Nexstar Media Group Inc (NXST) 2026 Q1 法說會逐字稿

Good day. Welcome to Nexstar Media Group's first quarter 2026 conference call. Today's call is being recorded. I will now turn the conference over to Joe Jaffoni, Investor Relations. Please go ahead.

大家好。歡迎參加 Nexstar Media Group 2026 年第一季財報電話會議。今天的電話會議將被錄音。我現在把會議交給投資人關係部的 Joe Jaffoni。請開始。

Good morning, everyone, and thank you, Stacy. I'll read the Safe Harbor language, and then we'll get right into the call.

各位早安，也謝謝你，Stacy。我將宣讀「安全港」聲明，然後我們就直接進入會議內容。

All statements and comments made by management during this 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. 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, 2025, as filed with the Securities and Exchange Commission, and Nexstar's subsequent public filings with the SEC. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

在本次電話會議中，管理層所作的所有陳述與評論（歷史事實陳述除外），就 1995 年《私人證券訴訟改革法》之目的而言，均可能被視為前瞻性陳述。Nexstar 提醒，這些前瞻性陳述存在風險與不確定性，可能導致實際結果與今日電話會議中所作前瞻性陳述所反映者有重大差異。關於上述風險與不確定性的更多細節，請參閱 Nexstar 向美國證券交易委員會（SEC）提交之截至 2025 年 12 月 31 日止年度的 Form 10-K 年報，以及 Nexstar 其後向 SEC 提交的公開文件。Nexstar 不承擔更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因所致。

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.

現在我很高興把會議交給今天的主持人：Nexstar 創辦人、董事長兼執行長 Perry Sook。Perry，請開始。

Thank you, Joseph. Good morning, everyone. We appreciate you all joining us today. Michael Biard, our Chief Operating Officer, and Lee Ann Gliha, our Chief Financial Officer, are with me on the call here as always. Nexstar hit the ground running in the first quarter of 2026, advancing our strategic priorities across multiple fronts. We closed our landmark acquisition of Tegna following FCC and DOJ approval, and we continued to build and grow The CW and NewsNation as national networks. We delivered strong quarterly net revenue, adjusted EBITDA, and adjusted free cash flow.

謝謝你，Joseph。各位早安。感謝各位今天加入我們。如同以往，我們的營運長 Michael Biard 與財務長 Lee Ann Gliha 也一同在線上。Nexstar 在 2026 年第一季一開始就全速推進，於多個面向推動我們的策略重點。在獲得 FCC 與 DOJ 核准後，我們完成了具里程碑意義的 Tegna 收購案，並持續打造與成長 The CW 與 NewsNation 這兩個全國性電視網。我們繳出強勁的季度淨營收、調整後 EBITDA 與調整後自由現金流。

This year marks the 30th anniversary of Nexstar's founding, starting with a single television station in Scranton, Pennsylvania. From the very beginning, Nexstar's growth and success has always been grounded in our steadfast commitment to high-quality local broadcast journalism, which we believe is essential to the communities we serve and to American democracy.

今年是 Nexstar 成立 30 週年，當年我們從賓夕法尼亞州史克蘭頓（Scranton）的一家電視台起家。自創立之初，Nexstar 的成長與成功始終建立在我們對高品質在地廣播新聞的堅定承諾之上；我們相信，這對我們所服務的社區以及美國民主都至關重要。

While our core mission has not wavered, the competitive landscape has changed dramatically in those 30 years. Big tech, legacy, big media, and distribution companies have grown exponentially, and despite consolidation within our industry, Nexstar still operates with a fraction of their ubiquitous reach and financial resources, prohibiting us and every other company in our industry from competing on a level playing field. Against this backdrop, our acquisition of Tegna represents an important step in solidifying our future and our ability to continue providing these valuable services to local communities across the United States.

雖然我們的核心使命從未動搖，但在這 30 年間，競爭格局已發生劇烈變化。大型科技公司、傳統媒體巨頭與發行／分銷公司呈指數式成長；即便本產業內部出現整併，Nexstar 的普及觸及與財務資源仍僅為其一小部分，使我們以及本產業的其他公司無法在公平的競爭環境下競爭。在此背景下，我們收購 Tegna 是鞏固未來、並持續為全美各地在地社區提供這些重要服務能力的一個關鍵步驟。

I'll now spend a few minutes bringing you up to speed on where we are today with the acquisition of Tegna. I'll start by saying the situation that we are dealing with is unusual, and I would caution against attempting to draw legal conclusions at this stage. We will be as transparent as possible under the circumstances and share what we can at this time.

接下來我將花幾分鐘向各位更新我們目前在 Tegna 收購案上的進展。我先說明，我們所面對的情況並不尋常，並提醒各位此階段不宜嘗試作出法律結論。在現有情況允許下，我們會盡可能透明，並在此刻分享我們能分享的資訊。

As you know, the transaction closed on March the 19, after receiving all required regulatory approvals. As part of that process, we engaged extensively with the FCC and DOJ and provided more than 7 million pages of documentation in response to their inquiries. We also made meaningful concessions to secure our approvals, including agreeing to increase local news programming in 9 markets, divest stations in 6 markets within two years, and extend expiring retransmission agreements through November 30 of this year.

如各位所知，在取得所有必要的監管核准後，本交易已於 3 月 19 日完成交割。在該過程中，我們與 FCC 與 DOJ 進行了廣泛接觸，並就其詢問提供超過 700 萬頁的文件。我們也為取得核准作出實質讓步，包括同意在 9 個市場增加在地新聞節目、在兩年內於 6 個市場出售電視台，以及將即將到期的轉播同意（retransmission）協議延長至今年 11 月 30 日。

Under ordinary circumstances, that process with the concessions and the regulatory approvals would allow us to move forward post-closing with our integration plans. However, DirecTV, along with a number of state AGs, filed suit seeking to block the transaction.

在一般情況下，完成上述讓步與監管核准後，我們即可在交割後依整合計畫向前推進。然而，DirecTV 與若干州檢察長（AGs）提起訴訟，試圖阻止本交易。

DirecTV is a sophisticated company owned by a private equity firm, TPG, with its own commercial interests, just as we have ours. That said, the issue before the courts is not the relative commercial negotiating positions of the parties. It is whether this transaction serves the broader public interest, including American consumers and in the preservation of local journalism. As such, we believe we will prevail on the merits of this case. We are confident in our arguments expressed in detail in the FCC's order approving the transaction that a stronger, more financially resilient local broadcast industry is in the public's best interest. We believe this is a fight worth having for us, for our industry, and for the future of local journalism.

DirecTV 是一家成熟的公司，由私募股權公司 TPG 持有，並有其自身的商業利益，就如同我們也有我們的利益一樣。但法院目前要審理的問題，並非各方在商業談判上的相對地位。而是此交易是否符合更廣泛的公共利益，包括美國消費者以及在地新聞的保存。因此，我們相信我們將在本案實體爭點上勝訴。我們對 FCC 核准本交易之命令中所詳述的論點充滿信心：更強大、財務韌性更高的在地廣播產業符合公共最佳利益。我們相信，這是一場值得我們、值得本產業、也值得在地新聞未來去打的仗。

Nexstar is a company built on localism, and our track record demonstrates that scale and operational strength are critical to sustaining high-quality local news programming. As the company has grown, we've consistently made meaningful investments in our station infrastructure and in expanding local news programming, which is the most viewed and the most valued programming that we offer. This transaction represents an opportunity to further our longstanding commitment to serving the communities of all sizes with high-quality, free over-the-air programming, fact-based journalism, and innovative digital and marketing solutions for both our viewers and our advertising partners.

Nexstar 是一家以在地性為核心打造的公司，而我們的往績顯示，規模與營運實力對維持高品質在地新聞節目至關重要。隨著公司成長，我們持續對電視台基礎設施與在地新聞節目擴充進行具意義的投資；在地新聞是我們提供的節目中收視最高、也最受重視的內容。本交易提供了一個機會，使我們能進一步落實長期承諾：以高品質、免費的無線（over-the-air）節目、以事實為本的新聞報導，以及創新的數位與行銷解決方案，服務各種規模的社區，並同時滿足觀眾與廣告合作夥伴的需求。

We're focused on presenting the strongest possible legal arguments to the court. To that end, we've engaged Beth Wilkinson of Wilkinson Stekloff to lead our trial and appellate efforts, supplementing our formidable antitrust counsel at Morrison Foerster.

我們專注於向法院提出最有力的法律主張。為此，我們聘請 Wilkinson Stekloff 的 Beth Wilkinson 領導我們的審判與上訴工作，並補強 Morrison Foerster 強大的反托拉斯法律顧問團隊。

Beth Wilkinson is one of the nation's most highly regarded trial lawyers, having recently led the defense team that secured a victory for the NFL and its 32 member teams in a major antitrust class action suit challenging the Sunday Ticket distribution and related media agreements. With our expanded legal team in place, we move forward now with complete confidence in the merits of our case and our ability to bring this process to a successful conclusion.

Beth Wilkinson 是全美最受推崇的訴訟律師之一；她近期領導的辯護團隊，為 NFL 及其 32 支成員球隊在一宗重大反托拉斯集體訴訟中取得勝利，該案挑戰 Sunday Ticket 的發行／分銷以及相關媒體協議。隨著我們擴編的法律團隊就位，我們對本案實體理由以及將此程序成功推進至結案的能力充滿信心，並將持續向前。

As far as next steps are concerned, there are multiple legal proceedings underway. First, we filed our notice of appeal of the preliminary injunction before the Ninth Circuit Court of Appeals. Second, the trial in the US District Court for the Eastern District of California. Finally, there is also a separate challenge to the FCC's approval of the transaction pending before the D.C. Circuit Court.

就後續步驟而言，目前有多項法律程序正在進行。第一，我們已向第九巡迴上訴法院提交對初步禁制令的上訴通知。第二，加州東區聯邦地方法院的審理。最後，另有一項針對 FCC 核准本交易的獨立挑戰案，正在華盛頓特區巡迴上訴法院審理中。

The court has already denied a request for an emergency stay, finding that it lacked jurisdiction at this stage. Both we and the FCC have been directed to file our responses to the petition by May 11. While we don't have control over the various courts' timelines, in the meantime, in compliance with the court order, Nexstar and Tegna are operating separately, and we are proud of both teams' continuing focus on execution and their local community commitments.

法院已駁回緊急停止執行（emergency stay）的請求，認定在此階段其缺乏管轄權。法院已指示我們與 FCC 於 5 月 11 日前提交對該請願的回應。雖然我們無法掌控各法院的時程，但在此期間，為遵循法院命令，Nexstar 與 Tegna 仍分別獨立營運；我們也以兩個團隊持續專注於執行力並堅守在地社區承諾為榮。

Now let's turn to the first quarter highlights, which include 13 days of the results of Tegna. In the quarter, we delivered record net revenue of USD1.4 billion and strong adjusted EBITDA and adjusted free cash flow of USD470 million and USD420 million, respectively.

現在我們來看第一季重點，其中包含 Tegna 13 天的業績貢獻。本季我們創下 14 億美元的淨營收新高，並分別實現強勁的調整後 EBITDA 與調整後自由現金流，金額分別為 4.70 億美元與 4.20 億美元。

At our legacy Nexstar business units, we made strong progress towards our goal of achieving additional operating expense savings, driven by further cost reductions at The CW Network and broader core operating efficiencies. The CW Network improved year-over-year profitability in the first quarter and is well on its way to achieving profitability by the fourth quarter of this year.

在我們既有的 Nexstar 業務單位中，我們在達成額外營運費用節省目標方面取得了強勁進展，主要受惠於 The CW Network 進一步的成本削減以及更廣泛的核心營運效率提升。The CW Network 在第一季的獲利能力較去年同期改善，並正穩步邁向於今年第四季實現獲利。

Launched just 5.5 years ago and featuring Nexstar's enterprise-wide commitment to unbiased and fact-based journalism, NewsNation was the number one fastest-growing network in prime time across all major broadcast and cable networks in the month of March of 2026, growing 85% in total viewers and 100% among adults 25 to 54 compared to the prior year. The network now ranked 35th in total household viewing for all of prime time ad-supported cable networks in the first quarter.

NewsNation 於 5.5 年前才剛推出，並體現 Nexstar 全企業對不偏不倚、以事實為本新聞報導的承諾；在 2026 年 3 月，NewsNation 成為所有主要無線與有線電視網中黃金時段成長最快的第一名，總觀眾數較前一年成長 85%，25 至 54 歲成人觀眾成長 100%。該電視網在第一季於所有黃金時段、由廣告支持的有線電視網之家庭總收視排名中，現已位居第 35 名。

As you'll hear more from Lee Ann later, we continue to execute on our capital allocation plan. During the quarter, we returned USD56 million to shareholders in the form of dividends and have maintained our USD1.86 per share quarterly dividend, which represents a 3.7% yield, placing Nexstar in the top tier of all dividend payers in the S&P 400. We also remain focused on de-leveraging and repaid USD182 million in debt through April 30.

正如稍後你們將從 Lee Ann 那裡聽到的，我們持續執行資本配置計畫。本季我們以股利形式向股東返還 5,600 萬美元，並維持每股 1.86 美元的季度股利，殖利率為 3.7%，使 Nexstar 位居 S&P 400 所有配息公司中的第一梯隊。我們也持續專注於去槓桿，並於 4 月 30 日前償還了 1.82 億美元的債務。

In closing, the free universal access offered by local broadcast television is not just convenience, it's an essential public service and central to Nexstar's mission. If local broadcasters are to continue providing these essential services for future generations, we must be allowed to operate our business in a manner that accurately reflects today's market realities.

最後要說的是，在地無線電視所提供的免費普及收視不僅是便利，更是一項必要的公共服務，也是 Nexstar 使命的核心。若在地廣播業者要能持續為未來世代提供這些必要服務，我們必須被允許以能準確反映當今市場現實的方式來經營業務。

Let me turn the call over to Lee Ann to provide a little more color on the transaction and the interim Tegna operations and our reporting until the court cases are heard.

接下來我把電話會議交給 Lee Ann，請她就交易、Tegna 的過渡期營運，以及在法院案件開庭審理前我們的揭露與報導方式，提供更多說明。

Thank you, Perry, good morning, everyone. I wanted to jump on the call today a little out of order to provide you some color on what you'll hear from us on the financials and operations given the current situation. Operationally, we're in a bit of an unprecedented place right now with the court order until we can be heard by the appellate court, go to trial, or settle the case.

謝謝你，Perry，各位早安。鑑於目前情勢，我今天想稍微打亂一下順序先加入會議，先就你們將從我們這裡聽到的財務與營運內容提供一些補充說明。在營運層面，我們目前因法院命令而處於某種前所未有的狀態，直到我們能在上訴法院陳述、進入審判，或就案件達成和解為止。

To be clear, we own Tegna. It is a subsidiary of Nexstar Media Inc., our primary operating subsidiary, and we can use excess cash flow for the combined debt repayment, as was our plan. As Perry re-noted, we repaid USD182 million of debt through April 30. We can also execute on whatever actions we need to accomplish our financial reporting and internal control oversight.

先說清楚，我們擁有 Tegna。它是 Nexstar Media Inc.（我們主要的營運子公司）的子公司，我們可以依原先計畫，將超額現金流用於合併後的債務償還。如 Perry 再次提到的，我們已於 4 月 30 日前償還 1.82 億美元的債務。我們也可以採取任何必要行動，以完成財務報導與內部控制監督。

As described in the court order, we must hold separate the assets of the Tegna subsidiary. What this effectively means is Tegna is operating as it did prior to the transaction, including operating under its own retransmission agreement. All of these, however, remains in flux pending the natural progression of the litigation. In addition, the operations of Tegna will be under the purview of the team at Tegna rather than under Nexstar's day-to-day management. Given the number of variables, I'm sure you'll appreciate that for now, forward-looking guidance will be limited.

如法院命令所述，我們必須將 Tegna 子公司的資產分別持有（hold separate）。這實際上意味著 Tegna 將如同交易前一樣運作，包括依其自身的轉播同意（retransmission）協議運作。然而，這些安排仍將隨訴訟自然進程而變動。此外，Tegna 的營運將由 Tegna 團隊負責，而非由 Nexstar 進行日常管理。鑑於變數眾多，我相信各位會理解，現階段我們能提供的前瞻性指引將會有限。

We understand the market does not like uncertainty, we're going to do our best to keep you up to speed as much as we can, given the constraints placed upon us. The good news is Tegna was a public company, so there's plenty of comparable financial data for you to review along with the longer-term projections they provided in their proxy.

我們理解市場不喜歡不確定性；在既有約束下，我們會盡最大努力讓各位掌握最新進展。好消息是，Tegna 曾是上市公司，因此你們可以參考大量可比的財務資料，以及他們在委託書（proxy）中提供的較長期預測。

I'm going to turn the call over to Mike to provide some color on our results, primarily on the revenue side of the P&L, and then I'll return for some more discussion on expenses and capital allocation.

接下來我把電話會議交給 Mike，請他就我們的業績提供一些補充說明，主要聚焦在損益表（P&L）的營收端；之後我會回來再就費用與資本配置做進一步討論。

Thank you, Lee Ann, good morning, everyone. As noted in this morning's press release and Perry's remarks, Nexstar's consolidated financial results for the 3-month period ending March 31, 2026, include 13 days of Tegna operations, while the comparable 2025 period reflects only Nexstar's legacy business units. The company delivered first quarter net revenue of USD1.4 billion, an increase of USD162 million or 13.1% compared to the prior year, primarily due to USD106 million of revenue from Tegna and higher advertising and distribution revenue from our legacy business units.

謝謝你，Lee Ann，各位早安。如同今早新聞稿與 Perry 的發言所提到，Nexstar 截至 2026 年 3 月 31 日的三個月合併財務結果包含 Tegna 13 天的營運，而 2025 年同期的可比期間僅反映 Nexstar 既有業務單位。公司第一季淨營收為 14 億美元，較去年同期增加 1.62 億美元或 13.1%，主要來自 Tegna 貢獻的 1.06 億美元營收，以及我們既有業務單位較高的廣告與發行（distribution）營收。

First quarter distribution revenue of USD837 million increased USD75 million or 9.8% compared to the prior year quarter and primarily reflects USD54 million of revenue from Tegna and 2.8% higher revenue from our legacy business due to increased rates, growth in MVPD subscribers, the addition of CW affiliations on certain of our stations, and our local Fox affiliates' participation in the launch of Fox One, offset in part by MVPD subscriber attrition. On a combined basis, assuming we own Tegna for the entire quarter, distribution revenue increased 1.6% year-over-year.

第一季發行營收為 8.37 億美元，較去年同期增加 7,500 萬美元或 9.8%，主要反映 Tegna 貢獻的 5,400 萬美元營收，以及我們既有業務因費率提高、MVPD 訂戶成長、部分電台新增 CW 聯播關係（affiliations），以及我們在地 Fox 聯播台參與 Fox One 上線而帶來的 2.8% 營收成長；部分被 MVPD 訂戶流失所抵銷。以合併基礎計算（假設我們整季皆擁有 Tegna），發行營收年增 1.6%。

Given what we are seeing in the numbers reported to us and the publicly reported subscriber counts from distributors, we are feeling more optimistic than our original plan for subscriber attrition for the year. However, as you know, we committed to the FCC in connection with the transaction to offer to extend current retransmission agreements until November 30 for MVPDs renewing with us before that date. Putting it all together, we do not expect a material change from the original distribution guidance we provided for Legacy Nexstar.

根據我們收到的數據以及發行商公開揭露的訂戶數，我們對今年訂戶流失的情況相較原先計畫更為樂觀。不過，如各位所知，因應本次交易，我們已向 FCC 承諾：對於在 11 月 30 日前與我們續約的 MVPD，我們將提出延長現行轉播同意協議至 11 月 30 日的方案。綜合以上，我們預期相較於先前對既有 Nexstar 所提供的發行營收指引，不會出現重大變動。

Advertising revenue of USD548 million increased USD88 million or 19.1% over the comparable prior year, primarily reflecting USD51 million incremental Tegna advertising revenue and higher political advertising revenue. Excluding Tegna revenues, Legacy Nexstar non-political advertising revenue was flattish and in line with our expectations, growing 0.4% as growth in digital advertising offset declines in non-political television advertising.

廣告營收為 5.48 億美元，較去年同期增加 8,800 萬美元或 19.1%，主要反映 Tegna 新增的 5,100 萬美元廣告營收，以及政治廣告營收較高。若排除 Tegna 營收，既有 Nexstar 的非政治廣告營收大致持平並符合我們預期，成長 0.4%，因數位廣告成長抵銷了非政治電視廣告的下滑。

Top advertising categories in the quarter for Legacy Nexstar were department and retail stores, attorneys, and gaming and sports betting. While drugstores and medication, packaged goods, and radio, TV, newspaper, cable advertisers had the largest declines. However, there were no major category outlier in terms of positive or negative performance.

本季既有 Nexstar 的主要廣告類別為百貨與零售商店、律師，以及博彩與運動彩券。而藥妝店與藥品、包裝消費品，以及廣播、電視、報紙、有線電視等廣告主的降幅最大。不過，就正向或負向表現而言，並沒有任何特別突出的單一類別異常值。

On a combined basis, non-political advertising was up 1.2% as Tegna's large portfolio of NBC affiliations benefited from NBC's broadcast of the Super Bowl and the Olympics in the first quarter. In addition, on a combined basis, overall digital advertising revenue increased a mid-single-digit percentage driven by strong local digital revenues, offset in part by continued declines at Tegna's Premion segment, due primarily to the loss of a major customer in 2025.

以合併基礎計算，非政治廣告成長 1.2%，因 Tegna 擁有大量 NBC 聯播台組合，受惠於 NBC 在第一季轉播超級盃與奧運。此外，以合併基礎計算，整體數位廣告營收以中個位數百分比成長，主要由強勁的在地數位營收帶動，但部分被 Tegna 的 Premion 部門持續下滑所抵銷，該下滑主要源於 2025 年流失一位主要客戶。

For the second quarter, including Tegna on an as-combined basis, non-political advertising is expected to decline mid-single digits due to a weaker advertising environment. Legacy Nexstar and Tegna both delivered strong first quarter political advertising revenue driven by strong primary and early gubernatorial spending. As reported, political advertising was USD46 million, but on a combined basis, political advertising in Q1 was USD78 million, up 89% versus 2022 and 19% versus 2024, driven by strong spending in key states of Texas, Illinois, California, Michigan, Georgia, and Maine.

第二季方面，若以合併基礎納入 Tegna，預期非政治廣告將因較疲弱的廣告環境而下滑中個位數百分比。既有 Nexstar 與 Tegna 在第一季的政治廣告營收皆表現強勁，主要受惠於初選以及部分州長選舉早期支出強勁。按已報告口徑，政治廣告為 4,600 萬美元；但以合併基礎計算，第一季政治廣告為 7,800 萬美元，較 2022 年成長 89%、較 2024 年成長 19%，主要由德州、伊利諾州、加州、密西根州、喬治亞州與緬因州等關鍵州的強勁支出所帶動。

According to AdImpact, industry-wide broadcast political advertising spending was up 79% in the first quarter versus the comparable election cycle in 2022 and up 13% versus 2024, demonstrating the continued importance of broadcast television for candidates and campaigns seeking to reach and engage voters. We anticipate a favorable 2026 political season consistent with our combined historical track records and are prepared at Legacy Nexstar to manage any changes regarding access to lowest unit rate by PACs and parties without materially impacting our performance.

根據 AdImpact 的資料，與 2022 年同一選舉週期的可比期間相比，第一季全產業廣播政治廣告支出增加 79%，與 2024 年相比增加 13%，顯示對於希望觸及並吸引選民的候選人與競選團隊而言，廣播電視仍持續具有重要性。我們預期 2026 年政治季將表現有利，與我們合併後的歷史紀錄一致；Legacy Nexstar 也已準備好因應任何關於政治行動委員會（PAC）與政黨取得最低單位費率（lowest unit rate）之規範變動，而不致對我們的業績造成重大影響。

Turning to the CW. We continue executing our strategic plan and remain on track to achieve profitability in the fourth quarter with the expectation that we'll improve full-year losses by more than 30% in the year. While we are facing some near-term advertising headwinds related to Nielsen's transition to big data measurement, improved distribution from our 2025 affiliation renewal cycle will more than offset those impacts.

接著談 The CW。我們持續執行策略計畫，並仍按進度預計在第四季達成獲利，同時預期本年度全年虧損將改善超過 30%。雖然我們因 Nielsen 轉向大數據衡量而面臨一些短期廣告逆風，但我們在 2025 年聯播台續約週期所帶來的分發改善，將足以抵銷這些影響。

We are also further strengthening The CW's burgeoning sports programming with a multi-year broadcast partnership with the Mountain West Conference beginning this fall and continuing through the 2030-31 seasons. Under that agreement, The CW will televise 13 football games annually, along with 20 men's and 15 women's basketball games each season. In addition, we added 6 Banana Ball games to our schedule for May and June, broadening the network's overall appeal and audience reach. With 148 additional hours of programming airing in 2026, nearly half of The CW schedule will be sports or sports adjacent.

我們也透過與 Mountain West Conference 的多年期廣播合作夥伴關係（自今年秋季開始並延續至 2030-31 賽季），進一步強化 The CW 蓬勃發展的體育節目內容。依據該協議，The CW 每年將轉播 13 場美式足球賽，並於每個賽季轉播 20 場男子籃球賽與 15 場女子籃球賽。此外，我們也在 5 月與 6 月的節目表中新增 6 場 Banana Ball 比賽，擴大本台整體吸引力與觀眾觸及。隨著 2026 年將新增 148 小時的播出內容，The CW 的節目表中將近一半將為體育或與體育相關的內容。

Importantly, we are continuing to drive strong results from our sports investments. The NASCAR O'Reilly Auto Parts series on the CW has delivered more than 1 million total viewers for each of its first 12 races in the 2026 season. In addition, ACC men's and women's basketball concluded the 2025, 2026 season with record viewership, with total audiences increasing 6% for the men's games and 26% for the women's.

重要的是，我們的體育投資持續帶來強勁成果。The CW 播出的 NASCAR O'Reilly Auto Parts 系列賽，在 2026 賽季前 12 場賽事中，每一場的總收視人數皆超過 100 萬。此外，ACC 男子與女子籃球在 2025、2026 賽季以創紀錄的收視落幕，總觀眾數在男子賽事增加 6%，女子賽事增加 26%。

On the digital front, the marketplace is increasingly endorsing the value of CW programming, and we are strengthening our brand equity by expanding distribution and unlocking new advertising opportunities through groundbreaking partnerships with leading digital platforms. We recently announced a deal with ESPN that will make the ESPN app and website the exclusive streaming home for all CW sports. Beginning this summer, fans with an ESPN Unlimited subscription will be able to stream CW sports live across devices and platforms, complementing our free over-the-air broadcasts and MVPD and vMVPD distribution while significantly extending our reach to new audiences and advertisers through ESPN sports best-in-class platform.

在數位方面，市場愈來愈肯定 CW 節目內容的價值；我們也透過擴大分發，並藉由與領先數位平台的突破性合作解鎖新的廣告機會，來強化我們的品牌資產。我們近期宣布與 ESPN 達成協議，ESPN App 與網站將成為所有 CW 體育內容的獨家串流平台。自今年夏季起，擁有 ESPN Unlimited 訂閱的粉絲將可在各種裝置與平台上直播收看 CW 體育內容，與我們免費的無線地面波（over-the-air）播出以及 MVPD 與 vMVPD 的分發相互補充，同時透過 ESPN 頂尖的體育平台大幅延伸我們對新觀眾與廣告主的觸及。

We also announced a partnership with Roku, the largest AVOD platform in the US, which will bring CW entertainment programming to The Roku Channel for next day streaming beginning with the broadcast season this coming fall. This partnership will provide access to more than half of US broadband households through a dedicated CW branded vertical hub, further enhancing our digital footprint and monetization capabilities.

我們也宣布與 Roku（美國最大的 AVOD 平台）建立合作夥伴關係，將自今年秋季即將到來的播出季起，於 The Roku Channel 提供 CW 娛樂節目隔日（next day）串流。此合作將透過專屬的 CW 品牌垂直入口（vertical hub），觸及超過一半的美國寬頻家庭，進一步提升我們的數位版圖與變現能力。

To close, we are focused on expanding reach and unlocking new monetization opportunities across our portfolio by leveraging our growing sports programming, multi-platform distribution, and digital partnerships to drive incremental value. At The CW Network, this includes scaling live sports and extending distribution through partnerships like ESPN and Roku. At NewsNation, we continue to build a differentiated, fact-based national news offering that can be monetized across linear, digital, and on-demand platforms. Consistent with Nexstar's view that programming must reach audiences wherever they are, we are prioritizing broader distribution, improved ad monetization across platforms, and exploiting new revenue streams that position us to compete more effectively in a rapidly evolving media landscape.

總結來說，我們專注於擴大觸及並在整體投資組合中解鎖新的變現機會；我們將運用日益成長的體育內容、多平台分發與數位合作夥伴關係，來創造增量價值。在 The CW Network，這包括擴大現場體育內容規模，並透過如 ESPN 與 Roku 等合作夥伴延伸分發。在 NewsNation，我們持續打造差異化、以事實為基礎的全國新聞內容，並可在傳統線性、數位與隨選平台上變現。一如 Nexstar 的觀點：節目內容必須在觀眾所在之處觸及他們；因此我們將優先推動更廣泛的分發、提升跨平台廣告變現，並開拓新的收入來源，使我們能在快速演變的媒體環境中更有效競爭。

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

接下來，我很高興把電話會議交回給 Lee Ann，繼續其餘的財務回顧。

Hello again. Combined first quarter direct operating and SG&A expenses, excluding depreciation and amortization and corporate expenses, increased by USD76 million, driven primarily by USD73 million of recurring incremental expense from the acquisition of Tegna and USD4 million in one-time expenses related to cost reduction initiatives taken at Legacy Nexstar. Excluding one-time expenses, first quarter recurring cash operating expenses were lower by USD1 million for Nexstar's Legacy business unit.

大家好，我又回來了。合併後第一季的直接營運費用與銷售、一般及行政（SG&A）費用（不含折舊與攤銷以及公司費用）增加 7,600 萬美元，主要係因收購 Tegna 帶來 7,300 萬美元的經常性增量費用，以及 Legacy Nexstar 為推動成本削減措施所產生的 400 萬美元一次性費用。剔除一次性費用後，Nexstar 的 Legacy 事業單位第一季經常性現金營運費用較去年同期減少 100 萬美元。

Q1 2026 corporate expense was USD106 million, including non-cash compensation expense of USD20 million, compared to USD52 million, including non-cash compensation expense of USD18 million in the first quarter of 2025. The increase of USD54 million is primarily due to USD38 million of one-time costs associated with our Tegna acquisition.

2026 年第一季公司費用為 1.06 億美元，其中包含 2,000 萬美元的非現金薪酬費用；相較之下，2025 年第一季公司費用為 5,200 萬美元，其中包含 1,800 萬美元的非現金薪酬費用。增加的 5,400 萬美元主要來自與收購 Tegna 相關的 3,800 萬美元一次性成本。

Q1 2026 amortization of broadcast rights included in our definition of adjusted EBITDA was USD72 million, a reduction of USD16 million from USD88 million in the first quarter of 2025, primarily due to timing of programming at the CW. Q1 2026 income from equity method investments, which primarily reflects our 31% ownership in Food Network, declined by USD4 million in the quarter, or 50%, primarily related to Food Network's lower revenue. Putting it all together on a consolidated basis, first quarter adjusted EBITDA was USD470 million, representing a 33.7% margin and an increase of USD89 million from the 2025 first quarter of USD381 million. Tegna operations accounted for USD31 million of this difference, with the remainder due primarily to the political cycle. Excluding Tegna, Legacy Nexstar generated USD439 million of adjusted EBITDA.

納入我們調整後 EBITDA 定義中的 2026 年第一季廣播權利攤銷為 7,200 萬美元，較 2025 年第一季的 8,800 萬美元減少 1,600 萬美元，主要係因 The CW 節目排程時點所致。2026 年第一季權益法投資收益（主要反映我們持有 Food Network 31% 的股權）在本季減少 400 萬美元（或 50%），主要與 Food Network 較低的營收相關。綜合以上，在合併基礎下，第一季調整後 EBITDA 為 4.70 億美元，代表 33.7% 的利潤率，較 2025 年第一季的 3.81 億美元增加 8,900 萬美元。其中 Tegna 營運貢獻了 3,100 萬美元的差異，其餘主要來自政治週期因素。剔除 Tegna 後，Legacy Nexstar 產生 4.39 億美元的調整後 EBITDA。

Moving to the components of free cash flow and adjusted free cash flow. First quarter CapEx was USD22 million, a decrease of USD13 million from USD35 million in the first quarter of last year, primarily due to delayed spending given the pendency of and plans related to the Tegna acquisition. First quarter net interest expense was USD120 million, an increase of USD23 million from the first quarter of 2025, due primarily to USD22 million of one-time commitment and funding fees associated with the temporary bridge loans in connection with the acquisition of Tegna and the refinancing of certain Tegna indebtedness. On a recurring cash basis, this compares to USD94 million in the first quarter of 2026 versus USD95 million in Q1 2025.

接著說明自由現金流與調整後自由現金流的組成項目。第一季資本支出（CapEx）為 2,200 萬美元，較去年第一季的 3,500 萬美元減少 1,300 萬美元，主要係因 Tegna 收購案仍在進行中以及相關規劃，導致支出延後。第一季淨利息費用為 1.20 億美元，較 2025 年第一季增加 2,300 萬美元，主要係因與收購 Tegna 相關的臨時過橋貸款，以及對 Tegna 部分債務再融資所產生的一次性承諾費與資金費用合計 2,200 萬美元。以經常性現金基礎來看，2026 年第一季為 9,400 萬美元，2025 年第一季為 9,500 萬美元。

First quarter operating cash taxes were USD1 million, as the first quarter cash taxes are related to state taxes. Payments for capitalized software obligations, net of proceeds from disposal of assets and insurance recoveries were USD3 million, both in the first quarter of this year and last.

第一季營運現金稅為 100 萬美元，因第一季現金稅主要與州稅相關。資本化軟體義務的付款（扣除資產處分收入與保險理賠）為 300 萬美元，與去年第一季相同。

In Q1, cash programming amortization costs were greater than cash payments by USD10 million, as certain programming payments were deferred. We also received an USD84 million distribution from Food Network related to the 2025 operating cash flows, greater than the USD21 million of income from unconsolidated investments reported on our income statement. Putting this all together, consolidated first quarter 2026 adjusted free cash flow was USD420 million as compared to USD348 million last year. Excluding the impact of Tegna, Legacy Nexstar generated USD400 million of adjusted free cash flow.

在第一季，現金節目攤銷成本較現金付款多出 1,000 萬美元，因部分節目付款已延後。我們亦自 Food Network 收到 8,400 萬美元的分配款，係與 2025 年營運現金流相關，且高於我們損益表中列示的非合併投資收益 2,100 萬美元。綜合以上，2026 年第一季合併調整後自由現金流為 4.20 億美元，去年同期為 3.48 億美元。剔除 Tegna 的影響後，Legacy Nexstar 產生 4.00 億美元的調整後自由現金流。

We are currently projecting CapEx in the USD45 million range in Q2. Second quarter cash taxes are estimated in the USD152 million range. From an interest perspective, our run rate quarterly interest expense based on our current balances outstanding as of April 30 is about USD187.5 million dollars. That amount will fluctuate with SOFR rates and reduce as we repay debt. In Q2 2026, payments for programming are expected to be in excess of amortization by about USD5 million.

我們目前預估第二季資本支出約在 4,500 萬美元區間。第二季現金稅估計約在 1.52 億美元區間。就利息而言，以 4 月 30 日目前未償餘額計算，我們的季度利息費用常態水準約為 1.875 億美元。該金額將隨 SOFR 利率波動，並會在我們償還債務後下降。在 2026 年第二季，節目付款預期將較攤銷多出約 500 萬美元。

Turning now to capital allocation in our balance sheet. Together with the cash from operations generated in the quarter and cash on hand, we returned USD56 million to shareholders in the form of dividends. We made no repurchases, and we used excess cash to fund the acquisition of Tegna and repay USD28 million of mandatory amortization payments on our debt.

現在轉到我們資產負債表中的資本配置。結合本季營運所產生的現金與手頭現金，我們以股利形式向股東返還了5,600萬美元。我們沒有進行庫藏股回購，並將多餘現金用於資助收購Tegna，以及償還我們債務中2,800萬美元的強制攤還付款。

Nexstar's outstanding debt at March 31, 2026 was USD12.1 billion, an increase from USD6.3 billion at year-end, reflecting the impact of the Tegnaacquisition. Our cash balance at quarter end was USD379 million, including USD12 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.

截至2026年3月31日，Nexstar的未償還債務為121億美元，較年末的63億美元增加，反映了收購Tegna的影響。季末我們的現金餘額為3.79億美元，其中包含與CW相關的1,200萬美元現金。由於我們將CW指定為不受限制的子公司，與CW相關的虧損在我們為信用協議目的計算槓桿比率時不予計入。

In addition, our credit agreement allows us to include the adjusted EBITDA of Tegna as if we acquired the business on the first day of the period presented, to add back one-time expenses related to the deal and any operational restructuring, and to include the impact of any synergies we expect to realize within 18 months of the close of the transaction, which we continue to expect we will be able to do just on a delayed timeframe. As such, our net first lien covenant ratio at March 31st, 2026 for the last eight quarters annualized was 2.94 times, which is well below our 1st lien and only covenant of 4.75 times.

此外，我們的信用協議允許我們將Tegna的調整後EBITDA納入計算，視同我們在所呈列期間的第一天即已收購該業務；同時可加回與交易及任何營運重整相關的一次性費用，並可納入我們預期在交易完成後18個月內可實現的任何協同效益之影響；我們仍預期能做到，只是時間點會延後。因此，以最近八個季度年化計算，截至2026年3月31日我們的淨第一順位擔保契約比率為2.94倍，遠低於我們第一順位且唯一的契約上限4.75倍。

Our covenant increased from 4.25 to 4.75 for this quarter and for the next three consecutive fiscal quarters after the acquisition, as permitted under our credit agreement. Our total net leverage for Nexstar was 3.84 times at quarter end using the same calculation methodology.

依據我們的信用協議，本季以及收購後接續三個財政季度，我們的契約上限由4.25倍提高至4.75倍。以相同的計算方法，季末Nexstar的總淨槓桿為3.84倍。

Subsequent to quarter end, we repaid in full our USD150 million short-term Term Loan A and made USD4 million in mandatory amortization payments. We also closed on the refinancing of our 2027 senior notes with new USD1.725 billion of 7.25% senior notes due 2034. Our Q2 2026 cash flow will be deployed first to fulfill our mandatory obligations, including debt repayments, pension and defined benefit plan contributions, our dividend, and then optionally repay any additional debt with excess cash flow.

在季末之後，我們已全額償還1.5億美元的短期A期定期貸款，並支付了400萬美元的強制攤還款。我們也完成了對2027年到期優先票據的再融資，發行新的17.25億美元、票面利率7.25%、2034年到期的優先票據。我們2026年第二季的現金流將優先用於履行強制性義務，包括償債、退休金與確定給付計畫提撥、股利，之後再視情況以多餘現金流選擇性償還額外債務。

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

接下來，我將開放提問。接線員，請進行第一個問題。

Daniel Kurnos, StoneX.

Daniel Kurnos，StoneX。

Great, thanks. Good morning. First, Perry, appreciate your willingness to be as open and straightforward with us on the process. I guess first part of the question is, you gave us all of the current existing pieces. Are there any other rulings, actions, or events that you foresee in the ecosystem, either from the FCC or others, that could influence the trial outside of a settlement or your appeal process? As Lee Ann mentioned, I think you guys pulled back a little on CapEx. Is there any difference in day-to-day operations or focus on incremental cash preservation while this process unfolds?

很好，謝謝。早安。首先，Perry，感謝你願意在這個流程上對我們保持開放且直截了當。我想問題的第一部分是，你已經把目前既有的所有要素都告訴我們了。除了和解或你們的上訴程序之外，你是否預見在這個生態系中，無論是FCC或其他單位，還會有任何裁決、行動或事件可能影響審理？如Lee Ann提到的，我想你們在資本支出上稍微收斂了一些。在這個流程進行期間，日常營運或對於額外現金保全的重點上，是否有任何差異？

Just a quick one for Lee Ann. I totally appreciate that you can't give guidance under the circumstance.I guess you're kind of directing us to look at what you have said publicly around 26 and what TEGNA had put out previously as sort of the yardstick, if that's right. That would just be helpful to get some clarity there. Thank you.

再快速問Lee Ann一個問題。我完全理解在這種情況下你無法提供指引。我想你是在引導我們參考你們先前對2026年的公開說法，以及TEGNA之前發布的內容，作為某種衡量標準，對嗎。如果能釐清這點會很有幫助。謝謝。

Dan, I'll take the first part and then turn it over to Lee Ann. I think we gave you the complete laundry list of all threatened impending litigation that we're aware of at this time. We're not aware of anything else that is in the offing. I think you know everything we know in terms of what's in front of us at this time. I'll turn it over to Lee Ann on capital preservation.

Dan，我先回答第一部分，然後再交給Lee Ann。我認為我們已經把目前所知、所有可能迫在眉睫的訴訟威脅完整列給你了。我們不知道還有其他正在醞釀中的事項。就目前擺在眼前的情況而言，你知道的和我們知道的一樣多。我把資本保全的部分交給Lee Ann。

The other aspects of your question. I think, Dan, I think on the CapEx side, we just had a little bit of delay in the CapEx because we had anticipated, you know, some different strategies when we combined with Tegna, that will all catch up over the course of the year. I think you can think of Nexstar as continuing to execute on our plan, doing as, you know, an excellent operational job as we normally do on a go-forward basis. We're completely dialed in and focused on executing on the Nexstar plan, I think Tegna similarly is focused on executing their plan. You know, we're not going to be providing any sort of, you know, longer term guidance with respect to either company at this point.

至於你問題的其他部分。Dan，我想在資本支出方面，我們只是因為原先預期與Tegna合併後會採取一些不同策略，所以CapEx有些延後；這些會在今年內逐步補上。你可以把Nexstar視為持續執行我們的計畫，並一如往常在營運上做得非常出色、持續向前推進。我們完全到位並專注於執行Nexstar的計畫，我想Tegna同樣也專注於執行他們的計畫。你知道的，我們目前不會就任何一家公司提供任何形式的較長期指引。

Okay, fair enough. Thanks, guys, and good luck.

好的，合理。謝謝各位，祝你們好運。

Thank you.

謝謝。

Patrick Sholl, Barrington Research.

Patrick Sholl，Barrington Research。

Hi. Thanks for taking the questions. Just, you know, just another follow-up on the M&A or, I guess, the litigation. Holding the two companies separately, has that provided, like, any sort of, like, update on how informing how you would want to approach operating them together and, if the litigation's resolved successfully?

嗨。謝謝讓我提問。再追問一下併購，或我想是訴訟的部分。將兩家公司分開持有，是否在某種程度上提供了任何更新，讓你們更了解若訴訟順利解決後，會想如何把它們一起營運？

Well, the hold separate order also requires that TEGNA operate within the interim operating covenants that were in place prior to the closing of the transaction. We do have those guardrails. I think, you know, we have the ability to have conversations with TEGNA. Obviously, they are required and have done an excellent job of doing so, even in the stub period, of providing financial information so that we can present consolidated financials for all of the entities that we own. Other than that, I, you know, I don't think there's any additional read-through in terms of how we'll operate things, you know, post hold separate order. I think that plan's pretty well baked in place. Lee Ann?

嗯，分離持有命令也要求TEGNA在交易完成前所適用的臨時營運契約條款範圍內營運。我們確實有那些護欄。我想，我們有能力與TEGNA進行溝通。顯然，他們也被要求如此，並且即使在這段過渡期間，也做得非常好，提供財務資訊，讓我們能夠呈報我們所擁有之所有實體的合併財務報表。除此之外，我不認為在分離持有命令之後我們將如何營運方面，還有任何額外可供推論之處。我認為那個計畫已經相當成熟並已就位。Lee Ann？

Yeah. I will just echo that. I think, you know, if and when we get this resolved, you know, we will be executing on our plan, as we had originally intended, subject to whatever, you know, comes out of that, the process in the interim.

是的。我只是呼應一下。我想，如果以及當我們把這件事解決之後，我們會如同原先的意圖去執行我們的計畫，當然也會視在此期間流程所產生的任何結果而定。

Okay. Then just in terms of just the general environment, like is there any, like, sort of impact from the resolution of the tariff issue in terms of advertiser enthusiasm? Or has other events kind of offset some of any potential benefits on that side?

好的。那就整體環境而言，關稅議題的解決是否對廣告主的熱情有任何影響？或者其他事件是否抵消了那一側可能帶來的一些好處？

Not in particular, no. I think what we are seeing is a little bit of a weaker advertising environment in the second quarter than we did see in the first quarter. I wouldn't say there was anything in particular with respect to the tariffs. I would also just remind you that we've got about, you know, 60% of our advertising is coming from services-based companies, which were not impacted by the tariffs.

沒有特別的影響。我想我們看到的是第二季的廣告環境比第一季稍微疲弱一些。我不會說這與關稅有任何特別關聯。我也提醒你，我們大約有60%的廣告收入來自服務型公司，而這些公司並未受到關稅影響。

Okay. Thank you.

好的。謝謝。

Thanks.

謝謝。

Aaron Watts, Deutsche Bank.

Aaron Watts，德意志銀行。

Hey, everyone. Thanks for having me on. two questions. Just a follow-up on advertising. Dan, where are you seeing the softness amongst your large verticals as you look at two Q, three Q? What's the messaging from your ad partners and how they're thinking about the ad environment right now?

嗨，各位。謝謝讓我參與。兩個問題。先追問一下廣告。Dan，當你看第二季、第三季時，在你們較大的垂直產業中，你看到疲弱主要出現在哪些地方？你們的廣告合作夥伴傳達了什麼訊息？他們目前如何看待廣告環境？

Aaron, there's really not any kind of one category or any major categories to flag. Mike, in his comments, gave you kind of our top and bottom categories, there's not any sort of major differential. What I tend to look at, I look at our categories, and I look at which ones are increasing versus decreasing on a quarter-over-quarter basis. Last quarter was about 50/50, this quarter it's about 2/3 decreasing and 1/3 increasing. I think it's just kind of a general overall weakness. I don't think we have any particular, you know, aha moment in terms of any specific category. It's just a across-the-board sort of general trend.

Aaron，坦白說，沒有任何單一類別或任何主要類別特別需要點名。Mike 在他的評論裡已經大致提供了我們表現最好與最差的類別，並沒有什麼明顯的重大差異。我通常會看我們的各類別，並觀察哪些在季對季基礎上增加、哪些在下降。上一季大約是各半，這一季大約是三分之二在下降、三分之一在增加。我認為這就是整體性的普遍疲弱。我不覺得我們在任何特定類別上有什麼特別的、你知道的「啊哈」時刻。就是一種全面性的整體趨勢。

Aaron, I would just add to that saying that, you know, we have a, you know, one large home improvement advertiser that has gone silent for a period of time that's affecting our numbers. We have some pharma advertising that has not returned as of yet. You know, if the Mets were playing better, our numbers would be better on PIX and our ad sales would be better there. There's a lot of little things, but as Lee Ann said, I don't think there's any one big thing.

Aaron，我只想補充一下，我們有一個大型居家修繕廣告主在一段時間內暫停投放，這正在影響我們的數字。我們也有一些藥品類廣告至今尚未回來。你知道，如果大都會隊（Mets）打得更好，我們在 PIX 的數字會更好，那邊的廣告銷售也會更好。有很多小因素，但如 Lee Ann 所說，我不認為有任何一個單一的大因素。

I will say, as I was driving to the office this morning, I drove past the gas stations that I pass every day and, you know, for the first time saw a 4 handle to the left of the decimal point in terms of the price per gallon. I think that is having some effect. My understanding that people getting tax refunds that are at the lower end of the socioeconomic ladder, that money hasn't flown back into the economy at this point. I think people are holding on to that money longer, and perhaps to see how things turn out in terms of oil prices and things of that sort. I think there's just a conservatism at this moment in time, but I don't think there's anything overarching beyond that.

我會說，今天早上我開車去辦公室時，經過我每天都會經過的加油站，你知道的，我第一次看到每加侖價格的小數點左邊出現了「4」開頭。我認為這正在產生一些影響。據我了解，處於社經階梯較低端、拿到退稅的人，那筆錢目前還沒有回流到經濟體系中。我認為人們把那筆錢留在手上的時間更長，或許是在觀望油價等事情最後會如何發展。我覺得此刻大家比較保守，但除此之外，我不認為有任何更宏觀的因素。

Okay. That's helpful context. If I could get one more in, one question around capital allocation and leverage. You know, at the close of Tegna, you agreed to sell certain stations, and in tandem with getting that deal approved, you set synergy targets, you outlined near-term capital allocation policies, and laid out pro forma leverage goals, based on the deal construct. To the extent assumptions that went into all of that were to change, whether it's required station divestitures, synergies, et cetera, how might capital allocation move with it? You know, appreciating the debt paydown you highlighted today, how important is it to you to maintain the conservative leverage profile you have historically, even if it means delaying other potential outlets for your cash?

好的。這些背景很有幫助。如果我可以再問一個，關於資本配置與槓桿的問題。你知道，在 Tegna 交易完成時，你們同意出售某些電視台；同時為了讓交易獲准，你們設定了協同效益目標、說明了短期資本配置政策，並根據交易架構提出了備考槓桿目標。如果上述假設有所改變——不論是必須出售的電視台、協同效益等等——資本配置可能會如何隨之調整？你知道的，考量到你們今天強調的償債進度，維持你們歷來偏保守的槓桿結構對你們有多重要？即便這意味著延後其他可能的現金用途？

Aaron, we can't really necessarily comment on what might be, what could be, but I think our track record is that we really look to deleverage the business, use our excess cash flow to deleverage. We don't want to be over-levered. We know, you know, the public market appreciates lower leveraged companies, and so our focus is going to be to, you know, to continue on that plan and with our historical track record of deleveraging post-transaction.

Aaron，我們不一定能評論可能會怎樣、或可能發生什麼，但我認為我們的紀錄顯示，我們確實會著重於降低槓桿，用我們的超額現金流來去槓桿。我們不希望槓桿過高。我們知道，公開市場偏好槓桿較低的公司，因此我們的重點會是持續執行這個計畫，並延續我們在交易後降低槓桿的歷史紀錄。

Clearly, we're still paying down debt in this environment. We've paid down USD150 million optionally after the end of the quarter. That's, you know, I think you're going to continue to see that, especially as we flow through 2026 as a political year and have a lot of additional cash flow to achieve that.

很明顯地，在這樣的環境下我們仍在償還債務。我們在季末之後又選擇性地償還了1.5億美元。我想你們會持續看到這樣的作法，尤其是進入2026年這個政治年，我們會有更多額外現金流來達成這件事。

Thank you for the time, as always.

一如既往，謝謝你們撥冗。

Steven Cahall, Wells Fargo & Company.

Steven Cahall，富國銀行（Wells Fargo & Company）。

Thanks. You outlined some of the ways that, you know, you won't be able to integrate Tegna. Can you talk about some of the things that you can do that are arm's length? I don't know if there's collaborations like through Premion or digital content or news reporting, or, you know, do the terms right now, you know, really require it to be almost a beyond arm's length subsidiary? Lee Ann, I just wanted a clarification. You said you have access to Tegna's excess free cash flow, which you can use for debt repayment. Is that, you know, essentially their free cash flow, or are there any more limitations that get to excess free cash flow as we just think about how much of their cash generation would be available for you to sweep up for debt reduction? Thanks.

謝謝。你們概述了一些你知道的、你們無法整合 Tegna 的方式。能否談談一些你們可以在保持獨立往來（arm's length）的情況下做的事情？我不確定是否有像透過 Premion、數位內容或新聞採訪等合作；或者目前的條款是否真的要求它幾乎要成為一個超出一般獨立往來的子公司？Lee Ann，我想再釐清一下。你說你們可以取得 Tegna 的超額自由現金流，用於償還債務。那基本上就是他們的自由現金流嗎？還是對於「超額自由現金流」還有更多限制？我們在思考他們能產生多少現金可供你們挪用以降低負債時，想了解這點。謝謝。

I'm going to take that last question first, and then I'll turn it back to Perry on the first question. I just say excess free cash flow because there needs to be enough cash at the operating companies to operate. We, you know, obviously have to continue to have an operation. I just meant, you know, subject to minimum cash balance requirements that we just have from an operating perspective. All of the debt obligations of the company are joint and several between us and Tegna. All the debt excess cash flow that we see fit will be used to repay to repay that debt. I'll turn it back to Perry.

我先回答最後一個問題，然後再把第一個問題交回給 Perry。我之所以說「超額自由現金流」，是因為營運公司必須保留足夠的現金以維持營運。我們你知道的，顯然必須持續運作。我的意思是，在符合我們從營運角度所需的最低現金餘額要求之前提下。公司的所有債務義務由我們與 Tegna 共同且連帶承擔（joint and several）。我們認為合適的所有超額現金流都將用於償還、償還該等債務。我把問題交回給 Perry。

Yeah. Steve, I would say there are certain commercial agreements that Michael Biard and I have been talking about that we could enter into on an arm's length basis with Tegna under the order, which could include and involve Premion. You know, for example, in Houston, we contracted our CW station contracted with a station in the market to produce a 10 o'clock news, and we sent termination notice of that during the dependency of the Tegna acquisition.

是的。Steve，我會說，在該命令之下，Michael Biard 和我一直在討論一些我們可以與 Tegna 以獨立往來（arm's length）方式簽訂的特定商業協議，其中可能包括並涉及 Premion。你知道的，例如在休士頓，我們的 CW 電視台曾與市場內另一家電視台簽約製作晚間10點新聞，而在 Tegna 收購案審理期間，我們已就該合約發出終止通知。

You know, we could talk to the Tegna station in Houston and/or our incumbent news producer, you know, in terms of establishing another commercial agreement to produce news for that station. There are some things like that we can do, and I think we'll pursue those where they make sense during this whole separate period.

你知道的，我們可以和休士頓的 Tegna 電視台以及／或我們現有的新聞製作方討論，看看是否要建立另一項商業協議，為該電視台製作新聞。像這樣的事情我們可以做一些，我想在這段完全分離的期間，只要合理我們就會推進。

Great. Thank you.

很好。謝謝。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Good morning. Thank you. My first question about the 39% ownership cap. I personally was very surprised that the FCC did not change the 39% ownership cap first. Then by way of that, your Tegna acquisition could have gone through. As opposed to what they did do was just give you guys a waiver and stuff. There's certainly, as you know, been some talk in the trade press, et cetera, about the FCC at the commission level, potentially, I don't know, reversing out their approval of the deal and stuff. I mean, can you touch on that at all?

早安。謝謝。我的第一個問題是關於39%的持股上限。我個人非常驚訝 FCC 沒有先調整39%的持股上限。如此一來，你們對 Tegna 的收購就可以通過。而不是他們實際做的——只是給你們豁免之類的。當然，如你所知，業界媒體等一直有一些討論，說 FCC 在委員會層級可能、我不知道，會撤回他們對這筆交易的核准之類的。你們能談談這點嗎？

The first part about where we think we're at with this 39% ownership cap. Do you think it's ever going to get done? What kind of timeline are we on here? Why do you think they didn't just change that first? Who cares if it was an extra couple of months to get that done first, then do the Tegna acquisition approval for you guys after that?

第一部分是關於我們認為這個 39% 持股上限目前進展到哪一步。你覺得這件事最後會完成嗎？我們現在的時間表大概是怎樣？你覺得他們為什麼不先把這個改掉？就算多花幾個月先把它做完，之後再替你們完成 Tegna 併購案的核准，又有什麼關係？

Sure. Well, you know, the Tegna acquisition was approved. We do own the assets. I want to start there, and we feel it went through a fulsome approval process at both the FCC and the DOJ, the two expert agencies that regulate this industry, as opposed to the state AGs that have shown no real concern or support for local media, local journalism, local television until this election year. I think that, and I don't presuppose to be in the mind of Chairman Carr, if you go back and look at public statements that he's made since he was a commissioner, whether his party was in power or out of power, he has said these rules are antiquated relics of the past and they need to go.

當然。嗯，你知道，Tegna 的併購已經獲准了。我們確實擁有這些資產。我想先從這點說起；我們認為它在 FCC 與 DOJ 這兩個監管本產業的專業機關都經過了完整的核准程序；相較之下，一些州檢察長（state AGs）直到這個選舉年之前，對地方媒體、地方新聞、地方電視並沒有表現出真正的關切或支持。我認為——我也不揣測 Carr 主席的想法——如果你回頭看他自擔任委員以來的公開發言，不論他的政黨是在執政或在野，他都說這些規則是過時的歷史遺物，應該要廢除。

He is consistent in that position, I believe, to this day, and I don't rule out that he will start a proceeding, perhaps in this quarter or the next quarter that would be a rulemaking to eliminate the national ownership cap. You know, imagine if you were Netflix or Google or Amazon, and you were told you could only reach 39% of the country with your business. I think there'd be some hue and cry around that. Why should those rules apply only to broadcast? We are the only part of the media ecosystem that has a government-mandated cap on our ability to grow. I think that Chairman Carr is totally aware of market realities, why he's taking the actions that he has taken.

我相信他到今天仍一貫維持這個立場；我也不排除他可能在本季或下季啟動一項程序，或許會以制定規則（rulemaking）的方式來取消全國持股上限。你想像一下，如果你是 Netflix、Google 或 Amazon，卻被告知你的業務只能觸及全國 39% 的人口。我想一定會引發很大的反彈。為什麼這些規則只適用於廣播？我們是整個媒體生態系中唯一一個在成長能力上被政府強制設限的部分。我認為 Carr 主席完全了解市場現實，也因此才會採取他所採取的行動。

I think we are still on a path to regulatory deregulation, and we're, you know, very thankful that we were able to make a persuasive case to qualify for a waiver during the pendency of those proceedings. You know, it's not just as simple as putting out a press release and saying the rules have changed. There's a lot of legal work that has to go into that, a lot of wordsmithing, a lot of consultation with advisors. I would not suppose or presume that those actions are off track. It's just there's obviously a lot going on, a lot of M&A, in addition to ours, that is under consideration at the FCC and the DOJ. I just think these things are moving through the pipeline, but I would not presume that they have stopped or will not move through the pipeline ultimately.

我認為我們仍走在監管鬆綁的路徑上；而且我們非常感謝能夠提出具說服力的理由，在相關程序進行期間取得豁免（waiver）資格。你知道，這不只是發一篇新聞稿說規則改了那麼簡單。背後需要大量法律工作、許多文字推敲，以及與顧問的諮詢。我不會假設或認定這些行動已經偏離軌道。只是顯然目前事情很多，除了我們的案子之外，還有很多併購（M&A）正在 FCC 與 DOJ 審議中。我認為這些案子都在管線中推進，但我不會臆測它們已經停止，或最終不會繼續往前推進。

I appreciate all that, and I certainly agree with that. Again, just that it just seems like to me personally, and things were done backwards here, that they should have changed the 39% ownership cap first and then go through all the process to approve your deal as well, but to get that finalized after the 39% ownership cap was done. They didn't do that. Does that put you in a little bit tougher position here with these court cases out there that you're just enclosed on a waiver as opposed to the regulation changing first and then them doing all the due diligence and then approving it. What's your thought on that, please?

我理解你剛才說的，也確實同意。再說一次，就我個人看來，這次的順序似乎顛倒了：他們應該先改 39% 持股上限，然後再走完核准你們交易的所有程序，等 39% 上限處理完之後再把你們的案子定案。但他們並沒有這麼做。在外面有這些訴訟的情況下，這會不會讓你們處於比較不利的位置——因為你們是依賴豁免，而不是先改法規、再做盡職調查、再核准？請問你怎麼看？

Hey, Craig, it's Michael Biard. I'll take that. I don't think if you look at the claims that have been made in the litigation that the order with respect to the cap would change anything. The claims being made by the plaintiffs essentially are outside the FCC purview. They come from an antitrust perspective, which is really a different analysis entirely than the FCC. I think the FCC could have gilded a waiver, a complete elimination of the rules in gold and served it up on a platter, and the plaintiffs still would have found reason to complain in this case.

嗨，Craig，我是 Michael Biard。我來回答。我認為如果你去看訴訟中提出的主張，關於持股上限的命令其實不會改變任何事情。原告提出的主張本質上不在 FCC 的管轄範圍內。他們是從反托拉斯的角度出發，而那是一套完全不同於 FCC 的分析。我認為就算 FCC 把豁免、甚至把規則完全廢除，用金子包起來放在盤子上端給他們，原告在這個案子裡仍然會找到理由抱怨。

Benjamin Swinburne, Deutsche Bank.

Benjamin Swinburne，德意志銀行。

Good morning. Thanks for the question. I had two. First, I wanted to ask about the partnerships with ESPN and Roku. Does this represent a shift in Nexstar's digital strategy? How are you thinking about balancing growing your digital business versus the opportunity to partner with other platforms? Then on divestitures, I appreciate there's a lot of uncertainty right now, but can you help us think about how a potential divestiture would impact the synergy buckets you've outlined, whether it's retrans, corporate overhead or operational efficiencies? Thank you.

早安。謝謝讓我提問。我有兩個問題。第一個想問與 ESPN 和 Roku 的合作夥伴關係。這是否代表 Nexstar 的數位策略出現轉變？你們如何在擴大自家數位業務與與其他平台合作的機會之間取得平衡？另外關於資產剝離（divestitures），我理解目前不確定性很高，但你能否協助我們思考：若發生潛在剝離，會如何影響你們所列出的綜效項目（synergy buckets），例如轉播同意費（retrans）、公司管理費用（corporate overhead）或營運效率（operational efficiencies）？謝謝。

I'll take the first question. I don't think it represents a shift in our thinking. I think I'm speaking with respect to the deals that we struck with ESPN and Roku. We look at those as less of a shift and more of an evolution, right? I think when you look at the challenges of trying to build digital platforms in the current environment, they are enormous. One only needs to look at the balance sheets of major media companies that have launched those digital platforms and look at the essentially long, you know, history of losses associated with that. Those businesses are hard to build. They're, you know, capital-intensive. They require a lot of ongoing maintenance.

我先回答第一個問題。我不認為這代表我們思維上的轉變。我想我是在談我們與 ESPN 和 Roku 達成的交易。我們把這些視為不是轉向，而是演進，對吧？我認為在目前環境下要打造數位平台的挑戰非常巨大。你只要看看那些推出數位平台的大型媒體公司的資產負債表，就能看到與之相關、基本上長期累積的虧損歷史。那些業務很難建立。它們資本密集。也需要大量持續性的維護。

When we looked at, you know, expanding our footprint in a digital, in a digital environment. We essentially had three options available to us, right? Build, buy or partner. You know, for obvious reasons, we went with the latter of those options. We were able to strike deals with, you know, essentially the largest platforms available to us in each of those spaces. You know, particularly with respect to CW and the sports on ESPN, I think, you know, where we are in the life cycle of building a sports brand, the opportunity to have our sports, you know, available and visible inside the ESPN platform, inside a dedicated CW vertical environment, will reap rewards for us, not just in terms of building the brand equity, but also our ability to monetize viewership on those platforms.

當我們思考在數位環境中擴大我們的版圖時，我們基本上有三個選項，對吧？自建、收購或合作。基於顯而易見的原因，我們選擇了最後一個選項。我們得以在各個領域與我們可接觸到的、基本上最大的那些平台達成合作。特別是就 CW 以及 ESPN 上的體育內容而言，我認為以我們目前打造體育品牌的生命週期階段來看，讓我們的體育內容能在 ESPN 平台內、在一個專屬的 CW 垂直頻道（vertical）環境中被看見與曝光，將為我們帶來回報；不僅有助於累積品牌資產（brand equity），也能提升我們在這些平台上將收視變現的能力。

We're extremely excited about that. Similarly with respect to Roku, you know, trying to build a digital business and really maintain one at a CW-only branded environment is extremely challenging in the current environment. You're going up against, you know, behemoths that invest literally billions and billions of dollars every year into their platforms. You know, being able to tuck into the, you know, the most popular AVOD platform out there, again, with a CW-branded vertical environment, we think will deliver benefits not just in terms of near-term monetization, but long-term brand equity.

我們對此非常興奮。同樣地，就 Roku 而言，在目前環境下要建立一個數位業務、並且真正維持一個僅以 CW 為品牌的環境，是極具挑戰的。你面對的是那些每年在平台上投入數十億、甚至數百億美元的巨頭。能夠嵌入目前最受歡迎的 AVOD 平台，同樣以 CW 品牌的垂直頻道環境呈現，我們認為帶來的效益不僅是短期變現，也包括長期的品牌資產。

On the divestiture side, Ben, I mean, it's premature. I think if you were to look at our synergies, there were a number of components to that. I think the, you know, obviously retrans and in-market synergy type of synergies would have to be reduced. Corporate, maybe not so much, but we'd have to take a look at it. It's, I think, a little premature to kind of even think about what that impact could be.

至於資產剝離的部分，Ben，我的意思是，現在談還太早。我想如果你去看我們的綜效，裡面有好幾個組成部分。我認為，顯然轉播同意費（retrans）以及同市場（in-market）綜效這類綜效，將不得不下修。公司層面的部分也許影響沒那麼大，但我們仍需要再評估。我認為現在就去思考可能的影響，還有點言之過早。

Got it. Thank you.

了解。謝謝。

Jason Bazinet, Citi.

Jason Bazinet，花旗。

In all my years, I've never really come across a situation where shareholders own an asset and can't manage it. I just had a quick question. Can you elaborate on those guardrails that you talked about earlier? Second, is there any incentives that exist on the part of the Tegna assets to sort of either for their sales force or anything else that sort of minimizes the risks for Nexstar shareholders in this period where we're sort of in limbo or suspended animation?

在我這麼多年的經驗裡，我從未真正遇過股東擁有一項資產卻無法管理它的情況。我有個簡短的問題。你能否進一步說明你先前提到的那些「護欄」措施？第二，Tegna 資產端是否存在任何激勵機制——例如針對其銷售團隊或其他方面——以在我們目前這種有點懸而未決、彷彿暫停狀態的期間，將 Nexstar 股東所面臨的風險降到最低？

If you go back to the interim operating covenants, and it's not public in the order as well, they're primarily financial. You know, transactions above a certain size would have to be approved by the board of Tegna, which is comprised of Nexstar executives and Nexstar management team. That's been approved by the courts that we have the ability to appoint management inside of Tegna. I think all of those things taken together are the governance that will guide us during this hold separate period. They operate as a subsidiary. We can have conversations with them. The executives running the entity report to the board.

如果你回頭看臨時營運契約條款（interim operating covenants），而且該內容在命令中也不是公開的，它們主要是財務性的。你知道，超過某一規模的交易必須由 Tegna 董事會核准；該董事會由 Nexstar 的高階主管與 Nexstar 管理團隊組成。法院也已核准我們有權在 Tegna 內部指派管理層。我認為，這些事項綜合起來，就是在這段「分離持有」期間引導我們的治理架構。他們以子公司形式運作。我們可以與他們進行溝通。負責營運該實體的高階主管向董事會報告。

We just can't basically influence decision-making. Again, decisions beyond a certain level require board involvement and board approval. We were very comfortable in the way Tegna was operated during the pendency of the transaction from the time of signing to closing. It's basically those same covenants, if you will, govern our relationship with Tegna during the hold separate period. As to sales, I'm not quite sure I understood that part of the question.

我們基本上只是不能影響決策。同樣地，超過某一層級的決策需要董事會介入並取得董事會核准。在交易進行期間——從簽約到交割——Tegna 的營運方式讓我們非常放心。基本上，在這段分離持有期間，若你願意這麼說，仍是由那些相同的契約條款來規範我們與 Tegna 的關係。至於銷售，我不太確定我是否理解了那部分問題。

I just get nervous about, you know, somebody at Tegna, you know, they don't really know if they have a job, if they're going to get eliminated in some synergy number, and they get distracted, and so they're not as focused on, you know, their core day-to-day job, and then the sales numbers fall apart on the Tegna side of the house. I guess it sounds like from your answer, the limitation is more around integration, and there's really not a lot of operational day-to-day risk that Nexstar shareholders face on the Tegna side of the house.

我只是會擔心，你知道，Tegna 那邊有人可能不確定自己是否還有工作、是否會在某個協同效益數字下被裁撤，於是分心，因而對其核心的日常工作不如以往專注，然後 Tegna 這邊的銷售數字就崩了。我想聽起來從你的回答來看，限制更多是在整合層面，而 Nexstar 股東在 Tegna 這邊其實不太會面臨很多日常營運面的風險。

I think that's fair, and I think that, you know, if you read the judge's hold separate order, we are not, and Tegna is not allowed to reduce headcount during the pendency of this TRO. At this point, you know, we were comfortable in the results and the performance of Tegna during the pendency of the transaction when we were operating under the same structure that we're operating under now. We have, you know, prior to closing is when anxiety is at its highest, right? I would say that is in the overlap markets would have been on our side of the ledger as well. If there are two of me, you know, what assurances do I have?

我認為這樣說是合理的；而且我想，如果你閱讀法官的分離持有命令（hold separate order），在這項臨時限制令（TRO）存續期間，我們以及 Tegna 都不被允許縮減人力。就目前而言，在交易進行期間、我們在與現在相同的架構下運作時，我們對 Tegna 的結果與表現感到放心。你知道，交割前通常是焦慮最高的時候，對吧？我會說，在重疊市場（overlap markets）那一端，我們這邊的情況也一樣。如果有兩個我，你知道，我能得到什麼保證？

I think people look at the environment around them and look at the layoffs at Meta and other companies and going on. I think everybody is likely concerned about their job, particularly if they're not doing a good job. I don't think that this transaction, this industry or these two companies are immune from the world economy. From that perspective, you know, we track our levels of attrition and, you know, did not see any appreciable changes during the pendency of the transaction. We'll continue to track levels of attrition during this whole separate period to determine if there are trends. We haven't seen it thus far.

我想人們會觀察周遭環境，看到 Meta 和其他公司在裁員等情況。我認為每個人都可能擔心自己的工作，特別是如果他們做得不夠好。我不認為這筆交易、這個產業或這兩家公司能夠免於全球經濟的影響。從這個角度來看，我們會追蹤離職率水準，而且在交易進行期間並未看到任何顯著變化。在整個分離持有期間，我們也會持續追蹤離職率水準，以判斷是否出現趨勢。截至目前我們尚未看到。

I would say that, you know, the Tegna results for the first quarter were very excellent. We only got the benefit of 13 days of them, but we obviously had the financial information for the entire quarter. They performed very well, as did Nexstar by the results we reported this morning.

我會說，Tegna 第一季的業績非常出色。我們只享有他們 13 天的貢獻，但我們當然掌握了整個季度的財務資訊。他們表現非常好；而 Nexstar 也同樣如此，正如我們今天早上公布的結果。

I would echo that. I would say the first quarter, you know, if there's any expectation or indication that we'd have a problem, you would see it in most likely in that first quarter number, and Tegna definitely had a stellar first quarter.

我也呼應這點。我會說，第一季——如果市場對我們會有問題有任何預期或跡象，你最可能會在第一季的數字中看到，而 Tegna 的第一季確實非常亮眼。

That's great. Thank you.

太好了。謝謝。

I will now turn the floor over to Perry for closing remarks.

我現在把時間交給 Perry 作結語。

Well, thank you everyone for joining us this morning. We look forward to reporting our Q2 results in early August, which will be our first full quarter of results reporting the combined consolidated results of the new Nexstar. Thanks everyone. Have a great rest of your day.

好的，謝謝各位今天早上加入我們。我們期待在 8 月初公布第二季（Q2）業績，這將是我們首次以「新 Nexstar」合併後的合併報表口徑，完整呈現一整季的業績。謝謝大家。祝各位今天剩下的時間愉快。

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

今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。