iHeartMedia Inc (IHRT) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to iHeartMedia's Q2 2025 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Mike McGuinness, Head of Investor Relations. Thank you. Please go ahead

下午好，歡迎參加 iHeartMedia 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。現在我想將電話轉給投資者關係主管 Mike McGuinness。謝謝。請繼續

Good afternoon, everyone, and thank you for taking the time to join us for our second-quarter 2025 earnings call. Joining me for today's discussion are Bob Pittman, our Chairman and CEO; and Rich Bressler, our President, COO and CFO.

大家下午好，感謝您抽出時間參加我們的 2025 年第二季財報電話會議。參加今天討論的有我們的董事長兼執行長 Bob Pittman 和我們的總裁、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. Please note that this call may include forward-looking statements regarding our financial performance and operating results.

在我們準備好的發言結束時，管理階層將回答您的問題。除了我們的新聞稿之外，我們的網站上還提供了一份收益報告，您可以用它來關注我們的評論。請注意，本次電話會議可能包含有關我們的財務表現和經營成果的前瞻性陳述。

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 the company's SEC filings, including our recent 8-K filing.

這些聲明是基於管理層目前的預期，實際結果可能與今天的電話會議和公司向美國證券交易委員會提交的文件（包括我們最近的 8-K 文件）中確定的某些因素造成的結果不同。

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.

此外，在本次電話會議中，我們將參考某些非公認會計準則財務指標。我們的收益報告、收益介紹和 SEC 文件中包含了 GAAP 和非 GAAP 財務指標之間的對賬，您可以在我們網站的「投資者關係」部分找到這些內容。

And now I'll turn the call over to Bob.

現在我將把電話轉給鮑伯。

Thanks, Mike, and good afternoon, everyone. Our second quarter performance was solid and slightly ahead of our initial expectations as we continue to execute on key initiatives while navigating a still uncertain macro environment.

謝謝，麥克，大家下午好。由於我們在仍然不確定的宏觀環境中繼續執行關鍵舉措，我們第二季的業績表現穩健，略高於我們最初的預期。

In the second quarter, we generated adjusted EBITDA of $156 million at the upper end of our previously provided guidance range of $140 million to $160 million and 4% above prior year. Our consolidated revenue for the quarter was above our guide of down low single digits and was up 0.5% compared to the prior year quarter. Excluding the impact of political, our consolidated revenue was up 1.5%.

在第二季度，我們的調整後 EBITDA 為 1.56 億美元，處於我們先前提供的 1.4 億美元至 1.6 億美元指引範圍的上限，比去年同期成長 4%。本季我們的綜合收入高於我們預期的個位數下降，與去年同期相比成長了 0.5%。排除政治因素的影響，我們的綜合收入成長了 1.5%。

Turning to our individual operating segments now. The Digital Audio Group generated second quarter revenue of $324 million, up 13.4% versus prior year, slightly above our previously provided guidance of up low double digits.

現在轉向我們各自的營運部門。數位音訊集團第二季營收為 3.24 億美元，較上年同期成長 13.4%，略高於我們先前預測的低兩位數成長。

The Digital Audio Group generated second quarter adjusted EBITDA of $108 million, up 17.1% versus prior year. And the Digital Audio Group's adjusted EBITDA margins were 33.2% versus 32.2% in the prior year, making continued progress toward our stated goal of achieving adjusted EBITDA margins in the mid-30s. Within the Digital Audio Group, our podcast revenue was above our guidance of up low 20s.

數位音訊集團第二季調整後息稅折舊攤提前利潤 (EBITDA) 為 1.08 億美元，較上年同期成長 17.1%。數位音訊集團調整後的 EBITDA 利潤率為 33.2%，而上年為 32.2%，繼續朝著我們設定的 35% 左右調整後 EBITDA 利潤率的目標邁進。在數位音訊集團內，我們的播客收入高於我們預期的 20% 出頭。

It grew 28.5% compared to prior year as we continue to feel the growing flywheel effect of our strong leadership in podcast publishing and the benefit of our unique complementary assets that help to build podcasting. Our podcasting financial discipline and our focus on the high-margin podcast publishing sector continue to fuel what we believe is the most profitable podcasting business in the United States.

與前一年相比，這一數字成長了 28.5%，因為我們繼續感受到我們在播客出版領域強大的領導地位所帶來的飛輪效應，以及我們獨特的互補資產有助於建立播客的優勢。我們對播客的財務紀律以及對高利潤播客出版領域的關注將繼續推動我們認為的美國最賺錢的播客業務。

Importantly, our podcasting EBITDA margins remain accretive to our total company EBITDA margins. And in the second quarter, our non-podcast digital revenue grew 4.7% compared to prior year. We often talk about the tremendous advantages this company has in building out the number one podcast audience.

重要的是，我們的播客 EBITDA 利潤率仍然對我們公司的整體 EBITDA 利潤率具有增值作用。第二季度，我們的非播客數位營收年增 4.7%。我們經常談論這家公司在打造第一播客受眾方面所擁有的巨大優勢。

But I want to point out that we also have an advantage on the ad sales side of podcasting. iHeart has the largest local sales force in audio. We probably have the largest local sales force of anyone in media as well, and you can see that advantage in our revenue performance.

但我想指出的是，我們在播客的廣告銷售方面也有優勢。 iHeart 擁有最大的本地音訊銷售團隊。我們可能還擁有媒體產業中最大的本地銷售隊伍，您可以從我們的收入表現中看到這一優勢。

In Q2, about 50% of our podcasting revenue was generated by our local sales force, up from about 14% in Q2 of 2020. Our unparalleled local sales organization gives us an important and unique advantage for both our current and future revenue growth.

在第二季度，我們約 50% 的播客收入來自本地銷售團隊，高於 2020 年第二季的 14% 左右。我們無與倫比的本地銷售組織為我們現在和未來的收入成長提供了重要而獨特的優勢。

Turning now to the Multiplatform Group, which includes our broadcast radio, networks and events businesses. In the second quarter, revenue was $545 million, down 5.4% versus prior year and at the upper end of our previously provided guidance range of down mid-to-high single digits. Excluding the impact of political advertising, revenue was down 4.8%. The Multiplatform Group's adjusted EBITDA was $96 million, down 7.6% versus prior year.

現在談談多平台集團，其中包括我們的廣播電台、網路和活動業務。第二季度，營收為 5.45 億美元，較上年下降 5.4%，處於我們先前提供的中高個位數下降指導範圍的上限。不計政治廣告的影響，收入下降了4.8%。Multiplatform Group 調整後的 EBITDA 為 9,600 萬美元，較前一年下降 7.6%。

Historically, we've seen that the largest advertisers and advertising agency groups are a good indicator of what's to come in the future. With that context, I want to share two data points with you. First, our top 50 Multiplatform Group advertisers for Q2 were up in revenue by 4% year-over-year.

從歷史上看，我們已經看到最大的廣告商和廣告代理集團可以很好地預示未來的發展。基於此，我想與大家分享兩個數據點。首先，我們第二季的前 50 名多平台集團廣告商的營收年增了 4%。

And second, the four largest advertising agency groups were up in revenue by 7% year-over-year in Multiplatform Group advertising. These results give us added confidence that our plan to return the Multiplatform Group to revenue growth is on the right track.

其次，四大廣告代理集團的多平台集團廣告收入較去年同期成長7%。這些結果讓我們更加相信，讓多平台集團恢復營收成長的計畫正走在正確的軌道上。

We also continue to make progress on our ad tech platform, specifically building capabilities to allow our broadcast radio inventory to be bought and sold like digital advertising and to be a part of the key integrated buying systems.

我們也持續推動廣告科技平台建設，特別是建立允許我們的廣播電台庫存像數位廣告一樣進行買賣的功能，並使其成為關鍵綜合購買系統的一部分。

And today, we announced that Lisa Coffey is joining the company in the newly created role of Chief Business Officer to drive those efforts. Lisa has a long history in ad tech and digital and mobile advertising, including leading the team that introduced Amazon advertising to the US agency marketplace. In summary, the company's second quarter performance is important evidence of our ability to generate positive financial results even though the marketplace remains a little uncertain.

今天，我們宣布麗莎·科菲 (Lisa Coffey) 將加入公司，擔任新設立的首席商務官一職，以推動這些工作。Lisa 在廣告科技、數位和行動廣告領域擁有豐富的經驗，包括領導將亞馬遜廣告引入美國代理商市場的團隊。總而言之，儘管市場仍然存在一些不確定性，但公司第二季的業績是我們有能力創造正面財務表現的重要證據。

Additionally, our podcasting momentum continues to build with both consumers and advertisers, and we continue to make meaningful progress to reignite the revenue growth of our Multiplatform Group. And finally, cost management remains a major focus. We are still on track to generate $150 million net savings in 2025, and we continue to look for additional cost savings opportunities in both our structure and our operations using the power of AI and our unique scale. And now I'll turn it over to Rich.

此外，我們的播客勢頭在消費者和廣告商方面繼續增強，我們繼續取得有意義的進展，重新激發多平台集團的收入成長。最後，成本管理仍然是重點。我們仍有望在 2025 年實現 1.5 億美元的淨節約，並且我們將繼續利用人工智慧的力量和我們獨特的規模在我們的結構和營運中尋找額外的成本節約機會。現在我將把發言權交給 Rich。

Thank you, Bob, and good afternoon. Our Q2 2025 consolidated revenue was above our guidance of down low single digits and was up 0.5% compared to the prior year quarter. Excluding the impact of political, our consolidated revenue was up 1.5%. Let me provide you with some additional detail on our advertising revenue performance this quarter. And as a reminder, we had diversified advertising revenue.

謝謝你，鮑勃，下午好。我們的 2025 年第二季綜合收入高於我們預期的低個位數成長，與去年同期相比成長了 0.5%。排除政治因素的影響，我們的綜合收入成長了 1.5%。讓我向您提供有關本季度廣告收入表現的更多詳細資訊。需要提醒的是，我們的廣告收入是多元的。

There is no advertising category greater than about 5% of our total advertising revenue and no individual advertiser that is more than about 2% of our total advertising revenue. As you can see on slide 10, in the second quarter, the largest category gainers in terms of absolute dollars were financial services, telecom, professional services and healthcare.

沒有任何廣告類別的收入超過我們總廣告收入的 5%，也沒有任何單一廣告商的收入超過我們總廣告收入的 2%。正如您在投影片 10 上看到的，在第二季度，以絕對金額計算，漲幅最大的類別是金融服務、電信、專業服務和醫療保健。

And the four categories that declined the most in terms of absolute dollars were restaurants, political, media and publishing and entertainment. Ended the second quarter, our five largest advertising categories in terms of absolute dollars were financial services, homebuilding and improvement, healthcare, auto and entertainment.

就絕對金額而言，下降幅度最大的四個類別是餐飲、政治、媒體和出版以及娛樂。截至第二季度，以絕對金額計算，我們最大的五大廣告類別是金融服務、房屋建築和裝潢、醫療保健、汽車和娛樂。

Additionally, Bob gave you some information about the top 50 Multiplatform Group advertisers and the four largest advertising agency groups revenue performance for the Multiplatform Group. Now let me share with you the performance for the total company.

此外，Bob 還向您提供了有關 Multiplatform Group 前 50 名廣告商以及 Multiplatform Group 四大廣告代理商集團收入表現的一些資訊。現在我來跟大家分享一下整個公司的業績。

First, in Q2, the top 50 advertisers for the total company were up 9% year-over-year. And second, the four largest advertising agency groups for the total company were up 14% year-over-year. As we think about uncertainty in the marketplace, the performance of our largest clients in advertising agency groups is encouraging. Our consolidated direct operating expenses increased 2.4% for the quarter.

首先，第二季度，整個公司前50名廣告商年增了9%。其次，公司四大廣告代理集團的營收年增14%。當我們考慮市場中的不確定性時，我們在廣告代理商集團的最大客戶的表現令人鼓舞。本季我們的合併直接營運費用成長了 2.4%。

This increase was primarily driven by higher variable content costs associated with the revenue growth of our digital businesses, partially offset by a decrease in employee compensation costs in connection with our modernization initiatives taken in 2024.

這一增長主要是由於我們數位業務收入成長導致的可變內容成本上升，但因我們在 2024 年採取的現代化舉措導致員工薪酬成本下降，部分抵消了這一增長。

Our consolidated SG&A expenses decreased 4.3% for the quarter, driven primarily by our modernization initiatives, including decreased employee compensation costs, partially offset by an increase in noncash trade and barter expense as well as an increase in employee health and benefit expenses.

本季度，我們的綜合銷售、一般及行政費用下降了 4.3%，主要原因是我們的現代化舉措，包括員工薪酬成本的降低，但非現金貿易和以物易物費用的增加以及員工健康和福利費用的增加部分抵消了這一下降。

We generated second quarter GAAP operating income of $35.4 million compared to an operating loss of $909.7 million in the prior year quarter. And as a reminder, in the prior year quarter, we recognized a $920 million impairment charge related to FCC licenses and goodwill. We generated adjusted EBITDA of $156 million at the upper end of our previously provided guidance range of $140 million to $160 million and 4% above prior year.

我們第二季的 GAAP 營業收入為 3,540 萬美元，而去年同期的營業虧損為 9.097 億美元。提醒一下，去年同期，我們確認了與 FCC 許可證和商譽相關的 9.2 億美元減損費用。我們產生的調整後 EBITDA 為 1.56 億美元，處於我們先前提供的 1.4 億美元至 1.6 億美元指導範圍的上限，比上年增長 4%。

Before I turn to our segment performances, as Bob stated, we are still on track to generate $150 million of net savings in 2025. Our Q2 results included the benefit of $40 million of net savings. And as a reminder, our Q1 results included the benefit of $27 million of net savings. This quarter, we have again included a slide in our investor presentation, slide 5, that provides a few different ways of identifying the cost savings, including by segment, function and type. Hopefully, this level of detail is helpful as you update your models.

在我談到我們的分部業績之前，正如鮑伯所說，我們仍有望在 2025 年實現 1.5 億美元的淨節約。我們第二季的業績包括 4,000 萬美元的淨節省收益。提醒一下，我們的第一季業績包括 2700 萬美元的淨節省收益。本季度，我們再次在投資者簡報中加入了一張投影片（投影片 5），其中提供了幾種識別成本節約的不同方法，包括按細分市場、功能和類型。希望這種程度的細節能夠對您更新模型有所幫助。

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 second quarter, the Digital Audio Group's revenue was $324 million, up 13.4% year-over-year and slightly above our guidance of up low double digits. The Digital Audio Group's adjusted EBITDA was $108 million, up 17.1% year-over-year, and our Q2 adjusted EBITDA margins were 33.2%, up from 32.2% in the prior year.

現在來談談我們營運部門的表現。提醒一下，收益報告中有關於我們各部門表現的幻燈片。第二季度，數位音訊集團的營收為 3.24 億美元，年增 13.4%，略高於我們預期的低兩位數成長。數位音訊集團調整後的 EBITDA 為 1.08 億美元，較去年同期成長 17.1%，第二季調整後的 EBITDA 利潤率為 33.2%，高於去年同期的 32.2%。

Within the Digital Audio Group, our podcasting revenue was $134 million, which grew 28.5% year-over-year and well above the guidance we provided of up low 20s. Podcasting's strong Q2 revenue performance with its high adjusted EBITDA flow-through helped expand the segment's Q2 adjusted EBITDA margin by about 100 basis points compared to the prior year.

在數位音訊集團，我們的播客收入為 1.34 億美元，年成長 28.5%，遠高於我們提供的 20% 出頭的預期。播客第二季度的強勁收入表現及其高調整後 EBITDA 流轉幫助該部門第二季度的調整後 EBITDA 利潤率與去年同期相比擴大了約 100 個基點。

Our second quarter non-podcasting digital revenue grew 4.7% year-over-year to $190 million. Turning now to the Multiplatform Group. Revenue was $545 million, down 5.4% compared to the prior year and at the higher end of our previously provided guidance range. Excluding the impact of political revenue, our Multiplatform Group revenue was down 4.8%.

我們第二季的非播客數位營收年增 4.7%，達到 1.9 億美元。現在轉向多平台集團。收入為 5.45 億美元，比上年下降 5.4%，處於我們先前提供的指導範圍的高端。不包括政治收入的影響，我們的多平台集團收入下降了 4.8%。

Adjusted EBITDA was $96 million, down 7.6% from $104 million in the prior year quarter. The Multiplatform Group's adjusted EBITDA margins were 17.7% compared to 18.1% in the prior year quarter. Turning to the Audio and Media Services Group. Revenue was $68 million, down 3.3% year-over-year, and adjusted EBITDA was $24 million, flat to prior year. Excluding the impact of political revenue, the Audio and Media Services Group revenue was up 3.8%.

調整後的 EBITDA 為 9,600 萬美元，較去年同期的 1.04 億美元下降 7.6%。多平台集團調整後的 EBITDA 利潤率為 17.7%，而去年同期為 18.1%。轉向音訊和媒體服務集團。營收為 6,800 萬美元，年減 3.3%，調整後 EBITDA 為 2,400 萬美元，與上年持平。不計政治收入的影響，音頻和媒體服務集團的收入成長了3.8%。

At quarter end, our net debt was approximately $4.6 billion. Our total liquidity was $527 million, and our cash balance was $236 million, which includes $100 million borrowing under the ABL facility. We intend to pay back the ABL in the second half of the year as our free cash flow builds in its normal cadence. Our quarter ending net debt to adjusted EBITDA ratio was 6.5 times. In the second quarter, our free cash flow was a negative $13 million compared to $6 million in the prior year quarter.

截至季末，我們的淨債務約為 46 億美元。我們的總流動資金為 5.27 億美元，現金餘額為 2.36 億美元，其中包括 ABL 貸款下的 1 億美元借款。隨著我們的自由現金流按照正常節奏成長，我們打算在今年下半年償還 ABL。我們本季末的淨負債與調整後 EBITDA 比率為 6.5 倍。第二季度，我們的自由現金流為負 1,300 萬美元，而去年同期為 600 萬美元。

Let me now turn to our third quarter guidance. Given the uncertainty in the marketplace, we are providing a slightly wider range of adjusted EBITDA guidance than we normally do. We expect to generate third quarter adjusted EBITDA in the range of $180 million to $220 million compared to $205 million in the prior year quarter.

現在讓我來談談我們第三季的指導。鑑於市場不確定性，我們提供的調整後 EBITDA 指引範圍比通常略廣。我們預計第三季調整後的 EBITDA 在 1.8 億美元至 2.2 億美元之間，而去年同期為 2.05 億美元。

As a reminder, the third quarter financial results of last year benefited from the presidential election cycle, which generated $44 million of political revenue for us. We expect our consolidated Q3 2025 revenue to be down low single digits compared to prior year and up low single digits, excluding the impact of political revenue.

提醒一下，去年第三季的財務表現受益於總統選舉週期，為我們帶來了 4,400 萬美元的政治收入。我們預計，2025 年第三季的綜合收入將比上年下降低個位數，不包括政治收入的影響，則將成長低個位數。

Our July pacing was down 1.8% compared to prior year and down 0.3%, excluding the impact of political revenue. Turning to the individual segments for Q3. We expect the Digital Audio Group's revenue to be up high single digits with podcasting revenue expected to grow in the low 20s. We expect the Multiplatform Group's revenue to be down mid-single digits and approximately flat, excluding the impact of political revenue. And we expect the Audio and Media Services Group revenue to be down approximately 30% and down mid-single digits, excluding the impact of political revenue.

我們七月的預算比去年同期下降了 1.8%，如果排除政治收入的影響，則下降了 0.3%。轉向第三季的各個部分。我們預計數位音訊集團的收入將成長高個位數，而播客收入預計將成長 20% 出頭。我們預計，如果不考慮政治收入的影響，多平台集團的收入將下降中等個位數，並大致持平。我們預計音訊和媒體服務集團的收入將下降約 30%，降幅在中等個位數之間（不包括政治收入的影響）。

As we look ahead to the full year, as we discussed on our Q1 earnings call, our full year 2025 guidance didn't contemplate the current macro volatility we all continue to see. Therefore, to achieve our full year guidance, we still need to see some positive movement in the macro and an easing of the advertising market's uncertainty. And as a reminder, Q4 is our and the advertising industry's largest revenue quarter for the year.

展望全年，正如我們在第一季財報電話會議上所討論的那樣，我們對 2025 年全年的預期並未考慮到我們目前持續看到的宏觀波動。因此，要實現全年預期，我們仍需要看到宏觀經濟出現一些正面變化，廣告市場的不確定性有所緩解。提醒一下，第四季是我們和廣告業今年收入最高的季度。

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

現在我們將交給接線生來回答大家的提問。謝謝。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

Hi. Just maybe a quick follow-up on the guidance that you provided. You mentioned the categories of growth in Q2. I was just wondering if there was -- if that was kind of consistent with what you're seeing in Q3 or some other categories picking up.

你好。也許只是對您提供的指導進行快速跟進。您提到了第二季的成長類別。我只是想知道這是否與您在第三季或其他一些類別中看到的情況一致。

Hey, Pat it's Rich. Thank you for the question. No, we really haven't talked about going forward in terms of categories out there. But I think one of the things we did highlight on this call for the first time is how our top 50 advertisers are doing individually and the top advertising agency relationships we have, holding companies, how they're doing for both the MPG Group and the total company and so I would -- less so categories.

嘿，Pat，我是 Rich。謝謝你的提問。不，我們確實還沒有談論過關於類別方面的進展。但我認為，我們在這次電話會議上首次強調的一件事是，我們的前 50 名廣告商各自的表現如何，以及我們與頂級廣告代理商、控股公司的關係如何，以及它們對 MPG 集團和整個公司的業績如何，因此，我不會過多關注類別。

But I would look to that as a pretty good indication of the future that, that's kind of a leading indicator that we're comfortable with the guidance we provided and reinforced by what we see for our big advertisers and big agencies. But I haven't given anything specific on the categories.

但我認為這是對未來的一個很好的指示，這是一種領先指標，表明我們對所提供的指導感到滿意，並且透過我們對大型廣告商和大型代理商的觀察得到了強化。但我沒有給出任何關於類別的具體資訊。

Okay. And then just on the Digital Audio Group side, could you just maybe talk about the different -- any differences in growth trends between digital streaming and podcasting. And if there's any differential within audience or data around that, that you could -- maybe just talk about the different growth rates there and what advertisers are looking for.

好的。然後，就數位音訊集團方面而言，您能否談談數位串流媒體和播客之間的成長趨勢有何不同？如果受眾或數據有任何差異，您可以 - 也許只是談論不同的成長率以及廣告商正在尋找什麼。

We have not provided that level of granularity, but you can see from the numbers that podcasting is just roaring. And I think we're happy with the rest of it. But I think podcasting in terms of consumer acceptance and advertiser acceptance is -- that momentum is continuing.

我們沒有提供這種程度的細節，但從數字中你可以看出播客正在蓬勃發展。我認為我們對其餘部分感到滿意。但我認為，就消費者接受度和廣告商接受度而言，播客的勢頭仍在持續。

And by the way, the only thing I may just also remember is we've got our Multiplatform, right, in terms of the company. So we've got everything we've talked about in terms of broadcast, networks, podcasting, as Bob said, is roaring and then our digital non-podcasting in terms of things like streaming extensions and the rest of our digital assets.

順便說一句，我唯一記得的事情是，就公司而言，我們有多平台。因此，正如鮑伯所說，我們在廣播、網路、播客方面談論的一切都蓬勃發展，然後我們的數位非播客，例如串流媒體擴展和其他數位資產。

And I wouldn't think about them per se as much like in terms of audiences, but I would think about the full impact of iHeart and the way they all work together from an advertising standpoint. And those always are -- tend to be our best advertisers with the deepest relationships that have the best retention and best experiences as opposed to trying to think about the individual audience sizes.

我不會從受眾的角度考慮它們本身，但我會從廣告的角度考慮 iHeart 的整體影響以及它們協同工作的方式。而這些往往是我們最好的廣告客戶，他們與我們有著最深厚的關係，擁有最好的保留率和最好的體驗，而不是試圖考慮單一受眾的規模。

Okay. Thank You.

好的。謝謝。

(Operator Instructions)

（操作員指示）

Ken Silver, Stifel.

肯·西爾弗（Ken Silver），Stifel。

Hey, Bob, Rich, thanks for the time. Just a few questions. First, on the EBITDA guide with the range being $40 million. I mean if revenues are going to be down low single digits, you're sort of very specific on that number, but there's still a pretty big EBITDA range. So is there sort of some uncertainty about things on the expense side?

嘿，鮑伯、里奇，謝謝你們抽出時間。僅有幾個問題。首先，EBITDA 指南的範圍是 4000 萬美元。我的意思是，如果收入下降個位數，你對這個數字就會非常具體，但 EBITDA 範圍仍然很大。那麼，費用方面是否存在一些不確定性？

No, we're just looking. And again, for context, we widened the range a little bit here. But remember, when you look at a couple of things are coming down to EBITDA and first and foremost, you look at revenue mix, too, as we talk about where the revenue in terms of coming in, whether it's coming from Multiplatform or the products in Multiplatform or the Digital Audio Group and the products within the Digital Audio Group. So that's really all you're seeing in terms of that range out there.

不，我們只是看看。再次，為了便於理解，我們在這裡稍微擴大了範圍。但請記住，當您查看一些與 EBITDA 相關的事情時，首先也是最重要的，您也要查看收入組合，因為我們談論的是收入來源，無論是來自多平台還是多平台中的產品或數位音訊集團以及數位音訊集團內的產品。就該範圍而言，這實際上就是您所看到的全部內容。

And I think we also -- yeah, they have a little broader range because there is still uncertainty in the marketplace, and I think we're recognizing that.

而且我認為我們——是的，他們的範圍更廣一些，因為市場仍然存在不確定性，我認為我們認識到了這一點。

Okay, thanks. Just a couple more. On the EBITDA bridge chart, which is helpful on slide 12, just two questions. One is this net cost savings bar of $40 million, should we expect that number to be similar or higher in the third quarter?

好的，謝謝。再來幾個吧。關於第 12 張投影片上的 EBITDA 橋接圖，只有兩個問題。一是淨成本節約標準為 4000 萬美元，我們是否應該預期第三季的數字會相似或更高？

You should expect it to be the same. And I just think for a little bit of context or some context, I believe we mentioned this on last quarter's call, we said just as you think about it, we had, I think, $27 million in Q1, our expense savings.

您應該期望它是相同的。我只是想簡單介紹一下背景，我相信我們在上個季度的電話會議上提到過這一點，正如你所想的那樣，我們在第一季度節省了 2700 萬美元的費用。

And then we said at that point, think about the remaining three quarters to be equal at $40 million a quarter. And I think as Bob stated in his opening remarks and I stated, we are on track 100% to achieve the $150 million net cost savings. And I think this quarter in Q2 on the implementation following up on what we did in Q1 is tangible evidence that we're on track to achieve the numbers.

然後我們說，在那時，想想剩下的三個季度，每季度的金額都是 4000 萬美元。我認為，正如鮑伯在開場白中和我所說，我們有望 100% 實現 1.5 億美元的淨成本節約。我認為，第二季我們在第一季所做工作的實施是我們正在朝著實現目標邁進的有力證據。

Okay. And then the last bar before the [$156 million], this negative [$10 million], like can you maybe just say what that was and if that's going to repeat?

好的。然後，在 [1.56 億美元] 之前的最後一欄，這個負數 [1000 萬美元]，你能說一下那是什麼嗎，以及是否會重複？

It's just -- it's higher benefits. And again, I think like most companies, as we go through a year and we close out a quarter and we see what the -- actually is happening with our employees, we just true up. We've kind of been around that number, I think, for most quarters.

這只是——更高的福利。而且，我認為，像大多數公司一樣，當我們度過一年並結束一個季度時，我們就會了解員工的實際狀況，然後我們就會採取相應的措施。我認為，大多數季度我們的數字都在這個水平左右。

So not saying what the numbers are going to be in the future, but it's something that's not material. And -- but we don't really know if we trued up, but it's not going to be outside that zone very much based on at least all past experience we have.

因此，雖然不能說未來的數字會是多少，但這並不是什麼重要的事。而且——但我們真的不知道我們是否正確，但至少根據我們過去的所有經驗，它不會超出那個區域。

Okay, great, thanks. And the announcement today about your hiring Lisa is definitely encouraging. Have you -- is there any more to report on programmatic? Are you on any more demand-side platforms? And if I missed the announcement, I apologize.

好的，太好了，謝謝。今天你們宣布聘用麗莎的消息絕對令人鼓舞。關於程序化廣告，您還有什麼要回報的嗎？您還使用其他需求方平台嗎？如果我錯過了公告，我深感抱歉。

Well, we've got -- and I'm sorry, I don't have right in front of me all the ones we've announced, but we've made great progress in getting on. And I think what Lisa is coming aboard, who's an absolute expert on this, as you can tell from her credentials, is -- although we've been building the technology platform, Lisa is coming in to really bring the advertisers to the platform and be responsible for generating the money on the platform and sort of the last piece of the puzzle.

嗯，我們已經——很抱歉，我並沒有把我們宣布的所有計劃都擺在我面前，但我們在這方面已經取得了很大進展。我認為麗莎的加入是為了讓我們看到這一點，她是這方面的絕對專家，從她的資歷就可以看出來——雖然我們一直在建立技術平台，但麗莎的加入是為了真正將廣告商引入平台，並負責在平台上賺錢，這也是拼圖的最後一塊。

And obviously, her needs will also guide the final bit of development on the platform as well.

顯然，她的需求也將指導平台的最終開發。

Okay, alright. Great. Thanks, appreciate it.

好的，好的。偉大的。謝謝，感激不盡。

Operator, maybe we'll just pause for a few seconds just to make sure that there are no additional questions or if someone would like to ask a question. I just want to make sure we capture all the questions that are out there.

接線員，也許我們應該暫停幾秒鐘，以確保沒有其他問題，或者是否有人想提問。我只是想確保我們能夠解決所有的問題。

Okay. If there are no more questions, first of all, thank you all on behalf of Bob, myself and the rest of the management team for listening and taking the time to listen and talk to us about the iHeart story. And Bob, myself and Mike McGuinness and the rest of the team are available any time to do follow-up and answer your questions. But thank you very much.

好的。如果沒有其他問題，首先，我代表鮑伯、我本人和管理團隊的其他成員感謝大家的聆聽，感謝大家花時間傾聽和與我們討論 iHeart 的故事。鮑勃、我本人、麥克麥吉尼斯以及團隊的其他成員隨時可以跟進並回答您的問題。但還是非常感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。