Saga Communications Inc (SGA) 2025 Q1 法說會逐字稿

Good day, everyone and welcome to the Saga Communications first quarter earnings release. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Chris Forgy. Sir, the floor is yours.

大家好，歡迎參加 Saga Communications 第一季財報發布會。（操作員指示）現在我很高興將發言權交給主持人克里斯·福吉 (Chris Forgy)。先生，請您發言。

Thank you, Matt, and good morning to everyone who's taken the time to join Saga's 2025 Q1 earnings call. We appreciate your continued interest, support, and participation in what we believe is the best media company on the planet.

謝謝你，馬特，向所有參加 Saga 2025 年第一季財報電話會議的人問好。我們感謝您對我們認為的全球最佳媒體公司的持續關注、支持和參與。

It's been an interesting few months at the Sagaverse, headlined by several spirited conversations and strong opinions expressed on multiple topics surrounding Saga Communications Incorporated. Times like these could create a cause to check one strategy, one's resolve, and ultimately yourself. But before during and after the recent conflict occurred, I was constantly reminded of the Stockdale Paradox.

Sagaverse 過去的幾個月非常有趣，圍繞著 Saga Communications Incorporated 的多個主題進行了幾次熱烈的討論，並表達了強烈的觀點。這樣的時刻可能會成為檢驗一個人的策略、一個人的決心，以及最終檢驗你自己的理由。但在最近的衝突發生之前、期間和之後，我不斷地想起斯托克代爾悖論。

You may have heard it. Say it goes like this. In order to navigate difficult times, you must first confront the brutal facts, accepting the current reality, even if it's difficult. You must maintain faith by having an unwavering belief that you will prevail no matter how long it takes.

你可能已經聽過了。就像這樣。為了度過困難時期，你必須先面對殘酷的事實，接受當前的現實，即使這很困難。你必須保持信念，堅信無論需要多長時間你都一定能夠勝利。

You must be consistent, continuing to work through pain and uncertainty. You must acknowledge your mistakes and accept that failure and bad decisions are inevitable, and then acknowledge it to yourself and to the rest of your team. You must overcome temporary difficulties by embracing challenges as temporary constraints and develop to plan to live in the disruption.

你必須堅持不懈，克服痛苦和不確定性，繼續努力。你必須承認自己的錯誤，並接受失敗和錯誤的決定是不可避免的，然後向自己和團隊的其他成員承認這一點。您必須將挑戰視為暫時的限制，以克服暫時的困難，並制定計劃以應對混亂。

Finally, you must stay focused and maintain a personal sense of resolve, spirituality, morality, values, and meaning. And we have to review some of those push points that included Saga's potential sale of non-core assets and what to do with the proceeds from those potential sales. For example, we've had multiple interactions with companies that have been interested in one or more of the towers we own.

最後，你必須集中註意力，保持個人的決心、精神、道德、價值觀和意義。我們必須重新審視其中的一些推動點，包括 Saga 可能出售非核心資產以及如何處理這些潛在出售所得。例如，我們與對我們擁有的一座或多座塔感興趣的公司進行了多次互動。

We are currently evaluating a non-binding letter of intent to purchase some of our tower sites. The Board is committed to using a significant portion of the proceeds from such a sale for stock buybacks. This may include open markets, block trades, or other forms of buyback as a part of our overall capital allocation plans during the course of the year.

我們目前正在評估一份不具約束力的意向書，以購買我們的部分塔站。董事會承諾將此次出售所得的大部分收益用於股票回購。這可能包括公開市場、大宗交易或其他形式的回購，作為我們全年整體資本配置計劃的一部分。

Another one was our board composition and refreshment. We're delighted to welcome Mike Scafidi to the Board of Directors as Marcia Lobaito retires from the Saga Board. Thank you, Marcia. I wanted to express my gratitude to you personally and professionally for your 40- year contribution to Saga Communications. You will be missed.

另一個是我們的董事會組成和茶點。在 Marcia Lobaito 從 Saga 董事會退休之際，我們很高興歡迎 Mike Scafidi 加入董事會。謝謝你，瑪西婭。我想從個人和職業角度向您表達謝意，感謝您 40 年來對 Saga Communications 的貢獻。我們會想念你的。

We will continue to refresh the board through 2025 and beyond. And what seems to be the main push point, Saga's digital strategy. I believe this is primarily because of faulty assumptions that reflect the general misunderstanding of Saga's business and the landscape in which we operate.

我們將在 2025 年及以後繼續更新董事會。而主要的推動點似乎是 Saga 的數位策略。我認為這主要是因為錯誤的假設反映了對 Saga 的業務和我們經營環境的普遍誤解。

I also believe, it's important to further enlighten our shareholders on what our digital strategy is and what it is not. And we'll be doing so in the spirit of an old Chinese proverb that says, tell me and I forget, show me and I remember, involve me and I understand. I think it's important that all of those involved in support and participation of Saga Communications understand what our digital strategy is and is not.

我還認為，進一步讓股東了解我們的數位策略是什麼和不是什麼非常重要。我們將本著中國古諺語的精神來做這件事：告訴我，我會忘記；給我看，我會記住；讓我參與，我會理解。我認為，所有支持和參與 Saga Communications 的人都應該了解我們的數位策略是什麼，不是什麼，這一點很重要。

Internally, the word we use to describe our digital process is blended, which refers to the blending of radio, search, and display. More on that later, but first, I'm going to turn it over -- first, I'm going to take a look at Saga's first-quarter performance.

在內部，我們用來描述數位化過程的詞是混合，指的是廣播、搜尋和顯示的混合。稍後我會詳細介紹，但首先，我要回顧一下——首先，我要看看 Saga 第一季的表現。

In Q1, Saga's top three largest advertising verticals were home improvement, professional services, and automotive, which recently crept back into the top three. The top three fastest growing advertising verticals were home improvement, health care, and real estate.

第一季度，Saga 三大廣告垂直領域分別是家居裝修、專業服務和汽車，最近汽車又重新回到了前三名。成長最快的三大廣告垂直產業是家居裝修、醫療保健和房地產。

Saga's rapidly growing digital platform is also gaining momentum. In all of 2024, Saga produced $5 million in digital ad revenue, which is defined as search, display, and social. As of today for 2025, we've already generated $5.3 million in search, display, and social, and it's only May 8.

Saga 快速發展的數位平台也正在獲得發展動力。2024 年全年，Saga 的數位廣告收入為 500 萬美元，其中包括搜尋、展示和社群廣告收入。截至今天，2025 年我們已經在搜尋、展示和社交領域創造了 530 萬美元的收入，而現在才 5 月 8 日。

Saga has also experienced four straight months of significant growth in digital ad revenue, February through May. And in the month of May 2025, it will be the largest single month ever in digital ad revenue in Saga's history.

從 2 月到 5 月，Saga 的數位廣告收入也連續四個月大幅成長。2025年5月，將成為Saga史上數位廣告收入最高的一個月。

Total interactive revenue, which includes streaming, e-commerce, online news, and digital ad revenue combined. Gross revenue in all of 2024 was $14.2 million. As of today, Saga has already written $12.5 million in total interactive revenue. And again, it's only May 8.

總互動收入，包括串流媒體、電子商務、線上新聞和數位廣告收入的總和。2024 年全年總收入為 1,420 萬美元。截至目前，Saga 的互動總收入已達 1,250 萬美元。再說了，現在才 5 月 8 日。

With that, Sam I'm going to turn it over to you for more detail and some color on Q1 as well as a look ahead to our forward pacing. Sam?

有了這個，山姆，我將把它交給你，讓你了解有關第一季的更多細節和一些情況，並展望我們的未來步伐。山姆？

Thank you, Chris. This call will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties that are described in the risk factor section of our most recent Form 10-K. This call will also contain a discussion of certain non-GAAP financial measures. Reconciliation for all the non-GAAP financial measures to the most directly comparable GAAP measure are attached in the selected financial data tables.

謝謝你，克里斯。本次電話會議將包含有關我們未來績效和營運成果的前瞻性陳述，其中涉及我們最新的 10-K 表格中風險因素部分所述的風險和不確定性。本次電話會議也將討論某些非公認會計準則財務指標。所有非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳均附在選定的財務資料表中。

For the quarter ended March 31, 2025, net revenue decreased 4.3% to $24.2 million compared to $25.3 million last year. Station operating expense decreased 2.2% to $22 million for the three months period. For the quarter, we had an operating loss of $2.3 million compared to $2.4 million last year.

截至 2025 年 3 月 31 日的季度，淨收入較去年的 2,530 萬美元下降 4.3% 至 2,420 萬美元。三個月內，車站營運費用下降 2.2% 至 2,200 萬美元。本季度，我們的營業虧損為 230 萬美元，而去年同期為 240 萬美元。

Station operating income, a non-GAAP measure was $2.2 million for the quarter. Capital expenditures were $700,000 for the quarter compared to $1.1 million for the first quarter last year. We had a net loss of $1.6 million for the quarter, which was approximately the same as last year.

本季車站營業收入（非公認會計準則）為 220 萬美元。本季資本支出為 70 萬美元，而去年第一季為 110 萬美元。本季我們的淨虧損為 160 萬美元，與去年同期大致相同。

On a same-station basis for the quarter ended March 31, 2025 net revenue decreased 6.6% to $23.6 million and station operating expense decreased 5% to $21.3 million. Reflecting on operating expenses, it was good to see a 2.2% decrease in station operating expenses for the first quarter.

截至 2025 年 3 月 31 日的季度，同站淨收入下降 6.6% 至 2,360 萬美元，站點營運費用下降 5% 至 2,130 萬美元。從營運費用來看，很高興看到第一季車站營運費用下降了 2.2%。

This was the result of an increase in operating expenses of approximately $619,000 for the Lafayette acquisition and a decrease in same station operating expenses of approximately $1.1 million. The decrease in same station expenses was primarily due to a reduction in compensation and compensation related expenses, bad debt, and digital services as we are now doing some of our digital ad placement in house.

這是由於收購拉斐特的營運費用增加約 61.9 萬美元，而同一站點的營運費用減少約 110 萬美元。同台費用的減少主要是由於薪酬及薪酬相關費用、壞帳和數位服務的減少，因為我們現在在內部進行部分數位廣告投放。

Corporate expenses increased $84,000. This included a $110,000 expense relating to a threatened proxy contest initiated by OneSaga shareholder. There will be additional legal proxy consulting and annual meeting expenses reflected in the second quarter results relating to the resolution of this issue.

公司費用增加了 84,000 美元。其中包括與 OneSaga 股東發起的代理權爭奪戰有關的 11 萬美元費用。與解決該問題有關的額外法律代理諮詢和年度會議費用將反映在第二季業績中。

In addition to what Chris has already said and will talk more about shortly, I want to point out that for the quarter, total interactive revenue was up 14% with a 51% profit margin. The profit margin does exclude sales commissions at this time. While still in its infancy from a total dollar standpoint, our online news initiative revenue almost doubled from $285,000 in the first quarter of 2024 to $562,000 for the first quarter this year.

除了克里斯已經說過的和稍後會談到的內容之外，我想指出的是，本季總互動收入成長了 14%，利潤率為 51%。此時的利潤率確實不包括銷售佣金。雖然從總收入角度來看仍處於起步階段，但我們的線上新聞計畫收入幾乎翻了一番，從 2024 年第一季的 285,000 美元增至今年第一季的 562,000 美元。

Pacing for the second quarter is still uncertain, but is improving over Q1's results. For the second quarter, we are currently pacing down mid-single digits. That said, April was not a great month pacing down high-single-digits, but May showed improvement to down low-single-digits, and June is currently flat with last year. We expect to continue to see improvement as the year progresses.

第二季的步伐仍不確定，但比第一季的結果有所改善。對於第二季度，我們目前的成長速度處於中等個位數。話雖如此，四月的表現並不好，降幅達高個位數，但五月有所改善，降幅達低個位數，而六月目前與去年持平。我們預計隨著時間的推移情況將繼續改善。

Interactive pacing is strong for the second quarter being up 18.4%. It was also encouraging to see that with our ongoing blended initiative, local direct is also improving from being down high-single-digits in April to being down mid-single-digits in May and down very low single-digits in June. Local radio, as you have heard Chris repeatedly say and will continue to hear him say, is what starts the whole blended advertising process.

第二季互動節奏強勁，成長 18.4%。同樣令人鼓舞的是，隨著我們正在進行的混合舉措，本地直銷業務也從 4 月份的高個位數下降，改善到 5 月份的中個位數下降，再到 6 月份的非常低個位數下降。正如克里斯反覆說過的以及你將繼續聽到他說的那樣，地方電台是整個混合廣告過程的啟動器。

The company paid a quarterly dividend of $0.25 per share on March 7, 2025. The total dividend paid was approximately $1.6 million. To date, Saga has paid over $137 million in dividends to shareholders since the first special dividend was paid in 2012, as well has bought back over $58 million in Saga stock.

該公司於 2025 年 3 月 7 日支付了每股 0.25 美元的季度股息。支付的股息總額約為160萬美元。自 2012 年首次發放特別股息以來，Saga 迄今已向股東支付了超過 1.37 億美元的股息，同時也回購了價值超過 5,800 萬美元的 Saga 股票。

The company intends to pay regular quarterly cash dividends in the future. Further, as a part of our overall capital allocation plan for 2025, Saga intends to use a portion of the proceeds from the potential sale of non-core assets to fund stock buybacks, which may include open market purchases, block trades, or other forms of buybacks.

該公司計劃未來定期派發季度現金股利。此外，作為我們 2025 年整體資本配置計畫的一部分，Saga 打算使用非核心資產潛在出售所得的部分收益來資助股票回購，其中可能包括公開市場購買、大宗交易或其他形式的回購。

All said, we believe Saga is in a strong financial position to improve profitability as our digital initiative improves both local radio and interactive revenue. As an update to our year end conference call and as Chris and I both talked about, we have entered into a non-binding letter of intent to sell some of our tower sites, which we are currently evaluating. We will release more information when it is appropriate as both Saga and the prospective buyer continue the due diligence process.

總而言之，我們相信，由於我們的數位化措施提高了本地廣播和互動收入，Saga 的財務狀況將更加穩健，能夠提高獲利能力。作為我們年終電話會議的最新消息，正如克里斯和我所談到的，我們已經簽署了一份不具約束力的意向書，出售我們的一些塔站，我們目前正在對其進行評估。隨著 Saga 和潛在買家繼續盡職調查程序，我們將在適當的時候發布更多資訊。

The company's balance sheet reflects $27 million in cash and short term investments as of March 31, 2025 and $27.2 million as of May 5, 2025. We currently expect to spend between $4 million and $4.5 million for capital expenditures in 2025.

該公司的資產負債表顯示，截至 2025 年 3 月 31 日，現金和短期投資為 2,700 萬美元，截至 2025 年 5 月 5 日，現金和短期投資為 2,720 萬美元。我們目前預計 2025 年的資本支出將在 400 萬至 450 萬美元之間。

We also currently expect that our station operating expense will be approximately flat or decreasing 1% for the year as compared to 2024. This takes into consideration the expense reductions we have and are making in addition to any costs incurred as the expenses are reduced as well as our continued investment in the ongoing revenue initiatives.

我們目前也預計，與 2024 年相比，今年我們的站點營運費用將基本持平或下降 1%。這考慮到了我們已經和正在進行的費用削減，以及由於費用削減而產生的任何成本，以及我們對正在進行的收入計劃的持續投資。

We anticipate that the annual corporate general and administrative expense will be approximately $12 million for 2025 compared to $12.6 million in 2024. Our tax rate is expected to be 27% to 30% with a deferred tax of 2% to 6% going g forward. And with that, Chris, I'll turn it back over to you.

我們預計，2025 年公司年度一般及行政開支約為 1,200 萬美元，而 2024 年為 1,260 萬美元。我們的稅率預計為 27% 至 30%，未來遞延稅率為 2% 至 6%。克里斯，說完這些，我把話題還給你。

Thank you, Sam. As promised Saga continues to pursue a digital strategy that has been carefully curated to focus on the needs of the consumer based on a deep understanding of consumer behavior and when they interact with an advertising message and a digital advertising marketplace that is simply broken and ripe for disruption.

謝謝你，山姆。正如承諾的那樣，Saga 將繼續推行精心策劃的數位策略，該策略基於對消費者行為的深刻理解以及消費者與廣告訊息和已經支離破碎且隨時可能被顛覆的數位廣告市場互動時的需求。

Saga's click, visit, call, and search approach provides the advertiser with an easy to understand, easy to use, and easy to buy solution to get the advertiser wanted, found, and chosen, ultimately resulting in more sales and higher customer retention. Saga's digital strategy helps us differentiate ourselves from other digital solutions by providing higher margin, lower attrition, and customer focused solutions versus the product oriented offerings that currently exist in much of our current digital marketplace. And it all starts with radio, the best most efficient medium to persuade the consumer to take action.

Saga 的點擊、存取、呼叫和搜尋方法為廣告主提供了易於理解、易於使用和易於購買的解決方案，讓廣告商想要、發現和選擇廣告，最終帶來更多的銷售和更高的客戶保留率。Saga 的數位策略幫助我們透過提供更高的利潤、更低的損耗和以客戶為中心的解決方案（而非目前我們大部分數位市場中存在的以產品為導向的產品）來區分我們與其他數位解決方案。一切都始於廣播，這是說服消費者採取行動的最佳、最有效的媒介。

How and why is this digital marketplace right for disruption? Several reasons. number one, there's a significant increase in digital ad spend. There are frustrated buyers with unmet needs. Advertisers are simply fed up with inefficient ad campaigns and empty promises. They don't like what they're buying and who they're buying it from.

這個數位市場如何以及為何適合顛覆？原因有幾個。第一，數位廣告支出大幅增加。有些買家因為需求未被滿足而感到沮喪。廣告商已經厭倦了低效率的廣告活動和空洞的承諾。他們不喜歡自己買的東西，也不喜歡購買者。

And there's a fragmented and confused advertising marketplace as well. There are just too many providers, too many conflicting solutions. Businesses don't know who they can trust. And in this case, simplicity and clarity win.

廣告市場也變得分散且混亂。提供者太多，相互衝突的解決方案也太多。企業不知道可以信任誰。在這種情況下，簡單和清晰是勝利的。

There's a shift in consumer behavior. Digital advertising strategies have not caught up with the journey people take when they buy a product or service. In other words, there's a gap where tech meets human behavior.

消費者行為發生了轉變。數位廣告策略尚未跟上人們購買產品或服務的歷程。換句話說，科技與人類行為之間存在著差距。

The problem that Saga is solving with its rapidly growing digital strategy is to provide our customers with a digital advertising solutions that are, as I said earlier, easy to understand, easy to buy, easy to use, and most importantly, all hyper targeted on a highly qualified real consumer. This along with easy to understand attribution metrics focused on the actions consumers take that lead to a sale. And again radio is a star.

Saga 透過其快速發展的數位策略所解決的問題是向我們的客戶提供數位廣告解決方案，正如我之前所說，這些解決方案易於理解、易於購買、易於使用，最重要的是，所有解決方案都高度針對高品質的真實消費者。這與易於理解的歸因指標一起，重點在於消費者採取的導致銷售的行為。廣播再次成為明星。

Radio is the magic top of funnel medium that provides persuasive messaging, leads the consumer to a search, and starts the consumer buying journey. We call it click, visit, call, and search. Saga's radio stations get the advertiser wanted, and Saga's digital platform gets the advertiser found and chosen.

廣播是漏斗媒體的神奇頂端，它提供有說服力的信息，引導消費者進行搜索，並開啟消費者購買之旅。我們稱之為點擊、存取、呼叫和搜尋。Saga 的廣播電台讓廣告商想要，而 Saga 的數位平台讓廣告商找到並選擇。

And by the way, this isn't new money. The available digital money that it's being spent as we speak by customers of ours who like and trust us, but only with their radio spend. The teaching and training we've been doing over the past year plus is to give our leadership team and our media advisors the intellectual currency.

順便說一句，這不是新錢。正如我們所說，那些喜歡並信任我們的客戶正在花費可用的數位貨幣，但僅限於他們的廣播支出。我們在過去一年多的時間裡所做的教學和培訓是為了讓我們的領導團隊和媒體顧問獲得知識財富。

They need to show our customers that we are competent enough in the digital space using the consumer journey to be trusted with enormous amounts of money they are already investing in digital advertising. And like the digital dollars being spent, the consumer journey is not a new phenomenon either.

他們需要向我們的客戶證明，我們在利用消費者旅程進行數位領域擁有足夠的能力，值得他們信賴，將他們已經在數位廣告上投入的巨額資金投入到我們身上。就像花費的數位美元一樣，消費者旅程也不是什麼新鮮現象。

Since the early days of advertising, there has been a consumer journey. The delivery system just changed. For example, today, the consumer hears an ad with a compelling persuasive message then goes on a search for that message on Google. Then the consumer is served with display ads consistent with the ad they heard on the radio to remind and persuade them to choose the advertiser being promoted instead of their competitor.

自廣告誕生之初，就存在著消費者旅程。交付系統剛剛改變。例如，今天，消費者聽到一則帶有引人注目的說服性訊息的廣告，然後在 Google 上搜尋該資訊。然後向消費者提供與收音機上聽到的廣告一致的展示廣告，以提醒和說服他們選擇所推廣的廣告商而不是競爭對手。

Conversely, in the early years of advertising, the consumer hears an ad with a compelling persuasive message then goes on a search, this time in the yellow pages. And those yellow pages, the consumers serve with display ads in the form of a half page or full page ad in red and black ink versus just black ink with a message that makes the ad stand out and is consistent with the ad they heard on the radio to remind them and persuade them to choose the advertiser being promoted instead of their competitor.

相反，在廣告發展的早期，消費者聽到帶有引人注目的說服性信息的廣告後會進行搜索，這次是在黃頁上。而在黃頁上，消費者可以透過半頁或整頁的紅黑墨水（而不是黑色墨水）看到展示廣告，廣告中的信息使廣告脫穎而出，並與他們在收音機上聽到的廣告保持一致，提醒他們並說服他們選擇所推廣的廣告商而不是競爭對手。

You see it? It's very similar. This isn't a new revolutionary process, and this isn't new money. We are simply more competent, and we are gaining the trust of the customers who already trusted us with the radio advertising to allow us to guide them through the consumer journey and to trust us with their digital advertising money.

你看到了嗎？非常相似。這並不是新的革命過程，也不是新的金錢。我們只是更有能力了，我們正在贏得客戶的信任，他們已經信任我們的廣播廣告，讓我們引導他們完成消費者旅程，並信任我們管理他們的數位廣告資金。

One example is our cluster in Columbus, Ohio. Had previously won a $750,000-plus click visit and call search order from a brand new advertiser. Then just this week, they received a call from the very same client saying they had given a second piece of their digital business to one of our competitors, primarily because the client had an advertising relationship with our competitor and wanted to give them a shot with a separate portion of their digital ad spend.

其中一個例子就是我們在俄亥俄州哥倫布市的集群。此前曾從一個全新的廣告商那裡贏得了價值 750,000 多美元的點擊訪問和呼叫搜尋訂單。就在本週，他們接到了同一位客戶的電話，說他們已將其數位業務的第二部分交給了我們的一個競爭對手，主要是因為該客戶與我們的競爭對手有廣告關係，並希望將其數位廣告支出的單獨一部分交給競爭對手。

The client then expressed that our competitor could not deliver on the promises they made when given the business in the first place and that they were pulling the business and giving it all back to us, another $298,000. This single client with one campaign in one single market now represents over $1 million in radio search and display. This is the largest single order from one client in one market that I personally have ever seen in my 45-year advertising career.

客戶隨後表示，我們的競爭對手無法兌現當初接手這項業務時所做的承諾，因此他們決定撤回這項業務，並將全部款項（298,000 美元）退還給我們。這個單一客戶在單一市場中發起了一場活動，目前在廣播搜尋和顯示方面投入了超過 100 萬美元。這是我 45 年廣告生涯中見過的來自單一客戶、單一市場的最大單筆訂單。

So why are we doing this? Willie Sutton wants to ask, why robbed banks? And you know what he said. And you know what he said. He said, because that's where the money is.

那我們為什麼要這麼做呢？威利薩頓想問，為什麼要搶銀行？你知道他說了什麼。你知道他說了什麼。他說，因為錢就在那裡。

According to eMarketer, in 2024, there were $421 billion spent on advertising in the United States. 74% or $309 billion were spent in digital and $91 billion on search alone. In 2025, the total number is expected to rise to $456 billion and 75% of total ad spend or $342 billion being spent on digital advertising.

根據 eMarketer 預測，2024 年美國廣告支出將達到 4,210 億美元，其中 74%（3,090 億美元）用於數位廣告，光是搜尋廣告就達到 910 億美元。到 2025 年，預計總額將上升至 4,560 億美元，其中總廣告支出的 75% 或 3,420 億美元將用於數位廣告。

And by 2029, in only four short years, digital percentage of total ad spend is projected to be at 83%. So the cabin is widening. Currently, radio's percentage of the total ad spend is a mere 5.6%, and radio's percentage of total ad spend is a pedestrian. A rate radio's percentage of total digital ad spend is a pedestrian 0.067% or $2 billion.

到 2029 年，僅僅四年時間，數位廣告佔廣告總支出的比例預計將達到 83%。因此機艙正在變寬。目前，廣播佔廣告總支出的比例僅5.6%，廣播佔廣告總支出的比例微乎其微。電台在數位廣告總支出中所佔的比例僅為 0.067%，即 20 億美元。

We simply cannot grow with 5.6% of total ad spend and a little more than one half 1% in the total digital ad spend. We have to do it differently. And transformational change is hard. I've said this before. It takes time, it takes money, and it takes great resolve.

我們根本無法憑藉 5.6% 的總廣告支出和略高於 0.5% 的總數位廣告支出成長。我們必須採取不同的做法。而轉型變革是困難的。我以前說過這個。這需要時間、需要金錢、需要堅定的決心。

And if we can capture just 5% of the available digital dollars in our Saga 28 markets over the next 18 to 24 months, we believe we can double our gross total annual revenue, most of it digital, and at the same time, while we are preserving and protecting and growing radio. Sam, do we have any questions?

如果我們能在未來 18 到 24 個月內從 Saga 28 個市場中獲得 5% 的數位收入，我們相信我們的年度總收入（大部分是數位收入）就能翻一番，同時我們還能保存、保護和發展廣播。山姆，我們有什麼問題嗎？

We do. We got a few questions that came in this morning, Chris. Most of them, I think, we've already addressed, but I'll just walk through it.

是的。克里斯，我們今天早上收到了一些問題。我認為我們已經討論了其中的大部分問題，但我將只是簡單介紹一下。

The first one is it seems that there has been some impact on advertising spend related to the concerns around the tariffs. Are you seeing improvement in ad trends following assuaged concerns around tariffs?

首先，關稅問題似乎對廣告支出產生了一些影響。隨著關稅擔憂緩解，您是否看到廣告趨勢有所改善？

I think there will be a ripple effect. We're going to see it on Main Street. We're going to see it in all products and services that are sold and consumed. We have not seen that as of yet. As I mentioned in the early parts of the call, Sam, one of our categories that had not been in the top three has now inched its way back in, and that's automotive, which seems to be the biggest discussion about where the tariffs are going to be coming from. And so we'll see, but there certainly will be a ripple effect in cost of goods sold.

我認為這會產生連鎖反應。我們將在主街上看到它。我們將在所有銷售和消費的產品和服務中看到它。到目前為止我們還沒有看到這種情況。正如我在電話會議開始時提到的那樣，薩姆，我們的一個類別之前沒有進入前三名，現在已經慢慢回到了前三名，那就是汽車，這似乎是關於關稅來源的最大討論。我們將會看到，但這肯定會對銷售成本產生連鎖反應。

Yeah. And I think, Chris, the other aspect of that is, is that there's volatility still. Nobody knows from day-to-day where the tariffs are. I mean, supposedly this morning, there's going to be an announcement about reaching a tariff agreement with the UK. Supposedly, we're having conversations with China, but I don't know that any of us know from day-to-day where that stands. So still to be determined as we go forward.

是的。克里斯，我認為，另一方面，波動性仍然存在。沒有人知道每天的關稅是多少。我的意思是，據說今天早上將會宣布與英國達成關稅協議。據稱，我們正在與中國進行對話，但我不知道我們當中是否有人每天都了解情況。因此，我們仍需堅定決心繼續前進。

The two questions had to do with digital performance in the quarter and what the trends are in the second quarter and breaking down digital and legacy broadcast, revenue guidance. We don't break it down specifically. I do think we addressed the performance in the quarter and the trends in the second quarter, so I believe that will help with the questions.

這兩個問題與本季的數位表現和第二季的趨勢有關，並細分數位和傳統廣播、收入指導。我們不具體分解。我確實認為我們解決了本季的表現和第二季的趨勢，所以我相信這將有助於解答這些問題。

And then the last was any color on the advertising categories that are weakened from the first quarter versus the second quarter. And I think you addressed what had strengthened in the first quarter and where we were going. So I'm not sure that talking about the weakened categories, because we are seeing some of our main categories do very well right now and showing some positive growth for the second quarter. So, with that, I'm going to turn it back over to you again, Chris.

最後，與第二季相比，第一季的廣告類別是否有所減弱？我認為您談到了第一季哪些方面表現增強以及我們接下來將要採取哪些行動。因此，我不確定是否要談論疲軟的類別，因為我們看到我們的一些主要類別現在表現得非常好，並且在第二季度顯示出一些積極的增長。因此，我將再次把話題轉回給你，克里斯。

Thank you for your questions. Thank you, Sam. Thank you again to all of you who have joined us for the Saga Q1 earnings call. And thank you for your interest in Saga Communications Incorporated. What we believe is the best media company on the planet. Thank you, and have a great rest of the week.

感謝您的提問。謝謝你，山姆。再次感謝各位參加 Saga Q1 收益電話會議。感謝您對 Saga Communications Incorporated 的關注。我們相信這是地球上最好的媒體公司。謝謝，祝您本週剩餘時間過得愉快。

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。