Saga Communications Inc (SGA) 2025 Q2 法說會逐字稿

Good day, and welcome to Saga Communications second quarter earnings release conference call.(Operator Instructions) It is now my pleasure to turn the floor over to your host, Chris Forgy, President and CEO at Saga Communications. Sir, the floor is yours.

您好，歡迎參加 Saga Communications 第二季財報發布電話會議。 （操作員指示）現在我很高興將發言權交給主持人、Saga Communications 總裁兼執行長 Chris Forgy。先生，請您發言。

Thank you, Paul, and thank you to everyone who has taken the time to join Saga's 2025 Q2 Earnings Call. As always, we appreciate your continued support, your interest, and your participation in Saga Communications, what we believe is the best media company on the planet. Before my remarks, I will turn the floor over to Sam for our introduction. Sam?

謝謝你，保羅，也感謝所有抽出時間參加 Saga 2025 年第二季財報電話會議的人。一如既往，我們感謝您對 Saga Communications 的持續支持、關注和參與，我們相信它是全球最好的媒體公司。在我發言之前，我將先請 Sam 介紹。山姆？

Thank you, Chris. As a reminder, 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 Factors 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. And now Chris, on with the show.

謝謝你，克里斯。提醒一下，本次電話會議將包含有關我們未來業績和經營成果的前瞻性陳述，其中涉及我們最新的 10-K 表格「風險因素」部分中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。現在克里斯繼續表演。

Thank you, Sam. You probably remember, Sam, during the most recent Saga Board meeting, the Board of Directors meeting, I received a text from Matt Burgoyne. Matt serves as Saga's Director of Innovation and Growth and leads and oversees Saga's transformational digital strategy that you've heard so much about.

謝謝你，山姆。山姆，你可能還記得，在最近的 Saga 董事會會議，即董事會會議期間，我收到了馬特·伯戈因 (Matt Burgoyne) 發來的短信。Matt 擔任 Saga 的創新與成長總監，領導並監督您所熟知的 Saga 轉型數位策略。

We call it blended advertising. In the text, Matt shared with me an experience he and the team in one of our Saga markets were navigating through. And this single client represented an opportunity to win $1.3 million annually. Although this type of account is atypical, we refer to this type of customer as a whale. And whales, frankly, they're very complex beasts.

我們稱之為混合廣告。在文中，馬特與我分享了他和我們 Saga 市場之一的團隊所經歷的經歷。而這位客戶就代表著每年贏得 130 萬美元的機會。儘管這種類型的帳戶並不典型，但我們還是將這種類型的客戶稱為鯨魚客戶。坦白說，鯨魚是非常複雜的動物。

Our opportunity to win this business was created in part by the failure of another broadcast company to deliver and fulfill the customers' needs and by the relationship our market manager had developed with this customer. The fact of the matter is they trusted us to perform. So long story short, the problems that existed with this poor performance of the campaign were not of our doing, but of the result of poor performance of other third-party providers the customer was using.

我們贏得這項業務的機會部分是由於另一家廣播公司未能滿足客戶的需求，以及我們的市場經理與該客戶建立的關係。事實是他們相信我們能夠勝任。長話短說，這次活動表現不佳的問題不是我們的問題，而是客戶使用的其他第三方提供者表現不佳造成的。

Matt and his team provided an outline of the necessary changes needed and a road map on how to fix them. The customer left the meeting knowing their third-party providers were the problem. But more importantly, they now had a partner, a partner in Saga who knew how to identify the issues and how to fix them. In Matt's words, they trust us implicitly.

馬特和他的團隊提供了所需必要變更的概要以及如何解決這些變更的路線圖。客戶離開會議時知道問題出在第三方供應商。但更重要的是，他們現在有了一個合作夥伴，一個來自 Saga 的合作夥伴，他知道如何識別問題以及如何解決問題。用馬特的話來說，他們完全信任我們。

As they all left the meeting, the customer was talking about an additional campaign and advice they wanted us to put together for them. This account alone has the potential this time next year to be $150,000 a month account. Most to no digital could not have navigated this meeting. In fact, this client had already fired 1 broadcaster who knew digital. It is only because of Saga's training and teaching of its leaders and media advisers over the past 1.5 years that we could have even had a seat at the table to discuss this type of money. Let alone win the money and then coach the client on how to fix issues they were experiencing with other third-party providers.

當他們都離開會議時，客戶正在談論他們希望我們為他們制定的額外活動和建議。光是這個帳戶就有可能在明年這個時候達到每月 15 萬美元的額度。大多數數位技術人員都無法主持這次會議。事實上，這位客戶已經解雇了一位懂數數位科技的廣播員。正是因為 Saga 在過去的一年半對其領導人和媒體顧問進行了培訓和教導，我們才有機會坐下來討論這筆錢。更不用說贏得金錢，然後指導客戶如何解決他們在與其他第三方供應商合作時遇到的問題。

I read the entire text to our Board of Directors at this Saga Board of Directors meeting and their response was this. Chris, what do you and your team need to run faster and more efficiently? You see this as a Board who sees the opportunity and supports management's efforts to accomplish something that some have said, can't be done. I guess we'll see.

我在這次 Saga 董事會會議上向董事會宣讀了全文，他們的回應是這樣的。克里斯，您和您的團隊需要什麼才能運作得更快、更有效率？您看到這一點，董事會看到了機會，並支持管理層的努力去完成一些人認為不可能的事情。我想我們會看到。

In a moment, Sam will share details of Saga's Q2 and six-month 2025 performance. Are we delighted with where we are today? No, not at all. We should be doing better, but this isn't the '90s or early 2000s where you can see that new grocery store chain is opened in your market. And you go out and sell a big schedule or remote some antiquated promotion that has been done 100 times and get a windfall of cash.

稍後，Sam 將分享 Saga 2025 年第二季和六個月的業績細節。我們對目前的狀況滿意嗎？不，一點也不。我們應該做得更好，但現在不是 90 年代或 21 世紀初，那時你可以看到新的雜貨店連鎖店在你的市場上開業。然後你出去推銷一份大型計劃或遠端進行一些已經做過 100 次的過時促銷，並獲得一大筆現金。

It just doesn't happen that way. We are now playing in the modern ever-evolving digital age. It's now much more sophisticated and requires skills and abilities to play and to play fast. And we are extremely optimistic. We're looking ahead to the near future.

事實根本不是這樣。我們現在正處於不斷發展的現代數位時代。現在它變得更加複雜，需要技巧和能力才能玩，而且要玩得快。我們非常樂觀。我們展望不久的將來。

As you know, Saga still has $27 million in cash and short-term investments on hand and has a plan that is being forged and gaining traction. Saga's digital culture continues to grow year-over-year, quarter-over-quarter and month-to-month.

如您所知，Saga 手頭上仍有 2700 萬美元現金和短期投資，並且正在製定並獲得支持。Saga 的數位文化逐年、逐季、逐月持續成長。

In 2025, July is better than June, August is better than July and September is better than August. Also, our digital percentage of total net revenue has also increased quarter-over-quarter from 13.6% to 15.6%. And recently, one of our few select third-party digital partners referred to Saga as one of their leading and fastest-growing digital channel partners.

2025年，7月比6月好，8月比7月好，9月比8月好。此外，我們的數位業務佔總淨收入的百分比也較上季成長，從 13.6% 增至 15.6%。最近，我們為數不多的第三方數位合作夥伴之一將 Saga 稱為其領先且成長最快的數位通路合作夥伴之一。

Recently, I heard a quote that I think is appropriate, not only for Saga, but for everyone listening. It says, those forged by the fire of adversity become living symbols of unbreakable will. Ladies and gentlemen, the traditional broadcast verticals that have carried us for years are challenged at best. And we're seeing signs that some of these traditional revenue verticals will return. But the degree to which they will return as well as the timing of those returns really remains to be seen.

最近，我聽到一句話，我覺得這句話不僅對 Saga 來說很合適，對所有聽眾來說也都很合適。據說，那些經過逆境火鍛造的人，都成為堅不可摧意志的活生生的象徵。女士們、先生們，多年來支撐我們發展的傳統廣播垂直產業正面臨挑戰。我們看到一些跡象表明，一些傳統的收入垂直行業將會回歸。但他們的回歸程度以及回歸時間仍有待觀察。

The truth is we have to sell our way out of this macro downdrift and refuse the urge to cut our way out where you're left with a shell of an organization with less people, less products, no process, no culture and no performance. I've said it before, I'll say it again, money comes from customers.

事實是，我們必須透過銷售擺脫這種宏觀經濟下滑趨勢，並抵制削減開支的衝動，因為這樣一來，你的組織就只剩下一個空殼，裡面有更少的人員、更少的產品、沒有流程、沒有文化、沒有績效。我以前說過，現在我再說一遍，錢來自於顧客。

We're going to continue to produce great content that works and continue to provide service to the community and create an on-air atmosphere conducive to the success of our media partners. To do this, we must have talented, well-trained media advisers who are equipped to help these advertisers navigate through a fragmented and confusing marketplace where a gap exists when tech meets human behavior.

我們將繼續製作出色的內容，繼續為社區提供服務，並營造有利於我們媒體合作夥伴成功的廣播氛圍。為了做到這一點，我們必須擁有才華橫溢、訓練有素的媒體顧問，他們能夠幫助這些廣告商在分散而混亂的市場中找到方向，因為在科技與人類行為之間存在著差距。

A marketplace full of frustrated buyers with unmet needs, a marketplace with more available money than we've ever known and a marketplace that is ripe for disruption. This all takes time, money, commitment, and resolve like no other. So what do we need to go faster? Reduce unnecessary operating expenses to be more nimble, reinvest in research and development and in our people. To help support the efforts of our media advisers, continue to train our leaders and our media advisers to help them earn the trust of our advertising partners in the digital space, all the while continuing to bring value to our shareholders through accretive acquisitions, capital management, and capital allocation.

一個充滿了未滿足需求的沮喪買家的市場，一個擁有比我們所知更多的可用資金的市場，一個隨時可能被顛覆的市場。這一切都需要時間、金錢、承諾和決心。那我們需要做什麼才能更快呢？減少不必要的營運費用，以提高靈活性，重新投資於研發和員工。為了幫助支持我們的媒體顧問的努力，我們將繼續培訓我們的領導者和媒體顧問，幫助他們贏得數位領域廣告合作夥伴的信任，同時繼續透過增值收購、資本管理和資本配置為我們的股東帶來價值。

I've often thought of Saga currently in its current state, in essence, as a cash positive start-up. We iterate and iterate again with speed, not wasting time or money, and we fail fast. And when we succeed, we reinvest to become even faster. We repeat the good and eliminate the not so good. By being nimble, it allows us in one of Saga's markets experienced material success like the example of the whale I cited earlier. We're able to push that success and process out to our other '26 Saga markets and do it, not now, but right now.

我經常認為，就目前的情況來看，Saga 本質上是一家現金流為正的新創公司。我們快速地反覆迭代，不浪費時間或金錢，而且我們很快就失敗了。當我們成功時，我們會重新投資，以加快速度。我們重複好的部分，消除不太好的部分。透過靈活，我們可以在 Saga 的一個市場中獲得物質上的成功，就像我之前提到的鯨魚的例子一樣。我們能夠將這一成功和流程推廣到我們的其他 26 Saga 市場，並且做到這一點，不是現在，而是現在。

Sam, I'm going to turn it back over to you.

山姆，我要把它交還給你。

Thank you, Chris. For the quarter ended June 30, 2025, net revenue decreased $1.5 million or 5% to $28.2 million compared to $29.7 million last year. Station operating expense decreased $1.1 million or 4.6% to $22.2 million for the three-month period. For the quarter, we had an operating income of $1.4 million compared to $2.1 million last year. Station operating income, a non-GAAP measure, was $6 million for the quarter compared to $6.4 million for the same period last year.

謝謝你，克里斯。截至 2025 年 6 月 30 日的季度，淨收入為 2,820 萬美元，較去年的 2,970 萬美元減少 150 萬美元（降幅 5%）。三個月內，車站營運費用減少了 110 萬美元，或 4.6%，至 2,220 萬美元。本季度，我們的營業收入為 140 萬美元，而去年同期為 210 萬美元。以非公認會計準則衡量，本季車站營業收入為 600 萬美元，而去年同期為 640 萬美元。

Capital expenditures were $1.3 million for the quarter compared to $1.5 million for the second quarter last year. We had net income of $1.1 million for the quarter compared to $2.5 million for the same period last year.

本季資本支出為 130 萬美元，而去年第二季為 150 萬美元。本季我們的淨收入為 110 萬美元，而去年同期為 250 萬美元。

On a same-station basis for the quarter ended June 30, 2025, net revenue decreased $1.9 million or 6.4% to $27.6 million, and station operating expense decreased $1.5 million or 6.4% to $21.7 million. For the six-month period ended June 30, 2025, net revenue decreased $2.6 million or 4.7% to $52.4 million compared to $55 million last year.

以截至 2025 年 6 月 30 日的季度計算，同站淨收入減少 190 萬美元（6.4%）至 2,760 萬美元，站點營運費用減少 150 萬美元（6.4%）至 2,170 萬美元。截至 2025 年 6 月 30 日的六個月期間，淨收入與去年的 5,500 萬美元相比減少 260 萬美元（即 4.7%）至 5,240 萬美元。

Station operating expense decreased $1.6 million or 3.4% to $44.2 million for the six-month period. For the six-month period, we had an operating loss of $889,000 compared to an operating loss of $274,000 last year. Station operating income, again, a non-GAAP measure, was $8.2 million for the six-month period compared to $9.2 million for the same period last year. Capital expenditures were $2 million for the six-month period compared to $2.6 million for the same period last year.

六個月內，車站營運費用減少了 160 萬美元，或 3.4%，至 4,420 萬美元。六個月期間，我們的營業虧損為 889,000 美元，而去年的營業虧損為 274,000 美元。同樣，以非公認會計準則衡量，車站營業收入在六個月期間為 820 萬美元，而去年同期為 920 萬美元。六個月期間的資本支出為 200 萬美元，而去年同期為 260 萬美元。

We had a net loss of $447,000 for the six-month period compared to net income of $924,000 for the same period last year. On a same-station basis for the six months ended June 30, 2025, net revenue decreased $3.6 million or 6.5% to $51.2 million and station operating expense decreased 5.7% to $43 million. Reflecting on operating expenses, it was good to see the 4.6% decrease in station operating expenses for the second quarter and a 3.4% decrease for the six-month period.

六個月期間我們的淨虧損為 447,000 美元，而去年同期的淨收入為 924,000 美元。截至 2025 年 6 月 30 日的六個月內，同站淨收入減少 360 萬美元（6.5%）至 5,120 萬美元，站點營運費用減少 5.7% 至 4,300 萬美元。從營運費用來看，很高興看到第二季加油站營運費用下降了 4.6%，六個月內下降了 3.4%。

This was largely the result of an increase in operating expenses of approximately $390,000 for the Lafayette acquisition for the quarter and $1 million for the six-month period as well as a decrease in same station operating expenses of approximately $1.5 million for the quarter and $2.6 million for the six-month period. The decrease in same-station expenses was primarily due to a reduction in compensation and compensation-related expenses, digital services expenses as we are now doing some of our digital ad placement in-house, and bad debt expenses.

這主要是由於本季收購拉法葉的營運費用增加了約 39 萬美元，六個月期間增加了 100 萬美元，同時本季同一站點的營運費用減少了約 150 萬美元，六個月期間減少了 260 萬美元。同台支出的減少主要是由於薪酬及薪酬相關支出、數位服務支出（因為我們現在在內部進行部分數位廣告投放）以及壞帳支出的減少。

Corporate expenses increased $70,000 for the quarter and $154,000 for the six months ended June 30, 2025. This did include an $89,000 expense in the quarter and $199,000 expense for the six-month period relating to a potential proxy contest initiated by Saga's shareholder. In addition to these expenses, there was also a lot of valuable time investing and working through this issue.

本季公司費用增加了 70,000 美元，截至 2025 年 6 月 30 日的六個月內增加了 154,000 美元。這確實包括本季度的 89,000 美元費用和六個月期間的 199,000 美元費用，這些費用與 Saga 股東發起的潛在代理權爭奪有關。除了這些費用之外，我們還需要投入大量寶貴的時間來解決這個問題。

The decrease in other operating expense for the six months ended June 30, 2025, compared to the same period in 2024 is primarily due to the sale of a nonproductive AM station along with two translators in Asheville, North Carolina and the shutting down of a nonproductive AM station in Bellingham, Washington in 2024.

截至 2025 年 6 月 30 日的六個月內，其他營運費用與 2024 年同期相比有所減少，主要是由於 2024 年出售了位於北卡羅來納州阿什維爾的一家非生產性 AM 電台以及兩家轉播商，以及關閉了位於華盛頓州貝靈厄姆的一家非生產性 AM 電台。

The decrease in other income is due to a one-time gain in 2024 related to the sale of Saga's equity investment in BMI when the organization was sold. In addition to what Chris has already said, and we'll talk more about shortly, I want to point out that for the quarter, total interactive revenue was up 7% and for the six-month period, up 10% with a 58% profit margin for the quarter, and 55% for the six-month period, excluding sales commissions for the quarter and for the year.

其他收入的減少是由於 2024 年出售 BMI 組織時 Saga 出售其股權投資產生的一次性收益。除了克里斯已經說過的（我們稍後會詳細討論）之外，我想指出的是，本季度互動總收入增長了 7%，六個月期間增長了 10%，本季度利潤率為 58%，六個月期間利潤率為 55%，不包括本季度和年度的銷售佣金。

While still in its infancy from a total dollar standpoint, our online news initiative revenue, which rolls up into our interactive numbers grew by 26% for the quarter and 51% for the six-month period compared to 2024. E-commerce revenue, which rolls up into our local direct numbers grew by 17% for the second quarter and is up 8% for the six-month period.

雖然從總金額角度來看仍處於起步階段，但與 2024 年相比，我們的線上新聞計畫收入（計入我們的互動數字）在本季度增長了 26%，在六個月期間增長了 51%。計入我們本地直接數據的電子商務收入在第二季度增長了 17%，在六個月期間增長了 8%。

Pacing for the third quarter is currently showing improvement over Q1 and Q2's results. For the third quarter, we are currently pacing down approximately 1% and although we are seeing improvement inside the quarter as well with September pacing up 1.5% as of now. Obviously, you know that these numbers fluctuate daily.

目前來看，第三季的進展速度比第一季和第二季的結果有所改善。對於第三季度，我們目前的增速約為 1%，儘管我們也看到本季內部有所改善，截至目前，9 月的增速為 1.5%。顯然，您知道這些數字每天都在波動。

Excluding political, we are pacing flat for the last year -- flat with last year for third quarter. Last year, we had $312,000, $287,000, and $680,000 in political for the first, second and third quarter, respectively. Fourth quarter will be more of a revenue challenge from a political perspective as we had almost $2 million in political revenue for the quarter in 2024.

除政治因素外，去年我們的發展步伐持平——與去年第三季持平。去年，我們第一季、第二季和第三季的政治支出分別為 31.2 萬美元、28.7 萬美元和 68 萬美元。從政治角度來看，第四季的收入挑戰更大，因為 2024 年該季度我們的政治收入接近 200 萬美元。

As Chris indicated, our interactive pacing is strong for the third quarter being up 40% as of now. Also, as of now, we are seeing improvement, albeit not everything we want, but still improvement in our traditional broadcasting revenue categories as well. For the third quarter, the local direct is pacing down 4.4%. Local Agency is pacing down 0.8%, and national is the outlier pacing down 19.1%.

正如克里斯指出的，截至目前，我們第三季的互動節奏強勁，已成長了 40%。此外，截至目前，我們看到了改善，儘管不是我們想要的一切，但我們的傳統廣播收入類別仍在改善。第三季度，本地直銷額下降了 4.4%。當地機構下降了 0.8%，全國下降了 19.1%。

However, this year, we are seeing National come in later in the quarter than it ever has previously done. The company paid a quarterly dividend of $0.25 per share on June 27, 2025. The total dividend paid was approximately $1.6 million. To date, Saga has paid over $138 million in dividends to shareholders since the first special dividend was paid in 2012 as well as we have bought back over $58 million in Saga stock.

然而，今年，我們看到國家隊在本季的表現比以往都要晚。該公司於 2025 年 6 月 27 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。迄今為止，自 2012 年首次派發特別股息以來，Saga 已向股東支付了超過 1.38 億美元的股息，同時我們也回購了超過 5,800 萬美元的 Saga 股票。

Further, as a part of our overall capital allocation plan for 2025, and as stated in the press release, Saga has entered into a nonbinding negotiation to sell some of our tower sites. It is anticipated that these negotiations, if concluded, and we expect they will be, would result in proceeds from the sale in the high seven-figure or low eight-figure range and close before the end of the third quarter.

此外，作為我們 2025 年整體資本配置計劃的一部分，正如新聞稿中所述，Saga 已達成一項非約束性談判，以出售我們的部分塔站。我們預計，如果這些談判能夠結束，那麼出售所得將達到七位數或八位數的高位收益，並將在第三季結束前完成。

We are also assessing the potential sale of other noncore assets with the intent to use a portion of the proceeds from these sales to fund stock buybacks, which may include open market repurchases, block trades, or other forms of buybacks. All said, we believe Saga is in a strong financial position to improve profitability as our digital initiatives improve both local radio and interactive revenue.

我們也正在評估其他非核心資產的潛在出售，打算利用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回購、大宗交易或其他形式的回購。總而言之，我們相信，隨著我們的數位措施提高本地廣播和互動收入，Saga 的財務狀況將更加穩健，獲利能力也將提高。

The company's balance sheet reflects $24.9 million in cash and short-term investments as of June 30, 2025, and $27.3 million as of August 4, 2025, which Chris has already commented on. We currently expect to spend between $3 million and $3.5 million for capital expenditures in 2025.

該公司的資產負債表顯示，截至 2025 年 6 月 30 日，現金和短期投資為 2,490 萬美元，截至 2025 年 8 月 4 日，現金和短期投資為 2,730 萬美元，克里斯已經對此發表了評論。我們目前預計 2025 年的資本支出將在 300 萬至 350 萬美元之間。

We currently expect our station operating expense will be decreasing by 2% to 3% 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. We continue to anticipate that the annual corporate general and administrative expense will be approximately $12 million for 2025 compared to $12.6 million in 2024. And with that, Chris, I'll turn it back over to you.

我們目前預計，與 2024 年相比，今年我們的站點營運費用將下降 2% 至 3%。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。我們繼續預計，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。克里斯，說完這些，我把話題還給你。

Thank you, Sam. As a part of that significant expense reduction Sam referred to, we're bringing several of our third-party digital expenses in-house to save money, increase margins, and really to be more efficient. We're also selectively utilizing AI solutions for things like digital reconciliation of invoices and in the area of radio station voice and imaging, we are realizing $0.25 million in annual savings by using voice-to-voice AI versus the third-party production providers used previously.

謝謝你，山姆。作為 Sam 提到的大幅削減開支的一部分，我們將一些第三方數位開支轉移到公司內部，以節省資金、提高利潤率並真正提高效率。我們也選擇性地利用人工智慧解決方案，例如發票的數位核對，以及在廣播電台語音和圖像領域，與以前使用的第三方製作提供者相比，我們透過使用語音到語音人工智慧每年可節省 25 萬美元。

These two examples saved employees' jobs, money, and made us more efficient. So what's the plan? Speed, reiteration, reduced expenses, reinvestment, research and development, capital allocation, capital management, and growth. That's the plan. Thank you again for your time and interest and support of Saga Communications, what we believe to be the best media company on the planet.

這兩個例子挽救了員工的工作、節省了金錢，並提高了我們的效率。那麼計劃是什麼？速度、重複、減少開支、再投資、研發、資本配置、資本管理和成長。這就是計劃。再次感謝您對 Saga Communications 的時間、關注和支持，我們相信它是全球最好的媒體公司。

Sam, do we have any questions?

山姆，我們有什麼問題嗎？

We did get a few questions, Chris. The first one, we did talk about Q3 pacing a little bit. And obviously, we will continue to let folks know as we see where pacing goes as we go into the future. Then we got the question and you and I talked about this last week.

我們確實收到了一些問題，克里斯。首先，我們確實談論了 Q3 的節奏。顯然，我們會繼續讓人們了解未來的節奏走向。然後我們得到了這個問題，你和我上週討論了這個問題。

It says in terms of your digital business, many continue to report strong indications for the growth of this business. And we've already reported today that we are seeing strong growth. We had strong growth in the second quarter, and we're seeing very strong pacing growth for the third quarter.

它說，就您的數位業務而言，許多人繼續報告該業務成長的強勁跡象。我們今天已經報告了我們看到的強勁增長。我們在第二季度實現了強勁成長，並且預計第三季的成長步伐將非常強勁。

There is a second part to this question. Are you seeing any impact from customers on the recent decline in search traffic? And are there any implications on lower eyeballs to sites?

這個問題還有第二部分。您是否發現客戶對近期搜尋流量下降有任何影響？這對降低網站瀏覽量有什麼影響嗎？

Well, I think, part of that is a little bit of a misnomer, Sam. There aren't less searches being done, just more places to search. It's a little bit fragmented right now. And when a client goes searching, it's fragmented as they go on to search. Our goal is to make sure that we are there when they are searching and where they are searching. And we're committed to doing that, whether it's on Google, AI, or social. We really want to meet them where they are.

嗯，我認為，這其中有一點用詞不當，山姆。搜尋的數量並沒有減少，只是需要搜尋的地方增加了。現在有點支離破碎。當客戶進行搜尋時，搜尋結果會變得碎片化。我們的目標是確保當他們搜尋時，我們在他們搜尋的地方。我們致力於做到這一點，無論是在Google、人工智慧或社交領域。我們真的很想在他們所在的地方見到他們。

Very good. The last question we received is can we talk about capital allocations at this point? And I referred to that in my comments that we have looked at and are in nonbinding negotiations to sell some of our tower sites, and we expect proceeds from that sale to be in the high seven-figure or low eight -- figure range. We have a number of other somewhat smaller potential sites that we are looking at as well as other opportunities to sell non-core assets.

非常好。我們收到的最後一個問題是，我們現在可以談論資本配置嗎？我在我的評論中提到，我們已經考慮過並正在進行非約束性談判以出售我們的一些塔站位置，我們預計出售所得將達到七位數或八位數左右。我們正在尋找其他一些較小的潛在站點以及出售非核心資產的其他機會。

And we have committed at a Board level and to our shareholders that we are looking at what we will do with the proceeds from this and that some of the proceeds will go into stock buybacks as well as obviously continuing the quarterly dividend. And with that, Chris, I think we're good. And Paul, I'll turn it back over to you to wrap up.

我們已向董事會和股東承諾，我們正在研究如何處理所得收益，部分收益將用於股票回購，當然還會繼續派發季度股利。有了這些，克里斯，我認為我們就很好了。保羅，我將把這個任務交還給你，由你來總結。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開電話線，並享受美好的一天。感謝您的參與。

Thank you, Paul.

謝謝你，保羅。