Saga Communications Inc (SGA) 2026 Q1 法說會逐字稿

(audio in progress) 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.

（音訊進行中）我們最新的 Form 10-K 中的風險因素（Factors）章節。本次電話會議也將討論若干非 GAAP 財務衡量指標。所有非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表，已附於精選財務資料表中。

For the quarter ended March 31, 2026, net revenue decreased $1.3 million or 5.6% to $22.9 million compared to $24.2 million last year. Political was not a factor in the quarter as for the first quarter in 2025, gross political revenue was $271,000 compared to $275,000 in 2026. For 2026, we currently have $1.4 million in gross political revenue on our books compared to gross political revenue of $650,000 for the whole year in 2025 and $3.3 million for the year in 2024.

截至 2026 年 3 月 31 日止季度，淨營收較去年同期的 2,420 萬美元減少 130 萬美元（或 5.6%），至 2,290 萬美元。本季政治廣告並非影響因素；2025 年第一季政治廣告總收入為 271,000 美元，而 2026 年為 275,000 美元。就 2026 年而言，我們目前帳上已有 140 萬美元的政治廣告總收入，相較之下，2025 年全年政治廣告總收入為 650,000 美元，2024 年全年為 330 萬美元。

Digital revenue was up $900,000 or 25.2% to $4.4 million for the first quarter of 2026 compared to $3.5 million for the same period last year. This growth was not enough to surpass the decline in our traditional advertising revenue, including national, local direct, and local agency.

2026 年第一季數位營收增加 90 萬美元（或 25.2%），達 440 萬美元，較去年同期的 350 萬美元成長。然而，這項成長仍不足以抵銷我們傳統廣告營收（包括全國、地方直客與地方代理）下滑的影響。

Also, other income was down approximately $200,000. This was primarily due to the reduction in rental income we previously received for the tower sites we sold in the fourth quarter last year. Chris will be adding more color to the various revenue line items, both traditional and digital in his upcoming comments.

此外，其他收入約減少 20 萬美元。主要原因是我們在去年第四季出售的塔台站點，先前所收取的租金收入減少。Chris 將在稍後的評論中，針對各項營收科目（傳統與數位）提供更多說明。

Station operating expenses were approximately flat with the same quarter last year at $22 million. We do expect our station operating expense to increase 1.5% to 2.5% for the year when including the added expenses that we are taking on to build out the infrastructure related to our digital transformation. We continue to expect that our corporate, general, and administrative expense to be approximately flat with last year at $12.3 million.

電台營運費用約為 2,200 萬美元，與去年同期大致持平。我們預期，若納入為推動數位轉型而建置相關基礎設施所新增的費用，全年電台營運費用將增加 1.5% 至 2.5%。我們仍預期公司層級的一般及行政費用約為 1,230 萬美元，與去年大致持平。

As stated in our year-end filings, for the company closed on the sale of telecommunications towers and related properties on October 17, 2025, recognizing a gain of $11.6 million. The total proceeds, including both cash and noncash, were $15.1 million. The net cash proceeds from the sale after expenses was $9.8 million. This does not include the approximately $400,000 being held in an escrow account pending finalizing the landlord's consent to transfer of one final tower. We anticipate this transfer will take place in the second quarter of 2026.

如我們年終申報文件所述，公司已於 2025 年 10 月 17 日完成出售電信塔台及相關不動產之交易，並認列 1,160 萬美元的處分利益。總對價（含現金與非現金）為 1,510 萬美元。扣除費用後之出售淨現金收入為 980 萬美元。上述金額不包含約 40 萬美元，該款項目前存放於託管帳戶中，待取得房東同意將最後一座塔台完成移轉。我們預期該移轉將於 2026 年第二季完成。

Due to the sale and our continued ability to operate as we historically have these tower sites we sold, we have a noncash expense recorded of approximately $50,000 in station operating expense in the first quarter. We will continue to have a noncash expense based on the accounting treatment required to record the noncash gain in each of our future quarters, which will be disclosed in our ongoing releases and filings.

由於此次出售，以及我們仍能如同過往一樣持續營運這些已出售的塔台站點，我們在第一季於電台營運費用中認列約 50,000 美元的非現金費用。依會計處理規定，為在未來各季度分期認列該非現金利益，我們將持續產生相應的非現金費用；相關資訊將於後續新聞稿與申報文件中揭露。

The company paid a quarterly dividend of $0.25 per share during the first quarter on March 20, 2026. The aggregate value of the quarterly dividend was approximately $1.6 million. The company also issued a press release this morning, simultaneous with our earnings release that Saga's Board of Directors declared a quarterly dividend of $0.25 per share on May 6, 2026, with a record date of May 22, 2026, and a payable date of June 12, 2026.

公司於 2026 年 3 月 20 日在第一季支付每股 0.25 美元的季度股利。該季度股利總額約為 160 萬美元。公司今早亦發布新聞稿，並與我們的財報新聞稿同步公告：Saga 董事會宣告將於 2026 年 5 月 6 日發放每股 0.25 美元的季度股利，除息／股權登記日為 2026 年 5 月 22 日，支付日為 2026 年 6 月 12 日。

With the most recent declared dividend, Saga will have paid over $145 million in dividends to shareholders since the first special dividend was paid in 2012. The company intends to continue to pay regular quarterly cash dividends in the future.

隨著最近一次宣告的股利，Saga 自 2012 年首次發放特別股利以來，累計已向股東支付超過 1.45 億美元的股利。公司計畫未來將持續定期發放季度現金股利。

The company's balance sheet reflects $30.4 million in cash and short-term investments as of March 31, 2025 (sic – 2026) and $27.8 million as of May 4, 2026. For the quarter ended March 31, 2026, the company recorded capital expenditures of $780,000 compared to $700,000 for the same period last year. The company expects to spend approximately $3.5 million on capital expenditures during 2026.

公司資產負債表顯示，截至 2025 年 3 月 31 日（原文誤植—應為 2026 年）現金及短期投資為 3,040 萬美元；截至 2026 年 5 月 4 日為 2,780 萬美元。截至 2026 年 3 月 31 日止季度，公司資本支出為 780,000 美元，較去年同期的 700,000 美元增加。公司預期 2026 年資本支出約為 350 萬美元。

We also continue to evaluate our nonproductive assets with the intent of monetizing those assets at a value that is higher than is recognized in Saga's stock price. This also allows us from a cash perspective to offset the cash spend on some, if not all, of the capital expenditures required to continue to operate our core business as well as invest in our digital transformation.

我們也持續評估公司的非生產性資產，目標是在高於 Saga 股價所反映的價值水準下，將這些資產變現。從現金角度而言，這也使我們得以用以抵銷部分（若非全部）為持續營運核心業務以及投資數位轉型所需的資本支出現金支出。

As reported in the fourth quarter, we sold excess land at one of our Iowa tower sites for a little over $200,000. And at the end of this quarter, we sold our old studio site in Springfield, Mass, for approximately $500,000. We expect to be able to report more on this initiative with our second quarter earnings release.

如第四季所報告，我們在愛荷華州其中一處塔台站點出售多餘土地，成交金額略高於 200,000 美元。並且在本季末，我們以約 500,000 美元出售位於麻薩諸塞州斯普林菲爾德（Springfield, Mass）的舊錄音室用地。我們預期在第二季財報發布時，能就此項計畫提供更多進展。

The second quarter is currently pacing down high single digits with digital up 10.2%. We continue to have a ways to go before the increases in digital revenue is larger than the decline in traditional broadcast revenue. To increase the pace of the transformation, we are continuing to move forward with a plan to add resources to build the digital infrastructure, we need to process the interactive orders that the blended sales process is creating as well as to provide our local management teams in a number of markets that don't already have them with sales managers as well as digital campaign managers. This will allow our media advisers to spend more time calling on existing and potential clients to solicit new business as they will now have the assistance they need to help build the unique blended campaigns that are required to grow our digital business and mitigate the decline in radio ad spend. It also allows us to have the talent to monitor the performance of the blended campaigns, which will allow us to retain a higher percentage of the blended clients.

目前第二季的進度（pacing）呈現高個位數下滑，而數位業務成長 10.2%。在數位營收增幅大於傳統廣播營收降幅之前，我們仍有一段路要走。為加速轉型步伐，我們持續推進增補資源的計畫，以建置數位基礎設施；我們需要這些基礎設施來處理混合式銷售流程所產生的互動式訂單，並在若干尚未配置相關人力的市場，為在地管理團隊增設銷售經理以及數位活動（campaign）經理。這將使我們的媒體顧問能投入更多時間拜訪既有與潛在客戶、爭取新業務，因為他們將獲得所需支援，以協助打造推動數位業務成長並緩解廣播廣告支出下滑所必需的獨特混合式行銷活動。同時也讓我們具備人才來監控混合式行銷活動的成效，進而提高混合式客戶的留存比例。

The expense of this initiative will initially be more costly than the revenue it will bring, but it is a necessary expenditure to be competitive with other digital companies and to be better -- and to better serve our clients in meeting their advertising needs.

這項計畫的支出在初期將高於其所帶來的收入，但這是一項為了在數位公司競爭中保持競爭力、並做得更好——也為了更好地服務我們的客戶以滿足其廣告需求——所必須的支出。

In totality, this will increase our marketing expenses approximately $1.5 million for 2026. We have already hired most of the corporate digital staff and are in the process of continuing to find the right individuals at a market level. All said, we believe Saga is in a strong financial position to improve profitability as our digital initiative improves both local radio and digital revenue.

整體而言，這將使我們在2026年的行銷費用增加約150萬美元。我們已經聘用了大部分的企業數位人員，並正持續在各市場層級尋找合適的人才。總而言之，我們相信，隨著數位計畫同時提升本地廣播與數位營收，Saga具備強健的財務狀況以改善獲利能力。

And with that, Chris, I'll turn it back over to you.

那麼，Chris，我把話交回給你。

Thank you, Sam. Constant, sustained, intensive training, teaching, coaching, inspiring, and encouraging. These are the clearly stated behaviors that make up the prescription for success for broadcasters in the digital space. Saga has spent the better part of 2.5 years doing just that with our general managers, sales managers, media advisers, content creators in all of our 27 markets. And it has been challenging, to be honest.

謝謝你，Sam。持續、長期、密集的訓練、教學、輔導、激勵與鼓舞。這些是清楚明確被提出的行為準則，構成了廣播業者在數位領域成功的處方。Saga在我們27個市場的總經理、業務經理、媒體顧問與內容創作者身上，過去約2.5年的大部分時間都在做這件事。老實說，這一直很具挑戰性。

Recently, I spoke with 16 of our Saga general managers. That's about half of all of our Saga general managers in total. And during that discussion, I conducted a quick survey. I asked the question, how long have each of you been in the broadcast business? Each of the 16 leaders gave their answer, and I then tallied the totals and discovered that the leaders in just those 16 Saga markets had been in the business we love for a total of 594 years. 594 years of acquired skills, knowledge, expertise, intuition, instincts, acumen, and other skills and abilities.

最近，我與我們Saga的16位總經理進行了交談。這大約是我們所有Saga總經理總數的一半。在那次討論中，我做了一個快速調查。我問的問題是：你們每一位在廣播產業工作了多久？這16位領導者各自回答後，我加總起來發現，僅這16個Saga市場的領導者，在我們熱愛的這個產業合計已投入了594年。594年累積的技能、知識、專業、直覺、判斷力、洞察力，以及其他技能與能力。

Traditionally, radio professionals have been very successful and have made a lot of money for their organizations and for themselves over the years on just 5% to 7% of the total ad spend. Parenthetically, 5% to 7% has been radio share of the total advertising pie for some time and has now settled in at about 5%.

傳統上，廣播從業人員多年來僅靠整體廣告支出中的5%到7%，就為其組織以及他們自己創造了非常可觀的成功與收入。順帶一提，5%到7%作為廣播在整體廣告大餅中的占比已維持一段時間，而如今大致穩定在約5%。

And now with the digital age, there seems to be an element of fear to change or maybe a fear of loss on the part of broadcasters. But times have changed. Thus what Saga and other broadcasters have been aggressively doing is to expand the knowledge base. In Saga's case, expand the knowledge base in the 594 collective years of acquired skills, knowledge, expertise, intuition, instincts, acumen, and finally, success. This, while at the same time, continuing to blunt the onslaught of a macro downdraft in the traditional advertising sector. That's a tall order, and we're progressing on getting it done.

而現在進入數位時代，廣播業者似乎對改變帶有某種恐懼，或許是對失去的恐懼。但時代已經改變。因此，Saga以及其他廣播業者一直在積極做的，就是擴充知識基礎。以Saga而言，就是在這594年集體累積的技能、知識、專業、直覺、判斷力、洞察力，乃至最終的成功之上，進一步擴充知識基礎。同時，我們也持續削弱傳統廣告領域宏觀下行逆風的衝擊。這是一項艱鉅的任務，而我們正逐步推進並完成它。

In essence, we have been remodeling a home while we're still living in the home. If any of you have ever done that, you know it's rather disruptive. And in this case, old habits die hard. And in the digital space, it can be confusing and alluring with all the new bright shiny options that exist. Thus, it is also critical for us as leaders and operators to avoid the urge to focus or try to focus on too much.

本質上，我們是在仍住在屋內的同時進行房屋翻修。如果你們有人做過這件事，就知道它相當具有干擾性。而在這種情況下，舊習難改。在數位領域，各種嶄新、耀眼的選項既令人困惑也充滿誘惑。因此，作為領導者與經營者，我們也必須避免想要把焦點放在太多事情上、或試圖同時關注太多的衝動。

As I have said on previous earnings calls, we chose this path of transformational change at a desire for growth and out of necessity. We believe and have seen evidence of it that a local digital advertising market that remains is ripe for disruption.

正如我在先前的財報電話會議中所說，我們選擇這條轉型變革之路，是出於對成長的渴望，也出於必要。我們相信——而且也已看到證據——仍然存在的本地數位廣告市場，正適合被顛覆。

Here's what we see. I've shared some of this with you before. There's an ongoing increase in digital advertising dollars and the rapid growth of digital budgets has outpaced the ability of the advertisers to use them effectively. There are frustrated buyers with unmet needs.

以下是我們所看到的。我之前也和各位分享過其中一些。數位廣告資金持續增加，而數位預算的快速成長已超過廣告主有效運用這些預算的能力。有許多買方感到挫折，需求未被滿足。

The ineffective evergreen, as we call it, set it and forget it campaigns and empty promises create a lack of trust with what the advertiser is buying and with who they are buying it from. There are too many providers and too many conflicting solutions. Everybody's got a new and bright shiny answer. So buyers are confused. Thus, our media advisers must be properly trained and equipped with the right resources so they can then provide the clarity and simplicity to help our customers be successful. And finally, many of the digital offerings out there focus too much on the products and not enough on the real journey the consumer goes on once they engage with a product or service.

我們所稱的「常青」但成效不彰的「設定後就不管」式投放，以及空洞的承諾，會讓廣告主對自己買到的是什麼、以及向誰購買，產生不信任。供應商太多、相互矛盾的解決方案也太多。每個人都有一個新的、耀眼的答案。因此買方感到困惑。所以，我們的媒體顧問必須接受適當訓練並配備正確資源，才能提供清晰與簡化，協助客戶取得成功。最後，市面上許多數位方案過度聚焦於產品，而對消費者在與產品或服務互動後所經歷的真實旅程關注不足。

To be clear, Saga is a customer-first company, not a digital-first company. We are a customer first, not a digital-first company. Our blended process honors and respects and grows local radio and allows Saga's core business to do the magic it has always been known for.

說清楚一點，Saga是一家以客戶為先的公司，而不是以數位為先的公司。我們是以客戶為先，而不是以數位為先的公司。我們的混合流程尊重並重視本地廣播、推動其成長，並讓Saga的核心業務持續發揮其一向著稱的魔力。

Radio gets the advertiser wanted and always, always leads to a search. Search gets the advertiser found and display gets the advertiser chosen. In concept, it's simple. Saga's blended digital process is easy to understand, easy to buy, easy to execute, easy to measure, and ultimately, easy to rebuy. So now it comes back to the feet of leadership. And it is our job to make enough of the right blended sales calls saying the right things to the right people with frequency.

廣播讓廣告主被「想要」，而且總是、總是會引導到搜尋。搜尋讓廣告主被「找到」，而展示廣告讓廣告主被「選擇」。在概念上，這很簡單。Saga的混合數位流程易於理解、易於購買、易於執行、易於衡量，最終也易於再次購買。因此，現在又回到領導層的責任上。我們的工作是以足夠的頻率，進行足夠多正確的混合式銷售拜訪，對正確的人說正確的話。

So to assist with these objectives, we've deployed a lead gen solution to help Saga's media advisers and media groups get wanted found and chosen. You noticed I said to help Saga's media advisers and media groups get wanted found and chosen.

為了協助達成這些目標，我們部署了一套名單開發（lead gen）解決方案，幫助Saga的媒體顧問與媒體團隊做到「被想要、被找到、被選擇」。你們注意到我說的是，幫助Saga的媒體顧問與媒體團隊做到「被想要、被找到、被選擇」。

In essence, we are applying the blended strategy to our own enterprise. Practice what we've preached. And now after a couple of years of training, conversations we're having are much different than they ever were two years ago.

本質上，我們正在把這套混合策略應用到我們自己的企業上。實踐我們所宣導的。而在經過幾年的訓練之後，我們現在進行的對話，已與兩年前大不相同。

Our leaders continue to put in the work and they are becoming experts. We believe they have learned and know more about consumer behavior and digital advertising than they ever even realize. The other day, one of our leaders said to me, it's more important to get it right than it is to be right, and we are beginning to get it right.

我們的領導者持續投入努力，並正在成為專家。我們相信，他們對消費者行為與數位廣告的理解，已比他們自己所意識到的還要多。前幾天，我們的一位領導者對我說：把事情做對，比證明自己是對的更重要，而我們正開始把事情做對。

And in the process of getting it right, and in our quest to catch up with our broadcast brethren after being late to the digital party and attempting to forge a path no one has ever forged before successfully, we may have, may have made some of the training and coaching and inspiring and encouraging a bit too complicated and perhaps tried to focus on a little too much with those leaders with the 594-plus collective years of broadcast experience. These leaders who are then charged with teaching, coaching, inspiring, and encouraging others in their organization to go out and tell the story to the consumers and to our customers so they can benefit from the story itself.

而在把事情做對的過程中，以及在我們努力追趕廣播同業之際——因為我們較晚才加入數位浪潮，並嘗試開闢一條前所未有人成功開闢的道路——我們可能、可能把訓練、輔導、激勵與鼓舞做得有點過於複雜，或許也試圖在那些擁有合計594年以上廣播經驗的領導者身上同時聚焦太多事情。而這些領導者接著被賦予責任，去教導、輔導、激勵並鼓舞其組織中的其他人，走出去把故事講給消費者與我們的客戶聽，讓他們能從故事本身受益。

So with us, clarity and simplicity also applies. It applies to us during our training process. So going forward, we've shifted slightly to not ignore or forego the traditional radio and radio advertising that has served so many in the Saga verse for so long and to ignore it just because it's not blended or doesn't include search and display. Every conversation, every interaction with an advertiser is another opportunity to have a blended conversation that could lead to a sale and success for our customer.

因此，對我們而言，清晰與簡單同樣適用。它也適用於我們的訓練流程。所以展望未來，我們做了些微調整：不再因為傳統廣播與廣播廣告沒有「混合」或未包含搜尋與展示，就忽視或放棄那些長期以來在Saga體系中服務了許多人的傳統廣播與廣播廣告。每一次對話、每一次與廣告主的互動，都是一次進行混合式對話的機會，可能帶來成交並為客戶創造成功。

We are and will: continue to sell e-comm, online news, endorsements, promotions, events and create impeccable spec creative; be great storytellers who tell persuasive stories that allow the customer to see themselves in that story; be intense and curious listeners that help our customers solve problems; and use those 594 years of experience gained by our leaders to accomplish this.

我們現在並且將會：持續銷售電商、線上新聞、代言、促銷、活動，並製作無可挑剔的提案創意；成為優秀的說書人，講出具說服力的故事，讓客戶能在故事中看見自己；成為專注且充滿好奇的傾聽者，協助客戶解決問題；並運用我們領導者累積的那594年經驗來達成這些目標。

Now, all of that being said, at a time when traditional advertising is extremely challenging and some broadcasters are looking to divest partially or completely and cut expenses or perhaps hang on just long enough for deregulation to become a thing, Saga with the support of management and the Board of Directors continues to invest in the ongoing training and resources and people power necessary to acquire, retain, and grow our revenue. And we continue to see green sprouts of success as we remodel the house that we're currently living in.

話雖如此，在傳統廣告極具挑戰、且一些廣播業者正考慮部分或完全撤資、削減費用，或許只是撐到放寬管制成為現實之時，Saga在管理團隊與董事會的支持下，仍持續投資於持續性的訓練、資源與人力，以取得、留住並成長我們的營收。而當我們在整修目前居住的這棟房子時，我們也持續看見成功的綠芽冒出。

And now speed of execution is what we need. When I got into the business, we called it wearing out your shoe leather. I don't think you call it that anymore. That's what we call it then. These are some of the green sprouts we're seeing.

而現在，我們需要的是執行速度。我剛入行時，我們稱之為「磨破鞋底」。我想你們現在不這麼說了。但那時我們就是這麼叫的。以下是我們看到的一些綠芽。

For example, Saga's digital-only blended revenue was up over $1 million, a 103% increase year over year Q1 2025 versus Q1 2026. Local direct revenue that was attached to a blended product, the blended products being search and display was up year over year Q1 2025 versus Q1 2026, 29%.

例如，Saga的純數位混合營收增加超過100萬美元，Q1 2026相較Q1 2025年增103%。與混合產品（混合產品指搜尋與展示）綁定的本地直客營收，Q1 2026相較Q1 2025年增29%。

The average blended local direct radio buy is 70% larger than the average non-blended local direct radio buy. The average total blended buy per client is 3 times larger than the average non-blended local radio buy. Year over year Q1 2025 versus Q1 2026, we gained 158 blended accounts and lost 419 accounts. So significant attrition is real.

平均每筆混合式本地直客廣播採購金額，比平均每筆非混合式本地直客廣播採購金額大70%。平均每位客戶的混合採購總額，是平均非混合式本地廣播採購的3倍。Q1 2026相較Q1 2025，我們新增了158個混合帳戶，流失了419個帳戶。因此，顯著的流失確實存在。

Let me say that again, we gained 158 blended accounts and lost 419 non-blended accounts. Attrition is real. And revenue from blended and digital -- excuse me, revenue from blended digital and radio together in Q1 2026 was $3.6 million and was up $1.3 million over Q1 2025. If you do the math, that was up 59% year over year, quarter over quarter. Unfortunately, as Sam mentioned, even with the lift in blended performance, which consists primarily of search and display, we did not yet offset the delta in overall performance for the three months ending 3/31/26. Saga finished down 6% in total gross revenue and down 5.6% in total net revenue.

我再說一次，我們新增了158個混合帳戶，並流失了419個非混合帳戶。流失確實存在。而在Q1 2026，混合數位與廣播合計的營收為360萬美元，較Q1 2025增加130萬美元。如果你計算一下，年增為59%，以季度對季度來看也是如此。不幸的是，如Sam所提，即便混合表現提升（主要由搜尋與展示構成），我們仍尚未抵消截至3/31/26止三個月整體表現的差額。Saga的總毛營收最終下滑6%，總淨營收下滑5.6%。

As forecasted, digital expenses over the same period increased $649,000 due to the addition of digital people, training, digital products, resources for several of our Saga markets. This investment in infrastructure and people will ultimately enable us to bring several outsourced products in-house to allow us to increase Saga's operating margins on many of the digital products we offer.

如同預測，在同一期間，數位費用因新增數位人員、訓練、數位產品，以及為我們若干Saga市場配置資源而增加了649,000美元。這項對基礎設施與人力的投資，最終將使我們能把若干外包產品轉為內部自製，從而提高Saga在我們所提供多項數位產品上的營業利潤率。

And during this transition, however, there will be a brief overlap in time where we will be training in-house employees and continuing to use third-party providers and we'll be doing it simultaneously, training and then deploying. This, along with the increase in general digital expenses will not be for any means a long-term proposition. We need these short-term investments in order to compete in an extremely competitive and ever-changing digital marketplace.

然而，在這段轉型期間，會有一段短暫的時間重疊：我們一方面訓練內部員工，一方面持續使用第三方供應商，並且同時進行——先訓練，再部署。這一點，加上一般數位費用的增加，絕非長期安排。為了在競爭極其激烈且不斷變化的數位市場中競爭，我們需要這些短期投資。

There will certainly be a ramp-up period for those -- for that revenue to catch up and surpass the expense lift. And we anticipate this crossover period to take place in the third and early fourth quarters of 2026. At that point, our plan is that the investments made will become accretive.

這些營收要追上並超越費用增加，當然需要一段爬坡期。我們預期這個交叉期將發生在2026年第三季以及第四季初。屆時，我們的計畫是讓已投入的投資開始帶來增益（accretive）。

As far as Saga's other terribly important revenue initiatives are concerned and ones that we've talked about on virtually every earnings call, for the quarter ending March 31, 2026, local e-commerce revenue was up 23.2%. And looking ahead, April e-commerce registered a record month of $347,000.

至於Saga其他同樣極其重要、且我們幾乎在每次財報電話會議都會談到的營收倡議，在截至2026年3月31日的季度，本地電商營收成長23.2%。展望未來，4月電商創下單月紀錄，達347,000美元。

And January through April, e-commerce is performing up 24% year over year for the 4-month period. And the 12-month trailing revenue on e-com platform is nearly $3 million. The vest of digital program was up 15% year over year for Q1 2025 (sic – 2026). However, national streaming revenue during the period ending 3/31/26 was down 31.5%. This was due primarily to a change in third-party provider processes and a change in algorithms.

而從1月到4月，電商在這4個月期間的表現年增24%。電商平台的過去12個月滾動營收接近300萬美元。數位節目背心（vest）項目在Q1 2025（原文誤植—2026）年增15%。然而，在截至3/31/26的期間，全國串流營收下滑31.5%。這主要是由於第三方供應商流程變更以及演算法變更所致。

Mobile streaming was up 116% and local streaming revenue was down 7%. Online news sites were also down for the quarter, 7.2%. Despite this decline in national streaming, local streaming, and the online news, Saga experienced a large lift in overall digital revenue. All in, interactive digital revenue for the period ending 3/31/26, as Sam mentioned, was up 25.2%. More specifically, SEM and search was up 105% year over year, quarter over quarter. Targeted display was up 120% year over year, quarter over quarter; and social media was up 108% year over year and quarter over quarter.

行動串流成長116%，本地串流營收下滑7%。線上新聞網站該季度也下滑7.2%。儘管全國串流、本地串流與線上新聞下滑，Saga的整體數位營收仍大幅提升。總體而言，如Sam所提，截至3/31/26的期間，互動式數位營收成長25.2%。更具體來說，SEM與搜尋年增105%，季度對季度亦同。定向展示年增120%，季度對季度亦同；社群媒體年增108%，季度對季度亦同。

So in closing, the reach and frequency and intrusive magic of radio, along with search and display, coupled with hundreds of years of experience from Saga's broadcasters, bring the best of all worlds together and engage and enable us to change with the times. It enables us to honor the past and guide the future. That's how we move from simply changing with the times to leading through them together. Thank you again for your time, your interest, and support of Saga Communications, what we believe to be the best media company on the planet.

最後總結，廣播所具備的觸及範圍、頻次與具侵入性的魔力，結合搜尋與展示廣告，再加上 Saga 廣播人員數百年的經驗，將各方優勢匯聚一處，讓我們得以與時俱進、與時代同步轉變。這使我們能夠尊重過去並引領未來。這就是我們如何從單純隨時代改變，走向攜手共同引領時代。再次感謝各位撥冗、關注並支持 Saga Communications；我們相信它是地球上最好的媒體公司。

Sam, are there any questions?

Sam，有沒有任何問題？

Yes, Chris, we did get a few questions. I'll start with the first one. Are there efficiency initiatives or automation efforts underway to protect margins?

有的，Chris，我們確實收到幾個問題。我先從第一個開始。目前是否有提升效率或自動化的措施在推動，以保護利潤率？

Do you mind if I take that one?

你介意我來回答這題嗎？

No, absolutely.

不，當然不介意。

Okay. We continue to bring digital offerings currently provided, as I mentioned, by third-party providers in-house. This ultimately decreases the cost and increases margins. We've also deployed AI in our on-air and online products and efforts, including our online news as well as other products and services that really are used to create operational efficiencies, and we'll continue to do that.

好的。我們持續把目前如我所提到、由第三方供應商提供的數位產品與服務內製化。這最終會降低成本並提高利潤率。我們也已在播出端與線上產品及相關工作中導入 AI，包括線上新聞以及其他產品與服務，這些確實可用來創造營運效率，我們也會持續推進。

Very good. Thank you, Chris. There's two questions that I'm going to kind of roll together, and I'll reiterate what I've already said. The first, and they're about political revenue. What are your expectations for political ad revenue this cycle compared to prior elections as well as how much of political revenue is already booked or visible at this stage?

很好。謝謝你，Chris。接下來有兩個問題我會合併一起回答，也會重申我先前說過的內容。第一個問題與政治廣告收入有關。本次選舉週期的政治廣告收入，相較於過往選舉，你們的預期如何？以及在目前這個階段，政治收入已預訂或可見的比例有多少？

I'd already indicated that from a political standpoint that we currently have $1.4 million in gross political revenue on our books. Compared to last year, our total political revenue was $650,000 for the year in 2025. And in 2024, it was $3.3 million. So we are expecting to continue to see -- it's nice to see we already have the $1.4 million booked for the year, and we are expecting to see that pick up as we progress into what is more of the political spending time, and that's late third quarter and early fourth quarter as we go into the actual elections.

我先前已提到，從政治廣告的角度來看，我們目前帳上已有 140 萬美元的政治廣告總收入。相較之下，去年也就是 2025 年全年，我們的政治廣告總收入為 65 萬美元。而在 2024 年則是 330 萬美元。因此我們預期將持續看到成長——很高興我們今年已經預訂了 140 萬美元；而且隨著我們進入政治支出更集中的時段，也就是第三季末與第四季初、接近實際選舉時，我們預期會進一步增加。

Next question, Chris, was for you. What are the biggest risks to your business over the next 12 to 24 months?

下一個問題，Chris，是問你的。未來 12 到 24 個月，你們業務面臨的最大風險是什麼？

Okay. So we mentioned it on the call -- on the earnings call just a moment ago. But clearly, it's speed of execution. Some of the risks that are out there that concern us, we control and others we don't, like, for example, the speed and intensity of the macro downdraft in the traditional advertising sector. But really more importantly, can our markets effectively execute what they've been taught and do it with speed, authority, and frequency. That, to me, is the biggest risk over the next 12 to 24 months to Saga that I see currently.

好的。我們剛才在電話會議——也就是剛剛的財報電話會議上提過。但很明顯，是執行速度。有些令我們擔憂的風險是我們能控制的，也有些不能控制，例如傳統廣告產業在總體環境下行中的下滑速度與強度。但更重要的是，我們各個市場能否有效執行他們所學到的內容，並以速度、權威性與頻率去落實。就我目前所見，這是 Saga 在未來 12 到 24 個月最大的風險。

Very good. Thank you, Chris. What KPIs should investors focus on to measure the progress we make in our transformation -- digital transformation strategy?

很好。謝謝你，Chris。投資人應該關注哪些 KPI，來衡量我們在轉型——數位轉型策略——上的進展？

If I was an investor, which I am, I would -- the KPIs I would use and the ones that we're encouraging our leaders and our trainers to use is we measure the lift in search, display and local direct because those are all the drivers that aside from local and local agency and national and all the others. But certainly, we always measure those. But in terms of transformational growth in the blended space, if the KPIs are search growth, display growth, and local direct growth.

如果我是投資人——而我確實是——我會使用的 KPI，以及我們也鼓勵領導團隊與培訓人員使用的 KPI，是衡量搜尋、展示與本地直客（local direct）的提升，因為這些都是驅動因素，除此之外還有本地、本地代理、全國等其他類別。但我們當然一直都會衡量那些。不過就混合型業務空間的轉型成長而言，KPI 就是搜尋成長、展示成長，以及本地直客成長。

Very good. And one final question, which I'll address. Do we anticipate further consolidation in the radio industry? And where does Saga fit? Now, as we all know, a lot of eyes, including ours, are on the FCC, whether it is continued ownership limit waivers as we've seen recently or an overall change in ownership rules, our first priority will be to become stronger in the markets we already serve.

很好。最後一個問題，我來回答。我們是否預期廣播產業會有進一步整併？Saga 會處於什麼位置？如大家所知，包含我們在內，許多人都在關注 FCC——不論是如近期所見持續核准所有權上限豁免，或是整體所有權規則的變更；我們的首要任務將是先在我們已服務的市場中變得更強。

We're not focused on expanding just to get bigger. In reality, only time will tell where Saga fits if there is further consolidation in the industry. And we obviously, as I said, are all like a lot of people watching the FCC and see what actions they take as we proceed through this year.

我們並不專注於為了變大而擴張。實際上，如果產業進一步整併，Saga 會處於什麼位置，只有時間能證明。而且如我所說，我們也和許多人一樣持續關注 FCC，看看他們在今年接下來的進程中會採取哪些行動。

And I think with that, Matt, we can turn it back over to you to wrap up.

我想到這裡，Matt，我們可以把時間交回給你做總結。

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。感謝各位的參與。

Thank you, Matt.

謝謝你，Matt。