Sinclair Inc (SBGI) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Sinclair, Inc. first-quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加 Sinclair, Inc. 2025 年第一季財報電話會議。（操作員指示）

It is now my pleasure to turn the floor over to your host, Chris King, Vice President of Investor Relations at Sinclair Inc. Sir, the floor is yours.

現在我很高興將發言權交給主持人、辛克萊公司投資者關係副總裁克里斯金 (Chris King)。先生，請您發言。

Thank you. Good afternoon, everyone, and thank you for joining Sinclair's first-quarter 2025 earnings conference call. Joining me on the call today are Chris Ripley, our President and CEO; and Lucy Rutishauser, our Executive Vice President and Chief Financial Officer; and Rob Weisbord, our COO and President of Local Media.

謝謝。大家下午好，感謝您參加辛克萊 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有我們的總裁兼首席執行官克里斯·里普利 (Chris Ripley)、我們的執行副總裁兼首席財務官露西·魯蒂豪瑟 (Lucy Rutishauser) 以及我們的首席營運官兼本地媒體總裁羅布·韋斯博德 (Rob Weisbord)。

Before we begin, I want to remind everyone that slides for today's earnings call are available on our website sbgi.net, on the Events and Presentations page of the Investor Relations portion of the site. A webcast replay will remain available on our website until our next quarterly earnings release.

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可以在我們的網站 sbgi.net 上找到，位於網站投資者關係部分的活動和演示頁面上。網路直播重播將保留在我們的網站上，直到我們發布下一個季度收益報告。

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 first quarter earnings release. The company undertakes no obligation to update these forward-looking statements.

本次電話會議討論的某些事項可能包括有關未來營運績效等的前瞻性陳述。此類聲明受到許多風險和不確定性的影響。由於各種重要因素，未來的實際結果可能與前瞻性陳述中所描述的結果不同。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列出，並包含在我們的第一季財報中。該公司不承擔更新這些前瞻性陳述的義務。

Included on the call will be a discussion of non-GAAP financial measures, specifically adjusted EBITDA. These measures are not formulated in accordance with GAAP are not meant to replace GAAP measurements and may differ from other companies' uses or formulations. Further discussions and reconciliations of the company's non-GAAP financial measures to comparable GAAP financial measures can be found on our website. Let me now turn the call over to Chris Ripley.

電話會議將討論非公認會計準則財務指標，特別是調整後的 EBITDA。這些指標並非依照 GAAP 制定，並非設計用於取代 GAAP 指標，並且可能與其他公司的使用或製定方式不同。關於公司非 GAAP 財務指標與可比較 GAAP 財務指標的進一步討論和對賬，請訪問我們的網站。現在讓我把電話轉給克里斯·里普利。

Good afternoon, everyone, and thank you for joining us. Beginning on slide 3, we're off to a solid start to the year despite the macroeconomic uncertainty all around us. Our total media revenue was in line with our expectations. Once again, we reported what we believe will be among the strongest core advertising performances among our broadcast peers in the first quarter. Total advertising revenues were within our guidance range, excluding the impact in the quarter from an acquisition by impulse.

大家下午好，感謝大家的參與。從幻燈片 3 開始，儘管我們周圍存在著宏觀經濟不確定性，但我們今年還是有一個好的開始。我們的媒體總收入符合我們的預期。我們再次報告了我們認為將是第一季廣播同業中最強勁的核心廣告表現之一。總廣告收入在我們的指導範圍內，不包括本季因衝動收購而產生的影響。

Distribution revenues increased by $15 million year-over-year and while subscriber churn moderated slightly, the improvements have not yet caught up with our guide, which led to distribution revenues coming in $2 million below our guidance. Media expenses were better than expected, driving adjusted EBITDA comfortably above the high end of our guidance range.

發行收入年增 1500 萬美元，雖然用戶流失率略有下降，但改善幅度尚未趕上我們的預期，導致發行收入比我們的預期低 200 萬美元。媒體支出優於預期，推動調整後的 EBITDA 遠高於我們預期範圍的高端。

Turning to slide 4. Our Ventures portfolio continues to transform away from our minority investment holdings as we look to position the portfolio for more majority-owned assets over time. Ventures benefited from $10 million of cash distributions and invested $38 million in the quarter, including approximately $30 million for an acquisition by Compulse.

翻到幻燈片 4。我們的創投投資組合繼續從少數股權投資轉向更多持有多數股權的資產。創投公司受益於 1000 萬美元的現金分配，並在本季度投資了 3800 萬美元，其中包括約 3000 萬美元用於 Compulse 的收購。

Venture's cash balance was $354 million at quarter end. After completing our comprehensive refinancing of STG in February, we continue to carefully examine potential uses of ventures cash, which may include potential share repurchases or other shareholder-friendly activity.

截至本季末，Venture 的現金餘額為 3.54 億美元。在二月完成對 STG 的全面再融資後，我們繼續仔細研究創投現金的潛在用途，其中可能包括潛在的股票回購或其他有利於股東的活動。

On slide 5, I wanted to highlight a key announcement we made last week regarding the hire of Jeff Blackburn as Chairman and CEO of Tennis Channel. Jeff comes to us after a storied 20-plus-year career at Amazon, where he was the prime architect of the company's expansion into streaming and sports while also developing and building Prime Video, Prime Studios, Amazon Music, Amazon's advertising and marketplace divisions. He will lead Tennis Channel's strategy to expand its digital and streaming footprint and deepen audience engagement in order to position Tennis Channel for its next phase of transformative growth and long-term value creation.

在第 5 張投影片上，我想強調我們上週發布的一項重要公告，即聘請傑夫布萊克本 (Jeff Blackburn) 擔任網球頻道董事長兼執行長。傑夫在亞馬遜擁有超過 20 年的輝煌職業生涯，他是公司進軍串流媒體和體育領域的主要設計師，同時也開發和打造了 Prime Video、Prime Studios、亞馬遜音樂、亞馬遜廣告和市場部門。他將領導網球頻道的策略，擴大其數位和串流媒體影響力並深化觀眾參與度，以便為網球頻道下一階段的轉型成長和長期價值創造做好準備。

As the latest example of such growth just this morning, we announced the formation of a new business unit to operate a groundbreaking partnership with the ATP, WTA and participating U.S. tournaments to create a unified opportunity to purchase a single comprehensive sponsorship package that covers the entire country. This morning, Verizon was announced as the first sponsor sale with category exclusivity in the 5G wireless space. We are excited to have attracted a media executive of Jeff Stature, and we view the Tennis Enterprise sponsorship announcement as an example of the growth and long-term value creation that we're committed to delivering in the quarters and years to come. With that said, let me now turn it over to Rob to continue the discussion about our Broadcast business.

作為今天早上這種增長的最新例子，我們宣布成立一個新的業務部門，與 ATP、WTA 和參與的美國錦標賽建立開創性的合作夥伴關係，創造一個統一的機會來購買覆蓋整個國家的單一綜合贊助套餐。今天上午，Verizon 宣布成為 5G 無線領域首家擁有類別獨家經營權的贊助商。我們很高興能夠吸引傑夫·斯塔蒂爾 (Jeff Stature) 這樣的媒體主管，我們將網球企業贊助公告視為我們致力於在未來幾個季度和幾年內實現的成長和長期價值創造的一個例子。話雖如此，現在讓我把話題交給 Rob 繼續討論我們的廣播業務。

Thanks, Chris, and good afternoon, everyone.

謝謝，克里斯，大家下午好。

Turning to slide 6. As Chris mentioned earlier, we expect our core advertising results to once again being a leader in the industry despite the uncertainty and volatility that is impacting major categories across the nation. This would continue recent trends, which have seen us beating our publicly traded broadcasting years and year-over-year core growth rates in 4 of the past 6 quarters through the end of 2024. During the first quarter, core advertising revenues were within our guidance range of down low single digits year-over-year.

翻到幻燈片 6。正如克里斯之前提到的，儘管不確定性和波動性正在影響全國的主要類別，但我們預計我們的核心廣告業績將再次成為行業領導者。這將延續最近的趨勢，截至 2024 年底，在過去 6 個季度中，有 4 個季度我們的營收和核心業務同比增長率均超過了公開交易的廣播業務。第一季度，核心廣告收入在我們的預期範圍內，年減個位數。

Having said that, the macroeconomic and tariff-related uncertainty is creating hesitation by certain top categories. On a positive note, we are now less than 8 months away from another political season kicking off.

話雖如此，宏觀經濟和關稅相關的不確定性正在引起某些頂級類別的猶豫。從積極的一面來看，距離新一輪政治季節的開始還有不到 8 個月的時間。

On slide 7, as an early preview of what we expect in 2026, we currently have 23 Senate races and 25 Gubernatorial races in our footprint. We believe that at least 6 of these Senate races will be highly competitive and more than half the Gubernatorial races will have competitive primaries. In addition, more than 30 house races have already been targeted by the National Republican and Democratic parties as potential flips.

在第 7 張幻燈片上，作為對 2026 年預期的早期預覽，我們目前有 23 場參議院競選和 25 場州長競選。我們相信，其中至少有 6 場參議院競選競爭非常激烈，超過一半的州長競選將有競爭激烈的初選。此外，全國共和黨和民主黨已將 30 多場眾議院競選視為潛在的翻轉目標。

We expect intense battles across the country as the House Senate mentor elections are all close to being evenly split between the 2 parties. And so we expect taking control will be a driver of midterm election dollars.

由於眾議院參議院導師選舉中兩黨勢均力敵，我們預計全國各地將出現激烈的競爭。因此，我們預計，取得控制權將成為中期選舉資金的推動力。

Touching our distribution revenues on slide 8. Our net retransmission revenues grew by mid-single digits year-over-year in the quarter, and we continue to expect a 2-year mid-single-digit CAGR on through the end of this year. Notably, Charter, our largest MVPD, reduced video subscriber discounts in the first quarter by 55% year-over-year, highlighting the success in reducing churn including what we have called the great rebundling.

在第 8 張投影片上討論我們的分銷收入。本季度，我們的淨轉播收入同比增長了中等個位數，我們預計到今年年底，兩年的複合年增長率仍將保持在中等個位數。值得注意的是，我們最大的 MVPD Charter 在第一季將視訊用戶折扣年減了 55%，凸顯了在減少客戶流失（包括我們所謂的大規模重新捆綁）方面取得的成功。

The package is streaming platforms with legacy linear packages. We believe Charter's success in reducing churn illustrates how creative solutions, including this type of funding of the streaming platforms with legacy linear packages can reduce or reverse this driver turn materially over time. From a renewal perspective, during the quarter, we extended our YouTube TV distribution agreement. As a reminder, we do not have any outstanding traditional linear distribution or Big 4 network affiliation agreements offer renewal before late 2026.

該套餐是帶有傳統線性套餐的串流媒體平台。我們相信，Charter 在減少客戶流失方面的成功說明了創造性的解決方案（包括對使用傳統線性套餐的串流平台進行此類融資）可以如何隨著時間的推移大幅減少或扭轉這種驅動因素​​的轉變。從續約的角度來看，在本季度，我們延長了 YouTube 電視發行協議。提醒一下，我們沒有任何未完成的傳統線性分銷或四大網路聯盟協議在 2026 年底之前提供續約。

I also want to point out that our Portland troubles coverage in this Portland Trail Blazers season double is the average audience size on our stations in the Pacific Northwest versus the prior season's covered in a regional sports network. Once again highlighting the importance of ice Sports and the benefits of the wide distribution of broadcast TV. The latest addition to our AMP Media sports podcast lineup, the BFFR, starring Women's Soccer Star, Sydney Leroux and Ally Riley, 2 of the key members of Age City Football Club launched last week. The weekly podcast will focus on the authentic behind-the-scenes discussions that have helped the growth in social media identities into some of the largest and women's sports media landscape. We will also launch women's basketball podcast shortly featuring WNBA Starz, Canvas Bocker and Elia Boston.

我還想指出的是，我們對波特蘭拓荒者隊本季波特蘭困境的報道，其受眾規模相當於我們太平洋西北地區電視台與上一季地區體育網絡報道的受眾規模的平均水平。再次強調了冰上運動的重要性以及電視廣播廣泛傳播的好處。我們的 AMP Media 體育播客陣容的最新成員是 BFFR，由女子足球明星 Sydney Leroux 和 Ally Riley 主演，她們是上週推出的 Age City 足球俱樂部的兩名主要成員。每週的播客將重點關注真實的幕後討論，這些討論有助於社交媒體身份發展成為一些最大的女性體育媒體領域。我們也將很快推出女子籃球播客，其中將包括 WNBA Starz、Canvas Bocker 和 Elia Boston。

These launches reflect our continued commitment to elevating women's courts and amplifying their voice of its top athletes. State for additional announcements regarding the ongoing expansion of our social media and podcast platforms. I also wanted to briefly mention our very successful upfront presentation last week in New York, where we showcased our news and sports brands that demonstrated our advertisers can activate and amplify their brands as our partner. I wanted to thank all our podcast count, including Coca-Urban-Meyer, Mark Agrimec Rob Stone, Martina Nabeelover, Sydney Daru, Landon Nonevent, Matt Liner and Jerry for being at our upfront and helping us demonstrate what a powerful partner we can be for our advertisers. We look forward to sharing updates with you in the coming quarters.

這些舉措體現了我們持續致力於提升女子球場水平和擴大頂級運動員的聲音。有關我們社交媒體和播客平台持續擴展的更多公告，請關注州政府。我還想簡要地提一下我們上週在紐約舉行的非常成功的前期演示，我們展示了我們的新聞和體育品牌，證明了我們的廣告商可以作為我們的合作夥伴來激活和擴大他們的品牌。我要感謝我們所有的播客，包括 Coca-Urban-Meyer、Mark Agrimec Rob Stone、Martina Nabeelover、Sydney Daru、Landon Nonevent、Matt Liner 和 Jerry，感謝他們站在我們最前面，幫助我們證明我們可以成為廣告商的強大合作夥伴。我們期待在接下來的幾季與您分享最新消息。

Now let me turn it back over to Chris to provide a couple of industry updates.

現在讓我把話題轉回給克里斯，讓他提供一些行業更新資訊。

Thanks, Rob. Turning to slide 9. We, along with the NAB and the entire industry are hopeful that the many of the woefully outdated FCC regulations that have hampered growth in the broadcast industry over the recent decades will be revisited, if not eliminated, in the coming months and we remain hopeful that most of the outdated ownership rules impacting the sector will be modified to allow sensible M&A and portfolio rationalization. In addition, the industry will be lobbying for other issues impacting the sector, particularly the rules that prohibit broadcasters from negotiating directly with virtual MVPDs as well as the rules that will allow the industry to rapidly sunset ATSC 100 networks, which will help accelerate wide adoption of next-gen broadcast products and services. As an example of what may come, last week, FCC Commissioner Simonton and is Chief as staff authored an OpEd suggesting that the FCC should take action to cap network programming fees at 30% of retransmission fees.

謝謝，羅布。翻到第 9 張投影片。我們與 NAB 和整個行業都希望，未來幾個月內，許多嚴重過時的 FCC 法規（這些法規在過去幾十年裡阻礙了廣播行業的發展）將得到重新審視（甚至廢除），我們仍然希望，影響該行業的大多數過時的所有權規則將得到修改，以允許合理的併購和投資組合合理化。此外，該行業還將遊說影響該行業的其他問題，特別是禁止廣播公司直接與虛擬 MVPD 談判的規則以及允許該行業快速淘汰 ATSC 100 網路的規則，這將有助於加速下一代廣播產品和服務的廣泛採用。作為可能發生的一個例子，上週，聯邦通信委員會委員西蒙頓及其首席幕僚撰寫了一篇專欄文章，建議聯邦通信委員會採取行動，將網絡節目費用限制在轉播費用的 30% 以內。

The piece highlights this proposal as a way to protect local broadcasters and local journalism from big tech and big media. The implementation of such a proposal would allow for the strengthening of local broadcasters and local news throughout the country. We look forward to continuing to work with Chairman Car and the rest of the SEC on the very welcomed and long overdue deregulatory approach to the broadcast industry to help level the playing field. Lastly, I wanted to extend my deep appreciation and best wishes to Lucy, who announced her upcoming retirement several weeks ago. While Lucy is staying on through the transition of the new CFO, her over 26 years at Sinclair will be coming to an end within the next several months.

文章強調，這項提議是為了保護地方廣播公司和地方新聞業免受大型科技公司和大型媒體的侵害。該提案的實施將有助於加強全國各地的地方廣播和地方新聞。我們期待繼續與卡爾主席和美國證券交易委員會的其他成員合作，對廣播業採取非常受歡迎且早就應該採取的放鬆管制措施，以幫助創造公平的競爭環境。最後，我要向幾週前宣布即將退休的露西表示深深的感謝和最美好的祝福。雖然露西將繼續留任直至新任財務長的交接，但她在辛克萊公司超過 26 年的職業生涯將在未來幾個月內結束。

Lucy has more than 8 years of experience in the CFO chair and her reputation and expertise has benefited Sinclair greatly over the years. Lucy recently led our almost $4 billion comprehensive refinancing and has helped guide the company through tremendous growth of our portfolio of stations, diversification of our assets, many capital markets transactions and many other initiatives, as well as the great recession of pandemic and other challenges. Her numerous awards and recognitions from across the industry are a testimony to her leadership, dedication and knowledge of both Sinclair and the wider broadcast industry. Even though we expect her to remain with us in a senior advisory role, there is no question that we will greatly miss her guidance, strategic and fiscal contributions, mentorship and work ethic. On behalf of the company, thank you for everything, Lucy.

露西擁有超過 8 年的財務長職位經驗，多年來她的聲譽和專業知識為辛克萊帶來了巨大的利益。露西最近領導了我們近 40 億美元的綜合再融資，並幫助公司實現了站點組合的大幅增長、資產的多元化、許多資本市場交易和許多其他舉措，以及疫情造成的經濟大衰退和其他挑戰。她獲得的來自業界的無數獎項和認可證明了她的領導能力、奉獻精神以及對辛克萊和更廣泛的廣播行業的了解。儘管我們期望她繼續擔任我們的高級顧問，但毫無疑問，我們會非常懷念她的指導、策略和財務貢獻、指導和職業道德。我代表公司感謝你所做的一切，露西。

Now perhaps for the final time, let me turn it over to Lucy for a discussion of our financial results in more detail. Lucy?

現在也許是最後一次，讓我把話題交給露西，讓她更詳細地討論一下我們的財務表現。露西？

Thank you, Chris, for the very kind words, and good afternoon, everyone. I'm pleased to say that I depart with Sinclair in a financially strong and healthy position and poised to grow in what should be a transformative next few years with deregulation and next-gen broadcast. Turning to slide 10. Following our recent refinancing, we have significantly extended the debt maturity profile of the company with the current weighted average maturity of more than 6 years. As of March 31, our first lien net leverage was 1.8x with total first lien net leverage at 4.2x and total net leverage at 5.8x as defined in our new STG credit agreement.

謝謝克里斯的善意言辭，大家下午好。我很高興地說，當我離開時，辛克萊的財務狀況強勁而健康，並準備在未來幾年隨著放鬆管制和下一代廣播的變革中實現增長。翻到第 10 張投影片。在我們最近的再融資之後，我們大幅延長了公司的債務期限，目前的加權平均期限已超過 6 年。截至 3 月 31 日，根據我們新的 STG 信貸協議定義，我們的第一留置權淨槓桿率為 1.8 倍，總第一留置權淨槓桿率為 4.2 倍，總淨槓桿率為 5.8 倍。

Our balance sheet is now not only the industry's longest in terms of maturity profile but more importantly, positions us well to participate in what we hope will be a period of renewed M&A activity within the sector. In addition to the comprehensive refinancing, we also repurchased approximately $66 million in face value of STG's 2027 notes for $62 million in early April. On slide 11, we highlight our first quarter segment results. Despite the negative economic headlines and general levels of uncertainty throughout the economy, we delivered in-line media revenues in our Local Media segment, with core advertising down 4.5% year-over-year, and distribution revenues were slightly below expectations, although they grew year-over-year. Our political revenue outperformance in the quarter was largely driven by a Wisconsin Supreme Court race that garnered national attention in what could be an early indicator of what's to come in next year's midterm elections.

我們的資產負債表現在不僅在成熟度方面是業內最長的，更重要的是，這使我們能夠很好地參與到我們所希望的行業內新一輪併購活動中。除了全面再融資之外，我們還在 4 月初以 6,200 萬美元的價格回購了面額約 6,600 萬美元的 STG 2027 年票據。在投影片 11 上，我們重點介紹了第一季的分部業績。儘管經濟情勢不容樂觀，且整個經濟普遍存在不確定性，但我們的本地媒體部門的媒體收入仍與預期持平，核心廣告收入同比下降 4.5%，分銷收入略低於預期，但同比增長。本季我們的政治收入表現出色，很大程度上是由於威斯康辛州最高法院競選引起了全國的關注，這可能是明年中期選舉結果的早期指標。

Adjusted EBITDA beat the high end of our guidance range by approximately $9 million for local media, driven by favorable SG&A and promotional expenses on a continued cost savings focus. Tennis Channel had another strong quarter with revenues and adjusted EBITDA, both in line with our guidance ranges as total revenues grew by 9% from the year ago levels. slide 12 reviews our consolidated media revenue, which was within our guidance range as in-line core and higher political advertising were offset by slightly lower-than-expected distribution revenues. Media revenues fell by approximately $22 million year-over-year, driven by lower political advertising revenues in this nonelection year and the absence of material diamond sports management fees which were offset by higher distribution revenue of $15 million year-over-year on the recent renewals. Turning to slide 13.

調整後的 EBITDA 超出了我們本地媒體指導範圍的高端約 900 萬美元，這得益於持續的成本節約以及有利的銷售、一般及行政費用 (SG&A) 和促銷費用。網球頻道本季表現強勁，營收和調整後 EBITDA 均符合我們的預期範圍，總營收較去年同期成長 9%。第 12 張投影片回顧了我們的綜合媒體收入，該收入在我們的指導範圍內，因為內聯核心和更高的政治廣告被略低於預期的分銷收入所抵消。媒體收入年減約 2,200 萬美元，原因是今年非選舉年政治廣告收入較低，且缺乏實質性的鑽石體育管理費，但最近續約帶來的 1500 萬美元的同比發行收入增加抵消了這一下降。翻到第 13 張投影片。

Our consolidated adjusted EBITDA exceeded our guidance range primarily on a continued focus on managing expenses, which were lower than forecast due to several SG&A line items. As compared to last year, adjusted EBITDA declined by $27 million, driven by lower core political and management fee revenues and slightly higher media expenses on network programming fees, production costs and annual compensation increases. On slide 14, we introduced our second quarter 2025 guidance. Please note that our guidance includes the recent acquisition by Compulse, which is included in Other in our segment reporting. We expect second quarter media revenues to be lower year-over-year on a consolidated basis due primarily to significantly lower political revenues in a nonelection year, the absence of material diamond management fees as well as some continued softness in core advertising categories.

我們的合併調整後 EBITDA 超出了我們的指導範圍，主要是因為我們繼續專注於管理費用，但由於幾項銷售、一般及行政費用 (SG&A) 項目，我們的費用低於預期。與去年相比，調整後的 EBITDA 下降了 2,700 萬美元，原因是核心政治和管理費收入下降，以及網路節目費、製作成本和年度薪資增加等媒體費用略有增加。在第 14 張投影片上，我們介紹了 2025 年第二季的指導。請注意，我們的指導包括 Compulse 最近的收購，該收購包含在我們的分部報告中的其他部分。我們預計第二季媒體收入將年減，主要原因是非選舉年的政治收入大幅下降、缺乏實質的鑽石管理費以及核心廣告類別持續疲軟。

We anticipate Local Media core advertising revenue to be lower by approximately 2% at the midpoint of our guidance range, while distribution revenues are expected to be 1% higher year-over-year as we begin to cycle through some of the larger distribution renewals from a year ago. Our consolidated adjusted EBITDA is expected to be within a range of $91 million to $107 million. Turning to slide 15. We present our full year guidance. However, we have removed the media expense line item.

我們預計本地媒體核心廣告收入將下降約 2%，處於我們指導範圍的中點，而隨著我們開始循環一年前的一些較大的分銷續約，分銷收入預計將同比增長 1%。我們的合併調整後 EBITDA 預計在 9,100 萬美元至 1.07 億美元之間。翻到第 15 張投影片。我們提出了全年指導。不過，我們已經刪除了媒體費用項目。

We believe the current macroeconomic and tariff-related uncertainty is causing our advertisers in several key categories to have significantly reduced visibility and is, therefore, driving a wide range of potential outcomes in the second half of the year. In fact, several of those advertisers have pulled their own financial guidance. With the reduced visibility on core revenues in the back half of the year, it's difficult to provide a range for the media expenses given the direct costs associated with those revenues such as commissions, bonuses, et cetera. However, you do have Q1 actuals and Q2 guidance to inform your full year media expense estimates based on your advertising revenue assumptions in the back half of the year. We will note that consistent with our beat on media expenses in the first quarter, we would expect those expense trends for acquisition to continue under an assumption of consistent revenue expectations for the remainder of the year.

我們認為，目前的宏觀經濟和關稅相關的不確定性導致我們幾個關鍵類別的廣告客戶的知名度大幅降低，因此將在今年下半年帶來一系列潛在結果。事實上，其中幾家廣告商已經撤回了自己的財務指導。由於下半年核心收入的可見度降低，考慮到與這些收入相關的直接成本（例如佣金、獎金等），很難提供媒體費用的範圍。但是，您確實有第一季的實際情況和第二季的指導，可以根據下半年的廣告收入假設來為您的全年媒體費用估算提供資訊。我們將注意到，與我們第一季媒體支出的成長一致，我們預計，在假設今年剩餘時間的收入預期保持一致的情況下，收購支出趨勢將繼續下去。

And the full year guidance provided, net interest expense includes the nonrecurring $68 million in fees and expenses related to the refinancing that were expensed in the first quarter. Notably, for the year, we are now forecasting much lower cash tax payments of $121 million at the midpoint of our guidance, which is $95 million lower than our guidance provided last quarter. Driving the reduction is a revised estimate of the taxes on the Diamond exit gain, which declined from an estimated $170 million to $83 million. The $87 million estimated reduction is largely due to having more current information regarding the utilization of certain tax attributes. Of the $83 million Diamond exit gain taxes, Local Media is estimated to fund $58 million and ventures to fund $25 million.

並且全年指引中，淨利息支出包括第一季支出的與再融資相關的 6,800 萬美元非經常性費用和開支。值得注意的是，對於今年而言，我們現在預測的現金稅款支付額將大幅下降，為指導中位數的 1.21 億美元，比上個季度提供的指導低 9,500 萬美元。推動這項削減的因素是對 Diamond 退出收益稅的修正估計，該估計從 1.7 億美元下降至 8,300 萬美元。預計減少 8700 萬美元主要是因為擁有更多有關某些稅收屬性利用的最新資訊。在 Diamond 的 8,300 萬美元退出收益稅中，Local Media 預計將出資 5,800 萬美元，而各家創投公司將出資 2,500 萬美元。

I will now turn it back to Chris for some closing remarks before we open the call to Q&A.

在我們開始問答環節之前，我現在將話題交還給克里斯，請他發表一些結束語。

Thanks, Lucy. Turning to slide 16 to wrap up the quarter with our key takeaways. Sinclair delivered solid financial results in a challenging environment. Adjusted EBITDA exceeded the high end of our range guidance. Core advertising trends continue to be among the best in the industry despite the macroeconomic uncertainties and lack of visibility.

謝謝，露西。翻到第 16 張投影片，以我們的主要收穫來總結本季。辛克萊在充滿挑戰的環境中取得了穩健的財務表現。調整後的 EBITDA 超出了我們預期範圍的高端。儘管宏觀經濟存在不確定性和缺乏可預見性，但核心廣告趨勢仍保持行業領先地位。

Subscriber churn continues to moderate. Regulatory optimism remains buoyant with expectations for loosened M&A restrictions and next-gen spectrum relief among other potentially favorable changes that could lead to a strengthening of local journalism. The balance sheet is strong with the comprehensive refinancing completed during the first quarter, our weighted average maturity of more than 6 years out, our nearest matured -- meaningful maturity not until December of 2029 and $66 million of debt repurchased at a discount. Finally, liquidity got a further boost from a significantly lower cash tax payment estimate for the full year related to the Diamond Chapter 11 emergence. In summary, we could not be more optimistic about the future for the industry and Sinclair's continued position as an industry leader.

用戶流失率持續下降。監管樂觀情緒依然高漲，預計放寬併購限制和下一代頻譜減免等潛在有利變化可能會加強地方新聞業。資產負債表表現強勁，第一季完成了全面再融資，我們的加權平均到期日超過 6 年，最接近到期​​日 - 有意義的到期日要到 2029 年 12 月，並且以折扣價回購了 6600 萬美元的債務。最後，由於 Diamond Chapter 11 的出現，全年現金納稅額估計大幅下降，流動性得到了進一步提升。總而言之，我們對該行業的未來以及辛克萊繼續保持行業領先地位充滿信心。

Thank you much -- very much for joining us today and your interest in Sinclair. Rob, Lucy and I will now take your questions.

非常感謝您今天加入我們並對 Sinclair 感興趣。羅布、露西和我現在將回答你們的問題。

(Operator Instructions)

（操作員指示）

Dan Kurnos, Benchmark.

丹·庫爾諾斯（Dan Kurnos），Benchmark。

Great. Chris, let me just echo sentiments, Lucy. We go back a long, long way. A certain one-handed catch at Brewer Stadium, while holding a beverage, I might add, will never be forgotten. So I do certainly wish you nothing but the best.

偉大的。克里斯，露西，請容許我附和我的觀點。我們回顧很久很久以前的故事。我想補充一點，在布魯爾體育場，我手拿飲料單手接球，這永遠不會被忘記。所以我真心祝福你一切順利。

I just wanted to start with that.

我只是想從那裡開始。

I appreciate that. Thank you, Dan.

我很感激。謝謝你，丹。

Chris, obviously, the Sevington OpEd piece has gotten a lot of attention. There's a lot of debate as to whether or not the FCC can cap retrans rates reverse rates, I should be clear. Can you please address that and whether or not you think they can do something like that, although obviously, if they were even just allow you to negotiate directly with the virtuals that would change the net trajectory pretty significantly.

克里斯，顯然，塞文頓的專欄文章引起了很多關注。關於聯邦通信委員會是否可以限制轉播費率和反向費率存在很多爭論，我應該說清楚。您能否解決這個問題，以及您是否認為他們可以做這樣的事情，儘管很明顯，如果他們甚至只是允許您直接與虛擬人進行談判，那將會極大地改變網路軌跡。

Sure. So the FCC does have the ability to regulate the relationship between networks and affiliates that is a part of their charter. So obviously, capping a major expense like that could be very helpful in terms of leveling the playing field with us in big tech and big media. And it could also open up bigger opportunities for us. in terms of filling in dayparts that maybe the networks don't want to service anymore, which would also dovetail with the FCC's objectives.

當然。因此，FCC 確實有能力規範網絡與附屬機構之間的關係，這是其章程的一部分。因此，顯然，限制這樣的大額開支對於我們在大型科技和大型媒體領域建立公平的競爭環境非常有幫助。它還可以為我們帶來更大的機會，例如填補網路可能不再想服務的時段，這也與聯邦通訊委員會的目標相符。

So like overall, I think what our key takeaway is from that [ Simonton OED ] is that we are seeing this groundswell of deregulatory support for the broadcast industry that we believe is well overdue. And the right answer for the industry, I think, Lucy will end up being a combination of things some of which will be loosening up ownership rules, sunsetting 1.0 but other ideas that are coming to the surface here. And we're just thrilled that the FCC is stepping in to help level the playing field.

所以總的來說，我認為我們從[Simonton OED]中得到的關鍵啟示是，我們看到了對廣播行業的放鬆管制支持的浪潮，我們認為這種支持早就應該出現了。我認為，對於這個行業來說，正確的答案是，Lucy 最終將是多種因素的結合，其中一些因素將放寬所有權規則，廢除 1.0，但其他想法也正在浮出水面。我們很高興聯邦通訊委員會能夠介入，幫助創造公平的競爭環境。

Got it. Super helpful. And then kind of the other obvious question given sort of the uncertainties out there, you pulled your media expense line item. We got the 2Q guide. Maybe just tell us what you're seeing out there, conversations with advertisers and how do you guys feel about how core might shape up for the year, understanding you have some really easy comps in the back half of the year?

知道了。超有幫助。然後，考慮到存在的不確定性，另一個顯而易見的問題是，您提取了媒體費用項目。我們得到了第二季指南。也許只是告訴我們您在那裡看到了什麼，與廣告商的對話，以及您對今年核心業務可能如何發展的看法，了解您在下半年會有一些非常容易的比較嗎？

Yes. As we look at -- as the year goes on, we still expect our core to grow year-over-year. However, I'll caveat that by saying that our visibility is greatly reduced over what it was 6 to 8 weeks ago. We've seen large companies in several of our key advertising categories such as Ford pull their own financial guidance for the year. given the uncertainty around what the broader economic and tariff policies are.

是的。展望未來，我們仍預期我們的核心業務將逐年成長。不過，我要指出的是，與 6 到 8 週前相比，我們的知名度大大降低。鑑於更廣泛的經濟和關稅政策的不確定性，我們看到福特等幾個主要廣告類別的大公司都發布了今年的財務預測。

Those companies are concerned about what the supply chains as well as consumer confidence and demand. So while we expect it to grow year-over-year, it captured that we're cautiously optimistic with limited visibility as time has gone on.

這些公司關心的是供應鏈以及消費者信心和需求。因此，雖然我們預計它會逐年增長，但隨著時間的推移，我們對它的可見性有限，因此我們持謹慎樂觀的態度。

Aaron Watts, Deutsche Bank.

德意志銀行的 Aaron Watts。

Lucy, I want to thank you for everything over the many years, including putting up with all my questions and all our conferences you took time to participate in. Wis at those and on these calls, but I am glad that you'll still be with the company in your new role. So best of luck with that.

露西，我想感謝你這麼多年來所做的一切，包括回答我的所有問題以及你抽出時間參加我們所有的會議。在這些電話會議中，我很榮幸能夠見到您，但我很高興您仍將以新身分留在公司。祝你好運。

Appreciate it.

非常感謝。

Of course. A follow-up on core advertising and maybe the auto category specifically, how did that trend in the first quarter? And how is it looking in 2Q? Are you seeing any bump kind of beat the tariff ad, get a car before the price increases? And do you see this bump if it is happening as sustainable at all?

當然。關於核心廣告以及汽車類別的後續情況，第一季的趨勢如何？第二季的情況如何？您是否看到任何超過關稅廣告的優惠，在價格上漲之前買車？如果這種增長真的發生的話，您認為它能夠持續下去嗎？

Up to the state, we haven't seen that bump. We would just notified though that Nissan will be going on as the aggressive ad campaign. What's interesting is the trends are moving away from outright buys to leases. And so the leases are tending to trend up. So we're bullish on the financial segment wrapped around the automotive and again, they're going to have to clear out the '25 in the back half of the year to make room for the 26%.

就目前情況來看，我們還沒有看到這種成長。我們剛剛獲悉，日產將繼續進行積極的廣告活動。有趣的是，趨勢正從直接購買轉向租賃。因此租賃價格呈現上漲趨勢。因此，我們看好圍繞汽車行業的金融領域，而且他們將不得不在今年下半年清理 25 個部門，為 26% 的市場份額騰出空間。

But again, with some of the visibility is not there, how much of the foreign manufacturers, OEMs, how much is going to come into the country still remains not visible to us. So I think we're competitive on the domestic side and the foreign side is still to be seen.

但同樣，由於一些透明度不夠，我們仍然無法知道有多少外國製造商、原始設備製造商將進入中國。所以我認為我們在國內具有競爭力，國外的競爭力還有待觀察。

Okay. And in terms of what you see from some of your bigger markets versus maybe more of your smaller markets, national versus local. Are you seeing a widespread kind of difference and advertiser sentiment based on that. I mean we've been hearing that national is a bit weaker than local. Are you seeing that play out?

好的。就您從一些較大的市場與可能更多的較小的市場、全國性市場與地方性市場所看到的情況而言。您是否看到了普遍存在的差異以及基於此的廣告商情緒？我的意思是，我們一直聽說國家力量比地方力量弱一些。你看到那一幕了嗎？

Both are running parallel with each other. And again, I think we approach the business in a unique way. Our monitors on partner possibilities and we just ran a draft with our audio talent from Green Bay, we activated a couple of our major advertisers. So as we look at it, we don't really look at trying to do just straight adds but this turn the spot to the dots world. It really is across platform and the activation and amplifying of our partners, which we're seeing in our upfront.

兩者並行不悖。而且我認為我們以獨特的方式處理業務。我們對合作夥伴的可能性進行了監控，我們剛剛與來自綠灣的音頻人才一起進行了一次選秀，我們激活了幾個主要廣告商。因此，當我們觀察它時，我們實際上並不是試圖直接進行添加，而是將點轉移到點世界。它確實是跨平台的，並且能夠激活和擴大我們的合作夥伴，這是我們在前期看到的。

So we have long-term partnerships that have been strong and stay with us because of that activation. So we're not really seeing much difference between local and national as far as our are pace and it has to do just with how we both service the local clients and the national clients.

因此，我們與合作夥伴建立了長期穩固的合作夥伴關係，並且由於這種激活而保持了下去。因此，就我們的步伐而言，我們並沒有看到本地和全國之間有太大的差異，這只是與我們如何為本地客戶和全國客戶提供服務有關。

Okay. That's helpful. Lucy, maybe I could aim on your way. You noted the $66 million of bond repurchases in April. Can you just remind us the capital allocation priorities for the television group specifically?

好的。這很有幫助。露西，也許我可以瞄準你的路。您注意到 4 月債券回購金額為 6,600 萬美元。您能否具體提醒我們電視集團的資本配置重點？

Should we expect continued debt paydown going forward, in particular, as we roll into as we roll into next year when the political dollars Chris highlighted start to roll in.

我們是否應該預期未來會繼續償還債務，特別是當我們進入明年時，克里斯強調的政治資金將開始滾滾而來。

Yes. So as we've been saying for a couple of quarters now, Aaron, and especially with the refi, our focus is on deleveraging the local media group and this is one indication buying the debt in at a discount where we can start to drive that deleveraging down.

是的。因此，正如我們幾個季度以來一直在說的那樣，Aaron，特別是在再融資的情況下，我們的重點是降低當地媒體集團的槓桿率，這是一個跡象，表明我們可以以折扣價購買債務，從而開始降低去槓桿率。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

Chris, I was wondering if you could talk a little more about the specifics of how you see deregulation unfolding. I think when the Republicans have a majority of commissioners, then maybe they'll move to notice of proposed rulemaking. So I was wondering if you think that's the next step where then the industry will begin to have supplement conversations? And whether you participate as a buyer or a seller, do you like that process needs to clear any court challenges that it could face before you'd be willing to sort of sign and do on the transact? Just trying to get an understanding of like how fast this can happen or if there's a number of steps in the process that we'll need to wait for before you'd be comfortable transacting if we do get pretty significant deregulation like we expect?

克里斯，我想知道您是否可以再詳細談談您對放鬆管制進展的看法。我認為，當共和黨擁有多數委員時，他們也許會轉向通知擬議的規則制定。所以我想知道您是否認為這是下一步，然後行業將開始進行補充對話？無論您是作為買方還是賣方參與，您是否希望該流程需要清除可能面臨的任何法庭挑戰，然後您才願意簽署並進行交易？只是想了解這種情況發生的速度有多快，或者如果我們確實像預期的那樣實現了相當大的放鬆管制，我們是否需要等待流程中的一些步驟，然後您才能安心地進行交易？

Sure. So look, on that front, because a number of current data points in terms of just the rules changing. One is that the confirmation of the third Republican Commissioner, Olivia Trustee, is moving forward well. I think our expectation is that she could be in place by Memorial Day. And after that, I do expect that a rule making will start to proceed.

當然。因此，從這方面來看，因為就規則變化而言，目前有許多數據點。一是第三位共和黨委員奧莉維亞·特魯斯蒂的確認工作進展順利。我認為我們期望她能在陣亡將士紀念日之前到位。在此之後，我確實預期規則制定將會開始進行。

You saw Commissioner car making news today, calling the in-market ownership rules outdated and antiquated. And so there is definitely -- this groundswell is there, and I expect that action will be taken once the third Republican Commissioner is put in place, and that's looking like it's going to move forward fairly quickly. That said, in terms of M&A in the meantime, just the rules that we have on the books today. which include things like the UHF discount, which include ownership of 2 big 4s subject to a big 4 waiver, but it's -- the rules as they exist today do actually afford most players, including Sinclair, a significant amount of flexibility for M&A. So I think that, at least from our perspective, you're going to see more activity from us.

您今天看到了專員汽車製造新聞，並表示市場所有權規則已經過時且陳舊。所以肯定存在這種民意，我預計一旦第三位共和黨委員到位，就會採取行動，而且看起來這將很快取得進展。話雖如此，就目前的併購而言，只是我們今天制定的規則。其中包括 UHF 折扣等內容，其中包括對兩家四大公司的所有權，但須遵守四大公司的豁免，但現行的規則確實為大多數參與者（包括辛克萊）提供了相當大的併購彈性。因此我認為，至少從我們的角度來看，你會看到我們採取更多行動。

You've already seen some, right? We announced a sale of 5 markets, a station swap -- but you're going to start seeing more in the weeks to come, we will start filing for some of the JSA buy-ins that I've been talking about before, and that's a very accretive trade that should add tens of millions of dollars to our bottom line with very little cash out the door. I think station swaps are going to happen in the meantime, while we wait for some of these rules to change and even large-scale M&A or mergers, are on the to-do list, I think, for many broadcasters and I don't think many and depending on the situation, I just don't necessarily have to wait for the rules to change.

您已經看過一些了，對吧？我們宣佈出售 5 個市場，進行站點交換——但在接下來的幾週內，您將會看到更多消息，我們將開始申請我之前談到的一些 JSA 買入，這是一項非常具有增值性的交易，應該會為我們的底線增加數千萬美元，而只需花費很少的現金。我認為同時電台交換將會發生，同時我們正在等待一些規則的改變，甚至大規模的併購或合併都在待辦事項清單上，我認為，對於許多廣播公司來說，我認為並不多，而且根據情況，我不一定非要等待規則改變。

Got it. And then just on advertising, should we assume with the change to the expense guide in the back half of the year that your visibility is also a little lower as you look out later in Q2, obviously, April in your app, but maybe you can just speak to where the visibility starts to decline on forward in Q2? Or is it kind of as a before we had all volatility?

知道了。然後就廣告而言，我們是否可以假設，隨著下半年費用指南的變化，您的知名度也會略有下降，正如您在第二季度後期（顯然是 4 月份）在您的應用程序中看到的那樣，但也許您可以談談在第二季度中知名度開始下降的地方？或者這有點像我們經歷所有波動之前的情況？

So I'll let others chime in. But in terms of our visibility, it's really about 4 to 6 weeks out. So what data we have on Q3 and Q4 really isn't -- doesn't really tell us much at this point. And about 20% of our total expense load is variablized to revenue. And so that sort of gives you a window as to why talking about your guidance didn't make sense at this time.

所以我會讓其他人加入進來。但就我們的可見性而言，實際上大約需要 4 到 6 週的時間。因此，我們目前掌握的有關第三季度和第四季度的數據實際上並沒有告訴我們太多。我們總支出負擔的約 20% 是可變收入。這樣，你就能夠明白為什麼此時談論你的指導是沒有意義的。

And what I'll add is the visibility is 4 or 6 weeks. But as we go into middle of third quarter, fourth quarter with the return of college football, NFL, we're coming off of record championship games Super Bowl, sports on broadcasts have seen record highs and the advertisers have noticed that. So even with the economic times, uncertainty is what we know is certain is that there is a demand for top-tier sports, and we're set up perfectly in the third and fourth quarter, the capitalized on the tier sports that will be returning to the networks.

我要補充的是，可見度是 4 或 6 週。但隨著我們進入第三節中段和第四節，隨著大學橄欖球、NFL 的回歸，我們剛剛結束了創紀錄的冠軍賽超級碗，體育賽事的轉播收視率創下了歷史新高，廣告商也注意到了這一點。因此，即使經濟形勢不明朗，但我們可以肯定的是，市場對頂級體育賽事有需求，而且我們已經在第三季度和第四季度做好了充分準備，充分利用即將重返電視網的頂級體育賽事。

Benjamin Soff, Deutsche Bank.

德意志銀行的班傑明‧索夫。

I was curious if you could talk a little bit more about the Compulse deal. Any additional color on that asset and how it's impacting numbers? And then for Lucy, another really strong quarter on the expense side. Can you talk about where you were able to capture those savings? And how much runway is left to continue taking costs out of the business?

我很好奇您是否可以再多談談 Compulse 交易的情況。關於該資產還有什麼其他細節嗎？它對數字有何影響？對露西來說，這是支出方面又一個非常強勁的季度。您能談談您是如何實現這些節省的嗎？還有多少空間可以繼續降低企業成本？

Yes. So why don't I do that part first and then Chris will talk about the acquisition. So I appreciate the compliment on the expense side. This is an enterprise-wide focus where all of our department heads are engaged in looking for ways to work smarter, be more efficient and really question the spending. And so I'd like to take credit for it but I really have to give credit to the entire organization on that.

是的。那我為什麼不先做這部分，然後克里斯再談收購呢？因此，我很感謝您對費用的稱讚。這是整個企業的焦點，我們所有部門主管都在努力尋找更聰明、更有效率地工作的方法，並真正質疑支出。因此，我願意為此承擔責任，但實際上我必須將責任歸功於整個組織。

And so really, in first quarter, that is coming across a multitude of departments, which I could just point to 1 of them as being the main driver, but it really is coming across on an NOI basis. Now what I would say is, are there more expenses that if we needed to, that we could take out of the business. Again, if we needed to, the answer is yes. But right now, there is not a need to go down in the bare minimum and so we continue to spend where we see growth in the business and be smarter about the places where it's not growing or we really don't need to put investment behind it.

因此，實際上，在第一季度，許多部門都遇到了這種情況，我可以指出其中一個部門是主要驅動因素，但它實際上是在 NOI 基礎上出現的。現在我想說的是，如果需要的話，我們還可以從業務中扣除哪些費用？再說一次，如果我們需要的話，答案是肯定的。但目前，沒有必要降到最低限度，因此，我們會繼續在業務有成長的地方投入資金，並更明智地選擇那些沒有成長或我們確實不需要投資的地方。

And in terms of the acquisition, Compulse, as I stated in prior earnings results is matured to the point where -- it really is a best-in-class platform. It's delivering double-digit growth for us every quarter year-over-year. it's got healthy margins, and we really are looking to scale it in a big way. So this acquisition on a pro forma basis ends up being a very attractive multiple for us because of the synergies, and it significantly increases the amount of revenue that we're putting on to the ovals platform. So it's a very accretive move in an area that is consolidating.

就收購而言，正如我在先前的收益結果中所述，Compulse 已經成熟到可以成為一流的平台。它每個季度都為我們帶來兩位數的同比增長。它擁有健康的利潤率，我們確實希望大規模地擴大它。因此，由於協同效應，這次收購在備考基礎上最終對我們來說是一個非常有吸引力的倍數，並且它顯著增加了我們在橢圓平台的收入。因此，對於一個正在整合的領域來說，這是一個非常具有增值意義的舉措。

And this will increase the financial size and significance of Compulse for the ventures portfolio going forward.

這將增加 Compulse 的財務規模以及對未來創投組合的重要性。

I'll add that it follows our commitment to being a multimedia company, not a singular broadcast company. and we recognize where fewer habits are shifting and we will ship with those habits. We've made a commitment to our sellers to our digital content folks that we would support them and the demand showcases why we will support that growth for Compulse because it's justified by its group and by where your habits are.

我要補充的是，這遵循了我們成為多媒體公司而不是單一廣播公司的承諾。我們體認到，有些習慣正在改變，我們將順應這些習慣。我們已向賣家和數位內容人員承諾，我們將為他們提供支持，而需求也表明了我們為何支持 Compulse 的成長，因為 Compulse 的團隊和您的習慣證明了這一點。

(Operator Instructions)

（操作員指示）

David Hamburger, Morgan Stanley.

摩根士丹利的戴維·漢堡格。

And again, I would like to echo the sentiment. We see you've always been very helpful answering questions and otherwise and wish you the best in your new endeavor. I haven't of course. Last quarter, you had disclosed that you had renewed your retrans agreements representing 80% of the traditional Big 4. You had one negotiation that was active at the time.

我再次表達我的看法。我們看到您在回答問題和其他問題時總是非常樂於助人，並祝您在新的工作中一切順利。我當然沒有。上個季度，您揭露已經續約了代表 80% 傳統四大會計師事務所的轉口協議。當時你們正在進行一項談判。

I assume based on the disclosures now, I wanted to confirm, one, that you've renegotiated that agreement seeing that you now mentioned you have nothing until the end of 2026. As well, you had mentioned on the earnings call that the guidance you gave for the first quarter reflected accruals based on the current state of negotiations with that counterparty. I'm just curious, how did that end up shake out based on what you were accruing the results? And did that at all impact the distribution revenues in the first quarter?

我認為根據現在披露的情況，我想確認一下，第一，你已經重新談判了該協議，因為你現在提到到 2026 年底你什麼都沒有。另外，您在收益電話會議上提到，您給出的第一季指引反映了基於​​與交易對手當前談判狀況的應計項目。我只是好奇，根據您累積的結果，最終結果如何？這對第一季的分銷收入有影響嗎？

So the short answer to that is no, it did not impact the Q1 results. We ended up -- there is an agreement in principle with that MVPD and we ended up right at where we were accruing at.

所以簡短的回答是否定的，它沒有影響第一季的表現。我們最終與 MVPD 達成了原則上的協議，並且最終回到了我們所累積的位置。

Okay. And just generally speaking about the slower-than-expected improvement in churn, I mean, you did highlight, and we've all seen kind of the charter numbers. It does appear still to be somewhat mixed. When you look across the pay-TV universe, what are you expecting now as you looked at the second quarter guidance, can you provide any additional thoughts or color on kind of your expectations for subscriber churn. And I think in the past, you've actually disclosed that it's been pretty consistently in mid-single digits.

好的。總的來說，客戶流失率的改善速度低於預期，我的意思是，您確實強調了這一點，而且我們都看到了包機號碼。它看起來確實仍然有些混亂。當您放眼付費電視領域時，當您查看第二季度指引時，您現在有何期待，您能否就您對用戶流失的預期提供任何其他想法或說明。我認為，在過去，您實際上已經透露過，這個數字一直保持在個位數的中等水平。

Is that still the case?

現在還是這樣嗎？

Yes. So Dave, that is still the case. Our forecast does assume mid-single-digit percent. And to your point, we were a little bit more optimistic in how quickly the sub churn would moderate. But again, it's just slightly off.

是的。所以戴夫，情況仍然如此。我們的預測確實假設中等個位數百分比。正如您所說，我們對客戶流失率下降的速度持更樂觀的態度。但再次強調，這只是稍微偏離了一點。

And I do want to remind you that on a year-over-year basis, putting aside the forecast on a year-over-year basis, we grew distribution revenues significantly.

我確實想提醒您，與去年同期相比，拋開同比預測，我們的分銷收入大幅增長。

I also would like to add David, that we -- everything that we've seen so far and the growth in gross retrans and our renewals on the reverse side, we are reiterating our 2-year CAGR from '23 to '25 of mid-single digits.

我還想補充一點，大衛，我們——到目前為止所看到的一切，以及總再交易量的增長和我們另一方面的續約，我們重申從 23 年到 25 年的兩年複合年增長率為中等個位數。

Thank you. That concludes our Q&A session. I will now hand the conference back to Chris Ripley, President and CEO, for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。現在，我將會議交還給總裁兼執行長克里斯·里普利 (Chris Ripley)，請他致閉幕詞。請繼續。

Thank you all for joining our call today and supporting Sinclair. To the extent you have any questions or comments, please reach out to us.

感謝大家今天參加我們的電話會議並支持辛克萊。如果您有任何問題或意見，請與我們聯絡。

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。各位，今天的活動就到這裡了。現在您可以斷開連接，並享受美好的一天。感謝您的參與。