Sinclair, Inc. (SBGI) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Sinclair second-quarter 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Sinclair 2026 年第二季財報電話會議。(接線員指示)

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

現在我很榮幸把會議交給今天的主持人——投資人關係副總裁 Chris King。先生，請開始。

Good afternoon, everyone, and thank you for joining Sinclair's second-quarter 2026 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. .

各位下午好，感謝各位參加 Sinclair 2026 年第二季財報電話會議。今天與我一同出席的有：總裁暨執行長 Chris Ripley；執行副總裁暨財務長 Narinder Sahai；以及營運長兼本地媒體總裁 Rob Weisbord。.

Before we begin, I want to remind everyone that the 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，我想提醒各位，今天財報電話會議的簡報已上傳至我們的網站 sbgi.net，位於投資人關係區的「活動與簡報」頁面。網路直播重播將在我們網站上保留至下一次季度財報發布為止。

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 happen set forth in the company's most recent reports as filed with the SEC and included in our second quarter earnings release. The company undertakes no obligation to update these forward-looking statements.

本次電話會議中討論的某些事項可能包含前瞻性陳述，內容涉及（但不限於）未來營運結果。此類陳述受多項風險與不確定性影響。由於各種重要因素，未來實際結果可能與前瞻性陳述所描述者不同；相關因素載於公司最近向 SEC 提交的報告以及我們的第二季財報新聞稿中。公司不承擔更新這些前瞻性陳述的義務。

Including on the call will be a discussion of non-GAAP financial measures, specifically adjusted EBITDA. This measure is not formulated in accordance with GAAP and is 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. Please note that unless otherwise noted, all year-over-year comparisons throughout today's call are presented on an as-reported basis.

本次電話會議亦將討論非 GAAP 財務衡量指標，特別是調整後 EBITDA。此指標並非依 GAAP 編製，無意取代 GAAP 衡量，且其使用或計算方式可能與其他公司不同。關於公司非 GAAP 財務衡量指標與可比 GAAP 財務衡量指標之進一步說明與調節表，請見我們的網站。另請注意，除非另有說明，今天電話會議中所有同比比較均以申報口徑（as-reported basis）呈現。

Let me now turn the call over to Chris Ripley.

現在我把電話會議交給 Chris Ripley。

Thank you, Chris, and good afternoon, everyone. Let me begin on slide 3. We delivered a strong second quarter with results that reflected the early strength of the 2026 political cycle, continued distribution revenue growth and disciplined execution across the business.

謝謝你，Chris，各位下午好。我先從第 3 頁投影片開始。我們第二季表現強勁，成果反映了 2026 政治週期的早期強勢、持續成長的分銷收入，以及全公司範圍內紀律性的執行。

For the quarter, total revenue was $840 million, up 7% year over year, while adjusted EBITDA was $149 million, up 45%. Growth was led by political advertising and the early pace of demand reinforces our confidence in the strength of the cycle and the value of our broad station footprint in many of the country's most competitive races. Distribution revenue continued to grow, supported by the partner station buy-ins completed over the past year.

本季總營收為 8.40 億美元，年增 7%；調整後 EBITDA 為 1.49 億美元，年增 45%。成長主要由政治廣告帶動，而需求的早期節奏進一步強化我們對本次週期強度的信心，也凸顯我們在全美多個競爭最激烈選戰市場中廣泛電視台佈局的價值。分銷收入持續成長，主要受惠於過去一年完成的合作夥伴電視台併入（buy-ins）。

The combination of broadcast, connected television digital and podcast inventory continues to expand the solutions we offer advertisers and positions us well as political demand builds through the remainder of the year. Core advertising was softer as we expected, reflecting record political demand crowding out inventory in our most competitive markets and caution in a handful of cost pressured advertiser categories. Narinder will take you through the details.

廣播、連網電視（CTV）數位與播客庫存的組合持續擴大我們為廣告主提供的解決方案，並使我們在政治需求於今年剩餘期間持續升溫之際處於有利位置。核心廣告如我們預期較為疲弱，反映在競爭最激烈市場中創紀錄的政治需求擠壓了可售庫存，以及少數受成本壓力影響的廣告主類別趨於保守。Narinder 將為各位說明細節。

Live sports once again demonstrated the reach of broadcast television led by record World Cup audiences on Fox. Rob will take you through that shortly. Tennis Channel also sustained its audience momentum with growth across its linear direct-to-consumer, Tennis Channel 2 and Pickleball TV platforms.

現場體育賽事再次展現廣播電視的觸及力，其中以 Fox 的世界盃創紀錄收視為首。Rob 稍後會為各位說明。Tennis Channel 也在其線性頻道、直面消費者（DTC）、Tennis Channel 2 與 Pickleball TV 平台上持續維持收視動能並實現成長。

Within Ventures, the portfolio continued to generate cash distributions and ended the quarter with $489 million cash on hand. That liquidity continues to provide meaningful flexibility as we evaluate opportunities across the portfolio and advance our broader strategic priorities.

在 Ventures 方面，投資組合持續產生現金分配，並於季末持有 4.89 億美元現金。這樣的流動性在我們評估投資組合內的機會並推進更廣泛的策略重點時，持續提供重要的彈性。

We also made substantial progress on deleveraging as we repaid or retired approximately $320 million of debt in the quarter. Deleveraging our balance sheet remains our top priority for the company. Based on our first-half performance and current outlook, we are increasing our full-year adjusted EBITDA and political advertising guidance. Narinder will discuss the updated outlook in more detail later in the call.

我們在去槓桿方面也取得重大進展，本季償還或退還約 3.20 億美元的債務。降低資產負債表槓桿仍是公司最優先事項。基於上半年表現與目前展望，我們上調全年調整後 EBITDA 與政治廣告指引。Narinder 稍後將在電話會議中更詳細說明更新後的展望。

On slide 4, we highlight that we expect -- what we expect to be a historic day for the broadcast industry tomorrow with the expectation of an FCC vote to remove the national ownership cap of 39%, a development that the industry has been supporting for many years. The removal of the national ownership cap, which set the stage for broadcasters to be able to compete on a more level playing field as the industry finds itself competing against big tech and streamers that are not subjected to comparable regulatory constraints. It would strengthen broadcaster's ability to invest in local news across the country as we continue to serve our local communities.

在第 4 頁投影片，我們強調明天可能會是廣播產業的歷史性一天，因為預期 FCC 將投票移除 39% 的全國持股上限，這項發展是產業多年來一直支持的方向。移除全國持股上限將為廣播業者創造更公平的競爭環境，因為目前產業正與大型科技公司與串流平台競爭，而後者並未受到同等的監管限制。這也將強化廣播業者在全美投資本地新聞的能力，讓我們能持續服務在地社區。

As we continue our strategic review process, the increased clarity and support from an improved regulatory environment could help facilitate M&A across our activity across the industry. Sinclair is well prepared to participate in value-creating consolidation and we will remain disciplined in how and when we do so.

隨著我們持續進行策略檢視流程，更清晰且更具支持性的監管環境，可能有助於促進全產業的併購活動。Sinclair 已做好準備參與能創造價值的整併，我們也將在何時以及如何進行方面保持紀律。

This slide also summarizes the other proceedings moving in the same constructive direction, the ATSC 3.0 transition, the network affiliation review and modernized local ownership rules.

本頁也總結了其他朝同樣正向方向推進的程序，包括 ATSC 3.0 轉換、聯播網合作關係檢視，以及現代化的本地持股規則。

With that, let me turn the call over to Rob to discuss our operating highlights in more detail.

接下來，我把電話會議交給 Rob，更詳細說明我們的營運重點。

Thank you, Chris, and good afternoon, everyone.

謝謝你，Chris，各位下午好。

Turning to slide 5. The 2026 midterm election cycle is off to a strong start across our footprint. We operate in all of the top 10 states currently projected to receive the highest levels of political advertising spending. Importantly, these states include 6 competitive Senate, 7 competitive gubernatorial and 33 competitive House races according to a recent Standard & Poor's analysis. That combination of geographic reach, local audience scale and competitive races positions us well as campaign spending expands during the second half of the year.

請看第 5 頁投影片。2026 年期中選舉週期在我們的覆蓋版圖內有個強勁的開局。我們在目前預估政治廣告支出最高的前 10 大州皆有營運據點。重要的是，根據近期 Standard & Poor's 的分析，這些州包含 6 場競爭激烈的參議院選戰、7 場競爭激烈的州長選戰，以及 33 場競爭激烈的眾議院選戰。地理覆蓋、在地受眾規模與競爭選戰的組合，使我們在下半年競選支出擴大時具備良好優勢。

Second-quarter political revenue of $59 million was 9% above the second quarter of 2022. Demand has been broad-based across our markets, with candidates, parties and issue advertisers beginning to reserve inventory earlier in the cycle. Recent changes to campaign finance rules are also enabling party committees to invest earlier and at greater scale.

第二季政治收入為 5,900 萬美元，較 2022 年第二季高出 9%。需求在各市場呈現廣泛分布，候選人、政黨與議題廣告主在週期更早期就開始預訂庫存。競選資金規則的近期變更，也使政黨委員會得以更早、且以更大規模投入。

Given the strength we have seen to date and the current outlook for competitive races across our footprint, we are increasing full-year political advertising revenue guidance to at least $375 million. Narinder will take you through the updated outlook.

鑑於我們迄今所見的強勁表現，以及目前對我們覆蓋版圖內競爭選戰的展望，我們將全年政治廣告收入指引上調至至少 3.75 億美元。Narinder 將帶各位了解更新後的展望。

Political spending is always back-end loaded towards the week's immediately preceding election date and time it can vary by race in market. However, the early activity we are seeing supports our expectation for a robust cycle and underscores the differentiated value of local broadcast television for reaching voters at scale.

政治支出一向在選舉日前幾週明顯後段集中，且其時點也可能因不同市場的選戰而有所差異。然而，我們目前看到的早期活動支持我們對本次週期將相當強勁的預期，也凸顯本地廣播電視在大規模觸及選民方面的差異化價值。

Turning to slide 6. The FIFA World Cup provided another clear example of the power of broadcast-led, live sports and the value of our Fox affiliate portfolio. The tournament delivered record soccer audiences on broadcast and generated strong advertising demand across our local markets. For some perspective, 128.4 million Americans watch some portion of the World Cup on Fox, FS1 and 2B and the walkup final drew an audience of 66.4 million viewers, which was the largest US audience for any non Super Bowl sports event in more than 30 years.

請看第 6 頁投影片。FIFA 世界盃再次清楚展現以廣播為主導的現場體育賽事之力量，以及我們 Fox 聯播台投資組合的價值。本屆賽事在廣播平台創下足球收視紀錄，並在我們各地市場帶動強勁的廣告需求。提供一些背景：有 1.284 億名美國人在 Fox、FS1 與 2B 觀看了世界盃的部分賽事，而決賽臨場收視（walkup final）吸引 6,640 萬名觀眾，為 30 多年來美國任何非超級盃體育賽事的最大收視人數。

Sinclair took this opportunity to expand well beyond the linear broadcast. Media brands allowed advertisers to add targeted cross-platform reach, while our unfiltered soccer podcast, featuring Landon Donovan and Tim Howard, gave brands another way to engage highly interested soccer fans around the tournament. In addition, three live activations around the World Cup let consumers physically experience amortizes products deepening engagement with their campaigns.

Sinclair 把握這個機會，將布局大幅擴展到線性廣播之外。媒體品牌讓廣告主能夠增加具目標性的跨平台觸及；同時，我們未經修飾的足球 Podcast（由 Landon Donovan 與 Tim Howard 主持）也讓品牌在賽事期間有另一種方式與高度投入的足球迷互動。此外，圍繞世界盃的三場現場體驗活動，讓消費者能夠親身體驗 Amortizes 產品，進一步深化其行銷活動的互動。

This coordinated approach across broadcast, digital and podcast platforms is increasingly important to advertisers. Broadcast provides mass reach and live engagement, while our digital capabilities, along with live activations and audience targeting, frequency and measurable extensions beyond the telecasts. Streaming live sports remain one powerful drivers of a point we're viewing and broadcast delivers that content with unmatched reach. As we ended the third quarter, we look to build on the World Cup successes with the return of college football and the NFL.

這種橫跨廣播、數位與 Podcast 平台的協同作法，對廣告主而言愈來愈重要。廣播提供大規模觸及與即時互動；而我們的數位能力，結合現場體驗活動與受眾鎖定、頻次管理及可衡量的延伸，能將效益擴展到轉播之外。串流直播運動仍是推動「特定時點收視」的重要驅動力之一，而廣播以無可匹敵的觸及規模提供該內容。在第三季結束之際，我們將在世界盃成功的基礎上，隨著大學美式足球與 NFL 回歸持續推進。

Our operational takeaways on slide 7 highlights the strong early political demand across our markets during the quarter with political revenue ahead of the comparable 2022 period, our broad station footprint, local sales relationships and expanding digital capabilities position us well as campaign activity builds through the remainder of the cycle.

第 7 張投影片的營運重點指出，本季我們各市場的政治廣告需求在早期即展現強勁動能，政治收入高於 2022 年同期可比期間；我們廣泛的電視台版圖、在地銷售關係與持續擴張的數位能力，使我們在選戰活動於本週期剩餘期間升溫之際具備良好優勢。

Distribution also remained solid, supported by our partner station buyers. The value of broadcast remains clear, particularly around live news, premium sports, another programming that consistently brings audience together at scale.

發行（Distribution）表現亦維持穩健，並獲合作夥伴電視台買入（buy-ins）的支持。廣播的價值依然清晰，特別是在即時新聞、頂級體育賽事，以及其他能持續以規模將觀眾聚集在一起的節目內容上。

Advertisers are increasingly looking for integrated campaigns that combine the broad reach and live engagement and broadcast with the targeting and measurement available through digital. Our portfolio allows us to deliver both creating more value for the advertisers while deepening engagement with ad audiences across platforms.

廣告主愈來愈尋求整合式行銷活動，將廣播的廣泛觸及與即時互動，與數位所提供的受眾鎖定與成效衡量結合。我們的產品組合能同時交付兩者，為廣告主創造更高價值，並在跨平台上深化廣告受眾的互動。

Client demand is consolidating total video when linear and streaming bought together, and that is exactly what we have built towards. The World Cup was the template with broadcast reach, streaming, digital podcasts and live activations sold as integrated campaigns. Across the business, we remain disciplined on expenses while continuing to support the content, technology and sales capabilities that can drive long-term growth.

當線性與串流一併採購時，客戶需求正朝「整體影音」整合，我們打造的正是這個方向。世界盃就是範本：將廣播觸及、串流、數位 Podcast 與現場體驗活動，以整合式行銷活動的方式銷售。在整體業務上，我們持續嚴控費用，同時支持能推動長期成長的內容、技術與銷售能力。

In summary, strong early political demand expanding cross-platform capabilities and the audience strength of broadcasted led live sports position us well for the second half of the year.

總結而言，強勁的早期政治需求、持續擴張的跨平台能力，以及廣播主導的直播運動所帶來的受眾優勢，使我們在下半年具備良好布局。

With that, let me turn the call over to Narinder to review the second-quarter financial results and our updated outlook.

接下來，我把電話會議交給 Narinder，請他回顧第二季財務結果以及我們更新後的展望。

Thank you, Rob, and good afternoon, everyone. Turning to slide 8. I will walk through the second-quarter financial results in more detail.

謝謝你，Rob，各位下午好。請看第 8 張投影片。我將更詳細說明第二季的財務結果。

At the total company level, revenue was $840 million, up 7% year over year. The increase was driven primarily by political advertising and continued distribution revenue growth. Adjusted EBITDA was $149 million, up 45%, reflecting the favorable revenue mix and disciplined expense management. Political advertising revenue of $59 million was the largest contributor to growth, up 9% from the second quarter of 2022, our strongest prior midterm cycle.

以全公司層級來看，營收為 8.40 億美元，年增 7%。成長主要由政治廣告帶動，並受惠於發行收入持續成長。調整後 EBITDA 為 1.49 億美元，年增 45%，反映有利的營收組合與嚴謹的費用管理。政治廣告收入 5,900 萬美元是成長的最大貢獻來源，較 2022 年第二季（我們過去最強的期中選舉週期）成長 9%。

Distribution revenue increased 2% with subscriber churn continuing to moderate, consistent with trends the largest distributors have reported publicly and the benefit of partner station buy-ins we have executed. Core advertising revenue declined 3%.

發行收入成長 2%，訂戶流失（churn）持續趨緩，與最大型發行商公開揭露的趨勢一致，並受惠於我們已執行的合作夥伴電視台買入。核心廣告收入下滑 3%。

Two things are worth keeping in mind. First, this was the first quarter with a full prior-year comparison for distal remedy, which we acquired in March of 2025. That anniversary affects the year-over-year comparison. Second, on the demand backdrop, consumer spending held up in the quarter, but the fuel and tariff volatility clearly made advertisers more cautious. The pressure we saw was concentrated due to political crowd-out and in categories where cost inflation is squeezing advertiser budgets.

有兩點值得留意。第一，這是首次在前一年完整可比基期下比較 distal remedy（我們於 2025 年 3 月收購）。該收購滿周年會影響年對年比較。第二，就需求環境而言，本季消費支出仍具韌性，但燃料與關稅的波動顯然使廣告主更為謹慎。我們看到的壓力主要集中在政治廣告排擠效應，以及成本通膨擠壓廣告主預算的類別。

In the Local Media segment, total revenue was $731 million, an increase of 8% year over year. Local Media adjusted EBITDA was $149 million, up 51% year over year. The increase reflects strong political revenue and continued cost discipline across programming, production and selling, general and administrative expenses.

在本地媒體（Local Media）部門，總營收為 7.31 億美元，年增 8%。本地媒體調整後 EBITDA 為 1.49 億美元，年增 51%。成長反映強勁的政治收入，以及我們在節目編排、製作與銷售、一般及行政費用（SG&A）上的持續成本紀律。

Within the Tennis segment, total revenue was $70 million, up from $68 million in the prior-year quarter. Advertising revenue increased 8%, supported by ratings growth and continued direct-to-consumer momentum, while distribution revenue increased 2%. Tennis segment adjusted EBITDA was $8 million compared with $13 million in the prior-year quarter. The decline primarily reflects higher programming and production costs as we continue to strengthen and monetize our rights portfolio and ongoing investment in our direct-to-consumer platform.

在網球（Tennis）部門，總營收為 7,000 萬美元，高於去年同期的 6,800 萬美元。廣告收入成長 8%，受惠於收視率成長與直面消費者（DTC）動能延續；發行收入則成長 2%。網球部門調整後 EBITDA 為 800 萬美元，去年同期為 1,300 萬美元。下滑主要反映較高的節目與製作成本，因我們持續強化並變現權利內容組合，且持續投資於我們的 DTC 平台。

On slide 9, we are updating our full-year 2026 guidance. I will start with what is changing, which is political advertising revenue, core advertising revenue and adjusted EBITDA then cover what is not changing and close with the key free cash flow items.

請看第 9 張投影片，我們正在更新 2026 全年財測指引。我將先說明變動之處：政治廣告收入、核心廣告收入與調整後 EBITDA；接著說明不變之處，最後以自由現金流的關鍵項目作結。

As Rob discussed, we are increasing political advertising revenue guidance to at least $375 million from at least $333 million previously. This 13% increase takes our guidance above the 2022 record and reflects strong first-half demand and the current outlook for competitive Senate, gubernatorial and House races across our footprint.

如 Rob 所述，我們將政治廣告收入指引由先前至少 3.33 億美元，上調至至少 3.75 億美元。此 13% 的上調使我們的指引高於 2022 年的紀錄，並反映上半年需求強勁，以及在我們覆蓋版圖內，參議院、州長與眾議院競爭選區的當前展望。

We are resetting our core advertising revenue guidance. which is now expected to be between $1.22 billion and $1.28 billion for total company, while Local Media core advertising revenue is expected to be between $1.04 billion and $1.09 billion. This represents a reduction of $40 million at the midpoint of prior guidance ranges.

我們重新設定核心廣告收入指引：全公司目前預期介於 12.2 億至 12.8 億美元；其中，本地媒體核心廣告收入預期介於 10.4 億至 10.9 億美元。相較先前指引區間的中位數，這代表下調 4,000 萬美元。

On our last call, we said that if current conditions persisted we would reassess our core advertising outlook. This revision now reflects the expected crowd out from the elevated political spending in the second half and it resets second-half core advertising to the demand levels we are currently seeing with no improvement assumed through year-end.

在上次電話會議中，我們表示若目前狀況持續，將重新評估核心廣告展望。此次修訂反映下半年政治支出升高所帶來的預期排擠效應，並將下半年核心廣告重設為我們目前所見的需求水準，且假設至年底不會改善。

Despite the change in core advertising expectations, we are increasing adjusted EBITDA guidance by $25 million at the midpoint on the strength of our first half performance. Our updated guidance now includes the transition of our St. Louis ABC association at the end of August in our guidance for the remainder of the year.

儘管核心廣告預期有所變動，我們仍基於上半年表現強勁，將調整後 EBITDA 指引中位數上調 2,500 萬美元。我們更新後的指引亦納入我們聖路易斯（St. Louis）ABC 聯盟關係於 8 月底轉換，並反映在今年剩餘期間的指引中。

Even after accounting for St. Louis, the new midpoint of our adjusted EBITDA guidance is above the high end of our prior range, reflecting the improved political forecast and our continued expense discipline across the company. Total company adjusted EBITDA is now expected to be between $730 million and $760 million. Local Media adjusted EBITDA is now expected to be between $710 million and $740 million.

即使將聖路易斯因素納入考量，我們調整後 EBITDA 指引的新中位數仍高於先前區間上緣，反映政治收入預測改善，以及我們在全公司持續的費用紀律。全公司調整後 EBITDA 目前預期介於 7.30 億至 7.60 億美元。本地媒體調整後 EBITDA 目前預期介於 7.10 億至 7.40 億美元。

Now moving to what is not changing. We are maintaining total company revenue guidance of $3.4 billion to $3.54 billion and Local Media revenue guidance of $3 billion to $3.12 billion, and within that, distribution revenue guidance is also unchanged at $1.72 billion to $1.79 billion for the total company and $1.51 billion to $1.57 billion for Local Media segment.

接著說明不變之處。我們維持全公司營收指引 34.0 億至 35.4 億美元，以及本地媒體營收指引 30.0 億至 31.2 億美元；其中，發行收入指引亦維持不變：全公司 17.2 億至 17.9 億美元，本地媒體部門 15.1 億至 15.7 億美元。

Finally, turning to key free cash flow components. Our capital expenditure forecast is unchanged at $75 million to $80 million. We are lowering our net interest expense guidance to be between $295 million and $290 million, reflecting the deleveraging activities we have completed to date. And our net cash tax guidance is now approximately $50 million, a function of higher expected pretax income in an expected record midterm political year. Taken together, our updated guidance reflects our current expectations for the full year.

最後，談到自由現金流的關鍵組成。我們的資本支出預測維持不變，為 7,500 萬至 8,000 萬美元。我們將淨利息費用指引下調至介於 2.95 億至 2.90 億美元，反映我們迄今已完成的去槓桿活動。我們的淨現金稅指引目前約為 5,000 萬美元，主要因在預期創紀錄的期中選舉政治年中，稅前所得預期較高所致。綜合以上，我們更新後的指引反映我們對全年目前的預期。

Turning to slide 10. We continue to make meaningful progress on our deleveraging priorities during and immediately following the quarter. As Chris referenced, during the second quarter, we reduced our debt balance by approximately $320 million. That included the $165 million of term loans we repurchased through the reverse Dutch auction discussed on our last call, $150 million of repayment on our accounts receivables facility and roughly $5 million of scheduled amortization and finance lease payments.

接著看第 10 張投影片。我們在本季期間及季後立即，持續在去槓桿優先事項上取得實質進展。如 Chris 所提及，第二季我們將債務餘額減少約 3.2 億美元。其中包括我們在上次電話會議中討論、透過反向荷蘭式拍賣回購的 1.65 億美元定期貸款、應收帳款融資安排償還 1.5 億美元，以及約 500 萬美元的既定攤還與融資租賃付款。

In July, after quarter end, we repurchased and retired an additional $25 million sales amount of our B7 term loan at a discount and repaid and terminated the remaining B3 term loan balance. These actions have improved our maturity profile and reduced our interest expense, directly benefiting our cash flow.

7 月份（季後），我們以折價回購並註銷額外 2,500 萬美元面額的 B7 定期貸款，並償還且終止剩餘的 B3 定期貸款餘額。這些行動改善了我們的到期結構並降低利息費用，直接有利於我們的現金流。

At quarter end, total debt was approximately $4.1 billion. Our nearest material maturity, excluding the accounts receivables facility remains in December of 2029, providing us with a manageable runway to continue executing our deleveraging plan.

截至季末，總債務約為 41 億美元。在不包含應收帳款融資安排的情況下，我們最近一筆具重大金額的到期日仍在 2029 年 12 月，為我們持續執行去槓桿計畫提供可控的時間跑道。

Sinclair Television Group, or STG, net leverage ended the quarter at 5.2 times. And with the heaviest political quarters still ahead of us, we expect continued progress through the balance of the year. We ended the quarter with $604 million of consolidated cash and cash equivalents, including $115 million at STG and $489 million at Ventures. Ventures generated $19 million of cash distributions from its portfolio during the quarter. Including undrawn revolver and AR facility capacity, total liquidity was approximately $1.4 billion.

Sinclair Television Group（STG）的淨槓桿於本季末為 5.2 倍。且由於政治廣告最旺的季度仍在後面，我們預期今年剩餘期間將持續取得進展。本季末我們的合併現金及約當現金為 6.04 億美元，其中 STG 為 1.15 億美元、Ventures 為 4.89 億美元。Ventures 本季自其投資組合產生 1,900 萬美元的現金分配。包含未動用的循環信貸額度與應收帳款融資安排可用額度在內，總流動性約為 14 億美元。

We remain focused on reducing debt and improving leverage over time while maintaining sufficient liquidity to operate the business and invest selectively in high-return opportunities.

我們仍專注於隨時間降低債務並改善槓桿，同時維持充足流動性以營運業務，並選擇性投資於高報酬機會。

With that, let me turn the call back to Chris for a community update and closing comments.

接下來，我把電話交回給 Chris，請他更新社區相關事項並做結語。

Thank you, Narinder. Before wrapping up, I want to recognize our employees and the impact they made through the 2026 Sinclair day of service highlighted on slide 11. More than 1,200 employees contributed a combined 3,070 hours of service across our markets and cities. Their work supported a wide range of local needs, including food security, hygiene assistance, accessibility resources and animal welfare.

謝謝你，Narinder。在結束前，我想表揚我們的員工，以及他們透過第 11 張投影片所強調的 2026 年 Sinclair 服務日所帶來的影響。超過 1,200 名員工在我們各市場與城市合計投入 3,070 小時的服務。他們的工作支持了多元的在地需求，包括糧食安全、衛生協助、無障礙資源以及動物福祉。

Enriching local lives is central to who we are as a company. Our stations and employees live in the communities they serve and I'm proud of the time, energy and care they contributed through this year's day of service.

豐富在地生活是我們作為一家公司的核心。我們的電視台與員工就生活在他們所服務的社區中，我為他們在今年服務日所投入的時間、精力與關懷感到自豪。

As we wrap up on slide 12, let me briefly summarize our second quarter and outlook.

在第 12 張投影片結尾時，讓我簡要總結我們第二季表現與展望。

First, the 2026 political cycle is off to a strong start. Second-quarter political revenue highlights, the value of our broad local footprint and the demand we are seeing across competitive races supports our increased full-year political guidance. We also enter what we expect to be a more constructive regulatory era for local broadcast, and we are preparing for it.

第一，2026 年政治週期開局強勁。第二季政治收入的亮點、我們廣泛的在地覆蓋價值，以及我們在競爭激烈選戰中看到的需求，支持我們上調全年政治收入指引。我們也正進入我們預期對在地廣播更具建設性的監管時代，並正為此做準備。

Broadcast-led live sports continue to deliver premium audiences at scale. The FIFA World Cup on FOX generated record audiences and strong advertiser demand across our platforms. Tennis Channel also maintained strong momentum across linear direct-to-consumer, Tennis Channel 2 and Pickleball TV.

以廣播為主導的現場體育賽事持續以規模化方式帶來高價值受眾。FOX 播出的 FIFA 世界盃創下收視紀錄，並在我們各平台上帶動強勁的廣告主需求。Tennis Channel 也在傳統線性、直面消費者（DTC）、Tennis Channel 2 與 Pickleball TV 等方面維持強勁動能。

Our cross-platform portfolio is expanding our reach beyond linear television, helping advertisers connect with audiences when and where they interact with our brands. Based on our first-half results and current outlook, we increased full-year adjusted EBITDA guidance despite a more cautious view of the core advertising environment.

我們的跨平台內容組合正將觸及範圍擴展到線性電視之外，協助廣告主在受眾與我們品牌互動的時間與場景中建立連結。基於上半年業績與目前展望，儘管我們對核心廣告環境採取更審慎的看法，我們仍上調全年調整後 EBITDA 指引。

Lastly, deleveraging remains a top priority as illustrated through our actions during and immediately following the quarter. These actions are reducing interest expense and strengthening our financial position. We enter the second half of the year with strong political momentum, a valuable live sports programming schedule, expanded cross-platform capabilities, meaningful strategic optionality and a continued focus on cost discipline and debt reductions.

最後，去槓桿仍是首要任務，這點可從我們在本季期間及季後立即採取的行動看出。這些行動正在降低利息費用並強化我們的財務狀況。我們以強勁的政治動能、有價值的現場體育節目排程、擴大的跨平台能力、具意義的策略選擇性，以及持續聚焦成本紀律與降低債務，進入下半年。

With that, operator, we are ready to open the line for questions.

接下來，接線員，我們準備開放提問。

(Operator Instructions) Dan Kurnos, StoneX.

(接線員指示) Dan Kurnos，StoneX。

Chris, you get the first crack at upcoming FCC cap repeal, and any comments you want to make, it seems likely tomorrow. So little premature, but we've obviously been talking M&A in this space for a long time. Do you think that changes the conversation? Number one.

Chris，你先談談即將到來的 FCC 收視上限（cap）廢除，以及你想補充的任何評論；看起來很可能明天就會發生。所以現在問可能有點早，但我們在這個領域談併購已經很久了。你覺得這會改變討論方向嗎？第一個問題。

And number two, your guidance is just shy now, I think, $25 million or $30 million of your '24 political numbers. So what are you seeing? How much conservatism? It's still early, just maybe unpack some of the pieces would be great.

第二個問題，你們的指引現在我想只比你們 2024 年政治收入數字少大約 2,500 萬或 3,000 萬美元。所以你們看到了什麼？保守成分有多少？現在還早，但如果能拆解一下各個部分會很有幫助。

Okay. I'll let Rob speak to what you're seeing on the political ad front. But in terms of the cap elimination, which is expected tomorrow, I mean, we couldn't be happier, and we certainly apply the FCC for taking this very meaningful step to remove an outdated regulation that really just has no place in this modern media marketplace.

好的。我會讓 Rob 談談你在政治廣告方面看到的情況。但就預期明天的上限取消而言，我的意思是，我們再高興不過了；我們也確實感謝 FCC 採取這個非常重要的步驟，移除一項過時的規定，而這項規定在現代媒體市場中確實已沒有立足之地。

And it is very significant to change this rule as we look at large-scale M&A, which is a major objective for us. This really derisks those opportunities, and we expect that some of the counterparties that we are interested in will be more likely to want to transact with this certainty put on the books.

而且，當我們著眼於大規模併購（這是我們的主要目標之一）時，修改這項規則非常關鍵。這確實降低了這些機會的風險；我們也預期，一些我們感興趣的交易對手方，在這項確定性正式入法後，會更願意進行交易。

In regards to the political, we've taken it up significantly. The last guide was $333 million. The guide now is $375 million. And as we get closer into election day, we'll have a better indication of what races will remain hot and where that fund is going.

至於政治收入，我們已大幅上調。上一次的指引是 3.33 億美元。現在的指引是 3.75 億美元。隨著我們更接近投票日，我們會更清楚哪些選戰仍會保持高熱度，以及資金將流向何處。

In '24, we saw some funding in Pennsylvania move to the better cities, Philly, Pittsburg, where early on and in the pre-race, it was spread out throughout the state. So today, we're comfortable at that $375 million guidance, and we'll have more clarity within the next four weeks. But we feel very comfortable that we can handle this demand.

在 2024 年，我們看到賓州的一些資金轉向更重要的城市——費城、匹茲堡；而在早期與初選前，資金是分散在全州各地。所以目前我們對 3.75 億美元的指引感到安心，並會在接下來四週內有更清楚的能見度。但我們非常有信心能承接這樣的需求。

Yeah. And Dan, I'll just add to that. Like the intensity of the political ad spend just -- it almost doubles every quarter. And then the fourth quarter, you only have half a quarter essentially of political ad spending. And it's usually about double Q3 in terms of volume.

是的。Dan，我再補充一下。政治廣告投放的強度——幾乎每一季都會接近翻倍。而第四季實際上只有半個季度在投放政治廣告。就量而言，通常大約是第三季的兩倍。

So it really is hard to predict how you will ultimately end up with everything being as back-end loaded as it is. But with what we're seeing so far, we were comfortable meaningfully increasing our guidance.

因此，因為一切都如此集中在後段，要預測最終結果確實很難。但就我們目前看到的情況而言，我們有信心大幅上調指引。

Super helpful. Thanks, guys, and congrats on print.

非常有幫助。謝謝各位，也恭喜這次成績。

Benjamin Soff, Deutsche Bank.

Benjamin Soff，德意志銀行。

I'm wondering how you expect the recent ruling from the Supreme Court on lowest unit pricing for political party spending could impact your business either this year or in the future?

我想了解，最高法院近期就政黨支出適用最低單位價格（lowest unit pricing）的裁決，可能會在今年或未來對你們的業務造成什麼影響？

And then on tuck-in M&A, you recently closed your buy-in transactions. And I'm wondering how you think about the opportunity set for more tuck-in M&A? Are there any types of assets or markets that are attractive right now? And how do you think about balancing doing smaller deals versus your focus on larger consolidation?

接著談到補強型（tuck-in）併購，你們最近剛完成買入交易。我想請教你們如何看待進一步進行補強型併購的機會集合？目前有哪些類型的資產或市場具有吸引力？以及你們如何在做較小型交易與聚焦較大型整併之間取得平衡？

So I'll handle the political question. Our outlook for this year already takes into account the ruling. Something to note is this ruling really affects 60 days out from the election. And in 2024, it was mid-single digits that were -- came from the party spending.

那我來回答政治相關的問題。我們對今年的展望已經把該裁決的影響納入考量。需要注意的是，這項裁決真正影響的是距離選舉約60天的期間。而在2024年，來自政黨支出的貢獻是中個位數百分比。

If we see an increase in that spending, our yield team will adjust rates on the fly based on the demand and our capacity still we'll be able to handle the volume of dollars being spent. This year and historically as that spending has increased, we will be able to handle it.

如果我們看到該支出增加，我們的收益率團隊會依據需求並結合我們的產能即時調整費率，而且我們仍將能夠承接這些支出金額所帶來的量。今年以及過往歷史上，當這類支出增加時，我們都能夠處理。

And look, on the M&A front, overall, we see the environment and, of course, led by regulatory being increasingly constructive for all sorts of M&A. As I mentioned in my prepared remarks, there is additional local ownership easing, which is in the pipeline tied to the quadrennial review. So that's another key rule change that we're tracking closely here and it will be very helpful in terms of local market consolidation.

另外，談到併購（M&A），整體而言，我們看到環境——當然主要是監管面——正變得對各類併購愈來愈有利。如我在事先準備的發言中提到，還有進一步放寬本地持股限制的措施正在推進中，並與每四年的審查（quadrennial review）相關。因此，這是我們正在密切追蹤的另一項關鍵規則變更，對於本地市場整併將非常有幫助。

So in terms of the opportunity set, I do think the elimination of the cap will make large-scale M&A much easier and less risky, and we're going to be redoubling our efforts in that area. In the meantime, we've done some smaller market-by-market optimization deals recently, such as in Tulsa.

就機會集合而言，我確實認為取消上限將使大規模併購更容易、風險更低，而我們會在這方面加倍努力。同時，我們最近也做了一些較小、以市場為單位的最佳化交易，例如在塔爾薩（Tulsa）。

And we have a very full pipeline of additional opportunities on the smaller side where we're going market by market, looking at swaps and looking at ways to double up and sometimes triple up. And those are very accretive transactions. So we're pursuing those quite extensively.

而且我們在較小型的機會上有非常充實的案源管線，我們會逐一市場檢視，評估資產互換（swaps），並尋找加倍、甚至有時三倍布局的方式。這些都是非常具增益（accretive）的交易。因此我們正相當積極地推進。

The cap obviously does not implicate those opportunities, but we are still prioritizing them as well as redoubling our efforts on the large-scale front.

顯然，上限並不影響這些機會，但我們仍將其列為優先事項，同時也會在大規模交易方面加倍投入。

Steven Cahall, Wells Fargo.

Wells Fargo 的 Steven Cahall。

Three, if you don't mind. First, just on the political guide. I think you're now at least 13% over 2022. How do we think about that in terms of what's being driven by some of the idiosyncrasies of this election cycle or some of the consolidation that you've just done versus just the size of the cycle? I'm kind of getting to whether or not 2028 could be 13% over 2024 or if there's something more special in 2026 that's driving that upside?

如果不介意，我有三個問題。第一個，關於政治廣告指引。我想你們現在至少比2022年高出13%。我們該如何理解這點：是由於本次選舉週期的一些特殊性、或你們剛完成的整併所帶來的影響，還是單純因為週期規模變大？我想問的是，2028年是否可能比2024年再高出13%，或是2026年有什麼更特殊的因素在推動這個上行？

Sure. So look, I think the -- our platform is pretty much the same as it was four years prior. There's very little movement in terms of station portfolio. And I believe that the main driver of the increase here that we're expecting this year versus four years prior is being driven by money raised.

當然。你看，我們的平台基本上和四年前差不多。在電視台資產組合方面變動很小。我認為，我們預期今年相較四年前的增長，主要驅動因素是募資金額的增加。

So if you pay attention to the external research tracking these numbers, there is a significant step up in money raised this year versus 2022. And it's approaching -- the total money raised is May equal 2024, which is a presidential year. So that is really the basic formula for political ad spending as money raised equals money spent.

如果你留意外部研究機構對這些數字的追蹤，今年相較2022年的募資金額有顯著躍升。而且總募資金額正接近——可能與2024年（總統選舉年）相當。因此，政治廣告支出的基本公式就是：募到多少錢，就花多少錢。

And as I like to point out, politicians don't return money to the donors when the elections are over. So it's really the most important factor is money raised, and we're seeing that being done in record levels. Certainly for a midterm, it might be an all-time record. We'll have to see how the final numbers come in. And I think the read through to 2028 is very positive.

而且我常說，選舉結束後，政治人物不會把錢退還給捐款人。所以最重要的因素就是募資金額，而我們看到募資正以創紀錄的水準進行。就期中選舉而言，這可能會是史上最高紀錄。我們還得看最終數字如何落定。我認為對2028年的推論是非常正面的。

Yeah. I will add. By the time 2028 comes around, some of our investments will be content on the digital side as well, a full platform. And so we'll be able to capture that money both on the linear and digital side, capturing some of that now, and it will be even more significant in 2028.

是的。我再補充一下。等到2028年到來時，我們在數位端的部分投資也將形成完整的平台內容。因此我們將能同時在傳統線性與數位端承接這些資金；我們現在已經在捕捉其中一部分，而到2028年會更為顯著。

Great. And then, Narendra, I just want to make sure I understand the guidance changes. So is it that political revenue is a little higher margin than core revenue? Is it that you've done better on costs than you thought for the year? Or a combination of those two things with the EBITDA guide going higher?

很好。接著，Narendra，我想確認我理解你們指引變動的原因。是因為政治收入的毛利率略高於核心收入嗎？還是你們今年的成本控制做得比原先預期更好？或是兩者兼具，因而使 EBITDA 指引上修？

Sure. Steve, thank you for the question. Yes, you're absolutely right. There are a few moving pieces here. So if you just compare midpoint of the prior guide to the midpoint of this revised guide on adjusted EBITDA plus [$25 million]. And we took up the political by about $42 million, very, very high margin. And then when you look at the reset we have on the core, so there's certainly some offset there, right? And then when you look at the impact of our St. Louis affiliation transition, that's also factored into the guide.

好的。Steve，謝謝你的問題。是的，你完全說對了。這裡有幾個變動因素。如果你把先前指引的中位數與這次修正後指引的中位數相比，調整後 EBITDA 上調了2,500萬美元。而我們把政治收入上調約4,200萬美元，這部分的利潤率非常、非常高。接著再看我們對核心業務的重設，確實會有一些抵銷，對吧？另外，我們在聖路易斯（St. Louis）的聯播關係（affiliation）轉換影響也已納入指引。

So if you take these three together, that does not take you all the way to $25 million. So the delta there is the outperformance and the expense management that we have achieved so far year to date and we expect that to continue to flow through for the remainder of the year. We are not giving that back.

把這三項加總起來，仍不足以完全解釋2,500萬美元的上調。因此其中的差額來自我們今年迄今為止的超預期表現與費用管理成果，而且我們預期這些成果在今年剩餘期間會持續反映出來。我們不會把這些成果吐回去。

Great. And then last one. I know you and your peers are pursuing some spectrum-related business opportunities through EdgeBeam. Historically, in Spectrum, there were three telcos that might have competed to buy that from you at some point? Now there's another player in this market with more than $1 trillion market cap. Some days, it's $2 trillion. So you and your peers, it just seems like they're sitting on a resource that has a different scarcity factor than it has historically.

很好。最後一題。我知道你們和同業正透過 EdgeBeam 追求一些與頻譜相關的商業機會。過去在頻譜市場，可能有三家電信商會在某個時間點與你們競爭、向你們買下這些資產？現在這個市場又多了一個市值超過1兆美元的玩家。有些日子甚至是2兆美元。所以你們和同業看起來像是握有一項資源，而其稀缺性因素與過去相比已經不同。

How do you think about the opportunities to monetize that low-band spectrum? And does it have to be done through an auction? Or are there ways that you can use the EdgeBeam consortium and do something more quickly with some of the new spectrum?

你們如何看待將這些低頻段頻譜變現的機會？而且一定得透過拍賣來完成嗎？或者你們能否利用 EdgeBeam 聯盟，以更快的方式運用部分新頻譜做一些事情？

Thank you for that question. It's a great question, Steve. We're -- it's very encouraging to hear from you and other market participants talking about the value -- underlying value of our spectrum, which we've been big believers in for a long time. And if you -- now back the clock to the last auction, which was 2017, it was really a disappointment for the industry because AT&T and Verizon, for reasons I won't expand upon here because it would take too long, decided not to participate in that auction in any meaningful way.

謝謝你的提問。這是個很好的問題，Steve。我們——很受鼓舞能聽到你以及其他市場參與者談到我們頻譜的價值——其內在價值；我們長期以來一直非常相信這點。如果你——把時間拉回到上一次拍賣，也就是2017年，對產業而言其實相當令人失望，因為 AT&T 和 Verizon 基於一些我在此不展開的原因（否則會花太久），決定不以任何有意義的方式參與那次拍賣。

So you essentially had two major bidders, which was T-Mobile and DISH. And if you remember, DISH also had some shenanigans working through some entities to get a discount. So it really was not a great outcome for the broadcasters. It ended up having an average price of about $1 per megahertz pop, which we think vastly undervalues low-band spectrum, given its scarcity value in its beachfront location. And really, that was just driven by a lack of competition.

所以你基本上只有兩個主要競標者，也就是 T-Mobile 和 DISH。而且如果你還記得，DISH 也曾透過一些實體操作花招來爭取折扣。因此對廣播業者而言，結果其實並不理想。最終平均價格約為每 MHz 1 美元左右，我們認為這大幅低估了低頻頻譜，考量到其稀缺性以及位於「黃金海濱」般的優越位置所具備的價值。而這主要就是因為缺乏競爭所致。

And fast forward to today, I think the competitive set on the telecom side has changed. If you did have another auction, it wouldn't just be T-Mobile showing up or a new entrant like DISH. I think you see competition from the AT&Ts and the Verizons of the world as well.

快轉到今天，我認為電信端的競爭格局已經改變了。如果再辦一次拍賣，出現的就不會只有 T-Mobile，或像 DISH 這樣的新進者。我認為你也會看到來自 AT&T 和 Verizon 等業者的競爭。

And now as you alluded to, anyone who has or is planning on launching a LEO constellation is very interested in acquiring low-band spectrum, either acquiring it or acquiring access to it, which I think goes to your second statement, which is how would you go about activating this spectrum for use on those constellations.

而且如你所提到的，任何已經擁有或正計畫發射 LEO（低地球軌道）星座的人，都非常有興趣取得低頻頻譜——不論是直接收購，或是取得其使用權；這也呼應你第二點，也就是你要如何讓這些星座能啟用並使用這段頻譜。

And that could obviously be achieved through a conventional auction like we did in 2017. It could also be achieved through a negotiated sale, which is another possibility that will be organized on a -- with the FCC. And then the final -- the third option would be to enter in some sort of a lease arrangement to make capacity available.

這當然可以透過像我們 2017 年那樣的傳統拍賣來達成。也可以透過協商出售來達成，這是另一種可能性，並將在——與 FCC 的框架下來安排。最後——第三個選項則是進入某種租賃安排，以提供可用容量。

And so like I think the macro point is that this spectrum is very valuable. I think it's easily at market auction at a negotiated sale over $2.50 a megahertz pop. I think it would be a floor valuation that I would see in any sort of transaction, which, by the way, implies $4.1 billion for Sinclair's portfolio in totality.

所以我認為宏觀重點是，這段頻譜非常有價值。我認為在市場拍賣或協商出售中，它很容易達到每 MHz 2.50 美元以上。我認為這會是我在任何形式交易中看到的底部估值；順帶一提，這意味著 Sinclair 的整體頻譜組合估值為 41 億美元。

And it also underscores the necessity to fully roll out 3.0 and sunset 1.0 because by sunsetting 1.0, we're able to free up a lot of spectrum which could be used for additional programming and data casting, which we're working on at EdgeBeam. And -- but there is sort of a cost-benefit analysis that I think will go on once we sunset 1.0 and these commercial applications are available that EdgeBeam was working on.

這也凸顯了全面推進 3.0 並逐步終止 1.0 的必要性，因為在終止 1.0 後，我們就能釋放出大量頻譜，可用於更多節目內容與資料廣播（datacasting），這也是我們在 EdgeBeam 正在推動的方向。而且——但我認為，一旦我們終止 1.0、且 EdgeBeam 正在開發的這些商業應用可用之後，將會進行某種成本效益分析。

The industry will have to assess, is it better to run those use cases over that spectrum and earn an annuity stream of income from it or is it better to transact and sell or at least to someone like Starlink. And so I think all of those are possibilities and it's really just an economic equation and it reinforces to me and the rest of the industry that we need to get the FCC to act and approve the NPRM in front of them on 3.0 and sunset 1.0 in order to open up these types of opportunities.

產業必須評估：把這些使用情境跑在那段頻譜上，並從中賺取年金式的收入流比較好；還是進行交易、出售，或至少賣給像 Starlink 這樣的對象比較好。所以我認為以上皆有可能，這本質上就是一道經濟算式；也讓我以及產業其他同業更確信，我們需要促使 FCC 採取行動，核准他們面前關於 3.0 與終止 1.0 的 NPRM（擬議規則制定通知），以便開啟這類機會。

Aaron Watts, Deutsche Bank.

Aaron Watts，德意志銀行。

Covered a lot of ground already. Chris, I had a follow-up around the FCC and the national ownership cap change. Curious, how you're thinking about the practical timing of the industry being able to act on the changes that we may see come tomorrow and in the near future, especially in light of how other media consolidation processes are playing out and the expected or potential challenges that may be raised in the courts?

前面已經涵蓋了很多面向。Chris，我想就 FCC 與全國持股上限（national ownership cap）變更追問一下。我很好奇，你如何看待產業在實務上能夠採取行動的時間點——針對我們可能在明天以及近期看到的變化——特別是考量到其他媒體整併流程的進展，以及法院可能提出的預期或潛在挑戰？

So once a vote happens, it does take some amount of time to go into the registry where it becomes officially a rule. I think it's something around 30 days or so, but don't quote me on that. And after that, that's the law of the land, so to speak.

所以一旦完成投票，確實需要一些時間才能進入聯邦公報（federal registry），並正式成為規則。我想大概是 30 天左右，但不要引用我這個數字。之後，某種程度上來說，那就是現行適用的法律。

I do -- we fully expect people to challenge this order. And we think the FCC has -- is on a solid legal ground here in terms of their authority to change this rule and the rationale behind changing it in terms of the FCC's mandate is to deregulate over time. That was the mandate from Congress as conditions change, and that's what's happening here. So we'll be able to transact under this new rule shortly after the vote happens as soon as it gets into the federal registry.

我確實——我們完全預期會有人挑戰這項命令。而我們認為 FCC 在法律基礎上——就其變更該規則的權限以及變更理由而言——是站得住腳的，因為 FCC 的任務是隨時間推進去管制化。這是國會在條件改變時所賦予的任務，而現在正是這種情況。因此，一旦投票完成、且規則刊登進入聯邦公報後不久，我們就能在這項新規則下進行交易。

Okay. That's really helpful. And maybe one for Rob potentially, but I know you touched on some weakness in some of your core categories. Can you highlight a little bit more about your top categories and how they're trending plus or minus right now? And are the ones that are a little softer at the moment, just really a reflection of the macro uncertainties?

了解。這非常有幫助。另外可能也想問 Rob 一題，但我知道你提到核心品類有些疲弱。你能否再多說一點你們的主要品類，以及目前的成長或下滑趨勢？而目前稍微偏弱的那些，是否主要只是反映宏觀不確定性？

Yeah. I'll start with automotive, and automotive is flat year over year, and that trend continues, which means it's a great sign through these macro economics that automotive spending remains equal to last year. Sports betting and legal were categories that helped drive the quarter. While services and medical were the down-trending top categories.

是的。我先從汽車類開始，汽車類年對年持平，而且這個趨勢仍在延續；這代表在這些宏觀經濟環境下，汽車支出仍與去年相當，是個很好的訊號。運動博彩與法律服務是帶動本季表現的品類。而服務業與醫療則是主要品類中呈現下滑趨勢的。

That concludes our Q&A session. I'll now hand the conference back to Chris Ripley, President and Chief Executive Officer, for closing remarks. Please go ahead.

我們的問答環節到此結束。接下來我把會議交回給總裁兼執行長 Chris Ripley 作結語。請開始。

Thank you once again for joining us for our Q2 earnings call. If you have any follow-ups or questions, please don't hesitate to reach out to us.

再次感謝各位參加我們的第二季財報電話會議。若您有任何後續追問或問題，請隨時與我們聯繫。

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，今天的活動到此結束。您現在可以中斷連線，祝您有美好的一天。感謝您的參與。