Nexstar Media Group Inc (NXST) 2025 Q1 法說會逐字稿

Good day and welcome to Nexstar Media Group's first quarter 2025 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 2025 年第一季電話會議。今天的通話正在錄音。現在我將會議交給投資者關係部的喬·賈福尼 (Joe Jaffoni)。先生，請繼續。

Thank you, [Michelle], and good morning, everyone. We'll get to management's presentation and comments momentarily, as well as your questions and answers. During the Q&A session, we ask that everyone please limit themselves to one question and one follow up.

謝謝你，[米歇爾]，大家早安。我們將立即聽取管理層的介紹和評論以及您的問題和答案。在問答環節，我們要求每個人只提出一個問題並進行一次跟進。

I'll now 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 1,995.

我現在將宣讀安全港條款，然後我們將直接進入通話。除歷史事實陳述外，管理階層在今天的電話會議中所做的所有陳述和評論均可視為 1995 年《私人證券訴訟改革法案》所指的前瞻性陳述。

Nexstar cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those reflected by the forward-looking statements made during today's call.

Nexstar 警告稱，這些前瞻性陳述受風險和不確定性的影響，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。

For additional details on these risks and uncertainties, please see Nexstar's annual report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission and Nexstar's subsequent public filings with the SEC.

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 2024 年 12 月 31 日的 10-K 表格年度報告以及 Nexstar 隨後向美國證券交易委員會提交的公開文件。

Nextstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. With that, it's now my pleasure to turn the conference over to your host, next our founder, Chairman and Chief Executive Officer, Perry Sook. Perry, please go ahead.

Nextstar 不承擔更新或修改任何前瞻性陳述的義務，無論其是由於新資訊、未來事件或其他原因。現在，我很高興將會議交給主持人，接下來是我們的創辦人、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 joining us today. Mike Baird, our President and Chief Operating Officer, and Lee Ann Gliha, our executive Vice President and Chief Financial Officer, are both with me on the call this morning.

謝謝你，約瑟夫，大家早安。我們感謝大家今天加入我們。我們的總裁兼營運長 Mike Baird 和我們的執行副總裁兼財務長 Lee Ann Gliha 今天早上都和我一起參加了電話會議。

Nexstar's first quarter financial results mark a solid start to the year with net revenue adjusted EBITDA and adjusted free cash flow, all benefiting from record first quarter distribution revenue and disciplined expense management. Before reviewing the highlights, I'd like to begin where I ended our last earnings call on a topic that remains a key strategic priority for Nexstar in 2025, which is deregulation.

Nexstar 第一季的財務表現標誌著今年開局良好，淨收入調整後的 EBITDA 和調整後的自由現金流均受益於創紀錄的第一季分銷收入和嚴格的費用管理。在回顧重點之前，我想先從上次收益電話會議結束時討論的一個主題開始，該主題仍然是 Nexstar 在 2025 年的一個關鍵戰略重點，那就是放鬆管制。

In today's competitive landscape where big tech and big media are afforded unbridled and ubiquitous reach, current restrictions on local broadcast ownership are outdated, arbitrary, and exclusionary, and no one can logically defend those rules.

在當今的競爭環境中，大型科技公司和大型媒體擁有不受約束的、無處不在的影響力，而當前對地方廣播所有權的限制已經過時、武斷且具有排他性，沒有人能夠從邏輯上捍衛這些規則。

In my 45+ years in the industry, I continue to believe that the prospect of meaningful broadcast ownership reform has never been better than it is today. As Chairman and CEO of Nexstar and in my role as chair of the joint Board of Directors of the National Association of Broadcasters or trade association, achieving deregulation is my top priority.

在我 45 多年的業界經驗中，我始終相信，有意義的廣播所有權改革的前景從未像今天這樣好。身為 Nexstar 的董事長兼執行長以及全國廣播協會或行業協會聯合董事會主席，實現放鬆管制是我的首要任務。

We are fortunate to have a strong FCC chair in Brendan Carr who keenly understands the need for local broadcast deregulation and the relief that we and the industry need on both the national ownership cap and in-market local ownership rules.

我們很幸運能有像布倫丹·卡爾 (Brendan Carr) 這樣一位強有力的聯邦通信委員會主席，他敏銳地理解放鬆地方廣播管制的必要性，以及我們和整個行業在國家所有權上限和市場內地方所有權規則方面所需要的放鬆。

Once the fifth commissioner is confirmed, which could happen by early this summer, we anticipate Chairman Carr will begin to take action on his agenda. In addition to our deregulatory agenda to level the playing field and to enable consolidation, we are also seeking to obtain a firm transition date for ATSC 1.0 standards to ATSC 3.0 standards, which will support and advance our rollout of high-speed data transmission and other services to allow us to fully monetize ancillary uses of our spectrum.

一旦第五位委員得到確認（這可能在今年夏初發生），我們預計卡爾主席將開始實施他的議程。除了我們的放鬆管制議程以創造公平競爭環境和實現整合之外，我們還在尋求確定 ATSC 1.0 標準到 ATSC 3.0 標準的明確過渡日期，這將支持和推進我們推出高速數據傳輸和其他服務，使我們能夠充分將頻譜的輔助用途貨幣化。

Given our strong financial position and balance sheet, we are prepared to capitalize on deregulation through M&A. Historically, this strategy has created tremendous shareholder value, helping drive our stock from $4.55 per share at the beginning of 2011, when the first consolidation wave began to the mid-160s neighborhood that we're in as of this morning.

鑑於我們強大的財務狀況和資產負債表，我們準備好透過併購來利用放鬆管制的機會。從歷史上看，這項策略創造了巨大的股東價值，幫助我們的股價從 2011 年初第一波整合浪潮開始時的每股 4.55 美元上漲到今天早上我們所處的 160 美元左右。

As many of Nexstar has a well-defined M&A playbook. Once we identify attractive assets in strategic markets, our focus turns to evaluating synergies across these three key areas retransmission revenue opportunities, operational and cost efficiencies, and the strategic value derived from increasing our scale.

因為許多 Nexstar 公司都有明確的併購策略。一旦我們在策略市場中確定了有吸引力的資產，我們的重點就會轉向評估這三個關鍵領域的協同效應：轉播收入機會、營運和成本效率以及擴大規模所帶來的策略價值。

The most compelling transactions typically involve stations with opportunities for CW affiliations those in larger markets or stations located in the areas that overlap with our existing footprint, and we expect that all of these opportunities will present themselves in this current environment.

最引人注目的交易通常涉及有機會與 CW 建立合作關係的電台、位於較大市場的電台或位於與我們現有業務重疊的地區的電台，我們預計所有這些機會都會在當前環境下出現。

The one big change from the last consolidation wave is the cost of capital. Our financial model will factor in both elevated interest rates, as well as reduced maximum leverage and the current valuations across the television sector. Since we have the ability to buy our own assets by buying back our stock, any new transactions being contemplated will have to be more creative than that.

與上一次整合浪潮相比，一個重大變化是資本成本。我們的財務模型將考慮上升的利率、降低的最大槓桿率以及整個電視行業的當前估值。由於我們有能力透過回購股票來購買自己的資產，因此正在考慮的任何新交易都必須比這更有創意。

Turning to our business outlook, our business model has evolved significantly, and the stability of our revenue streams remains underappreciated in my view. Given questions surrounding the potential impact of proposed tariffs, and the general economic uncertainty, I thought it might be helpful to take a step back and provide some perspective on just where Nexstar derives its revenues, the sum of which is that the current conditions combined with our business model don't give us much cause for concern at this point in time.

談到我們的業務前景，我們的業務模式已經發生了重大變化，而我認為我們的收入流的穩定性仍然未被充分重視。考慮到圍繞擬議關稅的潛在影響以及總體經濟不確定性的問題，我認為退一步來看並就 Nexstar 的收入來源提供一些看法可能會有所幫助，總而言之，目前的狀況加上我們的商業模式目前並沒有給我們帶來太多擔憂。

To begin with in the first quarter, which will be a decent barometer for the year, 63% of Nexstar's revenue came from distribution and other revenue sources. This revenue stream is driven by a growing retransmission rates multiplied by the number of subscribers serviced by our distribution partners.

首先，第一季將是今年的一個晴雨表，Nexstar 63% 的收入來自分銷和其他收入來源。這個收入來源是由不斷增長的轉播率乘以我們的分銷合作夥伴服務的用戶數量所驅動的。

And last quarter we guided for this revenue line to be relatively flat for the year inclusive of subscriber attrition. The remaining 37% of our Q1 revenue was derived primarily from non-political advertising. About 1/5th of our non-political advertising revenue comes from digital advertising, which is comprised of digital CTV advertising on our own inventory, as well as the sale of third-party digital and CTV advertising to our local clients.

上個季度，我們預計該營收線將全年保持相對穩定（包括用戶流失）。我們第一季剩餘的 37% 收入主要來自非政治廣告。我們的非政治廣告收入中約有五分之一來自數位廣告，包括我們自有庫存的數位 CTV 廣告，以及向我們的本地客戶銷售的第三方數位和 CTV 廣告。

This is a revenue stream that has demonstrated consistent growth overall, and we do expect to see that trend continue this year. The other 80% of our advertising revenue comes from television advertising, and the majority of that is from stable local sources where advertising is closely tied to the revenue it generates for the client.

這是一個整體呈現持續成長的收入來源，我們預計今年這一趨勢將持續下去。我們另外 80% 的廣告收入來自電視廣告，其中大部分來自穩定的本地廣告來源，廣告與它為客戶創造的收入密切相關。

Cut another way, only about 40% of non-political advertising revenue, or 15% of our total revenue is tied to goods-based businesses that could potentially be impacted by tariffs. The remaining 60% of our non-political advertising revenue comes from services and paid programming, which actually grew during the 2018 trade war.

換句話說，只有約 40% 的非政治廣告收入，或我們總收入的 15% 與可能受到關稅影響的商品業務有關。我們剩餘的 60% 非政治廣告收入來自服務和付費節目，這部分收入在 2018 年貿易戰期間實際上有所增長。

I'm excluding comments on political advertising here, but as demonstrated again in 2024, Nexstar remains a significant beneficiary of the two-year political ad cycle, given our geography and our scale. Turning to the CW, we continue to execute our strategy to drive profitability through a combination of top line growth and expense reductions as our refreshed and reconstituted program lineup continues to drive incremental revenue distribution and advertising revenues.

我在這裡不評論政治廣告，但正如 2024 年再次證明的那樣，考慮到我們的地理位置和規模，Nexstar 仍然是兩年政治廣告週期的重要受益者。談到 CW，我們繼續執行我們的策略，透過收入成長和費用削減相結合的方式提高獲利能力，因為我們更新和重組的節目陣容繼續推動增量收入分配和廣告收入。

It's clear that our new content strategy is resonating with audiences as the 2025 first quarter marked the CW's strongest primetime performance in eight quarters. In fact, this season so far, the CW's primetime ratings have surpassed other broadcast networks 74 times across key demos. That's a notable increase compared to the just 17 times for the full '23, '24 primetime season.

顯然，我們的新內容策略引起了觀眾的共鳴，因為 2025 年第一季是 CW 八個季度以來黃金時段表現最強勁的季度。事實上，本季迄今為止，CW 的黃金時段收視率在主要地區已經超過其他廣播網絡 74 倍。與整個 23、24 年度黃金時段僅有的 17 次相比，這是一個顯著的增長。

WWE NXT is a rating stand up for us in prime time as it generated a 19% increase in audience versus last year's first quarter results on cable. CW Sports is now a core pillar of our programming lineup at the network, and it has grown to include over 400 hours of live sports programming annually in 2025, representing over 40% of the CW's total programming hours.

WWE NXT 在黃金時段的收視率一路飆升，與去年第一季有線電視的收視率相比，觀眾人數增加了 19%。CW 體育現在是我們網路節目陣容的核心支柱，到 2025 年，它每年將播出超過 400 小時的現場體育節目，佔 CW 總節目時間的 40% 以上。

The NASCAR Xfinity Series racing has quickly become a consistent high performer, with the first 11 races averaging over 1.2 million viewers, representing an increase year over year of 19% compared to last season. In fact, 2025 is the first time in nine years that each of the season's first 11 races delivered an average audience of more than 1 million viewers.

NASCAR Xfinity 系列賽迅速成為持續的高表現賽事，前 11 場比賽平均吸引了超過 120 萬觀眾，與上賽季相比同比增長 19%。事實上，2025 年是九年來該賽季前 11 場比賽平均觀眾人數首次超過 100 萬。

And there are more sports coming. In addition to our existing agreement with the ACC for both football and basketball, we recently announced exclusive broadcast agreements with AVP Volleyball, the new Grand Slap track series featuring names that you got to know at last summer's Olympics, as well as the HBCU All-Star basketball game and the renewal of our agreement with Pac-12 football.

而且還有更多的體育賽事即將到來。除了我們與 ACC 現有的足球和籃球協議外，我們最近還宣布了與 AVP 排球達成的獨家轉播協議、新的 Grand Slap 田徑系列賽（其中收錄了您在去年夏季奧運會上認識的名字）、HBCU 全明星籃球賽以及與 Pac-12 足球續簽的協議。

Turning to News Nation, we celebrated the network's four-year anniversary this past quarter, following its successful rebrand in March of 2021. With the 24/7 programming rollout now complete, the network continues to build momentum, growing its audience every month of the first quarter of 2025.

談到《新聞國家》，繼 2021 年 3 月成功重塑品牌之後，我們上個季度慶祝了這個網絡成立四週年。隨著全天候節目播出的全面完成，該網絡繼續保持強勁發展勢頭，在 2025 年第一季度，其觀眾人數每個月都在增長。

In fact, since December of 2024, News Nation's ratings have outperformed MSNBC 24 times and CNN six times in the key adult 25 to 54 demo. Breaking news and special coverage continue to be key drivers of audience growth across both linear and digital, underscoring the unique competitive advantage of Nexstar's deep and local footprint in facilitating premium on the ground coverage of key national events.

事實上，自 2024 年 12 月以來，在 25 至 54 歲的關鍵成年人群中，News Nation 的收視率已超過 MSNBC 24 倍，超過 CNN 6 倍。突發新聞和特別報導繼續成為線性和數位受眾成長的主要驅動力，凸顯了 Nexstar 深度本地影響力在促進對重大國家事件進行優質實地報道方面的獨特競爭優勢。

News Nation's special programming is also gaining traction. Last week's town hall with President Trump ranked among the network's TOP5 rated broadcasts ever. While News Nation's second interview special featuring Tucker Carlson and Chris Cuomo garnered more than 2 million total views across all platforms.

《新聞國》的特別節目也越來越受歡迎。上週與川普總統舉行的市政廳會議躋身該網絡有史以來收視率排名前五名的廣播節目之列。《新聞國家》第二次特別採訪塔克·卡爾森和克里斯·科莫的節目在所有平台上獲得了超過 200 萬的觀看次數。

In the first quarter, News Nation was added to the White House press pool with our correspondents now asking key questions during daily briefings and aboard Air Force One. That's a significant additional milestone in establishing the network as a trusted national news source.

在第一季度，《新聞國家》加入了白宮新聞發布會，我們的記者現在在每日簡報會和空軍一號上提出關鍵問題。這是該網絡成為值得信賴的國家新聞來源的另一個重要里程碑。

In summary, next year's first quarter performance reflects a strong start to the year driven by our stable diversified revenue base, disciplined operations, and continued execution across our portfolio. As we move through the rest of 2025, our priorities remain unchanged, renewing distribution agreements covering approximately 60% of our subscriber base,

總而言之，明年第一季的業績反映了今年強勁的開局，這得益於我們穩定的多元化收入基礎、嚴謹的營運以及整個投資組合的持續執行。在 2025 年剩餘時間裡，我們的優先事項保持不變，續簽覆蓋約 60% 用戶群的分銷協議，

continuing the CW's path to break even, actively pursuing long overdue deregulation and preparing for elections again in 2026 with unmatched scale, strong pre cash flow, and a proven track record of value creation. We are well positioned to navigate today's challenges and capitalize on the significant opportunities ahead. With all of that said, let me now turn the call over to Mike.

延續 CW 的收支平衡之路，積極推行早就應該實施的放鬆管制，並以無與倫比的規模、強勁的預付現金流和經過驗證的價值創造記錄，為 2026 年的再次選舉做好準備。我們已做好準備，應對當今的挑戰並抓住未來的重大機會。說了這麼多，現在讓我把電話轉給麥克。

Thank you, Perry, and good morning, everyone. Nexstar delivered first quarter net revenues of $1.23 billion, a decline of 3.9% compared to the prior year, primarily reflecting the year over year reduction in political advertising.

謝謝你，佩里，大家早安。Nexstar 第一季淨收入為 12.3 億美元，較上年下降 3.9%，主要反映了政治廣告的年減。

Record first quarter distribution revenue of $762 million increased by $1 million or 0.1% over the comparable prior year quarter. Distribution revenue growth primarily reflects annual rate escalators and other contractual increases, growth in MVPD subscribers, and the addition of CW affiliations on certain of our stations which more than offset MVPD subscriber attrition.

第一季分銷收入達到創紀錄的 7.62 億美元，比去年同期增加 100 萬美元，成長 0.1%。分銷收入成長主要反映了年度費率上調和其他合約成長、MVPD 用戶的成長以及我們某些電台的 CW 附屬機構的增加，這些都足以抵消 MVPD 用戶流失的影響。

As Perry mentioned, approximately 60% of our total subscriber base is up for renewal in 2025. As the majority of those negotiations occur toward the end of the year, we would expect to see the benefit to distribution revenue beginning in the first quarter of 2026.

正如佩里所提到的，我們大約 60% 的總訂閱用戶將在 2025 年續訂。由於大部分談判將在年底進行，我們預計分銷收入將從 2026 年第一季開始受益。

While we continue to see subscriber attrition across the industry, recent earnings reports from our distribution partners suggest some marginal improvement in subscriber trends. We continue to monitor this closely as we work to secure agreements that are better aligned with the value Nextar delivers to our partners and their customers.

雖然我們繼續看到整個行業的用戶流失，但我們分銷合作夥伴的最新收益報告顯示，用戶趨勢有所改善。我們將繼續密切關注此事，努力達成與 Nextar 為我們的合作夥伴及其客戶提供的價值更加一致的協議。

Turning back to our first quarter performance, advertising revenue of $460 million, decreased $52 million or 10.2% over the comparable prior year quarter, primarily reflecting a $32 million dollar decrease in political advertising to $6 million as well as a $20 million or 4.2% reduction in non-political advertising revenue due to advertising market softness.

回顧我們第一季的業績，廣告收入為 4.6 億美元，比去年同期減少 5,200 萬美元或 10.2%，主要原因是政治廣告收入減少 3,200 萬美元至 600 萬美元，以及非政治廣告收入因廣告市場疲軟而減少 2,000 萬美元或 4.2%。

We continued to be impacted by a challenging television advertising market in Q1, with the most meaningful pullback coming from the insurance category. The automotive category were declined at the Tier 2 and Tier 3 levels were partially offset by growth in spending from Tier 1 OEMs and the sports betting category, which faced a difficult year over year comparison given North Carolina's legalization of sports betting in 2024 and no comparable markets coming online this year.

第一季度，我們繼續受到充滿挑戰的電視廣告市場的影響，其中最顯著的回檔來自保險類別。汽車類別在二線和三線市場的下滑，部分被一線原始設備製造商 (OEM) 和體育博彩類別的支出增長所抵消，由於北卡羅來納州將於 2024 年將體育博彩合法化，且今年沒有可比市場上線，體育博彩類別的同比表現較為困難。

On the upside, we saw growth in key categories including attorneys, home repair, and travel, demonstrating the continued resilience of service-based and intent-driven advertisers. Further offsetting the declines was slight advertising growth in our national businesses, while our local businesses benefited from high single digit growth in digital advertising.

從好的方面來看，我們看到律師、房屋維修和旅遊等關鍵類別的成長，顯示基於服務和意圖驅動的廣告商持續具有韌性。我們全國業務的廣告收入略有增長，進一步抵消了下滑的影響，而我們的本地業務則受益於數位廣告的高個位數成長。

We also benefited from the Super Bowl airing on Fox this year versus on CBS in 2024, which had a positive impact on our first quarter advertising performance given Nexstar's position as the largest owner of Fox affiliated stations, including WDAFT, a Fox affiliate in Kansas City.

我們也受益於今年超級盃在福克斯播出，而不是 2024 年在 CBS 播出，這對我們第一季的廣告業績產生了積極影響，因為 Nexstar 是福克斯附屬電台的最大所有者，包括堪薩斯城的福克斯附屬電台 WDAFT。

As mentioned, we generated approximately $6 million in political advertising revenue during the quarter, primarily driven by the high profile Wisconsin State Supreme Court election. This marks a slight increase over the comparable post-Presidential cycle in Q1 2021, which benefited from the Georgia Senate runoff that extended into the new year.

如上所述，本季我們創造了約 600 萬美元的政治廣告收入，主要得益於備受矚目的威斯康辛州最高法院選舉。這比 2021 年第一季總統大選後的可比周期略有增長，這得益於延續到新年的喬治亞州參議院決選。

I'm pleased to report that with our newly created National Political sales division, we completed the process of bringing our advertising sales operation completely in-house. This strategic move enhances our control over pricing, inventory management, and client relationships during peak political cycles.

我很高興地報告，隨著我們新成立的國家政治銷售部門，我們完成了將廣告銷售業務完全內部化的過程。這項策略舉措增強了我們在政治高峰期對定價、庫存管理和客戶關係的控制。

By internalizing our advertising sales operation, we streamlined coordination and workflows across our stations and centralized teams, allowing us to respond more quickly to demand, optimize yield, and maximize revenue opportunities. Looking ahead to the second quarter, non-political advertising is currently forecast to be down in the mid-single digits on a year over year basis, similar to Q1 results.

透過將廣告銷售業務內部化，我們簡化了各個電台和集中團隊之間的協調和工作流程，使我們能夠更快地回應需求、優化收益並最大化收入機會。展望第二季度，目前預計非政治廣告的年減幅度將達到個位數中段，與第一季的結果類似。

Turning to the CW, as expected, the CW's profitability in Q1 declined by mid-teens millions due to additional sports programming amortization the network didn't have in the same quarter last year. However, our outlook for the year remains unchanged, and we continue to project improved profitability in 2025 versus 2024, with expectations of achieving profitability sometime in 2026.

談到 CW，正如預期的那樣，由於去年同期該網絡沒有額外的體育節目攤銷，CW 第一季的盈利能力下降了 150 萬美元左右。然而，我們對今年的展望保持不變，我們繼續預測 2025 年的盈利能力將比 2024 年有所提高，並預計在 2026 年某個時候實現盈利。

To close, let me reiterate our confidence in Nexstar's long-term outlook and the enduring strength of the broadcast business model. As Perry noted, amid dynamic economic and industry landscapes, more than 60% of our revenues come from subscription-based revenue streams, higher than many others in the media and entertainment space.

最後，讓我重申我們對 Nexstar 的長期前景和廣播業務模式持久實力的信心。正如佩里所指出的，在充滿活力的經濟和行業格局中，我們 60% 以上的收入來自基於訂閱的收入流，高於媒體和娛樂領域的許多其他公司。

We're staying focused on what we can control, executing our strategy with the discipline to ensure we're in the best position to capitalize on the meaningful tailwinds ahead, including our upcoming distribution renewal cycle, the 2026 midterm elections, and the Winter Olympics.

我們將繼續專注於我們能夠控制的事情，嚴格執行我們的策略，以確保我們處於最佳位置，充分利用未來有意義的順風，包括即將到來的分銷更新周期、2026 年中期選舉和冬季奧運會。

As the industry continues to evolve, we see the momentum shifting in favor of broadcasters, and we remain committed to pursuing opportunities that drive long-term value for our shareholders. With that, it's my pleasure to turn the call over to Lee for the remainder of the financial review. Lee?

隨著產業的不斷發展，我們看到發展勢頭正向有利於廣播公司的方向轉變，我們將繼續致力於尋求為股東創造長期價值的機會。好了，我很高興將剩餘的財務審查交給李。李？

Thank you, Mike, and good morning, everyone. Mike gave you most of the details on the revenue side and on the CW. So I'll provide an overview of expenses, adjusted EBITDA, adjusted free cash flow along with a review of our capital allocation activities and some additional perspectives on our evaluation.

謝謝你，麥克，大家早安。麥克向你提供了有關收入方面和 CW 的大部分細節。因此，我將概述費用、調整後的 EBITDA、調整後的自由現金流，以及對我們的資本配置活動的回顧和對我們評估的一些其他觀點。

Together, first quarter direct operating and SG&A expenses, excluding depreciation and amortization and corporate expenses, declined by $9 million or 1%, primarily driven by our operational restructuring initiatives undertaken in the fourth quarter.

總體而言，第一季直接營運和銷售、一般及行政費用（不包括折舊和攤銷以及公司費用）下降了 900 萬美元，降幅為 1%，這主要得益於我們在第四季度採取的營運重組舉措。

Q1 2025 total corporate expense was $52 million including non-cash compensation expense of $18 million compared to $55 million dollars, including non-cash compensation expense of $18 million in the first quarter of 2024. The $3 million decrease is primarily due to lower legal expenses than the prior year.

2025 年第一季公司總支出為 5,200 萬美元，其中包括 1,800 萬美元的非現金薪資支出，而 2024 年第一季公司總支出為 5,500 萬美元，其中包括 1,800 萬美元的非現金薪酬支出。減少 300 萬美元主要是因為法律費用比前一年降低。

Q1 2025 depreciation and amortization was $205 million versus $190 million in the prior year quarter, an increase of $15 million. Of these amounts included in our definition of adjusted EBITDA is $88 million related to the amortization of broadcast rights for Q1 2025 compared to $69 million for Q1 2024.

2025 年第一季的折舊和攤提為 2.05 億美元，而去年同期為 1.9 億美元，增加了 1,500 萬美元。在我們定義的調整後 EBITDA 中，有 8,800 萬美元與 2025 年第一季的轉播權攤銷有關，而 2024 年第一季為 6,900 萬美元。

The increase of amortization of broadcast rights by $19 million was due to programming costs at the CW as newly acquired programming premiered. Please note that while Q1 CW programming amortization was up year over year, we do not expect 2025 CW programming amortization to be higher than 2024.

廣播權攤銷增加 1900 萬美元是由於 CW 新收購的節目首播產生的節目製作成本。請注意，雖然第一季 CW 節目攤銷額年增，但我們預計 2025 年 CW 節目攤銷額不會高於 2024 年。

Q1 2025com from equity method Investments, which primarily reflects our 31% ownership and TV Food Network, declined by $11 million versus the prior year quarter, primarily related to TV Food Network's lower revenue. Putting it all together on a consolidated basis, first quarter adjusted IIA was $381 million, representing a 30.9% margin, and a decrease of $71 million from the first quarter 2024 of $452 million.

2025 年第一季度，權益法投資（主要反映我們 31% 的所有權和電視食品網絡）較去年同期下降了 1,100 萬美元，主要與電視食品網絡的收入較低有關。綜合來看，第一季調整後的 IIA 為 3.81 億美元，利潤率為 30.9%，比 2024 年第一季的 4.52 億美元減少了 7,100 萬美元。

Moving to the components of free cash flow and adjusted free cash flow. First quarter CapEx was $35 million, a decrease from $44 million in the first quarter of last year, primarily due to timing of CapEx projects. First quarter net interest expense was $97 million, a reduction of $17 million from the first quarter of 2024.

轉向自由現金流和調整後自由現金流的組成部分。第一季的資本支出為 3,500 萬美元，較去年第一季的 4,400 萬美元有所下降，主要原因是資本支出項目的時間安排。第一季淨利息支出為 9,700 萬美元，較 2024 年第一季減少 1,700 萬美元。

On a cash basis, this compares to $95 million in Q1 2025 versus $111 million in Q1 2024. The reduction in interest expenses primarily related to a reduction in silver and Nexstar's reduced debt balances. First quarter operating cash taxes were $2 million as we only have small state tax payments due in the first quarter.

以現金計算，2025 年第一季為 9,500 萬美元，而 2024 年第一季為 1.11 億美元。利息支出的減少主要與白銀減少和 Nexstar 債務餘額減少有關。第一季的營業現金稅為 200 萬美元，因為我們第一季只需繳納少量州稅。

Payments for capitalized software obligations and pension credits, net of proceeds from disposal of assets and insurance recoveries were $11 million versus $7 million last year. Cash distributions from the Food Network were $114 million in the first quarter, which amount is still captured in our free cash flow and our adjusted to free cash flow definitions.

扣除資產處置收益和保險賠償後的資本化軟體債務和退休金抵免支付額為 1,100 萬美元，而去年同期為 700 萬美元。第一季度，美食頻道的現金分配為 1.14 億美元，該金額仍計入我們的自由現金流和調整後的自由現金流定義中。

This amount reflects our pro rata share of cash from operations related to the Food Network's 2024 operating results, which had not been distributed to us during 2024. Included in the first quarter's adjusted EBITDA but excluded from free cash flow is $26 million of income before amortization from equity method investments, which is primarily our pro rata share of Food Network's income, net income in the first quarter of 2025.

該金額反映了我們按比例分享的與美食頻道 2024 年營運績效相關的營運現金，這些現金在 2024 年尚未分配給我們。第一季調整後的 EBITDA 包含但不包含在自由現金流中的是權益法投資攤銷前收入 2,600 萬美元，這主要是我們在 2025 年第一季按比例分配的 Food Network 收入、淨收入。

Cash contributions from our partners in the CW were zero in the quarter versus $19 million in Q1 2024. In Q1, programming amortization costs were higher than cash payments by $8 million as certain programming payments were deferred. Putting this all together, consolidated first quarter 2025 adjusted free cash flow was $348 million as compared to $389 million last year.

本季度，CW 合作夥伴的現金貢獻為零，而 2024 年第一季為 1,900 萬美元。在第一季度，由於某些節目付款被推遲，節目攤提成本比現金付款高出 800 萬美元。綜合以上因素，2025 年第一季合併調整後自由現金流為 3.48 億美元，去年為 3.89 億美元。

A few additional points of guidance with respect to adjusted free cash flow. We are currently projecting CapEx of $30 to $35 million in Q2. Based on the current yield curve and our mandatory amortization payments, Q2 interest expense is expected to be in the $95 million range.

關於調整後的自由現金流，還有幾點額外的指導。我們目前預計第二季的資本支出為 3,000 萬至 3,500 萬美元。根據當前殖利率曲線和我們的強制攤銷支付，第二季利息支出預計在 9,500 萬美元左右。

Q2 cash taxes are expected to be in the $150 to $155 million range, and we have two cash tax payments in the second quarter, in addition to the deferred cash tax payment from 2024 as a result of using the annualization method for our federal income taxes.

預計第二季現金稅將在 1.5 億美元至 1.55 億美元之間，我們在第二季有兩筆現金稅款支付，此外由於採用年度化方法計算聯邦所得稅，我們還將從 2024 年開始遞延現金稅款支付。

In Q2 2025, cash distributions from the Food Network are expected to be in the high single to low double digit range, and payments for programming are expected to be in excess of amortization by about $15 million due primarily to deferred programming payments.

2025 年第二季度，美食頻道的現金分配預計將處於高個位數至低兩位數範圍內，而節目製作費用預計將超過攤銷額約 1500 萬美元，這主要歸因於延期節目製作費用。

Turning to capital allocation on our balance sheet, together with the cash flow operations generated in the quarter and cash on hand, we use $22 million of cash to fund the acquisition of WBNX, an independent station in Cleveland that will become a CW affiliate on September 1.

談到我們資產負債表上的資本配置，加上本季產生的現金流營運和庫存現金，我們使用 2,200 萬美元現金來資助收購 WBNX，這是克利夫蘭的一家獨立電台，將於 9 月 1 日成為 CW 的附屬機構。

We also returned $132 million to shareholders comprised of $57 million in dividends and the repurchase of $75 million of stock at an average price of $169.99 per share, reducing shares outstanding net of equity investing by just under 1%.

我們也向股東返還了 1.32 億美元，其中包括 5,700 萬美元的股息和以平均每股 169.99 美元的價格回購價值 7,500 萬美元的股票，扣除股權投資後的流通股數減少了近 1%。

Nexstar's outstanding debt at March 31, 2025 was $6.5 billion a reduction of $28 million for the quarter, as we made quarterly amortization payments of $31 million, which were partially offset by amortization of debt discounts. Our cash balance at quarter end was $253 million, including $20 million of cash related to the CW.

截至 2025 年 3 月 31 日，Nexstar 的未償債務為 65 億美元，本季減少 2,800 萬美元，因為我們支付了 3,100 萬美元的季度攤銷款，但部分被債務折扣攤銷所抵銷。我們季度末的現金餘額為 2.53 億美元，其中包括與 CW 相關的 2000 萬美元現金。

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. As such, our first lien first lien covenant ratio for Nexstar as of March 31, 2025 was 1.67 times, which is well below our first lien and only covenant of 4.25 times.

由於我們將 CW 指定為不受限制的子公司，因此與 CW 相關的損失未計入我們根據信貸協議計算的槓桿率。因此，截至 2025 年 3 月 31 日，我們對 Nexstar 的第一留置權第一留置權契約比率為 1.67 倍，遠低於我們的第一留置權和唯一契約 4.25 倍。

Our total net leverage for Nexstar was 2.93%. Times at quarter end, as is typical in non-political years, we expect leverage which we calculate on an LTM basis versus a two year average to increase during 2025 as the adjusted EBITDA falls in non-election years when political advertising is significantly lower.

我們對 Nexstar 的總淨槓桿率為 2.93%。在季度末，正如非政治年份的典型情況一樣，我們預計，在 2025 年，根據 LTM 計算的槓桿率（相對於兩年平均值）將會增加，因為在非選舉年份，由於政治廣告數量明顯減少，調整後的 EBITDA 會下降。

For the remainder of 2025, assuming no M&A, we plan to optionally repay an incremental amount of debt and not borrow the debt that was repaid during 2025 with cash from deferred taxes. The additional optional deleveraging will prepare a balance sheet better for any potential M&A and should benefit us if there even if there is no M&A, as many investors value us based on EBITDA multiple.

對於 2025 年剩餘的時間，假設沒有併購，我們計劃選擇性地償還增量債務，而不是用遞延稅款的現金借入 2025 年期間償還的債務。額外的可選去槓桿將為任何潛在的併購更好地準備資產負債表，即使沒有併購也會使我們受益，因為許多投資者根據 EBITDA 倍數對我們進行估值。

Based on that methodology, any debt reduction mathematically increases our equity value dollar for dollar. We also plan to continue to repurchase shares, which will continue to be the largest component of our capital allocation of strategy, especially given our current valuation. Before I turn it over to the operator for questions, I'd just like to make an observation about the volatility in our stock price.

根據該方法，任何債務的減少都會在數學上一一增加我們的股權價值。我們也計劃繼續回購股票，這將繼續成為我們資本配置策略的最大組成部分，尤其是考慮到我們目前的估值。在交給接線員提問之前，我想先觀察一下我們股票價格的波動性。

Subsequent to report in Q4 in February, our stock price rose to a high of just over $180 and then fell to the $150 area on concerns about tariffs in the economy. That's approximate $30 per share swing resulted in the loss of about $900 million in market cap.

在 2 月第四季報告發布後，我們的股價一度上漲至略高於 180 美元的高點，隨後由於對經濟中關稅的擔憂而跌至 150 美元左右。每股約 30 美元的波動導致市值損失約 9 億美元。

At a 6 to 7 times multiple, this implies an expected decline of about $140 to $145,$140 million to $150 million of EBITDA, which, assuming an 80% contribution, implies a $175 million to $190 million decline in non-political advertising revenue. That would mean our non-political advertising would decline 9% to 10% during 2025.

以 6 至 7 倍計算，這意味著 EBITDA 預計將下降約 1.4 億美元至 1.4 億美元，即 1.4 億美元至 1.5 億美元，假設貢獻率為 80%，則意味著非政治廣告收入將下降 1.75 億美元至 1.9 億美元。這意味著我們的非政治廣告在 2025 年將下降 9% 至 10%。

We're not seeing that so far as our Q1 actuals and our Q2 expectations are both down low mid-single digits. And Perry's comment about the 2018 tariff would further indicate this impact is overstated, not to mention the upside we see from potential deregulation and follow on are of M&A. With that, I'll open up the call for questions. Operator, can you go to our first question?

到目前為止，我們還沒有看到這種情況，因為我們的第一季實際收入和第二季預期收入都下降了中個位數。佩里關於 2018 年關稅的評論進一步表明這種影響被誇大了，更不用說我們從潛在的放鬆管制和後續的併購中看到的好處。現在，我將開始回答問題。接線員，您能回答我們的第一個問題嗎？

(Operator Instructions)

（操作員指示）

Dan Kurnos, The Benchmark Company, LLC

Dan Kurnos，The Benchmark Company, LLC

Great, thanks. Good morning. Also a nice job on expenses, Lee Ann. Perry, let me just, let, let's just ask one broad regulatory question. Let's say trustee hypothetically gets confirmed, I don't know, end of this month you said summer.

太好了，謝謝。早安.李安 (Lee Ann)，在開支方面也做得很好。佩里，讓我問一個廣泛的監管問題。假設受託人得到確認，我不知道，你說的是本月底夏天。

What would that mean for the timeline of when you think things start moving? And given all of the commentary we've now had from car, we've got the Simonton op ed now. Do we think an NRM would be shortly forthcoming? Do you proactively test the market and how much do you think the FCC can accomplish versus what has to go to Congress?

您認為這對於事情開始進展的時間線意味著什麼？綜合考慮我們現在收到的所有來自汽車的評論，我們現在得到了西蒙頓的專欄文章。我們是否認為 NRM 很快就會出現？您是否會主動測試市場？您認為聯邦通訊委員會能夠完成多少工作，而國會則必須完成多少工作？

Sure, Dan. I don't pretend to speak or know exactly what's on the mind of Chairman Carr, but I would think that an NRM would be the most likely way to kick off a revisitation of the rules, both local and national, as they relate to ownership. So I would expect that could be one of the very first moves that the that the Chairman could make.

當然，丹。我並不假裝談論或確切了解卡爾主席的想法，但我認為 NRM 是最有可能啟動對與所有權相關的當地和國家規則進行重新審視的方式。因此我預計這可能是主席能夠採取的首批舉措之一。

And I would anticipate, there was a letter, as delivered from House members to the FCC. A couple of weeks ago, there's a senator letter being delivered today with 22 senators signing on urging the FCC to revisit and relax and eliminate ownership regulations as they relate to television.

我預料到，眾議員會向聯邦通訊委員會遞交一封信。幾週前，22 名參議員簽署了一封參議員信，敦促聯邦通訊委員會重新審視、放寬和取消與電視相關的所有權規定。

And there were also notably for public interest groups, that historically have, been on the other side of discussion that endorsed the need for ownership regulations. So, we think the momentum in Washington continues.

值得注意的是，歷史上，公共利益團體一直站在討論的另一邊，支持所有權監管的必要性。因此，我們認為華盛頓的勢頭將會持續下去。

We had a board meeting there last week and everything we heard from the administration and officials were that the path of deregulation, I think would proceed a pace here once the fifth commissioner at the FCC is confirmed.

我們上週在那裡舉行了一次董事會會議，我們從政府和官員那裡聽到的都是，一旦聯邦通信委員會第五任委員得到確認，我認為放鬆管制的進程就會加快。

As to what the FCC can do, I think they can do, pretty much everything. Former Chairman Ajit and I felt that the FCC had the authority to modify or eliminate the national cap as well as the in market ownership rules we have to ascribe to that rule, or that point of view.

至於 FCC 能做什麼，我認為他們幾乎可以做所有事情。前主席阿吉特和我認為，聯邦通訊委員會有權修改或取消國家上限以及市場所有權規則，我們必須將其歸因於該規則或該觀點。

And so we think things could go pretty far, pretty fast, obviously any action that Congress would take would put whatever those rule changes were, out of reach of judicial review, which would be nice as well. But I also think that the Chairman has indicated his willingness to consider waivers during either the dependency of rulemaking or waivers just in general.

因此我們認為事情可能會進展得相當順利、相當迅速，顯然國會採取的任何行動都會使這些規則的改變不受司法審查，這也將是件好事。但我還認為，主席已經表示他願意考慮在規則制定過程中的豁免或一般的豁免。

So, I think you'll see all of those levers be pushed as time goes on, this year, and I do think you'll see M&A activity come into focus as the year goes on.

因此，我認為，隨著時間的推移，今年你會看到所有這些槓桿都被推動，我確實認為，隨著時間的推移，你會看到併購活動成為焦點。

Thanks very much, Perry. Looking forward to it.

非常感謝，佩里。非常期待。

Stephen Cahall, Wells Fargo Securities LLC

富國證券有限責任公司 Stephen Cahall

Thank you. Maybe first just to follow up on Dan's question and your comments there, Perry. So, if we do get an NPRM, I think there's precedent of deals, being proposed under the conditionality of the FCC's new procedures under an NPRM. Are you comfortable sort of putting pen to paper and beginning to transact when the process is at that phase but maybe does still face some challenges in the courts.

謝謝。也許首先只是為了跟進丹的問題和你的評論，佩里。因此，如果我們確實獲得了 NPRM，我認為有先例表明，在 FCC 的 NPRM 新程序的條件下，將會有交易的提出。當流程處於那個階段但可能仍面臨一些法庭挑戰時，您是否願意拿起筆開始交易？

So that's just the first one as we think about that timeline, and then secondly, and I know you don't update EBITDA guidance as we go through the year. Overall, it seems like things are really performing pretty close to the trends that you had suggested when you gave the initial guide in February.

因此，這只是我們考慮時間表時考慮的第一個問題，其次，我知道您不會在全年更新 EBITDA 指導。總體而言，事情的表現似乎與您在二月給出初步指南時所指出的趨勢非常接近。

So, we just roll everything up, the ad market may be a little bit worse, your expenses will look pretty good. The CW guidance didn't change. So, any meaningful puts or takes that you think we should be aware of in terms of how the overall year looks to be trending. Thank you.

所以，我們把所有東西都總結一下，廣告市場可能會稍微糟糕一點，但你的支出看起來會相當不錯。CW 指導沒有改變。因此，您認為我們應該了解全年整體趨勢方面的任何有意義的看跌或看漲因素。謝謝。

Hey Steve, you're right, we do not, update the EBITDA guidance, as we go, but as we go through the year we will continue to sort of give you kind of the what we're seeing in terms of the current market environment.

嘿，史蒂夫，你說得對，我們不會隨時更新 EBITDA 指引，但隨著時間的推移，我們會繼續向您提供我們在當前市場環境下所看到的情況。

I think as we talked about on the when I gave the guidance, the puts and takes really I think the key things that we don't have control of are really what's going on in the advertising market and what's going on with subscriber attrition.

我認為，正如我們在我給予指導時所討論的那樣，我認為我們無法控制的關鍵事情實際上是廣告市場正在發生的事情以及用戶流失的情況。

And so those are the two things I would have you sort of focus on with respect to any adjustments you want to make to your model as it relates to the guidance that we gave at the beginning of the year.

因此，在您對模型進行任何調整時，我希望您關注這兩件事，因為這與我們年初給出的指導有關。

But I would say, Steve, that you're right that we have not seen, and I get questions all the time, you're seeing things just fall off a cliff and the answer is no. First of all, we talked in my remarks about the percent of our ad revenue that is determined by services advertising which is really not dependent or even related to tariffs.

但我想說，史蒂夫，你是對的，我們還沒看到，而且我一直在問這個問題，你看到事情只是跌入懸崖，答案是否定的。首先，我在演講中談到了我們的廣告收入中由服務廣告決定的百分比，而服務廣告實際上並不依賴關稅，甚至與關稅無關。

And the amount that is tied to goods, whether it be automotive or furniture or others, which is a much lower percent of our ad revenue and a much lower percent than that of our total revenue. So our exposure is not anything that we would think would be extraordinary, going back to 2008 when we were, very highly dependent on advertising support, that was a different story.

與商品相關的金額，無論是汽車、家具或其他商品，占我們廣告收入的比例要低得多，也比占我們總收入的比例要低得多。因此，我們認為我們的曝光度並不算特別高，回溯到 2008 年，當時我們高度依賴廣告支持，情況就完全不同了。

So I think that, we were very considered in the guidance that we gave, and I think that things are unfolding pretty much as we had anticipated. There might be puts and takes on the margin, but thematically, things aren't any different than what we had seen at the time we gave the guidance than what we saw last year.

所以我認為，我們給予的指導是經過深思熟慮的，而且我認為事情的發展與我們的預期基本一致。利潤上可能會有損失，但從主題上看，情況與我們給予指導時看到的情況以及去年看到的情況沒有什麼不同。

And so we're not sanguine about it, but I think we're very clear eyed about it that we think things are unfolding pretty much according to the guidance that we gave. As it relates to your question, would we be willing to put pen to paper, during the pendency of an NPRM, I think that, again depends on the circumstances and having a willing counterparty that was willing to do so as well.

因此，我們對此並不樂觀，但我認為我們對此非常清楚，我們認為事情正在按照我們給予的指導展開。至於您的問題，在 NPRM 懸而未決期間，我們是否願意簽署協議，我認為這同樣取決於具體情況，並且是否有一個願意這樣做的交易對手。

But I think you've seen this company take risk acceptable risk, calculated risk for an opportunity. So, I don't think you'd see any change in our behavior as we move through this this year and the deregulation of our industry.

但我想你已經看到這家公司為了機會而承擔了可接受的風險、經過計算的風險。因此，我認為，隨著我們今年的進展和行業放鬆管制，你不會看到我們的行為發生任何變化。

Thank you, very helpful.

謝謝，非常有幫助。

Benjamin Soff, Deutsche Bank

德意志銀行班傑明‧索夫

Good morning, everyone. Thanks for the question. As you guys talked about, we've seen the levels of chord cutting throughout the industry moderate again this quarter. I'm curious if and when you think that will start to show up in results for Nexstar if it hasn't already, and what does that mean for your upcoming slate of renewals later this year?

大家早安。謝謝你的提問。正如你們談到的，我們看到本季整個產業的切線水準再次有所緩和。我很好奇，您認為這是否會在 Nexstar 的業績中體現出來，如果還沒有的話，以及什麼時候會體現出來，這對您今年晚些時候即將進行的續約意味著什麼？

And then appreciate all the color on advertising. I was hoping you could spend a little bit more time with what you're seeing more recently. And I believe in the last quarter you talked about aspiring to get positive growth in that line for the year. Is that still a reasonable expectation? Thank you.

然後欣賞廣告上的所有色彩。我希望您能花更多時間了解您最近看到的內容。我相信您在上個季度談到了希望在今年實現該業務的正成長。這仍然是一個合理的期望嗎？謝謝。

So, I'll take the first question on subs. I don't think we've seen a material change yet. I think the commentary around it has been optimistic, certainly coming from some of the MVPDs who've reported and like others in the industry, we think that a rationalization of some of the MVPD products out there can only provide tailwinds to those trends, right?

那麼，我將回答有關潛艇的第一個問題。我認為我們還沒有看到實質的變化。我認為圍繞它的評論是樂觀的，當然來自一些已經報導過的 MVPD，並且像業內其他人一樣，我們認為對一些 MVPD 產品進行合理化只能為這些趨勢提供順風，對嗎？

The rationalization, what I mean by that is the coming together of D to C with linear in ways that are more attractive to subscribers and makes sense for really everyone involved. So, in terms of impact on our results yet we have not seen any and as I said in the prepared remarks I think we're cautiously optimistic that we may see that play out in the in the rest of the year.

我所說的合理化是指將 D 到 C 與線性結合起來，這對使用者更有吸引力，並且對所有相關人員來說都更有意義。因此，就對我們的結果的影響而言，我們還沒有看到任何影響，正如我在準備好的評論中所說的那樣，我認為我們謹慎樂觀地認為，我們可能會在今年剩餘時間內看到這種情況的發生。

In terms of the impact on our deals, really no impact right now we'll approach our business the way we always do. We continue to believe that the value that we deliver to distributors and therefore, to their customers, it continues to be underweight relative to our share of wallet if you will.

就對我們交易的影響而言，目前確實沒有影響，我們會以一貫的方式處理業務。我們仍然相信，我們向分銷商以及他們的客戶提供的價值相對於我們的錢包份額而言仍然偏低。

And then then I guess on the advertising side, I think we're seeing, what we said in the in the prepared remarks is our Q2 forecast at the current moment is very similar to the what you saw in the first quarter in terms of the, decline in non-traditional advertise or non-political advertising rather, with respect to the full year, we do expect to pick up in the back half of the year given the eliminate elimination of, crowd out.

然後我想在廣告方面，我認為我們看到，我們在準備好的評論中說過，我們目前對第二季度的預測與第一季度看到的非常相似，非傳統廣告或非政治廣告的下滑，而就全年而言，考慮到擠出效應的消除，我們確實預計下半年會回升。

Got it. Thank you.

知道了。謝謝。

Aaron Watts, Deutsche Bank

德意志銀行 Aaron Watts

Hi, thanks for having me. On deregulation and consolidation, I'm just curious with in terms of your focus on the opportunities in the market, how would you prioritize between expanding your national footprint and increasing in market duopolies or perhaps bringing in assets that enrich your underlying spectrum holdings?

你好，謝謝你的邀請。關於放鬆管制和整合，我只是好奇，就您對市場機會的關注而言，您會如何優先考慮擴大您的全國影響力和增加市場雙頭壟斷，或者引入可以豐富您的基礎頻譜資產的資產？

And on the in-market option, can you remind us what type of lift you get from creating a new duopoly in a given market or adding a CW affiliation to a market like you just did in Cleveland?

關於市場內選擇，您能否提醒我們，在特定市場中創建新的雙頭壟斷或在市場中添加 CW 聯盟（就像您剛剛在克利夫蘭所做的那樣）會為您帶來什麼樣的提升？

Sure, let me try and unpack that a little bit, Aaron. I would say that the -- our focus here is first and foremost on the creative acquisitions that are more creative than buying back our stock and whether that takes the form of market, additional, stations added to our roster or expanding our national footprint, both have strategic importance to the company.

當然，讓我試著解釋一下，亞倫。我想說的是——我們在這裡關注的重點首先是比回購股票更有創意的創意收購，無論是採取市場形式、額外的形式、添加到我們的名單中的電台還是擴大我們的全國影響力，都對公司具有戰略重要性。

I would say growing our national footprint has more strategic importance than adding a second or third station in a market. If you look at our overall footprint today, we are duopolized or virtually duopolized in the majority of our markets already. The opportunities that remain to do that are primarily in the TOP10 markets where we operate exclusively CW affiliates.

我想說，擴大我們的全國影響力比在一個市場上增加第二或第三個站點具有更大的戰略意義。如果你看我們今天的整體足跡，你會發現我們在大多數市場已經處於雙頭壟斷或幾乎雙頭壟斷的狀態。剩下的機會主要在我們獨家經營 CW 附屬公司的 TOP10 市場。

So, that would be interesting should there be actionable opportunities. I think that again underlying spectrum. I think we are the largest holder of commercial television spectrum, in the country, UHF television spectrum, and so, adding to that footprint is the byproduct of acquisitions. I with rare exceptions would we do a transaction just to acquire additional spectrum.

因此，如果有可行的機會，那將會很有趣。我認為這又是潛在的頻譜。我認為我們是全國最大的商業電視頻譜、超高頻電視頻譜持有者，因此，擴大這一範圍是收購的副產品。除極少數例外，我們都會進行交易，只是為了獲得額外的頻譜。

We're focused on the operating business up top and the accretion from that vis a vis distribution, expense management, and again putting stations together in markets where we don't already have that opportunity. If the FCC were to eliminate the two to a market rule, then, I think that opens up be it any and even broader opportunity for us to look at in market consolidations and as it relates to margin list there it depends on the combination of stations.

我們專注於頂層營運業務以及由此帶來的分銷、費用管理的成長，並在我們尚未有機會的市場中建立加油站。如果聯邦通訊委員會將這兩者排除在市場規則之外，那麼我認為這將為我們打開一個更廣泛的機會來審視市場整合，因為它與保證金清單有關，這取決於電台的組合。

If you put two big four together, you're going to have the opportunity I think for cost takeouts aside from the payments to the networks, because you probably have too robust news operations, too robust, production operations and while our focus would be to preserve the journalistic layer there.

如果將兩大四大媒體集團合併，我認為除了向網路支付的費用之外，你還有機會降低成本，因為你的新聞營運和製作營運可能過於強大，而我們的重點是保護那裡的新聞層面。

There's no reason you can't take the technical and production infrastructure and streamline that vis a vis automation and in effect running two newspapers off the same printing press. So, the margin left there can be, 20 points, 20, 25 points depending on the combinations and the status of the stations.

沒有理由不能利用技術和生產基礎設施，並透過自動化來簡化，從而使用同一台印刷機印刷兩份報紙。因此，剩下的利潤可能是 20 分、20 分、25 分，具體取決於組合和站點的狀態。

In Cleveland, adding a CW affiliation to an independent station gives us an immediate distribution lift in revenues and then taking a very powerful, organization and which is our Fox affiliate in Cleveland, a very good content operation and a very good sales operation and overlaying that on the assets of the CW will give us, lift down, long term down the road.

在克利夫蘭，將 CW 附屬於一個獨立電視台可以立即提升我們的收入分配，然後利用一個非常強大的組織，也就是我們在克利夫蘭的福克斯附屬機構，擁有非常好的內容運營和非常好的銷售運營，並將其覆蓋在 CW 的資產上，將為我們帶來長期的提升。

But the accretion of that acquisition is primarily through the distribution economics once it becomes a CW affiliate later this year. So I hope that's responsive to your question. I know there was a lot in that.

但此次收購帶來的收益主要來自於其在今年稍後成為 CW 附屬公司後的分銷經濟效益。我希望這能回答你的問題。我知道其中有很多內容。

Really helpful. Thanks a lot.

真的很有幫助。多謝。

Jason Bazinet, Citi

傑森·巴齊內特（Jason Bazinet），花旗銀行

I also had a regulatory question. Is there a sense that the that the industry, that there's broad agreement among potential sellers, the consolidation should happen and therefore, in your seat, you may have the choice of pursuing several different paths in terms of M&A in other words.

我還有一個監管的問題。是否有一種感覺，即該行業的潛在賣家之間已經達成了廣泛的共識，合併應該發生，因此，在您的位置上，您可以選擇在併購方面尋求幾種不同的途徑。

The short answer is yes. I mean, I, chair the NAB joint Board of Directors, and prior to that I chaired the NAB television board, and this is the first time in history that the entire board voted unanimously that the national cap elimination and in market ownership restrictions be eliminated, hasn't always been that the case.

簡短的回答是肯定的。我的意思是，我是 NAB 聯合董事會的主席，在此之前，我還擔任 NAB 電視董事會的主席，這是歷史上第一次整個董事會一致投票決定取消全國上限和市場所有權限制，而情況並非一直如此。

But I think that is a notable achievement in the ability to get the industry organized, under one set of marching orders, and that certainly is impactful at the regulatory agencies and on Capitol Hill that the industry is speaking with, one voice as it relates to that issue. So. I think that, the NAB television board is made up of, representatives.

但我認為，這是一項顯著的成就，它能夠在同一套行動指令下組織起整個行業，而且這無疑對監管機構和國會產生了影響，因為整個行業正在就這一問題發出同一個聲音。所以。我認為，NAB 電視委員會是由代表組成的。

Mike Barrett represents us on the NAB TV board, so a very large group, and there are very small market group operators that also have a voice on that board, and I think everyone realizes that without the ability for strategics to expand and potentially private equity to enter the space because of the deregulatory nature, that there may not be much of a bid for their family assets or generational assets.

邁克·巴雷特 (Mike Barrett) 代表我們在 NAB 電視董事會任職，因此這是一個非常大的集團，並且還有一些非常小的市場集團運營商在該董事會中也有發言權，我認為每個人都意識到，如果沒有戰略擴張的能力以及由於放鬆管制的性質而導致私募股權無法進入該領域，那麼他們的家族資產或戰略擴張的能力以及由於放鬆管制的性質而導致私募股權無法進入該領域，那麼他們的家族資產或戰略擴張的能力可能不會受到競選活動的性質而導致私募股權無法進入該領域，那麼他們的家族資產或戰略擴張可能不會受到競爭的世代。

So I think everyone sees the need for deregulation to allow the industry to reach its full value potential.

因此我認為每個人都看到了放鬆管制的必要性，以使該行業充分發揮其價值潛力。

Can I ask one follow up, and this may be too legal, but I'm going to try. I heard your point about the FCC potentially doing the waivers and about the NPRM. The one thing that that I don't know how to think about is, I think it was last year the Supreme Court sort of pushed back on Chevron deference, meaning robbing the expert agencies of some of the power that they've historically had and sort of forcing Congress to be more explicit about changes that take place as opposed to just pushing it down to an expert agency like the FCC to do the rulemaking.

我可以問一個後續問題嗎，這可能太合法了，但我會嘗試。我聽到了您關於 FCC 可能實施豁免以及 NPRM 的觀點。我不知道該如何思考的一件事是，我認為去年最高法院在某種程度上推翻了雪佛龍的尊重，這意味著剝奪了專家機構歷史上擁有的一些權力，並迫使國會更明確地說明正在發生的變化，而不是僅僅將其推給聯邦通信委員會等專家機構來製定規則。

Do you feel that that shift at the Supreme Court is a potential flying ointment that would require congressional action as opposed to relying on the FCC as the expert agency, or is that a sort of a red herring?

您是否認為最高法院的這種轉變是一個潛在的補救措施，需要國會採取行動，而不是依賴聯邦通訊委員會作為專家機構，或者這只是一種轉移注意力的手段？

Yeah, well, one man's opinion is it's a red herring. We actually read the Chevron ruling as a positive for industry, meaning that there could be judicial review of regulatory agency sanctions that they couldn't just happen in a vacuum and that there could be a question for the need of those and so we see it as a positive.

是的，有人認為這只是轉移注意力的幌子。我們實際上認為雪佛龍的裁決對產業來說是件好事，這意味著監管機構的製裁可能會受到司法審查，而這些制裁不可能在真空中進行，而且這些制裁的必要性可能會受到質疑，因此我們認為這是一件好事。

I don't see that as a red herring necessarily. I think the entire administration as well as, both houses of Congress certainly are focused on streamlining government intrusiveness into private business and so, I think that at this point in time, I don't see that as an impediment and in fact there's been very little at this point reaction to the Chevron ruling as it relates to the day to day operations of businesses and the government. So from our perspective, I don't see that as an impediment on a going forward basis.

我不認為這必然是個轉移注意力的藉口。我認為整個政府以及國會兩院肯定都致力於簡化政府對私營企業的干預，因此，我認為目前這不會成為一種障礙，事實上目前對於雪佛龍裁決的反應非常小，因為它與企業和政府的日常運營有關。因此，從我們的角度來看，我並不認為這會成為未來發展的障礙。

I would just add to that I think the letters that you've seen from both houses of Congress would indicate that the legislators are encouraging the SEC to act as well. So certainly they don't see that the SEC is being limited here.

我想補充一點，我認為你看到的來自國會兩院的信件表明立法者也在鼓勵證券交易委員會採取行動。因此他們肯定不認為美國證券交易委員會在這裡受到限制。

Thank you very much.

非常感謝。

Patrick Scholl, Barrington Research Associates, Inc.

蕭爾（Patrick Scholl），巴林頓研究協會（Barrington Research Associates, Inc.）

Hi, good morning. A question on the ad market. You mentioned the growth in the services sector in the last trade war. I was just kind of curious, how much of that was increased, penetration of getting new advertisers on the TV and just, within the various service categories where you feel TV is relatively underutilized from those, advertisers?

嗨，早安。關於廣告市場的一個問題。您提到了上次貿易戰中服務業的成長。我只是有點好奇，電視上新廣告商的滲透率增加了多少？在您看來，在各種服務類別中，電視相對而言沒有充分利用，廣告商又增加了多少？

Thanks. I think the, from the last, in 2018, there wasn't really like new advertisers that were coming on. It was just sort of our same our same group it was just, continuation of the trend of the benefits of advertising, right?

謝謝。我認為，從 2018 年開始，並沒有出現新的廣告商。這只是我們同一個群體的一種延續，廣告帶來的好處趨勢而已，對吧？

These are companies that are really ringing the cash register because someone has heard their ad and they came into the store they hired them to, with for their lawsuit, whatever that was and so it's a very stable piece of the of the pie and a nice, it's nice from our advertising composition perspective to be, the significant percentage of our ads.

這些公司確實在為顧客賺錢，因為有人聽了他們的廣告，然後來到他們僱用他們的商店，為了他們的訴訟，不管那是什麼，所以這是一塊非常穩定的蛋糕，從我們的廣告構成角度來看，這是一個很好的機會，我們的廣告佔了相當大的比例。

And I think this time going around it's really no different. I mean, we're seeing a definite difference in terms of the rate of decline of goods versus the services category. Significant.

我認為這次也沒有什麼不同。我的意思是，我們看到商品和服務類別的下降率有明顯差異。重要的。

Barton Crockett, Rosenblatt Securities, Inc.

巴頓·克羅克特（Barton Crockett），羅森布拉特證券公司

Hi, great. Thanks for taking the question. I guess if I could too, but the first one is really on this regulatory question. So, I get the FCC, but I'm wondering about the DOJ and antitrust. How much of an impediment could that be?

嗨，太好了。感謝您回答這個問題。我想如果我也可以的話，但第一個問題實際上是關於這個監管問題。所以，我了解聯邦通訊委員會 (FCC)，但我對司法部和反壟斷感到疑惑。這會造成多大的阻礙？

And then kind of within that question, historically I think there's been this very reasonable thought that they should include in the market definition, these things that have been, accused by the government of monopoly like search and social. Does that need to change? Do you see any prospects that could change under this administration?

然後，在這個問題中，從歷史上看，我認為有一個非常合理的想法，他們應該將這些被政府指責為壟斷的事物納入市場定義中，例如搜尋和社交。這需要改變嗎？您認為在本屆政府的領導下，前景會有什麼改變嗎？

Yes, in a, in one word, the folks that our GR team has spoken to at DOJ have said have not gone on record but have said in private conversations that no one can defend the current rules, that television station advertising is a discreet market, as is radio station advertising.

是的，總而言之，我們的 GR 團隊在司法部採訪過的人表示，雖然沒有公開發表意見，但在私下談話中表示，沒有人可以為現行規則辯護，電視台廣告是一個謹慎的市場，廣播電台廣告也是如此。

Nobody believes that, nobody can defend that with a straight face, and so I do not see that as an impediment to, in market opportunities to consolidate. Let's just assume you have 50% of the television revenue in a marketplace, but let's talk about the part of the iceberg that's below the water level, which is every other form of advertising that our local sellers compete with.

沒有人相信這一點，沒有人能夠面無表情地為這一點辯護，因此我並不認為這會成為市場整合機會的障礙。我們假設你擁有市場上 50% 的電視收入，但讓我們來談談冰山一角，即水面以下的部分，也就是我們當地賣家競爭的所有其他形式的廣告。

There's a line out the door at the car dealership or the furniture store, people in to sell digital advertising, connected television advertising, pens with your company's name on it, out of home, advertising billboards.

汽車經銷店或家具店的門外排起了長隊，人們進來銷售數位廣告、連網電視廣告、印有公司名稱的筆、戶外廣告和廣告看板。

So, ads in the high school yearbook, I mean those are all compete for the one advertising budget that business owners have and to believe anything other than that ignores the realities of what our sales people encounter in the marketplace every day. So I again, pretty high up the food chain at the DOJ. I think people understand that and are willing to address marketplace realities in transactions that might be proposed going forward.

所以，高中年鑑中的廣告，我的意思是那些都在爭奪企業主擁有的廣告預算，並且相信除此之外的任何事情都忽略了我們的銷售人員每天在市場上遇到的現實情況。因此，我再次強調，我在司法部處於相當高的地位。我認為人們理解這一點，並願意在未來可能提出的交易中解決市場現實問題。

I'll just add that to the extent that you thought that rule or really not a rule, but that interpretation of the marketplace made any sense historically. Certain changes in the marketplace recently would really undermine it. What I mean by that is the introduction of advertising, television advertising in particular across Netflix and Amazon Prime.

我只是想補充一點，如果你認為這條規則真的不是規則，但從歷史上看，對市場的這種解釋是有道理的。最近市場上的某些變化確實會破壞它。我的意思是引入廣告，特別是 Netflix 和 Amazon Prime 上的電視廣告。

I think you can look at those and the flood of inventory that they've brought to the market as a fundamental change in the marketplace that absolutely should compel a different, a different view of that.

我認為你可以把這些以及他們為市場帶來的大量庫存看作是市場的一個根本性變化，這絕對應該迫使人們對此採取不同的、不同的看法。

Now, if I could ask kind of a, an adjacent question. To what degree in Nexstar specifically in local television generally. Is this, emerging kind of form of programmatic and connected TV advertising that's part of what Netflix is doing and just a lot of momentum around that generally that we see at the national networks?

現在，如果我可以問一個相關的問題。Nexstar 在本地電視台的影響力究竟有多大？這是 Netflix 正在做的一種新興的程式化連網電視廣告形式嗎？我們在全國電視網絡上也看到了這種形式的強勁勢頭？

I don't really hear you guys talking about that locally or see it that much, and to what degree is that kind of change? Should it change? Can it change?

我確實沒有聽到你們在當地談論這個或看到太多這樣的事情，這種變化在多大程度上？它應該改變嗎？可以改變嗎？

Well, and again, I don't want to open our playbook ,so everybody can read it, but I mean we certainly are cognizant of the fact that the vast majority of advertising, all digital, all national, advertising is sold on an impression-based basis, and here is television selling demography and so I think that, we are at a forefront of having discussions that would enable us to be selling more of our inventory on an impression-based basis.

好吧，再說一次，我不想公開我們的劇本，讓每個人都能讀到，但我的意思是，我們當然意識到，絕大多數廣告，所有數字廣告、所有全國性廣告都是基於印像出售的，這裡是電視銷售人口統計，所以我認為，我們正處於討論的最前沿，這將使我們能夠基於印像出售更多的庫存。

We can control the rate at which those orders are accepted and all of that, but it also, listen, advertising agencies make less money placing linear television ads than they do placing digital ads. And until we address that structural inequity, it's going to be hard to talk about sustained growth in this business at the advertising support level.

我們可以控制接受這些訂單的速度等等，但是，聽著，廣告公司投放線性電視廣告的收入比投放數位廣告的收入要少。在我們解決這種結構性不平等問題之前，很難談論該業務在廣告支援層面的持續成長。

So, we're totally cognizant of it and focused on it and discussions are ongoing behind the scenes and obviously if we have something to announce, we'll announce it but we are focused on creating, removing all structural impediments and any other impediment in doing business with our company and in our industry, I think that's where everyone should be focused.

因此，我們完全意識到這一點並專注於此，幕後討論也在進行中，顯然，如果我們有什麼要宣布的，我們就會宣布，但我們專注於創造和消除所有結構性障礙以及在我們公司和行業開展業務時遇到的任何其他障礙，我認為這是每個人都應該關注的地方。

So, we get it and are taking moves to evolve the way we sell our advertising to be as compatible as possible. Everyone understands the superior value proposition, but if it's hard to buy and less profitable to buy, we can understand why people may move their money in other places. So we're straight up addressing it ourselves and expect that the industry will ultimately follow.

因此，我們明白這一點，並正在採取措施改進我們的廣告銷售方式，使其盡可能相容。每個人都明白優越的價值主張，但如果很難購買並且購買利潤較低，我們就可以理解為什麼人們可能會將資金轉移到其他地方。因此，我們直接自己解決這個問題，並期望整個產業最終能夠效仿。

Okay, great. Thank you.

好的，太好了。謝謝。

Craig Huber, Huber Research Partners LLC

Craig Huber，Huber Research Partners LLC

Great, thank you. I want to ask you, Perry, about this proposal or this [oped] out there about capping reverse [retrains] at at 30% of [retrains] revenues for your companies and stuff, and you sort of think about it, I want to hear your comment on this if you could please.

太好了，謝謝。佩里，我想問你關於這個提議或這個[專欄]的問題，關於將逆向[再培訓]限制在你們公司[再培訓]收入的 30% 以內，如果你考慮一下，如果可以的話，我想聽聽你對此的評論。

We've been talking about for years and years about deregulating your stuff out there in market rules of 39% ownership cap, and all of a sudden now, there's this potential out there of a 30% cap on the reverse [retrein] side of things here.

多年來，我們一直在談論放鬆對 39% 所有權上限的市場規則的管制，而現在突然之間，出現了與此相反的 30% 所有權上限的可能性。

I mean, when I sit back and think about the FCC, the Trump administration, Congress that they got involved here. They're either deregulatory, leave us alone or they're not. I mean, why does it make sense to get rid of 39% ownership cap, which I am sympathetic with in the market rules certainly on board with that as well.

我的意思是，當我坐下來思考聯邦通訊委員會、川普政府、國會參與其中時。他們要么放鬆管制，讓我們獨自一人，要么就這麼做。我的意思是，為什麼取消 39% 的所有權上限是有意義的，我同意市場規則，當然也同意這一點。

But then why put in place a cap on the [retrains] payment side of things here surely benefit. I think you guys on the surface, but there's an unintended consequence that I think of the networks, I would think logically would just pull back how much money they spent on programming that they put on your TV stations and your peers out there and stuff.

但為什麼要為再培訓的支付方面設定上限呢？這肯定會帶來好處。我認為你們表面上如此，但我認為網路會產生意想不到的後果，我認為從邏輯上講，網路會減少在你們的電視台和同行上播放的節目上花費的資金。

So can you just comment on that because it seems totally inconsistent to them. I'm just baffled by the whole thing, frankly.

那麼您能否對此發表評論，因為這對他們來說似乎完全不一致。坦白說，我對整件事感到困惑。

Well, listen, we have a great deal of respect for Commissioner Simington and his approach to free markets and deregulation. I would say that his thoughts were expressed in an op ed, which I would characterize as one man's opinion. I will tell you, having spent, I think I've been on Capitol Hill seven times so far this year.

好吧，聽著，我們非常尊重西明頓委員以及他對自由市場和放鬆管制的態度。我想說，他的想法是在一篇專欄文章中表達的，我將其描述為一個人的觀點。我可以告訴你，今年到目前為止，我已經去過國會山莊七次了。

There is very little interest in getting involved in the commerce between stations and networks other than there has been an increasing interest in the asymmetrical approach to virtual MBPDs and traditional MBPDs, given that, YouTube now, promotes themselves as the third largest MBPD but yet there are virtual MBPD.

人們對參與電台和網路之間的商業活動興趣不大，只是對虛擬 MBPD 和傳統 MBPD 的不對稱方法的興趣日益濃厚，因為 YouTube 現在將自己宣傳為第三大 MBPD，但實際上存在虛擬 MBPD。

So our rules of engagement are different, and I don't think anyone feels that makes much sense, but listen, we are, largest, affiliate groups and among the largest affiliate groups of all of the big four, we happen to own the big five, and, would not be handcuffed by a 30% rule, should it come into effect in terms we aspire to a 30% distribution revenue for the CW from our affiliates.

因此，我們的參與規則是不同的，我想沒有人會覺得這有什麼意義，但是聽著，我們是最大的附屬集團，也是四大集團中最大的附屬集團之一，我們恰好擁有五大集團，並且不會受到 30% 規則的束縛，如果該規則生效，我們希望從我們的附屬機構獲得 CW 30% 的分銷收入。

But at this point in time, I think there would be very little traction for that taking hold. So I would take it as, the op ed that it was, but I don't know that I see it gaining much traction in Washington or in the marketplace.

但就目前而言，我認為這項措施的實施還不會有太大的進展。因此，我會將其視為一篇專欄文章，但我不知道它是否會在華盛頓或市場上引起太大反響。

And then thank you for that. And then Lee Ann, if you could just comment if you would on the CW losses year over year in the first quarter, is it ballpark maybe roughly $10 million worse in the first quarter here, because of the higher sports program I understand. And what is your outlook if you could quantify that what your outlook is the CW losses for the full year? Thank you.

然後謝謝你。然後李安，如果您能評論一下 CW 第一季的同比虧損，大概是 1000 萬美元左右，據我了解，這是因為體育節目的收費較高。如果您可以量化全年 CW 損失的預測，那麼您的預測是什麼？謝謝。

Yeah, I, our outlook for the CW losses for the full year are consistent with what we said on the last call, which was, about a 25% better or 25% better than what it was in 2024. We did see, an increase in the amortization of broadcast rights, in the first quarter which was about, a substantial increase over the first quarter of 2024, you can see that number and the losses did increase by, more than $10 million in the first quarter.

是的，我對全年 CW 損失的預測與我們上次電話會議上所說的一致，即比 2024 年的損失好 25% 或 25% 左右。我們確實看到，第一季度轉播權攤銷有所增加，與 2024 年第一季度相比大幅增加，您可以看到這個數字，而且第一季度的損失確實增加了 1000 多萬美元。

But again, we, that's an anomaly, a seasonality anomaly, and we still are on track to kind of get where we think we're going to get we had planned to get to it for the full year.

但再次強調，這是一種異常現象，一種季節性異常現象，我們仍然有望實現我們計劃在全年實現的目標。

Great, thank you.

太好了，謝謝。

Alan Gould, Loop Capital Markets.

艾倫·古爾德（Alan Gould），Loop Capital Markets。

Thanks for taking the question too, please. Parry, speaking of the fifth network, just wondering where you stand in repricing your CW, fees to your station partners, your affiliates, and secondly on advertising, just curious how big a difference there is on your advertising your sports product versus your news product versus your general entertainment product. Thank you.

也感謝您回答這個問題。帕里，說到第五個網絡，我只是想知道你在重新定價你的 CW、向你的電台合作夥伴、你的附屬機構收取費用方面的立場，其次是廣告，我只是好奇你的體育產品廣告、新聞產品廣告和一般娛樂產品廣告之間有多大區別。謝謝。

Well, listen, we're working on repricing our value proposition to our CW affiliates, and the way we do that is by demonstrating the value of the CW affiliation through investment and programming and most importantly that programming paying off in terms of increased eyeballs to the network.

嗯，聽著，我們正在努力重新調整我們對 CW 附屬機構的價值主張，我們這樣做的方式是透過投資和節目製作來展示 CW 附屬機構的價值，最重要的是，節目製作透過增加網路的觀眾人數來獲得回報。

Our affiliates are over the moon and our investments in sports programming, what it brings to them, the additional inventory that they don't have to program. And so, our discussions with those affiliates as well as our own station group, which is the largest customer of the network in terms of, we are the largest CW affiliate group.

我們的附屬機構對我們在體育節目上的投資感到非常高興，這為他們帶來了無需編程的額外庫存。因此，我們與這些附屬機構以及我們自己的站台集團進行了討論，就網絡而言，我們是最大的 CW 附屬集團。

People recognize the value we're bringing and now it's, and we told them it was coming and so they've had a couple of years now to get out in front of that with distribution negotiations on their own behalf. So, I do expect that one of the value levers to break even of the CW affiliation of the CW network for the next two years, '25 and '26, will be through increased remuneration vis a vis distribution payments to the network from its affiliate base.

人們認識到我們所帶來的價值，現在我們告訴他們它即將到來，所以他們已經有幾年的時間代表自己透過分銷談判來領先它。因此，我確實預計，在未來兩年（25 年和 26 年），CW 網路實現 CW 附屬關係收支平衡的價值槓桿之一將是透過增加附屬機構向網路支付的分銷費用來獲得報酬。

So it's an ongoing process. When we first took over the network, we said all the great things we were going to do and asked for big increases and they said, well, wait a minute, you haven't done anything yet. That's fair. Now we have and I think now it's our turn, and as relates to the second part of your question, I forget what that was. Can you remind me again?

所以這是一個持續的過程。當我們第一次接管該網絡時，我們說了我們將要做的所有偉大的事情，並要求大幅增加，他們說，好吧，等一下，你還沒有做任何事情。這很公平。現在我們有了，我想現在輪到我們了，至於你問題的第二部分，我忘了那是什麼了。你能再提醒我嗎？

Sure, when you're selling advertising, how big a difference are you seeing selling advertising on sports content versus news content versus general entertainment content?

當然，當您銷售廣告時，您認為體育內容廣告、新聞內容廣告和一般娛樂內容廣告的銷售有多大區別？

Well, I would probably put them in that order, right? I mean, sports programming is of the moment right now and that's why we be added additional sports programming. There's a big demand for sports because it's live, it's leaned forward. I would say, as it relates to demand for local news, we've seen no effect in that. I mean, that is where local advertisers want to be for all the same reasons.

嗯，我可能會按照這個順序排列，對嗎？我的意思是，體育節目現在是熱門話題，這就是我們增加體育節目的原因。人們對體育運動的需求很大，因為它是現場直播的，而且具有前瞻性。我想說，就其與當地新聞的需求而言，我們尚未看到任何影響。我的意思是，出於同樣的原因，當地廣告商也希望進入這個領域。

You're talking about my local community, people are interested in that. My ads get more attention there and I would say that unfortunately, because we produce some very good scripted programming, that's third in the batting order.

您正在談論我的當地社區，人們對此很感興趣。我的廣告在那裡得到了更多的關注，我想說的是，不幸的是，因為我們製作了一些非常好的腳本節目，所以它在擊球順序中排在第三位。

That's not, generally consumed live, it's consumed, by appointment whenever I'm ready to see it, through a streaming or on my DVR and so, that is probably the least in demand of the three categories that you talked about.

這不是一般的現場觀看，而是透過串流媒體或 DVR 預約觀看，只要我準備好觀看，所以這可能是您談到的三個類別中需求最少的。

And if you look at the mix, from a network perspective that we've orchestrated at the CW, scripted entertainment programming comprises a lower percent of the total hours of prime time and total hours programmed by the network, and I think it's in addressing that marketplace reality.

如果你從我們在 CW 精心策劃的網絡角度來看一下節目組合，你會發現，劇本類娛樂節目在黃金時段的總時長和網絡節目總時長中所佔的比例較低，我認為這是為了應對市場現實。

It wasn't just to cut costs, it was to mirror more what the television audience is looking to consume, which is live programming, event programming, and sports programming. We still have a healthy, we will have on the network in this upcoming season a Dick Wolf police procedural.

這不僅是為了削減成本，也是為了更好地反映電視觀眾想要消費的內容，即現場直播節目、活動節目和體育節目。我們仍然很健康，我們將在即將到來的這個季節在網路上播放迪克沃爾夫警察程序劇。

That's kind of a watershed event for the CW when you think we're in business with one of the most prolific and successful program producers, in television, and I'm excited about that and, both hope and think that that show will do well, but we're not abandoning scripted. We're just evolving the programming mix to represent marketplace realities.

當你想到我們與電視界最多產和最成功的節目製作人之一合作時，這對 CW 來說是一個分水嶺事件，我對此感到興奮，並且希望並認為該節目會很成功，但我們不會放棄劇本。我們只是不斷改進節目組合以反映市場現實。

I think if you look at, right now Wednesday night is a scripted night and Friday night is Penn and Teller night and Tuesday night's wrestling night and with WWE and I think that, thematically that's how we're, Brad Schwartz and his team and Sean Compton are building the network and we think that it will overtime pay significant dividends to both the network, the affiliates of which were the largest, and our counterparties as well.

我認為如果你看一下，現在周三晚上是劇本之夜，週五晚上是佩恩和特勒之夜，週二晚上是摔跤之夜，還有 WWE，我認為，從主題上講，這就是我們的方式，布拉德施瓦茨和他的團隊和肖恩康普頓正在構建網絡，我們認為它將隨著時間的推移為網絡（其附屬公司是最大的）和我們的交易對手帶來可觀的紅利。

Okay. Thank you.

好的。謝謝。

Thank you. We have reached the end of our question-and-answer session. I'd like to turn the call back over to Mr. Sook for any closing remarks.

謝謝。我們的問答環節已經結束。我想將電話轉回給 Sook 先生，請他做最後發言。

Thank you very much, operator. In closing networks, local advertising, our political advertising, and our distribution revenue streams all provide us with a stable and growing foundation across all economic cycles. Our uniquely scaled portfolio of local and national media assets continue to generate substantial free cash flow to support our value enhancing capital allocation strategy that we described earlier.

非常感謝，接線生。在封閉式網路、本地廣告、政治廣告和分銷收入流中，我們都為我們在所有經濟週期中提供了穩定且不斷增長的基礎。我們獨特規模的本地和國家媒體資產組合繼續產生大量自由現金流，以支持我們先前描述的增值資本配置策略。

With our proven financial track record, our best in class balance sheet, and additional upside from potential regulatory reform, we believe that Nexstar offers a rare combination of consistency, flexibility, as well as growth.

憑藉我們良好的財務業績記錄、一流的資產負債表以及潛在監管改革帶來的額外優勢，我們相信 Nexstar 提供了一致性、靈活性和成長性的罕見組合。

Simply put, we have the platform, the people, and the momentum to continue to deliver long term shareholder value. And as Nexstar's third largest shareholder, I might add, no one is more personally committed to that mission than I am. Thank you all for your continued support and we look forward to updating you again on our second quarter earnings call in August. Have a good day.

簡而言之，我們擁有平台、人才和動力來繼續為股東創造長期價值。而且，身為 Nexstar 的第三大股東，我想補充一點，沒有人比我更致力於這項使命。感謝大家一直以來的支持，我們期待在 8 月的第二季財報電話會議上再次向您通報最新情況。祝你有美好的一天。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與並祝您有美好的一天。