E W Scripps Co (SSP) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the fourth quarter 2024 E.W. Scripps Company earnings conference call. (Operator Instructions) Please be advised, today's conference is being recorded.

您好，感謝您的支持。歡迎參加 E.W. Scripps 公司 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Carolyn Micheli. Please go ahead.

現在我想將會議交給今天的發言人卡洛琳‧米歇利 (Carolyn Micheli)。請繼續。

Thank you, Kevin. Good morning, everyone, and thank you 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.

謝謝你，凱文。大家早安，感謝大家參加關於 E.W. Scripps 公司的財務表現和業務策略的討論。您可以造訪 scripps.com 以獲取更多資訊以及此通話重播的連結。

A reminder that our conference call and webcast include forward-looking statements based on management's current outlook, and actual results may differ materially. 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.

提醒您，我們的電話會議和網路廣播包括基於管理層當前展望的前瞻性陳述，實際結果可能存在重大差異。我們在提交給美國證券交易委員會的文件中概述了可能導致它們出現差異的因素。我們不打算更新今天所做的任何前瞻性陳述。

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 evaluation 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.

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，旨在幫助管理層和公眾對公司進行分析和評估。這些指標並非根據 GAAP 制定，並非旨在取代 GAAP 財務指標，並且可能與其他公司的使用或製定方式不同。我們的收益報告中包含了非公認會計準則 (GAAP) 財務指標與財務報表中報告的公認會計準則 (GAAP) 指標的對帳。

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

今天早上我們將聽取 Scripps 總裁兼執行長 Adam Symson 的演講；然後是財務長 Jason Combs。這是亞當。

Good morning, everybody, and thanks for joining us. I'll start this morning by making sure you saw the information we put out yesterday in an 8-K detailing the binding commitments we have to refinance our revolving credit facility and our 2026 and 2028 term loans.

大家早安，感謝大家的收看。今天早上，我首先要確保你們看到了我們昨天在 8-K 文件中發布的信息，其中詳細說明了我們對再融資循環信貸額度以及 2026 年和 2028 年定期貸款的約束性承諾。

I wanted to thank you for your patience a few weeks ago when we opted to delay releasing earnings to wrap up this work. Jason will be along shortly to discuss the details.

幾週前，當我們選擇推遲發布收益以完成這項工作時，我想感謝您的耐心。傑森很快就會來討論細節。

This morning, we're reporting terrific fourth quarter and full year 2024 results, a strong move down in year-end leverage and really meaningful progress on performance improvement for the Scripps Networks that we first told you about last year.

今天上午，我們報告了出色的第四季度和 2024 年全年業績、年底槓桿率的強勁下降以及 Scripps Networks 在績效改進方面取得的真正有意義的進展（我們去年首次告訴過您）。

All of this progress comes as a result of the company's focus on transformation. But before we discuss Scripps' performance, I want to start high level with an assessment of how the changes in Washington spell opportunity for our industry, for Scripps and for our investors.

所有這些進步都源自於公司對轉型的關注。但在我們討論 Scripps 的表現之前，我想先從高層次評估華盛頓的變化如何為我們的產業、Scripps 和我們的投資者帶來機會。

The appointment of Brendan Carr to serve as Chairman of the Federal Communications Commission signals a significant shift in the federal government's attitude toward local broadcast television. Carr has been a vocal advocate for reducing regulatory constraints, and he has expressed intent to revisit and potentially relax existing ownership limits for local TV stations. This free market policy shift could present new opportunities for us and our peers to strengthen the operating performance of our business through in-market and company consolidation.

任命布倫丹·卡爾擔任聯邦通信委員會主席標誌著聯邦政府對地方廣播電視的態度發生重大轉變。卡爾一直積極倡導減少監管限制，並表示有意重新審視並可能放寬當地電視台現有的所有權限制。這種自由市場政策的轉變可能為我們和我們的同業提供新的機會，透過市場和公司整合來加強我們業務的經營績效。

A change is long overdue. The current FCC ownership rules restricting the number of stations a single company can own, both within a market and nationwide, run counter to the original aim of the rules: to preserve competition and a wide range of viewpoints.

早就該做出改變了。現行的聯邦通信委員會所有權規則限制了單一公司在市場內和全國範圍內可以擁有的電台數量，這與規則的初衷背道而馳：保持競爭和廣泛的觀點。

In fact, given how much fragmentation has occurred in the journalism and media landscape following the digital revolution, the current ownership restrictions are creating local broadcast group economics that threaten to silence the very voices they were designed to protect.

事實上，考慮到數位革命後新聞和媒體格局的分裂程度，當前的所有權限制正在形成地方廣播集團經濟，這可能會壓制那些他們原本想要保護的聲音。

When these rules were created back before World War II, a local broadcast TV station competed with a few other stations, a newspaper or two and maybe a few radio stations for news audiences and advertisers that wanted to reach them. Today, a plethora of voices comes through digital platforms, social media, streaming services and a wide range of news outlets that fall across the political spectrum.

當這些規則在第二次世界大戰之前製定時，地方廣播電視台要與其他幾家電視台、一兩家報紙以及可能還有幾家廣播電台競爭新聞受眾和想要接觸他們的廣告商。如今，透過數位平台、社群媒體、串流媒體服務和各種新聞媒體，各種聲音遍布整個政治領域。

America does not lack access to information and opinion. And yet the rules that govern our business have not kept up, putting our industry and local journalism itself at an unfair disadvantage. Easing the federal ownership restrictions would finally allow broadcasters to compete in this modern media ecosystem.

美國並不缺乏獲取資訊和觀點的管道。然而，管理我們業務的規則卻沒有跟上，使我們的產業和地方新聞業本身處於不公平的劣勢。放寬聯邦所有權限制最終將允許廣播公司在這個現代媒體生態系統中競爭。

With economies of scale, we will increase our ability to invest in local content and better serve our communities with objective locally created news. We'll continue to be there for them during severe weather, natural disasters and all of the other times of crisis and joy, connecting our communities to important local information.

透過規模經濟，我們將增強對本地內容的投資能力，並透過客觀的本地新聞更好地服務我們的社區。在惡劣天氣、自然災害以及所有其他危機和歡樂時刻，我們將繼續為他們提供幫助，為我們的社區提供重要的當地資訊。

And we'll be the platform Americans can continue to rely on to bring people together around live sports for free because these are the things that matter most to people.

我們將成為美國人可以繼續依賴的平台，讓人們免費聚集在一起觀看現場體育賽事，因為這些對人們來說是最重要的事情。

At Scripps, if the government sees fit to modernize the rules, you should expect us to lean into the opportunity in ways that promise to improve our operating profile, deepen our connection to the communities we serve and most definitely unlock greater value for shareholders.

在斯克里普斯，如果政府認為有必要更新規則，那麼我們就會抓住機會，改善我們的經營狀況，加深我們與所服務社區的聯繫，並為股東創造更大的價值。

Now I'd like to turn to the plan we're already executing at Scripps to reduce our debt, improve operating performance and set the stage for company growth. First, we're very pleased this week to be announcing a significant round of debt refinancing. Jason will give you the details in a moment.

現在我想談談我們已經在史克里普斯實施的計劃，以減少債務、提高營運績效並為公司發展奠定基礎。首先，本週我們非常高興地宣布新一輪重大債務再融資。傑森馬上就會告訴你詳細資料。

And I'd like to reinforce that successfully managing our debt structure and paydown is one important aspect of the plan we are executing. We were able to bring down our leverage ratio to 4.8 times by the end of the year. That's nearly a full turn below the end of 2023.

我想強調的是，成功管理我們的債務結構和償還債務是我們正在執行的計劃的一個重要方面。到年底，我們已將槓桿率降至 4.8 倍。這幾乎比 2023 年底提前了整整一倍。

In addition, we continue to make strong progress toward improving the company's financial performance. To this end, for example, the company has already taken the necessary steps to improve the Scripps Networks division margin by 400 basis points to 600 basis points this year.

此外，我們在改善公司財務表現方面持續取得重大進展。例如，為此，該公司已經採取必要措施，今年將 Scripps Networks 部門的利潤率提高 400 個基點至 600 個基點。

Last year, we significantly reduced Scripps News' operating costs, and we reduced head count and expenses elsewhere in the division. We reported a fourth quarter margin of 28%, and it would have been even better if we hadn't had a little noise from a onetime charge. We are on track to continue Networks' margin improvement in 2025, something you should see implied in our first quarter guide.

去年，我們大幅降低了 Scripps News 的營運成本，並減少了該部門其他部門的員工數量和開支。我們報告的第四季利潤率為 28%，如果沒有一次性收費帶來的一點影響，我們的利潤率可能會更好。我們預計在 2025 年繼續提高網路利潤率，您應該在我們的第一季指南中看到這一點。

In the Local Media division, we achieved a record political advertising revenue, almost 30% higher than our 2020 presidential election year revenue. Remarkably, more than 80% of these dollars came from only six states. To me, this reinforces our value in reaching local voters in a highly partisan political climate.

在當地媒體部門，我們的政治廣告收入創下了歷史新高，比 2020 年總統大選年的收入高出近 30%。值得注意的是，這些資金的 80% 以上僅來自六個州。對我來說，這強化了我們在高度黨派化的政治氣氛中接觸當地選民的價值。

Looking ahead to this year, we are totally focused on continuing the transformation of our business, leaning into the connection we make between audiences and advertisers across platforms, locally and nationally around our news and programming.

展望今年，我們將全力以赴地繼續推進業務轉型，致力於透過我們的新聞和節目在跨平台、本地和全國範圍內建立觀眾與廣告商之間的聯繫。

And nowhere is that connection more potent than through Scripps Sports. Be it through our own acquired sports rights or the programming we deliver locally with our network partners, linear television dominates with live sports.

而沒有什麼比透過 Scripps Sports 更能體現這種連結了。無論是透過我們自己獲得的體育轉播權，還是透過我們與網路合作夥伴在當地提供的節目，線性電視在體育直播方面佔據主導地位。

In the Scripps Networks division, last year, we told you that we closed a successful upfront, selling out more than 75% of our sports inventory, allowing Scripps to buck the industry trend and beat peer performance, thanks to increases in demand and volume. That laid the foundation for 2025. And now as we head into the beginning of the NWSL and WNBA seasons, ION's sports inventory is commanding advertising rates that are more than 2 times its nonsports inventory.

在 Scripps Networks 部門，去年我們告訴您，我們成功完成了預售，售出了超過 75％ 的體育庫存，這使得 Scripps 能夠逆行業趨勢而行，並憑藉需求和銷量的增長超越同行。這為2025年奠定了基礎。現在，隨著 NWSL 和 WNBA 賽季的開始，ION 的運動庫存的廣告費用是非體育庫存的兩倍多。

Scripps is undoubtedly delivering on its promises. We are greatly improving operating performance as well as our balance sheet, decreasing our debt and extending the maturity profile and positioning ourselves to capitalize on the opportunities of deregulation. Our commitment to this plan we are executing has never been stronger.

斯克里普斯無疑正在兌現其承諾。我們正在大力改善營運績效和資產負債表，減少債務，延長債務期限，並準備好利用放鬆管制帶來的機會。我們對正在執行的這項計劃的承諾從未如此堅定。

Now here's Jason.

現在輪到傑森了。

Good morning, everyone, and thank you for joining us. I'd like to start my remarks today by addressing the major milestone we reached this week in our debt refinancing efforts. We announced yesterday that we've executed a transaction support agreement with the majority of our 2026 and our 2028 term loan holders. This cares for our nearest-term maturity while also extending a portion of the 2028 term loan at favorable economics.

大家早安，感謝大家的收看。今天，我想先談談我們本週在債務再融資工作中取得的重要里程碑。我們昨天宣布，我們已經與大多數 2026 年和 2028 年定期貸款持有人簽訂了交易支援協議。這不僅關係到我們最近的到期日，而且還以有利的經濟條件延長了部分 2028 年定期貸款。

We also entered into commitment letters with accounts receivable securitization providers for a new AR securitization facility. Here are a few of the details. The refinancing we announced yesterday includes a two-year extension on our 2026 term loan and a one-year extension on a portion of our 2028 term loan. And it includes an AR securitization that will be used to pay down a portion of our 2026 term loan at a very favorable rate.

我們也與應收帳款證券化提供者簽訂了承諾書，以建立新的應收帳款證券化工具。以下是一些細節。我們昨天宣布的再融資包括將 2026 年定期貸款延長兩年，並將部分 2028 年定期貸款延長一年。它還包括應收帳款證券化，將用於以非常優惠的利率償還我們 2026 年定期貸款的一部分。

Despite the current elevated rate environment, I am pleased to share that these transactions are only increasing our blended cost of debt by less than 1%. In addition, we have come to an agreement with our revolver banks to extend a portion of our revolving credit facility through mid-2027 once the transaction closes.

儘管目前利率處於高位，但我很高興地告訴大家，這些交易僅使我們的混合債務成本增加不到 1%。此外，我們已與循環信貸銀行達成協議，交易完成後，我們將部分循環信貸額度延長至 2027 年中期。

This allows us to maintain the liquidity needed for our business operations. With the completion of this work in the coming weeks, Scripps will have retired or extended the maturity of up to $1.5 billion of debt. We've also been in discussions with an ad hoc group of our holders of our other near-term maturities. In addition, we continue to prioritize using free cash flow to reduce the amount of our debt.

這使我們能夠保持業務運作所需的流動性。隨著未來幾週內這項工作的完成，史克里普斯將償還或延長高達 15 億美元的債務期限。我們也與其他短期債券持有人組成的特別小組進行了討論。此外，我們繼續優先利用自由現金流來減少債務。

This good news follows our strong finish to 2024. During the year, we set another political advertising record. We completed affiliation agreements with NBC and CBS. We strategically reduced expenses. We closed on $20 million of property sales and reached an agreement for another $50 million.

這一好消息是繼我們在 2024 年取得強勁成績之後傳來的。今年，我們又創下了另一項政治廣告紀錄。我們與 NBC 和 CBS 簽訂了合作協議。我們策略性地削減了開支。我們完成了價值 2000 萬美元的房產銷售，並達成了另外 5000 萬美元的協議。

We paid down nearly $350 million in debt, and we significantly reduced our leverage ratio. In fact, the revenue from political advertising, our expense management and the debt reduction drove our leverage ratio down by nearly a full turn on a year-over-year basis to 4.8 times.

我們償還了近 3.5 億美元的債務，並大幅降低了槓桿。事實上，政治廣告收入、費用管理和債務削減使我們的槓桿率比去年同期下降了近一倍，至 4.8 倍。

Just a reminder, we ended Q2 at 6.0 times and the third quarter at 5.1 times. So we were pleased to end 2024 with such a meaningful improvement in our leverage ratio as we move back down towards the company's historically lower range.

提醒一下，我們第二季結束時的倍數為 6.0 倍，第三季結束時的倍數為 5.1 倍。因此，我們很高興看到，到 2024 年末，我們的槓桿率有了顯著改善，並回落至公司歷史最低水平。

Now I'd like to go through our Local Media and Scripps Networks divisions' highlights for the fourth quarter and Q1 guidance and then share full year 2025 guidance on a few items. Let's begin our look back with our Local Media division results.

現在，我想介紹我們本地媒體和 Scripps Networks 部門第四季和第一季指引的亮點，然後分享 2025 年全年的幾項指引。讓我們先回顧一下本地媒體部門的表現。

In the fourth quarter, Local Media division revenue was up a whopping 34% from the year ago period. That compares favorably to our guide of up in the low to mid-30% range. We received a record amount of fourth quarter political advertising revenue, $174 million.

第四季度，本地媒體部門營收較去年同期大幅成長 34%。這與我們預計的 30% 左右的漲幅相比，表現還不錯。我們第四季的政治廣告收入創下了歷史新高，達到 1.74 億美元。

Our full year 2024 political advertising revenue came in at $343 million. The record amount of political advertising in many of our markets did cause the displacement of core advertising revenue. Core advertising for the fourth quarter came in about 11% below Q4 of 2023 at $147 million.

我們 2024 年全年政治廣告收入為 3.43 億美元。我們許多市場上創紀錄的政治廣告數量確實導致了核心廣告收入的流失。第四季核心廣告收入為 1.47 億美元，較 2023 年第四季下降約 11%。

Local distribution revenue was down 5% year-over-year as we had no pay TV contract renewals in the quarter. For the full year, distribution revenue was up about 2%, in line with our expectations. Our total subscriber base declined about 5% during that period and was about flat from the third quarter of 2024.

由於本季度我們沒有續簽付費電視合同，因此本地發行收入同比下降了 5%。全年分銷收入成長約2%，符合我們的預期。在此期間，我們的總訂閱用戶群下降了約 5%，與 2024 年第三季基本持平。

Local Media expenses increased 5.7% from the prior year quarter, in line with our guidance of up mid-single digits due to the expected cost of new local sports rights as well as modest step-ups in existing Big four network contracts.

本地媒體費用較去年同期增長 5.7%，符合我們預期的中等個位數增長，原因是預計新的本地體育賽事轉播權成本將增加，以及現有四大網絡合約的成本將適度增加。

Local Media segment profit was nearly $200 million compared to $86 million in Q4 of 2023. For the first quarter, we expect Local Media division revenue to be down in the high single-digit range with core revenue down in the low to mid-single-digit range. We expect Q1 Local Media expenses to be up in the low single-digit percent range.

本地媒體部門利潤接近 2 億美元，而 2023 年第四季為 8,600 萬美元。對於第一季度，我們預計本地媒體部門的收入將下降至高個位數，核心收入將下降至低至中個位數。我們預計第一季本地媒體支出將成長個位數百分比左右。

Now let's turn to the Scripps Networks division fourth quarter results and guidance for the first quarter of 2025. In the fourth quarter, Scripps Networks revenue was $216 million, down 6% from the year ago quarter and consistent with our guidance.

現在讓我們來看看 Scripps Networks 部門第四季的業績以及 2025 年第一季的指引。第四季度，Scripps Networks 的營收為 2.16 億美元，較去年同期下降 6%，與我們的預期一致。

Connected TV revenue was up 16% in the fourth quarter after backing out the programmatic advertising products we shut down. Starting in Q1, we'll have mostly lapped that comp. We continue to feel the impact of streaming services growing advertising inventory, but the growth in the fourth quarter is a sign that we're beginning to see that pressure moderate and we've seen even better trends as we moved into the first quarter.

在退出我們關閉的程序化廣告產品後，第四季度連網電視收入成長了 16%。從第一季開始，我們基本上已經超越了那家公司。我們繼續感受到串流媒體服務不斷增長的廣告庫存的影響，但第四季度的成長表明我們開始看到這種壓力有所緩和，隨著進入第一季度，我們看到了更好的趨勢。

In Q4, Scripps Networks division expenses decreased by more than 6% due to tight cost controls and the reduction of Scripps News operations. Actually, we had guided for Scripps Networks to be down in the high single digits, and we would have met that guidance if it were not for a nonrecurring charge we took in the quarter.

第四季度，由於嚴格的成本控制和 Scripps News 業務的減少，Scripps Networks 部門的支出下降了 6% 以上。實際上，我們曾預期 Scripps Networks 的營收將下降 10% 左右，如果不是因為本季發生了一次性費用，我們就能達到這一預期。

As a reminder, we expect the Networks division margins to improve by at least 400 basis points to 600 basis points in 2025. And for the first quarter, we're trending towards the high end of that range. Networks segment profit for Q4 was $61 million.

提醒一下，我們預計到 2025 年網路部門的利潤率將提高至少 400 個基點至 600 個基點。對於第一季來說，我們正趨向於該範圍的高端。第四季網路部門利潤為 6,100 萬美元。

For the first quarter, we expect Scripps Networks division revenue to be down in the mid-single-digit percent range and for Networks expenses to be down in the mid-teens range due to aggressive expense management across a variety of functions in the segment.

對於第一季度，我們預計 Scripps Networks 部門的收入將下降個位數百分比左右，而由於該部門對各個職能部門進行了積極的費用管理，網路部門的支出將下降十幾個百分比左右。

Turning to the segment labeled Other. In the fourth quarter, we reported a loss of $8.3 million. Shared services and corporate expenses for Q4 were $24.7 million. For the first quarter, we expect that line to be about $22 million.

轉到標有“其他”的部分。第四季度，我們報告虧損 830 萬美元。第四季共享服務和公司費用為 2,470 萬美元。對於第一季度，我們預計該額度約為 2200 萬美元。

For the fourth quarter, the income attributable to shareholders of Scripps was $80 million or $0.92 per share. As a reminder that the preferred stock dividend has a negative impact on earnings per share even when we don't pay it. This quarter, it reduced EPS by $0.17.

第四季度，斯克里普斯股東應占利潤為 8,000 萬美元，即每股 0.92 美元。需要提醒的是，即使我們不支付優先股股息，它也會對每股盈餘帶來負面影響。本季度，其每股收益減少了 0.17 美元。

In addition, fourth quarter results included a $19 million gain from the sale of transmission tower sites in San Diego and $29.9 million in restructuring charges, primarily attributable to Scripps News reductions and an investment write-off. The combined impact of those items decreased the income attributable to shareholders by $0.09 per share.

此外，第四季業績還包括出售聖地牙哥發射塔站點所獲的 1,900 萬美元收益和 2,990 萬美元重組費用，主要歸因於 Scripps News 的削減和投資註銷。這些項目的綜合影響導致每股股東收益減少 0.09 美元。

In terms of our real estate sales, we had told you to expect about $60 million in transactions this winter and that we now anticipate closing a little over $70 million. We have completed the $20 million sale of transmission towers and reached an agreement on the $40 million sale of our television station building in West Palm Beach.

就我們的房地產銷售而言，我們曾告訴您今年冬季的交易額預計約為 6000 萬美元，而現在我們預計成交額將略高於 7000 萬美元。我們已經完成了價值 2000 萬美元的發射塔出售，並就價值 4000 萬美元的西棕櫚灘電視台大樓出售達成了協議。

We'll be moving our WPTV station operations to a leased facility, and we have two more in transactions pending. At December 31, cash and cash equivalents totaled $24 million. We paid down $330 million on our revolving credit facility, leaving it with zero balance by year-end. Our total debt at quarter end was $2.6 billion.

我們將把 WPTV 電台的營運轉移到租賃的設施，另外還有兩家電台的交易正在等待處理。截至 12 月 31 日，現金及現金等價物總額為 2,400 萬美元。我們償還了 3.3 億美元的循環信貸額度，到年底餘額為零。本季末我們的總債務為 26 億美元。

I'll wrap things up now with guidance on a few full year items. For 2025, we expect to pay cash interest of between $175 million and $185 million, cash taxes of $25 million to $30 million, capital expenditures of $55 million to $60 million, and depreciation and amortization of $150 million to $160 million.

我現在將總結一下全年的一些事項指導。到 2025 年，我們預計支付的現金利息在 1.75 億美元至 1.85 億美元之間，現金稅在 2500 萬美元至 3000 萬美元之間，資本支出在 5500 萬美元至 6000 萬美元之間，折舊和攤銷在 1.5 億美元之間。

We have no required pension contributions. We are executing an aggressive plan for both debt paydown and leverage reduction, and we've made significant progress on the execution of this plan.

我們沒有強制要求繳納退休金。我們正在執行一項積極的債務償還和槓桿降低計劃，並且在執行該計劃方面取得了重大進展。

Operator, we're now ready for questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Dan Kurnos, The Benchmark Company.

（操作員指示） Dan Kurnos，The Benchmark Company。

First, congrats, guys, on the refi. Obviously, good business. Adam, just on your FCC commentary, obviously, this has been highly topical for the space. Two things we saw, Gray announced that they've gotten a waiver that should have been approved probably by the last FCC but hasn't been approved in five years for two Big 4s in the market.

首先，恭喜大家成功完成再融資。顯然，生意很好。亞當，就您對 FCC 的評論而言，顯然，這在該領域引起了高度關注。我們看到兩件事，格雷宣布他們已經獲得了豁免，這項豁免本應得到上屆聯邦通信委員會的批准，但對於市場上的兩家四大公司來說，五年來一直沒有獲得批准。

Is there anything that you guys can do without additional dereg that would help the profile? And if there is dereg, how do you guys view yourselves from a seller/buyer perspective? That's the first question. And then I have a follow-up.

你們能做什麼不需要額外解除管制就能對形像有幫助的事嗎？如果解除管制，從賣方/買方的角度來看，你們如何看待自己？這是第一個問題。然後我有一個後續問題。

Thanks, Dan. So I think in the prepared remarks, I made it pretty clear that we believe greater scale nationally in market is necessary for the assets to perform their best for shareholders and for us to be able to continue in service to the communities where we operate.

謝謝，丹。因此，我認為在準備好的發言中，我已經非常清楚地表明，我們相信在全國市場上擴大規模是必要的，這樣資產才能為股東帶來最佳表現，也才能讓我們能夠繼續為我們經營所在的社區提供服務。

And I expect we'll do everything in our power to take advantage of this moment. We're certainly engaged in discussions around opportunities to optimize our portfolio to improve the performance of the local stations, opportunities we think we'll be able to take as a result of the change in attitude at the FCC.

我希望我們能盡一切努力利用這時機。我們當然正在討論如何優化我們的投資組合，以提高當地電台的表現，我們認為，隨著聯邦通信委員會的態度轉變，我們將能夠抓住這些機會。

I'm not sure there has to be a full change in regulations. As you saw earlier -- or last night, the announcement of the waiver, I think, is one way you're going to start to see things break. This is absolutely critical for our ability to continue to invest in local journalism and in localism itself, including live sports.

我不確定是否需要徹底改變法規。正如您之前或昨晚看到的，我認為，豁免的宣布是您開始看到事情轉變的一種方式。這對我們繼續投資地方新聞和地方主義本身（包括體育直播）的能力至關重要。

We're committing -- we're committed to work in any way necessary to unlock and maximize shareholder value. As to whether we're a buyer or a seller, I mean, honestly, I think we're very, very focused on looking at all opportunities.

我們承諾－我們承諾以一切必要方式努力釋放和最大化股東價值。至於我們是買家還是賣家，老實說，我認為我們非常非常專注於尋找所有機會。

I don't think we have the balance sheet to be a buyer, certainly, and we've told you our highest priority is in deleveraging and paying down debt. But I do expect us to take full advantage of the opportunities to swap and potentially even to sell out of nonstrategic markets if the opportunity presents itself and it's in the best interest of shareholders.

我當然不認為我們的資產負債表足以讓我們成為買家，而且我們已經告訴你，我們的首要任務是去槓桿和償還債務。但我確實希望我們能夠充分利用交換機會，如果機會出現並且符合股東的最佳利益，甚至可能出售非策略市場。

Perfect. And then maybe for you or Jason, I guess, just on distribution this year. Just remind us how we should be thinking about it gross. And then on the net side, obviously, we've heard some improvement in sub trends. You guys just also did NBC and CBS. So how should we be thinking about net for the next 12, 36 months, however you want to couch it?

完美的。那麼，我想，也許對您或傑森來說，今年只是分銷方面的問題。只是提醒我們應該如何看待它。然後在網路方面，顯然，我們聽到了子趨勢的一些改善。你們剛剛也做過 NBC 和 CBS。那麼，我們應該如何考慮未來 12 個月、36 個月的網絡，無論您想如何規劃它？

Yeah. So we have about mid-20% of our subscriber base up for renewal this year. And frankly, there's a lot of negotiations that still needs to happen. So we're not giving any kind of full year guide time since none of those renewals are resetting in Q1.

是的。因此，我們今年大約有 20% 左右的用戶需要續訂。坦白說，還有很多談判需要進行。因此，我們不會提供任何全年指導時間，因為這些續訂都不會在第一季重置。

Specific to Q1, I would say, since we have nothing to reset in Q1, you'll see a fairly similar trend to what we saw in Q4, kind of down mid-single digits driven by sub churn without any meaningful contract step-ups. But I think we'll probably have more to say about that in future earnings calls once we've kind of gotten past those negotiations.

具體到第一季度，我想說，由於我們在第一季度沒有什麼需要重置的，你會看到與我們在第四季度看到的趨勢非常相似的趨勢，即由子流失驅動的中等個位數下降，而沒有任何有意義的合約提升。但我認為，一旦我們完成了這些談判，我們可能會在未來的收益電話會議上對此有更多要說的。

Any color just on views on sub trends or on the renewals on the reverse side?

任何顏色都只針對子趨勢或背面的更新進行查看？

Yeah. So I can speak in terms of the sub trend. I think from a sub trend perspective, what we've seen is pretty consistent over the last couple of years, down mid-single digits. That is what we continue to assume in our forward-looking planning.

是的。因此我可以從子趨勢的角度來談。我認為從子趨勢的角度來看，過去幾年我們看到的情況相當一致，下降了中等個位數。這正是我們在前瞻性規劃中繼續假設的。

We are optimistic about some of the things we've seen, specifically, for example, with Charter and some of the sub churn improvements they've shown in recent quarters as a result of sort of their great rebundling of streaming services with traditional pay TV services. And hopeful that, that actually yields us upside as we move forward. But to be conservative, we kind of bake a consistent down mid-single digits into our run rate.

我們對看到的一些事情感到樂觀，特別是例如 Charter 及其在最近幾季表現出的一些客戶流失率改善，這是他們將串流媒體服務與傳統付費電視服務進行有效整合的結果。並且希望，這實際上會為我們前進帶來好處。但為了保守起見，我們將運行率維持在中等個位數的持續下降水準。

Yeah. Dan, it's Adam. On the network affiliation side, as you referenced, we did a couple of deals. And I would say, I'm in agreement with my colleagues when I say that the network affiliation renewals have to be structured in a way going forward that acknowledges the changes in the pay TV ecosystem and the network's own strategies to build D2C products. And I would expect these affiliate fees to be headed down and not up.

是的。丹，我是亞當。在網路聯盟方面，正如您所提到的，我們做了幾筆交易。我想說的是，我同意我的同事們的觀點，即網路聯盟的續簽必須以一種能夠適應付費電視生態系統變化和網路自身構建 D2C 產品的策略的方式進行。我希望這些聯盟費用會下降而不是上升。

Michael Kupinski, NOBLE Capital Markets.

NOBLE Capital Markets 的 Michael Kupinski。

Yeah. I want to also congratulate you on your great fourth quarter and also your debt paydown for 2024. I thought that's very, very strong. I appreciate that. A couple of questions here. I was wondering if you can just kind of give us a little bit more color on core, particularly what is driving core?

是的。我還要祝賀你們第四季的出色表現以及 2024 年債務的償還。我認為這非常非常強大。我很感激。這裡有幾個問題。我想知道您是否可以為我們提供更多關於核心的信息，特別是核心的驅動因素是什麼？

Typically, when you have such strong political advertising, core tends to perform better in the off-election year. I was just wondering, obviously, some macroeconomic trends here. But I was wondering if you can kind of give us some color on what are the categories that are kind of lagging at this point and give us some color on your thoughts on core advertising as we progress through 2025.

通常情況下，當你有如此強大的政治廣告時，核心內容在非選舉年往往會表現得更好。顯然，我只是想知道這裡的一些宏觀經濟趨勢。但我想知道您是否可以向我們詳細介紹目前哪些類別處於落後狀態，並向我們介紹一下您對 2025 年核心廣告的看法。

Yeah. So I can take that. So Q1 core has certainly been a little weak thus far. We guided to core being down kind of low to mid-single digits. There's a lot of uncertainty right now about the economy, the potential impacts on tariffs and what those may have on key categories, for example, automotive and just the overall ongoing implications from an elevated interest rate and inflation environment. All of this, what we're seeing is leading to consumer hesitation and delayed spending decisions.

是的。所以我可以接受。因此，到目前為止，Q1 核心肯定有點弱。我們預期核心銷售額將下降至低至中等個位數。目前，經濟、關稅的潛在影響以及這些影響對汽車等關鍵類別的影響以及利率上升和通膨環境持續產生的整體影響都存在許多不確定性。我們看到的這一切導致消費者猶豫並推遲支出決策。

From a category perspective, I would say you're seeing this most heavily impact automotive and retail. Services and home improvement are trending down in Q1 as well, but not to the same magnitude. And so we're obviously very focused on keeping a close eye on how the economy reacts as we start to move into Q2. And we're actively working expenses right now to help offset some of that core weakness that we, as well as you heard it on our peer calls as well, are experiencing in Q1.

從類別角度來看，我認為對汽車和零售業的影響最為嚴重。服務業和家居裝修在第一季也呈現下降趨勢，但幅度不同。因此，隨著我們開始進入第二季度，我們顯然非常關注經濟的反應。我們目前正在積極控制開支，以幫助抵消我們以及您在同行電話會議上聽到的第一季遇到的一些核心弱點。

Your comment around political displacement, I mean, I think that there is an expectation in the back half of the year, you do get a bounce back from political displacement and the crowd-out that happened given the fact that we had such a record -- significant record political year last year.

您對政治位移的評論，我的意思是，我認為人們對今年下半年抱有預期，考慮到去年我們有這樣一個記錄——一個重要的政治記錄年，你確實會從政治位移和擠出效應中反彈。

But I think there is a question mark that remains in terms of how much of that is offset if there is continued uncertainty -- economic uncertainty in the marketplace.

但我認為，如果市場經濟不確定性持續存在，那麼有多少可以抵銷這種影響仍是一個問號。

And another quick question here. Can you provide an update and color on your initiatives to use your broadcast spectrum under the EdgeBeam Wireless? And I was just wondering if you expect meaningful revenues from this venture and when that might start kicking in?

這裡還有一個簡短的問題。您能否提供有關在 EdgeBeam Wireless 下使用廣播頻譜的計劃的最新進展和詳情？我只是想知道您是否期望從這項投資中獲得可觀的收入以及何時可以開始產生效益？

If you could talk a little bit about any -- if there are any associated start-up costs associated with it. And I think in your press release, you noted that there needs -- this needs to be ubiquitous across the entire US footprint to be rolled out. And I was wondering, when do you expect to have 100% coverage of the US?

如果你可以稍微談論一下——是否有與之相關的啟動成本。我認為您在新聞稿中指出，這需要在整個美國普及。我想知道，您預計什麼時候能實現美國 100% 的覆蓋率？

Yeah. Thanks, Mike. So yes, you're referencing EdgeBeam. We joined with Nexstar, Sinclair and Gray to launch the joint venture called EdgeBeam Wireless. We announced that, I think, at the end of fourth quarter. The JV brings together four of the most powerful broadcasters into one platform.

是的。謝謝，麥克。是的，您引用的是 EdgeBeam。我們與 Nexstar、Sinclair 和 Gray 共同成立了名為 EdgeBeam Wireless 的合資企業。我認為，我們在第四季末宣布了這一消息。該合資公司將四家最強大的廣播公司整合到一個平台上。

To your point of ubiquity, that platform reaches 97% of US TV households, and for the first time really presents a true nationwide footprint, which is critical for the development of the datacasting marketplace and for the nation's transition to 3.0.

就您所說的普遍性而言，該平台覆蓋了 97% 的美國電視家庭，並首次真正呈現全國性的覆蓋範圍，這對於數據廣播市場的發展和國家向 3.0 的過渡至關重要。

EdgeBeam sort of comes in at an ideal time from a regulatory perspective, too, as the Chairman has also talked openly about facilitating the industry's complete switchover from 1.0 to 3.0, which is a very important and necessary step.

從監管角度來看，EdgeBeam 的出現也恰逢其時，因為董事長也公開談到要促進行業從 1.0 到 3.0 的全面轉換，這是一個非常重要且必要的步驟。

Chairman Carr has recognized that broadcasters through a platform like EdgeBeam can solve myriad of problems for the nation, from enhanced GPS for the benefit of national security, which he had just spoken about, I think, last week or the week before, to even efficient CDN solutions for streaming platforms, taking off some of the bandwidth crunch that we're starting to see as a result of so much video being sent over streaming.

卡爾主席已經認識到，透過 EdgeBeam 這樣的平台，廣播公司可以為國家解決無數問題，從有利於國家安全的增強型 GPS（我記得他上週或前週就談到過）到串流媒體平台的高效 CDN 解決方案，從而減輕我們開始看到的由於大量視訊透過串流媒體發送而產生的頻寬緊縮問題。

All of this makes me really bullish on the opportunity for us because we're already starting to get traction with companies that have historically been beholden to expensive 5G or private 5G networks because our service offers up a much more efficient alternative and one that works in conjunction with 5G.

所有這些都讓我對我們的機會充滿信心，因為我們已經開始受到那些歷史上受制於昂貴的 5G 或私人 5G 網路的公司的青睞，因為我們的服務提供了一種更有效率的替代方案，並且可以與 5G 協同工作。

I don't think it's going to be too long before we're sharing more details on revenue and how the marketplace is developing. I wouldn't put revenue in the models for this year. But I do believe it's not going to be long before we're able to share details on this as a material revenue line.

我認為不久之後我們就會分享更多有關收入和市場發展的細節。我不會把收入納入今年的模型中。但我相信不久之後我們就能夠分享這方面的詳細信息，作為一條重要的收入來源。

And Adam, obviously, you identified like over $7 billion in the total addressable market. I mean what type of share do you think you anticipate getting in that total addressable market? If you could kind of give us some color on expectations of revenue.

亞當，顯然，您確定了整個可尋址市場的價值超過 70 億美元。我的意思是，您認為您預計在整個潛在市場中會獲得多少份額？如果您能為我們介紹一下收入預期的話。

Yeah. So the beauty of the way this has been situated is that EdgeBeam sits as a middle layer. And then those companies that are owners of EdgeBeam, ourselves included, along with other affiliates, actually create value at the station level or at the broadcast group level within commercial agreements back from EdgeBeam.

是的。因此，這種佈置方式的美妙之處在於 EdgeBeam 位於中間層。然後，那些擁有 EdgeBeam 的公司（包括我們自己以及其他附屬公司）實際上在 EdgeBeam 的商業協議內在電台級別或廣播集團級別創造了價值。

I think it's a little early right now to determine that. We are just in the middle of recruiting the CEO for EdgeBeam. But I can tell you, we've already -- because each of these parties was already engaged separately in work to catalyze the marketplace, we're already seeing some traction with folks that are looking to leverage our spectrum.

我認為現在確定這一點還為時過早。我們正在為 EdgeBeam 招募執行長。但我可以告訴你，我們已經——因為這些各方已經分別參與了催化市場的工作，我們已經看到了一些希望利用我們的頻譜的人的關注。

So like I said, I don't think it's going to be much longer before we're able to make a statement about actually seeing some revenue flow back to these companies. I don't think it's going to be modellable material revenue in 2025. But depending on the time line that we work on with the government on that transition, this is beginning to be something I think that represents significant value for investors in years to come.

所以就像我說的，我認為用不了多久我們就能真正看到一些收入回流到這些公司。我認為到 2025 年它不會成為可建模的材料收入。但根據我們與政府就這項過渡所製定的時間表，我認為這將在未來幾年為投資者帶來重大價值。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

First, just a couple of advertising questions. So on Networks, could you just elaborate a little more on the trends you're seeing? I think you said they're improving as you've gone through the quarter. Recently, some of the conference commentary very recently has been a little more negative on the macro.

首先，我想問幾個有關廣告的問題。那麼關於網絡，您能否更詳細地闡述您所看到的趨勢？我認為您說過，隨著本季的過去，他們正在不斷進步。最近，一些會議評論對宏觀經濟的看法略顯負面。

So I would just love to hear what you're seeing from an advertiser standpoint and their tone. And relatedly, as we think about local sports, is there a good way to think about local sports contribution to core revenue growth in 2025? And then I have a couple of follow-ups on the debt.

因此，我很想從廣告商的角度和語氣聽聽您的看法。與此相關的是，當我們考慮本地體育時，有沒有一個好的方法可以思考本地體育對 2025 年核心收入成長的貢獻？然後我對債務問題進行了一些跟進。

Sure. So I can start. So specific to your question on Networks in the ad marketplace, it's been a bit of a mixed bag on Networks as we move through Q1. We talked last year coming out of the upfront from the strong results we have, but the majority of that was really tied to sports. And based on sort of the timing of the WNBA and NWSL seasons, we won't really start seeing the full benefit of that until Q2 and Q3 of this year.

當然。這樣我就可以開始了。因此，具體到您關於廣告市場網路的問題，隨著我們進入第一季度，網路的情況有點好壞參半。我們去年談到了我們所取得的強勁業績，但其中大部分確實與體育有關。根據 WNBA 和 NWSL 賽季的時間安排，我們要到今年第二季和第三季才能真正開始看到它的全部好處。

In Q4 of last year, when we kind of look back at the results that we posted, we saw -- we definitely saw pricing pressure in both general market and direct response. And while that has improved a little in Q1, it still is being negatively impacted by the uncertainty in the economy right now.

去年第四季度，當我們回顧發布的結果時，我們發現——無論是一般市場還是直接反應，都存在定價壓力。儘管第一季情況略有改善，但仍受到當前經濟不確定性的負面影響。

I think the positive trends you referred to there were really on the CTV front, where we saw revenue growth sort of ramp back up in Q4. I think we said 16% growth when you kind of adjust out our -- the programmatic product we sunset, and that, that is accelerating in Q1.

我認為您提到的積極趨勢確實出現在 CTV 方面，我們看到第四季度的收入成長有所回升。我認為，當你調整我們停產的程式化產品時，成長率會達到 16%，而且這一成長在第一季正在加速。

And I would expect, from a CTV perspective, to see growth of more than 30% in Q1. So I think that's sort of the mixed bag, DR and general market still being impacted by the current state of the economy but connected TV beginning to rebound.

從 CTV 的角度來看，我預計第一季的成長率將超過 30%。所以我認為情況好壞參半，DR 和一般市場仍然受到當前經濟狀況的影響，但連網電視開始反彈。

Yeah. One thing, Steve, that I would just point out when you sort of generalize based on a peer company performance, most of our peers are constrained to reaching consumers through cable. And obviously, we all know where that's going. The fact is that ION's distribution on pay TV, satellite cable, OTA and connected TV makes us a little bit unique in the marketplace.

是的。史蒂夫，有一件事我想指出，當你根據同行公司的表現進行概括時，你會發現我們的大多數同行都只能透過有線電視來接觸消費者。顯然，我們都知道會發生什麼。事實上，ION 在付費電視、衛星電纜、OTA 和連網電視上的分銷使我們在市場上獨樹一幟。

In fact, we're hearing more and more from general market advertisers as they're planning that, that ubiquity of reach gives us an advantage in taking share in the market. That and our strategy around women's sports, I think, will continue to define us a little bit away from our peer set in the market. Do you want to talk about local sports contribution core?

事實上，我們越來越多地聽到一般市場廣告商在規劃時表示，無處不在的覆蓋範圍使我們在搶佔市場份額方面具有優勢。我認為，這一點以及我們圍繞女子運動的策略將繼續使我們在市場上與同行有所區別。您想談談地方體育貢獻核心嗎？

Yeah. I mean what we said last year was that local sports was driving a 3% to 4% growth in our overall core. Obviously, we're lapping past some of that. We do have one new franchise that will be contributing some growth this year, which would be the Florida Panthers.

是的。我的意思是，我們去年說過，地方體育運動推動了我們整體核心業務 3% 至 4% 的成長。顯然，我們已經超越了其中的一些。我們確實有一支新球隊將在今年做出一些貢獻，那就是佛羅裡達黑豹隊。

But -- and so we do expect some growth probably in the low single-digit range. But as I alluded to earlier, we expect some growth in our sports assets. We expect a bounce back from political displacement. But there's a big question mark out there given everything that's going on in the discussion on tariffs and what that could do to certain categories on how much that offsets the two areas where we do expect the growth.

但是——因此我們確實預期成長幅度可能在個位數的低位範圍內。但正如我之前提到的，我們預計我們的體育資產會有所成長。我們預計政治動盪將會帶來反彈。但考慮到有關關稅的討論進展，以及關稅對某些類別的影響，以及在多大程度上抵消我們預期增長的兩個領域，仍然存在一個很大的問號。

And then, Jason, just on the debt. So on the accounts receivable securitization facility, is there anything we need to think about to model that in free cash flow? And is the cost of that included in your cash interest guide for the year? Or is that outside of that?

然後，傑森，只談債務。那麼，對於應收帳款證券化工具，我們需要考慮什麼來在自由現金流中建模？這些費用是否包含在您年度現金利息指南中？或者這超出了那個範圍？

And then also just -- so you've done a great job now pushing out maturities. I think the next one is the notes due in '27. If I'm not mistaken, the revolver also comes due in '27. So is the thinking that between free cash flow and divestitures, you're confident you'll have enough cash to pay down the notes without the revolver, and that's why it works to have the revolver currently just through '27? So I just want to make sure I'm thinking about all that correctly.

然後也只是——所以你現在已經做得很好了，推遲了到期日。我認為下一個是 27 年到期的票據。如果我沒記錯的話，這把左輪手槍也是在 1927 年到期的。那麼，您是否認為，在自由現金流和資產剝離之間，您有信心擁有足夠的現金來償還債券，而無需使用循環信貸，這就是為什麼目前循環信貸只到 27 年才有效的原因？所以我只是想確保我對這一切的思考是正確的。

Yeah. So I'll start with the AR securitization. The AR securitization, nothing specific to -- when you're estimating your free cash flow, you need to do differently the interest tied to that. And the rate on that is very advantageous for us.

是的。因此我將從 AR 證券化開始。AR 證券化沒有什麼特別之處——當您估算自由現金流時，您需要以不同的方式處理與之相關的利息。而且這個利率對我們來說非常有利。

It is included within our interest expense that will -- that you'll see flow through the interest expense guide we gave of $175 million to $185 million. Once we close that, the AR securitization does get excluded from our leverage metrics.

它包含在我們的利息支出中 - 您會看到，它流經我們給出的 1.75 億美元至 1.85 億美元的利息支出指南。一旦我們關閉該功能，AR 證券化就會被排除在我們的槓桿指標之外。

And we'll obviously provide some update in terms of once we close the transaction on sort of forward-looking leverage estimates. Remind me what your next question was after the AR securitization.

一旦我們完成交易，我們顯然會提供一些關於前瞻性槓桿估計的更新資訊。提醒我一下在 AR 證券化之後你的下一個問題是什麼。

The revolver.

左輪手槍。

Yeah, just the '27 maturity...

是的，只是 27 年的成熟度…

Oh, the timing? Yeah.

哦，時間呢？是的。

And how you're thinking about, yeah, that timing.

是的，您是如何考慮那個時間的。

So we do have the revolver coming due in '27. We also have our 2027 unsecured bonds. What I can say specific to any near-term maturities is, first of all, I will just point back, we're really happy and pleased with the results of the transaction that we announced yesterday and now look forward to closing that in the coming weeks.

因此我們的左輪手槍將於 27 年到期。我們還有 2027 年無擔保債券。對於任何近期到期債務，我可以具體說的是，首先，我只想回顧一下，我們對昨天宣布的交易結果感到非常高興和滿意，現在期待在未來幾週內完成交易。

And we can say we have been in discussions with an ad hoc group of holders on some of our other near-term maturities. We also do believe that we will generate meaningful cash flow this year and next year that will allow us to manage down the revolver balance as well.

我們可以說，我們已經與一個臨時持有人小組就我們的一些其他近期到期債券進行了討論。我們也確實相信，今年和明年我們將產生可觀的現金流，這將使我們能夠降低循環信貸餘額。

Shanna Qiu, Barclays.

巴克萊銀行的Shanna Qiu。

Just to follow-up on the debt question. I know you guys have previously highlighted a more comprehensive refi, the '26s and '27s. And obviously, you guys commented that the '27s were left out of the refinancing.

只是想跟進一下債務問題。我知道你們之前已經強調過更全面的再融資，即 26 年代和 27 年代。顯然，你們評論說 27 年代的汽車被排除在再融資之外。

Could you give a little bit more color as to why those were left out of the refinancing and how you're thinking about it going forward? Given the terms of the TSA announced yesterday, there's quite a few more limitations there.

您能否詳細說明為什麼這些被排除在再融資之外以及您對未來有何看法？鑑於昨天宣布的 TSA 條款，那裡還有相當多的限制。

Yeah. So I can't really provide any specifics on the strategy or tactics there. I can just point back to the fact that we've had discussions with the ad hoc group for other holders, in that we are focused and continue to be focused on addressing all of our near-term maturities. But I probably, at this point, can't say anything beyond that.

是的。因此我實際上無法提供關於那裡的戰略或戰術的任何具體細節。我只想指出，我們已經與其他持有人的特設小組進行了討論，我們專注並將繼續專注於解決所有近期到期債務。但目前我可能還不能再說什麼了。

Okay. And then maybe switching gears. How are you guys thinking about the WNBA sports rights renewal coming up later this year? It seems like the women's sports is a part of your strategy. So any color on conversations there would be helpful.

好的。然後也許會換個話題。你們對於今年稍後即將續簽的 WNBA 運動版權有什麼看法？看起來女子運動是你策略的一部分。因此，任何有關對話的顏色都會有所幫助。

Yeah. Sure. Thanks for the question. It's Adam. We do continue to work really constructively with the team at the WNBA and the NBA. Both sides are committed to the renewal because we both see the benefits. The W has significantly benefited from the reach Scripps brings through ION's distribution on OTA, pay TV and FAST. No other network or streaming partner can offer them that exposure. And I expect we'll be able to share more news on the renewal in the weeks ahead.

是的。當然。謝謝你的提問。是亞當。我們確實繼續與 WNBA 和 NBA 的球隊進行建設性的合作。雙方都致力於續約，因為我們都看到了好處。Scripps 透過 ION 在 OTA、付費電視和 FAST 上的分銷擴大了覆蓋範圍，W 電視台從中獲益良多。沒有其他網路或串流媒體合作夥伴可以為他們提供這樣的曝光度。我希望我們能夠在未來幾週內分享更多有關續約的消息。

Last year's season validated the entire hypothesis we have that American fans would have no trouble finding the W and NWSL on ION. Women's sports has successfully brought in a younger, more diverse and affluent demographic to ION.

去年的賽季驗證了我們的整個假設：美國球迷可以毫不費力地在 ION 上找到 W 和 NWSL。女子運動成功地為 ION 吸引了更年輕、更多樣化和更富裕的人群。

And this has resulted in advertising fees, as I said in my prepared remarks, that are significantly higher than our typical programming and an excellent performance. As we get closer to the tip of the season, I expect we'll have a lot more to share on the renewal in the weeks ahead.

正如我在準備好的演講中所說，這導致廣告費用明顯高於我們典型的節目和出色的表現。隨著賽季結束的臨近，我預計在接下來的幾週內我們將有更多關於續約的消息可以分享。

(Operator Instructions) Craig Huber, Huber Research Partners.

（操作員指示） Craig Huber，Huber Research Partners。

I got a few questions. I'll just do them one at a time, if I could, please. Can you talk a little bit further about the negotiations with your broadcast networks here? I think, Adam, you said you expected the payments to come down here.

我有幾個問題。如果可以的話，我將一次只做一件事。能否進一步談談與廣播網絡的談判？亞當，我想你說過你預計付款會在這裡支付。

So I'm curious if you could maybe touch on, are they getting more variable cost in nature and/or the prices you're paying actually coming down on an apples-to-apples basis? I just want to clarify that a little bit.

所以我很好奇，您是否可以談談，他們是否在本質上獲得了更多的可變成本，以及/或者您支付的價格實際上是在同類基礎上下降的？我只是想稍微澄清一下。

I mean I'm not sure, Craig, it's in my best interest or our best interest to actually go through much beyond what I already said. I mean at the end of the day, we, along with our peers, believe that the relationship has become lopsided and it needs to be corrected. And we're working, I think, with our network partners to ensure that we are able to continue our partnership in a way that's in the best interest of both parties.

我的意思是，克雷格，我不確定這是否符合我的最佳利益或我們的最佳利益，實際上還要經歷我已經說過的事情。我的意思是，最終，我們和我們的同行都認為這種關係變得不平衡，需要被糾正。我認為，我們正在與我們的網路合作夥伴合作，以確保我們能夠以符合雙方最佳利益的方式繼續我們的合作。

Okay. And my second question, Jason, on the cost outlook here for Scripps Networks down mid-teens in the first quarter, quite a sea change for the positive from your vantage point, getting rid of this -- the news operation there.

好的。傑森，我的第二個問題是，斯克里普斯網絡的成本前景如何，第一季將下降 15% 左右，從您的角度來看，這是一個巨大的積極變化，擺脫了那裡的新聞業務。

Can you just help us understand -- can you give us some financials around the cost outlook for this year? How much in dollars are your savings this year versus '24, coming from getting rid of the news part of the operation versus just the core cost cutting that you're doing in total? How should we think about that for the year to get your margin guidance for the year? How is it --

您能否幫助我們了解—您能否提供我們一些有關今年成本前景的財務數據？與 24 年相比，今年您取消新聞部分業務節省了多少錢，而不是只削減核心成本？我們應該如何考慮這一年才能獲得您今年的利潤指導？如何--

Yeah. So the shutdown of the Scripps News over-the-air operation, it does -- Scripps News does continue as a streaming brand. is driving a $35 million savings on an annual basis start on 1/1. So that is a big piece of the 400 basis points to 600 basis points guide we gave in terms of margin improvement for Networks. But there are other components there as well, some decisions we've made that you'll see kind of rolling through the programming line tied to carriage fee agreements as well as continued focus on driving efficiency, in head count as well.

是的。因此，雖然 Scripps News 無線廣播業務停止了，但 Scripps News 仍將作為串流媒體品牌繼續運作。從 1 月 1 日起，每年可節省 3,500 萬美元。因此，就網路利潤率改善而言，這是我們給出的 400 個基點至 600 個基點指導的重要組成部分。但其中還有其他組成部分，我們做出的一些決定，您會看到它們透過與運輸費用協議相關的編程線進行滾動，同時繼續專注於提高效率和增加員工人數。

So all of those things combined come together through to get us to that guide. And as you heard me say on the call, we gave out the guide back in November. I think there were some questions about how do you actually achieve it. As we said on the call, we're actually, at this point, expecting to hit the high end of that guide in Q1 based on where we're at right now.

所以所有這些因素結合在一起就為我們提供了該指南。正如你們在電話中聽到我所說的那樣，我們在 11 月就發布了指南。我認為存在一些關於如何真正實現這一目標的問題。正如我們在電話中所說的那樣，根據我們目前的狀況，我們實際上預計第一季的業績將達到該指南的高端。

So Jason, is the non-news cost savings for this year another roughly $35 million of savings? I think you've said that in the past. How should we think about that?

那麼 Jason，今年非新聞成本節省是否又能節省約 3,500 萬美元呢？我想你以前說過這件事。我們該如何看待這個問題？

I don't think we've quantified anything besides the 400 basis points and 600 basis points and $35 million for Scripps News.

我認為除了 Scripps News 的 400 個基點、600 個基點和 3500 萬美元之外，我們沒有量化任何東西。

Okay. And then also, can you just -- I'd like to hear a little bit, can you quantify actually how auto advertisings do in the first quarter on a year-over-year basis for the broadcast networks?

好的。然後，我想聽聽您的看法，您能否量化一下第一季廣播網路汽車廣告的年比表現？

Yeah. Auto is certainly one of the more challenged categories right now because of all of the disruption coming out tied to potential impacts for tariffs and so on and so forth. And so right now, it's kind of trending down. I would say, it's the -- it's down the most of any of our categories right now. As I said earlier, services and home improvement are faring a little bit better. And so it's kind of down in kind of that low teens range.

是的。汽車產業無疑是目前面臨更大挑戰的產業之一，因為所有與關稅等潛在影響相關的干擾都存在。所以現在，它有點呈下降趨勢。我想說，它是目前所有類別中跌幅最大的。正如我之前所說，服務業和家居裝修的情況稍好一些。因此，它處於十幾歲以下的範圍內。

Okay. And then also, you mentioned retail category was down fairly significantly. Is that approaching that number as well then?

好的。而且，您也提到零售類別下降幅度相當大。那麼這個數字也接近這個數字了嗎？

Oh, it's doing better than auto. Auto is probably the most impacted category right now. I'll also remind everybody that from a percentage perspective, auto is our second biggest category. Services continues to be our large category, has been for the better part of as long as I can remember. Services represents about one-third of our overall revenue.

哦，它比自動的要好。汽車可能是目前受影響最嚴重的類別。我還要提醒大家，從百分比角度來看，汽車是我們的第二大類別。服務仍然是我們的一大類別，從我記事起，大部分時間都是如此。服務約占我們總收入的三分之一。

Okay. And then I think I have two more here, if I could. The Scripps Networks, are there any advertising categories there that you'd want to call out that are doing materially better than trends last 6 months? And maybe are there any that are doing materially worse? Any significant changes there?

好的。如果可以的話，我想我這裡還有兩個。史克里普斯網路 (Scripps Networks)，您是否想指出哪些廣告類別的表現明顯優於過去 6 個月的趨勢？也許還有一些情況實際上更糟？那裡有什麼重大變化嗎？

I think what we've seen is that from a general market perspective, consumer packaged goods and the restaurant category have been down more than some of the other categories. Pharmaceuticals and retail have hung in there a little bit better than those two. And from a DR perspective, I'd say consumer packaged goods and health care are the weaker categories in the DR space.

我認為，從整體市場角度來看，我們看到，消費包裝商品和餐飲類別的跌幅比其他一些類別更大。製藥業和零售業的表現比這兩家公司好一些。從 DR 的角度來看，我認為消費包裝商品和醫療保健是 DR 領域中較弱的類別。

Okay. I appreciate that. The other question I wanted to ask you on live sports, as we sort of think about all the various hours you guys have added here in live sports here, are you pretty confident that almost across the board that the EBITDA you're getting off those few hours for each sports that you're showing on there is materially more profitable than what it replaced? How do you think about that right now?

好的。我很感激。我想問您的另一個問題是，關於體育直播，考慮到你們在體育直播中增加的所有時間，您是否確信，幾乎在所有情況下，您在直播的每項體育賽事中從這幾個小時獲得的 EBITDA 都比它所取代的體育賽事更有利可圖？您現在對此有何看法？

Yeah. Without a question. I mean it's clear that live sports is a sweet spot for linear TV, and our move into women's sports was particularly well timed. We were ahead of the demand, and that's benefited us, propelling us past other general market -- or general entertainment networks versus -- with respect to peer performance in advertising.

是的。毫無疑問。我的意思是，很明顯，現場體育賽事是線性電視的最佳選擇，而我們進軍女子體育的時機尤其恰當。我們領先於需求，這使我們受益匪淺，使我們在廣告方面的同儕表現超越了其他一般市場——或一般娛樂網絡。

I think we would definitely pursue other opportunities, but only so long as it makes financial sense, Craig. It can certainly be easy to get carried away with live sports rights and overpay. But I've said consistently, and I think you all know that deals that we do have to be done with discipline to create value from the beginning. And that's what we've done thus far, and that's the only way we'll do it going forward.

我認為我們肯定會尋求其他機會，但前提是它在財務上是合理的，克雷格。人們確實很容易因為體育賽事直播權和過高的價格而失去理智。但我一直說，我想大家都知道，我們所做的交易必須從一開始就有紀律地進行，以創造價值。這就是我們迄今為止所做的，也是我們今後要做的唯一方法。

And I'm not showing any further questions at this time. So this does conclude today's presentation. You may all disconnect, and have a wonderful day.

我現在不想再問任何問題。今天的演講到此結束。你們都可以斷開連接，享受美好的一天。