Newsmax Inc. (NMAX) 2026 Q1 法說會逐字稿

And good day, everyone, and welcome to Newsmax First Quarter 2026 Earnings Conference Call. (Operator Instructions) It is now my pleasure to hand the floor over to your host, Chris Odeh. Sir, the floor is yours.

各位好，歡迎參加 Newsmax 2026 年第一季財報電話會議。（接線員指示）現在我很榮幸將會議交給主持人 Chris Odeh。先生，請開始。

Good afternoon, and welcome to Newsmax's First Quarter 2026 Earnings Conference Call. I'm joined today by Chris Ruddy, Chief Executive Officer; and Darryle Burnham, Chief Financial Officer. On this call, Chris and Darryle will provide some prepared remarks on the most recent quarter, and then we will take some questions from the investment community.

各位下午好，歡迎參加 Newsmax 2026 年第一季財報電話會議。今天與我一同出席的有執行長 Chris Ruddy，以及財務長 Darryle Burnham。在本次電話會議中，Chris 與 Darryle 將就最新一季提供事先準備的發言，之後我們將回答投資界的提問。

A recording of this conference call will be available on our Investor Relations website shortly after the call has ended. Please note that this call may include forward-looking statements regarding Newsmax's financial performance and operating results. These statements are based on management's current expectations, and actual results could differ from what is stated due to certain factors identified on today's call and in the company's SEC filings.

本次電話會議的錄音將於會議結束後不久在我們的投資人關係網站提供。請注意，本次電話會議可能包含有關 Newsmax 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 申報文件中所揭露的若干因素而與陳述內容有所差異。

Additionally, this call will include certain non-GAAP financial measures. Reconciliations of non-GAAP financial measures are included in the earnings release and our SEC filings, which are available in the Investor Relations section of our website.

此外，本次電話會議將包含若干非 GAAP 財務衡量指標。非 GAAP 財務衡量指標的調節表已載於財報新聞稿及我們的 SEC 申報文件中，並可於本公司網站的投資人關係專區取得。

I will now turn the call over to Chris Ruddy, Chief Executive Officer of Newsmax. Chris?

現在我將把電話會議交給 Newsmax 執行長 Chris Ruddy。Chris？

Thank you, Chris, and welcome, everyone, to our first quarter 2026 earnings call. Newsmax delivered a strong start to 2026. In the first quarter, we maintained our strong audience reach across cable, streaming and digital, while continuing to strengthen the scale of our platform. We reported Revenue of $51.7 million, up 14% year-over-year, and Broadcast Revenue of $43.7 million, up over 20%.

謝謝你，Chris，也歡迎各位參加我們 2026 年第一季財報電話會議。Newsmax 在 2026 年開局表現強勁。第一季我們在有線電視、串流與數位平台上維持強大的受眾觸及，同時持續擴大平台規模。我們的營收為 5,170 萬美元，年增 14%；廣播營收為 4,370 萬美元，年增超過 20%。

What stands out to me most is the quality of the quarter. We delivered broad first quarter audience reach with 30.4 million total viewers and 13.3 million adults 35 to 64, reinforcing Newsmax's position as the fourth highest rated cable news channel and a top 15 cable network across key dayparts. We are also maintaining some of the strongest audience engagement with adults 35 to 64, ranking number two in cable news by a wide margin.

對我而言，最突出的在於本季的品質。我們第一季的整體受眾觸及廣泛，總觀眾數達 3,040 萬人，35 至 64 歲成人觀眾達 1,330 萬人，進一步鞏固 Newsmax 作為有線新聞頻道收視第四名、並在關鍵時段（dayparts）名列前 15 大有線電視網的地位。我們同時也維持在 35 至 64 歲成人族群中最強的受眾互動之一，以明顯優勢在有線新聞中排名第二。

In a period when the media industry is seeing declines versus the post-election news consumption and presidential inauguration in early 2025, our first quarter rankings show that Newsmax continues to perform strongly in a more normalized environment. Despite the challenging comparison, we are encouraged by the 29% sequential increase in total viewership during the quarter versus Q4 2025 and by the continued momentum we saw in April.

在媒體產業相較於 2025 年初選後新聞消費高峰與總統就職期間出現下滑的背景下，我們第一季的排名顯示 Newsmax 在更趨常態化的環境中仍持續強勁表現。儘管比較基期具挑戰性，我們仍對本季總收視相較 2025 年第四季季增 29% 感到鼓舞，也對 4 月持續展現的動能感到振奮。

In addition, we continued to strengthen our multi-platform audience ecosystem with social media followers reaching 24.7 million at quarter end and now surpassing 25 million followers in May. We are also encouraged by the continued progress in our business model.

此外，我們持續強化多平台受眾生態系，季末社群媒體追蹤者達 2,470 萬人，並於 5 月突破 2,500 萬人。我們也對商業模式的持續進展感到鼓舞。

As anticipated, cable and pay-TV affiliate fee and licensing momentum helped drive growth in the quarter, while our profitability improved year-over-year as we continue to invest in programming, production and OTT initiatives that we believe support long-term expansion.

如預期所示，有線與付費電視的聯播費（affiliate fee）與授權動能推動本季成長；同時，隨著我們持續投資於節目內容、製作與 OTT 計畫（我們相信這些投資可支持長期擴張），公司獲利能力亦較去年同期改善。

We ended the quarter with $129 million in cash and short-term investments, giving us the financial flexibility to continue investing behind our growth and from a position of strength. Strategically, this quarter reinforced what we have said for some time. Newsmax is a differentiated multi-platform media company. We are not dependent on any single channel.

本季結束時，我們持有 1.29 億美元的現金與短期投資，使我們具備財務彈性，能在穩健的基礎上持續投入成長。從策略面來看，本季再次印證我們長期以來所說：Newsmax 是一家具差異化的多平台媒體公司，我們不依賴任何單一通路。

We continue to integrate cable, FAST, subscription streaming, digital and social in a way that expands engagement and strengthens monetization. Newsmax2, our free streaming platform, delivered sequential news hours growth of more than 22% and improved viewership across every key daypart, and we continue to see streaming as an important part of our future.

我們持續整合有線、FAST、訂閱制串流、數位與社群，以擴大互動並強化變現能力。Newsmax2（我們的免費串流平台）新聞時數較前一季成長超過 22%，並在各個關鍵時段提升收視；我們也持續將串流視為未來的重要一環。

At the same time, we are investing in our paid subscription platform, Newsmax Plus, as we grow our family-friendly premium content. This includes a major expansion of our military history channels, World at War and War and Warriors, where available titles increased more than 200%.

同時，隨著我們擴大家庭友善的高端內容，我們也在付費訂閱平台 Newsmax Plus 上持續投資。其中包括大幅擴充我們的軍事歷史頻道 World at War 與 War and Warriors，在可提供的地區，片庫數量增加超過 200%。

Internationally, we continue to build real momentum. During the quarter, we expanded our licensing agreement with Telecom Serbia, continued to grow our international partnerships and saw Newsmax Poland go live. More broadly, we believe international licensing and brand expansion represent a meaningful opportunity for Newsmax and one that can extend our reach and diversify revenue in a highly cost-efficient way.

在國際市場方面，我們持續建立實質動能。本季我們擴大與 Telecom Serbia 的授權協議，持續拓展國際合作夥伴關係，並見證 Newsmax Poland 正式上線。更廣泛而言，我們相信國際授權與品牌擴張對 Newsmax 而言是具意義的機會，能以高度具成本效率的方式延伸觸及並分散營收來源。

We are expecting to have more announcements over the coming quarters. Looking ahead, we are reiterating our full 2026 revenue guidance of $212 million to $216 million, representing 13% growth at this midpoint. We continue to expect that growth to be structural, not cyclical with -- led by higher-margin affiliate fee expansion and licensing growth, along with ongoing investment in premium content and digital monetization.

我們預期未來幾季將有更多公告。展望未來，我們重申 2026 年全年營收指引為 2.12 億至 2.16 億美元，以中位數計算代表 13% 成長。我們仍預期這項成長將是結構性的，而非景氣循環所致——主要由高毛利的聯播費擴張與授權成長所帶動，並搭配對高端內容與數位變現的持續投資。

We also expect an improved operating profile as we move through the year. Stepping back, we believe there remains significant white space for independent, reliable values-driven journalism that resonates with audiences who have lost trust in legacy media. The right-leaning marketplace is a proven and vast market opportunity with limited true alternatives from legacy cable platforms.

我們也預期隨著年度推進，營運表現將有所改善。從更宏觀的角度來看，我們相信在獨立、可靠、以價值為導向且能引起那些對傳統媒體失去信任之受眾共鳴的新聞報導方面，仍存在大量未被滿足的市場空間。偏右市場已被證明是一個龐大且具吸引力的市場機會，而傳統有線平台真正的替代選項相對有限。

Newsmax is effectively capitalizing on the substantial demand by serving as the primary alternative to legacy media and staying ahead of audience migration across platforms. We are cementing our position as a trusted multi-platform leader in the space, not just from the legacy cable world, but also with the millions of people cutting the cord and going to streaming platforms, tuning into our Newsmax2 channel and our app.

Newsmax 正有效把握這股龐大需求，作為傳統媒體的主要替代選擇，並在跨平台的受眾遷移趨勢中保持領先。我們正鞏固在此領域作為值得信賴的多平台領導者地位，不僅在傳統有線電視世界如此，也涵蓋數以百萬計剪線（cutting the cord）轉向串流平台、收看我們 Newsmax2 頻道與使用我們 App 的人群。

Newsmax continues to attract unique viewers, gain traction with younger and other key demographics and build a highly loyal audience in this underserved center-right market. We believe that positions us well to expand our reach, strengthen monetization and deliver sustainable long-term growth in the United States and around the world.

Newsmax 持續吸引獨特觀眾，在較年輕及其他關鍵族群中取得進展，並在這個供給不足的中間偏右市場建立高度忠誠的受眾。我們相信這使我們具備良好條件，得以擴大觸及、強化變現，並在美國及全球實現可持續的長期成長。

I will now turn the call over to Darryle Burnham, our Chief Financial Officer, to discuss our financial results for the first quarter 2026.

現在我將把電話會議交給我們的財務長 Darryle Burnham，請他說明 2026 年第一季的財務結果。

Thank you, Chris, and thank you, everyone, for joining us today. As Chris highlighted, we delivered a strong start to 2026 with solid revenue growth and continued expansion across our multi-platform expansion. We are particularly encouraged by the quality of this growth, supported by increased reach, deeper engagement across cable, streaming and digital and continued progress in building a more diversified and durable revenue model.

謝謝你，Chris，也謝謝各位今天加入。如 Chris 所強調，我們在 2026 年開局表現強勁，營收穩健成長，並持續擴張我們的多平台布局。我們尤其對這項成長的品質感到鼓舞，因其由觸及提升、在有線、串流與數位平台上的更深度互動，以及在打造更分散且更具韌性的營收模式方面的持續進展所支撐。

At the same time, we are maintaining a disciplined approach to investment as we position the company for long-term expansion. We continue to allocate capital towards programming, production and OTT initiatives, supporting our strategic priorities around content, distribution and international expansion. This balanced approach positions us well to build on our momentum and deliver sustainable performance over time.

同時，為了讓公司具備長期擴張的能力，我們在投資上維持嚴謹自律的做法。我們持續將資本配置於節目內容、製作與 OTT 計畫，以支持我們在內容、發行與國際擴張方面的策略優先事項。這種平衡的做法使我們能在既有動能上再接再厲，並隨時間推進交出可持續的表現。

Turning to our first quarter results. In the first quarter, we delivered $51.7 million in total revenues, representing a 14% increase year-over-year. Breaking this down by revenue stream for the quarter, first starting with our reportable segments. Total broadcasting revenues grew by 20.8% year-over-year to $43.7 million in the first quarter of 2026.

接著談我們第一季的業績表現。第一季我們實現總營收 5,170 萬美元，年增 14%。按本季各收入來源拆分，先從我們可報告分部開始。2026 年第一季總廣播收入年增 20.8% 至 4,370 萬美元。

Our growth in broadcasting was driven by affiliate fee revenue growth and licensing growth. Total digital revenues declined 12.7% year-over-year to $8 million in the first quarter of 2026. This decrease was driven by declines in advertising, subscription revenue and product sales.

我們在廣播業務的成長主要由聯盟費收入成長與授權成長所帶動。2026 年第一季數位收入年減 12.7% 至 800 萬美元。此一下降主要由廣告、訂閱收入與產品銷售下滑所致。

Now turning to our revenue by component. Advertising revenues decreased to $27.2 million, a 5.8% year-over-year decline, mainly due to lower digital advertising, reflecting a tougher comparison following the elevated demand environment associated with the 2024 election cycle. This was partially offset by higher linear cable and satellite advertising revenue due to expanded reach from new affiliate agreements.

接著看我們按構成項目的收入。廣告收入降至 2,720 萬美元，年減 5.8%，主要因數位廣告較低，反映在 2024 年選舉週期帶動需求高峰之後，面臨較具挑戰性的比較基期。此一影響部分被線性有線與衛星廣告收入增加所抵銷，該增加來自新聯盟協議帶來的覆蓋範圍擴大。

Affiliate revenues increased 75.2% year-over-year to $13 million, driven by new contractual relationships as well as rate increases that took effect in late 2025. Subscription revenues of $6.4 million were down 7.9% year-over-year as growth in Newsmax+ subscribers was more than offset by lower publication subscription revenue, primarily reflecting reduced new customer acquisition.

聯盟收入年增 75.2% 至 1,300 萬美元，主要由新的合約關係以及於 2025 年底生效的費率調升所帶動。訂閱收入為 640 萬美元，年減 7.9%；Newsmax+ 訂戶成長被出版物訂閱收入下降所抵銷，主要反映新客戶獲取減少。

Product sales revenues decreased 3.5% year-over-year to $1.5 million, primarily driven by decreased book and supplement sales. Licensing revenue was $3.5 million, up from $437,000 in 2025 due to expanded licensing agreements.

產品銷售收入年減 3.5% 至 150 萬美元，主要因書籍與保健補充品銷售下降。授權收入為 350 萬美元，較 2025 年的 43.7 萬美元增加，係因授權協議擴大所致。

We reported a quarterly net loss of $2.2 million; an 87.3% improvement compared to a net loss of $17.2 million in the prior year quarter. This improvement in net loss was primarily driven by higher total revenue, lower legal expenses, and improved other income, partially offset by higher production headcount, programming and production costs, continued investment in Newsmax2 and higher stock-based compensation.

我們本季淨虧損 220 萬美元；相較去年同期淨虧損 1,720 萬美元，改善 87.3%。淨虧損改善主要由總收入提高、法律費用降低及其他收入改善所帶動，但部分被製作人力增加、節目與製作成本上升、持續投資 Newsmax2 以及較高的股份基礎給付所抵銷。

Our quarterly adjusted EBITDA was negative $0.4 million, a decrease of $0.8 million from the amount reported in the same quarter last year, reflecting higher production, programming and personnel costs associated with our continued investment in content and OTT initiatives, partially offset by growth in affiliate fee and licensing revenue within our Broadcast segment.

本季調整後 EBITDA 為負 40 萬美元，較去年同期減少 80 萬美元，反映我們持續投資內容與 OTT 計畫所帶來的製作、節目與人員成本上升；但部分被廣播分部內聯盟費與授權收入成長所抵銷。

We're encouraged by the strong performance to start off the year and remain confident in our previously disclosed full year revenue guidance of $212 million to $216 million, representing a 13% growth year-over-year at the midpoint of the range, an acceleration on the growth we realized in 2025. In closing, we remain focused on disciplined execution as we continue to invest in our content, distribution and OTT initiatives to support long-term growth.

我們對年初以來的強勁表現感到鼓舞，並仍對先前揭露的全年營收指引 2.12 億至 2.16 億美元保持信心；以區間中點計算，年增 13%，較我們在 2025 年實現的成長進一步加速。最後，我們仍專注於紀律執行，並將持續投資於內容、發行與 OTT 計畫，以支持長期成長。

With a strong balance sheet and a diversified multi-platform revenue model, we believe we are well positioned to build on our progress and drive sustainable value for our shareholders. Thank you for your time today, and we look forward to updating you on our continued progress during the next quarter's earnings call.

憑藉強健的資產負債表與多元化的多平台營收模式，我們相信公司已具備良好條件，可在既有進展上再接再厲，並為股東創造可持續的價值。感謝各位今天撥冗參與，我們期待在下一季的財報電話會議中向各位更新我們持續取得的進展。

Now we would like to open the line for analyst questions. Operator?

現在我們想開放分析師提問。接線員？

(Operator Instructions)

（接線員指示）

Michael Kupinski, Noble Financial Group Inc.

Michael Kupinski，Noble Financial Group Inc.

Thank you. And Congratulations on a great quarter. Recently, you mentioned about the strong audience growth in April. And I was just wondering a couple of questions around that. How much of the ratings improvement might be tied to your expanded distribution of the network? And then how much do you think might be related to the investments in your content, if you can parse that out?

謝謝。也恭喜你們本季表現出色。最近你們提到 4 月觀眾數強勁成長。我想就此問幾個問題。收視率改善有多少可能與你們擴大網路的發行覆蓋有關？另外，你認為有多少可能與你們在內容上的投資相關？如果可以的話，能否幫我們拆解一下？

And then if you can also just chat a little bit about how much of that ratings growth might be tied to the news flow and geopolitical events. I'm just trying to get a sense of how sustainable do you believe the ratings might be going forward?

另外，也請談談這些收視率成長有多少可能與新聞動態與地緣政治事件有關。我想了解的是，你們認為未來收視率的可持續性如何？

Well, I think, Michael, it's difficult to ascertain exactly all the benefits of where the -- what's resulting in the larger traffic. I think it's a combination maybe of all of the above. When Nielsen gives the ratings, they don't say it's from this source or from that source. They just give raw numbers. We are in a situation where there has been a very significant war.

我想，Michael，要精確判斷所有效益來源——也就是造成流量增加的原因——其實很困難。我認為可能是上述因素的綜合。Nielsen 提供收視率時，不會說是來自這個來源或那個來源，他們只提供原始數據。我們目前的情況是，發生了一場非常重大的戰爭。

And of course, that started in Q1, the Iran conflict on February 28 to be exact. And so that obviously has led to an uptick since then. There are periods that there are lulls and then there are periods in this war so far that there's not a lot of news. There hasn't been a lot of news because there has been something of a ceasefire for the past week or two. That may change.

當然，那是在第一季開始的，確切來說是 2 月 28 日的伊朗衝突。因此，自那之後顯然帶來了上升。這段期間有時會出現低潮，有時在這場戰爭進程中又沒有太多新聞。過去一兩週因為某種程度的停火，新聞量並不多。這可能會改變。

We are continuing to do a lot of marketing promotion. We're continuing to do a lot of social media. I think the social media numbers that we have reported that show that we're up above now 25 million aggregate followers is very significant. And that we said would impact engagement, and we believe it partly does. We have made some changes in the line up.

我們持續進行大量行銷推廣，也持續投入社群媒體。我認為我們已公布的社群數據顯示，整體追蹤者總數如今已超過 2,500 萬，這非常重要。我們也說過這會影響互動，我們相信部分確實如此。我們也對節目編排做了一些調整。

Carl Higbie, we moved to 6:00 PM, which really starts what we say is our nighttime programming. Greta, who is a fantastic journalist, ratings are usually not as strong. We have moved her to 4:00 PM. So I think that's helping access and then leading into prime time. So there is no one thing, but we also -- there are primaries, for instance, we're expecting a lot of interest in the upcoming in the Texas primary at the end of May.

Carl Higbie 我們調到晚上 6 點，這也真正開始了我們所說的夜間節目帶。Greta 是一位非常出色的記者，但她的收視通常沒那麼強；我們把她調到下午 4 點。我認為這有助於提升觸及，並帶動進入黃金時段。所以並非單一因素；另外，例如初選，我們預期 5 月底即將到來的德州初選會引發很大關注。

And then, of course, there's the California primary where the governor's races there are of particular interest nationally. So we'll see some of that. And then the congressional elections. The Senate elections this year are going to be very heated. So we are expecting that there'll be strong engagement due to the congressional this year.

然後當然還有加州初選，那裡的州長選舉在全國層面特別受關注。我們會看到其中一些影響。接著是國會選舉。今年的參議院選舉將會非常激烈。因此我們預期今年因國會選舉將帶來強勁的互動與參與度。

Thanks for the color there. And I just have a... Oh, I'm sorry. Go ahead, [Sarah].

謝謝你提供的補充說明。我還有一個……喔，不好意思。你先請，[Sarah]。

Michael, this is Darryle. I was just going to add a little bit to that. In the broader picture, I think some of the components that Chris talked about are very important, right? I mean overall news is still something that is consumed live, and I do believe that there is still a lot of value in that.

Michael，我是 Darryle。我只是想再補充一點。從更宏觀的角度來看，我認為 Chris 提到的一些要素非常重要，對吧？整體而言，新聞仍然是人們會即時收看的內容，我確實相信這仍然很有價值。

And as Chris mentioned, there will be cyclical cycles to the overall ratings but what we're really encouraged by is just the momentum we're seeing within our overall reach and the engagement that we're seeing with the consumers. So there'll be an increased engagement in all of cable news or all of news actually as we get into the third and fourth quarter of this year because there'll be more interest in the midterms.

而且如 Chris 所提，整體收視率會有週期性波動，但真正讓我們感到鼓舞的是，我們在整體觸及範圍上的動能，以及我們看到消費者互動的提升。因此，隨著今年進入第三與第四季，因期中選舉的關注度提高，整體有線新聞——其實是整體新聞——的互動都會增加。

We'll see continued increases as we start to approach in future years towards the presidential election. So overall, I think that there's still a lot of interest in news and politics, and the different types of stories that we're covering. So we do think that that is sustainable for the long period.

我們將會看到持續的成長，因為在未來幾年我們開始逐步接近總統大選。因此整體而言，我認為大家對新聞與政治，以及我們所報導的各類型故事，仍然有很高的興趣。所以我們確實認為，這在長期是可持續的。

Got you. And then one follow-up. Obviously, you're getting some significant rate in your negotiations for affiliate fees. But I was wondering if there's some ancillary benefits in that as well. Particularly, are you getting improved channel placement, broader packaging and inclusion, minimum subscriber guarantees, anything else that you might be able to benefit from your negotiations?

了解。接著一個追問。很明顯，你們在附屬台費（affiliate fees）的談判中拿到了相當可觀的費率。但我想知道除此之外是否也有一些附帶的好處。特別是，你們是否也爭取到更好的頻道位置、更廣的打包與納入、最低訂戶保證，或任何其他能從談判中受益的條件？

Well, I think our packages have been very strong. They're all usually in basic distribution. There is an effort underway on the pay TV ecosystem to move news channels and other channels into packages or tiers. And we have resisted that. And as far as I know, in all of our main deals, we are on the basic package.

我認為我們的打包一直都很強。通常我們都在基本收視方案（basic distribution）裡。付費電視生態系目前正在推動把新聞頻道和其他頻道移到不同的方案或分層（tiers）中，而我們一直在抵制這件事。就我所知，在我們所有主要合約中，我們都在基本方案裡。

We did renew with Cablevision, now called Optimum Altice, and there will be some added subscribers. I think there'll be about 0.25 million added subscribers as a result of that. But the pay TV world overall is declining, and we're seeing increases on the streaming side, and we see that as very positive, and we're on almost every major platform there.

我們確實與 Cablevision（現稱 Optimum Altice）完成續約，並且會因此增加一些訂戶。我認為大約會新增 25 萬訂戶。但整體付費電視市場是在下滑的；我們看到串流端在成長，我們認為這非常正面，而且我們幾乎在那邊每一個主要平台上都有上架。

And CBS -- sorry, Paramount, on their Pluto positioning just recently moved Newsmax up in the news guide section of their Pluto TV guide. So we saw that as very positive. That happened recently. So again, more and more OTT distribution, I think, is going to help in streaming, and we're going to try to keep very consistent on the cable pay TV side.

另外，CBS——抱歉，是 Paramount——他們在 Pluto 的版位，最近把 Newsmax 在 Pluto TV 的新聞導覽（news guide）區塊往上移了。我們認為這非常正面，而且是最近才發生的。因此再一次，越來越多的 OTT 發行，我認為會有助於串流端的表現；而在有線付費電視端，我們會努力維持非常一致的策略。

Yeah. If I could just slip one more in about the ratings. Given the improved ratings trends, are advertisers become more willing to shift with larger national brand budgets towards Newsmax at this point? Are you starting to see that with the ratings improvement?

是的。如果我可以再插問一個關於收視率的問題。鑑於收視率趨勢改善，廣告主是否更願意把更大的全國性品牌預算轉向 Newsmax？隨著收視率提升，你們是否開始看到這種情況？

Well, we saw last year an increasing number of brands that were buying ads, and we hope that we would continue. There's no real guarantee that's going to happen, but we do see an improvement in brand advertising.

我們去年看到購買廣告的品牌數量在增加，我們也希望這種趨勢能持續。這並沒有任何真正的保證一定會發生，但我們確實看到品牌廣告有所改善。

And we do believe that over time, we'll see. People sometimes think there's a very linear connection between growth in ratings that somehow means or that you'll have immediate revenue growth. We have found over the history of the channel; we started in 2014 that there's oftentimes lag effects and it takes a while.

而且我們相信，隨著時間推進，我們會看到更多成果。有些人有時候會認為收視成長與營收成長之間存在非常線性的關係，好像收視一成長就會立刻帶來營收成長。但以本頻道的歷史來看——我們 2014 年開始——往往會有滯後效應，需要一段時間。

Marketing spends are not linear and that the increased engagement that comes with that does not necessarily translate immediately. So people need to think about the long-term impact of what we're doing. And I think when you do that, we operate in a center right market for pay TV and OTT.

行銷支出並不是線性的；隨之而來的互動提升，也不一定會立刻轉化。因此大家需要思考我們所做事情的長期影響。我認為從這個角度來看，我們是在付費電視與 OTT 的中間偏右市場（center right market）運作。

There's not many competitors in that field, and it's a very big marketplace. It's half the country almost or some people say it's more than half the country. And there's very limited ability of players to access that. And so therefore, we think we're in a very prime position for growth and expansion.

在那個領域競爭者不多，但市場非常大，幾乎是全國一半的人口——有些人甚至說超過一半。而其他玩家能觸及這個市場的能力非常有限。因此，我們認為自己處在一個非常有利的位置，可以成長並擴張。

Great. It turns but very encouraging. Good luck. That's all I got.

很好。聽起來非常令人鼓舞。祝你好運。我的問題就到這裡。

Thomas Forte, Maxim Group LLC.

Thomas Forte，Maxim Group LLC。

So Chris and Darryle, congratulations. I apologize if you touched on these in your prepared remarks, I'm juggling multiple calls today. I have one question and one follow-up. Chris, you reported strong results for ratings in both the first quarter and the month of April.

Chris 和 Darryle，恭喜。我如果在你們事先準備的發言中已經提到過這些問題，先說聲抱歉，我今天同時在處理多場電話會議。我有一個問題和一個追問。Chris，你在第一季以及 4 月份都回報了強勁的收視率表現。

What were the drivers of the results? And what gives you confidence that growth is sustainable?

這些成果的驅動因素是什麼？以及是什麼讓你有信心這樣的成長是可持續的？

Well, we chatted a little bit about that, Tom, in the last question. And I think that there's a couple of factors. It was a war that started in Q1 in Iran. There's increasing interest in political things with primaries taking place in congressional, Senate and gubernatorial races across the country.

Tom，我們在上一個問題其實稍微聊到一些。我認為有幾個因素。第一季伊朗爆發了一場戰爭。隨著全國各地眾議院、參議院以及州長選舉的初選進行，大家對政治議題的興趣也在升高。

We believe our efforts in marketing and social media having an impact on the growth that we're seeing there and changing some of the scheduling to improve ratings, starting with Carl Higbie and the nighttime program, we think, have been helpful. So all of those above, it's very hard to say exactly what causes it, but we're seeing general trends tend to be positive.

我們相信，我們在行銷與社群媒體上的努力，正在對我們看到的成長產生影響；另外也透過調整節目編排來提升收視率——從 Carl Higbie 以及晚間節目開始——我們認為這些都很有幫助。以上種種，很難精確說是哪一個因素造成的，但我們看到整體趨勢偏向正面。

Great. And then you kind of teased my second question. So you also posted impressive social media growth, not only on platforms that would seem to have a natural audience overlap such as Truth Social, but also in what I would consider to be younger demographic, social media platforms, Instagram, TikTok. So first off, what do you attribute that performance? And again, what gives you confidence the growth is sustainable?

很好。接著你也算是帶到我的第二個問題。你們在社群媒體上的成長也很亮眼，不僅是在看起來受眾重疊度較高的平台（例如 Truth Social），也包括我認為偏年輕族群的平台，如 Instagram、TikTok。首先，你把這樣的表現歸因於什麼？以及同樣地，是什麼讓你有信心這樣的成長是可持續的？

We have a very robust team that does social media. We probably have about 15 people that sit there and working many hours of the day and night and the weekends. I think we've been pretty effective in the group Amplify does a lot of our studies and they're very respected and they show that we typically have either the highest or among the highest engagement for news organization in our category.

我們有一個非常強大的社群媒體團隊。我們大概有 15 個人坐在那裡，白天、晚上以及週末都投入很多工時。我認為我們做得相當有效。Amplify 這個團隊替我們做了很多研究，他們非常受尊敬；他們的數據顯示，在我們這個類別中，我們通常是新聞機構裡互動率最高或名列前茅的。

And so we think that that's a testament to the good content we're putting out. I think younger people are more likely to consume news on social media than older people, especially in some of the platforms you discussed like TikTok.

因此我們認為，這證明了我們輸出的內容品質。我認為年輕人比年長者更可能在社群媒體上消費新聞，尤其是在你提到的一些平台上，例如 TikTok。

And so that -- any expansion that we would see on TikTok would mean that there would probably be a lot more younger people tuning in. And I think there is younger people that are pretty interested in politics these days. They're very fascinated one way or another by Donald Trump, for instance. So these types of things, I think, are driving interest by a younger demo.

因此——我們在 TikTok 上任何擴張，都可能意味著會有更多年輕人收看。我也認為現在年輕人對政治相當有興趣。舉例來說，他們對唐納・川普（Donald Trump）不論立場如何都非常著迷。所以我認為這些因素正在推動年輕族群的興趣。

Great. Thanks, Chris. Thanks, Darrell, for taking my questions.

很好。謝謝你，Chris。也謝謝你，Darrell，回答我的問題。

Thank you. That completes our Q&A session. Everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

謝謝。問答環節到此結束。各位，今天的活動到此告一段落。您現在可以中斷連線，祝您有美好的一天。感謝您的參與。