Sinclair Inc (SBGI) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Sinclair Broadcast Group's third quarter 2025 earnings conference call. (Operator Instructions) And please note this conference is being recorded.

各位好，歡迎參加辛克萊廣播集團2025年第三季財報電話會議。（操作說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Chris King, Vice President of Investor Relations. The floor is yours.

現在我將把會議交給主持人，投資人關係副總裁克里斯金。現在輪到你發言了。

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

謝謝。各位下午好，感謝各位參加辛克萊廣播集團2025年第三季財報電話會議。今天與我一起參加電話會議的有：我們的總裁兼執行長克里斯·里普利；我們的執行副總裁兼財務長納林德·薩海；以及我們的營運長兼本地媒體總裁羅布·韋斯伯德。

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.

在開始之前，我想提醒大家，今天財報電話會議的幻燈片可以在我們的網站 sbgi.net 的“投資者關係”部分的“活動和演示”頁面上找到。網路直播回放將保留在我們的網站上，直到我們發布下一個季度財報為止。

Certain matters discussed on this call may include forward-looking statements regarding, among other things, future operating results. Such statements are subject to several risks and uncertainties. Actual results in the future could differ from those described in the forward-looking statements because 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 third 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聲明中所述的結果有所不同。這些因素已在公司最近提交給美國證券交易委員會的報告中列出，並包含在我們的第三季財報中。本公司不承擔更新這些前瞻性聲明的義務。

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.

電話會議將討論非GAAP財務指標，特別是調整後的EBITDA。這些措施並非按照公認會計原則制定，也不旨在取代公認會計原則的衡量標準，並且可能與其他公司的使用或製定方法有所不同。有關公司非GAAP財務指標與可比較GAAP財務指標的進一步討論和調節，請訪問我們的網站。

Please note that unless otherwise noted, all year comparisons throughout today's call are presented on an as reported basis. Let me now turn the call over to Chris Ripper.

請注意，除非另有說明，今天電話會議中的所有年度比較均按報告數據呈現。現在我把電話交給克里斯·裡珀。

Good afternoon, everyone, and thank you for joining us. Let me begin on slide 3 with our third quarter results. We delivered strong performance and met or exceeded guidance across all key metrics. Total revenue of $773 million came in higher than the high end of our guidance range. Core revenues was up 7% year to year on an as reported basis. Most notably, adjusted EBITDA of $100 million exceeded the high end of our guidance range. This reflects our operational discipline and continued focus on cost management across the business.

各位下午好，感謝各位的參與。讓我們從第 3 張投影片開始，介紹我們的第三季業績。我們取得了優異的業績，所有關鍵指標都達到或超過了預期目標。總營收為 7.73 億美元，高於我們預期範圍的上限。以報告數據計算，核心收入年增 7%。最值得注意的是，調整後的 EBITDA 為 1 億美元，超過了我們預期範圍的上限。這體現了我們嚴謹的營運紀律和對整個業務成本管理的持續關注。

Turning to slide 4, I'm pleased to report significant progress on our station portfolio optimization within our Broadcast segment, which drives immediate operational efficiencies. As of today, 11 partner station acquisitions have closed. 12 have received FCC approval and are awaiting final closing. 10 are filed and pending SEC approval, and we plan to file several additional partner station acquisitions by year end.

翻到第 4 張投影片，我很高興地報告，我們在廣播部門的電台組合優化方面取得了重大進展，這將立即提高營運效率。截至今日，已有11項合作電台收購完成。另有12項已獲得FCC批准，正在等待最終交割。 10項已提交SEC審批，我們計劃在年底前再提交幾項合作電台收購申請。

Once all current and planned partner station acquisitions are completed, we expect to generate at least $30 million in incremental annualized adjusted EBITDA with minimal upfront capital requirements. We got to reach the full run rate EBITDA benefit by the second half of 2026.

一旦所有現有和計劃中的合作夥伴電台收購完成，我們預計每年將產生至少 3000 萬美元的增量調整 EBITDA，而前期資本需求極低。我們必須在 2026 年下半年達到全部 EBITDA 收益。

Moving to slide 5. I want to address the evolving regulatory landscape and its impact on our industry. Recent decisions by the FCC and federal court rulings have created a more constructive M&A environment for broadcasters. The elimination of restrictions on big four local market ownership enables highly accretive consolidation opportunities that were not possible before. We anticipate the SEC may raise or eliminate the 39% nationwide ownership cap in the first half of 2026, which would further remove barriers to value creating transactions.

切換到第5張投影片。我想談談不斷變化的監管環境及其對我們行業的影響。美國聯邦通訊委員會 (FCC) 和聯邦法院最近的裁決為廣播公司創造了更具建設性的併購環境。取消對四大公司在當地市場所有權的限制，使得以前不可能出現的高收益整合機會成為可能。我們預計美國證券交易委員會可能會在 2026 年上半年提高或取消 39% 的全國持股上限，這將進一步消除創造價值交易的障礙。

These regulatory changes came at a critical time. The broadcast sector is facing secular challenges within linear TV while having a unique opportunity for significant consolidation. We believe the industry is at an inflection point where scale and operational efficiency will increasingly separate high performing companies from the rest.

這些監理改革出台的時機非常關鍵。廣播電視產業在面臨線性電視領域的長期挑戰的同時，也迎來了進行重大整合的獨特機會。我們認為，該行業正處於轉折點，規模和營運效率將日益成為區分高績效公司與其他公司的關鍵因素。

Against this backdrop in mid August, we launched a strategic review of our broadcast business and an evaluation of a potential separation of ventures to optimize value creation across our portfolio.

在此背景下，8 月中旬，我們啟動了對廣播業務的策略審查，並評估了拆分業務以優化整個投資組合價值創造的潛在可能性。

Under the new regulatory regime, we have already executed several transactions including partner station acquisitions and select acquisitions and divestitures.

在新監管制度下，我們已經完成了多項交易，包括收購合作電台以及部分收購和資產剝離。

Given the magnitude of the opportunity ahead, let me spend a moment discussing what broader industry consolidation could potentially look like and why we believe it represents a transformational opportunity for the sector. The broadcast sector is ripe for consolidation given the various secular and economic challenges we collectively face.

鑑於未來機會的巨大，請允許我花一點時間討論一下更廣泛的行業整合可能會是什麼樣子，以及為什麼我們認為它代表著該行業的變革性機會。鑑於我們共同面臨的各種長期和經濟挑戰，廣播業正處於整合的良機。

Based on our analysis and industry benchmarking, synergies from broadcast combinations typically come from three primary sources distribution revenue optimization, corporate overhead rationalization, and the creation of multi-station markets where permitted.

根據我們的分析和行業基準，廣播合併帶來的協同效應通常來自三個主要方面：分銷收入優化、公司管理費用合理化以及在允許的情況下創建多電台市場。

One potential path for industry evolution could involve consolidating into two similarly sized scale broadcast groups. Creating another group comparable in size to the large broadcast combination announced in August, could unlock an estimated $600 million to $900 million in annual synergies through mergers and subsequent portfolio optimizations. This level of consolidation would strengthen the industry's financial footing. And position broadcasters as more capable competitors to big media and big tech.

產業發展的一個潛在路徑可能是合併成兩個規模相近的廣播集團。創建一個與 8 月宣布的大型廣播合併案規模相當的集團，可以透過合併和隨後的投資組合優化，釋放預計每年 6 億至 9 億美元的協同效應。這種程度的整合將增強該行業的財務基礎。並將廣播公司定位為比大型媒體和大型科技公司更有能力的競爭對手。

Equally important, it would help safeguard local, independent, and diverse news coverage that communities across the country rely on. While we present this as one potential industry scenario rather than a prediction, the fundamental point is clear.

同樣重要的是，這將有助於保障全國各地社區賴以生存的本地、獨立和多元化的新聞報導。雖然我們將其視為一種潛在的行業情景，而不是預測，但其基本要點是明確的。

The regulatory environment now enables transformational consolidation that can benefit broadcast group shareholders, creditors, employees, and the communities we serve. Sinclair is well positioned in this environment, and we're actively evaluating how best to participate to maximize value for our stakeholders.

目前的監管環境有利於變革性整合，這可以使廣播集團的股東、債權人、員工以及我們所服務的社區受益。在這種環境下，辛克萊爾處於有利地位，我們正在積極評估如何最好地參與其中，從而最大限度地為我們的利害關係人創造價值。

Let me now turn the call over to Rob to discuss our political revenue outlook and provide an update on EdgeBeam before we turn it over to Rinder to review their financial results and provide the outlook for the business.

現在我將把電話交給羅布，讓他討論我們的政治收入前景，並介紹 EdgeBeam 的最新情況，然後再將電話交給林德，讓他回顧他們的財務業績並提供業務前景。

Thanks, Chris. Turning to slide 6, we are providing an early outlook for what we expect to be a record- breaking year for mid-term political advertising revenue in 2026. Based on current facing and early conversations with political buyers, we expect political advertising revenue to be at least equal to our 2022 record of $333 million for a midterm election year. Several factors support this outlook. Highly competitive Senate race in North Carolina, gubernatorial race in Nevada showing early spending momentum. Significant races in battleground states, including Maine, Michigan, and Ohio, as well as our strong station footprint in key competitive districts.

謝謝你，克里斯。翻到第 6 張投影片，我們將對 2026 年中期政治廣告收入的預期進行初步展望，預計這一年將創下歷史新高。根據目前的情況以及與政治廣告買家的早期溝通，我們預計政治廣告收入至少會達到我們在 2022 年中期選舉年創下的 3.33 億美元的紀錄。有幾個因素支持這種觀點。北卡羅來納州參議院選舉競爭異常激烈，內華達州州長選舉早期支出勢頭強勁。在緬因州、密西根州和俄亥俄州等關鍵搖擺州的重大選舉中，以及我們在關鍵競爭選區的強大電台覆蓋範圍，都發揮著重要作用。

Looking ahead to 2028, we are preparing for what should be one of the strongest political cycles in recent history. It is expected to be the first dual open Presidential primary since 2016, historically a high revenue environment for local broadcasters.

展望2028年，我們正在為近代史上最強勁的政治週期之一做準備。預計這將是自 2016 年以來首次出現雙席位開放式總統初選，而歷史上，總統初選一直是當地廣播公司收入豐厚的時期。

Let me provide a brief update now on next gen broadcast. In late October, the FCC unanimously adopted a notice of proposed rulemaking, or NRM that proposes giving broadcasters greater flexibility to Transition away from ATSC1.0, which would free up significant spectrum capacity for next gen TV services. Most notably, the NPR and proposes eliminating the substantially similar programming requirement and allowing stations to sunset their ATSC 1.0 signals. Which will open significant spectrum capacity to drive improved video offerings and data casting use cases that EdgeBeam is commercializing. We're encouraged by the commission's proactive approach and look forward to working with the industry to advance the transition to ATSC 3.0.

現在讓我簡要介紹下一代廣播技術的最新進展。10 月下旬，FCC 一致通過了一項擬議規則制定通知 (NRM)，該通知提議給予廣播公司更大的靈活性，使其能夠從 ATSC1.0 過渡，這將為下一代電視服務釋放大量頻譜容量。最值得注意的是，NPR 提議取消實質上相似的節目要求，並允許電台停止使用其 ATSC 1.0 訊號。這將釋放大量頻譜容量，從而推動 EdgeBeam 正在商業化的改進型視訊服務和資料傳輸用例。我們對委員會積極主動的做法感到鼓舞，並期待與業界合作，推進向 ATSC 3.0 的過渡。

Turning to EdgeBeam, our joint venture with our broadcast peers, CEO Conrad Clemson is actively expanding the leadership team and securing strategic commercial partnerships. We're particularly excited about an upcoming product showcase with a major automotive manufacturer at CES in January, and we look forward to sharing more concrete progress metrics on future calls. Now let me turn the call over to Narinder.

談到我們與廣播同行合資成立的 EdgeBeam，執行長 Conrad Clemson 正在積極擴充領導團隊並尋求策略商業合作夥伴關係。我們尤其對即將於 1 月在 CES 上與一家大型汽車製造商合作推出的產品感到興奮，並期待在未來的電話會議上分享更具體的進展指標。現在我把電話交給納林德。

Thank you, Rob, and good afternoon, everyone. Turning to slide 7. During the quarter, Ventures received $2 million in cash distributions while making approximately $6 million in incremental investments. Our Venture segment ended the quarter with $404 million in cash. This cash position provides strategic flexibility. While primarily designated for ventures investments and opportunistic shareholder returns, ventures cash could also support transformative transactions in our broadcast business as regulatory conditions continue to improve.

謝謝你，羅布，大家下午好。翻到第7張投影片。本季度，創投部門收到 200 萬美元現金分紅，同時新增投資額約 600 萬美元。我們的創投部門本季末持有現金4.04億美元。現金儲備提供了策略彈性。雖然創投主要用於創投和股東機會回報，但隨著監管環境的持續改善，創投資金也可以支持我們廣播業務的變革性交易。

Slide 8 highlights our current capital structure with $526 million in consolidated cash at quarter end. In early October, we redeemed the final $89 million of our 2027 senior unsecured 5.125% notes at par. With this redemption complete, we have no material debt maturities until the end of December 2029, enhancing our financial flexibility as we execute on strategic initiatives. In addition, we expect to close on a 3-year, $375 million accounts receivable for AR securitization facility at our local media segment as soon as practicable this month. This AR facility will further enhance our flexibility to pursue strategic consolidation opportunities and optimize our balance sheet.

第 8 張投影片重點介紹了我們目前的資本結構，截至季末，合併現金為 5.26 億美元。10 月初，我們以面額贖回了最後 8,900 萬美元的 2027 年到期的優先無擔保 5.125% 票據。隨著此次贖回完成，我們在 2029 年 12 月底之前沒有重大債務到期，這增強了我們在執行策略舉措時的財務靈活性。此外，我們預計本月將盡快完成本地媒體部門為期 3 年、金額為 3.75 億美元的應收帳款證券化融資。此應收帳款融資機制將進一步增強我們尋求策略整合機會和優化資產負債表的彈性。

Turning to slide 9 and our consolidated third quarter results, let me walk through the key drivers of our strong performance. Total advertising revenue came in close to the high end of our guidance range, driven by momentum across most categories, with year over year growth accelerating in September as the NFL and college football seasons kicked off.

接下來請看第 9 張投影片，了解我們第三季的綜合業績，讓我來介紹我們強勁業績的關鍵驅動因素。在大多數類別的成長勢頭推動下，廣告總收入接近我們預期範圍的高端，隨著 NFL 和大學橄欖球賽季的開始，9 月的年增速加快。

Distribution revenue also tracked toward the high end of our guidance range as subscriber turned modestly improved at key LVPDs versus our forecast. Consolidated media expenses came in below our guidance, driven by lower than forecasted engineering, digital, and sales related costs due to cost containment initiatives and deferral of certain expenses forecasted in the quarter.

由於主要 LVPD 的用戶數量較我們預測略有改善，因此分銷收入也接近我們預期範圍的高端。由於成本控制措施和本季預測的某些費用的推遲，工程、數位和銷售相關成本低於預期，綜合媒體支出低於我們的預期。

These results drove it just at the dot of $100 million 22% above the midpoint of our guidance range. Capital expenditures at $22 million or $5 million below the midpoint of our guidance range due to the deferral of certain projects.

這些結果使其營收略微超過 1 億美元，比我們預期範圍的中點高出 22%。由於某些項目延期，資本支出為 2,200 萬美元，比我們指導範圍的中點低 500 萬美元。

Turning to slide 10 to examine the financial results by segment. Distribution revenue came in at the high end of our guidance range in our local media segment driven by improving subscriber turn while core advertising revenue be guidance. As I mentioned earlier, most categories started to show improvement throughout the quarter, particularly as the NFL and college football returned in September.

請翻到第 10 張投影片，依照業務部門查看財務表現。本地媒體業務的發行收入達到了我們預期範圍的高端，這主要得益於用戶轉換率的提高，而核心廣告收入則符合預期。正如我之前提到的，大多數類別在本季度都開始出現改善，尤其是在 9 月 NFL 和大學橄欖球比賽回歸之後。

Both media expenses and adjusted even now are favorable to our guidance ranges for local media. Tennis Channel reserves are broadly in line with our guidance ranges on both total revenue and adjusted.

即使是現在，媒體支出和調整後的支出也符合我們對本地媒體的指導範圍。網球頻道的儲備金與我們對總收入和調整後收入的預期範圍基本一致。

On slide 11, we introduced our consolidated fourth quarter 2025 guidance. As a reminder, the fourth quarter of 2024 included $203 million in political advertising revenue during the Presidential election cycle, which will obviously not reoccur this year. Note that we do not incorporate any anticipated or pending and any activity into our guidance, and year over year comparisons are on and as reported basis.

在第 11 張投影片中，我們介紹了 2025 年第四季綜合業績指引。提醒一下，2024 年第四季總統選舉週期期間的政治廣告收入為 2.03 億美元，這顯然不會在今年重現。請注意，我們的業績指引並未包含任何預期或待定活動，年比數據均按報告資料計算。

Media revenue is expected in the range of $809 million to $845 million which reflects the anticipated year over year decline in political advertising revenue as we cycle against the strong 2024 Presidential election year. Core advertising revenue is expected in the range of $340 million to $360 million up more than 10% year over year at the midpoint of the guidance range, as we are seeing momentum continue in most advertising categories. Distribution revenue is expected to be in the range of $429 million to $441 million.

媒體收入預計在 8.09 億美元至 8.45 億美元之間，這反映了政治廣告收入預計將同比下降，因為我們正處於 2024 年總統大選這一強勁年份的周期性波動中。核心廣告收入預計在 3.4 億美元至 3.6 億美元之間，年增超過 10%（取指導範圍的中位數），因為我們看到大多數廣告類別的成長動能仍在持續。預計分銷收入將在 4.29 億美元至 4.41 億美元之間。

Due to the light renewal cycle in 2025, the rate escalators do not fully offset traditional MVPD subscriber losses, though we are seeing improving term trends at several key distributors and continued virtual MVPD subscriber growth. Consolidated adjust the guidance of $132 million to $154 million reflects our continued cost discipline.

由於 2025 年續約週期較短，費率上漲並不能完全抵消傳統 MVPD 用戶的流失，儘管我們看到幾個主要分銷商的合約期限趨勢正在改善，虛擬 MVPD 用戶也在持續增長。綜合業績預期從 1.32 億美元調整至 1.54 億美元，反映了我們持續的成本控制。

Before we open for questions, I want to provide preliminary thoughts on full year 2026 on slide 12. While we provide full guidance on the fourth quarter call in February, I believe it's valuable to establish baseline expectations now for key revenue categories and capital expenditures.

在開始提問之前，我想在第 12 張投影片上對 2026 年全年情況作一些初步想法。雖然我們將在 2 月的第四季電話會議上提供完整的業績指引，但我認為現在確定關鍵收入類別和資本支出的基準預期是有價值的。

Obviously, this is not exhaustive but covers the primary drivers of our 2026 outlook. As Rob mentioned earlier, we expect 2026 political advertised revenue to be at least comparable to our strong 2022 midterm election year performance of $333 million.

顯然，這並不全面，但涵蓋了我們 2026 年展望的主要驅動因素。正如羅布先前所提到的，我們預期 2026 年政治廣告收入至少會與我們 2022 年中期選舉年的強勁表現（3.33 億美元）相當。

The current competitive landscape in our key markets suggests we are well positioned to potentially exceed this baseline. For core advertising revenue, we expect to deliver flat to low single-digit growth year over year. Strong political revenue expectations will drive crowd as it ramps in the back half of 2026, and macroeconomic headwinds could pressure certain categories.

我們主要市場的當前競爭格局表明，我們有能力超越這一基準。核心廣告收入方面，我們預期年成長將持平或低個位數。強勁的政治收入預期將推動人群在 2026 年下半年逐漸增多，而宏觀經濟逆風可能會對某些類別造成壓力。

However, we remain well positioned given our strong ratings and broadcast advertising proven effectiveness. We anticipate meaningful ratings growth for our network partners as several major live sporting events are taking place on broadcast next year, such as the FIFA World Cup, the Winter Olympics, and a full year of the NBA on NBC.

然而，憑藉我們強勁的收視率和廣播廣告已被證明的有效性，我們仍然處於有利地位。我們預計，隨著明年多場重大體育賽事在電視上直播，例如 FIFA 世界盃、冬季奧運會以及 NBC 電視台全年播出的 NBA 賽事，我們的網路合作夥伴的收視率將顯著增長。

For distribution revenue, 2026 will be a lighter renewal year with no traditional MBPDs up for renewal. As a result, we expect relatively flat gross distribution revenue year over year, assuming stable churn levels comparable to those experiencing in 2025.

對於配電收入而言，2026 年將是續約較少的一年，因為沒有傳統的 MBPD 需要續約。因此，我們預期毛分銷收入將與前一年基本持平，假設客戶流失率保持穩定，與 2025 年的情況類似。

Note that our preliminary outlook does not include incremental contribution from partner station acquisitions that we plan to close in the near future, which would provide upside to this baseline expectation. However, 2027 represents a significant opportunity with most of the traditional NBPD subscribers up for renewal.

請注意，我們的初步展望不包括我們計劃在不久的將來完成的合作夥伴電台收購所帶來的增量貢獻，這將使這一基準預期有所上調。然而，2027 年是一個重要的機遇，因為大多數傳統的 NBPD 用戶都將在 2027 年續約。

Successful execution on these renewals will drive meaningful revenue growth as updated rate structures take effect. It is worth noting that three of our Big Four networks are up for renewal in late 2026, where we have a significant opportunity to improve our reverse retrans economics. We expect 2026 capital expenditures to remain consistent with 2025 levels.

這些續約合約的成功執行將隨著更新後的費率結構生效，從而推動收入的顯著增長。值得注意的是，我們四大網路中有三個將於 2026 年底到期，屆時我們將迎來一個改善反向轉播經濟效益的重要機會。我們預計 2026 年的資本支出將與 2025 年的水準保持一致。

This expectation reflects maturing cloud infrastructure investments and the operational efficiencies from our technology transformation. Our disciplined capital allocation enables us to direct more free cash flow toward debt reduction while enhancing our broadcast facilities and strategic capabilities. These preliminary views represent what we believe are prudent baseline expectations. We will provide full 2026 guidance when we report our fourth quarter of 2025 results in February.

這項預期反映了雲端基礎設施投資的日趨成熟以及我們技術轉型帶來的營運效率提升。我們嚴格的資本配置使我們能夠將更多自由現金流用於償還債務，同時提升我們的廣播設施和戰略能力。這些初步觀點代表了我們認為審慎的基本預期。我們將於2月公佈2025年第四季業績時，提供完整的2026年業績指引。

One additional item to note, beginning with our 2026 guidance in February, we will shift to an annual guidance framework, replacing our current quarterly guidance approach. This change reflects a focus on long-term strategic execution. Particularly given the inherent quarterly variability in our revenue streams. We'll continue providing annual guidance on key metrics and update that guidance when warranted by material changes.

還有一點要注意，從我們 2 月發布的 2026 年業績指引開始，我們將採用年度業績指引框架，取代我們目前的季度業績指引方式。這一變化體現了對長期策略執行的重視。尤其考慮到我們收入來源固有的季度波動性。我們將繼續提供關鍵指標的年度指導意見，並在出現重大變化時更新該指導意見。

We will maintain quarterly commentary on business trends during our earnings calls to keep you informed of our progress. This approach enables our stakeholders and investors to focus on the fundamental drivers of sustainable and long-term value creation.

我們將在季度財報電話會議上對業務趨勢進行評論，以便讓您了解我們的進度。這種方法使我們的利害關係人和投資者能夠專注於可持續和長期價值創造的根本驅動因素。

So in summary, 2026 represents a substantial opportunity for us to demonstrate the cash generating power and operating leverage of our business model during a political cycle. The strong cash generation will support delevering while allowing us to advance our strategic initiatives.

總而言之，2026 年對我們來說是一個絕佳的機會，可以在政治週期中展示我們商業模式的現金創造能力和營運槓桿作用。強勁的現金流將有助於我們去槓桿化，同時推進我們的策略性舉措。

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

現在我將把電話轉回給克里斯，請他作一些總結性發言，之後我們將開始問答環節。

Thanks, Narinder. Let me wrap up with our key takeaways on slide 13. Earlier this quarter, we launched our comprehensive strategic review of our broadcast business and began work to separate ventures. We continue to believe that significant value to all of the industry's stakeholders can be achieved through consolidation of the major players as the evolving regulations create unprecedented opportunities across the sector.

謝謝你，納林德。最後，我將在第 13 頁總結我們的主要結論。本季初，我們啟動了對廣播業務的全面策略審查，並開始著手拆分業務。我們仍然相信，隨著監管法規的不斷演變為整個行業創造了前所未有的機遇，透過整合主要參與者，可以為所有行業利益相關者帶來巨大的價值。

I want to welcome our new ventures Principal, Craig Blank, who has been tasked with managing exits in our minority investment portfolio while also sourcing new majority investments that will help drive strong risk adjusted returns as we enhance our investment strategy and optimize our portfolio management.

我謹代表公司歡迎新任創投負責人克雷格‧布蘭克 (Craig Blank) 的加入。他的任務是管理我們少數股權投資組合的退出，同時尋找新的多數股權投資，以幫助我們提升投資策略並優化投資組合管理，從而推動強勁的風險調整後收益。

Our third quarter results underscore the strength and resilience of our business model. We exceeded guidance across all key metrics with adjusted EBITDA 22% above our guidance midpoint, driven by operational discipline and improving trends in core advertising. We further strengthened our balance sheet by retiring the final $89 million of our 2027 notes, leaving no material maturities until December of 2029.

第三季業績凸顯了我們商業模式的實力和韌性。我們在所有關鍵指標上都超出了預期，調整後 EBITDA 比預期中位數高出 22%，這得益於營運紀律和核心廣告業務的改善趨勢。我們透過償還 2027 年到期的最後 8,900 萬美元票據，進一步加強了資產負債表，這意味著直到 2029 年 12 月之前，不會再有重大到期債務。

Our fourth quarter guidance anticipates continued improving trends in core advertising and seasonally high higher distribution revenues, and our 2026 preliminary outlook anticipates record midterm political revenue, continued progress on our operational initiatives, and substantial free cash flow generation that will further strengthen our financial position.

我們對第四季度業績的預期是核心廣告收入將持續改善，季節性高成長的分銷收入也將隨之增加；我們對 2026 年的初步展望是，中期選舉政治廣告收入將創歷史新高，我們的營運計劃將持續取得進展，並產生可觀的自由現金流，這將進一步增強我們的財務實力。

We are as optimistic as ever about the opportunities ahead for both Sinclair and the broadcast industry. Thank you for joining us today. Rob, Narinder and I are now happy to take your questions.

我們對辛克萊廣播集團和廣播業未來的發展機會一如既往地充滿信心。感謝您今天蒞臨。羅布、納林德和我現在很樂意回答你們的問題。

(Operator Instructions) Daniel Kurnos, The Benchmark Company.

（操作說明）Daniel Kurnos，基準公司。

Obviously, nice print guys. Chris, a little off the wall for you maybe, but since YouTube was so noisy last quarter, just do you have any high-level thoughts on what's going on with sort of YouTube, Disney right now and just the broader ramifications for how these things are going to end up playing out in the MVPD universe?

顯然，印刷品質不錯。克里斯，這個問題可能有點出乎你的意料，但鑑於 YouTube 上個季度鬧得沸沸揚揚，你對 YouTube 和迪士尼目前的情況，以及這些事情最終將如何影響 MVPD 領域，有什麼高屋建瓴的看法嗎？

And then one for Narinder, now that you finally had a little bit of time to get your hands behind the wheel here, it looks like you've done a great job already on the expense side. I know you're going to leave no rock unturned, but just how much more would do you think you have to chop here from an efficiency standpoint?

然後是納林德，既然你終於有時間親自掌舵了，看來你在費用方面已經做得非常出色了。我知道你會竭盡全力，但從效率的角度來看，你認為這裡還需要削減多少成本？

Thanks, Dan. YouTube has obviously become a very significant player in the industry, and as you, as I'm sure you referenced and you remember, last quarter was the source of some, disappointment on the on the distribution side, and some of that is definitely reversing out when we expect.

謝謝你，丹。YouTube 顯然已成為業內非常重要的參與者，正如您所提到的，您也應該記得，上個季度在分發方面出現了一些令人失望的情況，但其中一些情況肯定會在我們預期的時候得到改善。

That to improve into fourth quarter because as you remember, there's a lag so the people coming back for football, most of that benefit we will start to see in fourth quarter, the end of the fourth quarter, but more importantly, YouTube and the rest of the virtuals, we, we've talked a lot about and as there's currently a blackout going on between Disney and YouTube TV. So we and many others are caught in this dispute between Disney ABC and YouTube TV.

這樣做是為了在第四節有所改善，因為正如你所知，存在滯後效應，所以那些回來觀看足球比賽的人，大部分好處我們將在第四節，或者說第四節末期開始看到，但更重要的是，YouTube 和其他虛擬平台，我們已經討論了很多，目前迪士尼和 YouTube TV 之間存在內容封鎖。因此，我們和許多其他人一樣，都被捲入了迪士尼ABC和YouTube TV之間的這場糾紛中。

More accurately, it's, two media giants, right, Disney and Google, and what's been occurring with the virtual MVPDs. And specifically this situation is a more recent phenomenon and in that we as local broadcasters have no say in whether our content and the content, we pay to air will be distributed to local viewers.

更準確地說，是兩大媒體巨頭，迪士尼和谷歌，以及虛擬多頻道視訊節目分銷商（MVPD）所發生的事情。具體來說，這種情況是最近才出現的現象，因為我們作為地方廣播公司，對於我們付費播出的內容是否會分發給當地觀眾，沒有任何發言權。

This was clearly not the intent of the Communications Act and seems to be from our perspective an antitrust issue as well. This dispute and others like it continue to hurt local viewers and local journalism. The ecosystem of local journalism. So as we and many broadcasters have discussed with the SEC and antitrust regulators, we believe this practice needs to be stopped.

這顯然不是《通訊法》的本意，而且從我們的角度來看，這似乎也是反壟斷問題。這場糾紛以及其他類似糾紛持續損害當地觀眾和當地新聞業的利益。地方新聞業的生態系。因此，正如我們和許多廣播公司與美國證券交易委員會和反壟斷監管機構討論的那樣，我們認為這種做法必須停止。

Disney ABC and other networks should not be able to dictate to us whether we can or cannot distribute content to YouTube TV or even Hulu and Fubo, which coincidentally are now also owned by Disney. And the FCC has opened an investigation into hurtful network affiliation practices, and we're seeing those hurtful practices play out in front of our eyes as viewers are missing local news and local sports. Particularly concerning is that consumers are now being forced to buy more streaming services from one of the parties in the dispute to get the content that they literally already paid for. We call on Congress, the FCC, and antitrust regulators to further review this and stop the harm to local broadcasters and local viewers.

迪士尼、ABC 和其他電視台不應該有權決定我們是否可以向 YouTube TV 甚至 Hulu 和 Fubo（巧合的是，它們現在也歸迪士尼所有）分發內容。美國聯邦通訊委員會 (FCC) 已對有害的電視網加盟做法展開調查，而我們正眼睜睜地看著這些有害的做法上演，觀眾們正在錯過本地新聞和本地體育賽事。尤其令人擔憂的是，消費者現在被迫從糾紛中的一方購買更多的串流媒體服務，以獲得他們實際上已經付費的內容。我們呼籲國會、聯邦通訊委員會和反壟斷監管機構對此事進行進一步審查，並制止對地方廣播公司和地方觀眾的損害。

Yeah, and Dan, to address the second part of the question on the cost structure, let me first say that, the team has done a fantastic job so far even before me getting here, just working on the cost and making sure that we are very prudent in our investments and continue to realize returns on those investments and you know this would not be an exaggeration if I said, we have one of the best teams here.

是的，丹，關於成本結構問題的第二部分，首先我想說，即使在我來之前，團隊也做得非常出色，他們一直在努力控製成本，確保我們的投資非常謹慎，並持續獲得投資回報。毫不誇張地說，我們擁有最好的團隊之一。

Having said that, continue to have conversations, across different functional areas, since my arrival here, and I think people are, happy to have those conversations with me. They're having those conversations with open mind and we're looking at, all of the different options in front of us to see how best we can, continue to go to market in terms of what we have in our top-line.

話雖如此，自從我來到這裡以來，我一直與不同職能領域的同事進行交流，我認為大家都很樂意與我進行這些交流。他們以開放的心態進行這些對話，我們也在研究擺在我們面前的所有不同選擇，看看我們如何才能最好地繼續開拓市場，發揮我們現有的營收優勢。

Those conversations are continuing. We are in the middle of our, business planning exercise, budgeting exercise, and I think we'll have more to share, maybe more fulsome update to share, in our fourth quarter call in February, but rest assured, it's team is fully engaged and we're working through that.

這些對話仍在繼續。我們目前正在進行業務規劃和預算編制工作，我想我們會在二月份的第四季度電話會議上分享更多信息，或許會提供更全面的更新，但請放心，我們的團隊正在全力以赴地推進這項工作。

Aaron Watts, Deutsche Bank.

Aaron Watts，德意志銀行。

Hi everyone, thanks for having me on. I've got two if I could. The first, I'm hoping you could talk a bit more about the core advertising environment for your local stations. Looks like it was down around 5% in the third quarter, but has the potential to be up in 4Q.

大家好，謝謝邀請我來。如果可以的話，我想買兩個。首先，我希望您能多談談您當地電視台的核心廣告環境。第三季似乎下降了約 5%，但第四季有可能回升。

Aside from the crowd out in the prior year, what's driving that improvement sequentially, whether that's select categories or other items? And any early thoughts on what that signals for station core ads in the new year?

除了上一年流失的人群之外，是什麼因素推動了這種逐年增長，無論是特定類別還是其他項目？那麼，對於這預示著新一年電台核心廣告市場的發展趨勢，大家有什麼初步看法？

Yeah, so with our categories, all key categories are either up or flat, versus a year ago, and it's sequential improvement, from third quarter and we started seeing that health come about in September. And I think you can attribute it to the growth and you're seeing higher ratings across all live sports. The World Series just had a record viewing viewership for a Game 7 with $25 million.

是的，就我們的各項指標而言，所有關鍵指標與去年同期相比要么上升要么持平，而且從第三季度開始就持續改善，我們從9月份開始就看到了這種健康趨勢。我認為這可以歸功於體育賽事的普及，所有體育賽事的直播收視率都在上升。世界大賽第七場比賽的收視率創下新紀錄，達到 2500 萬美元。

The Chiefs Bills game that just happened last weekend was the second highest view game of the year, and there's a big appetite from the advertising community to buy into live sports, and it always helps as the networks sell up early with double-digit CPM groups and the local broadcasters are benefiting from the sellout to the network and that need both locally and with national advertisers buying into live sports.

上週末酋長隊與比爾隊的比賽是今年收視率第二高的比賽，廣告界對購買體育直播廣告的需求非常旺盛，這總是有幫助的，因為電視台會提前售罄兩位數的 CPM 組別的廣告位，而地方廣播公司也從電視台的售罄中受益，這既滿足了地方的需求，也滿足了全國廣告商購買體育廣告的需求。

So look, I would add on to that, but obviously what we saw late in Q3 and should be helping Q4 is a lifting of the uncertainty around the economic situation that was first sparked by tariffs and so that's, that's definitely helping us pick up pace and as you saw in our prepared remarks, we're expecting Q4. A core to be up 10% and we're also expecting 2026 to be a positive growth year.

所以，我還要補充一點，顯然我們在第三季末看到的，並且應該有助於第四季度的，是圍繞經濟形勢的不確定性有所緩解，這種不確定性最初是由關稅引發的，因此，這無疑有助於我們加快步伐，正如你們在我們準備好的發言稿中看到的那樣，我們對第四季度充滿期待。核心業務預計成長 10%，我們也預期 2026 年將是正成長年。

Okay, that's helpful thanks guys and then if I could one more there have been reports that the NFL may look to open up negotiations on its media rights early. Extending the runway with the most popular content on TV seems like a clear positive, but we've also heard concerns around that, including the potential for increased rights payments, digital outlets taking more games, the risk of a broadcast network maybe being left out, etc. Curious if you view that potential early opening of the rights as a positive or a negative development for you and the TV broadcast universe.

好的，這很有幫助，謝謝各位。如果可以的話，我還有一個問題：有報道稱，NFL可能會提前開啟媒體版權談判。延長電視上最熱門內容的播出時間顯然是一件好事，但我們也聽到了一些擔憂，包括版權費可能增加、數位平台搶佔更多比賽、某些廣播電視網可能被排除在外等等。您認為提前開放版權對您和電視廣播產業來說是好事還是壞事？

So while we can't predict exactly the outcome, I think from our perspective it's an early renewal when I weigh all the potential puts and takes is undoubtedly a positive. One of the, the biggest questions we get from investors is, what happens, when the NFL rights expire or the out, comes around, for some of these deals, and, what's being discussed.

所以，雖然我們無法準確預測結果，但我認為從我們的角度來看，權衡所有潛在的利弊之後，提前續約無疑是一件好事。投資者向我們提出的最大問題之一是，當 NFL 轉播權到期或某些交易出現變數時會發生什麼，以及各方正在討論什麼。

Are significant extensions of the rights into the back half of the 2030s which would give the industry a lot of certainty, and I think that would be very positive for the industry and having a renewal this early ahead of the potential explorations, I think also is to the advantage of the incumbents who have the existing rights because they'll have so much term left on their existing deals. So it's it's hard to imagine an early renewal where an existing broadcaster gets left out. I think what's more likely to happen is that a new package gets created. So one thing that's been speculated on, which I think makes a lot of sense, is a 9:00 AM window opens up. And international games are played every week as you saw a lot more this year and you know that international game could be sold as a separate package to a streamer, for instance, and that would increase the Total take for the NFL.

如果將勘探權大幅延長至 2030 年代後半期，這將為該行業帶來很大的確定性，我認為這對該行業來說將是非常積極的。而且，在潛在的勘探活動開始之前就進行續約，我認為這對擁有現有勘探權的現有企業也有好處，因為他們現有的合約還有很長的期限。因此，很難想像在提前續約的情況下，現有廣播公司會被排除在外。我認為更有可能發生的情況是，會創建一個新的軟體包。所以，有人猜測（我認為這很有道理），上午 9 點會有一個開放的窗口期。正如你今年看到的，國際比賽每週都在進行，而且你知道，國際比賽可以作為單獨的套餐出售給串流媒體平台，例如，這將增加 NFL 的總收入。

And then, in terms -- and so I think if that was the outcome and there was maybe one less game in the regional packages with Fox and CBS, I think that's a perfectly fine outcome for the broadcasters and I think it it's just would be very politically challenging, not only from a Washington DC perspective, but also, from a reach perspective, if the NFL were to actually move wholesale away from broadcast. So I think you add all that up and you know a scenario like I just outlined is probably the most likely outcome of an early renewal, which I think is a very big positive for the industry.

然後，就轉播方面而言——所以我認為，如果最終結果是那樣，福克斯和哥倫比亞廣播公司的區域轉播套餐中少了一場比賽，我認為這對廣播公司來說是一個完全可以接受的結果。但我認為，如果 NFL 真的全面放棄轉播，不僅從華盛頓特區的角度來看，而且從覆蓋範圍的角度來看，都將是非常具有挑戰性的政治挑戰。所以我覺得把所有這些因素加起來，就會發現我剛才概述的那種情況可能是提前續約最可能的結果，我認為這對行業來說是一個非常大的利好。

And in terms of paying more, I -- we will have to see how that process rolls out. All of the media companies are currently monetizing their NFL content in both broadcasting and streaming. And I think one of the one of the one of the strongest arguments we have on our side in any of those discussions on programming is that they, there's still a very lopsided contribution for paying for that programming on the streaming side. So to the extent that you're monetizing in both, which everyone now is, the burden of the increased costs will have to be borne by streaming. Not that broadcast, and we saw that play out in our last renewal with NBC where we did not pay more because the NBA came to NBC, and we think that was the right outcome and but we're very happy to have the NBA. So I think you add up all those dynamics, we'd be very, Appreciative of an early renewal.

至於支付更多費用的問題，我們得看看這個過程會如何展開。目前所有媒體公司都在透過電視轉播和串流媒體播放的方式實現 NFL 內容的盈利。我認為，在任何關於節目製作的討論中，我們這邊最有力的論點之一是，串流媒體方面在支付節目費用方面仍然存在非常不平衡的貢獻。因此，如果你在兩種管道都實現了盈利（現在每個人都在這樣做），那麼增加的成本負擔將由串流媒體承擔。不是那種廣播，我們在上次與 NBC 續約時就看到了這一點，因為 NBA 轉到了 NBC，所以我們沒有支付更多費用，我們認為這是一個正確的結果，我們很高興能擁有 NBA。所以我覺得綜合所有這些因素，我們會非常感激能儘早續約。

I think when you also look at this is the NBA returning to over the air broadcasting this year, well before the year next year. If you believe the rumors, which I actually believe the rumors that MLB is coming back to NBC as well, off of the cable channels that there is this rebirth because of the reach of over the air. And not having to pay and not having to use passwords that it is the most attractive place to drive it and you're seeing record ratings and don't forget that the college football championship will be coming back to over the air on the ABC in 2027. So all points showcased from here forward is that over the air is the place that these major sports are coming back to.

我認為，考慮到NBA今年將恢復無線電視轉播，比明年早得多，這也是一個值得關注的現象。如果你相信那些傳言（我確實相信這些傳言，MLB 也將從有線電視頻道回歸 NBC），那麼這次復興是因為無線電視的覆蓋範圍更廣。而且無需付費，也無需使用密碼，這使得它成為最吸引人的駕駛場所，並且收視率屢創新高，別忘了大學橄欖球錦標賽將於 2027 年重返 ABC 電視台播出。所以，從現在開始所展示的所有觀點都表明，無線電視是這些主要體育賽事回歸的途徑。

Steven Cahall, Wells Fargo.

史蒂文‧卡哈爾，富國銀行。

Thank you, Chris, we've talked about your vision for some of the remaining more levered broadcasters to consolidate and I know you think there's a meaningful synergies there. So what needs to happen for those discussions to kind of move aggressively if they haven't already? I think there's some control issues there that maybe could be sticking points. So what do you see as the biggest obstacles to getting one or two of those parties into a transaction that's to everyone's benefit?

謝謝你，克里斯，我們討論過你關於讓一些剩餘的、槓桿較高的廣播公司進行整合的願景，我知道你認為這其中存在著重要的協同效應。那麼，如果這些討論還沒有取得實質進展，需要發生什麼才能推動它們積極向前發展呢？我認為那裡存在一些控制方面的問題，這些問題可能會成為癥結所在。那麼，您認為促成其中一兩方達成對各方都有利的交易的最大障礙是什麼？

And then do you needed a transaction in order to separate local from ventures, or do you think that those two businesses are in financially appropriate places for the separation to proceed regardless of whatever else might happen with consolidation on the local side?

那麼，您是否需要透過交易將本地業務與合資企業分開？或者您認為，無論本地業務的整合情況如何，這兩家企業的財務狀況都足以進行分離？

Sure. So, look, there are precedent setting transactions that are currently being processed through both the FCC and antitrust DOJ. So, I do think, getting a positive outcome there, which is what I fully expect will happen. Will be very helpful in moving, the broader consolidation along. I do think generally speaking volumes will pick up when those precedents are set, because it de-risks, any future transactions for others. And so that's one element.

當然。所以，你看，目前有一些具有開創性意義的交易正在透過聯邦通訊委員會和反壟斷司法部處理。所以，我認為會取得正面的結果，這也是我完全預期會發生的。這將有助於推動更廣泛的整合進程。我認為，總的來說，當這些先例確立後，交易量將會上升，因為這會降低其他人未來交易的風險。這是其中一個要素。

You did not, of the remaining public broadcasters, they're all control companies. So certainly there are social control issues to be figured out as well. In terms of our strategic review and the separation of ventures. Our ideal process would be to do a simultaneous merge and spin. A but we certainly don't view that as an absolute requirement. And just by our math, just the spin alone would unlock over $1 billion dollars of value. So it's well worth doing, absent a merger, but a merger and a spin together, create the maximum value so that that is our first choice.

你說的不對，剩下的公共廣播公司都是控制公司。因此，社會控制問題也肯定需要解決。就我們的策略審查和業務拆分而言。我們理想的流程是同時進行合併和分拆。但我們當然不認為這是絕對必要的。根據我們的計算，光是旋轉這項操作就能釋放超過 10 億美元的價值。因此，即使不進行合併，這樣做也是值得的；但是，合併和分拆結合起來可以創造最大價值，所以這是我們的首選。

And then just a follow-up for Narinder on the 2026 core outlook. I think core was down about 5% in 2022 in the last midterm, and you know it looks like you expect we all expect this midterm to probably be better than 2022. So can we kind of infer that the incremental sports returning are kind of making up for The 5% that core might have been down in the last midterm to get you to your guide for the '26?

然後，我想請 Narinder 就 2026 年核心展望做後續提問。我認為核心經濟在 2022 年上次中期選舉中下降了約 5%，而且看起來我們都預期這次中期選舉可能會比 2022 年好。所以我們可以推斷，體育賽事的逐步恢復在某種程度上彌補了上次中期考試中核心賽事可能下降的 5%，從而使你達到 2026 年的指導目標嗎？

Yeah, I think that's, that's the right way to think about it, Steve, obviously we expect 2026 to be a record political year and so the offset there is, two parts. One is obviously, sports returning, but that, has to be combined with, execution on our part, has to be combined with You know how our customers are are going and and purchasing these ad slots, and I think our team has done phenomenal jobs so far in in addressing those things and I think that's driving our outlook for 2026.

是的，我認為這是正確的思考方式，史蒂夫，顯然我們預計 2026 年將是創紀錄的政治年份，因此抵消因素有兩個方面。顯然，一方面是體育賽事回歸，但另一方面，我們自身的執行力也必須與客戶的購買情況結合。我認為我們的團隊在解決這些問題方面做得非常出色，我認為這將推動我們對 2026 年的展望。

I would also say that, our ecosystem of assets to offer, the advertising community has grown substantially from 22 to 26. And in a cross-platform buying ecosystem in 2026, it's much more advanced than 2022, and we spent the last several years building out complete different asset portfolios, so we have a holistic cross-platform offerings that are going out to our advertisements as well, so it's not one dimensional.

我還要說，我們可提供的資產生態系統，廣告界已經從 22 個大幅成長到 26 個。2026 年的跨平台購買生態系統比 2022 年先進得多，我們在過去幾年裡建立了完全不同的資產組合，因此我們擁有全面的跨平台產品，這些產品也應用於我們的廣告中，所以它不是單一維度的。

Ben Soff, Deutsche Bank.

本‧索夫，德意志銀行。

I appreciate the call on renewals and potentially the ability to improve reverse comp in your negotiations next year. Any sense for how to think about the outlook for net retrans in 2026 and beyond, and then I have a follow-up.

我感謝您對續約問題的關注，以及您明年在談判中可能改善反向補償方案的能力。對於如何看待 2026 年及以後的淨再傳輸前景，您有什麼看法？之後我還有一個後續問題。

So as we mentioned, next in 2026, we were expecting sort of flattish gross retrans because we don't have any meaningful renewals. We are in the process of reviewing how we give guidance, and we're going to have more to update you on when we announce Q4 in February on that Ben, but. That's, I think all we can say for now.

正如我們之前提到的，接下來在 2026 年，我們預計總轉播量將保持平穩，因為我們沒有任何有意義的續約。我們正在審查我們發布業績指引的方式，Ben，我們將在2月份公佈第四季度業績時向您提供更多相關信息，但是。我想，目前我們只能說這麼多了。

Okay, and then just to clarify, in the $30 million run rate EBITDA from the partner transactions, how much of that contributed in 3Q? How much is in the 4Q guide, if any? Thanks.

好的，那麼為了澄清一下，來自合作夥伴交易的 3000 萬美元年度 EBITDA 中，有多少是在第三季貢獻的？第四季指南中有多少內容？如果有的話。謝謝。

Yeah, on that, so I think you're referring to the partner, station buy-ins. So on that, what you had in Q3 was fairly immaterial. It was, very immaterial, had no impact on Q3. For Q4, there is going to be some, contribution there. But again it's not material either and not and that's not driving our our Q4 guide. There is going to be some contribution but it's going to be de minimis.

是的，關於這一點，我想你指的是合作夥伴、電台的入股。所以，第三季的情況其實無關緊要。這無關緊要，對第三季沒有任何影響。第四季會有一些貢獻。但再說一遍，這也不算實質問題，而且這也不會影響我們第四季的業績指引。會有一些貢獻，但微乎其微。

Thank you, ladies and gentlemen, as we have no further questions in the queue at this time, I would like to turn the call back over to Mr. Ripley for any closing comments.

謝謝各位，女士們、先生們，由於目前沒有其他問題需要提問，我想把電話轉回給里普利先生，請他作最後的總結發言。

Thank you, operator, and thank you all for joining Sinclair's third quarter 2025 earnings call. To the extent you have any questions or comments, please feel free to reach out to us.

謝謝接線員，也謝謝各位參加辛克萊廣播集團2025年第三季財報電話會議。如有任何疑問或意見，請隨時與我們聯繫。

Thank you, ladies and gentlemen, this does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.

謝謝各位，今天的電話會議到此結束。現在您可以斷開線路了，感謝您的配合。