E W Scripps Co (SSP) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the first-quarter 2026 E.W. Scripps Company earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Becca McCarter, Senior Director, External Communications. Please go ahead.

各位好，感謝您稍候。歡迎參加 E.W. Scripps Company 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者，外部傳播資深總監 Becca McCarter。請開始。

Thank you, Dede, and 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，Dede，各位早安，也感謝大家加入我們，一同討論 E.W. Scripps Company 的財務結果與業務策略。您可以造訪 scripps.com 取得更多資訊，以及本次電話會議重播的連結。

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.

提醒各位，我們的電話會議與網路直播包含以前瞻性陳述為主、基於管理層目前展望的內容，實際結果可能有重大差異。可能導致差異的因素已在我們向 SEC 提交的文件中說明。我們無意更新今天所作的任何前瞻性陳述。

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 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. Reconciliations of these measures are included in our earnings release.

本次電話會議將討論若干非 GAAP 財務衡量指標，作為補充資訊，以協助管理層與大眾分析與評價本公司。這些指標並非依 GAAP 編製，無意取代 GAAP 財務衡量指標，且其使用或編製方式可能與其他公司不同。這些指標的調節表已包含在我們的財報新聞稿中。

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

今天上午我們將先聽取財務長 Jason Combs 的報告；接著由 Scripps 總裁暨執行長 Adam Symson 發言。

Here's Jason.

以下請 Jason。

Good morning, everyone, and thank you for joining us. We are coming into this morning's call with strong momentum and good news about our financial performance and other activity. Here are a few of the highlights.

各位早安，感謝大家加入我們。我們帶著強勁動能參加今天上午的電話會議，並有關於財務表現及其他活動的好消息。以下是幾項重點。

We are progressing rapidly on executing our comprehensive transformation strategy, which has helped drive significant improvement in our first quarter net leverage to under 4x. Our Local Media division delivered a strong performance with industry-leading 7% core advertising revenue growth, driven by our unique live sports strategy.

我們正快速推進並執行全面轉型策略，這有助於推動我們第一季淨槓桿顯著改善至 4 倍以下。我們的本地媒體事業部表現強勁，核心廣告收入成長 7%，領先同業，主要由我們獨特的現場體育策略所帶動。

We launched the Scripps Sports Network, a premium free streaming channel. We are entering a midterm election cycle with strategic market exposure in key battleground states. And we continue to optimize our portfolio through strategic asset transactions, generating $123 million in gross proceeds from recent sales of two stations. We also continue to work towards the closing of our station swaps with Gray and pursue additional M&A activity to support debt reduction and enhanced operating performance.

我們推出了 Scripps Sports Network，一個高品質的免費串流頻道。我們正進入期中選舉週期，並在關鍵搖擺州具備策略性的市場曝險。我們也持續透過策略性資產交易優化投資組合，近期出售兩家電視台帶來 1.23 億美元的總收益。此外，我們也持續推進與 Gray 的電視台互換交易完成交割，並尋求更多併購活動，以支持降債並提升營運表現。

In addition to those recent highlights, we are pleased to have just successfully completed a new affiliation agreement with our largest network partner, ABC, covering 17 ABC affiliates.

除了上述近期重點之外，我們也很高興剛成功與我們最大的電視網合作夥伴 ABC 完成新的聯播協議，涵蓋 17 家 ABC 聯播台。

With that overview as a backdrop, I'd like to review our first quarter financial results, and then I'll discuss second quarter guidance, followed by details on our improving debt position. I'll conclude with a review of our EBITDA improvement plan.

在上述概覽作為背景下，我想先回顧第一季財務結果，接著說明第二季指引，然後提供我們債務狀況改善的細節。最後我將回顧我們的 EBITDA 改善計畫。

I will present our first quarter Local Media division results on a same-station or adjusted combined basis, removing the Q1 2025 results of the two TV stations that we've now sold and reflecting our addition of the Lexington ABC affiliate.

我將以同台（same-station）或調整後合併基礎呈現第一季本地媒體事業部的結果，剔除我們現已出售的兩家電視台在 2025 年第一季的結果，並反映我們新增列克星敦（Lexington）的 ABC 聯播台。

During the first quarter, our Local Media division revenue was $331 million, up 5.8% from first quarter 2025. Core advertising increased 7%. Our services, automotive, and gambling categories all grew in the quarter. Local core advertising year-over-year growth was largely driven by advertising sales tied to our National Hockey League telecast. We saw a strong contribution from the addition of our newest rights agreement with the Tampa Bay Lightning. And beyond this new partnership, we also saw strong growth in our existing NHL deals with the Vegas Golden Knights, Utah Mammoth and Florida Panthers.

第一季，我們本地媒體事業部營收為 3.31 億美元，較 2025 年第一季成長 5.8%。核心廣告成長 7%。本季我們的服務、汽車與博彩類別皆成長。本地核心廣告的年增主要由與我們國家冰球聯盟（NHL）轉播相關的廣告銷售所帶動。我們最新的權利協議——坦帕灣閃電隊（Tampa Bay Lightning）——新增貢獻強勁。除這項新合作外，我們既有的 NHL 合作案（拉斯維加斯金騎士、猶他猛獁與佛羅里達美洲豹）也呈現強勁成長。

Our strategy is designed to drive year-over-year growth across both our existing deals and new partnerships. And last month, we announced a fifth full season NHL sports rights agreement with the Nashville Predators to start this fall. The Winter Olympics and the Super Bowl also contributed to our Q1 core advertising growth.

我們的策略旨在推動既有合作案與新合作夥伴之間的年對年成長。上個月，我們宣布與納什維爾掠食者隊（Nashville Predators）達成第五份完整賽季的 NHL 體育轉播權協議，將於今年秋季開始。冬季奧運與超級盃也對我們第一季核心廣告成長有所貢獻。

Political advertising revenue was nearly $9 million as we begin what's expected to be a record-breaking spending cycle for the midterm elections. This year, we forecast strong spending in our markets due to US Senate and gubernatorial races in Arizona, Colorado, Michigan, Nevada, Ohio, and Wisconsin. We also are watching growing competitive situations in Florida and in Montana.

政治廣告收入接近 900 萬美元，因我們正進入預期將創下支出紀錄的期中選舉投放週期。今年，我們預期由於亞利桑那、科羅拉多、密西根、內華達、俄亥俄與威斯康辛的美國參議院及州長選舉，我們市場將出現強勁支出。我們也在關注佛羅里達與蒙大拿競爭態勢升溫的情況。

Local Media distribution revenue increased 2%, again, on a same-station basis. Expenses for the division increased about 2.4% year-over-year. Excluding the impact of our expenses tied to our new NHL team deal, expenses were flat.

以同台基礎計算，本地媒體發行（distribution）收入成長 2%。該事業部費用年增約 2.4%。若排除與我們新的 NHL 球隊合作案相關的費用影響，費用持平。

Local Media segment profit was $44 million compared to $32 million in Q1 2025. For the second quarter, we expect Local Media division revenue to be up low single digits. We expect core advertising to be down low single digits without the benefit of live sports for most of the quarter. We expect Q2 Local Media gross distribution revenue to be impacted by our impasse with Comcast, which ran from March 31 to May 5.

本地媒體部門利潤為 4,400 萬美元，較 2025 年第一季的 3,200 萬美元增加。第二季，我們預期本地媒體事業部營收將呈低個位數成長。由於本季大部分時間缺乏現場體育賽事帶動，我們預期核心廣告將呈低個位數下滑。我們預期第二季本地媒體總發行收入將受到與 Comcast 僵局的影響，該僵局期間為 3 月 31 日至 5 月 5 日。

Based on that timing, we still expect full year gross distribution revenue to grow in the low single-digit range, but now expect net distribution revenue to grow in the low double-digit range, a slight change from our previous guidance. We expect second quarter Local Media expenses to be flat to Q2 of 2025.

基於上述時點，我們仍預期全年總發行收入將以低個位數成長，但目前預期淨發行收入將以低雙位數成長，較先前指引略有調整。我們預期第二季本地媒體費用將與 2025 年第二季持平。

Now let's review the Scripps Networks division first quarter results and second quarter guidance. Once again, I'll be presenting the results on an adjusted combined basis, in this case, adjusting for the impact of the Court TV sale.

接下來回顧 Scripps Networks 事業部第一季結果與第二季指引。同樣地，我將以調整後合併基礎呈現結果，本次調整係反映 Court TV 出售的影響。

In the first quarter, Scripps Networks revenue was $174 million, down 9.5% from Q1 2025. Connected TV revenue was up 26% from the same quarter last year. The division's expenses for the quarter were $126 million, up 1%. Scripps Networks segment profit was $47.5 million compared to $66.8 million in the year-ago quarter.

第一季，Scripps Networks 營收為 1.74 億美元，較 2025 年第一季下滑 9.5%。連網電視（Connected TV）收入較去年同期成長 26%。該事業部本季費用為 1.26 億美元，成長 1%。Scripps Networks 部門利潤為 4,750 萬美元，較去年同期的 6,680 萬美元下降。

For the second quarter, we expect Scripps Networks division revenue to be down about 10%. The networks are facing a softer market from macroeconomic conditions impacting the direct response marketplace and external measurement pressure from recent Nielsen methodology changes. Adam will talk more about this in a moment. We expect Scripps Networks' Q2 expenses to be up in the low single digits.

第二季，我們預期 Scripps Networks 事業部營收將下滑約 10%。由於總體經濟狀況影響直效行銷（direct response）市場，加上近期 Nielsen 方法論變更帶來外部衡量壓力，電視網正面臨較疲弱的市場。Adam 稍後會進一步說明。我們預期 Scripps Networks 第二季費用將以低個位數成長。

Turning to the segment labeled “Other,” in the first quarter, we reported a loss of $6 million. Shared services and corporate expenses were $26.6 million. For the second quarter, we again expect that line to be about $27 million. Higher medical claims and increased insurance premiums are causing that line to go higher than usual.

至於標示為「其他（Other）」的部門，第一季我們報告虧損 600 萬美元。共享服務與公司費用為 2,660 萬美元。第二季，我們同樣預期該項目約為 2,700 萬美元。較高的醫療理賠與增加的保險保費使該項目高於通常水準。

For the first quarter, the company is reporting a loss of $0.20 per share. The loss included a $30 million gain on the sales of Court TV and two television stations, WFTX in Fort Myers, Florida; and WRTV in Indianapolis. These sale transactions decreased the loss attributable to shareholders by $0.25 per share. In addition, 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 $0.18.

第一季，公司每股虧損 0.20 美元。該虧損包含出售 Court TV 與兩家電視台（佛羅里達州邁爾斯堡的 WFTX，以及印第安納波利斯的 WRTV）所帶來的 3,000 萬美元收益。這些出售交易使歸屬於股東的每股虧損減少 0.25 美元。此外，即使我們未支付，特別股股利仍會對每股盈餘造成負面影響。本季其使 EPS 減少 0.18 美元。

We had $20 million outstanding on our revolving credit facility at the end of the quarter. On April 30, we entered into an agreement to extend the July 7, 2027, maturity date of our revolving credit facility to July 7, 2029, with commitments of $200 million. For the first quarter, cash and cash equivalents totaled $84 million. Net debt was $2.2 billion as defined in our credit agreement.

本季末，我們在循環信貸額度下尚有2,000萬美元未償餘額。4月30日，我們簽訂協議，將循環信貸額度原定於2027年7月7日到期的到期日延長至2029年7月7日，承諾額度為2億美元。第一季，現金及約當現金合計為8,400萬美元。依據我們的信貸協議之定義，淨負債為22億美元。

Also during the quarter, we paid down $10.2 million on our B2 term loan. In addition, we paid down $20.4 million on our B3 term loan. Since the end of the quarter, we've paid down an additional $30 million on the B2 term loan for a total of just over $60 million in term loan pay down since the beginning of this year.

此外，在本季期間，我們償還了B2定期貸款1,020萬美元。另外，我們也償還了B3定期貸款2,040萬美元。自季末以來，我們又額外償還了B2定期貸款3,000萬美元，使得自今年年初以來定期貸款償還總額略高於6,000萬美元。

Net leverage at the end of the quarter was 3.9x per the calculations in our credit agreement, which includes certain pro forma adjustments relating to our transformation efforts. As we announced in February, our company transformation plan includes growing enterprise EBITDA by $125 million to $150 million.

依據我們信貸協議中的計算方式，本季末淨槓桿倍數為3.9倍，其中包含與我們轉型工作相關的若干備考調整。如我們在2月所宣布的，我們的公司轉型計畫包括將企業EBITDA提高1.25億至1.5億美元。

Our EBITDA improvement plan balances rightsizing our current expense structure with implementing new ways to grow revenue and profitability. You'll start to see the financial benefits of our plan in the second half of this year. We expect total in-year EBITDA impact of $20 million to $30 million and an annualized run rate of about $75 million as we move into next year.

我們的EBITDA改善計畫在精簡現有費用結構與導入新的營收與獲利成長方式之間取得平衡。你們將在今年下半年開始看到該計畫帶來的財務效益。我們預期今年內EBITDA的總影響為2,000萬至3,000萬美元，並在邁入明年時達到約7,500萬美元的年化運行率。

And now here's Adam.

接下來請Adam發言。

Thanks, Jason, and good morning, everybody. At Scripps, we are in the midst of executing a significant transformation, moving now from the detailed planning stage into execution, and I'm pleased to report that we're right on track.

謝謝你，Jason，各位早安。在Scripps，我們正處於執行一項重大轉型的過程中，現在正從細部規劃階段進入執行階段，我很高興地報告，我們完全按計畫推進。

I'd like to say that this transformation is a refounding of the company, where we're bringing the values, ethics, and mission of our founder, Edward Willis Scripps, forward 150 years to set the company up in a way I'd like to think he would were he here today.

我想說，這次轉型是對公司的再奠基（refounding）：我們把創辦人Edward Willis Scripps的價值觀、倫理與使命向前延續150年，讓公司以一種我認為若他今天仍在世也會採取的方式來定位與運作。

I've been doing a lot of research on our founder. E.W. was fiercely protective of his newsroom's journalism and editorial independence. He was entirely committed to serving the people in the communities where he operated. And he was well known, maybe even notorious, for his dedication to operating with efficiency to ensure he would have the margin to carry out the mission.

我對我們的創辦人做了大量研究。E.W.極力捍衛其新聞編輯室的新聞報導與編輯獨立性。他全心致力於服務其營運所在社區的民眾。而且他也以致力於高效率營運而聞名——甚至可說惡名昭彰——以確保有足夠的利潤空間來完成使命。

150 years ago, E.W. focused on his consumers' problems and commercialized the solution. The assets that make up our company may be different today, but our transformation is grounded in the same customer-first focus. Here's an example of what this is looking like.

150年前，E.W.聚焦於消費者的問題，並將解決方案商業化。構成我們公司的資產如今或許不同，但我們的轉型同樣奠基於以客戶為先的聚焦。以下是一個例子，說明這在實務上是什麼樣子。

In our newsrooms, we've already been changing the model. We're moving from a broadcast-centric operation that has historically served our audiences during defined time periods, to news operations that leverage automation, AI and technology to serve consumers when and where they expect to get their local news, especially as they've moved to streaming.

在我們的新聞編輯室，我們已經開始改變運作模式。我們正從以廣播為中心、歷來在特定時段服務觀眾的營運方式，轉向運用自動化、AI與科技的新聞作業，以在消費者期待取得在地新聞的時間與場域提供服務，尤其是在他們轉向串流之後。

Leveraging technology has allowed us to deepen our commitment to local news, getting more of our teams out of the newsroom and into the community, putting more reporters in the field to live in the geographic areas where they cover. All of it in service to our vision: “We Create Connection.”

運用科技讓我們得以加深對在地新聞的承諾，讓更多團隊走出編輯室、走入社區，派出更多記者到第一線，並居住在其採訪報導所涵蓋的地理區域。一切都是為了實現我們的願景：「我們創造連結。」

This isn't incremental change. It's a complete realignment of our newsroom operations, our business models and our culture around the opportunities we see clearly, streaming platforms, productivity-enabling technologies, and our unrivaled ability to create connection for the people and the businesses in the communities we serve. This is just one example at Scripps of how we are upending what needs to be changed, fueling the fire where we see the top line growth as we see in streaming, and going farther and faster with what's working well, like our sports strategy.

這不是漸進式的改變。這是將我們的新聞編輯室運作、商業模式與企業文化，全面重新對齊我們清楚看見的機會：串流平台、提升生產力的科技，以及我們無可匹敵的能力，為我們所服務社區中的民眾與企業創造連結。這只是Scripps的一個例子，說明我們如何顛覆必須改變的事物、在我們看到營收成長（如串流）之處加大投入，並在有效運作的領域（如我們的體育策略）走得更遠、更快。

Let's talk about sports. In Local Media, our live sports helped Scripps deliver an industry-leading core advertising performance in the first quarter, up 7%. As Jason said, this came from new partnerships and from the organic growth in every one of the markets where we're executing the strategy. And we are far from done. Just a few weeks ago, we announced the new full season local broadcast agreement with the NHL's Nashville Predators, and I expect more core growth fueling opportunity to come. Now for the second quarter, the live sports action shifts to our Scripps Networks and the WNBA and the NWSL. The WNBA's preseason game between the Indiana Fever and the New York Liberty on April 25 was ION's most watched preseason game ever. Tonight, the WNBA regular season tips off with a double header on ION with tremendous excitement about the return of Caitlin Clark and this year's class of exceptionally talented draft picks.

我們來談談體育。在在地媒體（Local Media）方面，我們的現場體育賽事協助Scripps在第一季交出業界領先的核心廣告表現，成長7%。如Jason所說，這來自新的合作夥伴關係，以及我們在執行該策略的每一個市場中的有機成長。而我們遠未完成。就在幾週前，我們宣布與NHL納許維爾掠奪者隊（Nashville Predators）達成新的整季在地轉播協議，我預期還會有更多由核心成長所帶動的機會出現。接著在第二季，現場體育賽事的重心將轉到我們的Scripps Networks，以及WNBA與NWSL。4月25日，印第安納狂熱隊（Indiana Fever）對紐約自由人隊（New York Liberty）的WNBA季前賽，創下ION史上收視最高的季前賽。今晚，WNBA例行賽將在ION以雙重賽（double header）揭幕，大家對Caitlin Clark回歸以及今年這一屆極具天賦的新秀選秀班底充滿期待。

Scripps Sports will once again broadcast the most WNBA games of any network, bringing a WNBA double header every Friday night, all season long to fans nationwide. Advertiser demand is high for women's basketball as well as for our full slate of women's sports.

Scripps Sports將再次轉播所有電視網中最多的WNBA賽事，整個賽季每週五晚間為全美球迷帶來WNBA雙重賽。廣告主對女子籃球以及我們完整的女子運動賽事陣容需求強勁。

It's now clear that Scripps is the leader in women's sports, showcasing women's athletic achievement with rights for the WNBA, NWSL professional soccer, PWHL hockey, MLV volleyball, ATHLOS track, college basketball, Pro Cheer and our newest partner, PBR's Premier Women's Rodeo, which we'll be bringing to our Networks, Grit and ION.

現在已很清楚，Scripps是女子運動的領導者，透過擁有WNBA、NWSL職業足球、PWHL冰球、MLV排球、ATHLOS田徑、大學籃球、Pro Cheer，以及我們最新合作夥伴PBR的Premier Women's Rodeo等轉播權，展現女性運動成就；我們也將把這些內容帶到我們的頻道Grit與ION。

We recognized early that Americans were embracing the quality and professionalism of women's sports, and we're pleased to have become the go-to platform for the brands that want to connect with fans. Next week, the Professional Women's Hockey League’s, Walter Cup Finals, will begin on ION. We're very pleased to bring this to national television for the first time and to have Amica serving as our presenting sponsor and Discover as an additional sponsor. They are just two of the hundreds of blue-chip advertisers we've brought on to our platform through our sports strategy.

我們很早就意識到，美國民眾正在擁抱女子運動的品質與專業性；我們也很高興已成為希望與球迷建立連結之品牌的首選平台。下週，職業女子冰球聯盟（Professional Women's Hockey League）的Walter Cup總決賽將在ION開打。我們非常高興能首次把這項賽事帶上全國電視，並由Amica擔任冠名贊助商（presenting sponsor），Discover擔任額外贊助商。他們只是我們透過體育策略為平台引入的數百家一線（blue-chip）廣告主中的兩家。

In March, to capitalize on the marketplace growth and our success in connected TV revenue, we launched the Scripps Sports Network, a new streaming channel that leverages our existing sports rights, some efficiently acquired new rights and sports themed programming. We're streaming more than 100 live games a year along with original sports programming, documentaries, and talk shows. And we've secured broad distribution across the major streaming platforms, including Roku, LG, and Samsung, making it easy for fans to find the sports, teams, and players they love.

3月，為了把握市場成長以及我們在連網電視（Connected TV）營收上的成功，我們推出Scripps Sports Network——一個新的串流頻道，運用我們既有的體育轉播權、部分以高效率取得的新轉播權，以及體育主題節目內容。我們每年串流超過100場現場賽事，並提供原創體育節目、紀錄片與談話節目。我們也已在主要串流平台上取得廣泛發行，包括Roku、LG與Samsung，讓球迷能輕鬆找到他們喜愛的運動、球隊與球員。

Connected TV continues to be a growth driver for Scripps, up 26% in the first quarter. And I expect we'll continue to leverage our premium programming and live sports to make this a differentiator for us among our peers and competitors.

連網電視持續成為Scripps的成長動能，第一季成長26%。我預期我們將持續運用優質節目內容與現場體育賽事，使其成為我們相較同業與競爭對手的差異化優勢。

While we expect to capitalize on live sports on ION in Q2 just as we have with our local division in Q1, we're navigating some external challenges with national advertising revenue. As Jason mentioned, we're seeing some market softness due to the volatile economy. Networks' direct response ad spending, in particular, has been impacted as consumers feel the pain of higher prices, especially now at the pump.

雖然我們預期在第二季能如同第一季在在地事業部門一樣，透過ION的現場體育賽事來把握機會，但我們在全國性廣告營收方面正面臨一些外部挑戰。如Jason所提到的，由於經濟波動，我們看到市場出現一些疲軟。尤其是網路（Networks）的直接回應（direct response）廣告支出受到影響，因為消費者感受到物價上漲的壓力，特別是現在在加油站。

We've also been affected by a recent Nielsen audience measurement change that has artificially shifted household viewership weighting in favor of cable networks. Because all Scripps Networks are distributed over the air, this change has negatively impacted audience delivery. Nielsen's new methodology is inexplicably resulting in frustratingly inaccurate reports of ratings declines for over-the-air viewing and streaming. This disproportionately impacts the measurement of our multi-cast networks viewers who are most vulnerable to affordability issues, including those in rural communities, people of color, and older Americans. The fact is that we have seen no let-up in the demand for our advertising products in the general market. And sales execution is on point. But Nielsen's overnight change suddenly impacted our supply of impressions, impacting our revenue. We began seeing a revenue impact from Nielsen's methodology change in March. And since then, our team has been advocating aggressively for Nielsen to make a public disclosure outlining the magnitude of the discrepancy in their data.

我們也受到尼爾森（Nielsen）近期受眾衡量方式變更的影響；該變更在人為上將家庭收視加權偏向有線電視頻道。由於所有 Scripps Networks 皆為無線（over-the-air）分發，這項變更已對受眾觸達造成負面影響。尼爾森的新方法論不知何故導致對無線收視與串流的收視下滑，出現令人沮喪且明顯不準確的報告。這對我們多頻道（multi-cast）網路的觀眾衡量造成不成比例的影響；這些觀眾最容易受到可負擔性問題衝擊，包括鄉村社區居民、有色人種與年長的美國人。事實是，我們在整體市場對廣告產品的需求並未見到任何減弱。而且銷售執行也非常到位。但尼爾森一夜之間的變更突然影響了我們的曝光量（impressions）供給，進而影響我們的營收。我們在 3 月開始看到尼爾森方法論變更對營收的影響。自那時起，我們的團隊一直積極倡議，要求尼爾森公開揭露其數據差異的幅度。

Of course, I can't end the discussion on advertising without at least a nod to what we expect to be this year's political revenue windfall as a result of our excellent station footprint, our focus on sales execution and the record amount of money expected to be spent on the upcoming midterms. We're off to a good start and expect political to be a great story on top of this year's industry-leading core revenue performance we're putting up this year.

當然，在談到廣告時，我不能不至少提一下：憑藉我們優異的電視台版圖、對銷售執行的專注，以及預期在即將到來的期中選舉上將投入的創紀錄資金，我們預期今年政治廣告收入將帶來一波可觀的意外之財。我們開局良好，並預期政治廣告將成為一大亮點，疊加在我們今年所展現的、業界領先的核心收入表現之上。

I'd like to take a moment now to celebrate some important recognition of the work we do on behalf of our viewers and communities. Scripps has received recent awards and recognitions from three important national organizations. We were honored with six nominations for National News and Documentary Emmy Awards, including five for Scripps News and one for WEWS in Cleveland. Scripps News also was recognized with three prestigious National Headliner awards, including a Best in Show honor and two Deadline Club finalist nominations, while our local station, KNXV in Phoenix, also received three National Headliner awards and WTMJ in Milwaukee received one.

我想花點時間，慶祝我們代表觀眾與社區所做工作的幾項重要肯定。Scripps 近期獲得三個重要全國性組織的獎項與表揚。我們榮獲國家新聞與紀錄片艾美獎（National News and Documentary Emmy Awards）六項提名，其中五項為 Scripps News，一項為克里夫蘭的 WEWS。Scripps News 也獲得三項具聲望的 National Headliner 大獎肯定，包括「Best in Show」殊榮與兩項 Deadline Club 決選入圍；同時，我們的地方電視台鳳凰城 KNXV 也獲得三項 National Headliner 大獎，密爾瓦基的 WTMJ 則獲得一項。

We're proud of the recognition of our commitment to journalism that improves the lives of those we serve, holds the powerful accountable and upholds the tenets of our democracy. Serving our democracy is one of the things Scripps has done best for nearly 150 years.

我們以這些肯定為榮，這反映我們對新聞工作的承諾：改善我們所服務對象的生活、讓有權勢者負責，並捍衛民主的基本原則。服務民主，是 Scripps 近 150 年來最擅長的事情之一。

There's a lot of uncertainty in the world today. From macroeconomic to the media sector. At Scripps, we're acting with urgency on what we can control by employing new technologies to create operational efficiencies, capitalizing on accessible growth areas such as sports and CTV, and improving our balance sheet. This is the essence of our transformation plan, and you're beginning to see how this plan will carry us into the next bountiful chapter of Scripps' long history.

當今世界充滿不確定性。從總體經濟到媒體產業皆然。在 Scripps，我們以緊迫感處理我們能掌控的事項：運用新技術提升營運效率、把握體育與 CTV 等可及的成長領域，並改善資產負債表。這就是我們轉型計畫的核心，而你們也開始看到，這項計畫將如何帶領 Scripps 悠久歷史邁向下一個豐收篇章。

And now, operator, we're ready for questions.

現在，接線員，我們準備開始提問。

(Operator Instructions)

（接線員指示）

Dan Kurnos, StoneX.

Dan Kurnos，StoneX。

First and foremost, I guess, Jason, thanks for the recast. Super helpful on that stuff. Just want to make sure, housekeeping question. The guide that you gave for Q2, that is relative to the as reported from 2Q last year, not the recast, correct?

首先，我想說，Jason，謝謝你做了重編（recast）。那部分真的非常有幫助。我想確認一下，例行問題。你給的第二季（Q2）指引，是相對於去年第二季（2Q）「已報告」的數字，而不是相對於重編後的數字，對嗎？

No, that is off of the adjusted combined recast that we provided.

不是，是以我們提供的調整後合併重編（adjusted combined recast）為基礎。

Okay. All right. That is helpful. Adam, Scripps Sports Network, super smart. You've been kind of leading the charge in CTV here. You had your upfront in late March. Obviously, you launched it before then. You've picked up PWHL, PBR, women's PBR now. You've got a real stranglehold on kind of the women's side of the equation. Can you just give us thoughts -- understand the DR market is soft, we all get the macro. But as we look ahead, commits, what advertisers are saying, just help us think through the feedback you're getting. And you've been very clever with rights acquisition in an inexpensive manner. So sometimes there's a little bit of confusion between what you can show on streaming and what you can show kind of on traditional broadcast. So just help us think through kind of that equation here.

好的。了解。這很有幫助。Adam，Scripps Sports Network，非常厲害。你一直算是在 CTV 這塊領軍。你們在 3 月底辦了 upfront。當然你們在那之前就已經上線。你們拿下了 PWHL、PBR，現在也有女子 PBR。你們在女子運動這一側幾乎是掌握了主導權。能否談談你們的看法——我理解 DR 市場偏弱，我們都懂總體環境。但往前看，關於承諾量（commits）、廣告主怎麼說，請幫我們理解你們收到的回饋。而且你們在以相對低成本取得轉播權方面做得很聰明。所以有時候大家會搞不清楚：哪些內容你們能在串流上播，哪些能在傳統廣播上播。請幫我們梳理一下這個關係。

Yes. First and foremost, Dan, well, I'd like to think that we have embraced women's sports, not put it into a stranglehold, but I appreciate what you're getting at. We've been very intentional in the way we've been acquiring sports, both on the local side and the national side and see our opportunity as recognizing the value of the distribution we bring to the table.

是的。首先，Dan，我更願意說我們是擁抱女子運動，而不是把它「掐住」；但我理解你的意思。我們在取得體育內容方面非常有策略性，無論是地方層級或全國層級；我們的機會在於讓合作方認知到，我們能提供的分發價值。

So whether it was with our initial deal with the WNBA, the NWSL or any of these other sports deals we've done, I think we've been looking for partners who recognize that we bring to the table the opportunity to showcase their league, their games, their athletes on the most ubiquitous platform available because ION is uniquely positioned to be available on OTA, on pay TV and on streaming.

因此，不論是我們最初與 WNBA、NWSL 的合作，或其他任何體育交易，我們一直在尋找能理解我們價值的夥伴：我們能在最普及的平台上展示他們的聯盟、比賽與運動員；因為 ION 具備獨特定位，可在無線（OTA）、付費電視與串流上提供收視。

The launch of Scripps Sports Network, I think, is a continuation of that strategy because it not only positions certain parts of our broadcast in additional new real estate in the streaming space through simulcasts, allowing us to take some of ION's most premium time periods and now simulcast them in a couple of different tiers on streaming platforms, essentially expanding the reach of those platforms or expanding the reach of those games and expanding the reach of our network.

我認為 Scripps Sports Network 的推出，是該策略的延續；因為它不僅透過同步播出（simulcasts），在串流領域的額外新「版位」中，為我們的部分廣播內容找到新空間；也讓我們能把 ION 最優質的時段，於串流平台上以幾個不同層級進行同步播出，本質上是擴大那些平台的觸達，或擴大那些賽事的觸達，並擴大我們網路的觸達。

It also allows us to carefully and efficiently acquire new rights for insurgent or ascendant leagues looking at getting distribution for their games and allows us to test and learn. So as an example, right now, you can watch many of the PWHL games on the Scripps streaming sports network, Major League Volleyball. And then the finals end up being broadcast on ION. And our move to put all of that on ION has been all about trying to really appease the advertising environment. We see significant demand from advertisers looking to invest behind women's sports. And so we went to the marketplace knowing that there was already demand for the assets we were acquiring. And I think that's going to benefit us both in linear and it's going to benefit us in the streaming space. And I think we'll continue to be really, really careful and efficient in the way we acquire rights, but also really aggressive in the way we demonstrate the value of our distribution.

同時，這也讓我們能謹慎且有效率地取得新轉播權，鎖定那些新興或正在崛起、希望為其賽事取得分發的聯盟，並讓我們能測試與學習。例如，目前你可以在 Scripps 串流體育網路上觀看許多 PWHL 的比賽，以及 Major League Volleyball。而決賽則會在 ION 播出。我們把這些內容放到 ION 上，主要是為了更好地滿足廣告市場環境。我們看到廣告主對投資女子運動有顯著需求。因此我們在進入市場時就知道，對我們所取得的資產本來就已有需求。我認為這將同時讓我們在線性電視受益，也讓我們在串流領域受益。我們會持續以非常、非常謹慎且有效率的方式取得權利，同時也會非常積極地展現我們分發的價值。

Relative to the ad marketplace, there's been no let-up in that demand for live sports. In fact, I would say when you look at our performance relative to like general market cable and broadcast networks, you see the benefit of our sports strategy. And we're just now moving into the second quarter where we have that benefit going on into the summertime. We didn't see that in the first quarter. Nevertheless, there has been some softness in the national ad market. I think Jason can provide you a little bit more color on the national ad marketplace, the networks and even maybe a longer-term or a midterm view of what we expect from networks margins.

就廣告市場而言，對直播體育的需求並未減弱。事實上，我會說，當你把我們的表現與一般市場的有線與廣播網路相比，你會看到我們體育策略帶來的好處。而我們現在才剛進入第二季，這項優勢會一路延續到夏季。第一季我們還沒有看到這點。儘管如此，全國性廣告市場確實有些疲軟。我想 Jason 可以就全國廣告市場、各網路的情況，甚至我們對網路利潤率的較長期或中期展望，提供你更多說明。

Yes. Thanks, Adam. So we did give a guide of down 10%, and that is really being driven by a couple of things. The ratings declines tied to changes in Nielsen methodology that Adam talked about in the script as well as macroeconomic and geopolitical conditions that are driving uncertainty and has created a little bit of a weaker marketplace for national advertising.

是的。謝謝你，Adam。所以我們確實給出了下滑10%的指引，而這主要是由幾個因素所驅動。包括Adam在講稿中提到、與尼爾森（Nielsen）方法論變更相關的收視率下滑，以及宏觀經濟與地緣政治情勢所帶來的不確定性，導致全國性廣告市場略為疲弱。

So on the ratings front, I think Adam did a pretty good job summarizing the changes that have happened there and how that is impacting networks that over-index on over-the-air carriage versus cable networks who are generally seeing significant ratings increases, and we'll continue to engage there because we do believe that that methodology is flawed.

在收視率方面，我認為Adam已經相當好地總結了那裡發生的變化，以及這些變化如何影響那些在無線傳輸（over-the-air）覆蓋占比較高的電視網，相較之下，有線電視網普遍看到顯著的收視率提升；我們也會持續就此與相關方溝通，因為我們確實認為該方法論是有缺陷的。

Beyond that, the current macroeconomic environment is having an impact on performance-driven advertisers in the direct response space. Inflationary pressure and higher fuel costs continue to weigh heavily on the American consumer and geopolitical instability has created some hesitation in the marketplace and some ripple effects. And so from a longer-term perspective -- in the short term, that has created a little bit of a drag on revenue and on margin in our segment. And we worked really hard to get the networks margin back to a 30% margin business. I think as you look at the implied guide for Q2 and our results for Q1, I would expect that our second half margin is higher than our first half margin. Q3 is the heaviest sports quarter in terms of inventory, and Adam talked about the excitement we've continued to see in terms of premium sports inventory. Q4 also brings in seasonal health care ad dollars, and you'll start to see some impact from the transformation efforts start to roll in the second half as well. And so we remain committed that the Networks business is a 30% margin business. And while we may have seen a bit of a step back here in the current quarter, we remain committed to driving the business to a long-term 30% margin.

除此之外，目前的宏觀經濟環境也正在影響直效回應（direct response）領域中以成效為導向的廣告主。通膨壓力與較高的燃油成本持續對美國消費者造成沉重負擔，而地緣政治不穩定也讓市場出現一些猶豫與連鎖效應。因此，從較長期的角度來看——在短期內，這對我們部門的營收與利潤率造成了一些拖累。而我們也非常努力，讓電視網的利潤率回到30%利潤率的業務水準。我認為，當你看Q2的隱含指引以及我們Q1的結果時，我預期我們下半年的利潤率會高於上半年。Q3在庫存（inventory）角度是體育內容最重的一季，而Adam也談到我們在高端體育庫存方面持續看到的熱度。Q4也會帶來季節性的醫療保健廣告預算，而且你也會開始看到轉型措施的影響在下半年逐步顯現。因此，我們仍然堅持：Networks業務是一個30%利潤率的業務。即使我們在本季可能看到一些回落，我們仍致力於推動該業務在長期達到30%的利潤率。

Adam, just one follow-up on that or Jason, too, as we think about monetization, obviously, we're continuing to see more live sports move towards programmatic. And obviously, CTV in particular, is moving towards programmatic. I know you've got a lot of direct response and traditional sales, and it's probably not as applicable to the broadcast component of this. But I mean, how do you guys think about pushing deeper into DSP relationships, leaning into the ad tech ecosystem and getting better fill even if CPMs come under pressure, you still ultimately get better monetization out of that?

Adam，針對這點我再追問一下，或Jason也可以回答：當我們談到變現（monetization）時，很明顯我們持續看到更多直播體育轉向程式化（programmatic）。而且很明顯，尤其是CTV，也正在轉向程式化。我知道你們有很多直效回應與傳統銷售，這可能對其中的廣播（broadcast）部分不那麼適用。但我的意思是，你們如何看待更深入推進與DSP的合作關係、融入廣告科技生態系，並在即使CPM承壓的情況下仍能提高填充率（fill），最終實現更好的變現？

Yes. I mean I would argue we are operating right now a best-in-class CTV platform actually. Dan, going all the way back to sort of the earliest years of digital and CTV, we've been very focused on ensuring that we're maximizing the opportunity with direct sales and programmatic. The leadership we have at the networks level focused on monetizing our CTV across the enterprise, I think, is second to none. And I think we're very well invested in that space. And I expect you can see that in the 26% growth following last year's significant growth, following the year before significant growth on the CTV side. We haven't just been riding growth in the marketplace. I would say we have been catalyzing the revenue opportunity for ourselves by both taking advantage of some of the natural growth, but also doing everything from taking advantage of the ad tech relationships and improving the programmatic stack, but also leveraging our significant leverage in the marketplace with the distributors. I mean the fact is that we represent among some of the most watched premium channels in the connected TV marketplace. And that gives us, I think, significant leverage to ensure that we negotiate terms that benefit us and partnerships that benefit both us and the platforms. And so far, it's working exceptionally well.

是的。我的意思是，我會主張我們目前實際上正在營運一個同級最佳（best-in-class）的CTV平台。Dan，回顧到數位與CTV的早期年代，我們一直非常專注於確保同時透過直銷與程式化來最大化機會。我們在電視網層級的領導團隊，專注於在全企業範圍內將我們的CTV變現，我認為是無可匹敵的。而且我認為我們在這個領域的投入非常到位。我預期你也能從CTV端在去年大幅成長之後、今年仍有26%成長（以及再前一年也有顯著成長）看出來。我們並不只是搭上市場成長的順風車。我會說，我們一直在為自己催化（catalyzing）營收機會：一方面利用自然成長，另一方面也從善用廣告科技合作關係、改善程式化技術堆疊（programmatic stack），到運用我們在市場上與發行商（distributors）的強大議價能力。事實上，我們代表的是連網電視市場中一些收視最高的高端頻道。我認為這讓我們擁有相當大的籌碼，確保我們談到對我們有利的條款，以及對我們與平台雙方都有利的合作夥伴關係。到目前為止，運作得非常好。

Certainly wasn't trying to imply you're leaving money on the table, Adam. I was just trying to understand if there was incremental opportunity as the market continues to shift, but you've done a great job with CTV.

我當然不是想暗示你們有把錢留在桌上沒賺到，Adam。我只是想了解，隨著市場持續轉變，是否還有額外的增量機會；不過你們在CTV方面做得很出色。

Yes. No, look, I do think there's incremental opportunity. And that's why, like Dan, even in my prepared remarks, I talked about continuing to lean into those things that we see as accessible growth areas like connected TV, launching Scripps Sports, the Scripps Sports Network is an example of that. But I think there are going to be many more opportunities for us to leverage technology to improve monetization in CTV, to improve monetization in local CTV. I think there's significant opportunity ahead with political and CTV.

是的。不，我認為確實存在增量機會。這也是為什麼，Dan，就像我在事先準備的發言中提到的，我們會持續加碼那些我們認為可觸及的成長領域，例如連網電視（connected TV）、推出Scripps Sports；Scripps Sports Network就是一個例子。但我認為，未來還會有更多機會讓我們運用科技來提升CTV的變現、提升本地CTV的變現。我認為政治廣告與CTV結合方面，前方也有很大的機會。

We're already seeing the beginning of that this year, allowing us to sell connected TV advertising out of our political office, outside of the markets that we've traditionally been in because, of course, we've traditionally only been able to sell in markets where we had local stations. Today, we sell nationwide. In fact, a fair amount of the advertising that we saw on connected -- in political in the first quarter came from outside of our markets. So we're off to a really good start there, and I expect that we'll continue to keep the pressure on.

我們今年已經開始看到這方面的起步，讓我們能透過政治業務團隊銷售連網電視廣告，並且可以在我們傳統上未覆蓋的市場之外銷售，因為當然過去我們只能在擁有地方電視台的市場銷售。而今天，我們可以做全國銷售。事實上，我們第一季在政治相關的連網（connected）廣告中看到相當一部分來自我們市場之外。所以我們在那裡有一個非常好的開局，我也預期我們會持續加大力道推進。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Can you just give us an update, if you would, a little bit further on the $125 million to $150 million restructuring transformation program you're working on, I guess, by 2028. Just update us, if you would, first, where you think that annualized run rate will be at the end of this year? Any changes on that front?

能否請你們再進一步更新一下你們正在推動、我想是到2028年為止的1.25億至1.5億美元重組轉型計畫？首先請更新一下，你們認為到今年年底，年度化執行率（annualized run rate）會到什麼水準？在這方面有任何變動嗎？

Yes. So last quarter, we gave an annualized run rate of $60 million to $75 million, as we exited this year, we adjusted that during this most recent earnings cycle up to $75 million. And so I think we would say we're making good progress on it. Adam in a second can give some sort of higher-level thoughts on it. I'll also point out the move we had in leverage this quarter and maybe just explain that a bit.

是的。所以上一季，我們給出的年度化執行率是6,000萬至7,500萬美元；在今年結束時，我們在最近一次財報週期中把它上調到7,500萬美元。因此我想我們會說，我們在這方面進展良好。Adam等一下可以提供一些較高層次的看法。我也想指出本季槓桿比率（leverage）的變動，並稍微解釋一下。

So last quarter, when we announced the large transformation initiative, and as you referenced, $125 million to $150 million, Recently, we've been doing a lot of work to sort of lock down our bankable plan of initiatives expected to be implemented over the next 12 months. And per the terms of our credit agreement, we're able to reflect those sort of retroactively back into our trailing eight-quarter EBITDA for purposes of the leverage calculation.

所以上一季，當我們宣布這項大型轉型計畫（如你所提到的，1.25億至1.5億美元）時，最近我們一直在做大量工作，以便鎖定我們在未來12個月預計實施的、可入帳（bankable）的計畫與各項措施。依照我們信貸協議（credit agreement）的條款，我們可以為了槓桿計算之目的，把這些措施追溯反映到過去連續八個季度（trailing eight-quarter）的EBITDA中。

And so that is the driver behind the big move you see in leverage this quarter down to 3.9x. And that's really tied to not all of the initiatives, but the initiatives that we think will have fully implemented by the end of Q1 of next year. Adam, do you want to talk a little bit more about bigger picture on transformation?

因此，這就是你在本季看到槓桿比率大幅下降至3.9倍背後的驅動因素。而這其實並非涵蓋所有措施，而是我們認為到明年第一季末將會完全落地的那些措施所帶來的影響。Adam，你要不要再多談一點轉型的整體大方向？

Yes. I mean we're executing a comprehensive plan that's allowing us to rethink everything about how we deliver service to the customer. When I think about our customer, I think about our audience and our advertiser. We spent months examining the opportunity to remake the company across every corner of the business, the front office and the back office, and now we're moving into implementation. And I got a lot of comments about how confident I sounded last quarter when I said take it to the bank. I'll tell you, I'm as confident today as I sounded last quarter that we're going to improve EBITDA by more than 30% to emerge a stronger, more nimble and more aggressive company oriented for growth. It's all about our customer, and it's all being done through the lens of the company's vision, “We Create Connection.” A lot of it has to do with technology, the use of AI and automation. It's very much oriented towards growth. But the most important thing I think investors have to hear is we are on track to achieve exactly what we set out to do.

是的。我的意思是，我們正在執行一項全面性的計畫，讓我們得以重新思考我們向客戶提供服務的每一個環節。當我想到我們的客戶時，我想到的是我們的受眾以及我們的廣告主。我們花了好幾個月檢視在業務的每個角落、前台與後台全面重塑公司的機會，而現在我們正進入落地執行階段。而且我收到很多評論，說我在上季提到「把它當作板上釘釘」時聽起來非常有信心。我告訴你，我今天的信心不亞於上季：我們將把 EBITDA 提升超過 30%，以更強健、更敏捷、更具進攻性、以成長為導向的公司姿態脫穎而出。一切都圍繞著我們的客戶，並且都是透過公司願景「We Create Connection.」的視角來推動。其中很大一部分與科技有關，包括 AI 與自動化的運用。這非常以成長為導向。但我認為投資人最需要聽到的是：我們正按計畫達成我們一開始設定要做的事情。

I appreciate that. And then talking about AI, can you give us a little more flavor of how you're using AI to help your services, but also to help on the efficiency side. Is it possible to maybe quantify how much you think of the $125 million to $150 million improvement in EBITDA comes from AI? Is that possible?

我很感謝。接著談到 AI，你能否再多分享一些你們如何使用 AI 來協助服務，同時也提升效率？是否有可能量化一下，你認為 EBITDA 改善 1.25 億到 1.5 億美元之中，有多少是來自 AI？這有可能嗎？

Yes. I mean I can't quantify that at this point. I would expect that as we roll out different initiatives, when they're in the rearview mirror, we can provide a little bit more color. I would say, broadly, Craig, there's been a shift with technology that opens up an opportunity for all companies in every industry to be more effective and efficient. I'd say traditionally, the broadcast industry has been too slow to adopt these technologies and probably as a result of this being a business that has been in consolidation, we haven't taken advantage of stepping back and rebuilding companies in the front office and the back office. And so now that's what we're doing at Scripps. Several years ago, we pioneered a new way of producing newscasts, for example, that leverage technology that allowed us to reallocate resources so that we could put more reporters in the field and even give higher wages to those reporters. We called that then the news initiative, and that was the basis for our neighborhood news strategy, now the geographic beats that I referenced in my earlier comments. We continue to have more reporters in the field covering the community than our competitors. That's really what our consumers care about, and we're leveraging AI and automation to facilitate that process.

是的。我的意思是，我目前還無法量化。我預期當我們推出不同的計畫、等它們成為過去式之後，我們可以提供更多細節。我會說，廣義而言，Craig，科技的轉變為各行各業的所有公司帶來了更有效率、更有效能的機會。我想傳統上，廣播產業採用這些技術的速度太慢；而且可能因為這個產業一直在整併，我們沒有好好把握機會，退一步去重建前台與後台的公司運作。所以現在這正是我們在 Scripps 正在做的事。幾年前，我們率先開創了一種新的新聞製作方式，例如運用科技讓我們能重新配置資源，從而把更多記者派到第一線，甚至也能給這些記者更高的薪資。當時我們稱之為新聞計畫（news initiative），那也是我們社區新聞策略的基礎，也就是我先前提到的地理分區採訪（geographic beats）。我們持續在第一線投入比競爭對手更多的記者來報導社區。那才是我們消費者真正關心的，而我們正運用 AI 與自動化來促進這個流程。

We also see significant top line upside from implementing technology and revenue, yield management, improvements to account executive productivity. Our account executives, I think, could be made much more productive by leveraging tools that you see in other industries in order to allow them to spend more time in the field from the prospecting all the way to the closing of business than doing administrative work.

我們也看到，透過導入科技，以及在營收、收益率管理（yield management）與提升客戶經理（account executive）生產力方面的改善，營收端有顯著的上行空間。我認為，我們的客戶經理若能運用你在其他產業看到的工具，生產力可以大幅提升，讓他們能把更多時間花在外勤，從開發潛在客戶一路到成交，而不是做行政工作。

And then I would say, look, you have to recognize, and like I said, I'm happy to get into more details in the future. These aren't themes or broad-brush sort of ideas, these are plans with real business cases that have been developed by our employees who have taken a great sense of agency in evolving this business. As I said before, even the cost-savings opportunities will actually improve our product, both content and advertising, improving our service to audiences and advertisers and generating additional top line and bottom line value.

接著我會說，你必須理解——就像我說的，我也很樂意未來再深入談更多細節。這些不是主題式或大筆一揮的想法，而是由我們的員工制定、具備真實商業案例（business cases）的計畫；他們以高度的主人翁精神推動這項業務的演進。如我先前所說，即便是節省成本的機會，也會實際提升我們的產品——無論是內容或廣告——改善我們對受眾與廣告主的服務，並創造額外的營收與獲利價值。

My last question, if I may. Just talk a little bit further, if you would, please, about the macro environment. Is it letting up at all for you here? I feel like it's getting worse, is there any other categories other than DR that you'd want to call out that's impacting? And I guess if we think back on the first quarter, you really start to see it tied into when the Iran war started at the very end of February, was it tied in directly with that? And is it just continued at that same level of what happened in March? Or has it gotten worse? Just couch that for us, if you would, please.

如果可以的話，我最後一個問題。請你再多談一點總體環境。對你們而言，現在有任何緩解嗎？我感覺情況在惡化，除了 DR 之外，還有其他你想點名、正在造成影響的類別嗎？另外，如果回頭看第一季，你們真的開始看到它與二月底伊朗戰爭爆發的時間點連動，這是否與那件事直接相關？而且是否就以三月發生的那種程度持續？還是變得更糟？請你幫我們把這個背景說明一下。

Yes. I mean I think on the network side, we talked a bit earlier in this call about the impact we are seeing and the fact that we would point it back to both sort of macroeconomic conditions and the geopolitical conditions, inflation, gas prices, all those things. And that is creating what I would say is some headwinds in the national ad marketplace. We really haven't talked about the local ad marketplace yet. But as you saw in Q1, from a local ad perspective, we were up 7%. That was best in the industry. And for Q2, we guided to down low single digits, again, better than all of our peers guided. Unlike Q1, where we saw a lot of growth tied to our sports inventory, Q2 doesn't have the same level of premium sports inventory, and we are seeing maybe a little bit of noise in some of our categories from macroeconomic state. But all in all, I would say, from a local core perspective, things are pretty stable.

是的。我的意思是，我想在聯播網（network）端，我們在這通電話稍早已談到我們看到的影響，並且我們會把它歸因於總體經濟狀況與地緣政治情勢——通膨、油價等各種因素。我會說，這正在對全國性廣告市場造成一些逆風。我們其實還沒有談到地方廣告市場。但如你在第一季看到的，從地方廣告角度來看，我們成長了 7%。那是業界最佳。而對第二季，我們的指引是小幅個位數下滑，同樣也比所有同業給出的指引更好。不同於第一季我們看到許多成長與體育庫存（sports inventory）相關，第二季沒有同等水準的高溢價體育庫存，我們也在某些類別看到一些可能來自總體經濟狀態的雜訊。但整體而言，我會說，就地方核心（local core）來看，情況相當穩定。

Avi Steiner, J.P. Morgan.

Avi Steiner，摩根大通（J.P. Morgan）。

A couple of questions here. Just on the ad environment, and I apologize if I missed this a couple of minutes I was off. But can you just refresh us on the exposure to direct response advertising and remind us maybe how quickly that came back in kind of prior down cycles? Is it leading? Is it lagging? How should we think about it?

這裡有幾個問題。先談廣告環境，如果我剛剛離開幾分鐘有漏聽，先跟你致歉。但你能否幫我們更新一下你們對直接反應（direct response）廣告的曝險程度，並提醒我們在過去景氣下行週期中，這一塊通常多快會回來？它是領先指標嗎？還是落後指標？我們應該如何看待？

So from a DR perspective, it really varies by network, but we certainly do have a material portion of our networks revenue, which is tied to DR advertising. What you see, DR advertising is very tied into broader macroeconomic trends and can both downturn quickly, but also bounce back pretty quickly as well. And so we are seeing some noise right now. That's sort of part of. I think you said you missed the beginning of the call, but the guide we gave for Q2 is both tied to some of those macroeconomic and geopolitical implications on direct response as well as impacts we're seeing on ratings tied to some recent Nielsen methodology changes.

就 DR 而言，確實會因聯播網而異，但我們的聯播網營收中，確實有相當一部分與 DR 廣告相關。你會看到，DR 廣告與更廣泛的總體經濟趨勢高度連動，既可能很快下滑，也可能很快反彈。所以我們現在確實看到一些雜訊。那算是其中一部分。我想你說你錯過了電話會議一開始，但我們給出的第二季指引，一方面反映了這些總體經濟與地緣政治對 DR 的影響，另一方面也反映了我們在收視率上看到的影響，這與尼爾森（Nielsen）近期方法論變更有關。

I would say from a speed perspective, it snaps around pretty darn quickly. And one good example of that is what we saw in fourth quarter. The beginning of fourth quarter, we were a little soft with DR as a result of the government shutdown, its impact on employment and its impact on Medicare enrollment. When the government shutdown ended, it snapped back.

我會說，就速度而言，它的變動非常、非常快。一個很好的例子就是我們在第四季看到的情況。第四季一開始，由於政府關門及其對就業與 Medicare 投保（enrollment）的影響，我們的 DR 有點疲弱。當政府關門結束後，它就迅速反彈。

And so I think the bottom line here is uncertainty is not good for the American economy, uncertainty is not good for the American consumer because they hold on to their dollars. And so the greater level of certainty that we can have, the easier things will be in the ad marketplace.

所以我想這裡的重點是：不確定性對美國經濟不利，不確定性對美國消費者也不利，因為他們會把錢捏在手上不花。因此，我們能擁有的確定性越高，廣告市場的情況就會越容易改善。

That's super helpful. And then on the enterprise value growth that you're putting via the cost savings and revenue growth initiatives. Just on the cost savings side, and apologies again if I missed this as well, what is the cost of the company, if any, for some of the transformation initiatives you're undertaking and maybe timing of any of those costs?

這非常有幫助。接著談到你們透過成本節省與營收成長計畫所帶動的企業價值成長。就成本節省這一塊，若我也再次漏聽了先致歉，你們正在推動的一些轉型計畫，公司的成本（若有的話）是多少？以及這些成本發生的時間點大概會在何時？

Are you asking specifically cost to achieve?

你是特別在問達成成本（cost to achieve）嗎？

Yes.

是的。

Yes. So we guided to the lift in EBITDA of $125 million to $150 million. We would estimate $40 million to $50 million of cost to achieve with the largest portion of that falling in the back half of this year.

是的。我們指引 EBITDA 將提升 1.25 億到 1.5 億美元。我們估計達成成本約 4,000 萬到 5,000 萬美元，其中最大部分會落在今年下半年。

Super helpful. And then if I could sneak one more in quasi housekeeping, just quasi understanding. The recap financials in the supplemental part of the disclosure was very helpful, so thank you. I'm wondering if you could provide the LAQ EBITDA for the same base of assets you own that is underlying, again, that disclosure, which was helpful. And then refresh us, if you can, what's left to close and dollars in and dollars out.

非常有幫助。另外如果我可以再塞一個偏例行性的問題，算是釐清理解。你們在補充揭露中的 recap 財務資料非常有幫助，謝謝。我想請問你們是否能提供同一組你們所持有、且作為該揭露基礎的資產口徑下的 LAQ EBITDA（再次強調，那份揭露很有幫助）。另外也請你們更新一下，還剩下哪些交易要完成，以及資金流入與流出各是多少。

So the LQA that supports that 3.9 calculation on leverage is $568 million. What's left to close is, I think was the other part of your question. We are awaiting closure of our swaps with Gray and sort of getting that final process done. We also have a transaction with INYO to -- that is before the FCC and DOJ right now as well.

所以，用來支撐槓桿率 3.9 倍計算的 LQA 是 5.68 億美元。你問題的另一部分我想是還剩下哪些要完成。我們正在等待與 Gray 的交換交易（swaps）完成交割，並把最後流程走完。我們也有一筆與 INYO 的交易——目前也正在 FCC 與 DOJ 那邊審查。

And do you have the dollars for those -- I know there's no dollars in the swap, remind us on the dollars of INYO. And do you have the $568 million without the cost saves that you have?

那這些交易的金額你們有嗎——我知道交換交易沒有金額，請再提醒我們 INYO 的金額。另外，你提到的 5.68 億美元是否是不含你們所說的成本節省？

I don't have that number readily available, but it is a little over $100 million of cost savings that is reflected backwards into that, the LQA number. From an INYO perspective, it is in the kind of mid-$50 million range. It's somewhat dependent on timing. But I think in our most recent announcement on that, we said $53 million.

我手邊沒有那個數字，但反推回去的話，LQA 那個數字裡大約反映了略高於 1 億美元的成本節省。就 INYO 而言，金額大概在 5,000 多萬美元的區間。這在某種程度上取決於時間點。但我想我們最近一次對外公告時提的是 5,300 萬美元。

Shanna Qiu, Barclays.

Shanna Qiu，巴克萊。

I know you touched on this a little bit earlier, but could you give us a sense of how much the Scripps Networks' top line guide, the decline in 2Q is related to the overall macro and ad environment versus what you called out on the Nielsen methodology change?

我知道你們稍早有稍微提到，但能否請你們說明一下，Scripps Networks 的營收（top line）指引中，第二季下滑有多少是與整體總體經濟與廣告環境相關，多少是你們提到的 Nielsen 方法論變更所致？

So I don't think we're breaking it down specifically. I would say both are driving a material impact to the revenue guide that we provided.

所以我想我們不會特別把它拆分。我會說兩者都對我們所提供的營收指引造成了實質影響。

Yes. I mean I think it's important to recognize that on the network side, we sell impressions and the impressions are determined by your currency. So mid-February, overnight, Nielsen's methodology change didn't impact sales execution, and it didn't impact the demand we have in the marketplace, it impacted how many impressions we had to sell.

是的。我認為重要的是要理解，在電視網路端，我們賣的是曝光（impressions），而曝光是由你使用的「貨幣」（currency）所決定。所以二月中旬，Nielsen 的方法論變更一夜之間並沒有影響銷售執行，也沒有影響我們在市場上的需求；它影響的是我們可用來銷售的曝光數量。

And so we're working right now with Nielsen to right that ship, but we're also not just sort of letting it go. I mean we're doing what we can to make changes both on the marketing side as well as on the programming side to bolster the programming strategy so that we can see an increase in impressions because we have the customer demand.

因此我們目前正與 Nielsen 合作把這件事修正回來，但我們也不是就這樣放著不管。我們正在盡可能在行銷端以及節目編排端做出調整，強化節目策略，讓曝光數能回升，因為我們確實有客戶需求。

We have the advertiser. We just need to see the impressions come back. I would say that's separate and aside from some of the macro stuff on the DR side. But the general marketplace has actually held up pretty nicely relative to the demand we're seeing. And that's probably as a result of our sports strategy and I think the strength of our sales execution performance.

我們有廣告主。我們只是需要看到曝光回來。我會說這與 DR 端的一些總體因素是分開、另外一回事。但相較於我們看到的需求，整體市場其實維持得相當不錯。這可能是我們的體育策略，以及我認為我們銷售執行表現強勁的結果。

Got it. That's really helpful color. And then I think earlier on the call, you mentioned that you expect full year gross distribution revenue growth of low single digits. I was just curious on your thoughts on the pending Charter-Cox merger. Is that reflected in that gross distribution guide that you highlighted?

了解。這些補充說明很有幫助。另外我記得你們在電話會議前面提到，預期全年總分銷收入（gross distribution revenue）成長為低個位數。我想請教你們對於待定的 Charter-Cox 合併案有何看法。你們剛提到的總分銷指引是否已反映這件事？

So we don't generally talk about specific contracts, but I would say is we feel pretty good about that guide. And the fact that we went through an impasse in the second quarter and with Comcast, and we're able to maintain our guide on gross and only make a small change in our net guide from low teens to low double digits. I think that, that was something that we were pleased with the outcome of that deal. And while it does create a very short-term blip in our Q2 financials, really pleased with what that deal means in the midterm and the long term for us.

所以我們一般不會談特定合約，但我會說我們對那個指引感覺相當不錯。而且我們在第二季與 Comcast 經歷了一段僵局（impasse），仍能維持總額（gross）指引不變，並且僅將淨額（net）指引從「十幾％的低端」小幅調整為「兩位數的低端」。我認為我們對那筆交易的結果感到滿意。雖然它確實會在第二季財務上造成非常短期的小波動，但就中期與長期而言，我們對那筆交易對我們的意義感到非常滿意。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Curious to the Nielsen change you're talking about, are you willing or able to talk about what percent hit that was to your impressions, how you sort of view it? And then also curious anything on that front.

關於你提到的 Nielsen 變更，我想問你們是否願意或能夠談一下，這對你們的曝光大概造成了多少百分比的衝擊、你們怎麼看待？另外也想知道在這方面還有沒有其他資訊。

Yes, I don't think that benefits us. But to be honest, you heard a similar reference on some other companies' earnings calls that have national broadcast network exposure. This is just something that all of the broadcast networks and streamers inexplicably are dealing with. And so we're working with our colleagues at Nielsen to try and right this so that the advertising marketplace is able to make decisions on their buys with a methodology that actually reflects what's going on in the television marketplace.

是的，我不認為談這個對我們有利。但老實說，你也在其他一些有全國性廣播網路曝險的公司財報電話會議上聽到過類似的提法。這就是所有廣播網路與串流平台都莫名其妙正在面對的事情。因此我們正與 Nielsen 的同仁合作，嘗試把這件事修正回來，讓廣告市場能以一套真正反映電視市場現況的方法論來決定投放。

It's obviously not the case that cable is growing and streaming and OTA are declining, okay? That's obviously not the case. So at the end of the day, I think everybody recognizes that some changes have to be put back into the system in order to address this for there to be more accuracy.

很明顯，並不是有線在成長、而串流與 OTA 在下滑，好嗎？這顯然不是事實。所以到最後，我想大家都認知到，必須把一些變更加回系統裡來處理這件事，才能提高準確性。

And just to be clear, Nielsen has not been able or willing to put out recast numbers on this new methodology over the last 12 months or so?

再確認一下，Nielsen 在過去大約 12 個月左右，對於這套新方法論，是否一直無法或不願意公布回溯重編（recast）的數字？

I can't speak for Nielsen, what they're willing to do or not.

我無法替 Nielsen 發言，說他們願意或不願意做什麼。

But they haven't so far in the public domain, right?

但到目前為止，他們在公開領域確實還沒有這麼做，對吧？

I don't know that they would recast. I mean we're only talking about something that went back to sort of mid- to late February.

我不確定他們是否會回溯重編。我的意思是，我們談的其實只是回到大概二月中下旬左右。

Yes, it just would have been helpful, obviously, from their vantage point, they would have been willing to put those numbers out there --

是的，從他們的角度來看，如果他們願意把那些數字公布出來，顯然會很有幫助--

There's a lot that would happen.

那會牽涉到很多事情。

I can tell how upset you guys are, I don't blame you. You're not the only ones, of course.

我看得出來你們有多不滿，我不怪你們。當然，你們也不是唯一這樣想的人。

Steven Cahall, Wells Fargo.

Steven Cahall，富國銀行。

Sorry, I had a little trouble getting into the queue. So Jason, I just wanted to understand the sequential change in core ad growth at local. There's a lot in there, I think, going from plus 7 to the down low single digit. I know there's a change in local sports. There's the Comcast blackout. Can you help us kind of think about what the underlying sort of core sequential change looks like within that? I know it's a lot less than the 9 percentage points of deceleration. So how do we kind of think about that within?

抱歉，我剛剛進隊列有點困難。所以 Jason，我想了解一下本地（local）核心廣告成長的環比變化。我覺得裡面因素很多，從正 7% 變成下滑低個位數。我知道本地體育有變化。也有 Comcast 斷訊（blackout）。你能否幫我們梳理一下，在這些因素之下，底層的核心環比變化大概長什麼樣子？我知道它應該遠小於 9 個百分點的減速幅度。所以我們該如何在其中理解這件事？

Yes. So from a core perspective, the Q1 number, the up 7% had a significant benefit tied to our NHL deals, as well as, you had the Olympics in there as well. I would view it as you take out sort of the sports impact and the overall core marketplace is pretty consistent with what we've been seeing and not significantly impacted by what's going on sort of more broadly in the economy. And I think that down low singles that we put out there is also better than most everybody else I've seen in our industry. It was kind of down more low to mid-singles. And so from that standpoint, I actually see our core as a strength right now.

是的。因此，從核心角度來看，第一季數字年增7%主要受惠於我們的NHL合約，另外也包含奧運因素。我會這樣看：如果把體育帶來的影響扣除，整體核心市場的表現與我們一直以來看到的相當一致，並未因更廣泛的總體經濟情勢而受到明顯影響。而且我認為我們對外提到的低個位數下滑，也比我在本產業看到的大多數同業來得好。大概是低到中個位數的下滑。因此從這個角度來看，我其實認為我們目前的核心業務是一項優勢。

Yes. This is Adam. I just hope that investors and analysts recognize that our performance in first quarter is caused to celebrate because we're executing a strategy that is putting significant growth opportunity in front of us, cyclical as it may be. And now, of course, we move towards that opportunity on the network side. But obviously, when you're running a strategy that allows you to vacuum up more core revenue in a local market, you do so recognizing that it's going to be cyclical with the sports opportunity.

是的。我是Adam。我只是希望投資人與分析師能理解，我們第一季的表現值得慶祝，因為我們正在執行一項策略，將重大的成長機會擺在我們面前，儘管它可能具有景氣循環性。而現在，當然，我們正朝著網路端的那個機會前進。但顯然，當你採行一個能在本地市場吸納更多核心營收的策略時，你也會理解它會隨著體育機會而呈現週期性波動。

Yes. And then kind of a related question on networks growth. I know Q3 is the biggest for sports and networks. But I think just sequentially, 1Q to 2Q has more sports as well like WNBA restarting. So I guess what I'm trying to figure out is like if the market hasn't changed as we get past Q3, do you see a big drop-off in the rate of decline? Or, are there other kind of levers that you'll have to pull in either programming or pricing with upfront or other things as we get into the back half of the year kind of continuation of the trends?

是的。接著是一個與網路業務成長相關的問題。我知道第三季對體育與網路業務來說是最大的一季。但我想就季對季而言，第一季到第二季也會有更多體育內容，例如WNBA重新開打。所以我想釐清的是：如果市場在過了第三季之後沒有改變，你們是否會看到下滑幅度的下降速度大幅放緩？或者，當我們進入下半年、趨勢延續時，你們是否還需要在節目編排或定價（例如前期採購upfront或其他）上採取其他槓桿措施？

Yes. And we touched on these a little bit earlier. I mean, I think from a margin perspective, we expect the second half to be higher than the first half. I mean we do have some sports in Q2, yes, but those ramp up sort of the full quarter in Q3. And so when you look at sort of the revenue trend line, I would expect to see the year-over-year changes improve. When you get into the back half of the year, you also start to pull in health care. And I think I also alluded to some of the transformation benefits that will roll through here as well. And so, I do think you'll see a better picture in the back half of the year than you do the first half of the year for the Networks business. And even though that's trending right now below the 30% target, we remain committed to, as we manage through this year and into next year, making decisions we need to make to get this business back to a 30% margin.

是的。我們稍早也稍微提到過這些。就毛利率角度而言，我們預期下半年會高於上半年。第二季確實也有一些體育內容，是的，但在第三季會以整季的方式全面拉升。因此，當你看營收趨勢線時，我預期年對年的變動會有所改善。進入下半年後，你也會開始帶入醫療保健類別。我想我也提到過一些轉型帶來的效益也會在此期間逐步反映。因此，我確實認為網路業務在下半年的整體情況會比上半年更好。即便目前的趨勢低於30%的目標，我們仍然承諾，在今年以及進入明年管理過程中，做出必要的決策，讓這項業務回到30%的利潤率。

Yes, Steven, I would also say it's obviously way too early to be talking about anything from a volume or pricing perspective on the upfront. And while Nielsen's measurement change may have negatively impacted impressions for OTA and streaming, the fact is the ad marketplace is responding very well to the message that we have out there in the marketplace for the upfront. Our focus is continuing to be on our distribution platform, which grows OTA and streaming and the differentiated programming we have, live sports, specifically women's sports. And that's our messaging that -- especially that OTA opportunity continues to be, I think, really well received by advertisers in the marketplace who recognize what's going on in the cable industry and are looking to shift dollars from general market cable into more premium products. That's what has been behind some of the significant new advertisers coming on to our platform. Like I mentioned Amica coming in as the title sponsor, presenting sponsor for the Walter Cup Finals here on ION. These are the kind of advertisers historically that haven't been advertisers on our platform and are moving over now to spend with us because we have the product and the distribution they're looking for to reach the people they want.

是的，Steven，我也想說，現在談前期採購upfront在量或價格方面的任何事情，顯然都還太早。雖然Nielsen的衡量方式變更可能對無線電視(OTA)與串流的曝光量(impressions)造成負面影響，但事實是，廣告市場對我們在upfront向市場傳達的訊息反應非常好。我們的重點仍然放在我們的發行平台上，該平台推動OTA與串流成長，以及我們具差異化的節目內容——現場體育，特別是女子運動。這就是我們的訊息——尤其是我認為OTA的機會持續受到市場廣告主的高度肯定；他們了解有線電視產業正在發生的事，並希望把預算從一般市場的有線電視轉向更高端的產品。這也是一些重要新廣告主加入我們平台背後的原因。例如我提到的Amica，作為ION播出的Walter Cup決賽的冠名贊助商、呈現贊助商加入。這些廣告主在過去歷史上並不是我們平台的廣告客戶，如今轉而把預算投向我們，因為我們具備他們想要的產品與發行能力，能觸及他們想要接觸的人群。

And then just the last one for me. So if I understand what's going on in leverage, you're able to take advantage in your credit agreements of the transformation initiatives, which I think just gives you a little bit of breathing room versus covenants versus net leverage calculations. Does that mean you can start to devote this year's free cash flow towards the accumulated pref dividends or otherwise kind of negotiating the pref? Or do you think the pref is kind of better left to maybe be part of like a longer-term strategic M&A transaction? Would just love to know how you're thinking about it.

接著我最後一個問題。如果我理解你們在槓桿方面的情況，你們能在信貸協議中利用轉型計畫，這我想會讓你們在契約條款(covenants)與淨槓桿計算上多一些緩衝空間。這是否意味著你們可以開始把今年的自由現金流用於累積的特別股股利(preferred dividends)，或以其他方式與特別股進行協商？或者你們認為特別股更適合留待較長期的策略性併購(M&A)交易的一部分來處理？很想了解你們的思考方式。

Yes. So first of all, on the comments we're in cushion, I mean we already were sort of well under all of our covenants. And so while the transformation does provide a benefit into our leverage calculation, like there was already significant coverage there.

是的。首先，關於我們有緩衝空間的評論，我的意思是我們本來就已經遠低於所有契約條款的限制。因此，雖然轉型確實會在我們的槓桿計算中帶來一些好處，但原本就已經有相當充足的覆蓋空間。

From a Berkshire dividend perspective, based on the refinancing that we did last year, the large refinancings we did, we cannot pay the dividend until 2027 until our leverage is below 4.25, which obviously we're under, and we have less than $50 million outstanding on the B2 term loan. So when you think about the pref, I would think of it this way. Those are the requirements for us to begin paying the dividend. Once we meet those, we would intend to start paying dividend again. Once we get leverage into the low to mid-3x, we would begin looking to address the principal, not all at once, but likely in increments. We can do that in $60 million increments. And so I think that is kind of the way we think about the pref.

就Berkshire股利的角度而言，基於我們去年所做的再融資、以及我們進行的大型再融資安排，在2027年之前我們不能支付股利，除非我們的槓桿低於4.25（顯然我們已低於該水準），且B2定期貸款(term loan)的未償餘額少於5,000萬美元。所以談到特別股，我會這樣看。這些是我們開始恢復支付股利的條件。一旦達成，我們就打算再次開始支付股利。當我們把槓桿降到低到中3倍左右時，我們會開始著手處理本金，不會一次到位，而可能會分批進行。我們可以每次以6,000萬美元為一個增量來進行。因此，我想這就是我們看待特別股的方式。

This concludes our question-and-answer session and also today's conference call. Thank you for participating, and you may now disconnect.

我們的問答環節以及今天的電話會議到此結束。感謝各位參與，現在可以掛線。