認為人們越來越認識到，你知道，鐘擺擺動，越來越認識到觸及範圍是關鍵。您還記得市場公式基本上是有多少人聽到一條訊息乘以回應率等於結果。

There's been a lot of attention on response rate and reach got a little forgotten. Given the size we have and the unique scale we have, we think that plays to our strength. I think the second thing to think about is really what ad tech is doing for us. And it is allowing us to take that broadcast revenue or broadcast radio inventory and put it into digital buys.

人們對回覆率和覆蓋面給予了很多關注，但有點被遺忘了。考慮到我們的規模和獨特的規模，我們認為這可以發揮我們的優勢。我認為第二件事要考慮的是廣告科技為我們做了什麼。它使我們能夠將廣播收入或廣播電台庫存投入到數位購買中。

And we're increasing that obviously, we talked a lot about technology in terms of cost savings, but technology is key in terms of our ad tech and allowing us to participate in that. And I think we'll make great progress on that next year as well.

顯然，我們正在增加這一點，我們在節省成本方面談論了很多技術，但就我們的廣告技術而言，技術是關鍵，並允許我們參與其中。我認為明年我們也會在這方面取得巨大進展。

Yeah, and Steve just to go to your second one and pick up here a little bit. In terms of you know, back to the bottom line, I just say a couple of things and just to level set, make sure everybody is heard. If you look at, we said net debt we're going to reduce our overall cost base by $150 million from in 2025 compared to 2024.

是的，史蒂夫只是想去看你的第二個，然後在這裡繼續講一下。就你所知，回到底線，我只是說幾件事，只是為了設定水平，確保每個人都能聽到。如果你看一下，我們說過，與 2024 年相比，2025 年我們的整體成本基礎將減少 1.5 億美元。

And just as a reminder, which we all know, next year is a non political year. And we've indicated that our political revenue, which is about slightly higher than the highest we ever had, which is about $170 million. So with all that, we projected out our EBITDA and I'm not sure everybody had a chance to look at the transaction support agreement that we filed this morning, but just for everybody's benefit.

眾所周知，明年是非政治年。我們已經表明，我們的政治收入略高於我們有史以來的最高收入，約 1.7 億美元。因此，我們預測了 EBITDA，我不確定每個人都有機會查看我們今天早上提交的交易支援協議，但這只是為了每個人的利益。

We announced that our projected number $770 million of EBITDA and I would say for context, I think I'm sure most people are surprised that we're projecting an up year after coming off of a Presidential election cycle year. And when we announced the course programs this morning as Bob highlighted and the benefit in terms of debt we're getting out of technology and still be able to continue to grow revenue.

我們宣布我們預計 EBITDA 為 7.7 億美元，就背景而言，我想我相信大多數人都對我們在總統選舉週期結束後預計增長的一年感到驚訝。當我們今天早上宣布課程計劃時，鮑勃強調了這一點，以及債務方面的好處，我們正在擺脫技術的束縛，但仍然能夠繼續增加收入。

And if you do the straight up math, you'd say, gee, should more be falling to the bottom line. But we also Bob highlighted in his remarks that we did see a slow down some advertising going into the election like I think many companies did due to the uncertainty. We are hopeful that that's going to come back very soon and Bob alluded to that in what he just said in terms of the way people are feeling.

如果你直接算一下，你會說，哎呀，應該有更多的人跌入底線。但鮑伯在演講中也強調，我們確實看到選舉期間的一些廣告投放速度有所放緩，就像我認為許多公司因為不確定性所做的那樣。我們希望這種情況很快就會回來，鮑勃在他剛才所說的人們的感受中也提到了這一點。

But at the same time, I would say that we want to make sure that we're not overly optimistic or therefore we're conservative a little bit as we look out into next year's numbers. But that doesn't take away -- I think you've looked at again, transaction support agreement. You'll see that we've got multi platform group growing in the low single digit and that growing in the mid-single digits out there. So there's just a lot of puts and takes there. But we just want everyone that high level of confidence as we do in hitting those numbers going forward.

但同時，我想說，我們希望確保我們在展望明年的數據時不會過於樂觀，或者因此我們會有點保守。但這並不能消除——我想您已經再次查看了交易支援協議。您會看到，我們的多平台集團以低個位數成長，而多平台集團則以中個位數成長。所以那裡有很多看跌期權和看跌期權。但我們只是希望每個人都像我們一樣對未來實現這些數字充滿信心。

I would probably just add something too. It's, you know, I think there's a misperception when looking at our company, their fixed costs are static and can only go up. The truth is a company like iHeart will benefit enormously from technology. And I think this cost cutting and restructuring of the company and how we do business is an example of that.

我可能也會添加一些東西。你知道，我認為在看待我們公司時有一種誤解，他們的固定成本是靜態的，只會上升。事實上，像 iHeart 這樣的公司將從技術中受益匪淺。我認為公司的成本削減和重組以及我們開展業務的方式就是一個例子。

We expect it continued -- technology to continue to fundamentally alter the cost structure of our company. And if you think about that, it allows us to bring down costs, improve margins and you couple that with our high growth digital business. And what we said before, we believe to be in the long term, the low growth but still growth multi platform business. And you get some understanding about why we're so excited about our future and the role technology will play in delivering that for us.

我們預計這種情況會持續下去——科技將繼續從根本上改變我們公司的成本結構。如果你考慮這一點，它使我們能夠降低成本，提高利潤率，並將其與我們高速成長的數位業務結合。正如我們之前所說，我們相信從長遠來看，低成長但仍會成長的多平台業務。您將了解為什麼我們對我們的未來如此興奮，以及科技將在為我們實現這一目標方面發揮的作用。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Thank you.

謝謝。

Jim Goss, Barrington Research.

吉姆‧戈斯，巴靈頓研究中心。

All right. Thank you. It was interesting that you noted you have more broadcast listeners than 10 years ago. You also, well, Radio Inc yesterday carried some articles about, I think some of the consolidation changes you're making, aiming to save millions. And in the past, you have stressed that radio is companionship.

好的。謝謝。有趣的是，您注意到您的廣播聽眾比 10 年前還要多。您還，無線電公司昨天發表了一些文章，我認為您正在進行一些整合變革，旨在節省數百萬美元。過去，您曾強調廣播是陪伴。

And I was wondering to the extent that you're making cuts in management, maybe the AI aspects can address that, but in terms of the on air talent, I wonder if that continues to erode the value of the quality of the offering to listeners and whether that is a potential risk you're facing or is, you know, and how do you do this? Because I think it's all attempted to maintain the profitability of that broadcast sector. So maybe discuss that if you would and then I have a couple of others.

我想知道你們在管理方面進行了削減，也許人工智能方面可以解決這個問題，但就廣播人才而言，我想知道這是否會繼續侵蝕聽眾所提供的質量的價值這是否是您面臨的潛在風險，或者您知道，您如何做到這一點？因為我認為這一切都是為了維持廣播業的獲利能力。如果你願意的話，也許可以討論一下，然後我還有其他幾個。

Sure. Look, I think that article got it completely wrong. I think what we're doing is not getting rid of air talent. What we're able to do now because we've got technology is we can take talent we have at any location and put them on the air in another location. So it allows us to substantially upgrade the quality of our talent in every single market we're in and allows us to project talent into the situations in which we have the best impact.

當然。聽著，我認為那篇文章完全錯了。我認為我們正在做的並不是消除空中人才。由於我們擁有技術，我們現在能夠做的是，我們可以利用任何地點的人才並將其在另一個地點播出。因此，它使我們能夠大幅提升我們所在的每個市場的人才質量，並使我們能夠將人才投入到我們能產生最佳影響的環境中。

You're 100% right. It's all about companionship and the great talent or great talent because people all want to be their friends. And when you look at Ryan Seacrest, America's favorite friend, everybody wants to be his friend. Or Charlamagne Tha God or Bobby Jones or Steve Harvey, etcetera. So we are increasing our relationship with the consumer and we're using technology to do it.

你是100%正確的。這一切都與陪伴和偉大的才華或偉大的才華有關，因為人們都想成為他們的朋友。當你看到美國最受歡迎的朋友瑞安·西克雷斯特（Ryan Seacrest）時，每個人都想成為他的朋友。或是查拉曼·塔神、鮑比·瓊斯或史蒂夫·哈維，等等。因此，我們正在加強與消費者的關係，並利用科技來做到這一點。

Now, unfortunately, what that means is that there's not a slot for everybody. Just because somebody is willing to live in the market doesn't assure them that they're the best person for that slot. Before we had this kind of technology, that was the criteria. You had to be willing to live in Hattiesburg, Mississippi or Jackson, Mississippi, two of my old hometowns in order to be on the radio.

不幸的是，這意味著並不是每個人都有機會。僅僅因為有人願意生活在市場中並不能保證他們是該職位的最佳人選。在我們擁有這種技術之前，這就是標準。你必須願意住在密西西比州哈蒂斯堡或密西西比州傑克遜這兩個我的故鄉才能上廣播電台。

Today, technology frees us up that constraint and our programmers can now make the decision about who's going to be the best talent in that time slot on that radio station regardless of where they live. In the old days, it cost an enormous amount of money to try and broadcast from an other town. It's not an issue today.

如今，科技使我們擺脫了這種限制，我們的程式設計師現在可以決定誰將成為該廣播電台該時段的最佳人才，無論他們住在哪裡。在過去，嘗試從其他城鎮進行廣播需要花費大量資金。今天這不是問題。

So I think what moves we're making is we're breaking down silos. We are speeding up processes, we're streamlining these legacy systems, and we believe what it does is enable our folks to create more, better and faster. We should be easier to do business with us, easier to get our business done and accelerate not only the listenership, but the revenue growth that comes from that as well.

所以我認為我們正在採取的措施是打破孤島。我們正在加快流程，我們正在簡化這些遺留系統，我們相信它的作用是讓我們的人們創造更多、更好、更快的產品。我們應該更容易與我們做生意，更容易完成我們的業務，不僅加速聽眾數量，還加速由此帶來的收入成長。

Okay. And a couple of others that might be somewhat related. You outline your mix between multi-platform Digital Audio sales and AMS. 2020, 81% multiplatform, 12% Digital Audio to 62% multiplatform, 31% Digital Audio now. What would that look like in a few years? How do those lines start to cross.

好的。還有其他一些可能有些相關的內容。您概述了多平台數位音訊銷售和 AMS 之間的組合。 2020 年，81% 多平台、12% 數位音訊到現在 62% 多平台、31% 數位音訊。幾年後會是什麼樣子？這些線如何開始交叉。

And sort of in a related area, you also outlined podcast versus radio in terms of the complementary nature of in-home versus out of home? I'm wondering, is there an ability to cross sell these opportunities where you can address the people who are interested in in-home in both ways at the same time versus the out of home? How do you approach that?

在相關領域，您也從家庭與戶外的互補性角度概述了播客與廣播？我想知道，是否有能力交叉銷售這些機會，以便您可以同時以兩種方式向對家庭和戶外感興趣的人提供服務？你如何處理這個問題？

Let me start with your second question is, yes, absolutely. We are -- the question is, how do we get to be so big in podcasting? We're bigger than the 2nd and 3rd largest publishers combined. Why we use radio? We use radio to promote the podcast, but often the podcasts are actually radio on demand. I mean, there's an argument if you sort of think about what is podcasting, that it is sort of the Netflix of the audio business that if you believe Netflix is sort of TV on demand, then podcasting is radio on demand.

讓我從你的第二個問題開始，是的，絕對是。我們——問題是，我們如何在播客領域發展得如此之大？我們的規模比第二大和第三大出版商的總和還要大。我們為什麼要使用收音機？我們使用廣播來宣傳播客，但播客通常實際上是廣播點播。我的意思是，如果你思考什麼是播客，就會有一種爭論，那就是它有點像音頻行業的 Netflix，如果你認為 Netflix 是一種電視點播，那麼播客就是廣播點播。

And actually many of the big podcasts are actually radio shows. The Breakfast Club, one of our biggest podcasts, also a radio show. So yes, the idea of combining the two in terms of appealing to the audience and also combining the two in terms of reach for advertisers that if an advertiser goes, you know, I love this podcast, but I need more reach from it. We go, great. We've got that radio, with that audience on broadcast radio. So we can now -- now that you know this is it, we got the looks like on radio and we can push that out for you as well.

事實上，許多大型播客實際上都是廣播節目。早餐俱樂部是我們最大的播客之一，也是廣播節目。所以，是的，將兩者結合起來以吸引觀眾，並將兩者結合起來以吸引廣告商，如果廣告商去，你知道，我喜歡這個播客，但我需要更多的影響力。我們走了，太好了。我們有那個廣播電台，有廣播電台的觀眾。所以我們現在可以 - 現在你知道就是這樣了，我們在廣播中得到了類似的效果，我們也可以為你推出它。

So it works on both the consumer level and also works on the advertising level. And it's really at the heart of our secret sauce about why we've been able to build the podcast so big. And also you're right, just having those big podcasts also reflects well on the radio shows which I think strengthens their appeal as well.

所以它既適用於消費者層面，也適用於廣告層面。這確實是我們秘密武器的核心，為什麼我們能夠建立如此龐大的播客。而且你是對的，僅僅擁有那些大型播客也能很好地反映在廣播節目中，我認為這也增強了它們的吸引力。

You know, the only thing [i would add] and I'll come to the first question, I might have just as a reminder, we have a strategy in the way we operate the company that any of our almost 1,000 advertising sales people can sell anywhere, anytime, any place in the country, whether you're a national sales person or local sale sales person. And when we talk about our audio tech stack and everything we built out in terms of technology, that supports that strategy.

你知道，[我要補充]的唯一一件事是，我將回答第一個問題，我可能只是提醒一下，我們在運營公司方面製定了一項戰略，我們近1,000 名廣告銷售人員中的任何一個都可以隨時隨地在全國任何地點進行銷售，無論您是全國銷售人員還是本地銷售人員。當我們談論我們的音訊技術堆疊以及我們在技術方面構建的所有內容時，這都支援該策略。

So it's not, I think this is not theoretical which we've been doing this for a number of years. If you look at -- in terms of your first question, growth rate, again, I just -- we did put out projections for a number of years and you'll see in those projections that -- and I think everybody can then do the math that we are projecting out multi platform as we stated previously, we now just put numbers to it to be a low, as Bob mentioned earlier, a low single digit revenue growth.

所以事實並非如此，我認為這不是理論上的，我們多年來一直在這樣做。如果你看一下——就你的第一個問題而言，成長率，我只是——我們確實做出了多年來的預測，你會在這些預測中看到——我認為每個人都可以做到正如我們之前所說，我們對多平台的數學預測，我們現在只是將數字設定為低，正如鮑勃之前提到的，低個位數的收入增長。

Again, just remember, tremendous financial characteristics, tremendous conversion in the free cash flow, low CapEx, favorable working capital. And then with digital, we expect the overall [dag] group which includes podcasting to be in the mid to upper single digit revenue growth going forward. And you also just take a second to comment because we normally get the question in terms of margins. We tell people on dag to project out mid 35% margins on annual basis. Don't look at these quarterly. And again, I think you'll see that for 2024 for this year that we expect to achieve that goal.

再次強調，請記住，龐大的財務特徵、自由現金流的巨大轉換、低資本支出、有利的營運資本。然後在數位方面，我們預計包括播客在內的整個 [dag] 群體未來的收入將實現中上個位數成長。您也請花一點時間發表評論，因為我們通常會在利潤方面提出問題。我們告訴 dag 上的人們預計年利潤率為 35%。不要看這些季刊。再說一次，我想你們會看到我們預計在 2024 年實現這一目標。

All right. Well, thanks for taking my questions.

好的。嗯，謝謝你回答我的問題。

Of course. Thank you.

當然。謝謝。

(Operator Instructions)

（操作員說明）

Operator, why don't we wait for a few seconds just to make sure everybody has a chance to ask any questions they'd like to.

接線員，我們為什麼不等幾秒鐘以確保每個人都有機會提出他們想問的任何問題。

Any other questions out there? Wanted to make sure that has a chance.

還有其他問題嗎？想確保有機會。

David Hamburger, Morgan Stanley.

大衛漢堡，摩根士丹利。

Thank you for the question. So I'm curious just with regard to the transaction support agreement, how much cash are you allocating to debt reduction? It looks like it's kind of well below your cash balances as they said today and your expectation for free cash flow of $200 million next year as well.

謝謝你的提問。所以我很好奇，關於交易支持協議，你們將分配多少現金用於減少債務？看起來它遠低於他們今天所說的現金餘額，也低於您明年 2 億美元自由現金流的預期。

And so can you talk a little bit about as you think about the leverage and the deleveraging that you'll undertake? How much would that will be attributable to like actual gross debt reduction and to the extent that you have excess cash sitting on the balance sheet. What's your expectation? How you're going to utilize that cash?

那麼，您能否談談您將採取的槓桿和去槓桿化措施？這將歸因於實際總債務減少以及資產負債表上有多餘現金的程度。你的期望是什麼？你打算如何使用這筆現金？

Yeah. Well, thanks for the question. Look, we haven't -- what we stated publicly -- let me just go back as in terms of the transaction support agreement and the agreement with, at this point, 80% of our existing term loan holders and note holders again, I'm not sure if I had a chance to read through it and see everything this morning. We're very pleased with the outcome that we're going to extend our maturities to 2029, 2030.

是的。嗯，謝謝你的提問。聽著，我們還沒有——我們公開聲明過——讓我回顧一下交易支持協議以及目前與我們 80% 現有定期貸款持有人和票據持有人達成的協議，我不確定今天早上我是否有機會通讀並看到所有內容。我們對將期限延長至 2029 年、2030 年的結果感到非常滿意。

I think probably the most often asked questions we've had in the last year or so is are you going to be able to keep your cash interest expense flat going forward? And we've essentially done that and we've captured some debt discount. We haven't gone into any more details other than that. I will, we'll point out that today, our net leverage is about [7 share] as we reported. We expect to be down to about 6.

我認為我們在過去一年左右最常問的問題可能是您是否能夠保持現金利息支出持平？我們基本上已經做到了這一點，並且獲得了一些債務折扣。除此之外我們沒有討論更多細節。我會指出，今天我們的淨槓桿率約為 [7 股]，正如我們報導的那樣。我們預計會下降到 6 左右。

And again, as a mind that's EBITDA to a net debt, we expect to be at about 5.5x by the end of '25. And if you look at what again was filed this morning, we expect to improve to about 3.2x by when you get to the end of 2028. So, again, very pleased with the progress that we're making.

再說一遍，考慮到 EBITDA 與淨債務之比，我們預計到 25 年底將達到 5.5 倍左右。如果你看看今天早上再次提交的內容，我們預計到 2028 年底，這一數字將提高到約 3.2 倍。因此，我們再次對我們所取得的進展感到非常滿意。

Okay, thank you very much.

好的，非常感謝。

Thank you. Any other questions? Well, with that, we want to thank everybody.

謝謝。還有其他問題嗎？嗯，說到這裡，我們要感謝大家。

Bob, myself, the rest of the management team listening to their iHeart story. And we are as always available for questions once we get off this call but thank you all for taking your time.

鮑伯、我本人以及管理團隊的其他成員正在聆聽他們的 iHeart 故事。結束通話後，我們將一如既往地隨時回答您的問題，但感謝大家抽出寶貴的時間。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。