Urban One Inc (UONE) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Urban One 2026 first-quarter earnings call. As a reminder, this conference is being recorded. We will begin this call with the following Safe Harbor statement.

各位女士、先生，感謝您稍候，歡迎參加 Urban One 2026 年第一季財報電話會議。提醒各位，本次會議將被錄音。我們將以以下「安全港」聲明開始本次電話會議。

During this conference call, Urban One will be sharing with you certain projections or other forward-looking statements regarding future events or its future performance. Urban One cautions you that certain factors, including risks and uncertainties referred to in the 10-Ks, 10-Qs, and other reports it periodically files with the Securities and Exchange Commission, could cause the company's actual results to differ materially from those indicated by its projections or forward-looking statements.

在本次電話會議中，Urban One 將與各位分享若干預測或其他前瞻性陳述，內容涉及未來事件或其未來表現。Urban One 提醒您，若干因素（包括其不時向美國證券交易委員會提交之 10-K、10-Q 及其他報告中所提及的風險與不確定性）可能導致公司實際結果與其預測或前瞻性陳述所示者存在重大差異。

This call will present information as of May 14, 2026. Please note that Urban One disclaims any duty to update any forward-looking statements made in the presentation. In this call, Urban One may also discuss some non-GAAP financial measures in talking about its performance. These measures will be reconciled to GAAP either during the course of this call or in the company's press release, which can be found on its website at www.urban1.com.

本次電話會議將呈現截至 2026 年 5 月 14 日的資訊。請注意，Urban One 不承擔更新本次簡報中任何前瞻性陳述的義務。在本次電話會議中，Urban One 亦可能在討論其表現時提及若干非 GAAP 財務衡量指標。這些指標將在本次電話會議過程中或於公司新聞稿中與 GAAP 進行調節對照；新聞稿可於其網站 www.urban1.com 查閱。

A replay of the conference call will be available from 2:00 PM Eastern Daylight Time, May 14, 2026, until 11:59 PM Eastern Daylight Time, May 21, 2026. Callers may access the replay by calling 1 (800) 770-2030. International callers may dial direct 1-609-800-9909. The replay access code is 3438559.

本次電話會議的重播將自美東夏令時間 2026 年 5 月 14 日下午 2:00 起提供，至美東夏令時間 2026 年 5 月 21 日晚上 11:59 止。來電者可撥打 1 (800) 770-2030 收聽重播。國際來電者可直接撥打 1-609-800-9909。重播存取碼為 3438559。

Access to live audio and a replay of the conference will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call. No other recordings or copies of this call are authorized or may be relied upon.

亦可透過 Urban One 公司網站 www.urban1.com 收聽本次會議的即時音訊與重播。重播將於電話會議後在網站上提供七天。未經授權的其他錄音或本次電話會議之任何副本均不被允許，亦不得作為依據。

I will now turn the call over to Alfred C. Liggins, Chief Executive Officer of Urban One, who is joined by Peter Thompson, Chief Financial Officer. Mr. Liggins, please go ahead.

接下來我將把電話會議交給 Urban One 執行長 Alfred C. Liggins，他將與財務長 Peter Thompson 一同出席。Liggins 先生，請開始。

Thank you very much, operator, and welcome to our first-quarter results conference call. Also joining Peter and I are Jody Drewer, the Chief Financial Officer at TV One; and Kris Simpson, who is our General Counsel.

非常感謝，接線員，歡迎各位參加我們第一季業績電話會議。與 Peter 和我一同出席的還有：TV One 財務長 Jody Drewer，以及我們的總法律顧問 Kris Simpson。

The press release came out this morning. I think that we had warned, inferred -- other people have also reported already. But first quarter was a very tough quarter. We were budgeted to be down. But things -- the marketplace was softer than anticipated due to continued declines in the traditional ad marketplace.

新聞稿已於今天早上發布。我想我們先前已經提醒、暗示——其他人也已經有所報導。但第一季確實是非常艱難的一季。我們的預算原本就預期會下滑。但由於傳統廣告市場持續下滑，市場環境比預期更疲弱。

Peter will give you more specifics and details on the numbers in a moment. But with a slow start to the year, we've been focused on balance sheet management and debt reduction and deleveraging opportunities. Since the beginning of the year, we spent approximately $25 million to reduce our debt balance by another $60 million or so approximately, just to over $300 million of gross debt.

Peter 稍後會就數字提供更具體的說明與細節。但在年初開局偏慢的情況下，我們一直專注於資產負債表管理、降低負債以及尋找去槓桿的機會。自年初以來，我們投入約 2,500 萬美元，將負債餘額再降低約 6,000 萬美元，使總負債略高於 3 億美元。

We've also announced some delevering and accretive M&A with the acquisition of Service Broadcasting in Dallas -- Dallas, Texas, two radio stations there in the marketplace for an in-market consolidation opportunity for an announced purchase price of just about $22 million.

我們也宣布了一些去槓桿且具增益性的併購交易：收購位於德州達拉斯的 Service Broadcasting——也就是該市場的兩家廣播電台，以進行同市場整併；已公告的收購價格約為 2,200 萬美元。

But net of dispositions of one station in Dallas and two stations in Charlotte, we will spend approximately -- and by the way, those dispositions don't contribute any cash flow currently. We'll invest approximately $11 million and pick up about $5 million in pro forma EBITDA.

但扣除在達拉斯處分一個電台以及在夏洛特處分兩個電台之後——順帶一提，這些處分標的目前並未貢獻任何現金流。我們將投資約 1,100 萬美元，並在備考基礎上增加約 500 萬美元的 EBITDA。

And with that, we are also giving out a new -- as I said in the last conference call, we're going to wait until after we got through the first quarter to look at what we wanted to do about updating guidance for 2026.

此外，正如我在上次電話會議所說，我們會等到第一季結束後，再來評估是否要更新 2026 年的財測指引。

So with that, we're actually updating the 2026 guide to approximately $60 million of EBITDA. And we expect year-end leverage to be below 5 times by year-end, with these acquisitions and dispositions.

因此，我們現在將 2026 年指引更新為 EBITDA 約 6,000 萬美元。並且在這些收購與處分完成後，我們預期年底槓桿倍數將在年底前降至 5 倍以下。

Another bright spot on this is, with these numbers, we'll generate about $40 million of free cash flow this year. Peter is going to have more details on that in his comments. So I'm going to let Peter go into details, and then we can open it up for Q&A and answer any more detailed questions about the business.

另一個亮點是，依照這些數字，我們今年將產生約 4,000 萬美元的自由現金流。Peter 會在他的說明中提供更多細節。所以我先請 Peter 進一步說明，之後我們再開放問答，回答各位對業務更深入的問題。

Thank you, Alfred. So consolidated net revenue for the quarter was approximately $77.7 million, down by 15.8% year over year. Net revenue for the Radio Broadcasting segment was $30.5 million, which is a decrease of 6.4% year over year.

謝謝你，Alfred。本季合併淨營收約為 7,770 萬美元，年減 15.8%。廣播（Radio Broadcasting）部門淨營收為 3,050 萬美元，年減 6.4%。

Excluding political revenue, net revenue for Radio was down 8.7% year over year. And according to Miller Kaplan, our local ad sales were down 5.5% against the market that was down 7.1%, and national ad sales were down 8.2% against the market that was down 6.7%.

若排除政治廣告收入，廣播部門淨營收年減 8.7%。根據 Miller Kaplan 的資料，我們的本地廣告銷售下滑 5.5%，相較市場下滑 7.1%；全國性廣告銷售下滑 8.2%，相較市場下滑 6.7%。

Our largest ad category was services, which was up 14.5%, primarily due to legal services. And the government and public category was up 23.6% due to political spending. But all the other major categories were let down.

我們最大的廣告類別是服務業，成長 14.5%，主要來自法律服務。政府與公共類別成長 23.6%，主要受政治支出帶動。但其他主要類別皆表現不佳。

Net revenue for the Reach Media segment was $4.9 million, down 17% from the prior year. And adjusted EBITDA was a loss of $0.5 million for the quarter. This decrease was primarily driven by a decrease in the network marketplace revenue and key client attrition.

Reach Media 部門淨營收為 490 萬美元，較去年同期下滑 17%。本季調整後 EBITDA 為虧損 50 萬美元。此下滑主要由聯播網市場收入下降以及重要客戶流失所致。

Net revenues for the Digital segment were down 33.5% in the first quarter at $6.8 million. The decrease was driven by the decrease in national direct revenue streams as a result of a reduction of DEI-focused spending, ad budgets being pushed to second quarter and second half, and a general pullback in advertiser spending due to macroeconomic concerns.

數位（Digital）部門第一季淨營收下滑 33.5% 至 680 萬美元。下滑原因包括：因 DEI（多元、公平與共融）導向支出縮減而導致全國直客收入來源下降、廣告預算延後至第二季及下半年，以及因宏觀經濟疑慮使廣告主整體縮手。

Local digital revenue was up 10.9% for the quarter, as we continue to focus on expanding and improving our local digital sales. We recognized approximately $36 million of revenue from our Cable Television segment during the quarter, a decrease of 18.5%. Cable Television advertising revenue was down 24.9%. Prime delivery declined 24% year over year for persons 25-54.

本季本地數位營收成長 10.9%，因我們持續專注於擴大並改善本地數位銷售。本季我們自有線電視（Cable Television）部門認列約 3,600 萬美元營收，年減 18.5%。有線電視廣告營收下滑 24.9%。25–54 歲族群的黃金時段觸達（Prime delivery）年減 24%。

The integration of Nielsen DASH data gave a boost to linear inventory. And this, along with a weak scatter market, led to more commercial units being allocated to direct response, which has a lower average unit rate.

整合 Nielsen DASH 數據為線性（linear）庫存帶來提振。而這一點，加上疲弱的零散（scatter）市場，導致更多廣告單元被分配至直接回應（direct response）投放，而其平均單位價格較低。

Cable Television affiliate revenue was down by 9.8%, driven by a decrease in subscribers as linear cable continues to decline. And that was partially offset by an increase in subscriber rates. Cable subscribers for TV One, as measured by Nielsen, finished the first quarter at 29.1 million compared to 30.2 million at the end of Q4.

有線電視聯盟（affiliate）收入下滑 9.8%，主因是線性有線持續衰退導致訂戶減少。但訂戶費率上升部分抵銷了該影響。依 Nielsen 衡量，TV One 的有線訂戶在第一季末為 2,910 萬戶，較第四季末的 3,020 萬戶下降。

The decline is a result of the combination of churn and a conversion of virtual MVPDs that has been sold as connected television and therefore, pulled out of the Nielsen numbers. Cleo TV had 28.6 million Nielsen subscribers.

下滑是流失（churn）以及部分虛擬 MVPD 被以連網電視（connected television）形式銷售、因此自尼爾森（Nielsen）數據中剔除的綜合結果。Cleo TV 的尼爾森訂戶為 2,860 萬。

Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill and intangible assets, was approximately $73.5 million compared to approximately $80.7 million for the comparable period in 2025. Decrease was mainly driven by sales and marketing expense decreases in the operating segments.

營業費用（不含折舊與攤銷、以股份為基礎之薪酬，以及商譽與無形資產減損）約為 7,350 萬美元，較 2025 年同期約 8,070 萬美元為低。下降主要由各營運部門銷售與行銷費用減少所致。

Radio expenses were down 3.8% or $1.1 million, driven primarily by lower costs associated with revenue, lower facility and rental costs, lower national rep fees, and lower bank charges. Reach operating expenses were down by 16.2% or $1.1 million, primarily due to lower bad debt reserve, lower bank charges, and lower revenue-related expenses.

廣播（Radio）費用下降 3.8%（或 110 萬美元），主要因與營收相關成本較低、設施與租賃成本較低、全國代理費較低，以及銀行費用較低。Reach 的營業費用下降 16.2%（或 110 萬美元），主要因呆帳準備較低、銀行費用較低，以及與營收相關費用較低。

Operating expenses in the Digital segment were down 19.7%, driven by a decrease in traffic acquisition costs, commissions, headcount-related savings, and third-party ad serving costs. Operating expenses in Cable Television segment were down 9.8%, driven by lower marketing expense, lower programming content amortization and research costs.

數位（Digital）部門營業費用下降 19.7%，主要由流量取得成本下降、佣金下降、人力相關節省，以及第三方廣告投放服務成本下降所帶動。有線電視（Cable Television）部門營業費用下降 9.8%，主要因行銷費用較低、節目內容攤銷較低及研究成本較低。

Operating expenses at corporate were down approximately 6.1%, driven by lower professional service fees and payroll-related costs. Consolidated adjusted EBITDA was $4.7 million for the first quarter, down 63.8%. Consolidated Broadcast and Digital operating income was approximately $14.9 million, a decrease of 35.4%.

公司層級（corporate）營業費用約下降 6.1%，主要因專業服務費與薪資相關成本較低。第一季合併調整後 EBITDA 為 470 萬美元，下降 63.8%。合併廣播與數位營業利益約為 1,490 萬美元，下降 35.4%。

Interest expense was down to approximately $4.4 million, down from $10.9 million last year. The company made cash interest payments of approximately $700,000 in the quarter on the outstanding 2028 notes.

利息費用降至約 440 萬美元，低於去年 1,090 萬美元。本季公司就未償還之 2028 年到期票據支付現金利息約 70 萬美元。

Semiannual cash interest payments for the 2030 and 2031 notes were made on April 1 for 102 days of accrued interest from the transaction date of December 18, 2025. And the next payment on those notes is now due October 1 for the full 180 days of accrued interest.

2030 年與 2031 年到期票據的半年期現金利息已於 4 月 1 日支付，涵蓋自 2025 年 12 月 18 日交易日以來累計 102 天的應計利息。而這些票據的下一次付款現改為於 10 月 1 日到期，支付完整 180 天的應計利息。

During the first quarter, the company repurchased $43 million of its -- sorry, $4.3 million of its 2028 notes at an average price of 51% of par for a $2.1 million gain and approximately $32.4 million of its 2031 second lien notes at a weighted average price of approximately 40.7% of par.

第一季期間，公司回購了 4,300 萬美元的——抱歉，是 430 萬美元的 2028 年到期票據，平均價格為面值的 51%，因此獲利 210 萬美元；並以加權平均約為面值 40.7% 的價格回購約 3,240 萬美元的 2031 年第二順位擔保（second lien）票據。

The discounted debt repurchases in the first quarter reduced the outstanding long-term debt balance to $326.7 million as of March 31, 2026. The company repurchased an additional $23.5 million of its 2031 notes in Q2 at 42% of par.

第一季以折價回購債務，使截至 2026 年 3 月 31 日的未償長期負債餘額降至 3.267 億美元。公司於第二季另以面值 42% 的價格回購了 2,350 萬美元的 2031 年到期票據。

And so as Alfred said, year to date, that's a total reduction in long-term debt of $60.2 million, which will give us an annual interest saving of $4.6 million. Under the troubled debt restructuring accounting, the long-term debt on the balance sheet includes a premium which amortizes over the remaining term.

因此如 Alfred 所說，截至目前為止，長期負債合計減少 6,020 萬美元，將為我們帶來每年 460 萬美元的利息節省。依困境債務重整（troubled debt restructuring）會計處理，資產負債表上的長期負債包含一項溢價，並在剩餘期限內攤銷。

And on the ABL, we drew $10 million in the fourth quarter and repaid that in the first quarter. And then on March 31, we drew another $10 million with the six-month maturity, which was outstanding as of March 31, 2026.

至於 ABL，我們在第四季提用 1,000 萬美元，並於第一季償還。接著在 3 月 31 日，我們又提用另一筆 1,000 萬美元、期限六個月的借款，截至 2026 年 3 月 31 日仍為未償。

We drew a further $10 million in the second quarter of 2026 to help us do the long-term debt repurchase. And so we have a current outstanding balance today of $20 million on the ABL. And we have incremental borrowing capacity of approximately $22 million today.

我們在 2026 年第二季再提用 1,000 萬美元，以協助進行長期負債回購。因此目前 ABL 的未償餘額為 2,000 萬美元。而我們目前尚有約 2,200 萬美元的額外可借款額度。

No impairment losses were recognized for the three months ended March 31, 2026. We recorded amortization expense of approximately $6.2 million, including $5.6 million for the radio broadcast license and TV One trade name for the three months ended March 31, 2026. Benefit from income taxes was approximately $1.4 million for the first quarter.

截至 2026 年 3 月 31 日止三個月，未認列任何減損損失。我們認列攤銷費用約 620 萬美元，其中截至 2026 年 3 月 31 日止三個月，廣播執照與 TV One 商標名稱攤銷為 560 萬美元。第一季所得稅利益約為 140 萬美元。

The company paid cash income taxes net of refunds in the amount of approximately $0.1 million. Capital expenditures were approximately $3.4 million in the quarter, which included the Indianapolis studio refurbishment, which is why that's higher than you would normally expect to see. So that will normalize over time.

公司支付的現金所得稅（扣除退稅）約為 10 萬美元。本季資本支出約 340 萬美元，其中包含印第安納波利斯（Indianapolis）攝影棚整修，因此金額高於你通常預期看到的水準。因此這將隨時間回歸正常。

Net loss was approximately $3.1 million or $0.69 a share compared to a net loss of $11.7 million or $2.64 per share for the first quarter of 2025. During the three months, the company did not repurchase any shares of Class A common stock. And we executed stock [best] tax repurchases of 2,187 shares of Class D common stock at a price of $5.73 per share.

淨損約 310 萬美元（每股 0.69 美元），相較於 2025 年第一季淨損 1,170 萬美元（每股 2.64 美元）。在這三個月期間，公司未回購任何 A 類普通股。我們執行了股票［最佳］稅務回購，以每股 5.73 美元的價格回購 2,187 股 D 類普通股。

As we previously announced, in March, the company agreed to sell its WMXG and also WLNK radio broadcast licenses in Charlotte, North Carolina, to unrelated third parties for approximately $0.7 million and $4.2 million, respectively. We anticipate to close on the sale by the end of Q2.

如先前公告，公司於 3 月同意將其位於北卡羅來納州夏洛特（Charlotte, North Carolina）的 WMXG 以及 WLNK 廣播執照出售予無關第三方，對價分別約為 70 萬美元與 420 萬美元。我們預期將於第二季末前完成交割。

In April, the company entered into an agreement to acquire Service Broadcasting Group in Dallas, Texas, including radio stations KKDA and KRNB for $22 million. At the same time, we also entered into an agreement to sell radio station KZMJ to Fuzion Dallas for $6 million. Pending FCC approval, the Dallas transactions are expected to close in Q3.

4 月，公司簽訂協議收購德州達拉斯（Dallas, Texas）的 Service Broadcasting Group，包含 KKDA 與 KRNB 電台，收購價為 2,200 萬美元。同時，我們也簽訂協議將 KZMJ 電台以 600 萬美元出售予 Fuzion Dallas。待 FCC 核准後，達拉斯相關交易預期於第三季完成交割。

So the net of all of that radio M&A is roughly $11 million of outflow. And on a pro forma basis, we think the incremental cash flows from that will be around about $5 million. As of March 31, 2026, current contractually outstanding debt balance was approximately $336 million and the ending unrestricted cash balance of $27.2 million, resulting in net debt of approximately $309.5 million compared to $48.5 million of LTM reported adjusted EBITDA for a total net leverage ratio of 6.39 times.

因此，以上所有廣播併購（M&A）合計淨現金流出約 1,100 萬美元。以備考（pro forma）基礎來看，我們認為由此帶來的新增現金流約為 500 萬美元。截至 2026 年 3 月 31 日，當期依合約未償債務餘額約為 3.36 億美元，期末不受限制現金餘額為 2,720 萬美元，淨負債約為 3.095 億美元；相較於過去十二個月（LTM）已揭露之調整後 EBITDA 4,850 萬美元，淨槓桿比率合計為 6.39 倍。

Cash flow from operations is expected to be around $40 million for the year. And we do anticipate repaying the $20 million ABL balance in the second half of the year. And based on the guidance that we gave, we anticipate net leverage being below 5 times at year-end.

預期全年營運活動現金流約為 4,000 萬美元。我們也預期在下半年償還 2,000 萬美元的 ABL 餘額。並且依我們提供的指引，我們預期年底淨槓桿將低於 5 倍。

And with that, I'll hand it back.

以上，我把時間交回去。

Thanks, Peter. Operator, could you please open up the lines for questions?

謝謝，Peter。接線員，麻煩請開放提問線路？

(Operator Instructions) Ben Briggs, StoneX Financial.

（接線員指示）Ben Briggs，StoneX Financial。

Hey, good morning, guys, and thank you for taking the call and taking the questions. So I wanted to touch on one thing here. So first of all, congratulations on the acquisitions that you made this quarter. I know kind of moving some of the chips on the board is an important strategy for you guys.

各位早安，謝謝你們參加電話會議並回答問題。我想先談一件事。首先，恭喜你們本季完成的收購案。我知道在盤面上移動一些籌碼對你們而言是一項重要策略。

Can you give us some clarity on the thought process behind these? Is it more attractive formats that you think are going to make the difference? Or is it better geographies or a combination of both? Any clarity there would be great.

您能否就這些背後的思考邏輯再多給我們一些釐清？您認為會帶來差異的是更具吸引力的格式嗎？還是更好的地理市場，或兩者的組合？若能提供任何釐清都會很有幫助。

They aren't different formats. They are similar formats in the marketplace. So we're really looking to expand our reach and our service of the African American community in Dallas, Texas. So I think it's going to help us all the way around in terms of serving local advertisers.

它們不是不同的格式。它們在市場上是相似的格式。所以我們真正要做的是擴大我們在德州達拉斯對非裔美國人社群的觸及與服務。因此我認為這將在各方面都有助於我們服務在地廣告主。

It's -- the economics of putting those clusters together and also selling off our one station are going to create a much larger cluster that has more revenue scale. And with those economies of scale, you're producing significantly more EBITDA. So it makes a lot of sense. It's an acquisition that we've been -- I've been trying to do for almost 30 years.

這是——把那些群組整合在一起的經濟效益，以及同時出售我們的一個電台，將會形成一個更大的群組，具備更大的營收規模。而在這些規模經濟之下，你會產生顯著更高的EBITDA。所以這非常合理。這是一項我們一直——我自己幾乎嘗試了30年的收購案。

I think we -- actually, so we went public in May of '99. That's when we bought our first Dabl station and trying to make a deal with the owner operator there, Mr. Henry Childs, who's a wonderful broadcaster and has been in this business for a long time. And we've always stayed in touch, and we finally were able to do something.

我想我們——其實，我們是在1999年5月上市的。那時我們買了第一個Dabl電台，並嘗試與那裡的業主經營者亨利·柴爾茲先生（Mr. Henry Childs）談成交易；他是一位很棒的廣播人，在這個產業深耕已久。我們一直保持聯繫，最後終於能做成一些事情。

What really helps it is again the disposition of the one station that we have that I think does maybe a couple of million dollars of revenue, but really no cash flow contribution. Those two stations in Charlotte that we're selling will probably do just about $1 million of revenue this year and also contribute no cash flow.

真正有幫助的是，再次強調，我們處分的那一個電台，我認為可能有約兩百萬美元的營收，但實際上對現金流沒有貢獻。我們在夏洛特要出售的那兩個電台，今年的營收大概也就約一百萬美元，同樣也不貢獻現金流。

The two stations in Charlotte became salable because we moved our news talk format off of WBT-AM, and we put it on -- what was WLNK-FM, which is a full market signal there. Because these spoken word formats have to move to the FM band. So we finally did that.

夏洛特的那兩個電台之所以變得可出售，是因為我們把新聞談話（news talk）格式從WBT-AM移走，改放到——原本是WLNK-FM——那是一個覆蓋全市場的訊號。因為這些口語內容（spoken word）格式必須移到FM頻段。所以我們終於做到了。

And then we moved the adult contemporary format to these stations, which -- one is a Class A in Charlotte. The other one is a C3, that's just south of Charlotte. And so we're really positioning that Charlotte cluster for the future, and -- but there was no cash flow associated with it.

接著我們把成人當代（adult contemporary）格式移到這些電台上，其中——一個是在夏洛特的Class A。另一個是C3，就在夏洛特南邊。因此我們其實是在為夏洛特群組的未來做定位，而——但它並沒有帶來任何現金流。

It also actually frees up the land associated with the tower sites for WBT-AM and also for our old WFNZ-AM, which we also moved to the FM band. So something I didn't talk about is that we've got significant value in those land assets in Charlotte. And there is a process going on as we speak to monetize those parcels.

這也確實釋放了與WBT-AM塔台站址相關的土地，還有我們舊的WFNZ-AM（我們也把它移到FM頻段）。所以有一點我剛剛沒提到：我們在夏洛特的那些土地資產具有相當可觀的價值。而且目前正有一個流程在進行中，要把那些地塊變現。

So all in the vein of, how do we look or be accretive in delevering M&A. So you got to get it at the right price. It's got to be an operational fit such that one plus one equals three in terms of profitability. And so we think what we did in Dallas and what we're doing in Charlotte is -- are significant -- going to be significant plays in our effort to continue to delever.

所以整體都圍繞著：我們如何在去槓桿的併購（delevering M&A）上做到增益（accretive）。所以你必須用對的價格買到。而且必須在營運上契合，讓一加一在獲利上等於三。因此我們認為，我們在達拉斯所做的，以及我們在夏洛特正在做的——都是重大——將會是我們持續去槓桿努力中的重要布局。

Okay, that's great color. And I appreciate the information about the land that some AM towers are on that frees up. Can you give any more clarity on the monetization process? Is it going to be -- are you going to lease? Are you going to sell? Are you not sure yet?

好的，這些補充很有幫助。也謝謝你提到一些AM塔台所在的土地釋放出來這件事。你能否對變現流程再多給一些釐清？會是——你們會出租嗎？還是會出售？或你們還不確定？

We can't. We're -- the land is listed with JLL right now. And there's a process going on to bring in offers and to evaluate and to -- eventually to sell it.

我們目前還不能。我們——那塊土地現在已委託給JLL掛牌。目前正在進行一個流程來徵求報價、評估，並——最終出售。

Okay, great. That's a very helpful color. I appreciate it. Thank you, guys.

好的，很好。這些補充非常有幫助。謝謝。謝謝各位。

(Operator Instructions) [Dennis Pannullo, Lapan Partners].

（接線員指示）[Dennis Pannullo，Lapan Partners]。

Hi, good morning, guys. Thanks for taking my questions. I know the first-quarter seasonality is the weakest quarter of the year, but to see TV down double digits. And did I hear Mr. Thompson right? Did you say Digital -- your Digital broadcast was up?

嗨，各位早安。謝謝回答我的問題。我知道第一季的季節性通常是一年中最弱的一季，但看到電視（TV）下滑達到兩位數。而且我有沒有聽錯湯普森先生（Mr. Thompson）？你是說數位——你們的數位廣播（Digital broadcast）是成長的？

Q2 (multiple speakers) -- no, look, so super soft Q1, but a bunch of campaigns got pushed into Q2 and the back half. So Q2 and Digital is actually up. So (multiple speakers) yeah, sorry, of all of the other divisions, I think that the Digital folks are optimistic and confident about making their numbers for the year, right? So we have a weak Q2, but -- a weak Q1, but a stronger Q2.

第二季（多位發言者）——不，你看，第一季非常疲弱，但有不少活動被延後到第二季以及下半年。所以第二季以及數位其實是成長的。所以（多位發言者）對，抱歉，在其他各事業部之中，我認為數位團隊對於達成全年目標是樂觀且有信心的，對吧？所以我們第一季偏弱，但第二季會更強。

Maybe because a lot of your peers are transitioning to digital, and digital sales have been pretty strong. So I'm sure that we're probably trying to head in that same direction, I would imagine. Margins are better. Sales numbers are better. (multiple speakers) that division?

也許是因為你們很多同業都在轉向數位，而數位銷售一直相當強勁。所以我想我們大概也在嘗試往同樣方向走，我猜。毛利率更好。銷售數字更好。（多位發言者）那個事業部？

Yes, the margin -- well, the division has grown from -- I mean we created Interaction One and for a long time, it was a breakeven division. And then I think revenue went from like [low-30s] to $75 million after sort of the George Floyd DEI, and it was wildly profitable. When I say wildly, went up to, call it, $20 million.

是的，毛利率——嗯，這個事業部從——我的意思是，我們成立了Interaction One，而在很長一段時間裡，它是一個打平（breakeven）的事業部。然後我想營收從大概[三千多萬美元出頭]成長到約7,500萬美元，這是在喬治·佛洛伊德（George Floyd）事件後的DEI浪潮之後，而且獲利非常可觀。我說非常可觀，是指上升到大約2,000萬美元左右。

Now there's pressure on digital publishers, of which they are. You can see BuzzFeed had its challenge, et cetera. But even with all of that, advertisers are moving more towards Digital. So it will still be not a $20 million profitable division, but from $6 million, of course.

現在數位出版商面臨壓力，而他們就是其中之一。你可以看到BuzzFeed遇到的挑戰等等。但即便如此，廣告主仍在更大程度地轉向數位。所以它仍然不會是一個有2,000萬美元獲利的事業部，但會是從600萬美元（獲利）起算，當然。

But a misnomer that you just mentioned is that the margins aren't better in Digital. The margins are actually worse, particularly on local digital. Because a lot of the campaigns that you sell require you to, A, do specialized individual custom content; and B, oftentimes, you need impressions that are not owned and operated impressions to build scale. And those impressions are very expensive to buy.

但你剛剛提到的一個常見誤解是：數位的毛利率並沒有更好。數位的毛利率其實更差，尤其是在本地數位（local digital）上。因為你賣出的許多活動需要你：A，製作專門的、個別的客製內容；以及B，很多時候你需要非自有自營（not owned and operated）的曝光（impressions）來做出規模。而那些曝光購買成本非常高。

And so you have TAC, which is traffic acquisition cost. And the radio business, local radio has been moving in that direction, but it is a lower-margin business. But as I -- and our local radio stations have been behind the curve in local digital. And we're pushing and improving in that area because I tell my guys and ladies that low margin is better than no margin, right? So --

因此你會有TAC，也就是流量取得成本（traffic acquisition cost）。而廣播業務、本地廣播也一直朝那個方向走，但那是一個低毛利的生意。但正如我——我們的本地廣播電台在本地數位方面一直落後於趨勢。我們正在推動並改善這一塊，因為我告訴我的夥伴們（先生女士們），低毛利總比沒有毛利好，對吧？所以--

And, Dennis, on the local -- to Alfred's point, on local digital revenue, I mentioned in my sort of prepared remarks, we were up 10.9% for the quarter. The marketplace was up 20%. So local digital is where the growth is in radio. And we're sort of trailing that curve, but we're working hard to catch up.

Dennis，關於本地——呼應Alfred的觀點，就本地數位營收而言，我在事先準備的發言中提到，我們本季成長了10.9%。市場整體成長了20%。所以本地數位是廣播成長所在。我們有點落後於那條曲線，但我們正努力追趕。

More scale in our markets will help us be a better local digital marketing partner for our advertisers. So we're focused on that.

在我們的市場中擴大規模，將有助於我們成為廣告主更好的在地數位行銷合作夥伴。因此我們正專注於此。

And let me just take a quick second to thank you and management for working so hard. I mean, my God, that refinancing you guys did in December was awesome. You didn't (technical difficulty) any of the company. There was no dilution to shareholders.

我也想花一點時間感謝你以及管理團隊如此努力。我的天，你們在12月做的那次再融資真的很棒。你們沒有（技術問題）公司的任何部分。對股東沒有任何稀釋。

And unfortunately, the market didn't reward you in any way, shape, or form for that. And now with this additional debt repurchase and another $1.1 million in interest savings plus the premium savings, it's looking like, if I'm not mistaken, your quarterly interest cost on your P&L was going to be under $3 million. Does that sound about right to Thompson?

但不幸的是，市場並沒有以任何方式、任何形式回報你們。而現在，隨著這次額外的債務回購，以及另外110萬美元的利息節省再加上溢價節省，看起來如果我沒弄錯的話，你們損益表上的季度利息成本將會低於300萬美元。這聽起來對Thompson來說大致正確嗎？

Yeah, it's -- look, that's the weirdness of having to amortize the premium, and it reduces the effective interest rate. I think the way to think about the interest burden going forward is the cash interest expense.

是的——你看，這就是必須攤銷溢價的怪異之處，它會降低有效利率。我認為未來衡量利息負擔的方式，是看現金利息費用。

No, I know that.

不，我知道。

Yeah. So $24.8 million is the pro forma cash interest expense moving forward, which is obviously way down on where we've been historically and to your point, helps us generate more free cash flow, right?

對。因此，往後的備考（pro forma）現金利息費用是2,480萬美元，這顯然比我們過去的歷史水準低很多；也如你所說，這有助於我們產生更多自由現金流，對吧？

Yes, look, you're in -- we're in tougher businesses, right? And so it really -- it's going to be a threading of the needle of how do you manage the balance sheet, get your interest burden down, get your debt down, find the places where you can create more cash flow.

是的，你看，你們——我們——所處的是更艱難的產業，對吧？所以這真的——會是一種走鋼索：如何管理資產負債表、降低利息負擔、降低債務，並找出可以創造更多現金流的地方。

And look, you got to deal with the reality is that at least the assumptions that we make, like when we did this Dallas acquisition, our model has the Dallas market going down in spot revenue and Digital going up with lower margins. But net-net, the market coming down, right?

而且你看，你必須面對現實：至少以我們所做的假設來看，例如我們做這筆達拉斯收購時，我們的模型假設達拉斯市場的現貨（spot）營收下滑，而數位業務上升但毛利率較低。但總體而言，市場是在下滑，對吧？

And I don't have a crystal ball as to what happens to the media ecosystem in terms of technology and who's competing and what it means. And I don't think anybody does, but you just got to manage that debt down and stay ahead of it.

至於媒體生態系在技術層面會發生什麼、誰在競爭、以及這代表什麼，我沒有水晶球。我想也沒有人有；但你就是得把債務降下來並保持領先。

And so that's what we've been doing. That's what we plan. I mean, it's actually -- the fact that in February of '21, we had $825 million of debt, five years later, we've got $303 million of debt. Now we have less cash flow, too. But that's (multiple speakers) --

所以這就是我們一直在做的。這也是我們的計畫。我的意思是，實際上——在2021年2月我們有8.25億美元的債務，五年後我們有3.03億美元的債務。現在我們的現金流也更少了。但那是(多位發言者) --

Well, even looking at January of 2024, you had $725 million. So in just a few years, you guys took off over $400 million of debt without diluting shareholders a single share.

即便看2024年1月，你們還有7.25億美元。所以短短幾年內，你們在不稀釋股東任何一股的情況下，減少了超過4億美元的債務。

Yeah, I mean, that's all fine and good, but the -- and I appreciate that. But the stock trades basically as an option level because what's the value, right? Like can you value stuff -- we're like, hey, we're going to be below 5 times. Somebody could argue that your assets, cable and radio, are worth 5 times. So there's no equity value, right?

是的，我的意思是，那都很好，我也很感謝。但股價基本上是以選擇權等級在交易，因為價值在哪裡，對吧？比如你能不能估值——我們像是說，嘿，我們會低於5倍。有人可能會主張，你的資產——有線和廣播——值5倍。所以就沒有股權價值了，對吧？

Right now, because it certainly benchmarks, whether it's AMC Networks or whether it's Versant or like have seen multiples, below 5 times, right? So -- but we [sold] drawn. That's the reason you got to get your debt down to 3 times, right? And that's what we're focusing on.

因為現在確實有可比基準，不管是AMC Networks、Versant，或是其他——你看到的倍數都低於5倍，對吧？所以——但我們[賣]抽籤。這就是為什麼你必須把債務降到3倍，對吧？而這正是我們在專注的。

Well, even your free cash flow that you just mentioned, you're going to do $40 million, your current market cap is $26 million this morning. I mean, how many companies are trading under 1 times free cash flow?

但就連你剛提到的自由現金流，你們要做到4,000萬美元，而你們今天早上的目前市值是2,600萬美元。我的意思是，有多少公司是以低於1倍自由現金流在交易？

I don't know. I mean, I don't know what your peers typically trade at. But when I took a look, they typically trade at 5 times to 8 times free cash flow. You guys are less than 1.

我不知道。我的意思是，我不知道你們同業通常的交易水準。但我看了一下，他們通常是以5倍到8倍自由現金流在交易。你們低於1倍。

Well, look, I think the market has got to get comfortable that our company -- these companies are going to make it through the curve, right, because a number of folks have not made it. Cumulus is in BK again. Spanish broadcasting just went to BK. And so they got to believe that you're going to make it, and then they'll buy your argument.

你看，我認為市場必須先對我們公司——這些公司——能夠熬過這條曲線感到安心，對吧？因為有不少人沒能撐過去。Cumulus又再次進入破產（BK）。西語廣播也剛進入破產（BK）。所以他們得相信你能撐過去，然後才會買單你的論點。

Well, you don't have any liquidity issues either, any near-term debt issues. You just push them out to 2030 and 2031. And you eradicate -- and you're eliminating that debt at a rapid pace. So how do you not get re-rated and have your stock trading at literally bankruptcy prices?

但你們也沒有任何流動性問題，也沒有任何近期債務問題。你們剛把到期日延後到2030年和2031年。而且你們正在以很快的速度消除——並且正在消除那筆債務。那為什麼你們不會被重新評級，讓股價不再以字面上的破產價格在交易？

And something on the call, I'm sure they (multiple speakers) I hope you're making --

而且在這通電話上，有件事我確定他們（多位發言者）我希望你正在做--

Thank you, guys. Thank you for taking my questions. I appreciate your time and your hard work. And I hope you guys get rewarded share-price-wise very soon.

謝謝各位。謝謝你們回答我的問題。感謝你們的時間與辛勤工作。也希望你們很快能在股價表現上獲得回報。

So do we.

我們也是。

Yeah. Thank you, Dennis.

是的。謝謝你，Dennis。

(Operator Instructions) This concludes our question-and-answer session. I'll hand the call back to Alfred for any closing comments.

(接線員指示) 問答環節到此結束。我將把電話交回給Alfred，請他做任何結語。

Operator, thank you very much. And also, thank you, everybody, for your support. And again, I always say this; it's now like a broken record. But Peter and I pride ourselves on being accessible. And so if there are any follow-up questions, please feel free to reach out to us.

接線員，非常感謝。也謝謝各位的支持。再一次，我總是這麼說；現在聽起來都像跳針了。但Peter和我以保持可聯繫、容易接觸為傲。所以如果有任何後續問題，請隨時與我們聯繫。

Thank you very much.

非常感謝。

This concludes our call. Thank you all for joining. You may now disconnect.

本次電話會議到此結束。感謝各位參與。您現在可以掛線。