iHeartMedia, Inc. (IHRT) 2026 Q2 法說會逐字稿

Thank you, and welcome to iHeartMedia's second quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Andrey Hart, Senior Vice President of Investor Relations. Thank you. Please go ahead.

謝謝，歡迎參加 iHeartMedia 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。現在我想把電話交給投資人關係資深副總裁 Andrey Hart。謝謝。請開始。

Good afternoon, everyone, and thank you for taking the time to join us for our second quarter 2026 earnings call. Joining me for today's discussion are Bob Pittman, our Chairman and CEO; Rich Bressler, our President and COO; and Mike McGuinness, our CFO. Hello. 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.

各位下午好，感謝大家撥冗參加我們 2026 年第二季財報電話會議。今天與我一同出席討論的有：董事長兼執行長 Bob Pittman；總裁兼營運長 Rich Bressler；以及財務長 Mike McGuinness。大家好。在我們的事先準備發言結束後，管理團隊將回答各位的提問。除新聞稿外，我們也在網站上提供財報簡報，您可搭配我們的發言一同參閱。

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 our recent 8-K filing.

請注意，本次電話會議可能包含有關我們財務表現與營運結果的前瞻性陳述。這些陳述係基於管理層目前的預期，實際結果可能因今日電話會議及公司向 SEC 提交的文件（包括我們近期的 8-K 申報）中所識別的若干因素而與所述內容有所不同。

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.

此外，在本次電話會議中，我們將提及若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 財務衡量指標之間的調節表已包含於我們的財報新聞稿、財報簡報以及向 SEC 提交的文件中，以上資料可於我們網站的投資人關係專區取得。

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

現在我把電話交給 Bob。

Thanks, Andrey, and good afternoon, everyone. In the second quarter, our consolidated revenue was $977 million, up 4.7% compared to the prior year quarter, and above our guidance of up low-single-digits. Excluding the impact of political, our consolidated revenue was up 3.5%. We generated adjusted EBITDA of $152 million in the second quarter, slightly above the mid-point of our previously provided guidance range of $140 million to $160 million. We generated $46 million of free cash flow in the quarter compared to a negative $13 million free cash flow in the prior year quarter.

謝謝你，Andrey，各位下午好。第二季我們的合併營收為 9.77 億美元，較去年同期成長 4.7%，且高於我們先前所提供的「低個位數成長」指引。若排除政治廣告的影響，我們的合併營收成長 3.5%。第二季我們的調整後 EBITDA 為 1.52 億美元，略高於先前提供之 1.40 億至 1.60 億美元指引區間的中點。本季我們的自由現金流為 4,600 萬美元，相較去年同期為負 1,300 萬美元的自由現金流。

Significantly, our work in building our digital assets, including podcasting, continues to pay off. This will be the sixth quarter in a row in which the Digital Audio Group Adjusted EBITDA is larger than the Multiplatform Group Adjusted EBITDA, and even when we get the Multiplatform Group back to growth, we expect this trend to continue.

值得注意的是，我們在打造數位資產（包括播客）方面的努力持續帶來成果。這將是連續第六個季度，數位音訊事業群的調整後 EBITDA 高於多平台事業群的調整後 EBITDA；即使我們讓多平台事業群恢復成長，我們也預期此趨勢仍將延續。

Additionally, we continue our drive for efficiencies in all areas of the company using AI and other technology tools. Turning to our individual operating segments, the Digital Audio Group generated second quarter revenue of $364 million, up 12.4% versus prior year, and ahead of our previously provided guidance of up approximately 10%. The Digital Audio Group generated second quarter adjusted EBITDA of $123 million, up 14.5% versus prior year.

此外，我們持續運用 AI 與其他科技工具，在公司各領域推動效率提升。接著談各個營運部門：數位音訊事業群第二季營收為 3.64 億美元，較去年同期成長 12.4%，並優於我們先前提供的約 10% 成長指引。數位音訊事業群第二季調整後 EBITDA 為 1.23 億美元，較去年同期成長 14.5%。

The adjusted EBITDA margins were 33.8%. And as a reminder, we expect to see the Digital Audio Group's full year adjusted EBITDA margins to be in the mid-30s. Within the Digital Audio Group, our podcast revenue momentum continues and was $162 million for the quarter, up 20.7% compared to prior year of $134 million, and in line with our guidance of low 20s.

調整後 EBITDA 利潤率為 33.8%。提醒各位，我們預期數位音訊事業群全年調整後 EBITDA 利潤率將落在 30% 中段。在數位音訊事業群內，我們的播客營收動能持續，本季為 1.62 億美元，較去年同期的 1.34 億美元成長 20.7%，符合我們「20% 出頭」的指引。

And in Q2, approximately 50% of our podcasting revenue was again generated by our local markets sales force, which provides an additional vector of growth for podcast revenue and sets us apart from our podcast competitors. Our podcasting adjusted EBITDA margins remained accretive to our total company adjusted EBITDA margins, and we believe we're the most profitable podcasting business in the United States, driven by both having the number one audience in podcasting, as measured by both Podtrac and Triton, and by applying rigorous financial discipline.

而在第二季，我們約 50% 的播客營收再次由本地市場銷售團隊所貢獻，這為播客營收提供了額外的成長向量，也使我們有別於播客競爭對手。我們的播客調整後 EBITDA 利潤率仍對公司整體調整後 EBITDA 利潤率具有增益效果；我們相信自己是美國最具獲利能力的播客業務，這得益於我們在播客領域擁有第一的受眾（以 Podtrac 與 Triton 的衡量為準），以及我們嚴謹的財務紀律。

We built and continue to build our podcast audience by using our unparalleled audience reach in broadcast radio. In addition to driving the audio-only podcast marketplace, those radio assets have also allowed us to develop and drive the new video podcast marketplace, a new and meaningful growth opportunity. As the number one podcast publisher, we are now producing video versions of many of our own podcasts and distributing them on our iHeartRadio service as well as on a number of other select podcast platforms. We're also expanding the distribution of our video podcast into streaming video services, including Netflix and others.

我們透過廣播電台無可匹敵的受眾觸及來建立並持續擴大播客受眾。除了推動純音訊播客市場之外，這些電台資產也讓我們得以開發並推動新興的「影音播客」市場，這是一個新的且重要的成長機會。作為第一大播客出版商，我們目前正為許多自有播客製作影音版本，並在 iHeartRadio 服務以及其他若干精選播客平台上發行。我們也正在擴大影音播客在串流影音服務上的發行，包括 Netflix 等。

In fact, iHeart has become the most successful video podcast from Netflix and we're expanding that relationship to now include podcasts from Kate Hudson and Oliver Hudson, Lele Pons, and Martha Stewart, as well as The Breakfast Club with Charlamagne becoming the only live daily show on Netflix.

事實上，iHeart 已成為 Netflix 上最成功的影音播客，我們也正擴大雙方合作關係，納入 Kate Hudson 與 Oliver Hudson、Lele Pons、以及 Martha Stewart 的播客；此外，由 Charlamagne 主持的 The Breakfast Club 也將成為 Netflix 上唯一的每日現場直播節目。

And we announced this morning that we're bringing six iHeart titles to Disney's Hulu streaming video service, including video episodes of Hey Jonas! and Pod Meets World. In the second quarter, Digital ex-podcast revenue grew 6.6% compared to prior year, above our previously provided guidance of up low-single-digits. Turning now to the Multiplatform Group, which includes our broadcast radio, networks, and events businesses. Second quarter revenue was $536 million, down 1.6% versus prior year, and slightly below our guidance range of approximately flat.

而且我們今天早上宣布，將把六個 iHeart 節目帶到迪士尼的 Hulu 串流影音服務，包括 Hey Jonas! 的影音集數。以及 Pod Meets World。第二季，數位（不含播客）營收較去年同期成長 6.6%，高於我們先前提供的「低個位數成長」指引。接著談多平台事業群，包含我們的廣播電台、聯播網與活動業務。第二季營收為 5.36 億美元，較去年同期下滑 1.6%，且略低於我們先前提供的「約持平」指引區間。

Excluding the impact of political advertising, Multiplatform Group revenue was down 2.8%. The Multiplatform Group's adjusted EBITDA was $59 million compared to $96 million in the prior year. Like many other companies, we're not immune to macroeconomic uncertainty, and in particular, gas and diesel prices, which have an impact on the entire economy. We believe the revenue of the Multiplatform Group, and indeed the whole company, was impacted in Q2 by this uncertainty. On the expense side, the non-cash marketing expenses that we discussed in the last few earnings calls drove the majority of our lower Multiplatform Group adjusted EBITDA in this quarter.

若排除政治廣告的影響，多平台事業群營收下滑 2.8%。多平台事業群的調整後 EBITDA 為 5,900 萬美元，去年同期為 9,600 萬美元。如同許多其他公司，我們也無法免於總體經濟不確定性影響，尤其是汽油與柴油價格，這會影響整體經濟。我們認為，多平台事業群的營收，乃至整個公司的營收，在第二季都受到這種不確定性的影響。在費用方面，我們在過去幾次財報電話會議中討論過的非現金行銷費用，是本季多平台事業群調整後 EBITDA 下滑的主要原因。

On the consumer side of the Multiplatform Group business, the company continues to do well. Unlike other traditional media, we have more users of broadcast radio today than we did 20 years ago. Indeed, our broadcast radio now has 2 times the audience of the largest TV network and 4 times the audience reach of the largest digital-only ad-supported audio service. As I've said before, we don't have a broadcast radio audience challenge. We have a broadcast radio monetization challenge, which seems counterintuitive given radio's strength with the consumer.

在多平台事業群業務的消費者端，公司表現仍然良好。不同於其他傳統媒體，我們今天的廣播電台使用者數量比 20 年前還多。事實上，我們的廣播電台目前的受眾規模是最大電視聯播網的 2 倍，受眾觸及更是最大、僅數位且以廣告支持的音訊服務的 4 倍。如我先前所說，我們並沒有廣播電台受眾的挑戰。我們面臨的是廣播電台變現的挑戰；考量到廣播電台在消費者端的強勢，這似乎有些反直覺。

We recognize that the reason for this is that advertisers are giving preference to services that are within their digital buying platforms. In response, we're now adding our broadcast radio inventory to DSPs, including Amazon, Google, and Yahoo, as well as developing offerings for other digital planning and buying platforms through our AudioGraph and programmatic offerings, and we feel confident that our broadcast radio participation in these digital platforms will significantly improve our radio revenue performance and will help the entire radio industry as well.

我們認知到，其原因在於廣告主正優先選擇其數位採購平台內的服務。作為回應，我們目前正將我們的廣播電台庫存加入各大 DSP（需求方平台），包括 Amazon、Google 與 Yahoo，同時也透過我們的 AudioGraph 與程式化（programmatic）產品，為其他數位規劃與採購平台開發相關方案；我們有信心，我們的廣播電台參與這些數位平台將顯著改善我們的電台營收表現，並將有助於整個廣播電台產業。

Turning to the Audio & Media Services Group, revenue was $80 million, up 18.8% year-over-year, driven primarily by the growth of the digital, audio, and video revenues. Excluding the impact of political revenue, the Audio & Media Services Group's revenue was up 10.6%. Adjusted EBITDA was $37 million, up 54.6% compared to the prior year.

談到 Audio & Media Services Group（音訊與媒體服務事業群），營收為 8,000 萬美元，年增 18.8%，主要由數位、音訊與影音營收成長所帶動。若排除政治廣告營收的影響，Audio & Media Services Group 的營收年增 10.6%。調整後 EBITDA 為 3,700 萬美元，較去年同期成長 54.6%。

This segment includes our Katz TV, Katz Radio, and RCS businesses and has continued to grow adjusted EBITDA over time with a focus on an increasingly meaningful digital business and operating efficiencies. I also wanted to briefly touch on political advertising, which will be a major driver of adjusted EBITDA and free cash flow for this company in the back half of the year. As a reminder, historically, the vast majority of our political revenue comes in the back half of the year, and the majority of that is in Q4. We continue to believe that this will be a robust mid-term election year in terms of generating political revenue.

此分部包含我們的 Katz TV、Katz Radio 與 RCS 業務，並持續隨時間推進，在更具意義的數位業務與營運效率的聚焦下，推動調整後 EBITDA 成長。我也想簡要提及政治廣告，這將在今年下半年成為推動本公司調整後 EBITDA 與自由現金流的重要動能。提醒一下，歷史上我們絕大多數的政治營收都集中在下半年，其中多數發生在第四季。我們仍然相信，就政治營收的產生而言，這將是一個強勁的期中選舉年度。

And with that, I'll turn it over to Rich.

接下來，我把時間交給 Rich。

Thank you, Bob, and good afternoon. Our Q2 2026 consolidated revenue was up 4.7% compared to the prior year quarter and above our guidance of up low-single-digits. Although we saw some softness that appeared to correlate with the conflict in the Middle East and the associated economic impacts, we were able to slightly beat our Q2 revenue guidance and the mid-point of our adjusted EBITDA guidance. Let me provide you with some additional detail on our advertising revenue performance in the second quarter. As a reminder, one of our strengths is our diversified advertising revenues.

謝謝你，Bob，大家下午好。我們 2026 年第二季合併營收較去年同期成長 4.7%，高於我們先前給出的「低個位數成長」指引。儘管我們看到一些疲弱跡象，似乎與中東衝突及其相關的經濟影響有所關聯，但我們仍得以略微超越第二季營收指引，以及調整後 EBITDA 指引的中位數。我再提供一些第二季廣告營收表現的細節。提醒一下，我們的優勢之一是廣告營收來源多元化。

There is no advertising category greater than about 5% of our total advertising revenue, and no individual advertiser that is more than 2% of our total advertising revenue. In the second quarter, the largest category gainers in terms of absolute dollars were political, gambling, computers, electronics, and appliances, and professional services. And the four categories that declined the most in terms of absolute dollars were telecom, financial services, auto, and food and beverage.

沒有任何單一廣告類別占我們總廣告營收的比重高於約 5%，也沒有任何單一廣告主占我們總廣告營收超過 2%。第二季以絕對金額計算，成長幅度最大的類別為政治、博弈、電腦、電子產品與家電，以及專業服務。而以絕對金額計算，下滑最多的四個類別為電信、金融服務、汽車，以及食品與飲料。

And in the second quarter, our five largest advertising categories in terms of absolute dollars were home building and improvement, financial services, healthcare, auto, and professional services. Our consolidated direct operating expenses increased 2.4% for the quarter.

第二季以絕對金額計算，我們前五大廣告類別為住宅建築與居家改善、金融服務、醫療保健、汽車，以及專業服務。本季我們合併直接營運費用增加 2.4%。

This increase was primarily driven by higher variable content costs, including higher third-party digital costs related to the increase in digital revenues. Our consolidated SG&A expenses increased 11.8% for the quarter. This increase was primarily driven by expenses related to our non-cash co-marketing partnerships. We generated second quarter GAAP operating income of $35.5 million compared to GAAP operating income of $35.4 million in the prior year quarter. We generated adjusted EBITDA of $152 million in the second quarter, slightly above the mid-point of our previously provided guidance range of $140 million to $160 million.

此增幅主要由較高的變動內容成本所帶動，包括因數位營收增加而產生的較高第三方數位成本。本季我們合併 SG&A（銷售、一般及行政）費用增加 11.8%。此增幅主要由與我們非現金聯合行銷合作夥伴關係相關的費用所致。我們第二季 GAAP 營業利益為 3,550 萬美元，去年同期 GAAP 營業利益為 3,540 萬美元。我們第二季調整後 EBITDA 為 1.52 億美元，略高於先前提供之 1.40 億至 1.60 億美元指引區間的中位數。

As we have previously discussed, some of the investment in our proprietary audience database, which is the foundation of our broadcast programmatic and AudioGraph offerings, takes the form of non-cash co-marketing partnerships to drive engagement with the iHeartRadio digital service. We continue to view these marketing activities as critical for the success of our AudioGraph and broadcast programmatic initiatives. And as a reminder, this is all in support of our efforts to make our broadcast inventory as easy for our advertising partners to transact as our digital inventory. This is one of the important steps in returning the Multiplatform Group back to adjusted EBITDA growth.

如我們先前所討論，我們對自有受眾資料庫的部分投資——該資料庫是我們廣播程式化與 AudioGraph 產品的基礎——是以非現金聯合行銷合作夥伴關係的形式呈現，以提升 iHeartRadio 數位服務的互動參與。我們仍將這些行銷活動視為 AudioGraph 與廣播程式化計畫成功的關鍵。同時提醒一下，這一切都是為了支持我們的努力：讓我們的廣播庫存對廣告合作夥伴而言，能像我們的數位庫存一樣容易交易。這是讓 Multiplatform Group（多平台事業群）重回調整後 EBITDA 成長的重要步驟之一。

As discussed on the Q1 call, we have continued these partnerships in Q2, but they will start to decrease in the second half of the year. As we've discussed before, all the revenue and expense associated with each partnership has zero impact on adjusted EBITDA over time. And as a reminder, the majority of this revenue expense impacts the Multiplatform Group segment.

如第一季電話會議所述，我們在第二季持續這些合作，但它們將在下半年開始減少。如我們先前所討論，與每項合作相關的所有營收與費用，長期而言對調整後 EBITDA 的影響為零。並提醒一下，這些營收與費用的影響多數反映在 Multiplatform Group 分部。

Turning now to the performance of our operating segments. In the second quarter, the Digital Audio Group's revenue was $364 million, up 12.4% year-over-year and ahead of our previously provided guidance of up approximately 10%. The Digital Audio Group's Adjusted EBITDA was $123.2 million, up 14.5% from the prior year, and as Bob mentioned, this is the sixth quarter in a row in which our Digital Audio Group Adjusted EBITDA is larger than our Multiplatform Group Adjusted EBITDA. Our Q2 adjusted EBITDA margins were 33.8% compared to 33.2% in the prior year. Within the Digital Audio Group, our podcasting revenue was $162 million, which grew 20.7% year-over-year, and in line with our guidance we provided of up low 20s.

接著談我們各營運分部的表現。第二季，Digital Audio Group（數位音訊事業群）營收為 3.64 億美元，年增 12.4%，高於我們先前提供的約 10% 成長指引。Digital Audio Group 的調整後 EBITDA 為 1.232 億美元，較去年成長 14.5%；如 Bob 所提，這已是連續第六季我們的 Digital Audio Group 調整後 EBITDA 高於 Multiplatform Group 的調整後 EBITDA。我們第二季調整後 EBITDA 利潤率為 33.8%，去年同期為 33.2%。在 Digital Audio Group 內，我們的播客（podcasting）營收為 1.62 億美元，年增 20.7%，符合我們所提供的「低 20%」成長指引。

Our second quarter Digital ex-podcast revenue grew 6.6% year-over-year to $202 million. Turning now to the Multiplatform Group, revenue was $536 million, down 1.6% compared to prior year, slightly below our guidance range of approximately flat. Adjusted EBITDA was $59 million, down from $96 million in the prior year quarter.

我們第二季數位（不含播客）營收年增 6.6% 至 2.02 億美元。接著談 Multiplatform Group，營收為 5.36 億美元，較去年下降 1.6%，略低於我們先前提供的「約持平」指引區間。調整後 EBITDA 為 5,900 萬美元，低於去年同期的 9,600 萬美元。

Turning to the Audio & Media Services Group, which includes Katz TV, which as you know has a much bigger revenue swing in political years, revenue was $80 million, up 18.8% year-over-year, driven primarily by the growth of the digital, audio, and video revenues. Excluding the impact of political revenue, the Audio & Media Services Group's revenue was up 10.6%.

接著談 Audio & Media Services Group（包含 Katz TV；如各位所知，Katz TV 在政治年度的營收波動更大），營收為 8,000 萬美元，年增 18.8%，主要由數位、音訊與影音營收成長所帶動。若排除政治廣告營收的影響，Audio & Media Services Group 的營收年增 10.6%。

Adjusted EBITDA was $37 million, up 54.6% compared to the prior year. In the second quarter, our company's free cash flow was $46 million compared to a negative $13 million in the prior year quarter. In fact, the strong free cash flow in this quarter gives us additional confidence about our free cash flow for the full year. And a political year like this also helps drive our free cash flow because political advertisers pay up front. At quarter end, our net debt was approximately $4.7 billion.

調整後 EBITDA 為 3,700 萬美元，較去年同期成長 54.6%。第二季，本公司自由現金流為 4,600 萬美元，去年同期為負 1,300 萬美元。事實上，本季強勁的自由現金流讓我們對全年自由現金流更具信心。像今年這樣的政治年度也有助於推動我們的自由現金流，因為政治廣告主會預先付款。截至季末，我們的淨負債約為 47 億美元。

Our total liquidity was $457 million, and our cash balance was $174 million, which included $125 million borrowed under the ABL Facility. We expect to pay down that balance by the end of 2026 with our free cash flow generation. As noted on our prior call on May 1st, we would pay the $51.2 million remaining balance of our [6.375%] notes, as well as the term loan and incremental term loan, fully retiring those stubbed facilities. Additionally, we are pleased to report that this month we amended and extended our current ABL Facility. We maintain both the current $450 million size of the facility and the pricing of the facility at its current interest rates, and we extended the maturity date from May 17, 2027, to January 30, 2029.

我們的總流動性為4.57億美元，而我們的現金餘額為1.74億美元，其中包含在ABL融資安排下借入的1.25億美元。我們預期將透過自由現金流的產生，在2026年底前償還該餘額。如同我們在5月1日上一次電話會議中所提到的，我們將支付剩餘5,120萬美元的[6.375%]票據餘額，以及定期貸款與增額定期貸款，並將這些短期存續的融資安排全數清償退場。此外，我們很高興報告，本月我們已修訂並展延現行的ABL融資安排。我們維持該融資安排目前4.5億美元的額度規模，以及在現行利率下的定價，並將到期日由2027年5月17日延長至2029年1月30日。

Let me now turn to our guidance for the third quarter and full year. For the third quarter, we expect to generate adjusted EBITDA between $180 million and $220 million. We expect our consolidated revenue to be up mid-single digits compared to prior year. We're still closing July, but we expect revenue to be up low-single-digits year-over-year. Turning to the individual segments, we expect the Digital Audio Group's revenue to be up in the low teens year-over-year, with podcast revenue expected to be up approximately 20%, and Digital ex-podcast to be up mid-single digits.

接下來我來談談我們對第三季與全年之指引。就第三季而言，我們預期調整後EBITDA將介於1.8億至2.2億美元之間。我們預期合併營收相較去年同期將成長中個位數百分比。我們仍在結算7月，但我們預期營收年增將為低個位數百分比。就各個事業群而言，我們預期數位音訊事業群（Digital Audio Group）營收年增將為低十位數百分比，其中Podcast營收預期約成長20%，而不含Podcast的數位業務（Digital ex-podcast）預期成長中個位數百分比。

We expect the Multiplatform Group's revenue to be approximately flat compared to prior year. We expect the Audio & Media Services Group's revenue to be up approximately 20% year-over-year. Turning to the full year, we are reaffirming our full year adjusted EBITDA guidance of $800 million and our free cash flow guide of $200 million, predicated on some improvement in the macroeconomic and advertising environments, especially in Q4, and the expected strong performance of political.

我們預期多平台事業群（Multiplatform Group）營收相較去年同期大致持平。我們預期音訊與媒體服務事業群（Audio & Media Services Group）營收年增約20%。就全年而言，我們重申全年調整後EBITDA指引為8億美元，以及自由現金流指引為2億美元；此係基於總體經濟與廣告環境將有所改善（尤其在第四季），以及政治廣告預期將有強勁表現。

Embedded in our adjusted EBITDA guidance are the following: We expect to generate approximately $200 million of overall programmatic revenue in 2026, up approximately 50% from $135 million in 2025. And as a reminder, we expect our broadcast programmatic revenue trajectory to be similar to that of the growth we experienced in the podcasting revenue.

納入我們調整後EBITDA指引中的內容包括：我們預期在2026年整體程式化（programmatic）營收約為2億美元，較2025年的1.35億美元成長約50%。並提醒各位，我們預期廣播端的程式化營收走勢，將與我們在Podcast營收所經歷的成長軌跡相近。

We expect podcasting revenue to continue its strong momentum. We expect this to be a robust mid-term election year in terms of generating political revenue, and the vast majority of our political revenue occurs in Q3 and Q4. And our adjusted EBITDA guidance also includes the benefit of our cost savings programs. Let me provide some additional inputs embedded in our free cash flow guidance. Interest expense will be approximately $440 million.

我們預期Podcast營收將延續其強勁動能。我們預期就政治營收的產生而言，這將是一個強勁的期中選舉年，而我們絕大多數的政治營收發生在第三季與第四季。我們的調整後EBITDA指引亦包含成本節省方案所帶來的效益。我再補充一些納入自由現金流指引的假設。利息費用約為4.4億美元。

Minimal cash taxes this year and for the next few years as long as the current tax laws are in effect. This is a great outcome and will help us avoid approximately $150 million to $200 million of cash taxes over the next three years. Capital expenditures are expected to be approximately $90 million. Cash restructuring expenses will be approximately $50 million. We expect our net leverage ratio at the end of 2026 to be in the mid-fives, which would be more than a full-turn improvement year-over-year.

在現行稅法維持有效的前提下，今年以及未來幾年現金稅負將極少。這是一個非常好的結果，將協助我們在未來三年避免約1.5億至2億美元的現金稅款支出。資本支出預期約為9,000萬美元。現金重整費用約為5,000萬美元。我們預期2026年底的淨槓桿比率將落在5倍左右的中段水準，較去年同期改善將超過整整一倍（full turn）。

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

現在我們將交由接線員開始接受各位提問。謝謝。

(Operator Instructions)

(接線員指示)

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛。

Bob, Rich, I was curious, with just a few months' time from now, the mid-term elections coming up, was curious if you could maybe speak a little bit more about your go-to-market strategy as well as how activity is building on the political front going into the November cycle. I think two cycles ago, in and around the mid-terms, you did about $130 million of political revenues. Just curious how you're looking at the outlook for this year.

Bob、Rich，我想請教，距離期中選舉只剩幾個月，想請你們多談一些你們的上市推廣（go-to-market）策略，以及在進入11月選舉週期之際，政治面向的活動量是如何逐步升溫的。我記得在兩個選舉週期前、也就是期中選舉前後，你們的政治營收大約是1.3億美元。想請教你們如何看待今年的展望。

I think -- we think it's shaping up to be a pretty big political year. People are saying it may be as big as the presidential year as opposed to mid-term. Yet to be seen, although the early indications are it's probably performing at that level. Our go-to-market is be in touch with everybody from candidates to PACs, to everyone else associated with the campaigns that can make a decision and stay on top of it both at a local level and the national level.

我想——我們認為今年的政治年景正在成形，規模會相當大。有人說它可能會大到接近總統大選年，而不是一般的期中選舉年。目前仍有待觀察，但早期跡象顯示，表現很可能就在那個水準。我們的上市推廣策略是與所有人保持聯繫，從候選人到政治行動委員會（PACs），以及所有與競選相關、能做決策的其他人士；並在地方層級與全國層級都持續緊密追蹤。

And the one other data point I might just add, if you -- the last couple of days, or last week you saw a lot of TV broadcasters come out and they talked about very strong political numbers and that, and that historically, this year should be no different, bodes very well. So as the inventory starts to shrink there, and they sell off a lot of their inventory, broadcast radio tends to be a big beneficiary of that.

另外我再補充一個數據點：如果你——在過去幾天或上週，你看到許多電視廣播業者出來談到非常強勁的政治廣告數字；而從歷史經驗來看，今年應該也不例外，這是非常正面的訊號。因此，當那邊的廣告庫存開始縮減、他們賣出大量庫存時，廣播電台往往會成為很大的受益者。

Great, thank you for that. And then maybe separately spoke a good bit about the opportunities in video podcasting in the prepared. So I was just wondering if you could speak a little bit more about the Disney Hulu podcast partnership from today and then would be curious how that approach with Disney is maybe either different or similar to the approach that you're taking with Netflix and then, ultimately, looking out here over the next couple of years how you see both of these relationships evolving.

很好，謝謝你的說明。另外，你們在事先準備的內容中談了不少關於影音Podcast的機會。所以我想請你們再多談一些今天宣布的Disney Hulu Podcast合作夥伴關係；也想了解你們與Disney的做法，和你們與Netflix採取的做法有何不同或相似之處；以及最終展望未來幾年，你們如何看待這兩段合作關係的演進。

Well, look, I think it's both Netflix and Hulu, we're trying to meet their needs. So we're crafting deals that work for them and their overall program strategy. As you know, Netflix has taken The Breakfast Club, Charlamagne in the morning, has turned into a live daily show. That was sort of unexpected when we went into this, but it's how the relationship evolves as we find opportunities. I suspect with Hulu, we'll see the same thing, that as we get in with them and they see how it's performing, we will figure out how we craft the right relationship with them. And then, obviously, there are other people that are carrying video podcasts as well, and we continue to have discussions there as well.

嗯，你看，我認為不論是Netflix或Hulu，我們都在努力滿足他們的需求。因此我們正在打造對他們以及其整體節目策略都行得通的合作協議。如你所知，Netflix把《The Breakfast Club》、也就是Charlamagne的晨間節目，做成了一個每日現場直播節目。當我們一開始進入這段合作時，這有點出乎意料，但這就是在我們尋找機會的過程中，合作關係如何演進。我猜在Hulu這邊也會看到類似情況：當我們與他們合作、他們看到表現如何之後，我們會找出如何與他們建立合適的合作關係。當然，也有其他平台在承載影音Podcast，我們也持續在那方面進行討論。

Aaron Watts, Deutsche Bank.

Aaron Watts，德意志銀行。

Two questions for me. On advertising, if we strip away some of the movement due to trade and barter, can you talk a bit more about the health of the underlying ad environment as we roll from Q2 into the back half of the year? And is there anything you're seeing that gives you confidence that there'll be some improvement as we close out the year?

我有兩個問題。關於廣告，如果我們剔除因以物易物（trade and barter）所造成的一些波動，你能否再多談談從第二季進入下半年時，底層廣告環境的健康狀況？以及你們看到什麼跡象，讓你們有信心在年底前會出現一些改善？

Well, there can't be any more uncertainty, that's for sure. So we are baking that in. But I actually have been sort of surprised with all the uncertainty in the marketplace, how resilient the ad market has been. There's a body of thought which says, 'Hey, this is the new normal and everybody's got to sell their products and they got to build their brands and they can't let that get in the way of it, and I think we're seeing ample evidence of that. Certainly, there are businesses that are being hit by the high cost of diesel, and fuel, and other important things, products for them, but there are also businesses that are immune from it and see this as an opportunity.

嗯，可以確定的是，不會再有更多不確定性了。所以我們已把這點納入考量。但老實說，在市場充滿不確定性的情況下，廣告市場竟然如此有韌性，這讓我有點意外。有一種觀點認為：「嘿，這就是新常態，每個人都得賣產品、都得建立品牌，不能讓這些因素阻礙他們」，我想我們看到相當充分的證據證明如此。當然，有些企業正受到柴油、燃料以及其他對他們而言重要投入品高成本的衝擊，但也有一些企業不受影響，並把這視為機會。

So I think on the whole, we're sort of cautiously optimistic about the second half of the year and talking to advertisers, we sort of sense that. I think if you see some of the discussions from the agency front, that you're sort of seeing the same messaging, which is what we're hearing from them directly as well. So I think we -- again, we have to give people a reason why if they spend $1 on advertising, they get more than $1 back on their bottom line. And it's all about return on investment. So I think if we just sort of stick to that and not be distracted by it, it's probably our best strategy and the one we're going with.

所以我認為整體而言，我們對下半年抱持審慎樂觀，與廣告主交流時，我們也大致感受到這點。我想如果你看一些代理商端的討論，你會看到類似的訊息，這也正是我們直接從他們那裡聽到的。所以我認為我們——再次強調——必須給人們一個理由，說明他們若在廣告上花 1 美元，最終在損益底線上能拿回超過 1 美元。這一切都關乎投資報酬率。因此我想，只要我們堅持這一點、不被分心，這大概是我們最好的策略，也是我們正在採取的策略。

And I think the other piece of it is really adding the AudioGraph and the programmatic components for our broadcast radio. Because again, as I mentioned in our script, it's counterintuitive that broadcast radio is so incredibly strong with the consumer, and by the way, in all measurements, delivers extraordinarily strong results for advertisers, and that's the slowest revenue stream we have.

我想另一個重點，確實是為我們的廣播電台加入 AudioGraph 與程式化（programmatic）組件。因為如我在講稿中提到的，直覺上很難想像廣播電台在消費者端竟然如此強勁，而且順帶一提，在所有衡量指標中，對廣告主也能帶來極其強勁的成效，但這卻是我們最慢的營收來源。

Again, we think that's because the advertisers want everything to fit within that digital buying construct. And so I think the AudioGraph and programmatic will give us that and we're rolling it out to DSPs. But as you know, there are other buying platforms emerging as well and we fully intend to service those as well.

再次強調，我們認為這是因為廣告主希望一切都能符合數位採購的架構。因此我想 AudioGraph 與程式化將能提供我們這個能力，我們也正在把它推向各個 DSP。但如你所知，也有其他採購平台正在興起，我們也完全打算同樣提供服務。

And the one piece I may just add -- excuse me, to what Bob just said, is the one thing you do see in these environments, as advertisers, which we've been the beneficiary of, excuse me, looking to, maybe reduce the number of their go-to partners and overall partners that they have out there. And because of our ability on our Multiplatform between, our broadcast and podcasting and streaming and events, they can meet a lot of their needs coming to us.

另外我想補充——不好意思——Bob 剛才所說的一點：在這種環境下，你確實會看到廣告主（而我們也因此受惠）可能會希望減少他們主要合作夥伴的數量，以及整體合作夥伴的數量。而憑藉我們多平台的能力，涵蓋廣播、Podcast、串流與活動，他們來找我們就能滿足許多需求。

And also the aspects of measurability become critically important to be able to deliver measurable results as Bob, talked about getting the right ROI. And now that we can do that with broadcast and our digital assets, we're just very well suited to navigate this environment the best we've ever been.

此外，可衡量性（measurability）的面向變得至關重要，必須能交付可衡量的成果，正如 Bob 所談到的，取得正確的 ROI。而現在我們能在廣播與數位資產上做到這點，我們在因應這種環境方面的適配度，比以往任何時候都更好。

Okay, that's really helpful context. If I could ask just one more question, and maybe this is pointed at you, Rich, but based on your third quarter guidance, it implies a very robust fourth quarter in order to achieve the $800 million full year target. If I think all the way back to the fourth quarter of 2022, the last mid-term election, I think you guys did $315 million of EBITDA. And this year you're suggesting will be better. Can you just talk a little bit more about some of the components that go into that, be it core advertising, the political you had just discussed, barter impacts easing, cost savings, just the various elements that you see going into helping us bridge that $800 million target for the year.

好的，這些背景非常有幫助。如果我可以再問一個問題，也許是問你，Rich：根據你們對第三季的指引，若要達成全年 8 億美元的目標，這意味著第四季必須非常強勁。如果我回想 2022 年第四季，也就是上一次期中選舉，我記得你們的 EBITDA 大約是 3.15 億美元。而今年你們表示會更好。你能否再多談一些構成因素，例如核心廣告、你剛提到的政治廣告、以物易物（barter）影響的緩解、成本節省，以及你所看到有助於我們銜接全年 8 億美元目標的各種要素。

Well, there's a lot in that question. Maybe I'll start and then Bob can jump in. And also by the way, one of the reasons we go through in what I mentioned during my prepared remarks is kind of what's embedded in there. First of all, we talked about political. Remember this is -- we're about where we were in 2024 on political in terms of revenue.

嗯，這個問題包含很多內容。也許我先開始，然後 Bob 再補充。另外順帶一提，我在事先準備的發言中之所以會提到我剛才說的那些內容，其中其實就包含了你問的重點。首先，我們談到政治廣告。請記得，這是——就政治廣告營收而言——我們大約與 2024 年的水準相當。

And as we all know, this is a non-presidential political year. And again, you heard the -- I mentioned this just briefly a second ago, looking at what all the TV companies said and the strength that they're seeing from political. And we expect to be a beneficiary of that. And that has historically proven true. So strong political.

而且大家都知道，這不是總統大選年。再者，你也聽到——我剛才稍早簡單提到——看看所有電視公司所說的，以及他們所看到的政治廣告強勁程度。我們預期也會因此受惠。而歷史上也一再證明確實如此。所以政治廣告會很強。

The second thing is the, you know, look at our cost estimates and all of our cost programs that have rolled in, they're all in place now. So you get the full benefit of all those cost programs there. And then it's -- we just talked a little bit, about in terms of the advertising environment. Yes, there's a lot of macroeconomic areas that we're all dealing with out there. And that's why one of the things we said in embedding in our guidance is that we get some more stability down there.

第二點是，你知道的，看看我們的成本預估，以及所有已推行的成本方案，現在都已到位。因此你會獲得這些成本方案的完整效益。接著——我們剛也稍微談到——就廣告環境而言。是的，外部確實有許多我們都在面對的總體經濟因素。這也是為什麼我們在指引中納入的一點是：我們希望那邊能更穩定一些。

But just remember, one of the things we have is less than -- no advertising category is greater than 5% of our advertising. No advertising -- individual advertiser is greater than 2%. So that diversity really plays into our hands. And then we talked about -- we spent a fair amount of time talking about AudioGraph. And the ability now that we are bringing to the marketplace, the ability to put our buyers to buy our broadcast inventory the way they buy our digital inventory.

但請記得，我們有一個特點：沒有任何一個廣告類別占我們廣告營收超過 5%。也沒有任何單一廣告主占比超過 2%。因此這種多元性確實對我們有利。然後我們也談到——我們花了不少時間談 AudioGraph。以及我們現在帶給市場的能力：讓買方能以購買數位庫存的方式，來購買我們的廣播庫存。

Bob mentioned being in DSPs, working directly with the agencies. As a reminder, we're going to be in the Amazon DSP at the beginning of this year in the fourth quarter. Amazon is also one of our biggest advertisers as a company, and then we just talked about -- Bob was asked some questions talking about the opportunity on video podcasting out there.

Bob 提到進入 DSP、直接與代理商合作。提醒一下，我們會在今年第四季初進入 Amazon DSP。Amazon 也是我們公司最大的廣告主之一；另外我們也談到——Bob 被問到一些問題——關於影音 Podcast 的市場機會。

Yes, we have Netflix, we have the Disney Hulu announcement, and those will be incremental opportunities because if you look at those opportunities that are there, and we just reported 20.7% of revenue growth for podcasting, so that shows on just the audio side. So that shows no sign of abating. So I think when you look at all those pieces in there, yes, you kind of do the math and you look at that side, okay, you'll come to this number for Q4 compared to other Q4s that we have. But what I do is just take a step back and we are not the same company in terms of the assets we have, the technology we have, and how we're going to market and execute it.

是的，我們有 Netflix，也有 Disney Hulu 的公告，這些都會是增量機會，因為如果你看那些現有機會，而且我們剛剛也公布 Podcast 營收成長 20.7%，這顯示僅就音訊端而言也是如此。所以這看起來沒有任何趨緩的跡象。因此我想，當你把所有這些因素放在一起看，是的，你做一下數學、看那一側，你就會得到第四季相較於我們其他第四季的這個數字。但我會退一步看：就我們擁有的資產、技術，以及我們如何走向市場並執行而言，我們已經不是同一家公司了。

Well, look, if I could just add a couple of things. As you can tell, this is an area we've had a lot of internal discussion about and we spend a lot of time analyzing. But Rich talked about the TV in a big political year pushes out, gets sold out, they got to go to radio, but it also pushes out other advertisers. And there's no room for them. As a matter of fact, toward the end of that cycle, almost all the advertising on TV is political advertising.

嗯，你看，如果我可以再補充幾點。如你所見，這是我們內部討論很多、也花了很多時間分析的領域。不過 Rich 談到，在政治大年，電視廣告會被擠出、被賣到滿檔，他們就得轉去廣播，但這也會把其他廣告主擠出去。而且電視上沒有空間給他們。事實上，在那個週期接近尾聲時，電視上幾乎所有廣告都是政治廣告。

It's got to go somewhere and people still have to sell their products. Radio has historically benefited from that, and actually in '22, which was a very strong political year, we did see indeed that happening and we're the beneficiary. So that's embedded here. I think the other thing you see is in a year like this with uncertainty, certainly we're seeing advertisers saving some money, holding some money back. If at the end of the year, the economy is looking like the uncertainty is leaving, it's getting a little more stable, you'll generally see that express itself in December.

這些預算總得有地方去，而人們仍然必須銷售他們的產品。廣播歷來因此受惠；其實在 2022 年（那是非常強勁的政治年），我們確實看到這種情況發生，而我們就是受益者。所以這已經反映在這裡。我認為你看到的另一件事是，在像今年這種充滿不確定性的年份，我們確實看到廣告主在省一些錢、把部分預算先按住不花。如果到年底，經濟看起來不確定性正在消退、變得更穩定，你通常會看到這在 12 月反映出來。

So our hope is that some of the money that we've missed first part of the year because of the uncertainty shows up at the back end. And then the final thing is, I think once you get past the mid-term, I think it's going to be a very positive impact for sort of the economy, if you will, in terms of the uncertainty leaving it.

所以我們希望，因為不確定性而在今年前半段錯失的一些預算，會在後段出現。最後一點是，我認為一旦過了期中選舉，從某種意義上說，對經濟會是非常正面的影響，因為不確定性會消退。

Patrick Scholl, Barrington Research.

Patrick Scholl，Barrington Research。

On podcasts, as you've delivered more of these podcasts, partnered with more video distributors to distribute your podcast, I'm just kind of curious on any sort of impact that's had on like the advertiser interest on the audio side or what you're seeing in just terms of the overall listenership.

關於 Podcast，隨著你們推出更多這些 Podcast、並與更多影音發行平台合作來分發你們的 Podcast，我有點好奇，這對音訊端的廣告主興趣有什麼影響，或是你們在整體收聽人數方面看到什麼變化？

Yes, I think it is additive. We find that probably less than 5% of the people are video podcast consumers only. And the biggest category, obviously, is audio only. They go, what? The picture on podcasting? But I think when people are in a video environment, and they can look at something, they often will. Sometimes they'll do both. They're basically listening. When somebody says, look at this thing, they'll look up at the screen or look at their screen to see what it is. So we think the two work very well together.

是的，我認為這是加成的。我們發現，可能不到 5% 的人是只看影音 Podcast 的消費者。而最大的類別，顯然，是只聽音訊的。他們會說，什麼？Podcast 還有畫面？但我認為當人們在影音環境裡，而且他們可以看某些東西時，他們往往會看。有時候他們兩者都會用。他們基本上是在聽。當有人說，看看這個東西，他們就會抬頭看螢幕或看他們的螢幕，看看那是什麼。所以我們認為兩者搭配得非常好。

What we think video is doing for us is it's putting podcasting into a video environment, which at first we said, hey, the story of podcasting is we're filling up those spots where you can't look at video. And now podcasting is strong enough that it actually can compete with video and that we can put it in that environment, too. That not only helps audience, but it also helps revenue. And as you know, video comes with a really nice CPM, it's premium pricing, so nothing bad about it.

我們認為影音對我們的作用是，把 Podcast 帶進影音環境；一開始我們說，嘿，Podcast 的故事是我們填補那些你無法看影片的時段。而現在 Podcast 已經強到可以和影片競爭，我們也能把它放到那個環境裡。這不僅有助於受眾，也有助於營收。而且如你所知，影音的 CPM 很漂亮，是溢價定價，所以沒有什麼不好。

And the good news about video today as we do video podcasts is the costs are not very much compared to doing sort of full-on TV production. So again, all those things work in our favor. And again, we think this is opening up a new marketplace. It's not a transformation marketplace at all.

而且今天做影音 Podcast 的好消息是，成本相較於做那種完整的電視製作並不高。所以同樣地，這些事情都對我們有利。再者，我們認為這正在開啟一個新的市場。它完全不是一個顛覆式的市場。

Okay, thank you. And then just on the ad category trends. Is there any sort of like breakout between advertiser categories that were, I guess, more likely to adopt some of the programmatic buying efforts that you guys have been working on?

好的，謝謝。接著關於廣告類別的趨勢。在廣告主類別之間，是否有任何拆分可以看出哪些類別更可能採用你們一直在推動的程式化購買？

I don't think it's really about advertising categories per se. Again, remember, just to take a step back, why did we build out our programmatic and AudioGraph efforts in terms of putting our broadcast inventory in place to those systems? As Bob mentioned in his remarks, you know, overwhelmingly you look at the resiliency of our medium. And, as we said, we've got the highest listening in 20 years. You look at the engagement that we have.

我不認為這真的和廣告類別本身有關。再提醒一下，退一步說，我們為什麼要建置我們的程式化與 AudioGraph 的相關工作，把我們的廣播庫存接入那些系統？如 Bob 在他的發言中提到的，你知道，整體來看我們這個媒體的韌性非常強。而且如我們所說，我們的收聽率是 20 年來最高。你再看看我們的互動參與度。

So we don't have a challenge in terms of our listeners. At the same time, we had to meet the advertising world the way they want to transact and that they could plan out, monitor, and measure campaigns. And we need to come and say, okay, you could do that with our broadcast inventory also. So I don't think it's about category specific. It's about the way the advertising industry wants to engage on business.

所以我們在聽眾方面沒有挑戰。同時，我們必須以廣告世界想要的交易方式來對接，讓他們能規劃、監控並衡量行銷活動。而我們需要站出來說，好，你也可以用我們的廣播庫存做到這些。所以我不認為這是類別特定的問題。而是廣告產業希望以什麼方式來進行商務互動。

And I think you've point some advertisers are more apt to go to programmatic. There's some advertisers that are going direct to programmatic, not going through agencies. So there's sort of a real diversification of how people are using it. And we're prepared to deal with all of those.

而且我認為你指出，有些廣告主更傾向採用程式化。也有一些廣告主是直接走程式化，不透過代理商。所以人們使用它的方式確實正在多元化。而我們已準備好應對所有這些情況。

Great. Well, if there's no other questions, Bob, myself, Mike, and the rest of the iHeart team want to thank everybody for listening to the iHeart story today. And as always, we're available for anything follow-up, any questions for follow-up. Thank you all.

很好。如果沒有其他問題，Bob、我本人、Mike，以及 iHeart 團隊的其他成員，想要感謝大家今天收聽 iHeart 的故事。一如往常，我們也隨時可以提供任何後續協助、回答任何後續問題。謝謝各位。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。