Nexstar Media Group Inc (NXST) 2024 Q3 法說會逐字稿

Good day, and welcome to Nexstar Media Group's third quarter 2024 conference call. Today's call is being recorded. I will now turn the conference over to Joe Jaffoni, Investor Relations. Please go ahead, sir.

大家好，歡迎參加 Nexstar Media Group 2024 年第三季電話會議。今天的通話正在錄音。我現在將會議交給投資者關係部門的 Joe Jaffoni。請繼續，先生。

Thank you, Sashi, and good morning, everyone. I'll read the safe harbor language, and then we'll get right into the call. All statements and comments made by management during today's conference call, other than statements of historical fact, may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995.

謝謝你，Sashi，大家早安。我將閱讀安全港語言，然後我們將直接進行通話。根據《1995 年私人證券訴訟改革法案》，管理層在今天的電話會議上發表的所有聲明和評論（歷史事實聲明除外）均可能被視為前瞻性聲明。

Nexstar cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those reflected by the forward-looking statements made during today's call. For additional details on these risks and uncertainties, please see Nexstar's annual report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission and Nexstar's subsequent public filings with the SEC.

Nexstar 警告說，這些前瞻性陳述存在風險和不確定性，可能導致實際結果與今天電話會議中前瞻性陳述所反映的結果有重大差異。有關這些風險和不確定性的更多詳細信息，請參閱 Nexstar 向美國證券交易委員會提交的截至 2023 年 12 月 31 日的 10-K 表格年度報告以及 Nexstar 隨後向 SEC 提交的公開文件。

Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Nexstar 不承擔更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

With that, it's now my pleasure to turn the conference over to your host, Nexstar Founder, Chairman and Chief Executive Officer, Perry Sook. Perry, please go ahead.

現在，我很高興將會議交給東道主、Nexstar 創始人、董事長兼執行長 Perry Sook。佩里，請繼續。

Thank you, Joseph, and good morning, everyone. We appreciate you all being with us today. With me here on the call, as always, are Mike Biard, our President and Chief Operating Officer; and Lee Ann Gliha, our Chief Financial Officer. I will start with a summary of recent highlights, followed by Mike's operations review and Lee Ann's financial review, and then we'll open the call for your questions.

謝謝你，約瑟夫，大家早安。我們感謝你們今天和我們在一起。像往常一樣，與我一起參加電話會議的還有我們的總裁兼營運長 Mike Biard；以及我們的財務長 Lee Ann Gliha。我將首先總結最近的亮點，然後是麥克的營運回顧和李安的財務回顧，然後我們將開始詢問您的問題。

Nexstar delivered another quarter of financial results for the record books. We achieved the highest third quarter total net revenue in the company's history comprised of all-time high third quarter distribution and advertising revenue, including record political advertising revenue. The September quarter marked Nexstar's third consecutive reporting period of record total net revenue and fourth consecutive reporting period of record distribution revenue.

Nexstar 又公佈了創紀錄的季度財務表現。我們實現了公司歷史上最高的第三季總淨收入，其中包括歷史最高的第三季發行和廣告收入，包括創紀錄的政治廣告收入。九月季度標誌著 Nexstar 連續第三個報告期淨收入創紀錄，並且連續第四個報告期創紀錄的分銷收入。

Overall, our strong year-to-date performance yielded $1.4 billion of adjusted EBITDA and $792 million of adjusted free cash flow. We returned 74% of adjusted free cash flow or $590 million to shareholders in the forms of dividends and share repurchases, which reduced our shares outstanding year-to-date by 6.3%, while also reducing our debt outstanding by $146 million.

總體而言，我們年初至今的強勁業績帶來了 14 億美元的調整後 EBITDA 和 7.92 億美元的調整後自由現金流。我們以股息和股票回購的形式向股東返還了74% 的調整後自由現金流，即5.9 億美元，這使我們今年迄今的流通股減少了6.3%，同時也減少了1.46 億美元的未償債務。

Before my quarterly commentary, I wanted to spend a moment highlighting the benefits not only to the broadcast television industry, but of our place as the largest local television broadcaster in America. From the beginning, we've been clear in our view that broadcast is the bellwether of the linear television ecosystem and the foundational element of every pay TV service as well as every political campaign.

在發表季度評論之前，我想花點時間強調一下不僅對廣播電視行業的好處，而且對我們作為美國最大的本地電視廣播公司的好處。從一開始，我們就明確認為廣播是線性電視生態系統的領頭羊，也是每個付費電視服務以及每個政治運動的基本要素。

And for almost 3 decades now, Nexstar has consistently created tremendous value for our shareholders because of the enduring value of our scaled assets and our superior business model.

近 3 年來，Nexstar 憑藉規模化資產的持久價值和卓越的商業模式，始終如一地為我們的股東創造了巨大的價值。

Our diversified media platform produces and distributes the programming that consumers want to watch, which is led by sports and news. Along with our partners, we have unparallel footprint of 200 broadcast stations comprised of top network affiliates that consistently generate the highest network ratings and total day ratings in their marketplaces. Together, we command the number 1 or number 2 position in local news in 80% of our markets.

我們的多元化媒體平台製作和分發消費者想要觀看的節目，其中以體育和新聞為主導。與我們的合作夥伴一起，我們擁有 200 個由頂級網路附屬公司組成的廣播電台，這些廣播電台在其市場中持續產生最高的網路收視率和總日收視率。我們共同在 80% 的市場中佔據地方新聞第一或第二的位置。

We also own the CW, America's fifth major broadcast network and News Nation, our national news network, providing news for all America and all Americans. Nexstar's assets work together to support each other and deliver premium programming for the consumer while also delivering growing value for our shareholders.

我們還擁有美國第五大廣播網絡 CW 和我們的國家新聞網絡 News Nation，為全美國和所有美國人提供新聞。Nexstar 的資產協同工作，相互支持，為消費者提供優質節目，同時也為我們的股東創造不斷增長的價值。

We achieved this by maximizing distribution and advertising revenue while maintaining strict cost controls to drive strong capital returns. Our record-breaking top line financial performance in the current environment including record-breaking distribution revenue, further validates the power and sustainability of our highly profitable business model.

我們透過最大限度地提高發行和廣告收入，同時保持嚴格的成本控制來推動強勁的資本回報，從而實現了這一目標。在當前環境下，我們創紀錄的營收財務業績，包括創紀錄的經銷收入，進一步驗證了我們高利潤業務模式的力量和永續性。

There's a reason why companies like Nexstar and Fox are not experiencing the same challenges facing many larger media companies with broad exposure to cable entertainment networks. We both on a streamlined portfolio of linear television assets, including a broadcast network, our cable news network and a portfolio of broadcast TV stations with a programming strategy anchored by news and sports. Without the long tail of underperforming cable network assets, both of our businesses are delivering strong performances in the current environment.

Nexstar 和 Fox 等公司並沒有遇到許多廣泛涉足有線娛樂網絡的大型媒體公司所面臨的同樣的挑戰，這是有原因的。我們都擁有精簡的線性電視資產組合，包括廣播網絡、有線新聞網絡以及以新聞和體育節目為主的廣播電視台組合。沒有表現不佳的有線網路資產的長尾影響，我們的兩家公司在當前環境下都表現強勁。

We anticipate the value of broadcast networks and broadcast stations will only continue to climb, bolstered by their value to sports teams and leagues. The NFL and now the NBA are requiring that broadcast networks and stations be an integral part of their distribution because of the viewership uplift, audience and community engagement and the increased value it brings to the franchises.

我們預期廣播網和廣播電台的價值只會繼續攀升，這得益於它們對運動隊伍和聯盟的價值。NFL 和現在的 NBA 都要求廣播網絡和電視台成為其發行中不可分割的一部分，因為這可以提高收視率、觀眾和社區的參與度，並為球隊帶來更多的價值。

We know this firsthand based on our negotiations for sports rights as well as many other proof points in the marketplace. Earlier this month, ESPN added 6 more Monday night football games to be simulcast on ABC and their affiliates in line with the prior season.

根據我們的體育版權談判以及市場上許多其他的證據，我們直接了解了這一點。本月早些時候，ESPN 與上一季一樣，增加了 6 場週一晚上的橄欖球比賽，將在 ABC 及其附屬機構聯播。

We believe Disney did this because last season, their ESPN simulcast on ABC helped to fuel a 29% lift in Monday Night Football ratings. Additionally, for the second time in 3 years, all 5 NBA Christmas Day games will be simulcast on ABC and their stations.

我們相信迪士尼做到了這一點，因為上個賽季，ESPN 在 ABC 上的聯播幫助推動了周一橄欖球之夜的收視率提升了 29%。此外，三年內第二次所有 5 場 NBA 聖誕節比賽將在 ABC 及其電視台聯播。

Further driving home this point, the recent network shift by the IndyCar Series happened because of the new deal on broadcast television gave the series the most exposure. CEO, Mark Miles said and I quote, we did not do the deal, which would have afforded us the greatest rights fee. This is the deal that made economic sense, but more so was far and away the greatest reach and that you could think about as our willingness to invest by taking less for the growth of the sport through greater reach.

進一步說明這一點，印地賽車系列賽最近發生了網路轉移，因為廣播電視的新協議使該系列賽獲得了最大的曝光。執行長馬克·邁爾斯（Mark Miles）說過，我引用的話，我們沒有做這筆交易，這本來可以為我們提供最大的版權費。這是一筆具有經濟意義的交易，但更重要的是，它無疑是最大的影響力，你可以認為這是我們願意透過減少投資來擴大影響力來促進這項運動的發展。

To that end, demonstrating the power of our broadcast network, the CW delivered record audiences for the debut of the NASCAR Xfinity series as well as WWE NXT. The NASCAR Xfinity Series rates from Bristol Motor Speedway on September 30 averaged 906,000 viewers, which were the highest ratings for the series since July of 2024. And on October 1, WWE NXT drew 895,000 viewers to the CW, an increase of over 44% from the prior week's episode on cable.

為此，CW 為 NASCAR Xfinity 系列和 WWE NXT 的首次亮相創造了創紀錄的觀眾人數，展示了我們廣播網絡的力量。9 月 30 日，布里斯托賽車場的 NASCAR Xfinity 系列收視率平均為 906,000 名觀眾，這是該系列賽自 2024 年 7 月以來的最高收視率。10 月 1 日，CW 的 WWE NXT 吸引了 895,000 名觀眾，比前一周的有線電視節目增加了 44% 以上。

And on Saturday, October 5, 2024, when the CW had NASCAR Xfinity Series racing ACC football and Pac-12 football, we saw 4.7 million viewers tuned into the CW and the daypart on the CW, which had never existed before our ownership. To top it all off, we are also outdelivering the competition.

2024 年 10 月 5 日星期六，當 CW 舉辦 NASCAR Xfinity 系列賽 ACC 橄欖球賽和 Pac-12 橄欖球賽時，我們看到 470 萬觀眾收看 CW 以及 CW 的時段，這在我們擁有之前從未存在過。最重要的是，我們的交付能力也超越了競爭對手。

On October 8, WWE NXT beat its closest direct competitor, AEW and total viewers by 166% and also beat CBS' Matlock and FOX's programming in the hour in the 18 to 49 demographic.

10 月 8 日，WWE NXT 擊敗了最接近的直接競爭對手 AEW，觀眾總數達 166%，並在 18 至 49 歲人群中的一小時內擊敗了 CBS 的 Matlock 和 FOX 的節目。

Since we acquired the CW in the fourth quarter of 2022, we have transformed the profile of the network. We've increased the number of hours of total programming by over 40%. And now 46% of the programming hours that CW will deliver in 2025 will be sports and sports-related programming, including NASCAR, WWE, ACC, football and basketball and Pac-12 football and more. We are accomplishing this with lower cost for programming that will generate higher viewership than the originals the network previously aired.

自從我們在 2022 年第四季收購 CW 以來，我們已經改變了網路的概況。我們將總編程時數增加了 40% 以上。現在，CW 將在 2025 年提供的節目時長中有 46% 將是體育和體育相關節目，包括 NASCAR、WWE、ACC、橄欖球和籃球以及 Pac-12 橄欖球等。我們正在以更低的節目製作成本來實現這一目標，這將比網絡之前播出的原創節目產生更高的收視率。

As proof of this in the third quarter, we reduced the CW operating losses by $36 million year-over-year and now by $119 million year-to-date over achieving our previously stated goal of improving the operating loss position by over $100 million this year. As we said previously, the station side of our business continues to benefit from the ownership of the CW broadcast network as well.

作為第三季的證明，我們將 CW 營運虧損同比減少了 3,600 萬美元，今年迄今減少了 1.19 億美元，實現了我們先前提出的營運虧損狀況改善超過 1 億美元的目標。正如我們之前所說，我們的電台業務也繼續受益於 CW 廣播網絡的所有權。

We recently announced that 5 additional Nexstar stations in Augusta, Monroe, [which saw falls], [Paraho] and Utica became CW Network Affiliates and we just announced the acquisition of an independent station in Cleveland, Ohio, which will become the market's CW affiliate in September of 2025 once the transaction closes.

我們最近宣布，奧古斯塔、門羅、[已跌落]、[帕拉霍]和尤蒂卡的另外5 個Nexstar 電台成為CW 網路附屬機構，我們剛剛宣布收購俄亥俄州克利夫蘭的一個獨立電台，該電台將成為市場的CW 附屬機構交易完成後將於 2025 年 9 月進行。

The additions of the CW affiliates to our stations benefit us by generating operating profit on our station side of the ledger. And to date, excluding Cleveland, and the acquisition we made last year in San Diego, which will also become a CW affiliate in the future.

CW 附屬公司加入我們的電台，透過在我們的電台台帳上產生營業利潤，使我們受益匪淺。到目前為止，不包括克利夫蘭以及我們去年在聖地牙哥進行的收購，該收購將來也將成為 CW 的附屬公司。

We have moved 17 CW affiliations to our station group, bringing the number of company and partner-owned CWs to 54, covering approximately 46% of our US television households, marking the biggest owned station footprint of all of the big 5 networks.

我們已將17 個CW 附屬機構移至我們的電視台集團，使公司和合作夥伴擁有的CW 數量達到54 個，覆蓋了約46% 的美國電視家庭，成為5 強網絡中擁有規模最大的自有電視台。

Turning now to News Nation and political revenue. Two nights ago, our 4-year-old cable network distinguished itself on America's biggest stage. In conjunction with our partners at Decision Desk HQ, we were the first news outlet to call the results of the presidential election. With DDHQ's precinct level voting data, not only were we the first to call many states and statewide races is substantially ahead of the time line of the competition, but we also called each race with 100% accuracy.

現在轉向新聞國家和政治收入。兩天前的晚上，我們成立四年的有線電視網在美國最大的舞台上大放異彩。我們與決策台總部的合作夥伴一起，成為第一個公佈總統大選結果的新聞媒體。憑藉DDHQ 的選區級投票數據，我們不僅是第一個對許多州和全州範圍內的競選進行預測的，大大領先於比賽的時間線，而且我們對每場競選的預測準確率也達到了100 %。

Our exclusive probability meter gave indications of trends and races and states even before DDHQ was prepared to make the official call. Our coverage was balanced. Our conversation was both smart and respectful and insightful and has been so since.

甚至在 DDHQ 準備發出正式電話之前，我們的獨家機率計就可以顯示趨勢、種族和狀態。我們的報導是平衡的。我們的談話既聰明、尊重又富有洞察力，從那時起就一直如此。

And News Nation is aided with resources that no other network has. First, News Nation benefits from the work of our local news organizations in 116 markets across the country, which collectively produced a record 75 debates and town halls in 2024.

《新聞國家》也獲得了其他網路所沒有的資源的幫助。首先，News Nation 受益於我們當地新聞機構在全國 116 個市場的工作，這些機構在 2024 年總共舉辦了創紀錄的 75 場辯論和市政廳活動。

Second, News Nation works in tandem with the Hill, which we own the number 1 new source in terms of users for inside the beltway coverage of D.C. This is why I believe that in conjunction with these resources and partners like Decision Desk HQ, News Nation is the national news network of the future. Suffice it to say, I'm incredibly proud of the work we continue to do and of the audience growth that we continue to demonstrate.

其次，News Nation 與Hill 合作，就華盛頓特區環城高速範圍內的用戶而言，我們擁有排名第一的新來源。 News Nation是未來的國家新聞網。我只想說，我對我們繼續所做的工作以及我們繼續展示的觀眾成長感到非常自豪。

With the election behind us, we have pretty clear visibility into the 2024 political advertising revenue picture. As of election day, we booked political advertising revenue of $491 million year-to-date, a record presidential election year so far versus the $479 million we booked through Election Day in 2020. Once again, local television received by far the largest amount of political spending, and it remains the medium of choice for candidates and interest groups to reach local voters at scale.

隨著選舉的結束，我們對 2024 年政治廣告收入的情況有了相當清晰的了解。截至選舉日，我們年初至今預訂的政治廣告收入為 4.91 億美元，這是迄今為止總統選舉年創紀錄的收入，而我們在 2020 年選舉日預訂的政治廣告收入為 4.79 億美元。地方電視台再次獲得迄今為止最大的政治支出，它仍然是候選人和利益團體大規模接觸當地選民的首選媒介。

As we move into the period of government to be led by the Republicans in the White House and the Senate and likely the House, we will continue to work to push forward industry deregulation. It's evident that the antiquated ownership cap applied to broadcasters do not reflect the reality of today's competitive media environment.

隨著我們進入白宮和參議院（可能還有眾議院）共和黨領導的政府時期，我們將繼續努力推動業界放鬆管制。顯然，適用於廣播公司的過時所有權上限並不能反映當今競爭激烈的媒體環境的現實。

We believe that there is value to be created for our shareholders through further consolidation while driving true and new benefits to the American people who want them deserve fact-based unbiased local news reported on by the over 5,500 journalists that we employ. More on this from us as we progress.

我們相信，透過進一步整合，可以為我們的股東創造價值，同時為美國人民帶來真正的新利益，他們希望這些利益值得我們僱用的 5,500 多名記者報道基於事實的公正的當地新聞。隨著我們的進展，我們將對此進行更多介紹。

In summary, Nexstar's consistent strong results and free cash flow generation remains one of our most powerful differentiators from our peers and large diversified media companies and it will enable us to achieve strong growth and shareholder results, overcoming market headwinds.

總之，Nexstar 持續強勁的業績和自由現金流的產生仍然是我們與同行和大型多元化媒體公司最有力的區別之一，它將使我們能夠實現強勁的成長和股東成果，克服市場阻力。

With all of that said, now let me turn the call over to Mike Biard. Mike?

說了這麼多，現在讓我把電話轉給麥克比亞德。麥克風？

Thanks, Perry, and good morning, everyone. As Perry referenced, we delivered record third quarter net revenue of $1.37 billion compared to $1.13 billion in the prior year quarter. Nexstar's 20.7% increase in net revenue was primarily due to growth in distribution revenue and advertising revenue, driven by political. Our all-time high third quarter distribution revenue grew 20.2% year-over-year to $719 million. That distribution revenue growth benefited from the comparison with the third quarter of 2023 that included a period when Nexstar stations were dark with 1 MVPD.

謝謝佩里，大家早安。正如 Perry 所提到的，我們第三季淨收入達到創紀錄的 13.7 億美元，而去年同期淨收入為 11.3 億美元。Nexstar 淨收入成長 20.7%，主要是由於政治推動下的發行收入和廣告收入成長。我們第三季的發行收入創下歷史新高，年增 20.2%，達到 7.19 億美元。發行收入的成長得益於與 2023 年第三季的比較，其中包括 Nexstar 電台 1 MVPD 處於黑暗狀態的時期。

That growth also reflects the benefit of favorable distribution contract renewals in 2023, annual rate escalators, growth in vMVPD subscribers, the addition of CW affiliations on certain of our stations and the return of partner stations on 1 MVPD in January, which together more than offset MVPD subscriber attrition. All in, on an apples-to-apples basis, distribution revenue grew mid-single digits and net retrans grew high single digits.

這一增長也反映了2023 年有利的發行合約續約、年費率自動扶梯、vMVPD 用戶成長、我們某些電台加入CW 附屬機構以及1 月1 MVPD 合作夥伴電台回歸等因素帶來的好處，這些因素加起來超過了抵消MVPD 訂戶流失。總而言之，在同類基礎上，發行收入成長了中個位數，淨轉送收入成長了高個位數。

Excluding the removal of partner stations from certain MVPDs, our subscribers grew in the quarter in the low single-digit range, reflecting the benefit of the new launches of our CW my network TV and independent stations on YouTube TV and other VMVPDs. The addition of new CW affiliations at Nexstar stations and recent station acquisitions.

不包括從某些MVPD 中刪除合作夥伴電台的情況，我們的訂戶在本季度以較低的個位數增長，這反映出我們新推出的CW my Network TV 以及YouTube TV 和其他VMVPD 上的獨立電台帶來的好處。Nexstar 電台新增了 CW 附屬機構以及最近的電台收購。

Taking a closer look at distribution. Over the last renewal cycle, we made notable progress completing distribution and network affiliation agreements on favorable terms, while expanding distribution of our Nexstar owned national services, including the CW and News Nation. As Perry described in more detail, we believe this performance is testament to the value and power of our programming and scale.

仔細觀察分佈。在上一個續約週期中，我們在以優惠條件完成分銷和網路附屬協議方面取得了顯著進展，同時擴大了 Nexstar 擁有的全國性服務的分銷，包括 CW 和 News Nation。正如 Perry 更詳細地描述的那樣，我們相信這種性能證明了我們的程式設計和規模的價值和力量。

In July, Nexstar and our partner stations reached agreement with CBS to renew our affiliations in 42 markets. As part of that negotiation, 2 Paramount owned independent stations in Miami and Detroit, both top 20 markets became affiliates of the CW network on September 1. And in August, we renewed the CW affiliation agreements with 38 gray media-owned television stations.

7 月，Nexstar 和我們的合作電視台與 CBS 達成協議，更新我們在 42 個市場的從屬關係。作為談判的一部分，2 派拉蒙在邁阿密和底特律擁有獨立電視台，這兩個排名前 20 的市場於 9 月 1 日成為 CW 網路的附屬公司。8月，我們與38家灰色媒體旗下電視台續簽了CW附屬協議。

Looking out, we remain optimistic that we will see further declines in subscriber attrition. In this past quarter, Comcast reported a slowing of subscriber attrition. Charter also made some positive comments on their earnings call about the success of their new programming bundle saying they, quote expect to have a pretty significant impact on acquisition and retention, certainly for video, close quote, and that they quote already see a significant uplift in the video sell-in, close quote with their new video pricing and packaging of several D2C services with their linear video product. And third-party research is also picking up on this trend.

展望未來，我們仍樂觀地認為訂戶流失率將進一步下降。在過去的這個季度，康卡斯特報告用戶流失速度放緩。Charter還在他們的財報電話會議上對新節目包的成功發表了一些積極的評論，稱他們的報價預計會對獲取和保留產生相當大的影響，尤其是視頻，接近報價，並且他們的報價已經看到了顯著的提昇在視訊銷售方面，他們的新視訊定價和多種 D2C 服務與線性視訊產品的包裝緊密報價。第三方研究也正在關注這一趨勢。

For example, SNL Kagan published a report in October that projects a slowdown in the rate of pay TV attrition beginning in 2025 by about 2% to 4.6% with a further meaningful step down in 2026 to 2.8%. This is consistent with our previously stated thesis that we would see the rate of attrition normalize when pay TV subscribers who are not loyal sports and news viewers have exited the ecosystem.

例如，SNL Kagan 在 10 月發布了一份報告，預計從 2025 年開始，付費電視流失率將放緩約 2% 至 4.6%，並在 2026 年進一步大幅下降至 2.8%。這與我們先前提出的論點是一致的，即當不忠誠的體育和新聞觀眾的付費電視訂戶退出生態系統時，我們會看到流失率正常化。

Indeed, proprietary data from our media consultant, Altman Solon shows the composition of subscribers in the pay TV ecosystem that are not interested in either sports or news is down to 4% in 2023 from 14% in 2019.

事實上，我們的媒體顧問 Altman Solon 的專有數據顯示，付費電視生態系統中對體育或新聞不感興趣的訂戶組成將從 2019 年的 14% 降至 2023 年的 4%。

With subscribers who are interested in both sports and news increasing in both the quantum and relative share with that share rising to 68% of the total Pay TV ecosystem. Additionally, we continue to see an increasing number of D2C products packaged with pay TV bundles as the industry works towards coalescing around economic models that make more sense financially across the industry, with the most recent examples being the Disney DIRECTV and Charter NBCU agreements.

對體育和新聞都感興趣的訂戶數量和相對份額都在增加，佔整個付費電視生態系統的比例上升至 68%。此外，我們繼續看到越來越多的 D2C 產品與付費電視捆綁打包，因為該行業正在努力整合經濟模型，使整個行業在財務上更有意義，最近的例子是迪士尼 DIRECTV 和 Charter NBCU 協議。

In addition, the power of the broadcast network model for sports programming and other content owners continues to drive maximum reach, viewership, and engagement. Broadcast network programming continues to be the most watched programming in the Pay TV ecosystem, yet it remains relatively undercompensated by distributors.

此外，體育節目和其他內容所有者的廣播網絡模式的力量繼續推動最大的覆蓋範圍、收視率和參與度。廣播網路節目仍然是付費電視生態系統中收視率最高的節目，但發行商對它的補償仍然相對不足。

General entertainment cable networks, especially those devalued by the migration of their programming to affiliated streaming services are suffering from declining viewership and inevitably is being reflected in their renewals with distributors.

一般娛樂有線電視網絡，尤其是那些因節目遷移到附屬串流媒體服務而貶值的電視網絡，正在遭受收視率下降的影響，並且不可避免地反映在與發行商的續約上。

Broadcast stations on the other hand, are expected to continue to thrive as the number and cost of cable networks in the bundle becomes even more rationalized, we expect more dollars will be free by MVPDs and VMVPDs to allocate toward critical broadcast news and sports programming that continue to perform across the landscape.

另一方面，隨著捆綁中的有線電視網絡的數量和成本變得更加合理化，預計廣播電台將繼續蓬勃發展，我們預計 MVPD 和 VMVPD 將騰出更多資金來分配給重要的廣播新聞和體育節目，繼續在整個景觀中表演。

At September Moffett Nathanson research report on quote, un qoute cutting supports this thesis as they project that retrans rates will continue to grow in the mid-single-digit range in 2025, while cable affiliation fees will decline by a similar percentage.

在 9 月引用的 Moffett Nathanson 研究報告中，un qoute cut 支持了這一論點，因為他們預計 2025 年轉播費將繼續在中個位數範圍內增長，而有線電視加盟費將下降類似的百分比。

A moderation in pay TV subscriber attrition and continued growth in retransmission rates, together with our superior broadcast network programming and scale should benefit the continued growth of our distribution revenue. It is evident from Nexstar's record third quarter and year-to-date distribution revenue that our distribution partners and their customers continue to value the highest rated broadcast and the strong fact-based cable news network programming we provide.

付費電視訂戶流失的放緩和轉播率的持續增長，加上我們卓越的廣播網絡節目和規模，應有利於我們的發行收入的持續增長。從 Nexstar 創紀錄的第三季和年初至今的發行收入可以明顯看出，我們的發行合作夥伴及其客戶繼續重視我們提供的收視率最高的廣播和基於事實的強大有線新聞網絡節目。

Turning to advertising. Third quarter advertising revenue increased 22.2% compared to the prior year, reflecting a year-over-year increase in political advertising, which more than offset a reduction in nonpolitical advertising. Nonpolitical advertising declined 4.5% year-over-year in the third quarter, just slightly favorable to our 4.7% decline in the second quarter.

轉向廣告。第三季廣告收入較上年同期成長 22.2%，反映出政治廣告年增，足以抵銷非政治廣告的減少。第三季非政治廣告較去年同期下降 4.5%，略優於第二季 4.7% 的下降。

We were affected in the quarter by ongoing advertising market softness and political displacement that were more impactful than anticipated. The Olympics partially offset those factors, reducing the year-over-year rate of decline for nonpolitical advertising by 3%.

本季我們受到持續的廣告市場疲軟和政治位移的影響，其影響比預期更大。奧運部分抵消了這些因素，使非政治廣告的年減率降低了 3%。

Looking ahead to the fourth quarter, nonpolitical advertising is pacing down on a year-over-year basis at a low double-digit percentage rate in part due to the significant amount of fourth quarter political advertising as well as the continued impact of the challenging advertising market.

展望第四季度，非政治廣告年增率呈兩位數百分比下降，部分原因是第四季度政治廣告數量巨大以及具有挑戰性的廣告的持續影響市場。

Turning to political. Third quarter political advertising of $154 million increased by $135 million year-over-year and rose 16% over the comparable 2020 period, a record third quarter achievement. And as Perry mentioned, as of Election Day, Nexstar had record political advertising revenue on the books versus 2020.

轉向政治。第三季政治廣告收入為 1.54 億美元，年增 1.35 億美元，較 2020 年同期成長 16%，創下第三季業績紀錄。正如佩里所提到的，截至選舉日，Nexstar 的帳面政治廣告收入較 2020 年創紀錄。

Touching on the CW for a moment. As Perry outlined, we are pleased with the arrival of our new programming strategy and in particular, the success of CW Sports. Phase 1 of our strategy has been successful, and we have reduced programming costs by over half from the $560 million in 2022 to the $270 million expected in 2024.

暫時談一下 CW。正如 Perry 所概述的，我們對新節目策略的到來，特別是 CW Sports 的成功感到高興。我們策略的第一階段取得了成功，我們將程式設計成本減少了一半以上，從 2022 年的 5.6 億美元減少到 2024 年預計的 2.7 億美元。

This despite expanding network dayparts and programming hours. The next phase focuses on monetizing that success through advertising and distribution. In fact, more than 2/3 of the CW's affiliations are up for renewal in 2025, positioning us well for a strong 2026.

儘管網路時段和節目時間不斷擴大，但情況仍然如此。下一階段的重點是透過廣告和分銷將成功貨幣化。事實上，超過 2/3 的 CW 附屬機構將於 2025 年更新，這為我們在 2026 年的強勁表現做好了準備。

And finally, moving to our operations. We are acting to further streamline and simplify the entire organization, which will accelerate innovation across the company and reduce operating expenses. This will enable Nexstar to focus on initiatives that more directly impact our viewers, partners and customers as we pursue priorities that represent our best long-term opportunities.

最後，轉向我們的營運。我們正在採取行動，進一步精簡和簡化整個組織，這將加速整個公司的創新並降低營運費用。這將使 Nexstar 能夠在我們追求代表我們最佳長期機會的優先事項時，專注於更直接影響我們的觀眾、合作夥伴和客戶的舉措。

In summary, our results evidenced the continued strong performance across our highest margin revenue streams with more opportunities to drive growth still ahead of us. We have experienced, accomplished teams in each of our businesses who continue to execute well against our plan, delivering strong revenues, adjusted EBITDA, adjusted free cash flow and shareholder returns.

總之，我們的業績證明了我們最高利潤收入流的持續強勁表現，我們仍然有更多推動成長的機會。我們的每項業務都擁有經驗豐富、卓有成效的團隊，他們繼續出色地執行我們的計劃，實現強勁的收入、調整後的 EBITDA、調整後的自由現金流和股東回報。

And with that, it's my pleasure to turn the call over to Lee Ann for the remainder of the financial review. Lee Ann?

至此，我很高興將電話轉給 Lee Ann 進行剩餘的財務審查。李安？

Thank you, Mike, and good morning, everyone. Mike gave you most of the details on the revenue side, so I'll provide a review of expenses, adjusted EBITDA and adjusted free cash flow along with a review of our capital allocation activities.

謝謝你，麥克，大家早安。麥克向您提供了收入方面的大部分詳細信息，因此我將提供對費用、調整後 EBITDA 和調整後自由現金流的審查，以及對我們資本分配活動的審查。

Together, second quarter direct operating and SG&A expenses, excluding depreciation and amortization and corporate expenses increased by $22 million or 3%. The increase was primarily due to increased programming costs due to the variable fees related to the period of time we were dark with DIRECTV last year and the expansion of news programming.

第二季直接營運和 SG&A 費用（不包括折舊和攤提以及公司費用）總計增加了 2,200 萬美元，即 3%。這一增長主要是由於去年我們不使用 DIRECTV 期間的可變費用以及新聞節目的擴展導致的節目成本增加。

Q3 2024 total corporate expense was $53 million, including noncash compensation expense of $19 million compared to $52 million, including noncash compensation expense of $16 million in the third quarter of 2023. The increase of $1 million is primarily due to increase in noncash compensation expense, offset in part by reduced legal fees.

2024 年第三季公司總支出為 5,300 萬美元，其中非現金薪酬支出為 1,900 萬美元，而 2023 年第三季為 5,200 萬美元，其中非現金薪酬支出為 1,600 萬美元。增加 100 萬美元主要是由於非現金補償費用增加，但部分被法律費用減少所抵消。

Q3 2024 depreciation and amortization was $190 million versus $220 million in the prior year quarter, a decline of $30 million. Of these amounts included in our definition of adjusted EBITDA is $70 million related to the amortization of broadcast rights for Q3 2024 compared to $98 million for Q3 2023.

2024 年第三季的折舊和攤提為 1.9 億美元，而去年同期為 2.2 億美元，減少了 3,000 萬美元。在我們調整後 EBITDA 的定義中包含的金額中，有 7,000 萬美元與 2024 年第三季的廣播權攤銷相關，而 2023 年第三季為 9,800 萬美元。

The reduction of amortization of broadcast rights by $28 million was primarily due to lower programming costs at the CW by $26 million as we replace more expensive programming with less expensive programming. Q3 2024 income from equity method investments, which primarily reflects our 31% ownership in TV Food Network, declined by $7 million in the quarter or 29% primarily related to lower advertising revenue.

廣播權攤銷減少 2,800 萬美元，主要是由於 CW 的節目成本降低了 2,600 萬美元，因為我們用較便宜的節目取代了較昂貴的節目。2024 年第三季權益法投資收入（主要反映了我們對 TV Food Network 31% 的所有權）在本季度下降了 700 萬美元或 29%，主要與廣告收入下降有關。

Putting it all together on a consolidated basis, third quarter adjusted EBITDA was $510 million, representing a 37.3% margin, an increase of $231 million from third quarter 2023 adjusted EBITDA of $279 million. This improvement is due primarily to election year political revenue and the impact of our dark period with an MVPD for 76 days during last year's third quarter.

綜合來看，第三季調整後 EBITDA 為 5.1 億美元，利潤率為 37.3%，比 2023 年第三季調整後 EBITDA 2.79 億美元增加了 2.31 億美元。這項改善主要歸功於選舉年的政治收入以及去年第三季 MVPD 達 76 天的黑暗時期的影響。

Moving to free cash flow and adjusted free cash flow. We now reconcile these measures to cash from operations as opposed to net income as we previously provided. I will continue to call out a number of the key items in this reconciliation. Third quarter CapEx was $29 million compared to $36 million in the third quarter of last year, a decrease of $7 million due primarily to a reduced capital expenditure plan for the year and timing of expenditures.

轉向自由現金流和調整後的自由現金流。我們現在將這些指標與營運現金而不是我們之前提供的淨利潤進行核對。我將繼續指出這次和解中的一些關鍵事項。第三季資本支出為 2,900 萬美元，與去年第三季的 3,600 萬美元相比，減少了 700 萬美元，主要是因為今年資本支出計畫和支出時間安排的減少。

Third quarter net interest expense was stable at $113 million for both the third quarter of 2024 and 2023. This compares on a cash basis to $110 million in Q3 '24 versus $111 million in Q3 '23. Third quarter operating cash taxes were $10 million compared to $21 million in 2023 as we changed our method for federal tax payments to the annualization method. This method will enable us to defer about $45 million of tax from 2024 into the second quarter of 2025 and had the impact of reducing estimated tax by about $54 million in the quarter.

2024 年和 2023 年第三季的淨利息支出穩定在 1.13 億美元。以現金計算，24 年第三季為 1.1 億美元，23 年第三季為 1.11 億美元。第三季營業現金稅為 1,000 萬美元，而 2023 年為 2,100 萬美元，因為我們將聯邦稅支付方式改為年化法。這種方法將使我們能夠將 2024 年約 4,500 萬美元的稅款推遲到 2025 年第二季度，並使該季度的預估稅款減少約 5,400 萬美元。

We use this excess availability to repay Term Loan B. Next year, when we pay the tax, we can, if needed, we borrow the amount under our revolving credit facility for 100 basis points less than the cost of the debt we repaid.

我們使用這些超額可用性來償還定期貸款 B。

Our cash taxes for the fourth quarter are estimated to be about $75 million. Payments for capitalized software obligations and pension credit, net of proceeds from disposal of assets and insurance recoveries were $7 million versus $11 million last year. Cash contributions from our partners in the CW were 0 in the quarter as we made no capital calls versus $11 million in Q3 '23.

我們第四季的現金稅預計約為 7500 萬美元。扣除資產處分收益和保險賠償後，資本化軟體債務和退休金信貸支付額為 700 萬美元，而去年為 1,100 萬美元。本季我們 CW 合作夥伴的現金貢獻為 0，因為我們沒有進行資本催繳，而 23 年第三季為 1,100 萬美元。

While the difference between CW programming amortization costs in Q3 2024 and cash payments was only $2 million, that number is expected to grow to $10 million in Q4 as there will be some early spend related to 2025 programming impacting the period. And putting this all together, consolidated third quarter 2024 adjusted free cash flow was $327 million as compared to $81 million last year.

雖然2024 年第三季的CW 節目攤銷成本與現金支付之間的差異僅為200 萬美元，但預計第四季度這一數字將增至1000 萬美元，因為與2025 年節目相關的一些早期支出會影響這一時期。總而言之，2024 年第三季調整後綜合自由現金流為 3.27 億美元，去年為 8,100 萬美元。

Together with the cash from operations generated in the quarter and cash on hand, we returned $233 million to shareholders, comprised of $55 million in dividends and the repurchase of $178 million of stock at an average price of $167.16 per share, reducing shares outstanding net of equity vesting by 3.1%.

加上本季產生的營運現金和手頭現金，我們向股東返還了2.33 億美元，其中包括5500 萬美元的股息以及以每股167.16 美元的平均價格回購了1.78 億美元的股票，減少了已發行股票淨額股權歸屬3.1%。

Nexstar's outstanding debt at September 30, 2024, was $6.7 billion, a reduction of $85 million for the quarter as we made quarterly amortization payments of $31 million and optionally repaid $54 million on our Term Loan B, as I mentioned, with excess cash from the deferral of 2024 income tax into '25.

截至2024 年9 月30 日，Nexstar 的未償債務為67 億美元，本季減少了8,500 萬美元，因為我們支付了3,100 萬美元的季度攤銷費用，並可選擇償還我們的定期貸款B 上的5400 萬美元，正如我所提到的，用來自將 2024 年所得稅推遲到“25”。

As a reminder, we plan to make our repurchases more consistent between odd and even years, and we plan to use a portion of our fourth quarter free cash flow to optionally repay some additional debt. Our cash balance at quarter end was $181 million, including $22 million of cash related to the CW. Because we designated the CW as an unrestricted subsidiary, the losses associated with the CW are not accounted for in our calculation of leverage for purposes of our credit agreement.

提醒一下，我們計劃使奇數年和偶數年之間的回購更加一致，並且我們計劃使用第四季度自由現金流的一部分來選擇性地償還一些額外債務。季度末我們的現金餘額為 1.81 億美元，其中包括與 CW 相關的 2,200 萬美元現金。由於我們將 CW 指定為非限制性子公司，因此與 CW 相關的損失不會計入我們出於信貸協議目的的槓桿計算中。

As such, our net first lien covenant ratio for Nexstar, excluding CWS, this as of the LTM period ended September 30, 2024, was 1.91x, which is well below our first lien and only covenant of 4.25x.

因此，在截至 2024 年 9 月 30 日結束的 LTM 期間，我們對 Nexstar（不包括 CWS）的淨第一留置權契約比率為 1.91 倍，遠低於我們的第一留置權和唯一契約的 4.25 倍。

Our total net leverage for Nexstar, excluding CW, was 3.26x at quarter end. As is typical and political years, we expect leverage, which we calculate on an LTM basis versus a 2-year average default during 2024 as adjusted EBITDA grows with election here political advertising.

截至季末，我們對 Nexstar 的總淨槓桿率（不包括 CW）為 3.26 倍。與典型的政治年份一樣，我們預計槓桿率是根據 LTM 與 2024 年兩年平均違約率計算的，因為調整後的 EBITDA 會隨著選舉政治廣告而增長。

As we move forward, we will continue to strategically deploy our cash in a manner that is consistent with our commitment to creating the highest shareholder value. Before I finish, I want to note that similar to all the other broadcasters in the sector, we reached agreement with the SEC regarding the earnings release presentation of our non-GAAP measures of adjusted EBITDA, free cash flow and adjusted free cash flow.

隨著我們的前進，我們將繼續以符合我們創造最高股東價值的承諾的方式策略性地部署我們的現金。在結束之前，我想指出，與該行業的所有其他廣播公司類似，我們與 SEC 就調整後 EBITDA、自由現金流和調整後自由現金流的非 GAAP 指標的收益發布演示達成了協議。

I would refer you to our Q3 earnings release, which describes the new definitions and reconciliations to the closest comparable GAAP financial measure. We are also providing supplemental information regarding these changes on our website Nexstar.tv. None of these changes have any impact on the calculation of our leverage pursuant to our credit agreement.

我建議您參閱我們的第三季財報，其中描述了新的定義以及與最接近的可比較公認會計準則財務指標的調節。我們也在我們的網站 Nexstar.tv 上提供有關這些變更的補充資訊。這些變化都不會影響我們根據信貸協議計算的槓桿率。

The primary impact of these changes on adjusted EBITDA is that we are now only using adjusted EBITDA as a performance measure and are no longer using adjusted EBITDA as a proxy for cash flow. As a result, we are now including the pro rata share of our net income in the TV Food Network partnership and our definition of adjusted EBITDA in lieu of ordinary course cash distributions we received from them when we receive them.

這些變更對調整後 EBITDA 的主要影響是，我們現在僅使用調整後 EBITDA 作為績效衡量標準，而不再使用調整後 EBITDA 作為現金流的代理。因此，我們現在將我們的淨利潤按比例納入電視食品網絡合作夥伴關係中，以及我們對調整後 EBITDA 的定義，以代替我們收到時從他們那裡收到的普通現金分配。

This has the impact of more evenly spreading out that income across the 4 quarters instead of concentrating it in Q1 when we received the prior year distribution and matching up current year net income with our current year adjusted EBITDA.

當我們收到上一年的分配並將本年度淨利潤與本年度調整後的 EBITDA 相匹配時，這會更均勻地將收入分散在 4 個季度，而不是集中在第一季度。

In addition, all programming expenses will be reflected in our definition using amortization rather than actual cash payments. The primary impact of these changes on adjusted free cash flow is that we are now using adjusted free cash flow as a liquidity metric rather than a performance metric and are reflecting the cash payments related to the CW programming versus the amortization of these programming payments, which matched up with revenue generation, and including all distributions from TV Food Network, even though related to changes in their accounts receivable program in our definition.

此外，所有程式費用都將使用攤銷而不是實際現金支付的方式反映在我們的定義中。這些變化對調整後自由現金流的主要影響是，我們現在使用調整後自由現金流作為流動性指標而不是績效指標，並反映與 CW 節目相關的現金支付與這些節目付款的攤銷，其中與創收相匹配，包括電視食品網絡的所有分配，儘管與我們定義中的應收帳款計劃的變化有關。

For more detail, as I mentioned, of all these changes, please refer to the disclosures in our earnings release and the materials on our website.

正如我所提到的，有關所有這些變化的更多詳細信息，請參閱我們的收益報告中的披露以及我們網站上的材料。

With that, I'll open up the call for questions. Operator, can you go to the first question?

接下來，我將開始提問。接線員，您能回答第一個問題嗎？

(Operator Instructions)

（操作員說明）

Dan Kurnos, Benchmark.

丹·庫諾斯，基準。

Great. A few quick ones here. Perry, just how likely do you think regulatory changes? And how does that affect your capital allocation plans given the change in administration. And then on News Nation, it was a good watch on linear, by the way, on election night. Do you think these nation benefits from some of the headwinds swirling from advertisers worried about brand safety.

偉大的。這裡有一些快速的。佩里，您認為監管變化的可能性有多大？鑑於行政管理的變化，這將如何影響您的資本配置計劃。然後在《新聞國家》節目中，順便說一句，在選舉之夜，線性電視節目觀看得很好。您認為這些國家會從廣告主擔心品牌安全帶來的不利因素中受益嗎？

And then lastly, Mike and/or Lee Ann, just on the CW, you the math suggests you're getting pretty close to profitability here. So I just love to get an update on the path going forward now.

最後，Mike 和/或 Lee Ann，就在 CW，數學顯示你們已經非常接近盈利了。所以我很想了解現在前進道路的最新情況。

Okay, that's a lot. Let me start with deregulation. Obviously, the number 1 legislative priority of Nexstar and our trade association, NAB is the deregulation of ownership at both the national and the local level. When you sit back and look at it, our industry's real competition comes from big tech companies who have unfunded access to every screen in America from phones, desktops to the TV in the living room, yet our ability to compete with those behemoths is timed by regulations that were last updated in 2004.

好吧，就這麼多了。讓我從放鬆管制開始。顯然，Nexstar 和我們的貿易協會 NAB 的首要立法重點是在國家和地方層級放鬆所有權管制。當你坐下來觀察時，我們行業的真正競爭來自於大型科技公司，這些公司沒有資金支持美國的每個螢幕，從手機、桌上型電腦到客廳的電視，但我們與這些龐然大物競爭的能力取決於時間。

To preserve local journalism, this industry needs strong companies who can compete on a level playing field for both viewers and advertisers on every screen in America, not just some of them. And the time is now to seek this reform and Nexstar is once again prepared to lead. We've established our own government relations presence in D.C. to work with both the regulatory agencies and the new Congress.

為了保護當地新聞業，這個行業需要強大的公司，這些公司能夠在美國每個螢幕上的觀眾和廣告商的公平競爭環境中競爭，而不僅僅是其中的一些螢幕。現在是尋求這項改革的時候了，Nexstar 再次做好了領導的準備。我們在華盛頓特區建立了自己的政府關係機構，與監管機構和新國會合作。

And ultimately, Dan, we see this as a bipartisan issue, appealing to Republicans due to its deregulatory nature and to Democrats as a consumer issue by preserving local news service in communities across the country.

最終，丹，我們認為這是一個兩黨問題，由於其放鬆管制的性質而吸引了共和黨人，而通過保留全國各地社區的本地新聞服務，則將其視為消費者問題而吸引了民主黨人。

While we're on the subject, I'd like to take a moment to interject a little history for context. I took the company public in 2003 at roughly a 12x EBITDA multiple, due in part to the prospect of deregulation coming from the 108th Congress, which took office in January of 2004.

當我們討論這個主題時，我想花點時間插入一些歷史背景。2003 年，我以大約 12 倍 EBITDA 的價格將公司上市，部分原因是 2004 年 1 月上任的第 108 屆國會提出了放鬆管制的前景。

My point being that progress on deregulation has been a catalyst for multiple expansion in the past. So we plan to move with a sense of urgency on this as well as push for the formal adoption of ATSC 3.0 as our industry's transmission standard. That is our -- and our trade association's number 2 priority with this new administration.

我的觀點是，放鬆管制的進展在過去一直是多重擴張的催化劑。因此，我們計劃帶著緊迫感採取行動，並推動 ATSC 3.0 正式採用作為我們行業的傳輸標準。這是我們以及我們行業協會新政府的第二要務。

As through timing and expectations, our work begins in earnest, and obviously, we'll keep you posted as our results begin to bear fruit. As it relates to News Nation, in last year's upfront and this past year, this current year's upfront, we had conversations with literally hundreds of advertisers and there was a consensus or a sense out there that advertisers were avoiding news as a daypart national news, national cable news as a daypart because of what they saw as a toxic environment.

根據時間安排和期望，我們的工作正在認真開始，顯然，當我們的結果開始結出碩果時，我們會及時通知您。就《新聞國家》而言，在去年的前期、去年和今年的前期，我們與數百名廣告商進行了對話，並且存在一種共識或感覺，即廣告商正在避免將新聞作為日間全國新聞，由於他們認為環境有毒，因此將國家有線電視新聞作為每日節目。

We obviously have been working hard to dispel that notion as it relates to News Nation. We think our proof points on all of the unbiased surveys and original content surveys that are out there continue to put us right down the middle of the fairway with our content and that this is an island in an area and an environment that maybe on others is more toxic.

顯然，我們一直在努力消除與新聞國家相關的這種觀念。我們認為，我們對所有公正調查和原創內容調查的證據繼續使我們的內容處於正軌之中，並且這是一個地區中的一個島嶼和一個環境，​​而在其他地區和環境中可能是這樣的毒性更大。

But I will say that we have watched both broadcast and cable networks over the last few days and few weeks. And it seems as there may be a kind or gentler consensus emerging that maybe fact-based journalism will come back into vogue as well as eliminating the level of activist journal lines out there. So maybe the news day part will come back in favor again.

但我要說的是，在過去的幾天和幾周里，我們觀看了廣播和有線電視網絡。似乎可能會出現一種溫和的共識，即基於事實的新聞可能會重新流行起來，並消除激進主義期刊的水平。所以也許新聞日部分會再次受到青睞。

We've had nice growth in both audience and in revenues supporting our new -- our products at News Nation. So obviously, that's coming off of a very low base. But at the same time, it is consistent growth, and that's all I can ask our people to do.

我們在 News Nation 上支持我們的新產品，在觀眾和收入方面都取得了良好的成長。顯然，這是一個非常低的基礎。但同時，這是持續的成長，這就是我能要求我們的員工做的一切。

And then on -- as it relates to the CW, you saw that obviously, we've year-to-date reduced the losses there by about [$190] million. I think we've previously said in the fourth quarter, we're going to probably give a little -- give a little bit of that back, but we'll still be hitting our target of over $100 million of improvement in the year.

然後，就 CW 而言，您顯然看到，我們今年迄今已將那裡的損失減少了約 [1.9 億美元]。我想我們之前在第四季說過，我們可能會回饋一點，但我們仍然會實現今年超過 1 億美元的改進目標。

In 2025, we expect to continue to continue the trend in terms of improvement. And with I think Mike mentioned this in his call, we've got a significant percentage of the distribution deals up for renewal for the CW in 2025, which should position us well for 2026. So right now, it's really kind of more about got our programming in place, a lot of good sports programming that's very nicely rated and it's now about driving advertising revenue and distribution revenue to get us over the top.

2025年，我們預計將繼續延續這一改善趨勢。我認為麥克在電話會議中提到了這一點，我們已經有很大一部分的分銷交易準備在 2025 年續訂 CW，這應該為我們在 2026 年做好準備。所以現在，我們的重點實際上是讓我們的節目安排到位，很多好的體育節目都得到了很好的評價，現在的重點是增加廣告收入和發行收入，讓我們登上頂峰。

Benjamin Soff, Deutsche Bank.

班傑明‧索夫，德意志銀行。

I appreciate all the color on the video ecosystem. I'm wondering you guys have a big round of renewals coming up next year. How do you see the ecosystem during that round of renewals compared to prior cycles as far as your ability to take price or any other important factors. Thanks.

我欣賞視頻生態系統中的所有色彩。我想知道你們明年會有一輪大的續約。與先前的周期相比，您如何看待這一輪更新期間的生態系統，就您接受價格或任何其他重要因素的能力而言。謝謝。

Well, I think the biggest unknown, obviously, is the rate of attrition. We opined on that, and I think there's data points out there to support our point of view. I think in terms of how distributors are approaching deals, I think you can look at the recent trends and obviously from DIRECTV to Charter, in particular, they've pursued a model of bundling D2C products with their linear video.

嗯，我認為最大的未知數顯然是人員流失率。我們對此發表了意見，我認為有數據支持我們的觀點。我認為就分銷商如何達成交易而言，我認為您可以看看最近的趨勢，顯然從 DIRECTV 到 Charter，特別是他們追求將 D2C 產品與線性視訊捆綁在一起的模式。

As Perry said in his opening remarks, we sort of look at ourselves in the same boat as Fox in that regard, which is that's kind of someone else's war to worry about how do they reconcile their D2C products with their linear.

正如佩里在開場白中所說，在這方面，我們與福克斯處於同一條船上，這是其他人的戰爭，擔心他們如何協調他們的 D2C 產品和線性產品。

In terms of how do we sell our linear products, I think we'll sell them the same way we always have. And in fact, with increasing appeal at the CW and at New Nation for the reasons that we articulated. So I think we'll go into the business the same way we always have. We think our content will not only continue to resonate.

就我們如何銷售線性產品而言，我認為我們會像以往一樣銷售它們。事實上，由於我們闡述的原因，CW 和新國家的吸引力越來越大。所以我認為我們會像往常一樣進入這個行業。我們認為我們的內容不僅會繼續引起共鳴。

But as we mentioned in terms of the concentration of viewers who are more prone to watch our programming inside the bundled TV ecosystem, we think we'll go from strength to strength on that going forward.

但正如我們所提到的，觀眾更傾向於在捆綁電視生態系統中觀看我們的節目，我們認為我們將在這一點上繼續發展。

And then on core advertising, I was hoping we could drill a little bit more into any categories or local versus national that you guys saw sort of play out during the quarter.

然後在核心廣告方面，我希望我們可以在本季度看到的任何類別或本地與全國範圍內進行更多的鑽研。

Yes. I mean, look, from a category perspective, we had about 54% of our categories were down. which was an improvement over Q2, but that was in part aided by the impact of the Olympics. I think the -- as our large -- in terms of categories, in terms of what was down and what was up, I think our largest declining category was auto and that was, I think, driven in part by a couple of different things.

是的。我的意思是，從品類角度來看，我們大約 54% 的類別出現了下滑。這比第二季度有所改善，但這在一定程度上得益於奧運會的影響。我認為——作為我們的大公司——就類別而言，就下降和上升而言，我認為我們最大的下降類別是汽車，我認為這在一定程度上是由幾個不同的因素推動的。

One is just the fact that the dealers have lower inventory on their lots. And it's just interest rates are just so high with respect to what the consumer can leverage.

其一是經銷商的庫存較低。只是相對於消費者可以利用的利率而言，利率實在太高了。

As it relates to just kind of local versus national in the quarter, we saw sort of a similar trend that we've been seeing historically, which is our national revenue is down kind of in the teens percentage and local was kind of more stable, but that's been the continuation of the trend that we've seen over time. We continue to do very well from a local perspective on the digital side of things with our revenue up double digits in terms of growth on the digital side.

由於它涉及本季的地方與國家收入，我們看到了歷史上看到的類似趨勢，即我們的國家收入以青少年百分比下降，而地方收入則更加穩定，但這是我們長期以來看到的趨勢的延續。從本地角度來看，我們在數字方面繼續做得很好，我們的收入在數字方面的成長方面實現了兩位數的成長。

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，富國銀行。

So your full year political number, I was just wondering if you could put that in context of some of the guidance you gave during the year. I think that was something like low teens percentage of broadcast political spend. I think the dust is still settling in terms of what the overall cycle was and what it was for broadcast.

因此，您的全年政治數字，我只是想知道您是否可以將其放在您今年提供的一些指導的背景下。我認為這相當於廣播政治支出中青少年的比例較低。我認為就整體週期和廣播內容而言，塵埃仍在塵埃落定。

So just curious how that number kind of fits in there. And certainly, with at least 10-year periods, we saw some money move late in the cycle. So it does seem like we continue to get more and more dynamic, but also bigger cycles. So again, I would just love to kind of get your context within all of that.

所以只是好奇這個數字是如何適合的。當然，在至少 10 年周期中，我們看到一些資金在周期後期流動。因此，我們似乎繼續變得越來越有活力，但周期也越來越大。再說一次，我只是想了解您的背景。

And then you talked about the 54 CW affiliate stations you now have. How do we think about what net retrans looks like for the CW at this point and what you're able to drive there from a cash flow perspective? Is that one of the key contributors to the improvement in losses in the quarter? And I was wondering if you have any thoughts about maybe when you might get to a breakeven on the CW.

然後您談到了您現在擁有的 54 個 CW 附屬電台。我們如何看待此時 CW 的淨轉播情況以及您能夠從現金流角度推動什麼？這是本季虧損改善的關鍵因素之一嗎？我想知道您是否對 CW 何時能夠實現收支平衡有任何想法。

So on the political side of things, we have talked about a low teens market share. Obviously, the dust is still settling on what the numbers are, but we believe we were in line with what that guidance was. I think one thing just to note, Steve, is that there's a lot of political numbers out there in terms of what the revenues are. They talk about the cycle. The cycle includes '23 and '24, so you just need to make sure when you're looking at those numbers that you kind of parse that apart in terms of the expectations for the individual years.

因此，在政治方面，我們討論了青少年市場份額較低的問題。顯然，具體數字仍在塵埃落定，但我們相信我們符合該指導方針。史蒂夫，我認為需要注意的一件事是，就收入而言，有許多政治數據。他們談論循環。此週期包括“23”和“24”，因此您只需要確保在查看這些數字時，您可以根據各個年份的預期對其進行解析。

In terms of the election money, I think, yes, we did see like it was a little bit of a different year in terms of the money kind of moving around. And a number of the largest markets for spending were some markets that made that Nexstar wasn't even in.

就選舉資金而言，我認為，是的，我們確實看到，就資金流動而言，今年有點不同。一些最大的支出市場是一些 Nexstar 甚至沒有進入的市場。

But I think at the end of the day, we still achieved a record year here versus the 2020 presidential election as of election day. And that's really just a testament to the breadth of our portfolio and the fact that when that money moves usually we're there to catch it. There are some situations where we're not there, and that does have an impact on the margin.

但我認為最終，與截至選舉日的 2020 年總統選舉相比，我們仍然取得了創紀錄的一年。這實際上證明了我們投資組合的廣度，以及當資金流動時我們通常會抓住它的事實。在某些情況下，我們沒有做到這一點，這確實會對利潤率產生影響。

As it relates to the CW in terms of the profitability and bringing back those affiliations in-house, the CW's profitability is only affected by the Nexstar ownership to the extent of the intercompany distribution agreement, right? Because the CW has affiliation agreements with Nexstar and with all the other affiliations. That is not sort of a material driver of these improvements in terms of the revenue that we track this, including and excluding those factors. So it really has not been a driver at all for that improved profitability.

由於它與 CW 的盈利能力以及將這些隸屬關係帶回內部有關，因此 CW 的盈利能力僅在公司間分銷協議的範圍內受 Nexstar 所有權的影響，對嗎？因為 CW 與 Nexstar 以及所有其他附屬機構都有附屬協議。就我們追蹤的收入而言，包括和排除這些因素，這並不是這些改進的物質驅動因素。因此，它實際上根本不是盈利能力提高的驅動因素。

And look, we are continuing to set up to achieve the profitability time line that we talked about, and we'll have more on that in our year-end results when we set out the guidance for '25.

看，我們正在繼續制定實現我們談到的盈利時間表，當我們制定 25 年的指導時，我們將在年終業績中提供更多相關資訊。

Jason Bazinet, Citibank.

傑森·巴齊內特，花旗銀行。

I just want to follow up on your regulatory comments. I get your point about sort of a broad regulatory push at the national and local level going through Congress, working with Democrats and Republicans. But my question is, is there a subset of issues that you're interested in that could just make its way through a rule-making at the FCC that could be sort of simpler and we sort of already have the Democrat/Republican backdrop, given that we know the answer to the presidential election? Or is that not the right way to think about it, we should be focused on loss getting passed or bills coming out of Congress and getting signed by the executive.

我只是想跟進您的監管意見。我明白你的觀點，即國會與民主黨和共和黨合作，在國家和地方層級推動廣泛的監管。但我的問題是，是否有您感興趣的部分問題可以透過聯邦通信委員會的規則制定來解決，這可能會更簡單，而且我們已經有了民主黨/共和黨的背景，因為我們知道總統選舉的答案嗎？或者這不是正確的思考方式，我們應該關注損失的通過或國會提出的法案並由行政部門簽署。

Well, I think that more likely than not legislation will be needed, particularly to change the national cap because that's how the current cap was established. However, when you look at end market caps or rules or regs, those likely could be dealt with that an administrative level, either through the quadrennial review process or other processes to be determined. So I think it's a mix of both. And obviously, we will be as present in the agencies as we are on the hill to press for ownership reform that would reflect today's -- the realities of today's marketplace.

嗯，我認為很可能需要立法，特別是改變國家上限，因為目前的上限就是這樣制定的。然而，當您查看最終市值或規則或法規時，這些可能可以透過四年一度的審查流程或其他待確定的流程在行政層級上進行處理。所以我認為這是兩者的混合。顯然，我們將像在山上一樣在各機構中推動所有權改革，以反映當今市場的現實。

And [regardo] that is exclusively the province of the agencies in terms of moving from experimental licenses to actual licenses to the end of the simulcast requirement for that to sunset and then ultimately, to a potential flash cut mandate to date -- those are all things that could be dealt through the administrative process. So we'll be working all angles there to try and deliver meaningful progress not only for our industry, certainly our company, which will benefit our shareholders.

[regardo] 這完全是各機構的職責範圍，從實驗許可證轉向實際許可證，到聯播要求的結束，到日落，然後最終，到迄今為止潛在的閃切任務——這些都是可以通過行政程序處理的事情。因此，我們將從各個角度努力，不僅為我們的行業，當然也為我們的公司，努力取得有意義的進步，這將使我們的股東受益。

Craig Huber, Huber Research Partners.

克雷格·胡貝爾，胡貝爾研究夥伴。

My first question, Perry, we haven't heard from you in a while alternative uses of spectrum here, how to potentially monetize that going down the road. I know it's a long-term proposition. Some big upside potentially for you in the industry. But what have you guys been working on lately. Is there anything new to talk about shareholders? That's the first question.

我的第一個問題，佩里，我們已經有一段時間沒有收到您關於頻譜的其他用途的消息了，以及如何將其貨幣化。我知道這是一個長期的提議。您在這個行業中可能有一些巨大的優勢。不過你們最近都在忙什麼呢？關於股東有什麼新的事情可以談嗎？這是第一個問題。

Sure. There's a lot that we're working on. And in conjunction with other companies in the space, we're just not really ready to announce anything or say anything. I continue to believe that we will have our first contracts this year, money paying beyond multicast that would be for ancillary uses of the spectrum, they will not be for significant dollars, but they will be proof points that people are willing to establish a proof of concept of whether it's navigation or offloading data transmission or digital signage or things like that.

當然。我們正在做很多工作。與該領域的其他公司一起，我們還沒有真正準備好宣布任何事情或說任何事情。我仍然相信，我們今年將簽訂第一份合同，支付超出多播範圍的資金，用於頻譜的輔助用途，它們不會花費大量資金，但它們將成為人們願意建立證據的證據無論是導航還是卸載資料傳輸或數位看板或類似的東西的概念。

There is a lot going on, and Mike Biard is leading a lot of those efforts along with Brett Jenkins, our CTO, in the space. And Mike, I don't know if you want to add any color, but the lack of announcement is not for the want of activity because there's plenty going on behind the scenes.

正在發生很多事情，Mike Biard 與我們的首席技術長 Brett Jenkins 一起在該領域領導了許多工作。麥克，我不知道你是否想添加任何色彩，但缺乏公告並不是因為缺乏活動，因為幕後有很多事情正在發生。

No, I think that's exactly right. I think we'll save our announcements for the moments of substance.

不，我認為這是完全正確的。我想我們會在重要時刻才發佈公告。

My second question, the CW loss is down $30 million to $36 million year-over-year in the third quarter. Is there anything that you guys would want to call out to help drive those those losses lower? Is it all just cost savings? Or is there anything on the revenue side you can call out as well?

我的第二個問題，第三季CW虧損年減3000萬美元至3600萬美元。你們想提出什麼建議來幫助降低這些損失嗎？這一切只是為了節省成本嗎？或者在收入方面還有什麼你可以指出的嗎？

Well, I'll speak first, and Lee Ann can jump in. And I just -- I do want to clarify that she said earlier, the improvements at the affiliate side of the level, our owned and operated affiliates is on the station side level and none of those improvements are being used to offset any operating losses at the network level. So the CW pays is a pay as you go, if you will.

好吧，我先發言，李安可以插話。我只是 - 我確實想澄清，她之前說過，我們擁有和經營的附屬公司是在車站層面的，並且這些改進都沒有用於抵消任何運營損失網絡級別。所以如果你願意的話，CW 的薪水是現收現付。

But as it relates to -- obviously, we have increased the amount of hours of programming of the network by 40% that is due almost exclusively to the expansion of sports. And so that's a daypart that we weren't selling before. And so there's new revenue, fresh revenue coming there.

但顯然，我們已經將網路節目時長增加了 40%，這幾乎完全是由於體育賽事的擴展。所以這是我們之前沒有賣過的時段。所以會有新的收入，新的收入出現。

And so it is a combination of new opportunities for revenue and certainly cost cuts. And again, I want to reiterate that we increased the programming hours by 40% while reducing the programming costs substantially. So there is a lot of attention to making this network operate in the realities that people are willing to pay for live events and live sports and less and less for scripted programming.

因此，這是新的收入機會和削減成本的結合。我想再次重申，我們將程式設計時間增加了 40%，同時大幅降低了程式成本。因此，人們非常注重讓這個網絡在現實中運作，人們願意為現場活動和體育直播付費，而越來越少地為腳本節目付費。

And so we're continuing to pivot the network in that direction to take advantage of both the revenue and the opportunity to save costs there. And Lee Ann, do you have any more detail you want to offer?

因此，我們將繼續將網路朝這個方向發展，以利用收入和節省成本的機會。Lee Ann，您還有什麼想提供的細節嗎？

Yes, I mean, look, I think in the third quarter, you can track, you'll see it in the Q when it gets published later today. you can just see the improvement in terms of the amortization of broadcast rights, which we break out in the Q. So a good portion of the improvement on year-to-date has been really kind of on the programming side. In the quarter, we did have improvement on the revenue side. So it's kind of a combination of both, but more so on the cost side at the moment.

是的，我的意思是，看，我認為在第三季度，你可以跟踪，當它今天晚些時候發佈時，你會在 Q 中看到它。你可以看到廣播權攤銷方面的改進，我們在問題中對此進行了闡述。在本季度，我們的收入方面確實有所改善。所以這是兩者的結合，但目前在成本方面更是如此。

And my final question, if I could. You guys talked about being down low double digits for ad revenue in the fourth quarter, obviously hurt by political displacement as you talked about. If you could isolate just the month of December, how the bookings or the TV pacings are looking December year-over-year at the same juncture, is there any material change there in the trend which we've seen in prior months before this displacement came through? Is the underlying trend looking better in December? Or is it more of the same?

我的最後一個問題是，如果可以的話。你們談到第四季廣告收入下降了兩位數，顯然是受到你們所說的政治流離失所的影響。如果您可以僅隔離 12 月份，那麼在同一時刻 12 月份的預訂量或電視收視率與去年同期相比，我們在這次位移之前的幾個月中看到的趨勢是否有任何重大變化通過了？12 月的基本趨勢看起來更好嗎？或者說更多的是相同的？

Well, it is, but it's also obvious that it would because there is less demand for political revenue. And again in 2020 we had a substantial runoff in the State of Georgia, which we're not anticipating that would put pressure on our inventory for stations in those states nor would we have that additional political revenue to add to the total. So yes, the pacings are better in December than they are in November, but we expected that.

嗯，確實如此，但也很明顯，因為對政治收入的需求減少了。2020 年，我們在喬治亞州再次出現了大量的決選，我們預計這不會給我們在這些州的電台庫存帶來壓力，我們也不會獲得額外的政治收入來增加總收入。所以，是的，12 月的節奏比 11 月更好，但我們預料到了這一點。

Yes, absolutely. I mean, yes, it's definitely significantly better in December than it is December or October, November.

是的，絕對是。我的意思是，是的，12 月肯定比 12 月或 10 月、11 月好得多。

Sorry, when you compare December versus a year ago, how December was looking at this juncture, how is that trend looking.

抱歉，當您將 12 月與一年前進行比較時，12 月在這個時刻的情況如何，趨勢如何。

Yes, that's what pacing is. So that's what we're comparing it versus the prior year period and also sequentially.

是的，這就是節奏。這就是我們將其與去年同期以及順序進行比較的內容。

Yes. But are you asking what the '23 versus '22 growth rate was versus the '24 versus '23 growth rate?

是的。但您是否想問「23 年與 22 年相比」的成長率與「24 年與 23 年相比」的成長率是多少？

I'm just trying to get a sense of what the bookings at this stage today on 2 days after the election, looking out into the month of December, how is that looking versus December last year at the same juncture, 3-plus weeks or before the month starts.

我只是想了解選舉後兩天現階段的預訂情況，展望 12 月份，與去年 12 月份同一時刻、3 個多週或在這個月開始之前。

Yes, we don't really give pacing down to the week-by-week, day-by-day basis here. bookings are looking better in terms of they are less down in December of '24 than they were in October and November of '24. And I think directionally, that's about all the level of detail we're comfortable giving at this point. We're not going to start to establish updating our pacing by the day.

是的，我們在這裡並沒有真正按照每週、每天的步調進行調整。 24 年 12 月的預訂量看起來比 24 年 10 月和 11 月的下降幅度要小。我認為從方向上來說，這就是我們目前願意提供的所有細節水平。我們不會開始每天更新我們的節奏。

Jim Goss, Barrington Research.

吉姆‧戈斯，巴靈頓研究中心。

Following a little to the discussion we've been having here. Is it reasonable to think that the next near-term phase of growth is more likely to come from cost efficiencies more than revenue growth as retrans levels pass and CW and News Nation are still in relatively early stages of their development? Or are there other drivers that we should be focusing on -- on the revenue side?

接下來是我們在這裡的討論。由於轉播水準已經過去，而 CW 和 News Nation 仍處於發展的相對早期階段，那麼認為下一個近期成長階段更有可能來自成本效率而不是收入成長是否合理？還是我們應該關注其他驅動因素──收入方面？

Jim, I think at a macro level, there's a lot of elements at play. There's a school of thought out here that much like the stock market, you will see a relief rally in spending because the uncertainty is out of the market. And if the Fed cuts interest rates later today, that could continue to add to it. Now whether that happens or not, we don't know.

吉姆，我認為從宏觀層面來看，有很多因素在起作用。這裡有一個學派，就像股市一樣，你會看到支出出現緩解性反彈，因為不確定性已經消失在市場中。如果聯準會今天稍晚降息，這種情況可能會繼續加劇。現在這是否會發生，我們不知道。

But I think there is a general sense that Republic administration will be better for business than a Democratic administration would have been, how that manifests itself going forward? Is there a cut in the corporate tax rates generally, that could impact people's interest willingness and capacity to spend on advertising.

但我認為，人們普遍認為，共和政府將比民主黨政府更有利於商業發展，這點在未來如何體現？企業稅率是否普遍下調，可能會影響人們對廣告支出的興趣意願和能力。

I do think, as Lee Ann and Michael mentioned, we are looking throughout the organization to mine efficiencies and realign reporting structures and workflows to represent not only the realities of our business, the realities of the economic environment.

我確實認為，正如李安和邁克爾所提到的那樣，我們正在整個組織內尋找效率並重新調整報告結構和工作流程，以不僅反映我們業務的現實，而且反映經濟環境的現實。

And so there will be continued elimination of what we believe to either be duplicate or non-necessary costs. That's been a part of our DNA. I think since I founded the company almost 30 years ago. And obviously, with new revenue opportunities, given the growth at News Nation and the addition of sports at the CW, I think all of those elements cumulative will go into forming our outlook and guidance for 2025, which, as Lee Ann mentioned, we will be delivering to you early in the year when we report our Q4 results.

因此，我們將繼續消除我們認為重複或不必要的成本。這是我們 DNA 的一部分。我想自從我在大約 30 年前創立這家公司以來。顯然，有了新的收入機會，考慮到 News Nation 的增長和 CW 體育項目的增加，我認為所有這些元素的累積將形成我們對 2025 年的展望和指導，正如 Lee Ann 提到的，我們將我們將在今年年初報告第四季度業績時向您提供。

All right. One other thing. I'm wondering, are you -- do you have -- or could you update us on app-based delivery of full local affiliates and smart TVs rather than the fast versions and whether or not pursuit of that benefits your ad revenue dollars in a meaningful way.

好的。另一件事。我想知道，您是否——您有——或者您能否向我們介紹基於應用程式的完整本地附屬公司和智慧電視的交付而不是快速版本，以及追求這一點是否有利於您的廣告收入。意義的方式。

Sure. We're in the process actually of expanding those products right now. So when you talk about full affiliates being delivered via apps, I think you need to make a distinction between the big 4 affiliates versus our independent stations. And then inside the big 4, the network programming versus the non-network programming.

當然。我們現在實際上正在擴展這些產品。因此，當您談論透過應用程式提供的完整附屬網站時，我認為您需要區分四大附屬網站與我們的獨立網站。然後在四大中，網路程式設計與非網路程式設計。

Obviously, we don't have the right to take the network programming outside of CW onto digital apps that we control. So our business there much as it already is in the case of KTLA, WGN, for instance, where we have some robust apps with healthy audiences there that are comprised primarily of local programming, in fact, almost exclusively of local programming, including digital-only programming, we will continue to take that model and expand it across the company.

顯然，我們無權將 CW 以外的網路程式設計帶到我們控制的數位應用程式上。因此，我們在那裡的業務與KTLA、WGN 的情況非常相似，例如，我們在那裡擁有一些強大的應用程序，擁有健康的受眾，這些應用程式主要由本地節目組成，事實上，幾乎完全是本地節目，包括數位節目——僅編程，我們將繼續採用該模式並將其擴展到整個公司。

We're in the process of doing that. I think you'll see some announcements of launches certainly this year and going into Q1 at scale.

我們正在這樣做。我認為您今年肯定會看到一些發佈公告，並將在第一季大規模發布。

So the full live local affiliate of any of your major network affiliates is -- will require some further agreement with the networks, even though you would be providing them with that distribution opportunity as well.

因此，您的任何主要網路附屬機構的完整即時本地附屬機構將需要與網路達成一些進一步的協議，即使您也將為他們提供該分發機會。

Yes, that would require an agreement with the Big 4 networks. You can look at what they're doing. They don't even do that really for their own businesses, right? You don't see the networks doing their full live network streaming inside individual station apps. Those are concentrated inside network apps or their DC products. So down the road, would they be interested in expecting to reach by doing things like that with us. We certainly hope so. I think it would be something to consider, but that's not on our road map right now.

是的，這需要與四大網路達成協議。你可以看看他們在做什麼。他們甚至不會真正為了自己的企業而這樣做，對嗎？您不會看到網路在各個電台應用程式中進行完整的即時網路串流傳輸。這些集中在網路應用程式或其 DC 產品內。那麼將來，他們是否有興趣透過與我們一起做這樣的事情來實現目標？我們當然希望如此。我認為這是值得考慮的事情，但這不在我們目前的路線圖上。

Okay. Maybe one last one. When you were talking about the deregulation potential. I guess one of the holy grails was a duopoly of top 4 station -- 2 of top stations in large markets. Do you think that's a more realistic opportunity with the new Republican administration.

好的。也許是最後一張。當你談論放鬆管制的潛力時。我想聖杯之一是對前 4 個車站的雙寡頭壟斷——大型市場中的 2 個頂級車站。您認為對於新的共和黨政府來說這是一個更現實的機會嗎？

Yes, Jim, that opportunity exists today, but it requires a waiver from the FCC and there's no presumption on that. So there is an opportunity how realistic that is to actually access under the current administration. You haven't seen a lot of announcements of combinations of big 4, 2 of the top 4 rated stations in the marketplace. And it's not just big 4, it's top 4 in terms of their viewership. So in theory, that opportunity already exists in practice in Republican administration, maybe it will be easier to access and act upon.

是的，吉姆，今天這個機會確實存在，但它需要聯邦通信委員會的豁免，而且對此沒有任何假設。因此，在現任政府的領導下，有機會實現這一目標是多麼現實。您還沒有看到很多關於 4 大電台組合的公告，即市場上評價最高的 4 家電台中的 2 家。而且這不只是四大，就收視率而言，它也是前四名。因此，從理論上講，這種機會在共和黨政府的實踐中已經存在，也許更容易獲得並採取行動。

Barton Crockett, Rosenblatt.

巴頓·克羅克特，羅森布拉特。

The regulatory situation is just very interesting given the change and also a discussion from some others on earnings calls here in your sector. And I was just wanting to kind of ask about one of the regulations, specifically the ownership cap at 39%, maybe adjusted for the UHF, which obviously Internet guys don't face there's an inequity there.

考慮到這項變更以及您所在行業其他一些人在財報電話會議上的討論，監管情況非常有趣。我只是想詢問其中一項規定，特別是 39% 的所有權上限，可能會針對 UHF 進行調整，顯然網路人士不會面臨其中的不平等。

What do you think are the prospects potentially for that being eliminated that ownership cap? And if it was, given all the other antitrust concerns, do you think it would matter for you guys? Or do you think that could be maybe a big opportunity to get back into the M&A game.

您認為取消所有權上限的潛在前景如何？如果是的話，考慮到所有其他反壟斷問題，你認為這對你們來說重要嗎？或者您認為這可能是重返併購遊戲的絕佳機會。

Yes, I think it would be a huge opportunity. And listen, you've made the case if you'd like to join our growing GR team in D.C., we've got some openings, but we see the time being now, and we see it, as I said in my remarks to the first question, the -- by part as an issue. Republicans would see it as deregulation, good for business, Democrats. And in fact, all people would see it as an avenue to preserve local journalism.

是的，我認為這將是一個巨大的機會。聽著，如果你想加入我們在華盛頓不斷壯大的 GR 團隊，你已經說明了這一點，我們有一些空缺，但我們現在看到了，我們看到了，正如我在發言中所說的那樣第一個問題，部分作為一個問題。民主黨人，共和黨人會認為這是放鬆管制，對商業有利。事實上，所有人都會將其視為保護當地新聞業的途徑。

Every congressmen and women I've spoken to in the last year does not want a future where their news is delivered by a chat bot office server hopefully from somewhere in this country, but no one really knows. And so what do we need to do to preserve local journalism. Well, you have to have strong companies that are producing that journalism.

去年與我交談過的每一位國會男女議員都不希望未來他們的新聞由聊天機器人辦公室服務器（希望來自這個國家的某個地方）傳遞，但沒有人真正知道。那我們需要做什麼來保護當地新聞業。嗯，你必須有強大的公司來製作新聞報道。

And they have to be able to compete with an even playing field with big tech who has unfettered access, as I said to every screen and your house, my house, my car, my pocket. And currently, we're kept to 39% over the UHF discount. Maybe you can do a little better than that, but we can't reach every -- we're not allowed to reach every television home in America with our local station footprint.

他們必須能夠在一個公平的競爭環境中與擁有不受限制的訪問權限的大型科技公司競爭，正如我對每個螢幕以及你的房子、我的房子、我的汽車、我的口袋所說的那樣。目前，我們將 UHF 折扣保持在 39%。也許你可以做得更好一點，但我們不能覆蓋每一個——我們不被允許用我們當地電視台的足跡覆蓋美國的每一個電視家庭。

And so to preserve that last mile, we think the -- there is -- the Republic has a vested interest in maintaining a free and independent press. And we see broadcast journalism remaining or becoming that last bastion of a free and independent press at the local level.

因此，為了保護最後一英里，我們認為，共和國在維持新聞自由和獨立方面擁有既得利益。我們看到廣播新聞仍然存在或正在成為地方一級自由和獨立媒體的最後堡壘。

And so -- there's no one that can look you in the eye with a straight face and say that the current regulations make any sense. But as the head of our GR operation Washington DC says, one of the hardest things to do because of all of the competition for time and mind share of the regulators and the legislators is to get someone to care. And that's going to be our job is to deliver an [impassant plea] and a logical case as to why these rules should be eliminated, and we hope we'll carry the day.

因此，沒有人能板著臉看著你的眼睛並說現行法規有任何意義。但正如我們華盛頓特區 GR 業務負責人所說，由於監管機構和立法者都在爭奪時間和精力，所以最難做的事情之一就是讓某人關心。我們的工作就是提出[冷漠的懇求]和一個合乎邏輯的案例來說明為什麼應該取消這些規則，我們希望我們能取得勝利。

But I mean we're obviously investing. We have hired and are establishing a GR office in Washington. I'm spending a good deal of my time there and on this. And we'll do everything we can in conjunction with our trade association to make the case inside the beltway as to why these regulations that have not been addressed since 2004, need to be addressed in 2024, 2025 and ultimately changed.

但我的意思是我們顯然正在投資。我們已聘請並正在華盛頓設立 GR 辦事處。我在那裡花了很多時間在這上面。我們將竭盡全力與我們的行業協會合作，在環城高速內闡明為什麼這些自 2004 年以來一直沒有得到解決的法規需要在 2024 年、2025 年得到解決並最終進行更改。

Okay. And then also on the topic of M&A, the Comcast came out with the announcement that they're going to explore spinning off their cable networks. And David Zaslav, I think, was talking about different levels of M&A interest at Warner Bros. So it seems like there could be some cable networks out there that could be something you could look at from an M&A perspective in theory.

好的。然後，同樣在併購主題上，康卡斯特宣布他們將探索剝離其有線電視網絡。我認為大衛·扎斯拉夫正在談論華納兄弟不同程度的併購興趣。因此，理論上，您可以從併購的角度來看待一些有線網路。

And I was just wondering, is that an asset class that at all interest you? Could there be you've done some stuff kind of around that with News Nation and CW sort of. But could cable networks at bigger scale, be interesting? Or is that really just a distraction from what you do?

我只是想知道，您對這種資產類別感興趣嗎？您可能已經與 News Nation 和 CW 等公司做了類似的事情嗎？但更大規模的有線電視網會有趣嗎？或者這真的只是讓你分心嗎？

Well, I think if you rewind the tape of this call and review the comments we've said that we have very little interest in establishing our -- expanding our cable network portfolio. Now as I always say, there's a price for everything.

好吧，我想，如果你倒帶這次電話會議的錄音並回顧一下我們所說的評論，我們對建立我們的——擴大我們的有線電視網絡投資組合興趣不大。正如我常說的，一切都是有代價的。

But if we had the opportunity to expand our broadcast portfolio and the cable opportunity on our desk at the same time, the obvious one we would focus on is broadcast. We believe in the broadcast model, the presence in the ecosystem, its status in the ecosystem. And so -- and I think by the fact that we have built the largest local broadcast company in America, it's obviously where our interest and preference would lie.

但如果我們有機會同時擴大我們的廣播產品組合和我們辦公桌上的有線電視機會，那麼我們最明顯的重點就是廣播。我們相信廣播模式，相信它在生態系統中的存在，並相信它在生態系統中的地位。因此，我認為我們已經建立了美國最大的本地廣播公司，這顯然是我們的興趣和偏好所在。

Okay. And I apologize if that's a duplicate question, just juggling some other things coming in. But thank you for the answer. I appreciate it.

好的。如果這是一個重複的問題，我很抱歉，只是兼顧其他一些事情。但謝謝你的回答。我很感激。

This concludes the question-and-answer session. I would like to turn the floor back over to Perry Sook, Chairman and Chief Executive Officer, for closing comments.

問答環節到此結束。我想請董事長兼執行長 Perry Sook 發表結束評論。

Well, thank you very much, operator. I just want to finish by saying our strong financial framework, combined with our significant free cash flow, generative nature of our business, continues to enable Nexstar to deliver strong levels of free cash flow, while maintaining a strong balance sheet and low leverage.

嗯，非常感謝你，接線生。最後我想說的是，我們強大的財務框架，加上我們大量的自由現金流和業務的生成性，繼續使 Nexstar 能夠提供強勁的自由現金流，同時保持強勁的資產負債表和低槓桿率。

Looking ahead, we'll continue to execute against our long-term strategies, taking the necessary actions and making the required investments to shape the future of the company while delivering long-term growth and outsized returns to our shareholders. Thanks, everyone, for joining us today, and we look forward to speaking with you again in February when we report our Q4 results.

展望未來，我們將繼續執行我們的長期策略，採取必要的行動並進行必要的投資，以塑造公司的未來，同時為股東帶來長期成長和超額回報。感謝大家今天加入我們，我們期待在二月報告第四季度業績時再次與您交談。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。