E W Scripps Co (SSP) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Third Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，感謝大家的支持，歡迎參加 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Carolyn Micheli. Please go ahead.

現在我想將會議交給主持人卡洛琳·米凱利 (Carolyn Micheli)。請繼續。

Thanks, Don. Good morning, everyone, and thanks for joining us for a discussion of The E.W. Scripps Company's financial results and business strategies. You can visit scripps.com for more information and a link to the replay of this call.

謝謝，唐。大家早安，感謝您加入我們討論 E.W. Scripps 公司的財務表現和業務策略。您可以造訪 scripps.com 以了解更多資訊以及本次通話重播的連結。

A reminder that our conference call and webcast include forward-looking statements and actual results may differ. Factors that may cause them to differ are outlined in our SEC filings. We do not intend to update any forward-looking statements we make today. Included on this call will be a discussion of certain non-GAAP financial measures that are provided as supplements to assist management and the public in their analysis and valuation of the company. These metrics are not formulated in accordance with GAAP and are not meant to replace GAAP financial measures and may differ from other companies' uses or formulations. Included in our earnings release are the reconciliations of non-GAAP financial measures to the GAAP measures reported in our financial statements.

請注意，我們的電話會議和網路廣播包含前瞻性陳述，實際結果可能有所不同。我們向 SEC 提交的文件中概述了可能導致它們出現差異的因素。我們不打算更新我們今天所做的任何前瞻性聲明。本次電話會議將討論某些非公認會計準則財務指標，這些指標作為補充資料提供，以協助管理層和公眾對公司進行分析和估值。這些指標並非根據 GAAP 制定，也不旨在取代 GAAP 財務指標，並且可能與其他公司的使用或表述不同。我們的收益發布中包括非公認會計原則財務指標與我們財務報表中報告的公認會計原則指標的調節表。

We'll hear this morning from Scripps' President and CEO, Adam Symson; Chief Financial Officer, Jason Combs; and Chief Operating Officer, Lisa Knutson. Here's Adam.

今天早上我們將聽到斯克里普斯總裁兼首席執行官 Adam Symson 的講話；財務長賈森·庫姆斯；營運長麗莎‧克努森 (Lisa Knutson)。這是亞當。

Good morning, everyone. We're pleased today to be reporting third quarter financial results across the company that met or exceeded expectations. Our local ad sales teams executed at a high level despite a soft advertising marketplace. On the network side, connected TV revenue growth continues to be a bright spot, while the direct response and general market sales teams held their own. In addition, careful expense management, supported by the continued pursuit of a more efficient cost structure led to a stronger-than-expected segment profit number.

大家，早安。我們今天很高興地報告整個公司第三季的財務業績，其達到或超出了預期。儘管廣告市場疲軟，我們當地的廣告銷售團隊仍然表現出色。在網路方面，連網電視收入成長持續成為亮點，而直接回應和一般市場銷售團隊也保持著自己的優勢。此外，在持續追求更有效率的成本結構的支持下，謹慎的費用管理導致部門利潤數字強於預期。

Alongside the rest of the advertising industry, we do face further macroeconomic headwinds as we wind down this year. As you know, the national advertising upfront season was weak across the industry. But as we head into the fourth quarter, we have seen some green shoots in the scatter market. Local Media core advertising is coming into the quarter strong with our 4 top categories up year-over-year. Jason and Lisa will give more color on the full advertising environment in just a moment.

與廣告業的其他行業一樣，隨著今年的衰退，我們確實面臨進一步的宏觀經濟阻力。如您所知，整個行業的全國廣告前期表現疲軟。但隨著進入第四季度，我們看到了分散市場的一些萌芽。本地媒體核心廣告進入本季表現強勁，我們的 4 個頂級類別較去年同期成長。 Jason 和 Lisa 稍後將為整個廣告環境增添更多色彩。

Despite the macroeconomic conditions that we are all contending with, I really like the Scripps set up for free cash flow growth over the year ahead and here's why. Number one, we have a robust new run rate for local media distribution dollars. Number two, our local core and distribution revenue and national advertising revenue will benefit from continued disciplined expansion into sports rights, fueling organic growth. Three, we are educating audiences about the appeal of free TV and making it easier than ever for people to watch it and for us to profit from it. Four, we project double-digit growth in our network's connected TV advertising revenue. And fifth, we will benefit from the high-margin political ad revenue that broadcasters get as the primary beneficiaries of political ad spending, projected now at $10 billion for the coming presidential election year.

儘管我們都在應對宏觀經濟形勢，但我真的很喜歡史克里普斯為未來一年的自由現金流成長而設立的機構，原因如下。第一，我們在本地媒體發行方面擁有強勁的新運行率。第二，我們的本地核心和發行收入以及全國廣告收入將受益於體育版權的持續嚴格擴張，從而推動有機成長。第三，我們正在向觀眾宣傳免費電視的吸引力，讓人們比以往任何時候都更容易觀看免費電視，也讓我們從中獲利。第四，我們預期我們網路的連網電視廣告收入將達到兩位數成長。第五，我們將從廣播公司作為政治廣告支出的主要受益者獲得的高利潤政治廣告收入中受益，目前預計下一個總統選舉年的政治廣告收入將達到 100 億美元。

I'll start with our outlook in the retransmission ecosystem. As we reported to the Street in October, we have now successfully completed distribution agreements covering about 75% of our local media pay TV households without any blackouts. The net effect of these negotiations for 2023 is as we promised, growth of 15% in revenue and more than 40% in net distribution dollars. Annualizing that growth next year gives us a strong tailwind. A lot has been said about the future of the MVPD and broadcaster relationship, especially after the Disney-Charter dispute.

我將從我們對轉播生態系統的展望開始。正如我們 10 月向《華爾街日報》報道的那樣，我們現已成功完成了覆蓋約 75% 當地媒體付費電視家庭的分銷協議，沒有發生任何停電。這些談判對 2023 年的淨影響正如我們所承諾的那樣，收入增長 15%，淨分銷金額增長 40% 以上。明年的成長將為我們帶來強勁的推動力。關於 MVPD 和廣播公司關係的未來，人們已經討論了很多，尤其是在迪士尼憲章糾紛之後。

But our experience leads me to believe that investors' fears are off base. The concessions Charter negotiated, including SVOD services in the bundle and fitting out the lower view channels, will benefit the pay TV consumer, benefit the ecosystem and, therefore, benefit broadcasters, especially since our programming represents the very best of the channel lineup. Our negotiations and new deals are a testament to the strength of the MVPD broadcaster proposition.

但我們的經驗讓我相信投資人的擔憂是沒有根據的。談判達成的特許協議，包括捆綁式SVOD 服務以及低收視率頻道的配置，將使付費電視消費者受益，使生態系統受益，從而使廣播公司受益，特別是因為我們的節目代表了頻道陣容中最好的節目。我們的談判和新交易證明了 MVPD 廣播公司主張的實力。

Our renewals come as a result of both good negotiating and the strategic moves the company has been making over the last several years because now in addition to capturing full market value on rates, we are creating new value by expanding the number of our stations that receive retrans. For example, in Las Vegas, we flipped an ION station to an independent carrying the Vegas Golden Knights as its anchor programming. The new station, Vegas 34, joined our ABC affiliate there, expanding our advertising opportunity and distribution fees significantly. So despite erosion in the nation's pay TV landscape, Scripps is now getting higher rates and getting paid on more stations than before, a key growth driver for us that comes as a direct result of the flexibility of our broadcast platform in service to our sports strategy.

我們的續約是良好談判和公司在過去幾年中採取的策略舉措的結果，因為現在除了獲得費率的全部市場價值外，我們還透過擴大接收站的數量來創造新的價值重傳。例如，在拉斯維加斯，我們將 ION 電台改為獨立電視台，以拉斯維加斯金騎士隊作為其主播節目。新電視台 Vegas 34 加入了我們在那裡的 ABC 附屬機構，顯著擴大了我們的廣告機會和發行費用。因此，儘管美國付費電視格局受到侵蝕，斯克里普斯現在的收視率更高，並且在比以前更多的電視台上獲得報酬，這是我們的關鍵增長動力，這是我們的廣播平台為我們的體育戰略服務的靈活性的直接結果。

Second, we're creating material new value by tapping into the passion Americans feel for their favorite teams and athletes and their love of the game. This passion has an unparalleled ability to unify us as a community to bring this in front of the television and to do it in real time. Linear television, specifically broadcast TV, is made for this. The leagues know it, the teams know it, the fans know it and so does distributors and advertisers. And that's the reason Scripps is leading the broadcast renaissance in live sports.

其次，我們透過利用美國人對他們最喜歡的球隊和運動員的熱情以及他們對比賽的熱愛來創造物質新價值。這種熱情具有無與倫比的能力，可以將我們作為一個社區團結起來，將其帶到電視並實時進行。線性電視，特別是廣播電視，就是為此而設計的。聯盟知道這一點，球隊知道這一點，球迷也知道這一點，經銷商和廣告商也知道這一點。這就是為什麼史克里普斯引領體育直播廣播復興的原因。

On the local side, we now have broadcast partnerships with 2 National Hockey League teams, the recent Stanley Cup Champion, Vegas Golden Knights, and the Arizona Coyotes in Phoenix. We are broadcasting their games across a multistate region to both team's large regional fan bases. And we're seeing tremendous growth in viewership now that every TV household in the markets can receive their games.

在本地方面，我們現在與 2 支國家冰球聯盟球隊（最近的史丹利杯冠軍隊、維加斯金騎士隊和鳳凰城的亞利桑那郊狼隊）建立了轉播合作夥伴關係。我們正在跨州地區向兩支球隊龐大的地區球迷群轉播他們的比賽。現在，我們看到收視率大幅成長，因為市場上的每個電視家庭都可以接收他們的遊戲。

In Las Vegas, the Golden Knights have more than doubled their local ratings so far this season compared to last. And in Phoenix, the Arizona Coyotes' ratings have increased a whopping 900% of from their RSN distribution last year. The equation is simple. More audience reach generates higher ratings to deliver Scripps significant new revenue right now, primarily through incremental and meaningful core advertising revenue growth and higher distribution revenue for the independent stations on which they air.

在拉斯維加斯，本賽季到目前為止，金騎士隊的當地收視率比上賽季增加了一倍多。在菲尼克斯，亞利桑那郊狼隊 (Arizona Coyotes) 的收視率比去年的 RSN 分佈增加了 900%。等式很簡單。更多的觀眾覆蓋率會產生更高的收視率，從而為斯克里普斯帶來可觀的新收入，這主要是透過增量和有意義的核心廣告收入增長以及其播出的獨立電台更高的發行收入。

On the core advertising side, I'm pleased to be able to quantify the value we have just begun to create through our sports rights deals. Baked into our guide for the fourth quarter is an incremental lift to local media core of 4 percentage points driven by our 2 local sports deals. And for full year 2024, we're projecting at least a 3 percentage point lift in core advertising from just those 2 local NHL deals.

在核心廣告方面，我很高興能夠量化我們剛開始透過運動版權交易創造的價值。在我們的第四季指南中，我們的 2 項本地運動交易推動了本地媒體核心的增量提升了 4 個百分點。對於 2024 年全年，我們預計僅這 2 筆本地 NHL 交易的核心廣告費用將至少提升 3 個百分點。

And on the distribution side, adding retrans to these new independent stations with live sports is both growing our top line revenue and expanding the portfolio's distribution margins because traditional and virtual MVPDs know how important this programming is for their customers. With each new local rights agreement we sign, core advertising and distribution fees will grow, adding profit and generating free cash flow.

在發行方面，在這些新的獨立電視台中添加轉播體育賽事直播既可以增加我們的營收，也可以擴大產品組合的發行利潤，因為傳統和虛擬 MVPD 知道該節目對他們的客戶有多麼重要。隨著我們簽署每一份新的本地版權協議，核心廣告和分銷費用都會增加，從而增加利潤並產生自由現金流。

Sports is a significant opportunity for us on the national level as well. We're pleased to have completed a very successful first season with WNBA on ION. We harnessed the power of our over-the-air signal, pay TV carriage and connected TV distribution to help the league increase its TV reach by nearly 30%. A 1/3 of our viewers this season watched the WNBA Friday Night Spotlight on ION over the air, while 10% watched on FAST, all new reach for the league. Here too, live sports rights drove new value for Scripps, with 65% of the revenue we generated from sponsorships and advertising coming from new-to-Scripps accounts.

在國家層面上，體育運動對我們來說也是一個重要的機會。我們很高興在 ION 上完成了 WNBA 的非常成功的第一個賽季。我們利用無線訊號、付費電視傳輸和連網電視分發的力量，幫助聯盟將電視覆蓋範圍擴大了近 30%。本賽季 1/3 的觀眾透過 ION 直播觀看了 WNBA 週五晚間聚光燈，而 10% 的觀眾透過 FAST 觀看，這是聯盟的全新內容。在這方面，體育直播轉播權也為斯克里普斯帶來了新的價值，我們從贊助和廣告中獲得的收入中有 65% 來自斯克里普斯的新帳戶。

And as you know, advertising around live sports commands a hefty premium above our average unit rates. We're already well into the sales cycle for our second season with the WNBA and off to a very good start. In the near future, we expect to tap into ION's powerful reach for similar national rights agreements with leagues that recognize the power of partnership with Scripps Sports, setting us up well for growth in 2024 and beyond.

如您所知，圍繞體育賽事直播的廣告費用比我們的平均單位費率高得多。我們已經進入 WNBA 第二個賽季的銷售週期，並且取得了良好的開端。在不久的將來，我們預計將利用ION 的強大影響力，與各聯盟達成類似的國家權利協議，這些聯盟認識到與斯克里普斯體育公司合作的力量，為我們在2024 年及以後的增長奠定良好的基礎。

As you can see, Scripps is enthusiastic for good reason about the ongoing value of the advertising-supported TV marketplace. And our third lever for 2024 will create new opportunity for growth in the over-the-air television market. Given our company's outside share of over-the-air viewing, we've told you that we'd be working to accelerate OTA's growth.

正如您所看到的，斯克里普斯對廣告支持的電視市場的持續價值充滿熱情，這是有充分理由的。我們 2024 年的第三個槓桿將為無線電視市場的成長創造新的機會。鑑於我們公司在無線觀看領域的外部份額，我們已經告訴您，我們將努力加速 OTA 的成長。

Last year, our marketing campaigns drove up to a 30% increase in digital antenna sales as reported by the antenna makers we work with. But we still recognize the need to solve some of the challenges consumers face with digital antennas. And we saw an opportunity to revolutionize the free TV experience especially at this time of rapidly rising streaming costs and relative indifference to the pay TV bundle.

根據與我們合作的天線製造商的報告，去年我們的行銷活動使數位天線銷售增加了 30%。但我們仍然意識到需要解決消費者在使用數位天線時面臨的一些挑戰。我們看到了徹底改變免費電視體驗的機會，尤其是在串流媒體成本迅速上升且對付費電視捆綁相對冷漠的時期。

That's why in August, we relaunched Tablo, an over-the-air TV device that aggregates OTA and connected TV FAST channels with a DVR in a modern user experience that appeals to Gen Z as much as baby boomers. It allows you to stream and watch OTA on any TV, phone or tablet in your house through an app. For the new Tablo consumer, it's a onetime cost, can be purchased bundled with or without a digital antenna and today has no subscription fees.

這就是為什麼我們在 8 月重新推出了 Tablo，這是一款無線電視設備，它透過 DVR 聚合 OTA 和連接電視 FAST 頻道，提供現代用戶體驗，對 Z 世代和嬰兒潮一代都有吸引力。它允許您透過應用程式在家中的任何電視、手機或平板電腦上串流和觀看 OTA。對於新的 Tablo 消費者來說，這是一次性費用，可以捆綁或不捆綁數位天線購買，現在無需訂閱費。

Tablo owners get free premium network and FAST channel programming, every local NFL game and all of the live professional and college sports on broadcast. In the 2 months since the soft launch, we are seeing very enthusiastic consumer and media reviews. People have a real passion for this product. Sales have been brisk through our retail partners, Amazon, Best Buy and directly at tablotv.com. Just this week, Tablo was live on the Home Shopping Network and sold out minutes. Soon it will be sold on walmart.com. We're launching the marketing campaign in earnest this quarter and expect to share more metrics on future calls. For now, what's important to know is that Tablo will grow TV viewing over the year, especially for live sports, so we can turn more eyeballs into ad dollars.

Tablo 所有者可以獲得免費的付費網路和 FAST 頻道節目、每場當地 NFL 比賽以及所有現場直播的職業和大學體育賽事。自從軟啟動以來的兩個月裡，我們看到了非常熱烈的消費者和媒體評論。人們對這個產品充滿熱情。透過我們的零售合作夥伴、亞馬遜、百思買以及 tablotv.com 直接銷售，銷售一直很活躍。就在本週，Tablo 在家庭購物網絡上上線並在幾分鐘內售罄。很快它將在 walmart.com 上出售。我們將在本季認真啟動行銷活動，並希望在未來的通話中分享更多指標。目前，重要的是要知道 Tablo 的電視收視率將在一年內增長，尤其是體育賽事直播，這樣我們就可以將更多的眼球轉化為廣告收入。

Turning to connected TV, our fourth free cash flow driver, our efforts to distribute and monetize our linear networks in the SaaS marketplace have quickly created a new $100 million business. We expect double-digit growth on that $100 million next year.

轉向連網電視（我們的第四個自由現金流驅動因素），我們在 SaaS 市場中分銷線性網路並將其貨幣化的努力很快就創造了價值 1 億美元的新業務。我們預計明年這 1 億美元將達到兩位數成長。

And of course, the fifth cash flow driver is the influx of high-margin political advertising in the presidential election year, when we and our broadcast peers are best positioned to capitalize on the $10 billion in projected annual election spending.

當然，第五個現金流驅動因素是總統選舉年高利潤政治廣告的湧入，此時我們和我們的廣播同行最有能力利用預計 100 億美元的年度選舉支出。

Beyond these 5 growth drivers for 2024 is the ongoing benefit of our reorganization work, which Lisa will discuss in a moment. We remain focused on both aggressively tackling the near-term challenges in the media marketplace and creating a more efficient, cost effective and high-performing business. Scripps is carving out a valuable durable niche in this chaotic media ecosystem. And because of that, I encourage investors not to paint us with the same broad brush as companies that are irrationally expanding into streaming, graveling with constant subscriber churn and all the while leaving off their valuable businesses with no clear path to profitability. At Scripps, our path to real near- and long-term value is clear.

除了這 5 個 2024 年成長動力之外，我們的重組工作還將帶來持續的好處，麗莎稍後將討論這一點。我們仍專注於積極應對媒體市場的近期挑戰，並創造更有效率、更具成本效益和高效能的業務。史克里普斯正在這個混亂的媒體生態系統中開闢出一個有價值的、持久的利基市場。正因為如此，我鼓勵投資者不要把我們與那些非理性地擴張到串流媒體領域的公司一樣籠統地描繪出來，這些公司因不斷的用戶流失而陷入困境，同時卻放棄了沒有明確盈利途徑的有價值的業務。在斯克里普斯，我們實現真正的近期和長期價值的道路是明確的。

I'd like to end by recognizing an accomplishment about which I'm very proud, the first National Emmy Award for Scripps News. As you know, we bought Newsy 10 years ago and rebranded it Scripps News in January. It's now distributed not just on national platforms, but on our local stations and garnering strong ratings with our local audiences. This Emmy for outstanding science, technology and environmental coverage is a testament to the impactful news organization we've built and America's need for its objective, fact-based reporting.

最後，我想表彰一項讓我感到非常自豪的成就，即史克里普斯新聞首次獲得國家艾美獎。如您所知，我們 10 年前收購了 Newsy，並於 1 月將其重新命名為 Scripps News。現在它不僅在國家平台上發行，還在我們當地的電視台上發行，並在當地觀眾中獲得了很高的收視率。艾美獎表彰傑出的科學、技術和環境報道，證明了我們建立的有影響力的新聞機構以及美國對其客觀、基於事實的報道的需求。

Now here's Jason.

現在是傑森。

Good morning, everyone. For the third quarter, we reported financial results that all met or exceeded the expectations we set in August, with another significant beat on company segment profit as we had in Q2. Our segment profit overperformance was driven by stronger-than-expected advertising revenue from Local Media core and in the Scripps Networks segment as well as continued expense management. For the third quarter, Scripps Networks revenue was $215 million, exceeding our guidance because of better-than-expected connected TV and direct response revenue.

大家，早安。對於第三季度，我們報告的財務業績全部達到或超過了我們在 8 月份設定的預期，公司部門利潤再次大幅超出我們第二季度的預期。我們的部門利潤超額表現是由於本地媒體核心和斯克里普斯網路部門的廣告收入強於預期以及持續的費用管理所推動的。第三季度，Scripps Networks 營收為 2.15 億美元，超出了我們的預期，因為連網電視和直接回應收入優於預期。

Networks' connected TV revenue was up 75% from Q3 of 2022 if you back out the impact of our low-margin programmatic product, which we began to sunset in Q2. Scripps Networks' segment expenses were $166 million, up only about 1% from the prior year quarter. Segment profit in Networks was about $50 million. In our Local Media division, total revenue was down 7% from the prior year quarter, mainly due to the absence of the election year political advertising revenue. Local core advertising revenue was down about 3% from the prior year period. Local Media distribution revenue was up 20% to $198 million, fueled by renewals in our cable and satellite agreements. We have now completed the renewals for all 75% of the subscriber households that were up this year, and we are very pleased with the results.

如果你排除我們在第二季開始淘汰的低利潤程式化產品的影響，那麼 Networks 的連網電視收入將比 2022 年第三季成長 75%。 Scripps Networks 的部門支出為 1.66 億美元，僅比去年同期成長約 1%。網路部門利潤約 5000 萬美元。在我們的本地媒體部門，總收入比去年同期下降了 7%，這主要是由於選舉年政治廣告收入的缺失。本地核心廣告收入較去年同期下降約3%。在我們續訂有線和衛星協議的推動下，本地媒體發行收入成長了 20%，達到 1.98 億美元。目前，我們已經完成了今年新增訂閱用戶家庭的全部 75% 的續訂，我們對結果非常滿意。

Local Media expenses were flat to the prior year quarter. Local Media segment profit was $75 million. In the segment labeled Other, we reported a third quarter loss of $6.3 million. Shared services and corporate expenses were $21 million. The loss attributable to shareholders of Scripps was $16 million or $0.19 per share. Restructuring costs for the quarter accounted for $0.04 of the per share loss. We announced in January a company-wide reorganization and the restructuring costs are related to that work. As of quarter end, cash and cash equivalents totaled $16 million. Our net debt at quarter end was $2.9 billion and our net leverage was 5.4x per the calculations in our credit agreement.

本地媒體支出與去年同期持平。本地媒體部門利潤為 7,500 萬美元。在「其他」部分，我們報告第三季虧損 630 萬美元。共享服務和公司開支為 2,100 萬美元。 Scripps 股東應佔虧損為 1,600 萬美元，即每股虧損 0.19 美元。本季的重組成本佔每股虧損 0.04 美元。我們在一月份宣布了全公司範圍的重組，重組成本與這項工作相關。截至季末，現金和現金等價物總計 1,600 萬美元。根據信貸協議的計算，我們季度末的淨債務為 29 億美元，淨槓桿率為 5.4 倍。

Looking ahead to the fourth quarter of 2023. In the Scripps Networks division, we expect revenue to be down in the 10% range, but only down about 8% if you back out the impact of the programmatic advertising products we discussed. The fourth quarter is being impacted by the industry-wide weak upfront season and ongoing softness in direct response spending. We expect fourth quarter Networks segment expenses to be flat. We expect total Local Media revenue to be down in the low to mid-double-digit percent range since this is not a big election year. We expect local core ad revenue to be up low to mid-single digits. In a tough ad industry environment, we expect to see the benefit of a 4 percentage point lift in Q4 core due to our 2 local Scripps Sports agreements. Lisa will give more color in a moment about our strong start to the quarter with key core categories, including auto.

展望 2023 年第四季。在 Scripps Networks 部門，我們預計營收將下降 10% 左右，但如果排除我們討論的程式化廣告產品的影響，僅下降 8% 左右。第四季受到全行業前期疲軟和直接回應支出持續疲軟的影響。我們預計第四季度網路部門支出將持平。由於今年不是重要的選舉年，我們預期本地媒體總收入將下降至兩位數百分比範圍內。我們預期本地核心廣告收入將成長至中個位數。在嚴峻的廣告產業環境中，由於我們與當地斯克里普斯體育公司達成了兩項協議，我們預計第四季度核心業務將成長 4 個百分點。麗莎稍後將詳細介紹我們本季在關鍵核心類別（包括汽車）的強勁開局。

Now I'd like to touch on 2 full year Local Media revenue items. We've had stronger-than-expected 2023 political spending, especially from a contentious ballot issue in Ohio, and we now expect full year political ad revenue to reach at least $30 million. Also, since completing our retransmission renewals, we've said we expect full year gross distribution revenue of $750 million and net distribution dollars to increase by more than 40% from 2022.

現在我想談談 2 個全年本地媒體收入項目。我們 2023 年的政治支出強於預期，尤其是俄亥俄州有爭議的選票問題，我們現在預計全年政治廣告收入將至少達到 3,000 萬美元。此外，自完成轉播續訂以來，我們預計全年總發行收入將達到 7.5 億美元，淨發行收入將比 2022 年成長 40% 以上。

Back to the fourth quarter, we expect Local Media expenses to be up in the mid-single-digit range. That includes the cost of pay increases for key news gathering roles at our local stations and costs associated with Scripps Sports. Fourth quarter shared services costs are expected to be about $22 million. We expect the segment labeled Other to generate a loss of about $10 million as we continue to educate consumers about free over-the-air viewing and promote our Tablo device, as Adam discussed. Due to the ongoing macroeconomic headwinds facing our Scripps Networks division, we're also adjusting our full year free cash flow guide. We still expect it to fall within our previous range, but at the low end, between $50 million and $60 million.

回到第四季度，我們預計本地媒體支出將在中個位數範圍內成長。這包括我們當地電視台關鍵新聞採訪角色的加薪成本以及與史克里普斯體育相關的成本。第四季共享服務成本預計約 2,200 萬美元。正如 Adam 所討論的，隨著我們繼續教育消費者免費無線觀看並推廣我們的 Tablo 設備，我們預計標記為「其他」的細分市場將產生約 1000 萬美元的損失。由於史克里普斯網路部門面臨持續的宏觀經濟逆風，我們也在調整全年自由現金流指南。我們仍然預計它會落在我們之前的範圍內，但處於低端，在 5000 萬美元到 6000 萬美元之間。

Because of the economy and because we continue to drop strong quarters from 2021 from our trailing 8-quarter leverage calculation, we expect some upward pressure on our leverage ratio by year-end. However, we see a strong glide path to bring that down a full turn to under 5x from Q4 of this year to the end of next year. That's due to the 5 free cash flow drivers that Adam listed, including our high-margin revenue from the presidential year political advertising, connected TV and distribution revenue and continued expansion of our sports rights revenue.

由於經濟情勢的原因，以及我們在過去 8 季度槓桿率計算中繼續下調 2021 年以來的強勁季度，我們預計到年底我們的槓桿率將面臨一些上行壓力。然而，我們看到了強勁的下滑路徑，從今年第四季到明年年底，這一數字將全面下降至 5 倍以下。這是由於 Adam 列出的 5 個自由現金流驅動因素，包括總統年度政治廣告帶來的高利潤收入、連網電視和發行收入以及體育版權收入的持續擴張。

And I want to strongly reiterate that we continue to place our highest capital allocation priority on paying down debt. We're on track with our expectations of realizing more than $40 million in annual savings from our company reorganization. We expect those savings to be mostly operationalized by the middle of 2024, and we are on track, as we've discussed, to reach a year-end 2023 run rate of around $20 million in annualized savings.

我想強烈重申，我們繼續將資本配置的最高優先事項放在償還債務上。我們預計透過公司重組實現每年超過 4000 萬美元的節省。我們預計這些節省將在 2024 年中期大部分投入使用，而且正如我們所討論的，我們預計在 2023 年底實現年化節省 2000 萬美元左右的運行率。

Now here's Lisa to share highlights from both the Local Media and Scripps Networks operations.

現在，麗莎將分享當地媒體和史克里普斯網路營運的亮點。

Thanks, Jason, and good morning, everyone. I'd like to start this morning with some color on how fourth quarter is shaping up. Then I'll give an update on our ongoing restructuring work. In Local Media core advertising categories, we're seeing positive trends coming out of October. Services was up 9%, auto was up 10% and if Q4 ends in positive territory, it would be the sixth consecutive quarter of auto growth. Home Improvement, our third largest category in Q4 so far was up 13% in October and Retail was up 2%.

謝謝傑森，大家早安。我想從今天早上開始對第四季的情況做一些介紹。然後我將介紹我們正在進行的重組工作的最新情況。在本地媒體核心廣告類別中，我們看到 10 月出現了正面的趨勢。服務業成長 9%，汽車業成長 10%，如果第四季以正值結束，這將是汽車業連續第六個季度成長。家居裝修是我們第四季迄今的第三大類別，10 月成長了 13%，零售成長了 2%。

We're also seeing good news in political advertising. The third quarter revenue of $9 million was higher than in Q3 of the past 2 off-cycle election years. We now expect to reach at least $30 million in political ad revenue this year. We're also optimistic about the large projected spending levels for next year's presidential election since local broadcasters continue to capture the lion's share of those dollars.

我們在政治廣告中也看到了好消息。第三季營收為 900 萬美元，高於過去兩個非週期選舉年的第三季。我們現在預計今年的政治廣告收入將至少達到 3,000 萬美元。我們也對明年總統選舉的預期支出水準持樂觀態度，因為地方廣播公司繼續佔據這些美元的最大份額。

Turning to the Networks division. Our third quarter connected TV and direct response revenue bolstered our results enough to beat guidance by 2 percentage points. ION, ION Mystery, Bounce and Core TV in particular, outperformed our growth expectations in CTV. For the Networks' fourth quarter, we began to see the impact of the weak industry-wide upfront season. We are far from alone among the national networks in seeing declines in upfront revenue this year. The overall volume of dollars in the whole ecosystem is estimated to be down about 10%. Two areas of growth for Scripps in the upfronts were Bounce, whose upfront dollars rose 6% and CPM's were up nearly 50%. And connected TV revenue for our portfolio of networks was up nearly 60% year-over-year.

轉向網路部門。我們第三季的連網電視和直接回應收入支撐了我們的業績，足以超越預期 2 個百分點。尤其是 ION、ION Mystery、Bounce 和 Core TV，其 CTV 的成長超出了我們的預期。對於網路公司第四季度，我們開始看到全行業前期疲軟的影響。在全國網路中，我們並不是唯一一個今年預付費用下降的國家。整個生態系的美元總量預計將下降10%左右。 Scripps 的兩個預付款成長領域是 Bounce，其預付款上漲了 6%，而 CPM 則上漲了近 50%。我們網路組合的連網電視收入較去年同期成長近 60%。

Connected TV continues to be a big growth area for us outside the upfront as well. In the third quarter alone, the weekly hours of viewing of our networks on SaaS platforms increased 17% from the prior quarter and 179% year-over-year. As we have said, we expect to end the year at nearly $100 million in total network CTV revenue. And for 2024, we are projecting a mid-teens percentage year-over-year increase in total dollars and more than a 30% increase, if you back out the impact of the legacy programmatic product we're sunsetting. These projections include some new agreements that will be coming online early in the year.

對我們來說，除了前期費用之外，連網電視仍然是一個巨大的成長領域。光是第三季度，SaaS 平台上每週觀看​​我們網路的時間就比上一季增加了 17%，比去年同期增加了 179%。正如我們所說，我們預計今年年底網路 CTV 總收入將接近 1 億美元。到 2024 年，我們預計總美元將年增 10% 左右，如果排除我們即將淘汰的傳統程序化產品的影響，增幅將超過 30%。這些預測包括一些將於今年年初上線的新協議。

Now I'd like to give you an update on our restructuring work as we close out the year. Back in January, we announced a major reorganization of the company aimed at aligning all of our assets and the people to best capture the opportunities in the media ecosystem. The reorganization is unfolding, as we intended, to transform our company and improve margins, fuel growth and leverage the strength of our position in serving our audiences and communities. As Jason said, we are expecting to realize more than $40 million in savings through the reorg with about 80% of that coming from eliminating positions and the rest from external spending such as vendor contracts.

現在，我想在年底向您介紹我們重組工作的最新情況。早在一月份，我們就宣布對公司進行重大重組，旨在調整我們所有的資產和人員，以最好地抓住媒體生態系統中的機會。正如我們所希望的那樣，重組正在展開，旨在改造我們的公司，提高利潤，促進成長，並利用我們在服務受眾和社區方面的優勢。正如 Jason 所說，我們預計透過重組將節省超過 4000 萬美元，其中約 80% 來自消除職位，其餘來自供應商合約等外部支出。

But as you know, a company can't cut its way to growth. And the most important part of our work is what we're doing to reposition ourselves to thrive in the changing media landscape. Our approach to the reorganization has been fourfold. First, we have combined many corporate management roles that were separately housed in Local Media and Scripps Networks divisions. So we now have leaders who are responsible for their areas across the enterprise.

但如您所知，公司不可能透過捷徑成長。我們工作中最重要的部分是重新定位自己，以便在不斷變化的媒體環境中蓬勃發展。我們的重組方法有四重。首先，我們合併了許多分別位於本地媒體和史克里普斯網路部門的企業管理角色。因此，我們現在有了負責整個企業各自領域的領導者。

For example, we hired a Chief Revenue Offer from NBC Universal, who oversees both local station and network sales and is charged with thinking holistically about the company's revenue growth. His work already is leading to benefits, ranging from better use of sales technology to more effective sales messaging and execution, to the consolidation of vendor contracts.

例如，我們聘請了 NBC Universal 的首席收入官，他負責監督本地電台和網路銷售，並負責全面考慮公司的收入成長。他的工作已經帶來了好處，從更好地利用銷售技術到更有效的銷售資訊和執行，再到鞏固供應商合約。

Second, as our leaders have taken on these broader roles, they have centralized teams in our local stations, including human resources, finance and marketing in a way that is appropriate for a company of our size and in line with our local broadcast peers.

其次，由於我們的領導者承擔了這些更廣泛的角色，他們在我們當地的電視台擁有集中的團隊，包括人力資源、財務和營銷，其方式適合我們規模的公司，並與我們當地的廣播同行保持一致。

Third, our local media station newsrooms are rethinking how we adapt to what our audiences and communities want from their local news. We've undertaken extensive audience research over the last 6 years, including focuses on Black, Hispanic and rural households. These learnings have informed our approach to local coverage in the way we will serve viewers and audiences in the future. One key change is the redeployment of our anchor roles in some markets, so we can put more journalists in the field. Rather than broadcasting from a studio with a traditional anchor desk, more of our newscasts are filled with reporters telling stories from out in their cities and neighborhoods.

第三，我們當地媒體電台的新聞編輯室正在重新思考如何適應觀眾和社區對地方新聞的需求。在過去 6 年裡，我們進行了廣泛的受眾研究，其中重點關注黑人、西班牙裔和農村家庭。這些經驗教訓為我們未來為觀眾和受眾提供本地報道的方式提供了指導。一個關鍵的變化是在一些市場重新部署我們的主力角色，這樣我們就可以在該領域派遣更多的記者。我們更多的新聞廣播不是在配有傳統主播台的攝影棚進行廣播，而是由記者講述他們所在城市和社區的故事。

We're also running Scripps News on our local stations. This has 3 benefits. It puts Scripps News brand in front of large new audiences, it allows local stations to use the quality objective national content Scripps News produces and it saves on programming cost. We're now airing 63 hours a week of Scripps News, live on 48 local stations with advertising sold by the local teams and the ratings are steadily growing. For example, stations that use Scripps News' Morning Rush program saw viewership build by 12% from June to September and Scripps News' live programming is delivering sustained year-over-year ratings growth of 4%.

我們也在當地電視台播放斯克里普斯新聞。這有 3 個好處。它將史克里普斯新聞品牌置於大量新受眾面前，允許當地電視台使用史克里普斯新聞製作的品質目標國家內容，並節省了節目成本。我們現在每周播出 63 小時的斯克里普斯新聞，在 48 個當地電視台進行直播，並由當地團隊出售廣告，收視率正在穩步增長。例如，使用斯克里普斯新聞的 Morning Rush 節目的電視台從 6 月到 9 月的收視率增長了 12%，斯克里普斯新聞的現場節目收視率持續同比增長 4%。

The fourth and very important part of the reorganization was -- has been the emergence of Scripps Sports led by Brian Lawlor. It has been crucial for Brian and his team as they build out our reputation as a sports media partner to have support from people who think about all of our assets, from the market depth of our local stations to the national and demographic reach of ION and other networks.

重組的第四個也是非常重要的部分是——由布萊恩·勞勒領導的斯克里普斯體育公司的出現。對於布萊恩和他的團隊來說，在建立我們作為體育媒體合作夥伴的聲譽時，得到那些考慮我們所有資產的人們的支持至關重要，從我們當地電視台的市場深度到ION 和ION 的全國和人口覆蓋範圍。其他網路。

As we're putting together local and national deals, we are creatively deploying assets from both Local Media and Scripps Networks, unencumbered by where they sit in the organization. We will wrap up most of our corporate level work this year, and we'll realize our full savings after our local stations complete their transitions in the first half of next year. But the true value of our transformation will come as these changes take root. We are forming new and even deeper connections with our audiences and advertisers through news, sports and other quality entertainment programming on every platform where Americans watch TV. The enterprise value we're creating will propel our growth and perpetuation.

當我們整合地方和全國交易時，我們創造性地部署來自本地媒體和斯克里普斯網路的資產，不受它們在組織中所處位置的阻礙。我們將在今年完成大部分公司層面的工作，並在明年上半年本地電台完成過渡後實現全部節省。但當這些變化紮根時，我們轉型的真正價值就會顯現。我們正在透過美國人觀看電視的每個平台上的新聞、體育和其他優質娛樂節目與觀眾和廣告商建立新的、甚至更深的聯繫。我們正在創造的企業價值將推動我們的成長和永續。

I'd like to close by calling out the most recent awards of our impactful journalism. As Adam said, we are very proud to win our first national news Emmy at Scripps News. In addition, 2 Scripps local stations were recognized with national Murrow awards, WTVR in Richmond won for an investigation into a string of sniper shootings and KTVQ in Billings won for coverage of the devastating flooding there in 2022. And Phil Williams, Chief Investigative Reporter at WTVF in Nashville was awarded Columbia University's John Chancellor Award for Excellence in Journalism. Phil is the first local TV news reporter to be honored with this award.

最後，我想提及我們有影響力的新聞業的最新獎項。正如亞當所說，我們非常自豪能夠在斯克里普斯新聞贏得我們的第一個全國新聞艾美獎。此外，斯克里普斯的2 個地方電視台獲得了國家默羅獎，里士滿的WTVR 因對一系列狙擊手槍擊事件的調查而獲獎，比林斯的KTVQ 因報道2022 年當地發生的毀滅性洪水獲獎。納許維爾 WTVF 榮獲哥倫比亞大學約翰錢斯勒傑出新聞獎。菲爾是第一位獲此殊榮的當地電視新聞記者。

And now operator, we're ready for questions.

現在接線員，我們準備好回答問題了。

(Operator Instructions) And first, we're going to the line for Dan Kurnos, Benchmark.

（操作員說明）首先，我們要去 Benchmark 的 Dan Kurnos 排隊。

Great. I mean you talked -- you guys talked all through the accolades, but Adam, no one brought up your own industry accolades, so kudos to you for being named B+C Broadcaster of the Year. Just a couple. I think I really want to dive into the sports angle and I really appreciate the incremental data you've given us around local. And I really want to spend some time, maybe, Adam, just parsing out kind of the local versus the national strategy.

偉大的。我的意思是，你們談論了——你們談論了所有的榮譽，但是 Adam，沒有人提到你們自己的行業榮譽，所以對你們被評為年度 B+C 廣播公司感到榮幸。只是一對。我想我真的很想深入了解運動角度，我真的很感激你為我們提供的本地增量數據。我真的想花一些時間，也許，亞當，只是解析本地戰略與國家戰略。

Obviously, a lot -- let's just start on the local side. A lot is really dependent clearly on what happens with some of the existing contracts. And it sounds like early, maybe, next year, February timeframe, we might run out of extensions for Diamond. But just in general, sort of the opportunity that you're seeing out there, whether you have specific markets, you target pace. Anything you can kind of give us on just how you're thinking about the local opportunity? And then I'll follow up with kind of a national question after that.

顯然，很多——讓我們從本地開始。很大程度上確實取決於一些現有合約的情況。聽起來似乎很早，也許明年二月的時間範圍內，我們可能會用完鑽石的延期。但總的來說，你看到的機會，無論你是否有特定的市場，你的目標速度。您能告訴我們您如何看待當地的機會嗎？之後我將提出一個全國性問題。

Thanks, Dan, and thanks for the kind words. Look, I think you should absolutely assume that we'll continue to execute this strategy where we see opportunities for our local brands to align with local sports. We're obviously dedicated to approaching each of the deals with discipline. And I would say we've developed a real reputation that's appreciated among the owners and the leagues for partnership and shared risk and shared reward that frankly really feels good to them, especially after the trauma that they're coming off of with the sort of chaotic implosion of the RSN business.

謝謝丹，也謝謝你的客氣話。聽著，我認為你絕對應該假設我們將繼續執行這項策略，我們看到我們的本土品牌有機會與當地運動保持一致。顯然，我們致力於嚴格遵守每一筆交易。我想說的是，我們已經建立了真正的聲譽，在老闆和聯盟中建立了良好的合作夥伴關係、共同承擔風險和共同回報，坦率地說，這對他們來說真的感覺很好，尤其是在他們經歷了類似的創傷之後。RSN 業務的混亂內爆。

There are definitely markets where we see significant opportunity, markets where we think we can do what we've done in Las Vegas. In other words, flip an ION station to a local independent without negatively impacting the ION reach because we move the programming stream to a different spectrum. And then with sports as the anchor tenant of the programming of that independent station really disrupting that local marketplace and significantly taking local advertising share and increasing our take of local retrans in that market. And so that's why I referenced earlier from a local perspective with every new rights deal that we sign, we would expect to see core revenue growth and the opportunity for continued expansion for revenue for distribution, even between contracts. So I think that's an important thing to point out.

肯定有一些市場我們看到了巨大的機會，我們認為我們可以做我們在拉斯維加斯所做的事情。換句話說，將 ION 站翻轉為本地獨立站，不會對 ION 覆蓋範圍產生負面影響，因為我們將節目流移至不同的頻譜。然後，體育作為該獨立電視台節目的主要租戶，確實擾亂了當地市場，並顯著佔據了當地廣告份額，並增加了我們在該市場的當地轉播份額。因此，這就是為什麼我之前從當地角度提到，我們簽署的每一項新版權協議，我們都期望看到核心收入成長以及分配收入持續擴大的機會，即使是在合約之間。所以我認為這是一件需要指出的重要事情。

Typically, you would only see us expand retrans revenue based on step-ups or based on new contracts. And in this situation, we have the opportunity to increase our retrans revenue every time we sign a new local sports deal. And so the opportunity there to dramatically impact, I think, core revenue growth is sizable.

通常，您只會看到我們根據升級或新合約來擴大轉售收入。在這種情況下，每次簽署新的當地運動協議時，我們都有機會增加轉播收入。因此，我認為，對核心收入成長產生巨大影響的機會是相當大的。

On the national level, the revenue growth we're seeing is just as important. But given the exposure of a single national deal, which is essentially like 1 night over 15 weeks, it's obviously not going to show up as impactful to the overall revenue growth of the Scripps Networks. But that said, we really think it's about the opportunity to leverage the national rights as a way to solidify linear viewing, grow, diversify the audience and more broadly raise the rates of ION, right? So we talked about the fact that 30% audio growth -- audience growth for the WNBA in my prepared remarks came from ION's rights. For us, the season also represented good diversification and expansion opportunity. The season drew in 2 million new viewers to ION, a significant expansion of the audience.

在國家層面上，我們看到的收入成長同樣重要。但考慮到單一全國性交易的曝光（本質上相當於 15 週內的一晚），它顯然不會對 Scripps Networks 的整體收入成長產生影響。但話雖如此，我們確實認為這是一個利用國家權利作為鞏固線性觀看、增長、多樣化觀眾以及更廣泛地提高 ION 收視率的方式的機會，對嗎？因此，我們討論了這樣一個事實：30% 的音訊成長——在我準備好的發言中，WNBA 的觀眾成長來自 ION 的版權。對我們來說，這個季節也代表了良好的多元化和擴張機會。本季為 ION 吸引了 200 萬新觀眾，觀眾人數顯著增加。

And as I said in my remarks, 65% of the revenue we generated during that season was from new-to-Scripps advertisers. So we would expect to look again with discipline for additional rights opportunities on the national side as well, consistent with the brand we're building for ION, and we hope to have more to say about that in the near future.

正如我在演講中所說，我們在那個季節產生的收入的 65% 來自斯克里普斯的新廣告商。因此，我們希望在國家方面再次嚴格尋找額外的版權機會，這與我們為 ION 打造的品牌一致，我們希望在不久的將來對此有更多的說法。

Got it. That's super helpful. And then just on the CTV stuff. I mean, at least, I really appreciate the incremental color. Maybe you can just give us some more granularity on just how you plan on achieving the, let's call it, 30% ex sunsetting growth next year and just what some of the drivers are there. I don't know if that's encompassing some of the aforementioned sports rights' expectations or if that's just simply figuring out the right way to go to market with expanded products and better lineup that you guys have.

知道了。這非常有幫助。然後就是 CTV 的內容。我的意思是，至少，我真的很欣賞增量顏色。也許您可以更詳細地介紹您計劃如何實現明年 30% 的衰退前成長，以及其中的一些驅動因素。我不知道這是否包含了上述體育轉播權的一些期望，或者這是否只是簡單地找出以你們擁有的擴展產品和更好的陣容進入市場的正確方式。

All of the above, Dan, you just covered it. We're seeing both organic growth in our CTV revenue in 2024. We expect to see it. And we also, as I mentioned in my prepared remarks, had laid in a nice foundation from an upfront perspective in CTV, I think with growth of 60% year-over-year in terms of what we laid in.

以上所有內容，丹，你剛剛涵蓋了。我們預計 2024 年 CTV 收入將實現有機成長。我們預計會看到這一點。正如我在準備好的發言中提到的，從 CTV 的前期角度來看，我們已經奠定了良好的基礎，我認為我們所投入的內容同比增長了 60%。

We also are benefiting from continued launching of new FAST channels. I think we mentioned maybe even last quarter that we were launching 2 new FAST networks Laff More, which now completes our ability to have each of our networks, with the exception of Defy, carried on FAST. So Laff More is now available on FAST. And we took our IP that we own related to Core TV and created a whole new FAST channel called Court TV Legendary Trials, and we're really utilizing that asset of IP that we've owned for quite some time and creating value there. So we've launched those 2 here in the last quarter. We'll continue to see some launches over this quarter and into next year. And then we are also launching on some large platforms in -- that guide includes in the early part of 2024.

我們也受益於不斷推出的新 FAST 頻道。我想我們甚至在上個季度就提到過，我們正在推出 2 個新的 FAST 網路 Laff More，現在我們已經能夠讓除 Defy 之外的每個網路都在 FAST 上運行。因此，Laff More 現已在 FAST 上提供。我們利用我們擁有的與 Core TV 相關的 IP 並創建了一個全新的 FAST 頻道，名為 Court TV Legendary Trials，我們確實在利用我們擁有相當長一段時間的 IP 資產並在那裡創造價值。所以我們在上個季度在這裡推出了這兩個產品。我們將在本季和明年繼續看到一些產品的發布。然後，我們也將在 2024 年初在該指南中的一些大型平台上推出。

Got it. Really appreciate that. And just 1 housekeeping, Jason, this may be better off line, but I think you have another synergy tranche next year from the spectrum side of the ION acquisition. Is there any way to size that?

知道了。真的很感激。傑森，只有 1 個內務管理，這可能會更好，但我認為明年 ION 收購的頻譜方面會有另一個協同部分。有什麼方法可以調整它的大小嗎？

Yes. We had -- when we initially announced the ION acquisition, we talked about sort of that cadence and it was in the $15 million to $20 million range incrementally next year tied to really 1 big contract that's coming up.

是的。當我們最初宣布收購 ION 時，我們談到了這種節奏，明年將逐步增加 1500 萬至 2000 萬美元的價格，與即將簽訂的一份大合約相關聯。

And next, we go on to the line for Steven Cahall, Wells Fargo.

接下來，我們繼續為富國銀行的史蒂文·卡霍爾 (Steven Cahall) 排隊。

So Lisa, I was wondering if you could talk a little bit more about just the Q4 guide for networks. It's a little bit worse than what you did in Q3, Q3 came in a little better than what you had expected. So just trying to understand if the market had gotten worse. You're trying to be a little bit conservative. I know you talked a bit about CTV as well. So just any more color you can provide there.

麗莎，我想知道您是否可以多談談第四季度的網路指南。這比你在第三季的表現要差一些，但第三季的表現比你的預期要好一些。所以只是想了解市場是否變得更糟。你試圖變得保守一點。我知道你也談到了 CTV。所以你可以在那裡提供更多的顏色。

And then more broadly, as more sports come on to the local side, how do you see the opportunity for moving more of ION's delivery to like a cross ad sales platform where you're using both local and ION together in the sales process to maybe deleverage yourself from direct response a little bit over time?

更廣泛地說，隨著越來越多的體育賽事來到本地，您如何看待將ION 的更多投放轉移到跨廣告銷售平台的機會，在該平台上，您在銷售流程中同時使用本地和ION隨著時間的推移，讓自己不再直接回應？

And then, Adam, so I know you all are very excited about Tablo. Will you be sending that sell-side analysts for trial? And then more seriously, wondering what kind of marketing dollars you might be looking to put into that to get shelf space or promoted in some of the key retail channels over time. Because it seems like free TV is compelling, but it's also pretty misunderstood or unknown by a lot of the population.

然後，Adam，我知道你們都對 Tablo 感到非常興奮。您會派賣方分析師去受審嗎？然後更嚴重的是，想知道您可能會投入什麼樣的行銷資金來獲得貨架空間或隨著時間的推移在一些關鍵零售管道進行促銷。因為免費電視似乎很有吸引力，但它也被許多人誤解或不了解。

Yes, Steven, I'll start and then turn it over to Adam. So as you know, the fourth quarter is the start of our new upfront season. And as I mentioned in my prepared remarks, really industry-wide, the dollars that were written in the upfronts was down, I think, across the board, about 10%, if not more, depending on sort of the networks. And I mentioned at least a bright spot for us was writing more CTV dollars for the upfront next -- starting in fourth quarter and next year.

是的，史蒂文，我先開始，然後把它交給亞當。如您所知，第四季度是我們新的前期季節的開始。正如我在準備好的演講中提到的那樣，在整個行業範圍內，預付金額全面下降了，大約 10%，甚至更多，具體取決於網路類型。我提到至少我們的一個亮點是從第四季和明年開始為接下來的前期投入更多的 CTV 資金。

And also some of -- the real bright spot which was Bounce. So we're basically starting with a lower volume because of the upfront reset in third quarter. However, we are continuing to see, and we've seen it in second quarter and third quarter, scatter revenue really holding its own. We are also seeing and expecting in third -- fourth quarter for our scatter pricing to remain pretty strong in terms of CPMs compared to the -- what we wrote in the upfront. For instance, in third quarter, we saw about a 55% increase over our upfront dollars in terms of CPMs that were in the scatter marketplace.

還有一些——真正的亮點是 Bounce。因此，由於第三季的前期重置，我們基本上從較低的銷售量開始。然而，我們繼續看到，我們在第二季和第三季已經看到，分散收入確實保持了穩定。我們也看到並預計，與我們在前期所寫的相比，我們的分散定價在每千次曝光費用方面將在第三季保持相當強勁。例如，在第三季度，我們發現分散市場中的每千次曝光費用比我們的預付款增加了約 55%。

The part of the guide also includes, I would say, the -- typically in fourth quarter, you see high dollar advertising on the DR side because of Medicare and those sorts of things, which has really in many ways, is a little bit softer in fourth quarter. So that's flowing through our guide as well. I think the bright spot continues to be CTV. We continue to see that growth, not just ending Q4 of this year, but as I mentioned in my comments to Dan into 2024.

我想說，指南的這一部分還包括——通常在第四季度，你會在災難復原方面看到高額廣告，因為醫療保險和諸如此類的事情，實際上在很多方面都有點軟化在第四季度。這也貫穿我們的指南。我認為亮點仍然是 CTV。我們繼續看到這種增長，不僅是在今年第四季度結束，而且正如我在對 Dan 的評論中提到的那樣，一直到 2024 年。

As for your next question, selling ION local -- with local, that is absolutely something that's in our, not only something that we did this year as a result of a couple of big advertisers wanting both, I think, the reach that ION provides across the country, reaching 97% of the country, and the depth of the markets that we have in local. And I think that's a really unique and -- go-to-market strategy that we are really working with our new Chief Revenue Officer, working to put in place for 2024 and beyond because we see that as a huge opportunity for us that maybe others in the marketplace aren't able to quite pull off.

至於你的下一個問題，在本地銷售 ION，這絕對是我們的事情，不僅僅是我們今年所做的事情，因為一些大廣告商想要兩者兼而有之，我認為 ION 提供的影響力覆蓋全國97%的地區，我們在當地的市場深度。我認為這是一個非常獨特的進入市場策略，我們正在與新任首席營收長合作，努力在2024 年及以後實施，因為我們認為這對我們來說是一個巨大的機會，也許其他人也無法做到這一點。在市場上無法完全成功。

Dan (sic) [Steven], thanks for the question on Tablo. Yes, in the fourth quarter, we'll continue to leverage our own inventory across our local stations, national networks, digital media, alongside targeted paid media on linear TV, connected TV, social and digital platforms and some work we're doing with influencers to drive sales of Tablo. The balance of the loss in the other segment is this work. We've essentially transitioned from the spend we had dedicated to, broadly speaking, the growth of the over-the-air marketplace, to the spend that we are considering consistent with growing the over-the-air marketplace, except now through retail sales and through sales of Tablo. So this is really consistent with what we've talked about before.

丹（原文如此）[史蒂文]，感謝您在 Tablo 上提出的問題。是的，在第四季度，我們將繼續利用我們在本地電視台、全國網路、數位媒體上的庫存，以及線性電視、連網電視、社交和數位平台上的目標付費媒體以及我們正在做的一些工作有影響力的人來推動Tablo 的銷售。其他部分的損失餘額就是這項工作。從廣義上講，我們基本上已經從致力於發展無線市場的支出轉變為我們認為與發展無線市場一致的支出，除了現在透過零售銷售以及透過 Tablo 的銷售。所以這確實與我們之前討論過的一致。

We expect to continue to track carefully the ARPU of Tablo. We're tracking the CAC or the sort of the average customer acquisition costs and want to manage it effectively so that we are ensuring that we're doing activities here that are adding to the value of the company. And I expect to able to share some of that information on future calls.

我們預計將繼續仔細追蹤 Tablo 的 ARPU。我們正在追蹤 CAC 或某種平均客戶獲取成本，並希望對其進行有效管理，以便確保我們在這裡進行的活動能夠增加公司的價值。我希望能夠在未來的電話會議上分享其中一些資訊。

Look, Tablo is not only consistent with our focus on growth of the over-the-air marketplace. It also is consistent with growth that we expect in the connected TV marketplace. And I would say for people who don't quite understand how it works, definitely visit tablotv.com and I'm happy to provide sell-siders with the full package, antenna plus Tablo, if you can't afford the $99.

看，Tablo 不僅符合我們對無線市場成長的關注。這也符合我們對連網電視市場的預期成長。我想說，對於不太了解其工作原理的人，請務必訪問 tablotv.com，如果您買不起 99 美元，我很樂意為賣方提供完整的套餐，包括天線和 Tablo。

And next, we go into the line for Nick Zangler from Stephens.

接下來，我們進入史蒂芬斯的尼克·贊格勒的隊伍。

I got a few here. First, just a high-level one. You kind of touched on it in the call, but just wanted to see if you could expand on the commentary regarding your thoughts on Disney+'s streaming service accessibility via the Charter subscription. Just specifically, do you expect and do you think that we're entering a time where MVPDs and streaming services are going to collectively pivot their model such that it's accessible via a distributor, the streaming services that is? And would this be a potential catalyst for stabilization across MVPDs in what seems to be in the face of what is accelerating churn, I guess, across distributors in this last quarter?

我這裡有幾個。首先，只是一個高級的。您在電話中談到了這一點，但只是想看看您是否可以詳細闡述您對透過 Charter 訂閱存取 Disney+ 串流媒體服務的看法。具體來說，您是否期望並且您是否認為我們正在進入一個 MVPD 和串流媒體服務將共同調整其模型的時代，以便可以透過經銷商（即串流媒體服務）存取它？我猜，在上個季度經銷商加速流失的情況下，這是否會成為 MVPD 穩定的潛在催化劑？

Yes. Nick, I mean, I think you're exactly right. Ultimately, first of all, the price of all of the streaming services alone and a la carte has gone up so much that we've essentially built a new more expensive bundle. And so the pay TV ecosystem will absolutely benefit from bundling in SVOD services with the pay TV subscription.

是的。尼克，我的意思是，我認為你是完全正確的。最終，首先，所有串流媒體服務和單點服務的價格都上漲了很多，以至於我們基本上建立了一個新的更昂貴的捆綁服務。因此，付費電視生態系統絕對會受益於 SVOD 服務與付費電視訂閱的捆綁。

So we think that the resolution of the Charter-Disney blackout validates the future of the retrans ecosystem, right? So their agreement showed us, first of all, that broadcast station content was still the most watched and most valuable content for distributors. And the power of the linear cable platform was obviously clearly visible in Disney's willingness to bundle in Disney+, which we believe will slow cord cutting and provide that stabilization you referenced.

因此，我們認為《憲章-迪士尼》停電事件的解決驗證了 retrans 生態系統的未來，對嗎？因此，他們的協議首先向我們表明，廣播電台的內容仍然是發行商觀看次數最多、最有價值的內容。線性有線平台的力量在迪士尼願意捆綁迪士尼+中顯而易見，我們相信這將減緩有線切割並提供您提到的穩定性。

One thing I also want to add in, the fact that Charter was able to successfully drop Disney's lower viewed cable nets frees up ad dollars -- sorry, frees up dollars in general to be redirected to the more valuable programming, like we've, for a long time, been calling for a rationalization of the cable lineup. And we think Charter came out with a clear and compelling case for value and bundling it together is going to make the pay TV ecosystem better for the consumer and will hold it together, benefiting broadcasters. So given the results of the negotiation, I think broadcasters benefit.

我還想補充的一件事是，《憲章》能夠成功地放棄迪士尼收視率較低的有線電視網絡，從而釋放了廣告費用——抱歉，總體上釋放了廣告費用，將其重新定向到更有在價值的節目上，就像我們一樣，長期以來，一直呼籲對有線電視陣容進行合理化。我們認為，Charter 提出了一個清晰且令人信服的價值案例，並將其捆綁在一起將使付費電視生態系統更好地為消費者服務，並將其整合在一起，使廣播公司受益。因此，考慮到談判的結果，我認為廣播公司會受益。

Very helpful. And then just a question on the network side, just expanding on the previous one. Just regard -- with regard to the upfront weakness that you talked about, definitely hearing that across the board. But I'm wondering if this is just a reflection of advertisers looking for more flexibility and effectively, they're unwilling to commit to that upfront as they have been in years past, and therefore, you have less visibility, which is leading to your guide.

很有幫助。然後是網路方面的問題，只是對前一個問題的擴展。只要考慮一下——關於你談到的前期弱點，肯定是全面聽到的。但我想知道這是否只是廣告商尋求更大靈活性和更有效的反映，他們不願意像過去幾年那樣預先承諾這一點，因此，你的可見度較低，這導致你的指導。

And so my question is, given that, are you guiding because of the less visibility that you have there? And then if the scatter market demand materializes, that would be the catalyst to fill it and then potentially generate upside versus what you're guiding for that line item. And then just thinking about 2024 and how we should think about networks for 2024, what would you think on modeling out the potential continuation of this trend that you're guiding right now? Just thoughts on how we should think about modeling out 2024 given how you're thinking about fourth quarter.

所以我的問題是，考慮到這一點，你是否會因為那裡的能見度較低而進行指導？然後，如果分散的市場需求成為現實，這將成為填補該需求的催化劑，然後可能會產生相對於您對該訂單項目的指導的上行空間。然後想想 2024 年以及我們應該如何考慮 2024 年的網絡，您對構建您現在正在引導的這一趨勢的潛在延續模型有何看法？只要考慮一下我們應該如何考慮 2024 年的建模，考慮到您對第四季的看法。

Yes, I think you're absolutely right. The less visibility phenomenon has really, probably for the last several quarters, been an issue and probably led to a bit more conservatism certainly in our guide for Q2 and Q3. I would say that certainly that lack of visibility continues, their writing dollars later and later and certainly, the upfront -- the weaker upfront -- industry-wide weaker upfront, does, in some ways, give you an opportunity to write more in scatter. As I said, we see pretty big premiums from a CPM perspective in scatter versus our upfront dollars that are committed.

是的，我認為你是完全正確的。能見度較低的現象確實（可能在過去幾個季度）一直是一個問題，並且可能導致我們對第二季和第三季的指南更加保守。我想說的是，缺乏可見性的情況肯定會持續下去，他們的寫作時間越來越晚，當然，前期——前期較弱——整個行業的前期較弱，在某些方面確實給了你機會在分散的情況下寫更多內容。正如我所說，從每千次曝光費用的角度來看，與我們承諾的預付款相比，我們看到了相當大的溢價。

And so if advertisers want that flexibility, they're going to pay for that flexibility with higher rates from a scatter perspective, which we're happy to do. So I think with the guide -- our guide being down in the 10% range, if you back out what we've talked about in terms of our -- the sunsetting of our lower-margin CTV product, we would be closer to the 8% range. So I think we're watching the marketplace carefully. We're being very diligent in writing the highest CPM that we can, whether that's in scatter or DR if certain categories get hot.

因此，如果廣告商想要這種靈活性，他們將從分散的角度來看以更高的費率來支付這種靈活性，我們很樂意這樣做。因此，我認為，根據指南 - 我們的指南下降了 10% 的範圍，如果您收回我們所討論的內容 - 我們的低利潤 CTV 產品的日落，我們將更接近8%範圍。所以我認為我們正在仔細觀察市場。我們非常努力地編寫盡可能高的每千次展示費用，無論是分散還是災難復原（如果某些類別變得熱門）。

And Nick, I think in regard to your 2024 question, it's Jason. I think because of that uncertainty that Lisa referenced, it's really too early for us to really comment on 2024. Certainly, when we get to the February call, I think we'll be in a much better position to give you some insight into how we see the year shaping out.

尼克，我認為關於你的 2024 年問題，是傑森。我認為，由於Lisa 提到的不確定性，我們現在對2024 年做出真正的評論還為時過早。當然，當我們進行2 月的電話會議時，我認為我們將處於更好的位置，讓您了解如何我們看到這一年即將到來。

And next, we go on to the line for Michael Kupinski, NOBLE Capital Markets.

接下來，我們接聽 NOBLE Capital Markets 的 Michael Kupinski 的電話。

Nice quarter. Adam, thanks for providing more color on your sports rights strategy. I think it's amazing that the few that you already have so far is having such a meaningful impact on the total company revenues. A question on that. If you can provide what are your margin assumptions as you enter these sports rights arrangements. Are they different from the local strategy versus your national platforms?

不錯的季度。亞當，感謝您為您的運動權利策略提供更多的色彩。我認為令人驚訝的是，到目前為止，你們已經擁有的少數幾個對公司總收入產生瞭如此有意義的影響。對此有一個疑問。如果您可以提供在您進入這些體育權利安排時您的保證金假設是多少。它們與本地策略和國家平台有何不同？

And I kind of think that this would be helpful for investors to understand that because many broadcasters have historically viewed sports rights, in some instances, as a loss leader to drive advertising and ratings. And I think it would be helpful just to kind of lay out your strategy for getting into sports rights.

我認為這將有助於投資者理解這一點，因為許多廣播公司歷來將體育轉播權視為推動廣告和收視率的虧損領導者。我認為，制定進入體育版權的策略會很有幫助。

Mike, it's Jason. I'll start and then Adam can add on. I would say when we look at the sports rights opportunities, we're not giving any specifics on individual deal margins. What I can tell you for is that when we model these out, we model them out to be positive year 1 and to create incremental value and cash flow for the company.

麥克，是傑森。我先開始，然後亞當可以補充。我想說的是，當我們審視體育版權機會時，我們並沒有給出任何有關個別交易利潤的具體資訊。我可以告訴你的是，當我們對這些進行建模時，我們將它們建模為第一年的正面結果，並為公司創造增量價值和現金流。

There is a different calculation that goes into a local deal versus a national deal because in the local deal, we're essentially starting from scratch and adding this on top versus on the national side, we're replacing something that already makes good money over on ION. And so the math works a little different. You have a higher hurdle rate you need to clear on the national side, but all the deals that we've modeled out thus far, we've modeled out to be profit positive year 1.

地方交易與全國交易的計算方式不同，因為在地方交易中，我們基本上是從頭開始，並將其添加到頂部，而不是在全國交易中，我們正在替換一些已經賺了很多錢的東西洋蔥。所以數學原理有點不同。你需要在全國範圍內清除更高的門檻利率，但迄今為止我們所建模的所有交易，我們都已建模為第一年的利潤為正。

Yes. Mike, let me just be really clear. With our strategy, sports is not a loss leader. We don't think there's a reason for sports to be a loss leader at this time, especially for a platform like ours with such significant reach in this fragmented marketplace. We think that the owners have recognized the value of the reach, and we think that the leagues are seeking partners that can provide that kind of reach. So in no scenario would we do a deal in which we would say that sports, over the life of a contract, is a loss leader for us. These deals have to stand on their own.

是的。麥克，讓我說清楚。根據我們的策略，體育運動不會是虧損的。我們認為體育目前沒有理由成為虧損領導者，特別是對於像我們這樣在這個分散的市場中具有如此重要影響力的平台。我們認為業主已經認識到影響力的價值，並且我們認為聯盟正在尋找能夠提供這種影響力的合作夥伴。因此，在任何情況下，我們都不會做這樣的交易：在合約期間內，運動對我們來說是虧損的。這些交易必須獨立存在。

Thanks for the color. I think it's important that that's stressed out there. I appreciate that. That's all I have.

謝謝你的顏色。我認為壓力很重要。我很感激。這就是我的全部。

And our last question, we'll go to the line for Craig Huber, Huber Research Partners.

我們的最後一個問題將由 Huber 研究合作夥伴 Craig Huber 接聽。

Great. I thought it was interesting that you guys obviously talked about a 4% lift to core advertising for your TV stations in the fourth quarter. I just want to make sure. You're pretty happy with the profitability that you can get off those 2 NHL deals you have here, it's all incremental. And I'm bringing that up because you're talking about costs in the fourth quarter for TV up mid-single digits. So maybe -- Jason, maybe just walk me through why is cost in TV stations going to be up mid-single digits in the fourth quarter year-over-year.

偉大的。我認為很有趣的是，你們顯然談到了第四季度你們電視台的核心廣告成長了 4%。我只是想確定一下。你對你能從這 2 筆 NHL 交易中獲得的盈利能力感到非常滿意，這都是增量的。我之所以提出這個問題，是因為您談論的是第四季度電視成本上升到中個位數。所以也許 - 傑森，也許請告訴我為什麼第四季電視台的成本會比去年增加個位數。

Yes. So there are a handful of things going there, and 2 of my reference in the script, 1 being some of the costs for some of our frontline reporters and some compensation adjustments we did there earlier in the year and seeing that impact year-over-year. We also do have the costs starting to roll in for sports. What I would say is my comment earlier where we model these profit positive for the season, season one, there is some timing throughout the year. So when you're launching a new sports franchise, there's a lot of marketing initially to help viewers in that audience find where the product is. And so customer acquisition early on. So we are not looking at sports as a what is it happening in Q4. We're looking across season 1. So from Q4 through Q1 of next year, these are profitable enterprises.

是的。因此，那裡有一些事情，我在劇本中提到的兩件事，一是我們一些前線記者的一些費用，以及我們今年早些時候在那裡進行的一些薪酬調整，並看到了逐年的影響-年。我們也確實開始投入體育運動的費用。我想說的是我之前的評論，我們對第一季的這些利潤進行建模，全年都有一些時間安排。因此，當您推出新的體育特許經營權時，最初會進行大量行銷，以幫助該受眾中的觀眾找到該產品的位置。因此，儘早獲取客戶。因此，我們並不將體育視為第四季發生的事情。我們正在研究第一季度。因此，從第四季度到明年第一季度，這些都是盈利企業。

And I would also reference in the case of the Coyote specifically, we announced that deal 8 days before we launched it. And so from a sales perspective, that's one where the revenue is going to be more back-end loaded as we work to go ahead and really get out in the local marketplace in Arizona and sell that franchise. So there is some timing there.

我還要特別提到 Coyote 的情況，我們在推出該交易前 8 天宣布了該交易。因此，從銷售的角度來看，當我們努力繼續前進並真正進入亞利桑那州當地市場並出售該特許經營權時，收入將更多地增加到後端。所以有一些時機。

And there are just some other costs too in the fourth quarter outside of sports and the -- or the 4 item I mentioned that just are up a bit in Q4 as well. So it's not just one thing. It's not just sports. It's a variety of things. And so I wouldn't take that as -- I wouldn't take what you're seeing in Q4 as a trend.

第四季除了體育之外還有一些其他成本，或者我提到的第四個項目在第四季度也略有上升。所以這不僅僅是一件事。這不僅僅是體育運動。這是各種各樣的事情。所以我不會認為這是一種趨勢。

Okay. I mean obviously, the extra 4% lift on the core advertising side as you call it another $6 million to $7 million of added revenue. Your saying costs though up mid-single digits, take the midpoint of that 5%, sort of $14 million extra cost. You're saying it's a lot more than just sports cost that's bumping that up. Even though the year ago quarter did have some political-related costs in there, assuming that's right.

好的。我的意思顯然是，核心廣告方面額外增加 4%，你稱之為另外 600 萬至 700 萬美元的額外收入。你說的成本雖然上升了中個位數，但取 5% 的中點，相當於 1,400 萬美元的額外成本。你是說，導致這一數字上升的不僅是體育費用。即使去年同期確實存在一些與政治相關的成本（假設這是正確的）。

Correct. There really would be -- I mean political is high margin, almost no cost. And so there wouldn't have really be any material political costs in the fourth quarter last year. So it's those other items I mentioned.

正確的。確實會有──我的意思是政治是高利潤，幾乎沒有成本。因此，去年第四季實際上不會產生任何實質的政治成本。這就是我提到的其他項目。

Okay. Appreciate that. Adam, on the ATSC 3.0 side of things, can you maybe just update us on what percent of the households in your markets have that signal? And where do you think it will be at the end of, say, next year, please?

好的。感謝。 Adam，在 ATSC 3.0 方面，您能否向我們介紹您所在市場中有多少家庭擁有該訊號？您認為明年年底會在哪裡？

What percent of the markets?

市佔率是多少？

Of your -- sorry, of your markets, the households, what percent of ATSC 3.0 signal being broadcast to them? And where do you think that percentage will be end of next year? What's your goal there, please?

抱歉，在您的市場、家庭中，向他們廣播的 ATSC 3.0 訊號的百分比是多少？您認為到明年年底這個百分比會是多少？請問你在那裡的目標是什麼？

Craig, I can get that to you later this afternoon. It's not necessarily a Scripps goal. It's ultimately done market by market with the rest of the industry because the station doesn't flip to 3.0 on its own, but we can get you an up-to-date version of what the industry's transition looks like thus far and about where we think it's going by next year.

克雷格，今天下午晚些時候我可以給你。這不一定是史克里普斯的目標。它最終是與行業其他公司一起逐個市場完成的，因為該電台不會自行切換到 3.0，但我們可以為您提供迄今為止行業轉型的最新版本以及我們的發展方向我認為明年就會發生。

Okay. And then a nitpick question. How much was auto up in the quarter here that we just finished? I know you said 10% up, I think, for October, but is that similar in the last quarter?

好的。然後是一個挑剔的問題。我們剛完成的季度自動上漲了多少？我知道您說過 10 月上漲 10%，但上個季度的情況是否相似？

Yes. Actually, auto was up 14% in Q3, which was really strong. And as I said, we're seeing some continued increases in -- certainly in October. So we expect really it to end the year in upward territory.

是的。事實上，汽車產業在第三季上漲了 14%，非常強勁。正如我所說，我們看到了 10 月的持續成長。因此，我們預計今年年底將出現上漲。

It was 18% of our core in the quarter, which is probably the high percent it's been in quite some time.

該比例佔本季核心的 18%，這可能是相當長一段時間以來的最高百分比。

And I guess my last question on TV stations in the third quarter, can you just break out national core advertising trend there versus the local? I mean how much worse was national, 3Q?

我想我在第三季對電視台提出的最後一個問題是，你們能否將全國核心廣告趨勢與本地廣告趨勢進行比較？我的意思是全國第三季的情況有多糟？

The local national breakdown in -- I would say...

當地的國家崩潰——我想說…

Yes, the percentages there.

是的，那裡的百分比。

Yes. I would say in 3Q, there was not a material difference between the year-over-year change in local and national. Certainly, there had been earlier in the year. But in 3Q, I would say they were roughly in line with each other in terms of the year-over-year decline.

是的。我想說，在第三季度，地方和全國的同比變化沒有實質差異。當然，今年早些時候就有過。但在第三季度，我想說它們的年減幅度大致一致。

Okay. Great. Last question, please. Retrans -- I do have more. Retrans subs, you've been saying in recent quarters, down mid-single digits year-over-year. What was it in the third quarter, please?

好的。偉大的。最後一個問題，請。 Retrans——我還有更多。您最近幾個季度一直在說，Retrans 潛艇同比下降了中個位數。請問第三季怎麼樣了？

It continues to be down in that mid-single-digit range on a trailing 12-month basis.

在過去 12 個月的基礎上，該數字繼續下降在中個位數範圍內。

Is it the high end? I mean is it changing much variability there? That's obviously been the concern of investors.

是高端的嗎？我的意思是它改變了很多可變性嗎？這顯然是投資者所關心的。

I would say we did not see a material change in it from what we communicated last quarter to this quarter now.

我想說的是，從上個季度到本季我們所傳達的訊息，我們沒有看到重大變化。

Thank you. And there are no more questions in queue. You may continue.

謝謝。並且隊列中不再有任何問題。你可以繼續。

Thank you very much, Don. Thanks, everyone, for joining us today.

非常感謝你，唐。謝謝大家今天加入我們。

And that does conclude our conference for today. Thank you for your participation and for using the AT&T Conferencing service. You may now disconnect.

我們今天的會議到此結束。感謝您的參與和使用 AT&T 會議服務。您現在可以斷開連線。