Sinclair Inc (SBGI) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Sinclair Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Chris King, Vice President of Investor Relations at Sinclair. You may begin.

您好，歡迎參加 Sinclair 2023 年第二季度收益電話會議。 （操作員說明）請注意，本次會議正在錄製中。現在我將會議交給主持人、辛克萊投資者關係副總裁克里斯·金 (Chris King)。你可以開始了。

Good afternoon, everyone, and thank you for joining Sinclair's Second Quarter 2023 Earnings Conference Call. Joining me on the call today are Chris Ripley, our President and Chief Executive Officer; Lucy Rutishauser, our Executive Vice President and Chief Financial Officer; and Rob Weisbord, our Chief Operating Officer and President of Local Media.

大家下午好，感謝您參加 Sinclair 2023 年第二季度收益電話會議。今天和我一起參加電話會議的是我們的總裁兼首席執行官 Chris Ripley； Lucy Rutishauser，我們的執行副總裁兼首席財務官；以及我們的首席運營官兼本地媒體總裁 Rob Weisbord。

Before we begin, I want to remind everyone that slides and supplemental information for today's earnings call are available on our website, sbgi.net, on the Investor Information page and on the earnings webcast page. Following shareholder approval and closing of our holding company reorganization, we recasted our financial results on a quarterly basis for 2022 in the first quarter of 2023 to conform with the new organization structure and reporting. Those updates are available on our website for the revised segment reporting. For questions about our recasted financial statements, please reach out to our Investor Relations team sometime after this call.

在我們開始之前，我想提醒大家，今天的收益電話會議的幻燈片和補充信息可以在我們的網站 sbgi.net、投資者信息頁面和收益網絡廣播頁面上找到。在股東批准並完成控股公司重組後，我們在 2023 年第一季度按季度重新制定了 2022 年財務業績，以符合新的組織結構和報告。這些更新可在我們的網站上獲取，以獲取修訂後的分部報告。如果對我們重新編制的財務報表有疑問，請在本次電話會議後聯繫我們的投資者關係團隊。

Certain matters discussed on this call may include forward-looking statements regarding, among other things, future operating results. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ from those described in the forward-looking statements as a result of various important factors. Such factors have been set forth in the company's most recent reports as filed with the SEC and included in our second quarter earnings release.

本次電話會議討論的某些事項可能包括有關未來經營業績等的前瞻性陳述。此類聲明存在許多風險和不確定性。由於各種重要因素，未來的實際結果可能與前瞻性陳述中描述的結果有所不同。這些因素已在公司向美國證券交易委員會提交的最新報告中闡述，並包含在我們第二季度的收益發布中。

The company undertakes no obligation to update these forward-looking statements. The company uses its website as a key source of company information, which can be accessed at www.sbgi.net. In accordance with Regulation FD, this call is being made available to the public. A webcast replay will be available on our website and will remain available until our next quarterly earnings release.

該公司不承擔更新這些前瞻性陳述的義務。該公司將其網站作為公司信息的主要來源，可通過 www.sbgi.net 訪問該網站。根據 FD 法規，本次電話會議將向公眾公開。我們的網站上將提供網絡廣播重播，並將持續提供到我們下一個季度收益發布之前。

Included on the call will be a discussion of non-GAAP financial measures, specifically adjusted EBITDA, adjusted free cash flow and leverage. The company considers adjusted EBITDA to be an indicator of the company's operating performance and the ability to service its debt. The company also believes that adjusted EBITDA is frequently used by industry analysts, investors and lenders as a measure of valuation and ability to service debt.

電話會議將討論非公認會計原則財務指標，特別是調整後的 EBITDA、調整後的自由現金流和槓桿率。公司認為調整後的 EBITDA 是公司經營業績和償債能力的指標。該公司還認為，行業分析師、投資者和貸方經常使用調整後的 EBITDA 作為估值和償債能力的衡量標準。

The company also discloses segment adjusted EBITDA as an indicator of the operating performance of its segments in accordance with ASC 280 segment reporting. The company considers adjusted free cash flow to be an indicator of the company's operating performance. The company also believes that free cash flow is a commonly used measure of valuation for companies in the local media industry. In addition, this measure is frequently used by industry analysts, investors and lenders as a measure of valuation for local media companies.

該公司還根據 ASC 280 分部報告披露分部調整後的 EBITDA，作為其分部經營業績的指標。公司認為調整後的自由現金流是公司經營業績的一個指標。該公司還認為，自由現金流是當地媒體行業公司常用的估值衡量標準。此外，行業分析師、投資者和貸方經常使用這一指標作為當地媒體公司的估值指標。

These measures are not formulated in accordance with GAAP or not meant to replace GAAP measurements and may differ from other companies' uses or formulations. The company does not provide reconciliations on a forward-looking basis. Further discussions and reconciliations of the company's non-GAAP financial measures to comparable GAAP financial measures can be found on our website, www.sbgi.net.

這些衡量標準並非根據 GAAP 制定，也無意取代 GAAP 衡量標準，並且可能與其他公司的使用或表述不同。該公司不提供前瞻性的調節表。有關公司非 GAAP 財務指標與可比 GAAP 財務指標的進一步討論和調節，請訪問我們的網站 www.sbgi.net。

Any discussion of pro forma numbers as compared to 2022 will exclude Diamond, which was deconsolidated on March 1, 2022 and any business sold since the beginning of 2022. For actual results, including the periods that Diamond was consolidated, please refer to this morning's earnings release. In addition, due to the pending Diamond litigation, we are unable to comment on any specifics regarding the legal issues surrounding Diamond's bankruptcy or any potential financial impact that may or may not occur as a result of those matters other than to say that Sinclair firmly believes that it has meritorious defenses to the allegations in the Diamond lawsuit, and we plan to vigorously defend against them.

任何與2022 年相比的預估數字的討論都將排除Diamond，該公司於2022 年3 月1 日被取消合併，以及自2022 年初以來出售的任何業務。有關實際結果，包括Diamond 被合併的時期，請參閱今天上午的收益發布。此外，由於 Diamond 訴訟懸而未決，我們無法對有關 Diamond 破產的法律問題的任何具體細節或這些事項可能會或可能不會發生的任何潛在財務影響發表評論，除了表示 Sinclair 堅信其對鑽石訴訟中的指控有充分的辯護，我們計劃對其進行積極的辯護。

Let me now turn the call over to Chris Ripley.

現在讓我把電話轉給克里斯·里普利。

Good morning -- sorry, good afternoon, everyone, and thank you for joining us. I'll start on Slide 4, as I would like to begin by discussing the holding company reorganization that was approved by our shareholders in late May and which closed on June 1. Under the new structure, Sinclair Inc. has become the publicly-traded parent of Sinclair Broadcast Group and Sinclair Ventures. SBG holds the pure-play local media assets, while a newly formed subsidiary, Sinclair Ventures holds the company's nonlocal media assets. The intent is to provide the investor community with greater transparency of financial results and disclosures on the value drivers of the business, while increasing both operational and financial flexibility for creating value within the company.

早上好——抱歉，大家下午好，感謝您加入我們。我將從幻燈片 4 開始，因為我想首先討論控股公司重組，該重組已於 5 月底獲得我們的股東批准，並於 6 月 1 日結束。在新結構下，Sinclair Inc. 已成為上市公司辛克萊廣播集團和辛克萊風險投資公司的母公司。 SBG 持有純粹的本地媒體資產，而新成立的子公司 Sinclair Ventures 則持有該公司的非本地媒體資產。其目的是為投資者群體提供更大的財務業績透明度以及有關業務價值驅動因素的披露，同時提高運營和財務靈活性，以在公司內部創造價值。

In addition, we are now disclosing more financial detail about the operating results at Tennis Channel, which is now a separate reporting segment as well as more information regarding management's estimates of fair market value for our non-media assets, including our investment portfolio. The reorganization will allow more transactional flexibility and transparency around the sum-of-the-parts valuation analysis, which I will discuss in more detail shortly.

此外，我們現在披露有關網球頻道經營業績的更多財務細節（該頻道現已成為一個單獨的報告部門），以及有關管理層對我們非媒體資產（包括我們的投資組合）公平市場價值估計的更多信息。此次重組將使部分總和估值分析具有更大的交易靈活性和透明度，我將很快對此進行更詳細的討論。

Additionally, Ventures will now have more flexibility to potentially access additional financing, whether debt or equity, to further grow or invest in these assets. While our pure-play focused local media division will continue to transform and unlock overall value for the organization.

此外，風險投資現在將具有更大的靈活性，可以獲得額外的融資（無論是債務還是股權），以進一步增長或投資這些資產。我們專注於本地媒體部門的純業務將繼續轉型並釋放組織的整體價值。

Turning to Slide 5. We remain firmly committed to the local media industry, which is our legacy and core business. However, increased competition from technology companies, streaming content providers and the networks as well as continued regulatory constraints means that we must transform to remain relevant and to grow impressions and revenue share. We must also embrace technology, which is why we're earmarking $75 million this year for cloud technologies, automation and ad sales platforms, data distribution, yield management and a customer data platform.

轉向幻燈片 5。我們仍然堅定地致力於本地媒體行業，這是我們的傳統和核心業務。然而，來自科技公司、流媒體內容提供商和網絡的競爭加劇以及持續的監管限制意味著我們必須轉型以保持相關性並增加印象和收入份額。我們還必須擁抱技術，這就是為什麼我們今年撥出 7500 萬美元用於雲技術、自動化和廣告銷售平台、數據分發、收益管理和客戶數據平台。

Due to a combination of timing and permanent cost savings, we now anticipate spending approximately $65 million on these efforts during 2023. Over the next 12 months, we intend to allocate capital to marketing services, multi-platform content, community interactivity, Next Gen Broadcast and cloud technologies. Our next-gen broadcast plans remain a key focal point of this transformation. The migration of ATSC 3.0 and distributed data products will allow our industry to unlock the value of our significant spectrum holdings through new revenue and cash flow streams. And despite net leverage increasing this year, in part due to our investment in broadcast and net retrans renewal timing, we believe the changes and investments we are making will drive broadcast future returns and free cash flow, leading to reduced debt over the coming years.

由於時間安排和永久成本節省，我們現在預計2023 年在這些工作上花費約6500 萬美元。在接下來的12 個月裡，我們打算將資金分配給營銷服務、多平台內容、社區互動、下一代廣播和雲技術。我們的下一代廣播計劃仍然是這一轉型的關鍵焦點。 ATSC 3.0 和分佈式數據產品的遷移將使我們的行業能夠通過新的收入和現金流來釋放我們持有的大量頻譜的價值。儘管今年淨槓桿率有所增加，部分原因是我們對廣播和淨轉播續訂時間的投資，但我們相信我們正在進行的變革和投資將推動廣播未來的回報和自由現金流，從而減少未來幾年的債務。

We intend to remain keenly focused on strengthening the balance sheet as we continue to execute on our business strategies in the coming quarters. Turning to Slide 6. I wanted to provide a brief governmental update regarding several key items for Sinclair as well as the broadcast industry at large. In mid-June, the Senate Judiciary Committee passed the Journalism Competition and Preservation Act which would allow broadcasters and other news production organizations to negotiate directly with large, Big Tech platforms for widespread content distribution.

隨著我們在未來幾個季度繼續執行我們的業務戰略，我們打算繼續專注於加強資產負債表。轉向幻燈片 6。我想就辛克萊以及整個廣播行業的幾個關鍵項目提供簡要的政府最新情況。六月中旬，參議院司法委員會通過了《新聞競爭和保護法案》，該法案將允許廣播公司和其他新聞製作組織直接與大型科技平台進行談判，以實現廣泛的內容分發。

Also in June, Senator Cantwell expressed public support calling on the SEC to initiate a process to update the definition of MVPDs to address the rise of live streaming video services and to allow direct negotiation of carriage between virtual MVPDs and broadcasters. In addition, at the annual NAB Show in May, FCC Chairwoman Rosenworcel announced an NAB-led leadership group to grow -- to work through the issues related to the broadcasting industry's ongoing transition to ATSC 3.0 for Next Gen Broadcast services. This should help facilitate the wind down of the older ATSC 1.0 standard which will open up more spectrum capacity for future services.

同樣在 6 月，參議員 Cantwell 表達了公眾支持，呼籲 SEC 啟動更新 MVPD 定義的流程，以應對實時流媒體視頻服務的興起，並允許虛擬 MVPD 和廣播公司之間進行直接協商。此外，在 5 月份的年度 NAB 展會上，FCC 主席 Rosenworcel 宣布成立一個由 NAB 領導的領導小組，以解決與廣播行業持續向下一代廣播服務 ATSC 3.0 過渡相關的問題。這應該有助於促進舊版 ATSC 1.0 標準的逐步結束，從而為未來的服務開闢更多的頻譜容量。

We are pleased with all 3 of these significant governmental developments, and we look forward to working with legislators and regulators regarding these crucial issues for broadcasters over the coming months.

我們對政府的所有這三項重大進展感到高興，並期待在未來幾個月內就廣播公司的這些關鍵問題與立法者和監管機構合作。

On Slide 7, Ventures' strategic path is about amplifying its approximate $1.25 billion portfolio with a focus on shifting from mostly minority owned to majority owned and consolidated growth investments. Our diversified portfolio of investment assets has delivered strong results in the past, returning an IRR of 19% over the past 10 years, and our target for future investments is to have an IRR threshold goal of 15% to 20%. We look forward to sharing further developments regarding this asset portfolio in the months ahead.

在幻燈片 7 中，Ventures 的戰略路徑是擴大其約 12.5 億美元的投資組合，重點是從多數少數股權投資轉向多數股權和合併的增長投資。我們多元化的投資資產組合過去取得了強勁的業績，過去10年的IRR回報率為19%，我們未來的投資目標是將IRR閾值目標提高到15%至20%。我們期待在未來幾個月分享有關該資產組合的進一步進展。

Turning to Slide 8. We are disclosing separate financials for Tennis Channel for the first time as part of our increased disclosure for Sinclair Ventures. During the second quarter, Tennis Channel reported $60 million in total revenue and $8 million in adjusted EBITDA. We note that there are some seasonality associated with Tennis Channel's financials, particularly on the operating expense side, largely due to production costs associated with the coverage of Roland Garros which occurs during the second quarter.

轉向幻燈片 8。作為我們增加 Sinclair Ventures 披露的一部分，我們首次披露 Tennis Channel 的單獨財務數據。第二季度，網球頻道報告總收入為 6000 萬美元，調整後 EBITDA 為 800 萬美元。我們注意到，網球頻道的財務狀況存在一些季節性，特別是在運營費用方面，這主要是由於第二季度與羅蘭·加洛斯的報導相關的生產成本。

We expect full year revenues to be in the range of $223 million to $226 million while adjusted EBITDA is expected to be in the range of $53 million to $56 million. This includes approximately $14 million in net operating expenses to fund the growth initiatives, including direct-to-consumer Tennis Channel International, T2 and Pickleball.

我們預計全年收入將在 2.23 億美元至 2.26 億美元之間，而調整後的 EBITDA 預計將在 5300 萬美元至 5600 萬美元之間。其中包括約 1,400 萬美元的淨運營支出，用於資助直接面向消費者的 Tennis Channel International、T2 和 Pickleball 等增長計劃。

As seen on Slide 9, we're also presenting greater disclosure around Ventures investment portfolio, which includes non-media assets and excludes Tennis Channel and Compulse, along with the current methodologies for calculating the fair market values of the various assets. As you can see, management's estimates of the value of these assets includes the current cash position, reflecting a total portfolio value of $1.25 billion. As a reminder, these assets have generated a 19% internal rate of return over the last nearly 10 years.

如幻燈片 9 所示，我們還提供了有關風險投資組合的更多披露，其中包括非媒體資產，但不包括 Tennis Channel 和 Compulse，以及計算各種資產公平市場價值的當前方法。正如您所看到的，管理層對這些資產價值的估計包括當前現金頭寸，反映了 12.5 億美元的投資組合總價值。提醒一下，這些資產在過去近 10 年中產生了 19% 的內部回報率。

During the second quarter, Sinclair made investments of approximately $6 million into the portfolio of investments and received distributions of approximately $5 million. Going forward, part of the strategy in Sinclair Ventures will be reducing our minority stake -- investment stakes over time and focusing more on majority investments that we can operationally and financially control.

第二季度，辛克萊向投資組合投資了約 600 萬美元，並獲得了約 500 萬美元的分配。展望未來，Sinclair Ventures 戰略的一部分將是減少我們的少數股權——隨著時間的推移而減少的投資股權，並更多地關注我們可以在運營和財務上控制的多數投資。

Turning to Slide 10. I wanted to highlight the current valuation discrepancy between our estimation of the fair value of our assets and our current enterprise valuation. As seen in the table, our current total enterprise value as of July 26 was $44 billion. We signed an approximate $1.25 billion valuation of the assets held in our investment portfolio as seen on the previous slide. We have signed an approximate $1 billion valuation for Tennis Channel and Compulse based on Tennis Channel's EBITDA using a 12x trailing 12-month multiple and a 2x gross billing multiple for Compulse.

轉向幻燈片 10。我想強調我們對資產公允價值的估計與當前企業估值之間的當前估值差異。如表所示，截至 7 月 26 日，我們當前的企業總價值為 440 億美元。如上一張幻燈片所示，我們對投資組合中持有的資產簽署了約 12.5 億美元的估值。我們已根據 Tennis Channel 的 EBITDA（使用 12 倍過去 12 個月市盈率和 2 倍 Compulse 總賬單倍數）對 Tennis Channel 和 Compulse 進行了約 10 億美元的估值。

When combined, this yields an estimated approximate $2.3 billion fair market value for Sinclair Ventures. Assigning a 7x adjusted EBITDA multiple for our Local Media segment, which is in line with recent trading comps on an average 8 quarter basis yields a local media group fair market valuation of $5.7 billion. Taking into account the approximate $50 million of annualized, unallocated corporate expenses, this yields an estimated total implied fair market value for the company of approximately $7.6 billion, suggesting a current equity discount of almost 80% with an implied share price of approximately $65.

綜合起來，Sinclair Ventures 的公平市場價值估計約為 23 億美元。為我們的本地媒體部門分配 7 倍的調整後 EBITDA 倍數（這與最近平均 8 個季度的交易比較一致），本地媒體集團的公平市場估值為 57 億美元。考慮到約 5000 萬美元的年化未分配公司費用，公司隱含公平市場價值估計約為 76 億美元，表明當前股權折扣接近 80%，隱含股價約為 65 美元。

While we realize and acknowledge a current discount on our capital structure due to several issues, including some uncertainty related to the Diamond Sports bankruptcy outcome, we believe the deep discount on the fair market values of our current asset remains unjustified. Management is keenly focused on closing this valuation gap as we continue to invest in both our local media and Venture assets and businesses. One of the ways we expect to close this valuation gap is through the transformation of our traditional broadcast business.

雖然我們意識到並承認由於幾個問題（包括與Diamond Sports 破產結果相關的一些不確定性），我們的資本結構目前存在折扣，但我們認為，我們當前資產的公平市場價值的大幅折扣仍然是不合理的。隨著我們繼續投資當地媒體和風險資產和業務，管理層非常注重縮小這一估值差距。我們期望縮小這一估值差距的方法之一是通過傳統廣播業務的轉型。

Turning to Slide 11. Work continues on our Next Gen Broadcast core network and platform, which we currently expect to go live in the first quarter of next year. This network will create an interconnected platform to provide commercial services and solutions for national data distribution and represents what we believe to be the next step in the evolution of the broadcasting industry.

轉向幻燈片 11。我們的下一代廣播核心網絡和平台的工作仍在繼續，目前我們預計將於明年第一季度上線。該網絡將創建一個互連平台，為國家數據分發提供商業服務和解決方案，並代表我們認為廣播行業發展的下一步。

Slide 12 highlights recent developments for Next Gen Broadcast. To date, we are live with Next Gen Broadcast in 41 markets, including recent launches in South Bend and Reno, which represent approximately 69% of the TV households in our licensed footprint. By year-end, Sinclair will have deployed Next Gen in over half of our 86 markets covering 74% of our covered population. The industry has also committed to launching an advanced emergency information pilot project to disseminate crucial information with enhanced broadcast features. We currently expect Next Gen revenues to begin in 2024 as the technology grows towards BIA's midpoint forecast of $10 billion in industry revenues by 2030.

幻燈片 12 重點介紹了下一代廣播的最新發展。迄今為止，我們在 41 個市場推出了 Next Gen Broadcast，包括最近在南本德和里諾推出的服務，這兩個地區約占我們授權覆蓋範圍內電視家庭的 69%。到年底，Sinclair 將在我們 86 個市場的一半以上部署下一代，覆蓋我們覆蓋人口的 74%。該行業還致力於啟動先進的應急信息試點項目，以增強廣播功能來傳播重要信息。我們目前預計下一代收入將從 2024 年開始，因為該技術將朝著 BIA 預測的到 2030 年行業收入達到 100 億美元的中點方向發展。

I will now turn the call over to Rob for operational highlights.

我現在將把電話轉給 Rob，了解運營要點。

Thanks, Chris, and good afternoon, everyone. Our commitment to our local media platform remains strong. Sinclair reaches 1 in 3 Americans on a daily basis, more than 100 million people plus. We are launching 25 local FAST channels in addition to expanding Tennis Channel into new international markets as well as expanding the network's T2 FAST channel. We continue to invest in our social media and digital content, including hiring Nickolas James, a veteran of HBO Max, Condé Nast and E! to head our social and digital content initiatives that drive our growth and engagement strategy. Nick joins Richard Cook, Vice President of Audio Programming, who was brought in to create compelling local content delivered to audio listeners.

謝謝克里斯，大家下午好。我們對當地媒體平台的承諾仍然堅定。 Sinclair 每天接觸到三分之一的美國人，超過 1 億人。除了將 Tennis Channel 擴展到新的國際市場以及擴展網絡的 T2 FAST 頻道外，我們還將推出 25 個本地 FAST 頻道。我們繼續投資社交媒體和數字內容，包括聘請 HBO Max、Condé Nast 和 E! 的資深人士 Nickolas James。領導我們的社交和數字內容計劃，推動我們的增長和參與戰略。 Nick 加入了音頻編程副總裁 Richard Cook 的行列，Richard Cook 的職責是為音頻聽眾創建引人入勝的本地內容。

We are a premier cross-platform producer and distributor of local media on every platform, wherever, whenever and however our viewers, listeners want to consume it. Nick and Richard will create the digital bow tie that links our 2,500 hours plus of weekly local news and The National Desk content for our compelling and distinctive digital content. Before coming to Sinclair, Richard oversaw the launch and growth of a dozens of podcasts at Cadence 13 and has worked as a producer across ESPN's radio, TV and digital assets.

我們是每個平台上首屈一指的跨平臺本地媒體製作商和發行商，無論我們的觀眾、聽眾想要在何時何地以何種方式消費它。 Nick 和 Richard 將創建數字領結，將我們 2,500 多個小時的每周本地新聞和 The National Desk 內容聯繫起來，打造引人注目且獨特的數字內容。在加入 Sinclair 之前，Richard 負責監督 Cadence 13 數十個播客的推出和發展，並擔任 ESPN 廣播、電視和數字資產的製作人。

Turning to Slide 13. I wanted to take a minute to provide some color around our distribution revenues. Several weeks ago, we announced a distribution agreement with Hulu to add carriage of Tennis Channel, T2, Comet and CHARGE! to Hulu + Live TV, beginning in January 2024. During the second quarter, we began our new carriage agreement with YouTube TV which now has access to Tennis Channel, T2, CHARGE! and TBD as of June 1. In addition, as a reminder, with respect to our upcoming retrans renewal cycles, we have material renewals coming up during the second half of this year and into 2024, which combined represent approximately 90% of our big 4 subscribers.

轉向幻燈片 13。我想花一點時間來介紹一下我們的發行收入。幾週前，我們宣布與 Hulu 達成分銷協議，增加 Tennis Channel、T2、Comet 和 CHARGE！到 Hulu + Live TV，從 2024 年 1 月開始。在第二季度，我們開始與 YouTube TV 簽訂新的傳輸協議，YouTube TV 現在可以訪問網球頻道、T2、CHARGE！截至 6 月 1 日，待定。此外，提醒一下，關於我們即將到來的 retrans 續訂週期，我們在今年下半年和 2024 年期間將進行重大續訂，這些續訂合計約占我們四大的 90%訂戶。

These renewals are expected to drive both top and bottom line growth to achieve our guide of a 3-year CAGR of net retrans growth of low single digits. In addition, we anticipate our reverse retransmission agreements to have modestly improved terms as the industry takes into account current subscriber churn levels as well as the loss of some additional exclusivity as networks with wholesome content for their own streaming products. Churn during the second quarter was slightly better than our internal expectations. However, we continue to anticipate linear subscriber churn to continue at elevated levels for the entire industry.

這些續約預計將推動營收和利潤的增長，以實現我們關於淨轉播增長的 3 年復合年增長率的指導方針，即低個位數的增長。此外，我們預計我們的反向轉播協議的條款將略有改善，因為行業考慮到當前的訂戶流失水平，以及作為為自己的流媒體產品提供健康內容的網絡而失去的一些額外排他性。第二季度的客戶流失率略好於我們的內部預期。然而，我們仍然預計整個行業的線性用戶流失率將繼續保持在較高水平。

We still believe, however, that broadcasters are not at parity with respect to retransmission revenues and that the industry is not adequately compensated for the programming content and audience share that we consistently bring.

然而，我們仍然認為，廣播公司在轉播收入方面並不平等，而且該行業沒有為我們持續帶來的節目內容和觀眾份額提供充分的補償。

Notably, turning to Slide 14, a study conducted by the Television Bureau of Advertising earlier this year found that local broadcast news has 8x to 12x the daily impressions with only a fraction of the total number of programs of major streaming platforms. The study reviewed 1 day of SVOD audiences versus the same 1 day of linear broadcast TV audience for local broadcast news programming. Local broadcast news remains a key pillar of the view and engagement across the country and is a key factor in our belief that local broadcasters are not being adequately compensated for such programming today.

值得注意的是，轉向幻燈片14，電視廣告局今年早些時候進行的一項研究發現，本地廣播新聞的每日展示次數是其8 倍到12 倍，而僅占主要流媒體平台節目總數的一小部分。該研究回顧了 1 天的 SVOD 觀眾與同樣 1 天的線性廣播電視觀眾觀看本地廣播新聞節目的情況。地方廣播新聞仍然是全國范圍內觀點和參與的關鍵支柱，也是我們認為地方廣播公司目前此類節目沒有得到充分補償的一個關鍵因素。

We discuss our current core advertising trends for the Local Media segment on Slide 15. Core advertising, excluding political fell by less than 1% in the quarter on a year-over-year basis. Auto continues to be a strong performer for us with that category up 6.5% year-over-year. We believe our Drive Auto platform allows us to clearly differentiate ourselves in the marketplace from a Tier 3 dealer perspective.

我們在幻燈片 15 上討論了本地媒體部門當前的核心廣告趨勢。核心廣告（不包括政治廣告）在本季度同比下降了不到 1%。汽車行業仍然是我們表現強勁的行業，該類別同比增長 6.5%。我們相信，從三級經銷商的角度來看，我們的 Drive Auto 平台使我們能夠在市場上明顯脫穎而出。

Overall, legal services continued to perform well during the quarter, but most other service categories led by insurance recorded year-over-year declines. As we begin to look at early third quarter trends, core advertising trends appear to be largely unchanged from second quarter trends with a notable exception of national advertising, which is improving over the past month.

總體而言，法律服務在本季度繼續表現良好，但以保險為首的大多數其他服務類別均出現同比下降。當我們開始審視第三季度初的趨勢時，核心廣告趨勢似乎與第二季度的趨勢基本沒有變化，但全國廣告是一個明顯的例外，該趨勢在過去一個月中有所改善。

On Slide 16, I wanted to provide an early preview of what we believe will be a strong 2024 for political advertising. As shown on the slide, Sinclair stations in 23 of the 34 states with Senate races in 2024. 7 of the 11 states with Gubernatorial races and 10 of 12 presidential swing states, as defined by a close 2020 Presidential race in those states. Issue spending is also heating up with cannabis, immigration, abortion, gun control, education and sports gambling, all expected to drive incremental political spend over the next 18 months.

在幻燈片 16 上，我想提供一個我們認為 2024 年政治廣告強勁的早期預覽。如幻燈片所示，辛克萊在2024 年進行參議員競選的34 個州中的23 個州中站穩腳跟，在11 個進行州長競選的州中站了7 個州，在12 個總統搖擺州中站了10 個州（根據這些州2020 年總統競選的勢均力敵而確定）。大麻、移民、墮胎、槍支管制、教育和體育博彩等問題支出也在升溫，預計所有這些都將在未來 18 個月內推動政治支出的增量。

We have already booked $9 million in political revenue during the first half of 2023, including $5.5 million during the second quarter, which is almost 10% above our political revenues booked during the second quarter of 2021. Early fundraising totals and political advertising that we are already seeing suggest another record year for overall political advertising in 2024.

我們已在 2023 年上半年預訂了 900 萬美元的政治收入，其中第二季度的政治收入為 550 萬美元，這比我們在 2021 年第二季度預訂的政治收入幾乎高出 10%。已經看到2024 年整體政治廣告將再創新高。

On Slide 17, I wanted to take a brief minute to highlight our broadcast awards received in just the past quarter. This includes 23 Edward R. Murrow Awards for Outstanding Journalism, a Sports Emmy Award for Writing - Long Form and 4 Telly Awards for news and news feature reporting for Full Measure with Sharyl Attkisson.

在幻燈片 17 上，我想花一點時間強調一下我們在上個季度獲得的廣播獎項。其中包括 23 項愛德華·R·默羅傑出新聞獎、一項體育艾美獎長篇寫作獎以及 4 項泰利新聞和新聞專題報導獎，其作品《Full Measure with Sharyl Attkisson》。

In addition, our local Baltimore Fox affiliate WBFF was honored with 2 prestigious awards in the quarter. First, by Investigative Reporters and Editors for its reporting on the Baltimore public school system exposing how students with disabilities were denied proper education. The station also won a national Sigma Delta Chi Award for Investigative Reporting for its Project Baltimore reporting unit from the Society of Professional Journalists.

此外，我們當地的巴爾的摩福克斯附屬公司 WBFF 在本季度榮獲 2 項著名獎項。首先，《調查記者和編輯》對巴爾的摩公立學校系統的報導揭露了殘疾學生如何被剝奪適當的教育。該台還因其巴爾的摩項目報導單位獲得了職業記者協會頒發的國家 Sigma Delta Chi 調查報導獎。

Project Baltimore also won the prestigious Investigator Reporters and Editors award for fourth year. In addition, 4 Sinclair podcasts were recognized as best in their respective regions. In total, so far this year, Sinclair has won 180 regional awards with -- and 14 national awards for news operations. These awards underscore our unwavering commitment to provide the best in local journalism and news gathering, and we are extremely proud to be so honored. I want to congratulate all our award-winning journalists, who have been disciplined, diligent and unafraid about producing challenging stories.

巴爾的摩計劃還連續第四年榮獲著名的調查記者和編輯獎。此外，4 個 Sinclair 播客被認為是各自地區的最佳播客。今年迄今為止，辛克萊總共贏得了 180 項地區新聞運營獎和 14 項國家級新聞運營獎。這些獎項強調了我們堅定不移地致力於提供最好的當地新聞和新聞採訪，我們為獲得如此殊榮感到非常自豪。我要祝賀我們所有獲獎的記者，他們紀律嚴明、勤奮並且不畏懼報導具有挑戰性的報導。

Turning to Slide 18. And as Chris touched on earlier, Tennis Channel continues to perform well with audiences up in key demographics across the board. Coverage of Roland Garros in late May and early June with over 2,000 hours of coverage drove record viewership for the linear channel as well as viewership for T2, our Live and VOD subscription service, Tennis Channel+. Despite Wimbledon shifting a week later this year, second quarter '23 average audience increased by 20% year-over-year in total viewers, outpacing all other English language sports networks.

轉向幻燈片 18。正如克里斯早些時候提到的那樣，網球頻道繼續表現良好，在各個關鍵人群中都有觀眾。 5 月底和 6 月初對羅蘭·加洛斯的報導超過 2,000 小時，推動了線性頻道以及 T2（我們的直播和視頻點播訂閱服務 Tennis Channel+）的收視率創紀錄。儘管溫布爾登今年推遲一周，但 23 年第二季度的平均觀眾總數同比增長了 20%，超過了所有其他英語體育網絡。

Live coverage of Roland Garros saw total viewership increased by 13% over last year's levels. And the Djokovic-Alcaraz semifinal match was the second most watched Tennis Channel match of all time, while Tennis Channel+ saw its average number of monthly subscribers increased by 17% year-over-year. Tennis also launched its e-commerce store, tennisshop.com in early June during Roland Garros with racket, sports, equipment e-tailer, Tennis Point.

羅蘭·加洛斯的現場直播總收視率比去年增加了 13%。德約科維奇-阿爾卡拉斯半決賽的比賽是網球頻道有史以來收視率第二高的比賽，而網球頻道+的平均月訂閱人數同比增長了 17%。 Tennis 還於 6 月初在法網期間推出了其電子商務商店 Tennisshop.com，其中包括球拍、體育、裝備電子零售商 Tennis Point。

In addition, Tennis Channel continues to invest in its growth initiatives, including Tennis Channel International, T2, the network's direct-to-consumer product offering, which is tentatively scheduled the launch of March of '24 as well as Pickleball. We believe Tennis Channel is well positioned to deliver continued strong growth metrics in the months and years to come.

此外，Tennis Channel 繼續投資於其增長計劃，包括 Tennis Channel International、T2、該網絡的直接面向消費者的產品（暫定於 2024 年 3 月推出）以及 Pickleball。我們相信網球頻道處於有利位置，可以在未來數月和數年中實現持續強勁的增長指標。

Also of note, our Salt Lake City affiliate, KJZZ, known as K Jazz, announced last month that it will be carrying all non-nationally televised games of the NBA's Utah Jazz beginning in this upcoming season. We're already seeing high engagement from this content during the summer league.

另外值得注意的是，我們的鹽湖城附屬公司 KJZZ（簡稱 K Jazz）上個月宣布，將從下個賽季開始轉播 NBA 猶他爵士隊的所有非全國電視轉播比賽。在夏季聯賽期間，我們已經看到這些內容的高參與度。

I will now turn this call over to Lucy to share our financial results.

我現在將把這個電話轉給露西，分享我們的財務業績。

Thank you, Rob, and good afternoon, everyone. Hitting on Slide 19. On a consolidated basis, we delivered media revenues during the second quarter at the high end of guidance as distribution revenue was modestly higher than expectations and core advertising revenue met our internal forecast. As compared to last year, consolidated media revenues decreased to $761 million during the quarter, primarily on the absence of political revenues and to a lesser extent, the impact of year-over-year subscriber churn and softer national core advertising.

謝謝你，羅布，大家下午好。點擊幻燈片 19。在綜合基礎上，我們第二季度的媒體收入達到了指導的上限，因為發行收入略高於預期，核心廣告收入達到了我們的內部預測。與去年相比，本季度綜合媒體收入下降至 7.61 億美元，主要是由於政治收入的缺失，其次是由於訂閱者同比流失和全國核心廣告疲軟的影響。

On a pro forma basis, media revenue was $762 million in the quarter, which excludes divested assets and is comparable to the $828 million in the second quarter of 2022 as seen on the right-hand side of the slide.

按預計，本季度媒體收入為 7.62 億美元（不包括剝離的資產），與幻燈片右側所示 2022 年第二季度的 8.28 億美元相當。

On Slide 20, consolidated adjusted EBITDA exceeded the high end of guidance for the quarter on revenue performance and lower-than-expected expenses, driven by a focus on cost controls and timing. As compared to the last year on a pro forma basis, consolidated adjusted EBITDA in the quarter decreased from the year ago period, with media revenues contributing most of the decline as a result of the absence of political revenues, which is not an apples-to-apples comparison as this year is not a major election year.

在幻燈片 20 上，由於對成本控制和時間安排的關注，綜合調整後 EBITDA 超過了本季度收入業績指引的上限，且費用低於預期。與去年預計的相比，本季度綜合調整後 EBITDA 較去年同期有所下降，其中媒體收入貢獻了大部分下降，因為政治收入的缺失導致了這一結果並不樂觀。 -蘋果比較，因為今年不是重大選舉年。

Media expenses were up modestly in the quarter year-over-year due to annual compensation increases, production expenses as well as our investments in technology and other growth initiatives. Corporate overhead, non-media EBITDA and other costs increased slightly year-over-year and were partially offset by lower film payments.

由於年度薪酬增加、製作費用以及我們對技術和其他增長計劃的投資，本季度媒體費用同比小幅增長。公司管理費用、非媒體 EBITDA 和其他成本同比略有增長，但部分被電影付款的減少所抵消。

On Slide 21, shows our consolidated adjusted free cash flow results, which also exceeded our guidance for the quarter due to the revenue and adjusted EBITDA favorable results as well as lower-than-expected capital expenditures with other cash items being in line with our forecast. Adjusted free cash flow declined year-over-year on a pro forma basis primarily due to the decline in adjusted EBITDA, as just discussed on the previous slide, as changes in net interest, cash taxes and CapEx netted against one another.

在幻燈片21 中，顯示了我們的綜合調整後自由現金流結果，由於收入和調整後EBITDA 良好的結果以及低於預期的資本支出（其他現金項目符合我們的預測），該結果也超出了我們對本季度的指導。預計調整後自由現金流量同比下降，主要是由於調整後 EBITDA 下降，正如上一張幻燈片中所討論的，淨利息、現金稅和資本支出的變化相互抵消。

Slide 22 shows the consolidated results by segment with the Local Media segment contributing $111 million of adjusted EBITDA in the quarter and Tennis contributing $8 million. Slide 23 walks through our balance sheet metrics. Our next meaningful debt maturity is the Term Loan B2 in September of 2026. Sinclair Television Group's first lien net leverage was 4.1x at the end of Q2, while SBG's total net leverage was 5.1x. Total Company net leverage through Sinclair Inc. was 4.7x, including all debt and cash on consolidated Sinclair Inc.'s balance sheet and using the trailing 8-quarter consolidated average adjusted EBITDA.

幻燈片 22 顯示了按部門劃分的綜合業績，其中本地媒體部門在本季度貢獻了 1.11 億美元的調整後 EBITDA，網球部門貢獻了 800 萬美元。幻燈片 23 詳細介紹了我們的資產負債表指標。我們的下一個有意義的債務到期日是2026 年9 月的定期貸款B2。第二季度末，辛克萊電視集團的第一個留置權淨槓桿率為4.1 倍，而SBG 的總淨槓桿率為5.1 倍。 Sinclair Inc. 的公司總淨槓桿率為 4.7 倍，包括合併 Sinclair Inc. 資產負債表上的所有債務和現金，並使用過去 8 季度合併平均調整後 EBITDA。

Our consolidated cash position was $728 million at quarter end with $368 million of cash at SBG and $360 million of cash at Ventures. During the quarter, Diamond repaid all $193 million outstanding balance of the accounts receivable facility and reduced the commitment to $50 million, which is currently undrawn. There were 63 million total shares outstanding at quarter end. And even though we believe our equity is significantly undervalued at current levels, we did not repurchase any additional shares since our May earnings report and instead transitioned to open market debt repurchases.

截至季度末，我們的綜合現金頭寸為 7.28 億美元，其中 SBG 現金為 3.68 億美元，Ventures 現金為 3.6 億美元。本季度，Diamond 償還了所有 1.93 億美元的應收賬款貸款未償餘額，並將承諾額減少至 5,000 萬美元，目前尚未提取。截至季度末，流通股總數為 6300 萬股。儘管我們認為我們的股票在目前水平上被嚴重低估，但自五月份的收益報告以來，我們沒有回購任何額外的股票，而是轉向公開市場債務回購。

Of note, we repurchased $32 million in principal amount of our outstanding debt in June and into early July across various debt tranches for approximately $21 million in cash. This represented a weighted-average discount of 35% to par and a weighted-average yield to maturity of 13%. We anticipate continuing to be opportunistic regarding future repurchases of SBG's various debt tranches despite a significant lack of active sellers at current levels.

值得注意的是，我們在 6 月份和 7 月初以約 2100 萬美元的現金回購了各個債務批次中 3200 萬美元的未償債務本金。這意味著相對於面值的加權平均折扣為 35%，加權平均到期收益率為 13%。儘管目前水平上活躍的賣家嚴重缺乏，但我們預計未來回購 SBG 的各個債務部分時將繼續採取機會主義態度。

Turning to Slide 24. We present our third quarter financial guidance by segment. On a consolidated basis, we expect total revenues to be between $742 million and $763 million, with total media revenues of $733 million to $752 million, which is down 10% to 12% from pro forma year ago levels. The primary reason for the decline is due to the absence of political advertising revenues in a nonpolitical year. During the third quarter of last year, we booked $89 million of political revenues versus $7 million to $9 million expected in this year's third quarter.

轉向幻燈片 24。我們按部門介紹第三季度的財務指引。在合併基礎上，我們預計總收入將在 7.42 億美元至 7.63 億美元之間，其中媒體總收入為 7.33 億美元至 7.52 億美元，比去年同期預計水平下降 10% 至 12%。下降的主要原因是非政治年份缺乏政治廣告收入。去年第三季度，我們預訂了 8900 萬美元的政治收入，而今年第三季度的預期為 700 萬至 900 萬美元。

In addition, a year-over-year decline in distribution revenue was estimated to contribute roughly $15 million of the decline at the midpoint of our guidance range, which is partially offset by a slight increase in core advertising revenues year-over-year. While we are not providing full year revenue guidance, we are providing an early call on fourth quarter political advertising which we expect to be approximately $25 million.

此外，在我們指導範圍的中點，發行收入的同比下降預計將導致大約 1500 萬美元的下降，但核心廣告收入同比的小幅增長部分抵消了這一下降。雖然我們沒有提供全年收入指引，但我們對第四季度的政治廣告收入進行了初步預測，預計約為 2500 萬美元。

On a consolidated basis, we expect third quarter adjusted EBITDA to be $91 million to $109 million, down from a pro forma third quarter last year adjusted EBITDA level of $201 million, again, primarily due to the absence of political revenue, the impact of continued subscriber churn with no material distributor renewals until later this year, higher network programming fees as well as our investments in technology, infrastructure and growth initiatives.

在綜合基礎上，我們預計第三季度調整後 EBITDA 為 9100 萬美元至 1.09 億美元，低於去年第三季度預計調整後 EBITDA 水平 2.01 億美元，這主要是由於缺乏政治收入、持續的影響直到今年晚些時候，由於沒有實質性的分銷商續約，訂戶流失，網絡節目費用以及我們在技術、基礎設施和增長計劃方面的投資都增加了。

Adjusted free cash flow is expected to be in a range of negative $9 million to positive $14 million during the third quarter versus $173 million in the year-ago period with the primary drivers of the decline consisting of the lower adjusted EBITDA, higher interest expense and over $50 million in primarily cash distributions from investments received during the third quarter of 2022.

預計第三季度調整後自由現金流將在負 900 萬美元至正 1400 萬美元之間，而去年同期為 1.73 億美元，下降的主要驅動因素包括調整後 EBITDA 較低、利息支出增加和超過5000 萬美元主要來自2022 年第三季度收到的投資現金分配。

Slide 25 represents our new full year expense and certain cash flow guidance, notably with media expenses and CapEx coming in lower than prior guidance.

幻燈片 25 代表了我們新的全年支出和某些現金流指導，特別是媒體支出和資本支出低於之前的指導。

And with that, I'd like to turn the call back over to Chris for some closing remarks before we do Q&A.

因此，在我們進行問答之前，我想將電話轉回給克里斯，讓他做一些結束語。

Thank you, Lucy. Turning to our key takeaways on Slide 26, Sinclair wrapped up a busy first half of 2023 with a -- on a solid note as we met and exceeded our guidance expectations for the second quarter. While we continue to deal with increased linear subscriber churn levels, Sinclair is well positioned for the future with continued progress being made on our Next Gen Broadcast network and business strategies, which we believe will begin to transform the industry in 2024 and beyond as well as our ongoing investments in technology, cloud transformation and our industry-leading sales platforms. In addition, we also completed the reorganization of our business units with the separation of SBG and Ventures providing improved transparency for our investors while providing us with much greater transactional and financial flexibility going forward.

謝謝你，露西。談到我們在幻燈片 26 上得出的主要結論，辛克萊以堅實的基調結束了忙碌的 2023 年上半年，因為我們達到並超出了我們對第二季度的指導預期。在我們繼續應對日益增長的線性訂戶流失問題的同時，Sinclair 已為未來做好了充分準備，我們的下一代廣播網絡和業務戰略不斷取得進展，我們相信這將在 2024 年及以後開始改變行業我們對技術、雲轉型和行業領先的銷售平台的持續投資。此外，我們還完成了業務部門的重組，SBG 和 Ventures 的分離為我們的投資者提供了更高的透明度，同時為我們未來提供了更大的交易和財務靈活性。

We believe the current enterprise value of the company falls well short of the true value of the assets that we possess. In addition, I wanted to reiterate my earlier comments regarding our commitment to reduce debt levels over the coming quarters. We are also looking ahead to significant retransmission agreements that are coming up for renewal over the next 6 to 12 months, while preparing for what we believe will be a record year for political advertising in 2024. In the meantime, we continue to see increasing demand, both domestically and internationally for our Tennis Channel-related assets and programming, and we are proud to be recognized as one of the news journalism leaders in the local media industry.

我們認為，公司目前的企業價值遠遠低於我們所擁有資產的真實價值。此外，我想重申我之前關於我們在未來幾個季度降低債務水平的承諾的評論。我們還期待在未來 6 到 12 個月內續簽重要的轉播協議，同時為我們認為 2024 年政治廣告將創紀錄的一年做好準備。與此同時，我們繼續看到需求不斷增長，在國內和國際上，我們的網球頻道相關資產和節目，我們很自豪被公認為當地媒體行業新聞報導的領導者之一。

Sinclair is well positioned for the future, and we remain excited about the opportunities that lie ahead of us as we enter into the second half of the year.

辛克萊為未來做好了充分的準備，進入下半年，我們仍然對擺在我們面前的機遇感到興奮。

Lucy, Rob and I will now open the call to questions. Thank you for joining us today.

露西、羅布和我現在開始提問。感謝您今天加入我們。

(Operator Instructions) And the first question today is coming from Dan Kurnos from The Benchmark Company.

（操作員說明）今天的第一個問題來自 The Benchmark Company 的 Dan Kurnos。

Great. Really appreciate all the incremental disclosure guys, super helpful in kind of framing the argument. Chris, I'll give you the floor just to kind of go back on a question that I know you get a lot just in terms of the sum-of-the-parts argument and getting investors or people to recognize that value. You've laid out kind of a comprehensive strategy now for how the company is going to evolve going forward.

偉大的。真的很感謝所有增量披露的人，他們對構建論點非常有幫助。克里斯，我想請您回過頭來回答一個問題，我知道您從部分總和的角度得到了很多啟發，並讓投資者或人們認識到了這一價值。您現在已經為公司未來的發展制定了全面的戰略。

And obviously, execution matters to some extent. But if this discount remains knowing that you guys are addressing the debt side, which you've done pretty well so far here. Just how do you think about your willingness to unlock incremental value or do additional things to unlock value the way that you think it should be perceived.

顯然，執行力在某種程度上很重要。但如果這個折扣仍然存在，知道你們正在解決債務方面的問題，到目前為止你們在這方面做得很好。您如何看待自己釋放增量價值或做額外事情以按照您認為應該被感知的方式釋放價值的意願？

That's a great question, Dan. Thanks for asking. We -- I think what you can take away from what just happened back in June that we're very focused on unlocking this hidden value within the company. We backed that up with significant share repurchases now with more debt purchases. And we are very open to any and all strategies to maximize value at the end of the day. That is our #1 goal here. So we think this new structure will help tremendously. And -- but we're open to new suggestions and new ideas and always looking to get better.

這是一個很好的問題，丹。謝謝你的詢問。我們——我認為你可以從 6 月份剛剛發生的事情中了解到，我們非常專注於釋放公司內部的這一隱藏價值。我們現在通過大量股票回購和更多債務購買來支持這一點。我們對任何最終實現價值最大化的策略都持開放態度。這是我們的第一目標。所以我們認為這個新結構將會有很大幫助。而且——但我們樂於接受新建議和新想法，並始終尋求變得更好。

And in terms of adding to the portfolio, obviously, there's a lot of rumors out there in terms of stuff that could potentially come for sale. How do you guys have to take that into consideration, which you created a vehicle for incremental financial flexibility. Is there any kind of target leverage or thoughts on size of what could be added in the majority stake components of what you talked about today?

顯然，就增加產品組合而言，有很多關於可能出售的產品的傳言。你們如何考慮這一點，你們創造了一個增加財務靈活性的工具。對於您今天談論的多數股權部分中可以添加的內容，是否有任何類型的目標槓桿或想法？

Sure. Well, as you can see in the investment portfolio, it now has over $300 million of cash. And so we do recognize that in terms of getting value credit, it would be much easier and better from a Wall Street perspective if we had consolidated financials on that -- on those investments.

當然。嗯，正如你在投資組合中看到的，它現在擁有超過 3 億美元的現金。因此，我們確實認識到，就獲得價值信貸而言，從華爾街的角度來看，如果我們對這些投資的財務狀況進行整合，就會變得更容易、更好。

So that's the big reason why we're going to move away from minority investments, which has done incredibly well over the last 10 years, and we're very happy. We did that, yielding over 19% IRR. But we also recognize that having underlying financial performance in our disclosure of our various divisions would be better. And so we're looking at that $300 million of cash and thinking about how we can deploy that into a new investment or division, if you will, because it would be consolidated sometime in the back half of this year or early next year.

這就是我們要放棄少數股權投資的重要原因，少數股權投資在過去 10 年裡表現得非常好，我們對此感到非常高興。我們做到了，內部收益率超過 19%。但我們也認識到，在披露各個部門的信息時提供基本的財務業績會更好。因此，我們正在考慮這 3 億美元的現金，並考慮如何將其部署到新的投資或部門（如果您願意的話），因為它將在今年下半年或明年初的某個時候進行整合。

Got it. And that's helpful. And just maybe 1 for Rob. Just in terms of your commentary, we've heard -- we've seen the upfront come a little bit better than feared, I guess, I would say, National obviously has some really easy comps in the back half of the year. It sounds like insurance, in particular, is getting a little bit better. But is there anything that you can tell us in terms of conversations with advertisers just given all the noise out there between the strikes and everything else, just sort of what the underlying view is and how fluid the environment is right now?

知道了。這很有幫助。羅布可能只有 1。就您的評論而言，我們聽說 - 我們已經看到前期的情況比擔心的要好一些，我想，我會說，國家隊顯然在今年下半年有一些非常簡單的比賽。聽起來尤其是保險業正在變得更好一些。但是，考慮到罷工和其他一切之間的所有噪音，您在與廣告商的對話方面有什麼可以告訴我們的嗎？比如基本觀點是什麼以及目前環境的流動性如何？

It's still a month-to-month basis, but we're encouraged. We're not seeing any significant cancellations and auto has made its full cycle. So now it's returning their inventory on the Tier 3 lots. We're seeing Tier 2 money regional spending as well. Dollars committed for the upcoming college and NFL football seasons are being committed to now. So it leads us to believe that we're robust on the return of ad revenue and also encouraged by the amount of issue and political dollars being spent right now.

這仍然是按月​​計算，但我們受到鼓勵。我們沒有看到任何重大取消，汽車已經完成了完整的周期。所以現在它正在退回 3 級地段的庫存。我們還看到二級資金區域支出。為即將到來的大學和 NFL 橄欖球賽季所投入的資金現在就已經投入使用了。因此，這讓我們相信，我們的廣告收入回報強勁，並且目前所花費的問題和政治資金的數量也令我們感到鼓舞。

We have money being spent in Ohio, Pennsylvania, Rhode Island, Iowa markets right now, and we expect further markets. But we're pacing ahead of our second quarter performance right now for third quarter, which bodes well where Lucy gave the guidance earlier of $25 million for fourth quarter. And we firmly believe going into '24 that Sinclair will have another record Presidential year.

我們現在在俄亥俄州、賓夕法尼亞州、羅德島州、愛荷華州市場上投入了資金，我們預計還會有更多的市場。但我們現在第三季度的業績領先於第二季度，這預示著露西早些時候給出的第四季度 2500 萬美元的指導是個好兆頭。我們堅信，進入 24 年，辛克萊將再創紀錄的總統任期。

And so -- and with our expansion of 25 FAST channels that will be news focused, local news focused, as inventory gets tight, there's an alternative source for the political dollars to be spent in the same genre that they buy through the broadcast wires. So it's long-winded, but the key categories that we manage services is getting stronger even though it's still facing negative -- the legal category, which drives local business and automotive has been positive for the last couple of quarters. So I see the strength coming back, and I anticipate somebody asking me about the writers strike. So all networks have contingency plans and dollars had been shifted from prime over the last several years into sports. So we're fully loaded with sports in fourth quarter on all networks.

因此，隨著我們擴展 25 個 FAST 頻道，這些頻道將以新聞、本地新聞為重點，隨著庫存緊張，政治資金有了另一個來源，可以花在通過廣播線路購買的同一類型上。所以說起來很囉嗦，但我們管理服務的關鍵類別正在變得越來越強大，儘管它仍然面臨負面影響——推動當地業務和汽車的法律類別在過去幾個季度一直是積極的。所以我看到力量正在恢復，我預計有人會問我關於作家罷工的問題。因此，所有電視網都有應急計劃，過去幾年資金已從黃金時期轉移到體育領域。因此，我們在所有網絡上都充滿了第四季度的體育賽事。

Got it. That was really comprehensive.

知道了。那真的很全面。

The next question is coming from Aaron Watts from Deutsche Bank.

下一個問題來自德意志銀行的 Aaron Watts。

A couple of questions for me. I'll start with this one, and I apologize if I missed it, but could you comment on the pace of erosion in your underlying sub base for your station group? And whether recent trends have caused you to reconsider your 3-year outlook for net retrans, which I think Lucy was low single-digit growth.

有幾個問題問我。我將從這個開始，如果我錯過了，我很抱歉，但是您能否評論一下您的車站組的底層子基地的侵蝕速度？最近的趨勢是否讓您重新考慮淨轉播的 3 年前景，我認為露西的淨轉播增長率較低。

Right. So the trend, by and large, it's a little bit worse, but we're still in mid-single digits in terms of churn, and we are not changing our guidance in terms of the 3-year CAGR, '22 to '25 in low single digits. So we still had -- we can absorb that small degradation that we've seen.

正確的。因此，總的來說，趨勢有點糟糕，但我們的客戶流失率仍處於中個位數，而且我們不會改變 22 年至 25 年 3 年復合年增長率的指導低個位數。所以我們仍然可以吸收我們所看到的小幅退化。

Okay. And Chris, I've asked you this before, but I figured I'd try again today. Any greater clarity on whether the upcoming distribution discussions you mentioned will be representing your station group solely or if the RSNs will still be a part of that? And if it is a return just at the stations, do you see some potential upside from prior terms when the RSNs were in the mix?

好的。克里斯，我以前問過你這個問題，但我想今天我會再試一次。您提到的即將進行的分發討論是否將僅代表您的電台組，或者 RSN 是否仍將是其中的一部分，您是否能更清楚地了解這一點？如果只是在車站回歸，那麼當 RSN 加入其中時，您是否認為之前的條款有一些潛在的好處？

Right. Well, we -- yes, we will be negotiating for -- or we're not -- we will not be negotiating for Diamond in these upcoming renewal. So that's the answer to that question. And I do think that we are very bullish on what the outcomes will be for what is almost 90% of all of our subs coming up in the next 12 months.

正確的。好吧，我們 - 是的，我們將談判 - 或者我們不會 - 我們不會在即將到來的續約中就鑽石進行談判。這就是這個問題的答案。我確實認為，我們對未來 12 個月內幾乎 90% 的潛艇的結果非常樂觀。

The next question is coming from Steven Cahall from Wells Fargo.

下一個問題來自富國銀行的史蒂文·卡霍爾。

Yes. First, maybe to just pick up on the sub comment you just made, Chris. So it looks like that the retrans guidance for Q3 is about 2% sequential move quarter-to-quarter, which I guess we would then annualize to about an 8% rate of churn. So just first question, is that kind of the right way to think about churn at this point? And I think also I heard in the prepared comments that you're seeing some improvement in reverse comp. Should we think that to mean that the rate of increase in those prices are lower than what they used to be. I think that's kind of what we've heard. And a last retrans and to sneak in here is we've heard the 3 out of the 4 national networks are now doing a reverse comp is just a programming fee not per sub. So wondering if you could confirm that.

是的。首先，也許只是看看你剛剛發表的評論，克里斯。因此，第三季度的重新傳輸指導似乎是季度環比變化約 2%，我想我們將把其年化至約 8% 的流失率。那麼第一個問題是，目前這種考慮流失的正確方法嗎？我想我在準備好的評論中也聽說您看到了反向比較方面的一些改進。我們是否應該認為這意味著這些價格的增長率低於以前的水平？我想這就是我們所聽到的。最後一次重播，偷偷溜進來的是，我們聽說 4 個國家網絡中的 3 個現在正在做反向補償，這只是編程費，而不是每個子網。所以想知道你是否可以證實這一點。

So I'll handle the questions about reverse comp. It's -- most of our deals are fixed programming fees, that's not new. That is -- that's been that way for -- well, it really has been that way almost from the start of reverse retrans. And then in terms of increases, we're definitely seeing reduction in the escalation of those fees as they've become quite significant in terms of aggregate size. And as the attention and focus of the network of the big media companies have turned towards more SVOD and other properties. So as we've spoken about in the past, we do think the dynamic, the negotiating dynamic between us and the networks has balanced out and enabled us to manage our programming costs in a much more reasonable way. So that's what you're seeing there.

所以我會處理有關反向補償的問題。我們的大多數交易都是固定的編程費用，這並不新鮮。就是這樣——嗯，幾乎從反向重傳一開始就是這樣。然後就增加而言，我們肯定會看到這些費用的增加有所減少，因為就總規模而言，它們已經變得相當重要。而隨著各大媒體公司對網絡的關注和重心也更多地轉向了SVOD等屬性。因此，正如我們過去所說，我們確實認為我們和網絡之間的動態、談判動態已經達到平衡，並使我們能夠以更合理的方式管理我們的節目成本。這就是你所看到的。

Yes, Steven. So on the revenue side, as Chris mentioned, we're seeing mid-single-digit churn on broadcast, and that's what we've modeled into the guidance. From a revenue standpoint, don't forget there will be YouTube TV, which just launched Tennis in June 1. So you'll have a full quarter of that in there for third quarter, adding to some of the increase as well as just some escalators year-over-year.

是的，史蒂文。因此，在收入方面，正如克里斯所提到的，我們在廣播中看到了中等個位數的流失率，這就是我們在指導中建模的內容。從收入的角度來看，不要忘記還會有YouTube TV，它剛剛在6 月1 日推出了《網球》。因此，第三季度你將擁有整整四分之一的收入，除了一些增長之外，還有一些自動扶梯逐年增加。

Great. And then maybe just a couple on the Ventures portfolio. So I was wondering how we think about what the balance sheet entry currently is for some of the assets that you reflect on that Slide 9. The cash and value stakes are easy. But just wondering how you currently carry those investments on the balance sheet. And you mentioned that you might want to deploy some of that cash. And with that, could we expect any major exits ahead. And also related on this one, would you ever consider spinning out this business because I wonder if some of the challenges just that as media investors were a little out of our element, trying to put all this together sometimes.

偉大的。然後也許只是風險投資組合中的幾個。所以我想知道我們如何看待您在幻燈片 9 中反映的某些資產目前的資產負債表條目。現金和價值股份很容易。但只是想知道您目前如何在資產負債表上進行這些投資。您提到您可能想要部署一些現金。這樣一來，我們是否可以預期未來會有任何重大退出。與此相關的是，您是否會考慮分拆這項業務，因為我想知道作為媒體投資者，有時試圖將所有這些放在一起，是否有些挑戰有點超出了我們的能力範圍。

Sure. So what's reflected on Page 9 are the current conservative market values of the various assets. So that does not come through on the GAAP balance sheet. On the GAAP balance sheet, it's the lower of cost to market. And so most of these are going to be listed at cost because their market value is well ahead of their costs. And so -- in terms of -- so that's why we have to give the disclosure the way it is. It does not really show up on our balance sheet, and that reflects the true value there.

當然。所以第9頁反映的是各種資產目前保守的市場價值。因此，這並沒有體現在公認會計準則資產負債表上。在公認會計原則資產負債表上，它是上市成本的較低者。因此，其中大多數將以成本價列出，因為它們的市場價值遠遠高於其成本。因此，就這而言，這就是為什麼我們必須按原樣進行披露。它並沒有真正顯示在我們的資產負債表上，但這反映了那裡的真實價值。

And so in terms of spinning this off, as I mentioned before, I think that sort of goes in the bucket of what would we do to realize value that is something that it's not currently contemplated, but it's certainly something that we've discussed. And ultimately, if we can't fix this valuation discrepancy, it may be something that we would do in the future. I think there was one other question embedded there that I might have missed.

因此，就分拆而言，正如我之前提到的，我認為這屬於我們將採取哪些措施來實現價值，這是目前尚未考慮到的事情，但這肯定是我們已經討論過的事情。最終，如果我們無法解決這種估值差異，這可能是我們將來會做的事情。我認為其中還有一個我可能錯過的問題。

You covered most of it, but just -- yes, you ever consider like a spin out, but I think you kind of covered that in the last bit.

你涵蓋了大部分內容，但只是 - 是的，你曾經認為這像是一個衍生作品，但我認為你在最後一點涵蓋了這一點。

The next question is coming from Barton Crockett from Rosenblatt.

下一個問題來自羅森布拉特的巴頓·克羅克特。

Okay. I was interested in your thoughts about an event that's been put out there for the group, which is Bob Iger saying that he expect at some point, ESPN will go direct to consumer, maybe in some type of partnership. I'm just wondering, Chris, for your thoughts about what that means for the Pay TV ecosystem. Do you think others would respond? Do you think this accelerates subscriber erosion or not? And is there anything that Sinclair has to do to prepare for that?

好的。我對你對該組織舉辦的一項活動的想法很感興趣，鮑勃·艾格（Bob Iger）表示，他預計在某個時候，ESPN 將直接面向消費者，也許是某種類型的合作夥伴關係。克里斯，我只是想知道你對這對付費電視生態系統意味著什麼的看法。你認為其他人會回應嗎？您認為這是否會加速用戶流失？辛克萊需要為此做些什麼準備嗎？

Well, when you take a look at what's on ESPN+ right now, I mean the ESPN is pretty much already there, very little that is not on ESPN+ that is on ESPN. And when you think about what's happened over the last 5 years, to me, this is just one of the last dominoes, certainly not the first is essentially exclusivity has gone away. When you're -- if you're a consumer, and there may be some inconvenience to it all, but you can access any content on the Pay TV bundle in a myriad of ways, and that's just really the outcropping of what's happened in the industry over the last 5 years with the advent of SVOD, streaming et cetera.

好吧，當你看看 ESPN+ 上現在的內容時，我的意思是 ESPN 幾乎已經存在，很少有不在 ESPN+ 上的內容在 ESPN 上。當你思考過去 5 年發生的事情時，對我來說，這只是最後的多米諾骨牌之一，當然不是第一張，因為基本上排他性已經消失。當你——如果你是一名消費者，這一切可能會帶來一些不便，但你可以通過多種方式訪問​​付費電視捆綁包上的任何內容，而這確實是發生在過去5 年，隨著SVOD、流媒體等的出現，該行業發生了巨大的變化。

And so what does that mean for the industry? Well, it means that the Pay TV bundle, which is discounted and it's a large wholesale content bundling, when we break down the cost to the consumer it is less on a per program per channel basis than anywhere else. And so what it's going to come down at the end of the day since exclusivity really does not exist in the industry anymore is what's the value proposition to the consumer. And Pay TV is now competing on a value proposition basis with all the other sources, mainly the SVODs out there.

那麼這對這個行業意味著什麼呢？嗯，這意味著付費電視捆綁是打折的，而且是一個大型的批發內容捆綁，當我們分解消費者的成本時，按每個節目每個頻道計算的成本比其他任何地方都要少。因此，由於行業中不再存在排他性，最終會得出的結論是對消費者的價值主張是什麼。付費電視現在在價值主張的基礎上與所有其他來源（主要是 SVOD）競爭。

And it is, I think, significant that there's a shift -- a major shift going on in the industry away from subscriber growth and towards profitability for all the major SVOD players. I think Pay TV got disproportionately hurt when there was a dive for subscribers. And essentially, these other services were underpriced -- massively underpriced. And you're seeing now with the advent of advertising, not having the ability to share passwords, price increases, you name it, the relative pricing of the SVOD alternatives is going up rapidly, which means that the value proposition of buying a large, wholesale discounted bundle like Pay TV is becoming more attractive on a relative basis as the industry becomes more rational.

我認為，重要的是，行業正在發生重大轉變，從用戶增長轉向所有主要 SVOD 參與者的盈利。我認為，當訂戶數量大幅下降時，付費電視受到了不成比例的傷害。從本質上講，這些其他服務的價格都被低估了——大大低估了。現在你會看到，隨著廣告的出現，無法共享密碼，價格上漲，凡是你能想到的，SVOD 替代品的相對定價正在迅速上漲，這意味著購買大量、隨著行業變得更加理性，像付費電視這樣的批發折扣捆綁服務相對而言變得更具吸引力。

So that's what I see from a bigger picture perspective. And really, just one player within the market, taking some of the programming and making them more direct-to-consumer is not all that impactful, but it really is what's happened over the last 5 years. And what's more important to me is that the marketplace is turning rational and focusing on profits and not underpricing its product.

這就是我從更大的角度所看到的。實際上，僅市場中的一個參與者採用一些節目並使其更直接面向消費者並沒有那麼大的影響力，但這確實是過去 5 年發生的事情。對我來說更重要的是市場正在變得理性並關注利潤而不是低估其產品價格。

The other thing to look at is the local sports teams. You just recently saw Gray do a deal with the Phoenix Suns. We've done a deal with the Utah Jazz. And when you think about sports, you should be thinking about how the local viewership typically dwarfs national sporting events, except for the major events like the Super Bowl.

另一件值得關注的事情是當地的運動隊。你最近剛剛看到格雷與菲尼克斯太陽隊達成了一項協議。我們已經與猶他爵士隊達成協議。當您考慮體育運動時，您應該考慮當地的收視率通常如何使全國體育賽事相形見絀，除了超級碗等重大賽事之外。

So we would be carrying 70 games at the Utah Jazz, there's kind of what's -- what was old is new again and the return of local sports teams to broadcasting, which builds our value to the MVPDs in a strong way. So not only will we have the local news, but broadcasters will be returning with local sports teams as well.

因此，我們將在猶他爵士隊進行 70 場比賽，舊的又變新了，當地運動隊重新開始轉播，這有力地增強了我們對 MVPD 的價值。因此，我們不僅會收到當地新聞，廣播公司也將帶著當地運動隊回歸。

Okay. That's great. I appreciate the insightful comment. There's one other thing I wanted to ask about, which is political. So I think many of us have been reading in the news that the fundraising totals for perhaps Trump and others are coming up a little shorter than it appeared earlier. Yet your commentary about political still seems very kind of optimistic. How do you kind of reconcile what we're reading about fundraising and Trump maybe running away with the Republican nomination and your kind of constructive view of political at this early juncture.

好的。那太棒了。我很欣賞富有洞察力的評論。我還想問另一件事，那就是政治問題。因此，我認為我們很多人都在新聞中讀到，特朗普和其他人的籌款總額可能比之前出現的要短一些。然而你對政治的評論似乎仍然非常樂觀。您如何將我們所讀到的有關籌款的內容與特朗普可能逃離共和黨提名的內容以及您在這個早期關頭對政治的建設性觀點結合起來？

It won't be just the individual seat races and we are in the majority of the contested states that were tight races in 2020. But you're seeing an abundance of issue advertising as well. So it's not just a candidate but issue as well that keeps us bullish on where the political outlook will be in 2024.

這不僅僅是個人席位的競爭，我們在 2020 年大多數競爭州的競爭都非常激烈。但你也會看到大量的問題廣告。因此，讓我們對 2024 年政治前景持樂觀態度的不僅僅是候選人，還有問題。

Plus, we also think there's a lot of money sitting on the sidelines as the current -- the Republican primary looks sort of uncompetitive at this point, which could be affecting fundraising. But as things change, they always do as you get down to the stress here, and we think you'll see fundraising start to raise later in the season.

另外，我們還認為，目前共和黨初選看起來缺乏競爭力，因此有大量資金處於觀望狀態，這可能會影響籌款活動。但隨著事情的變化，當你承受這裡的壓力時，他們總是會這樣做，我們認為你會看到籌款活動在本賽季晚些時候開始籌集。

The next question is coming from David Karnovsky from JPMorgan.

下一個問題來自摩根大通的大衛·卡諾夫斯基。

Just one for Chris or Rob. You noted the lack of programming exclusivity could cause the network in terms of reverse retransmission. You could argue, however, that same lack of exclusivity, especially on the sports side may impact stations as they go to negotiate against the MVPDs. So I'm kind of wondering how you're thinking about that as you head into your subscriber cycle.

只給克里斯或羅布一份。您指出缺乏編程排他性可能會導致網絡反向重傳。然而，你可能會說，同樣缺乏排他性，尤其是在體育方面，可能會影響電視台與 MVPD 進行談判。所以我有點想知道當你進入訂閱週期時你是如何看待這個問題的。

Yes. So at the end of the day, there really isn't a service offering from the MVPDs in terms of video if they don't have key components of the programming offering, which includes our channels. So while it's true what I said that there are other ways to get this content, and it's been that way for several years now for many programming types, the MVPDs that they want to have a video service need to have our channels.

是的。因此，歸根結底，如果 MVPD 沒有節目產品的關鍵組件（包括我們的頻道），那麼他們實際上就無法提供視頻方面的服務。因此，雖然我所說的確實有其他方式來獲取這些內容，而且對於許多節目類型來說，這種方式已經持續了好幾年，但他們想要擁有視頻服務的 MVPD 需要擁有我們的頻道。

And then that's what really underlines our ability to continue to get a healthy share of what is charged to the ultimate consumer. And the exclusivity portion of the equation has really sort of left the building over the last 5 years as I mentioned. And -- but I still -- and we still see good pricing power with the MVPDs because it is a product-based they want to offer.

這才是真正強調我們有能力繼續從向最終消費者收取的費用中獲得合理份額的能力。正如我提到的，在過去 5 年裡，等式中的排他性部分確實已經離開了這座建築。而且 - 但我仍然 - 我們仍然看到 MVPD 具有良好的定價能力，因為這是他們想要提供的基於產品的產品。

And I would say it's the distinctive serving our communities and our relative value to the communities when we're reporting our content, and that's why it's distinctive. And that's why I started off my soliloquy with the fact that we are going to be relevant on all platforms. But when you have relevance on the digital platforms, it drives eyeballs right back to our linear broadcast station. And so when you look at the award-winning journalism that we do and then other broadcasters do it as well, that's the reason why people really tune in. And when I referenced that 1 day study by TBB just shows you how much local broadcast dwarfs all the other types of channels that are out there in the universe.

我想說的是，當我們報導我們的內容時，它是為我們的社區服務的獨特之處以及我們對社區的相對價值，這就是它的獨特之處。這就是為什麼我以我們將在所有平台上相關這一事實開始我的獨白。但是，當您在數字平台上具有相關性時，它就會將人們的注意力帶回我們的線性廣播電台。因此，當您看看我們所做的屢獲殊榮的新聞報導以及其他廣播公司的報導時，您就會發現，這就是人們真正關注的原因。當我提到TBB 的1 天研究時，您會發現本地廣播比這要小得多宇宙中所有其他類型的通道。

And then the Utah Jazz deal, I just want to see if there's any incremental detail you could provide on that, maybe how it's structured, how you best plan to monetize it. I think Rob maybe mentioned earlier a thought that, that could be something that could support you on the distribution side?

然後是猶他爵士隊的交易，我只是想看看您是否可以提供任何增量細節，也許是它的結構，以及您如何最好地計劃將其貨幣化。我想羅布可能早些時候提到過一個想法，這可能是可以在分銷方面為您提供支持的東西？

Certainly. So we're not going to get into too much detail because it is a confidential arrangement, but it will be on KJZZ, which is our independent station there in Salt Lake, which just happened to be the home of the Jazz before the Jazz moved their games on to then DIRECTV RSN, now Discovery Warner. And it is a deal where we're in true partnership with the team. That was important to us that as we do better -- as the games do better, everyone does better.

當然。所以我們不會透露太多細節，因為這是一個保密的安排，但它將在 KJZZ 上進行，這是我們在鹽湖城的獨立電台，在爵士隊搬遷之前，這裡恰好是爵士隊的主場他們的遊戲在當時的DIRECTV RSN（現在的Discovery Warner）上播出。在這筆交易中，我們與團隊建立了真正的合作夥伴關係。這對我們來說很重要，隨著我們做得更好——隨著遊戲做得更好，每個人都會做得更好。

And we're already seeing nice impact on that station. So for instance, we haven't seen the NBA season start. But because of this partnership, we got the (inaudible) G League games on that KJZZ, and their ratings basically quadrupled what was -- what they were when they were on the Discovery Warner RSN and was a big lift from what previous programming we had on that station. So we're very pleased with the way that deal ended up working out. And we think that partnership is going to -- is going to deliver both for the team in terms of maximum reach and fan engagement and then deliver for us financially.

我們已經看到對該站產生了良好的影響。舉例來說，我們還沒有看到 NBA 賽季開始。但由於這種合作關係，我們在KJZZ 上觀看了（聽不清）G 聯賽的比賽，他們的收視率基本上是在Discovery Warner RSN 上時的四倍，並且比我們之前的節目有了很大的提升在那個車站。因此，我們對這筆交易的最終達成方式感到非常滿意。我們認為這種合作夥伴關係將為團隊帶來最大影響力和粉絲參與度，然後為我們帶來經濟利益。

And the next question is coming from Benjamin Soff from Deutsche Bank.

下一個問題來自德意志銀行的本傑明·索夫。

I guess just sort of following up on the sports topic, like would you anticipate that the volume of these deals with teams moving from the RSNs to broadcast to pick up over time? And just kind of how you think about that? And then I have a follow-up after that.

我想這只是體育話題的後續，你是否預計這些與從 RSN 轉播的球隊的交易量會隨著時間的推移而增加？您對此有何看法？之後我會進行跟進。

Sure. So look, I don't know what will happen in the future. We're certainly seeing some of the teams that are without a home, like the Discovery Warner RSNs, they are sort of -- the Jazz was one of them, they're looking for other options. There's a big push from owners to go for more reach. And there's no better reach vehicle than free, over-the-air broadcast. NFL is a great example of a league that is massively benefited from being on free, over-the-air broadcast. And I think the rest of the -- we see that and realize that, that's in a great outcome for the NFL.

當然。所以你看，我不知道未來會發生什麼。我們當然看到一些沒有主場的球隊，比如探索華納RSN，他們是——爵士隊就是其中之一，他們正在尋找其他選擇。業主們大力推動擴大影響力。沒有比免費的無線廣播更好的傳播工具了。 NFL 是一個很好的例子，該聯盟從免費的無線廣播中獲益匪淺。我認為其餘的——我們看到了這一點並意識到，這對 NFL 來說是一個偉大的結果。

And looking forward, I think the right answer is that some portion of games for every major sports should have a home on a free, over-the-air broadcast to keep exposure maximized and keep fan interest maximized. That doesn't mean it will all move, but it does mean that I think for any owners that want to ensure a healthy future free, over-the-air broadcast should be a major component of their strategy.

展望未來，我認為正確的答案是，每項主要體育賽事的某些部分都應該有一個免費的無線廣播，以保持曝光率最大化並保持球迷興趣最大化。這並不意味著一切都會改變，但它確實意味著我認為對於任何想要確保健康未來的業主來說，免費、無線廣播應該是他們戰略的一個主要組成部分。

Okay. Makes sense. And then just on the note of not negotiating with Diamond in the next round of renewals. Does that mean that the management fee will go away kind of as you go through those deals.

好的。說得通。然後只是注意在下一輪續約中不與戴蒙德談判。這是否意味著當你完成這些交易時，管理費將會消失。

Yes. Look, I can't get into the details on something like that. We are still getting paid on a deferred basis for the services that we provide, but I can't comment beyond that.

是的。聽著，我無法詳細說明類似的事情。我們仍然會因所提供的服務而獲得延期付款，但除此之外我無法發表評論。

And the next question is coming from Courtney Bahlman.

下一個問題來自考特尼·巴爾曼。

Can you guys give a little bit of color on how we should think about the incremental economic benefit stemming from your continued deployment of ATSC 3.0, NEXTGEN TV. I know you guys have rolled it out to meaningful part of your footprint and expect to make more progress. But how does that translate economically into results moving forward? And what -- how do we quantify that? What should we expect?

你們能否就我們應該如何考慮持續部署 ATSC 3.0、NEXTGEN TV 所帶來的增量經濟效益提供一些說明。我知道你們已經將其推廣到了你們足跡中有意義的部分，並期望取得更多進展。但這如何在經濟上轉化為未來的成果呢？我們如何量化這一點？我們應該期待什麼？

Sure. So I expect some of the first non or sort of non-broadcasters to start rolling out in 2024. Things related to like enhanced GPS, I think are some of the first things that will start to roll out next year, and that should start to create a revenue stream for us and other broadcasters. It's too early for me to guess how quickly it ramps up.

當然。因此，我預計一些第一批非廣播公司或某種非廣播公司將在 2024 年開始推出。我認為與增強型 GPS 等相關的東西將是明年首先推出的一些東西，而且應該開始為我們和其他廣播公司創造收入來源。我現在猜測它的增長速度還為時過早。

I think the -- directionally the midpoint forecast for BIA of $10 billion of revenues for the industry, I think, is directionally correct. And depending on a bunch of different factors, like receiver penetration when the deployment is finished when 1.0 gets sunsetted. Those are all things that I don't have answers on yet to really give you a more predictable ramp to that higher revenue. But things are going to start moving next year in terms of monetization opportunities beyond broadcast.

我認為，BIA 對行業收入 100 億美元的中點預測是正確的。並且取決於一系列不同的因素，例如 1.0 日落時部署完成時的接收器滲透率。這些都是我目前還沒有答案的事情，無法真正為您提供更可預測的更高收入增長。但明年，在廣播以外的盈利機會方面，情況將開始發生變化。

No. That's helpful. I appreciate the color. Just 1 more. In terms of debt repurchases moving forward, how should we think about your preference towards tranching and buying back debt? Is it going to be shifted towards the [27]? Or how are you guys thinking about that?

不，這很有幫助。我很欣賞它的顏色。就還有 1 個。就未來的債務回購而言，我們應該如何看待您對分檔和回購債務的偏好？它會轉向[27]嗎？或者說你們對此有何看法？

Yes. We don't want to tip our cards too much in terms of where we might buy. I mean the reality is we have many opportunities in front of us, including debt, equity and investments that we may make. And we'll continue to be opportunistic as we have in the past, but we can't comment on specific tranches that we may buy.

是的。我們不想在購買商品時給卡太多小費。我的意思是，現實是我們面前有很多機會，包括我們可能進行的債務、股權和投資。我們將繼續像過去一樣採取機會主義態度，但我們無法對我們可能購買的具體部分發表評論。

There are no other questions at this time. I would now like to hand the call to Chris Ripley, President and Chief Executive Officer, for closing remarks.

目前沒有其他問題。現在我想請總裁兼首席執行官克里斯·里普利 (Chris Ripley) 致閉幕詞。

Great. Thank you, and thank you all for joining our call today. If you have any questions or comments, please call our IR team.

偉大的。謝謝大家，也感謝大家今天加入我們的電話會議。如果您有任何問題或意見，請致電我們的 IR 團隊。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。