Tegna Inc (TGNA) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q1 2025 Tegna Inc earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第一季 Tegna Inc 收益電話會議。（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 first speaker today, Kirk von Seelen. Please go ahead.

現在我想將會議交給今天的第一位發言者柯克·馮·西倫 (Kirk von Seelen)。請繼續。

Thank you. Good morning and welcome to our first-quarter conference call and webcast. My name is Kirk von Seelen, and I am Tegna's Treasurer. Today, our CEO, Mike Steib; and our CFO, Julie Heskett, will review Tegna's financial performance and results and provide Tegna's second-quarter outlook. After that, we'll open the call for questions.

謝謝。早安，歡迎參加我們的第一季電話會議和網路廣播。我的名字是 Kirk von Seelen，我是 Tegna 的財務主管。今天，我們的執行長 Mike Steib 和財務長 Julie Heskett 將回顧 Tegna 的財務業績和結果，並提供 Tegna 第二季度的展望。之後，我們將開始提問。

Hopefully, you've had the opportunity to review this morning's press release. If you have not yet seen a copy of the release, it's available at tegna.com.

希望您有機會閱讀今天早上的新聞稿。如果您尚未看到該版本的副本，可以在 tegna.com 上查看。

Before we get started, I'd like to remind you that this conference call and webcast includes forward-looking statements, and our actual results may differ. Factors that may cause them to differ are outlined in our SEC filings. This presentation also includes certain non-GAAP financial measures. We have provided reconciliations of those measures to the most directly comparable GAAP measures in the press release.

在我們開始之前，我想提醒您，本次電話會議和網路廣播包含前瞻性陳述，我們的實際結果可能有所不同。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。本報告也包括某些非公認會計準則財務指標。我們在新聞稿中提供了這些指標與最直接可比較的 GAAP 指標的對帳。

With that, let me turn the call over to Mike.

說完這些，讓我把電話轉給麥克。

Thanks, Kirk. Good morning, everybody, and thank you for joining us today.

謝謝，柯克。大家早安，感謝大家今天加入我們。

It's been an eventful few weeks for the economy and for the stock market at times like this. Very glad that we have strong brands and loyal audiences, deep relationships with local businesses, and more predictable distribution revenue stream. And despite all the noise, we are staying locked in on our previously mentioned five areas of focus.

在這樣的時期，過去幾週對經濟和股市來說都是多事之秋。非常高興我們擁有強大的品牌和忠實的受眾、與當地企業的深厚關係以及更可預測的分銷收入來源。儘管有種種爭議，我們仍將專注於前面提到的五個重點領域。

Number one, we're building a world-class team, culture and company operating system that unlocks high-impact execution.

首先，我們正在建立一支世界一流的團隊、文化和公司營運系統，以實現高效的執行。

Number two, we're leveraging Tegna's strengths across our stations to improve performance through better resource sharing.

第二，我們正在利用 Tegna 的優勢，透過更好的資源共享來提高各個站點的效能。

Number three, we are fully deploying technology, automation, and AI to run a more efficient and effective operation.

第三，我們正在全面部署技術、自動化和人工智慧，以實現更有效率的營運。

Four, we are growing digital revenue by deepening engagement with our digital audience.

第四，我們透過深化與數位受眾的互動來增加數位收入。

Five, cutting all unnecessary spend and bureaucracy, ensuring our time and our resources are maximally focused on growing audience and growing revenue.

第五，削減所有不必要的開支和官僚作風，確保我們的時間和資源最大限度地集中在擴大受眾和增加收入上。

We're moving fast and I just wanted to highlight for everyone here a few recent examples.

我們進展很快，我只是想在這裡向大家強調幾個最近的例子。

Number one, on building out our world-class team. The new executive team is coming together and collaborating really nicely, and we're moving with focus and velocity. We added two new senior leaders, Melissa Zimyeski and Mat Yurow, to inject new digital design, development, and growth capabilities into our organization. Our new sales performance management and incentive regime is driving more accountability, faster talent up-leveling, and improved execution across linear and digital. So good progress here.

第一，打造我們世界級的團隊。新的管理團隊正在齊心協力、合作愉快，我們正在集中精力、快速前進。我們增加了兩位新的高階領導，Melissa Zimyeski 和 Mat Yurow，為我們的組織注入新的數位設計、開發和成長能力。我們新的銷售績效管理和激勵制度正在推動更多的責任、更快的人才提升以及線性和數位執行力的提高。這裡進展很好。

Number two, we're leveraging taking the strengths and improving resource sharing. On this one, our statewide news sharing and local regional sales tests in Florida have unlocked more productive capacity for our news teams and new multi-market dollars for our sales teams. What we've learned in this test is going to inform our technology and operational rollouts in the months ahead.

第二，我們要發揮各自優勢，加強資源共享。在這方面，我們在佛羅裡達州的全州新聞共享和當地區域銷售測試為我們的新聞團隊釋放了更多的生產能力，並為我們的銷售團隊帶來了新的多市場資金。我們在這次測試中獲得的知識將為我們未來幾個月的技術和營運推廣提供參考。

On number three, fully deploying technology to run more effective stations. We are testing a new proprietary AI system to help our newsrooms find and cover more impactful local local stories, supporting our journalists and being the best newsroom in every market that we serve. We're also progressing on plans for our two stations of the future, which will leverage reduced technology and real estate footprints to deliver the news more sustainably.

第三，充分利用技術手段提高車站運作效率。我們正在測試新的專有人工智慧系統，以幫助我們的新聞編輯室找到並報導更具影響力的本地新聞，支持我們的記者，並成為我們服務的每個市場中最好的新聞編輯室。我們也正在製定未來兩家電視台的計劃，利用減少的技術和房地產足跡來更永續地傳遞新聞。

On number four, growing digital by deepening audience engagement. I'm really pleased with the new apps that we're testing, and I expect we'll be moving to public launch in a couple of markets in the coming months. AI-augmented software development is making our engineering team more productive than ever, and I'm excited about building on these capabilities.

第四，透過深化觀眾參與數位化發展。我對我們正在測試的新應用程式感到非常滿意，我預計我們將在未來幾個月內在幾個市場公開發布這些應用程式。人工智慧增強軟體開發使我們的工程團隊比以往任何時候都更有效率，我很高興能夠利用這些功能。

And finally, on number five, cutting unnecessary spend and bureaucracy, our team has surfaced tons of opportunities to save dollars and time that can be invested in our future. We're doing this by rethinking our real estate footprint and slashing internal processes that distract from growing ratings and growing revenue. Removing unnecessary bureaucracy improves everything from employee engagement to speed of execution. We're finding more opportunities like this every day.

最後，關於第五點，即削減不必要的開支和官僚主義，我們的團隊已經發現了大量節省金錢和時間的機會，這些金錢和時間可以投資於我們的未來。我們正在透過重新考慮我們的房地產足跡和削減影響評級和收入成長的內部流程來實現這一目標。消除不必要的官僚主義可以改善從員工參與度到執行速度等各個方面。我們每天都會發現更多這樣的機會。

I also want to shout out the team for landing some exciting new sports rights deals. We've secured local team rights across NBA, WNBA, NHL, and MLB. On top of that, we've partnered with multiple NFL teams to air preseason games for free, over-the-air. In short, we are making it easier for every single hometown fan to find and watch their favorite local teams. It's a win for fans, and it's a win for the power of local broadcasting.

我還要向球隊致敬，他們達成了一些令人興奮的新運動版權交易。我們已獲得 NBA、WNBA、NHL 和 MLB 的本地球隊權利。除此之外，我們也與多支 NFL 球隊合作，免費透過無線方式播放季前賽。簡而言之，我們讓每位家鄉球迷都能更輕鬆地找到並觀看他們最喜歡的當地球隊。這是球迷的勝利，也是當地廣播力量的勝利。

And before I go, I want to recognize the outstanding local journalism coming out of our stations. Specifically, our four stations that received the Gracie Awards.

在離開之前，我想表揚一下我們電台出色的本地新聞報道。具體來說，我們的四個電台獲得了格雷西獎。

Before we wrap, a comment on the evolving regulatory landscape. 73 members of the Congress have signed a letter to FCC Chairman, Brendan Carr, advocating for deregulation and broadcasting, and the Chairman is expected to have a majority soon. We're staying close to all of this, and our healthy balance sheet, consistent free cash flow generation, and track record of disciplined capital allocation position us well to pursue the best opportunities for value creation.

在結束之前，我們來評論一下不斷變化的監管情況。 73 名國會議員簽署了一封給聯邦通信委員會主席布倫丹·卡爾的信，呼籲放鬆管制並進行廣播，預計主席很快就會獲得多數票。我們密切關注所有這些，我們健康的資產負債表、持續的自由現金流產生以及嚴格的資本配置記錄使我們能夠很好地追求創造價值的最佳機會。

In closing, I want to thank the team. These first few months of my tenure have brought significant changes to our people, culture, strategy, and performance expectations. It takes a very special team to evolve this quickly. I'm really proud of our folks for doing the hard work to ensure a sustainable future for local news and a bright future for Tegna.

最後，我要感謝團隊。我任職的頭幾個月為我們的人員、文化、策略和績效期望帶來了重大變化。需要一支非常特殊的團隊才能如此快速地發展。我為我們的員工感到驕傲，他們辛勤工作，確保了地方新聞的可持續發展和 Tegna 的光明未來。

And with that, I'll turn it over to Julie for a closer look at our financial performance and second-quarter guidance.

接下來，我將把時間交給朱莉，讓她仔細看看我們的財務表現和第二季的指引。

Thanks, Mike, and good morning, everyone.

謝謝，麥克，大家早安。

Our financial performance this quarter came in as expected and within our guidance range. We delivered on what we set out to do this quarter, and I want to thank our teams for their focus and execution.

我們本季的財務表現符合預期並在我們的指導範圍內。我們完成了本季設定的目標，我要感謝我們團隊的專注和執行。

I will begin today by covering our first-quarter financial results, then provide an update on our business operational initiatives and capital allocation priorities before closing with a review of our guidance.

今天我將首先介紹我們的第一季財務業績，然後介紹我們的業務營運計劃和資本配置優先事項，最後回顧我們的指導方針。

Total company revenue for first quarter finished at $680 million, a decrease of 5% year over year in line with our outlook of down 4% to 7%. The decrease was primarily due to lower political advertising revenue consistent with cyclical even-to-odd year comparisons.

第一季公司總營收為 6.8 億美元，年減 5%，符合我們預測的下降 4% 至 7%。下降的主要原因是政治廣告收入較低，這與週期性的雙數年與單數年的比較一致。

Advertising and marketing services revenue, also known as AMS, finished at $286 million in the first quarter, a 3% decrease year over year due to macroeconomic headwinds and the Super Bowl airing on Fox, our smallest affiliate group this year, versus CBS last year. The decrease was partially offset by growth in advertising revenue from local sports rights. When we normalized for the Super Bowl impact, AMS revenue finished flat to last year.

廣告和行銷服務收入（也稱為 AMS）第一季達到 2.86 億美元，年減 3%，原因是宏觀經濟逆風以及超級盃在福斯（我們今年最小的附屬集團）播出，而去年則在哥倫比亞廣播公司（CBS）播出。當地體育賽事版權廣告收入的成長部分抵消了這一下降。當我們將超級盃的影響標準化後，AMS 的營收與去年持平。

Advertising demand remains closely tied to overall economic sentiment, and with consumer confidence softening, some advertisers are taking a more cautious wait-to-see approach. This may lead to near-term delays in spending and ultimately impact our second quarter AMS revenue performance.

廣告需求仍與整體經濟情緒密切相關，隨著消費者信心減弱，一些廣告商採取了更謹慎的觀望態度。這可能會導致近期支出延遲，並最終影響我們第二季的 AMS 收入表現。

As Mike highlighted, we're aggressively pursuing growth initiatives of our digital product portfolio consisting of web solutions, mobile and streaming apps, as well as local CTV advertising. We are encouraged by our digital advertising performance, with digital ad revenue growing year over year. The momentum we saw in the fourth quarter from our owned and operated products continued in the first quarter.

正如麥克所強調的，我們正在積極推行數位產品組合的成長計劃，包括網路解決方案、行動和串流應用程式以及本地 CTV 廣告。我們對我們的數位廣告表現感到鼓舞，數位廣告收入逐年增長。我們自有和經營產品在第四季所呈現的動能在第一季得以延續。

Leveraging our powerful brands, expansive footprint, and deep customer relationships, we're in a strong position to drive profitable digital growth through 2025 and beyond.

憑藉我們強大的品牌、廣泛的業務範圍和深厚的客戶關係，我們有能力在 2025 年及以後推動獲利性數位成長。

Before moving on, I want to point your attention to a reclassification of subscription revenue to distribution revenue that we highlight in the press release. The reclassed amounts were immaterial, and we have provided recast numbers in the release to simplify year-over-year comparisons. Distribution revenue in the first quarter was flat year over year at $380 million due to a temporary disruption of service with a distributor that successfully concluded in mid-January last year, as well as distributor renewals and contractual rate increases partially offset by subscriber declines.

在繼續之前，我想提請您注意我們在新聞稿中強調的訂閱收入到分銷收入的重新分類。重新分類的金額並不重要，我們在發布中提供了重算數字，以簡化同比比較。第一季分銷收入與去年同期持平，為 3.8 億美元，原因是與一家分銷商的服務暫時中斷（該中斷於去年 1 月中旬成功結束），以及分銷商續約和合約費率上漲，但被用戶減少部分抵消。

We have approximately 45% of our traditional subscribers up for renewal in calendar year 2025, providing us with additional opportunities to capture appropriate value for our content. We successfully renewed approximately 10% of our traditional MVPD subscribers at the end of the first quarter.

我們約有 45% 的傳統訂閱用戶將在 2025 日曆年續訂，這為我們提供了更多機會來獲取內容的適當價值。我們在第一季末成功續訂了約 10% 的傳統 MVPD 用戶。

Our total adjusted EBITDA in the first quarter finished at $136 million, a 22% decrease year over year, primarily due to the lower political advertising revenue and AMS revenue, partially offset by continued cost benefits from core operational cost-cutting initiatives.

我們第一季的調整後 EBITDA 總額為 1.36 億美元，年減 22%，主要原因是政治廣告收入和 AMS 收入下降，但核心營運成本削減措施帶來的持續成本效益部分抵銷了這一影響。

Moving on to the cost-cutting initiatives, we continue to drive significant improvements to our cost structure. As we highlighted on our last earnings call, and as you heard Mike say earlier, we are deploying technology to run our stations more effectively and cutting all unnecessary spending.

在削減成本措施方面，我們將繼續大力改善我們的成本結構。正如我們在上次財報電話會議上所強調的那樣，正如您之前聽到麥克所說的那樣，我們正在部署技術以更有效地運營我們的站點並削減所有不必要的開支。

First-quarter non-GAAP expenses finished flat year over year, driven by increases in programming expenses which include local sports rights offset by cost reductions. All other expenses outside of programming finished 4% below last year, continuing this sequential improvement of structural cost reduction efforts. We remain on track to achieve our goal of generating $90 million to $100 million in annualized core non-programming savings as we exit 2025. At the end of the first quarter, we stand at approximately 60% of our target.

第一季非公認會計準則支出與去年同期持平，原因是包括本地體育賽事轉播權在內的節目製作費用增加，但成本減少抵消了這一影響。除節目製作外的所有其他支出都比去年同期下降了 4%，延續了結構性成本削減措施的連續改善。我們仍有望實現在 2025 年實現年度核心非編程節省 9,000 萬至 1 億美元的目標。第一季末，我們已完成目標約 60%。

Turning now to capital allocation, we remain committed to returning 40% to 60% of adjusted free cash flow to shareholders over the '24 and '25 two-year period, and we are on track to achieve that goal. We paid $20 million in dividends to our shareholders in the first quarter. Cash and cash equivalents totaled $717 million at quarter end, and our net leverage finished at 2.8 times.

現在談到資本配置，我們仍然致力於在 24 年和 25 年兩年期間向股東返還 40% 至 60% 的調整後自由現金流，並且我們有望實現這一目標。我們在第一季向股東派發了2000萬美元的股息。季末現金和現金等價物總額為 7.17 億美元，淨槓桿率為 2.8 倍。

Given the prospects of deregulation and station M&A, we're taking a more measured approach to share repurchases at this time. Preserving financial flexibility ensures we remain agile while staying disciplined in our capital deployment and focused on delivering long-term shareholder returns. As Mike mentioned, our healthy balance sheet, consistent free cash flow generation, and track record of disciplined capital application position us to act when attractive value creating opportunities arise.

考慮到放鬆管制和站點併購的前景，我們目前採取了更謹慎的方式來回購股票。保持財務靈活性可確保我們保持敏捷，同時在資本配置方面保持紀律，並專注於實現長期股東回報。正如麥克所提到的，我們健康的資產負債表、持續的自由現金流產生以及嚴格的資本應用記錄使我們能夠在有吸引力的價值創造機會出現時採取行動。

Now, let's turn to our financial guidance elements. As we noted in our press release this morning, we are reaffirming our combined two-year 2024, 2025 adjusted pre-cash flow guidance of $900 million to $1.1 billion. You can see our full-year guidance metrics in our earnings release. There's one small update to call out. We are lowering our full-year 2025 effective tax rate guidance to a range of 22% to 23% reflecting tax refunds we expect to receive from the state of Texas.

現在，讓我們來談談財務指導要素。正如我們在今天早上的新聞稿中指出的那樣，我們重申 2024 年、2025 年兩年合併調整前現金流指引值為 9 億至 11 億美元。您可以在我們的收益報告中看到我們的全年指導指標。有一個小更新需要提醒。我們將 2025 年全年有效稅率預期下調至 22% 至 23% 之間，以反映我們預計將從德州獲得的退稅。

Let me provide our financial guidance for the second quarter. We expect total company revenue to be down in the 4% to 7% range year over year, primarily reflecting lower political advertising revenue due to cyclical, even-to-odd year comparisons, as well as anticipated headwinds in advertising environments stemming from the recent shifts in global trade dynamics. We expect non-GAAP operating expenses to be flat to down 2% compared to Q2 of 2024, reflecting cost reduction efforts previously discussed.

讓我提供我們第二季的財務指導。我們預期公司總收入將年減 4% 至 7%，主要反映出因週期性、單雙號年份比較導致的政治廣告收入下降，以及近期全球貿易動態變化預計帶來的廣告環境阻力。我們預計非公認會計準則營運費用將與 2024 年第二季相比持平或下降 2%，這反映了先前討論過的成本削減努力。

In closing, our first-quarter results reflect the strength of Tegna's market position and the solid foundation that we have built. With strong brands, a great footprint, and deep customer relationships, we're well positioned for what lies ahead. We remain focused on staying one step ahead on cost and sharpening our digital portfolio to prioritize the services we believe have the greatest growth potential for Tegna.

最後，我們的第一季業績反映了 Tegna 強大的市場地位以及我們建立的堅實基礎。憑藉強大的品牌、巨大的影響力和深厚的客戶關係，我們為未來做好了準備。我們將繼續專注於在成本上保持領先一步，並完善我們的數位產品組合，優先考慮我們認為對 Tegna 具有最大成長潛力的服務。

As the industry continues to evolve and companies brace for broader economic pressures, our priorities remain clear: execute with discipline, unlock operational efficiencies, and deploy capital where it drives long-term shareholder growth. Our healthy balance sheet gives us the flexibility to continue investing in growth.

隨著產業不斷發展，企業準備應對更廣泛的經濟壓力，我們的優先事項依然明確：嚴格執行，提高營運效率，並將資本部署到能夠推動長期股東成長的地方。我們健康的資產負債表使我們能夠靈活地繼續投資於成長。

With that operator, let's open the call for questions.

有了那位接線生，我們就可以開始提問了。

(Operator Instructions) Steven Cahall, Wells Fargo.

（操作員指示）富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

Thank you. So Mike, you talked a bit about what's happening with the FCC and deregulation. Tegna is in a unique position. You have a strong balance sheet. You're below the cap. Clearly, this FCC is pretty favorable to getting deals done. So do you need to wait on future deregulation initiatives, or do you feel like the opportunities are already in front of you?

謝謝。麥克，你談了一下聯邦通訊委員會和放鬆管制的情況。Tegna 處於獨特的地位。你的資產負債表很強勁。您未達上限。顯然，FCC 非常有利於達成交易。那麼您需要等待未來的放寬管制舉措，還是您覺得機會已經擺在您面前了？

And Julie, you talked about the 40% to 60% return or free cash flow, I assume that is if there isn't strategic M&A to do. So that's kind of the first question around M&A. And then Julie, you mentioned anticipated headwinds arising from the macroeconomic environment that were implied in the Q2 guide. Could you just expand a little bit on whether that's conservatism or whether you're seeing specific changes to the advertising environment starting to show up in Q2?

朱莉，您談到了 40% 到 60% 的回報或自由現金流，我認為這是在沒有策略併購的情況下。這是有關併購的第一個問題。然後朱莉，您提到了第二季指南中暗示的宏觀經濟環境預期出現的不利因素。您能否稍微解釋一下這是保守主義還是您是否看到廣告環境的具體變化在第二季開始顯現？

Thank you.

謝謝。

Thanks, Steve. Chairman Carr has been clear with his agenda and support for local broadcasters and the important role that local broadcasters play for our communities and the local news plays for our democracy. He is expected to have his majority soon and as I noted in my prepared remarks, he seems to have bipartisan congressional support for supporting local and supporting local broadcasters.

謝謝，史蒂夫。卡爾主席明確表達了他的議程和對地方廣播公司的支持，以及地方廣播公司對我們的社區和地方新聞對我們的民主所發揮的重要作用。預計他很快就會獲得多數席位，正如我在準備好的發言中指出的那樣，他似乎得到了國會兩黨的支持，支持地方政府和支持地方廣播公司。

We think that it will unlock M&A opportunities in the space that can be really accretive for buyers and sellers, but until we know the full landscape and until we know the prices, I can't sort of comment more precisely on that.

我們認為它將釋放該領域的併購機會，這對買家和賣家來說都是真正有益的，但在我們了解整個情況和價格之前，我無法對此做出更準確的評論。

As it pertains to how we think about sort of capital allocation, I'll just remind you of our philosophy. It is not our money, it's our shareholders' money. When we can deploy it in a way that is significantly accretive for our shareholders, we will, and when we can't, we'll send it back to our shareholders in the form of stock buybacks, dividends, or debt repurchases.

至於我們如何考慮資本配置，我只想提醒你我們的理念。這不是我們的錢，而是我們股東的錢。當我們能夠以一種為股東帶來顯著增值的方式部署它時，我們就會這麼做；當我們無法做到這一點時，我們會以股票回購、股息或債務回購的形式將其返還給股東。

Julie, will you jump on that?

朱莉，你會接受這個邀請嗎？

Yeah, so from an advertising perspective, Steven, we are seeing Q2 softer than where Q1 is finishing. That may be impacted by the tariffs and the overall trading policies. But we're not seeing cancellations. We're not seeing or hearing specific conversations that advertisers are changing their strategy because of those trading policies.

是的，史蒂文，從廣告角度來看，我們發現第二季的表現比第一季更疲軟。這可能會受到關稅和整體貿易政策的影響。但我們並未看到取消的情況。我們沒有看到或聽到廣告商因為這些交易政策而改變其策略的具體對話。

So we're in this wait and see, consumer sentiment is obviously lower now, so the confidence in advertising now through the end of the year is probably worse today than it was 90 days ago, but it's too early to actually see the impacts of that. But Q2 is slightly worse from an AMS perspective than what we saw in Q1.

所以我們處於觀望狀態，消費者情緒現在顯然較低，因此從現在到年底對廣告的信心可能比 90 天前更差，但現在實際看到其影響還為時過早。但從 AMS 的角度來看，第二季的情況比第一季略差一些。

And one of the things that we know definitively is that through previous down cycles, advertisers who've continued to lean in to build their brands and reach customers, outperform those that didn't. So that's certainly the message our customers will be hearing from us at this moment of uncertainty is that these moments of uncertainty are moments of opportunity for good marketers.

我們確信的一件事是，在先前的低迷時期，那些繼續努力打造品牌並接觸客戶的廣告商的表現要優於那些沒有這樣做的廣告商。因此，在這個不確定的時刻，我們的客戶肯定會從我們這裡聽到這樣的訊息：這些不確定的時刻對於優秀的行銷人員來說正是機會的時刻。

Thank you.

謝謝。

Dan Kurnos, Benchmark Company.

Dan Kurnos，基準公司。

Yeah, thanks. Good morning. Maybe just to follow up on the question, Mike, the way you guys have positioned yourselves now, it looks -- I know you're open to both buying and selling, but it looks more bent towards buying, and we obviously don't know what the FCC will pass or change or what Congress will pass or change. What's kind of your appetite if you -- the opportunities, the accretive opportunities were there to get, say, substantially larger if the in market and ownership cap were removed? So that's question one.

是的，謝謝。早安.也許只是為了跟進這個問題，麥克，你們現在的定位看起來——我知道你們對買賣都持開放態度，但看起來更傾向於購買，我們顯然不知道聯邦通信委員會將通過或改變什麼，或者國會將通過或改變什麼。如果取消市場和所有權上限，您將獲得什麼樣的機會、增值機會，比如說，獲得更大的規模，那麼您的興趣是什麼？這是第一個問題。

And then question two would be, can you just update us on how Premion trended in the quarter? Because it kind of sounds like with local sports rights, Fox Super Bowl core was almost flattish to up in Q1 and then you've got some softness in Q2, just from what the advertising Julie was talking about.

第二個問題是，您能否向我們介紹 Premion 本季的發展趨勢？因為這聽起來有點像是本地體育賽事的轉播權，從朱莉談到的廣告情況來看，福克斯超級盃的核心收入在第一季幾乎持平或上升，而在第二季度則有所疲軟。

Yeah, Dan, I'm as excited about the M&A opportunity in the space as you all are, and I'm sure it's frustrating not to hear us be able to be more specific in our responses. You'd probably imagine it is for us as well. What I can tell you is we believe that the deregulatory moment is coming and it's coming at just the right time. I can tell you that philosophically, we are buyers of anything that's a fit for our mission and our company at a price that if you offer us something for a price that is less than it is worth to us and our shareholders, we're very interested, and if there's anything someone wants to buy from us at a price that is more than it is worth to our shareholders, we're interested in selling it.

是的，丹，我和你們一樣對該領域的併購機會感到興奮，我確信，如果我們不能更具體地回答，那將會令人沮喪。您可能想像我們也是如此。我可以告訴你們的是，我們相信放鬆管制的時刻即將到來，而且時機也恰到好處。我可以告訴你，從哲學上講，我們會購買任何適合我們的使命和公司的東西，如果你以低於我們和股東所值的價格向我們提供某樣東西，我們會非常感興趣，如果有人想以高於我們股東所值的價格從我們這裡購買任何東西，我們願意出售它。

So we think that is the essence of good capital allocation, and we are at this really dynamic moment in the space in this great moment of opportunity. We're staying flexible and focused on being good, smart capital allocators.

因此，我們認為這是良好資本配置的本質，我們正處於這個領域真正充滿活力的時刻，這是一個偉大的機會時刻。我們保持靈活性並專注於成為優秀、明智的資本配置者。

On Premion, I'll invite Julie to respond on the numbers, but I just want to reiterate I've spent a lot of time with our sales teams and with our customers in the market, and the customers in the sales teams really like the product. The opportunity for our local advertisers in particular to reach a significantly broader audience, the audience that's left the cable, satellite, and over the air bundle, if you would, and gone to become being a broadband-only home, and to be able to reach that audience with greater targeting is a -- it's a phenomenal seller proposition.

關於 Premion，我會邀請 Julie 對數字做出回應，但我只想重申，我花了很多時間與我們的銷售團隊和市場上的客戶在一起，銷售團隊的客戶非常喜歡該產品。對於我們的本地廣告商來說，這是一個接觸更廣泛受眾的機會，這些受眾已經放棄了有線電視、衛星電視和無線套餐，轉而成為純寬頻家庭，而我們能夠以更有針對性的策略接觸到這些受眾，這是一個非凡的銷售主張。

And so, in that regard, I can just tell you we've got a lot of excitement about the business.

因此，在這方面，我可以告訴你，我們對這項業務感到非常興奮。

Yeah, and I'll reiterate what we have said previously with Premion revenues. The CTV addressable market opportunity continues to be strong, specifically in the local communities in the local advertising space. Premion total revenues remain flattish quarter to quarter, up one quarter, down one quarter. I would just consider it flattish with local continuing to grow high singles, low double digits and that's offset by national declines.

是的，我將重申我們先前關於 Premion 收入的說法。CTV 可尋址市場機會持續強勁，特別是在當地社區的本地廣告領域。Premion 總收入每季都保持平穩，一個季度上漲，一個季度下跌。我認為它會持平，當地繼續以高個位數、低兩位數的速度增長，並被全國的下降所抵消。

So that, we didn't see a dramatic change in Q1. It's very consistent with what we've been seeing the last few quarters.

因此，我們在第一季沒有看到顯著的變化。這與我們過去幾季看到的情況非常一致。

Craig Huber, Huber Research Partners.

Craig Huber，Huber 研究夥伴。

Great, thank you. I just want to ask you, I don't know how much time you spent on this in your new role there, but alternative uses of spectrum at your TV stations, I mean, in terms of when you think out here over the coming years and stuff, I mean how much time have you been put into this so far? Or is there so much other stuff that you work on at the company that you haven't really focused on it too much?

太好了，謝謝。我只是想問你，我不知道你在新的職位上花了多少時間在這上面，但你的電視台頻譜的替代用途，我的意思是，就你在未來幾年的思考而言，我的意思是，到目前為止你在這上面花了多少時間？還是說您在公司裡要做很多其他的事情，所以您並沒有太關注它？

And if you do have an opinion, I'm curious, how do you view in terms of when significant amount of revenues could potentially be generated here from leasing out excess spectrum across your markets?

如果您確實有意見，我很好奇，您如何看待在您所在的市場出租過剩頻譜可能帶來大量收入？

I've been very grateful to some of my peers in the space who have been spending a lot of time on this topic on the ATSC 3.0 opportunity, and they've been engaging in Washington around it. From the first principal standpoint, we believe a long, bright future for over-the-air television is really important to America. And that the technology is the opportunity to continue to evolve to deliver a better free over-the-air product, higher quality and with many more bells and whistles, we think is important and a real positive.

我非常感謝該領域的一些同行，他們在 ATSC 3.0 機會這一主題上花費了大量時間，並且一直在華盛頓參與此事。從第一個主要角度來看，我們相信無線電視的長期、光明的未來對美國來說確實很重要。我們認為，這項技術是一個不斷發展的機會，可以帶來更好的免費無線產品、更高的品質和更多的附加功能，這是非常重要且積極的。

Secondly, the sort of evolution of the technology also creates the potential for new revenue streams, many of which you've heard from my colleagues in the space like datacasting and others.

其次，科技的這種發展也創造了新的收入來源的潛力，其中許多你都從我在該領域的同事那裡聽說過，例如數據廣播等。

And as the world moves to lots of video consumption on the internet, the thesis that bandwidth will need to be supplemented, I think is a pretty strong thesis. So we're not seeing dollars on that opportunity today, but I do think there's substantial optionality in it, and it is an interesting longer-term opportunity.

隨著世界轉向在互聯網上消費大量視頻，我認為頻寬需要補充的論點是一個非常有力的論點。因此，我們今天沒有看到該機會帶來任何收益，但我確實認為其中存在相當大的選擇性，而且這是一個有趣的長期機會。

Any idea in your mind how many years out until it could be significant to your revenue streams?

您知道還要多少年它才能對您的收入來源產生重大影響嗎？

I don't think I could give you a great answer on that. I would encourage you -- some of my peers have been spending years on this topic. I'd encourage you to ask them as well. I think they've started to see some green shoots and have some excitement around it. I can tell you we've gotten up the learning curve on it. We see the opportunity, but I don't know that I could help you start to pencil out the five-year model, not just yet.

我認為我無法就此給你一個很好的答案。我鼓勵你——我的一些同行已經花了數年時間研究這個主題。我也鼓勵你去問他們。我認為他們已經開始看到一些復甦的跡象，並對此感到興奮。我可以告訴你，我們已經掌握了這方面的知識。我們看到了機會，但我不知道我是否能幫助你開始規劃五年模型，至少現在還不行。

I guess my last question, do you feel that you're significantly behind where your peers are here? Or do you think it doesn't really matter that they're leading on this front?

我的最後一個問題是，您是否覺得自己明顯落後於同儕？或者您認為他們在這方面的領導地位並不重要？

No, I think it's important to own spectrum and to see the FCC ultimately supporting the transition to ATSC 3.0, and then we're sitting on some fantastic real estate.

不，我認為擁有頻譜並看到 FCC 最終支持向 ATSC 3.0 的過渡非常重要，然後我們將擁有一些絕佳的房地產。

I mean, obviously some people in the industry to the last point, but some people in the industry believe by the end of the decade it could be as large as what retrans revenues are today for individual TV stations and stuff if it's handled correctly here and it plays out…

我的意思是，顯然有些業內人士對最後一點持保留態度，但有些業內人士認為，如果處理得當，到本世紀末，它的轉播收入可能會與今天各個電視台和其他機構的轉播收入一樣大…

I've heard this, I've heard the same, and the business case that's been made for it is really compelling and I can't tell you just how happy I'll be if that turns out to be the case.

我聽說過這個，也聽說過同樣的事情，而且針對它提出的商業案例確實令人信服，我無法告訴你如果事實確實如此我會有多麼高興。

Very good, thank you.

非常好，謝謝。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

Hi, I just had a question on the M&A potential and the view of regulators. If there's consolidation within the broadcast space, one way of looking at it from the regulator's standpoint is the competitive market for advertising and certainly from that standpoint, broadcasters would still play a strong role, but I'm just curious on how you view like the market for local news and the extent that regulators might see that as being becoming too concentrated and not having as many options there?

您好，我只是想問一下關於併購潛力和監管機構的觀點。如果廣播領域出現整合，從監管機構的角度來看，廣告市場競爭激烈，當然從這個角度來看，廣播公司仍將發揮重要作用，但我只是好奇您如何看待地方新聞市場，以及監管機構在多大程度上認為該市場過於集中，沒有那麼多選擇？

And I guess, maybe just your view on how that market would shape up if there is more M&A?

我想，也許您只是對如果出現更多的併購，市場會如何發展的看法？

Big tech dominates viewer consumption of every kind of media at this point, including news. So if the regulators were to look at it through that lens, I would direct them to TikTok, which is now the number one source of news for Gen Z and parenthetically owned by a foreign adversary. I would direct them to YouTube, which is recently been estimated to have a valuation, a number of multiples greater than the entirety of the traditional media ecosystem. I direct them to Facebook.

目前，大型科技公司主導著包括新聞在內的各種媒體的觀​​眾消費。因此，如果監管機構從這個角度來看這個問題，我會讓他們關注 TikTok，它現在是 Z 世代的第一新聞來源，而且由外國對手擁有。我會引導他們去 YouTube，最近據估計，它的估值比整個傳統媒體生態系統高出好幾倍。我把他們引導到 Facebook。

I direct them to many of the accounts I follow on Instagram, which are citizen journalists with tens of thousands of followers. Through that lens, it is very clear that broadcasters have been hamstrung for decades and are in a position where we're competing with really well-funded, completely unregulated, massive, big tech brands.

我把他們引導到我在 Instagram 上關注的許多帳戶，這些帳戶都是擁有數萬粉絲的公民記者。從這個角度來看，很明顯，廣播公司幾十年來一直受到束縛，並且處於與資金充足、完全不受監管、規模龐大的大型科技品牌競爭的境地。

Okay, thank you.

好的，謝謝。

(Operator Instructions) Avi Steiner, JPMorgan.

（操作員指示）摩根大通的 Avi Steiner。

I'm going to start with M&A, if I can. You both highlighted your low leverage as an asset as it relates to the potential M&A opportunities, and I'm wondering if you can discuss where you can take leverage to pursue a deal? And I think much more importantly, how you think about synergy opportunities which might turn a higher initial multiple into something more accretive?

如果可以的話，我將從併購開始。你們都強調了低槓桿率是一項資產，因為它與潛在的併購機會有關，我想知道你們是否可以討論一下你們可以利用哪些槓桿來達成交易？我認為更重要的是，您如何看待協同效應機會，從而將更高的初始倍數轉化為更具增值性的東西？

A real driver of value in the consolidation opportunity is around local costs, and those costs specifically are just the sort of management and back office that goes into running TV stations that are three, four, five, six TV stations performing the same tasks in a market.

整合機會的真正價值驅動力在於本地成本，而這些成本具體來說就是營運電視台的管理和後台辦公成本，也就是在市場上由三家、四家、五家、六家電視台執行相同任務的成本。

As I fantasize about station combinations and the benefit it can do for our industry, I see a world where there's less back office needed to support still multiple news brands and news teams and just as many today if not more journalists in the future covering the news, but just able to do it much more efficiently and sustainably with us able to save on the back office, us as an industry, to be able to save on the back office support.

當我幻想著電台合併以及它能為我們的行業帶來的好處時，我看到了一個世界，需要更少的後台辦公室來支持仍然多個新聞品牌和新聞團隊，以及今天同樣多甚至未來更多的記者報道新聞，但能夠更高效、更可持續地完成工作，我們能夠節省後台辦公室，我們作為一個行業，能夠節省後台支持。

And if you look at the potential sort of back office and support takeout costs across markets and across the country, it's many billions of dollars of potential savings for the ecosystem. And so with that, we're really -- that's why we all continue to harp on this. We think it's a huge value unlock. We think it's really important for a more sustainable future for local news and we're standing by to see how we can participate in that in a way that's most accretive.

如果你看一下整個市場和全國範圍內潛在的後台和支援外賣成本，你會發現這對生態系統來說意味著數十億美元的潛在節省。因此，我們真的——這就是我們繼續談論這一點的原因。我們認為這是一個巨大的價值釋放。我們認為這對於地方新聞更永續的未來非常重要，我們正準備研究如何以最具增值性的方式參與其中。

Okay, maybe one more, if I can. One of your peers was on a call just before yours and also talked about all the opportunities out there, and I'm curious maybe how you see industry ownership evolving. Do you envision a number of groups changing hands to create, a lack of a better description, supergroups, or do you think it evolves more so by swaps and station trading? And thanks for the time.

好的，如果可以的話，也許再多一個。您的一位同事在您之前打過電話，也談到了那裡的所有機會，我很好奇您如何看待行業所有權的發展。您是否設想過一些團體易手來創建超級團體（缺乏更好的描述），或者您認為它會透過交換和站點交易而進一步發展？感謝您抽出時間。

You're welcome, but I have no idea. I know that if we have two stations in the market, those stations can run much more profitably. The previous question about leverage, it can be deleveraging very quickly. These are the kinds of -- getting these sort of back office and support costs and redundant management, et cetera, out of an organization, you can do within 60 days of closing a deal. I've done it before, and I would expect that if in a scenario where we were a buyer, I would expect that here. So even if one were to take on more, some more debt to do it, it's deleveraging very quickly.

別客氣，但我不知道。我知道，如果我們在市場上擁有兩個電台，那麼這些電台的獲利能力就會大大增強。前面關於槓桿的問題，去槓桿可以很快。這些都是——從組織中去除這些後台辦公和支援成本以及冗餘管理等，你可以在交易達成後的 60 天內完成。我以前也這樣做過，而且我預計如果我們是買家的話，我也會在這裡這樣做。因此，即使一個人承擔更多的債務，也會很快實現去槓桿。

Whether those are bigger deals or sort of cash-free swaps or some combination, I think it'll depend on who shows up to play and where the prices land. And because we don't know, that is why I continue to sort of respond in a way that's somewhat unsatisfying, which is -- what's our role in all that? Once we see better clarity on the players, the prices, and the motivations, we'll know what the right thing to do is for our shareholders.

無論這些是更大的交易還是某種無現金交換或某種組合，我認為這取決於誰來參與以及價格在哪裡。正因為我們不知道，所以我繼續以一種有點不令人滿意的方式做出回應，那就是——我們在這一切中扮演什麼角色？一旦我們更清楚地了解參與者、價格和動機，我們就會知道對我們的股東來說什麼是正確的事情。

Thank you. I am showing no further questions at this time. I would now like to turn it back to Mike Steib for closing remarks.

謝謝。我目前沒有其他問題。現在我想請麥克‧史泰布作最後發言。

As always, I want to thank you all for your attention and your support. I want to thank again the Tegna team for the amazing work so far. I'm really proud of the way everyone has leaned into the change and transformation going on here. I want to remind everybody that Sunday is Mother's Day. I want to say thanks to Julie and all the wonderful moms at our company for everything that they do.

一如既往，我要感謝大家的關注和支持。我要再次感謝 Tegna 團隊迄今為止所做的出色工作。我為大家積極參與這裡正在發生的變革和轉型感到非常自豪。我想提醒大家，星期天是母親節。我想對朱莉和我們公司所有出色的媽媽們所做的一切表示感謝。

I hope you all have the opportunity to call your mom. Have a great day.

我希望你們都有機會打電話給媽媽。祝你有美好的一天。

Thank you. Thank you for your participation in today's conference. This does conclude our program, and you may now disconnect.

謝謝。感謝大家參加今天的會議。我們的程式到此就結束了，您現在可以斷開連線了。