Urban One Inc (UONEK) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Urban One 2025 second quarter earnings call. As a reminder, this conference is being recorded. We will begin this call with the following safe harbor statement, 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.

女士們、先生們，感謝大家的支持，歡迎參加 Urban One 2025 第二季財報電話會議。提醒一下，本次會議正在錄製中。我們將以以下安全港聲明開始本次電話會議，在本次電話會議期間，Urban One 將與您分享有關未來事件或未來表現的某些預測或其他前瞻性聲明。

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. This call will present information as of August 13, 2025.

Urban One 提醒您，某些因素，包括其定期向美國證券交易委員會提交的 10-K、10-Q 和其他報告中提及的風險和不確定性，可能會導致公司的實際結果與其預測或前瞻性陳述所示的結果存在重大差異。本次電話會議將提供截至 2025 年 8 月 13 日的資訊。

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. A replay of the conference call will be available from 2:00 p.m. Eastern Time, August 13, 2025, until 11.59 p.m.

請注意，Urban One 不承擔更新簡報中任何前瞻性聲明的義務。在本次電話會議中，Urban One 可能還會討論一些非 GAAP 財務指標來談論其表現。這些指標將在本次電話會議期間或公司新聞稿中與美國通用會計準則 (GAAP) 進行協調。本公司新聞稿可於本公司網站 www.urban1.com 查閱。電話會議重播將於 2025 年 8 月 13 日美國東部時間下午 2:00 至晚上 11:59 提供。

Eastern Time, August 20, 2025. Callers may access the replay by calling plus 1 8007702030. International callers may dial direct plus 1 6098009909. The replay access code is 3660282. Access to live audio and a replay of the conference will also be available on Urban One's corporate website at www.urban1.com.

東部時間，2025 年 8 月 20 日。來電者可以撥打 +1 8007702030 收聽重播。國際電話可直接撥打 1 6098009909。重播訪問代碼是3660282。您也可以在 Urban One 的公司網站 www.urban1.com 上收聽會議的現場音訊和重播。

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. 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.

通話重播將在網站上提供七天。未經授權，不得依賴此通話的任何其他錄音或副本。現在，我將電話轉給 Urban One 執行長 Alfred C. Liggins，財務長 Peter Thompson 也加入其中。

Mr. Liggins, please go ahead.

利金斯先生，請繼續。

Thank you, operator. Also joining us is our General Counsel, Kris Simpson; our Chief Administrative Officer, Karen Wishart; and our TV One CFO, Jody Drewer. The earnings release, press release is out. Consistent with what's going on in the industry, it was a tough quarter. Albeit, when Peter gets into the numbers, there are some adjustments that need to be taken into account that don't make the picture as dire.

謝謝您，接線生。與我們一起的還有我們的總法律顧問 Kris Simpson、首席行政官 Karen Wishart 和 TV One 財務長 Jody Drewer。收益報告和新聞稿已經發布。與行業現狀一致，這是一個艱難的季度。儘管如此，當彼得談到數字時，還是需要考慮一些調整，以免情況變得那麼糟。

One of those is a difference in the timing of our Tom Joyner cruise, which was in Q2 last year, but has been moved to Q4, and that's a big revenue number. And also, there's a noncash adjustment through the TV One award, which has a significant impact on the downdraft on the EBITDA line as well. I think the big news is that we have revised our guidance for the year given the headwinds that we're experiencing down from the original $75 million, which we had at the beginning of the year to a $60 million full year number. We have not instituted a second round of cost cuts and rightsizing as of yet. That's something that we'll focus on over the next 30 days and look to institute by the end of Q3.

其中之一就是我們的湯姆喬伊納遊輪之旅的時間安排有所不同，去年是在第二季度，但現在已移至第四季度，這對收入產生了很大的影響。此外，透過 TV One 獎項還有一項非現金調整，這也對 EBITDA 線的下降產生了重大影響。我認為重大新聞是，考慮到我們所面臨的阻力，我們已經修改了今年的預期，從年初的 7,500 萬美元下調至全年 6,000 萬美元。我們尚未實施第二輪成本削減和調整規模措施。這是我們將在接下來的 30 天內重點關注的事情，並希望在第三季末實現。

So it takes effect (inaudible) in Q4. We have seen a bit of moderation, as I think we said last quarter in our TV business. Actually, that's a business that is doing better than we originally had budgeted. But the Radio and the Digital business and Reach Media, in particular, are undergoing significant headwinds. So with that, I'm going to let Peter take you through the details, and then we'll open it up for Q&A and talk about the business in more detail.

因此它將在第四季度生效（聽不清楚）。正如我們上個季度在電視業務中所說的那樣，我們看到了一點放緩。事實上，這項業務的業績比我們最初預算的還要好。但廣播和數位業務，尤其是 Reach Media，正面臨巨大的阻力。因此，我將讓彼得向您介紹細節，然後我們將進行問答並更詳細地討論業務。

Thanks, Alfred. I'll just quickly run us through the numbers. So consolidated net revenue is approximately $91.6 million, down 22.2% year-over-year for the three months ended June 30, 2025. Net revenue for the Radio Broadcast segment was $36.7 million, a decrease of 12.6% year-over-year. Excluding political, net revenue was down 10.3% year-over-year.

謝謝，阿爾弗雷德。我將快速地向我們介紹一下這些數字。因此，截至 2025 年 6 月 30 日的三個月，合併淨收入約為 9,160 萬美元，年減 22.2%。廣播部門淨收入為 3,670 萬美元，年減 12.6%。不計政治費用，淨收入較去年同期下降10.3%。

According to Miller Kaplan, our local advertising sales were down 5.6% against the market that was down 11%. Our national ad sales were down 23.6% against the market that was down 13.1%. Our largest ad category was services, which was up 23.4%, was driven by legal firms and legal services. Financial was also up 11.3%, and all the other major categories were down. Net revenue for Reach Media segment was $5.3 million in the second quarter, down 71.9% from the prior year, and adjusted EBITDA for Reach was a loss of $1.7 million for the quarter.

根據 Miller Kaplan 的數據，我們的本地廣告銷售額下降了 5.6%，而市場銷售額則下降了 11%。我們的全國廣告銷售額下降了 23.6%，而市場則下降了 13.1%。我們最大的廣告類別是服務業，成長了 23.4%，主要由律師事務所和法律服務推動。金融股也上漲了11.3%，其他主要類別股均下跌。Reach Media 部門第二季淨收入為 530 萬美元，較上年下降 71.9%，本季 Reach 調整後 EBITDA 虧損 170 萬美元。

The Tom Joyner cruise event, as Alfred said, was in the second quarter of 2024, and generated $9.6 million in revenue in Q2 last year. This year it's going to be held in Q4. So you have a revenue and a profit timing difference there for the quarter. Aside from the absence of the cruise revenue, client attrition and lower average unit rates drove the network advertising revenue decline. Now revenues for the Digital segment were down 27.1% in Q2 at $10.3 million.

阿爾弗雷德表示，湯姆喬伊納郵輪活動是在 2024 年第二季舉行的，並在去年第二季創造了 960 萬美元的收入。今年將於第四季舉行。因此，本季的營收和利潤存在時間差異。除了郵輪收入的缺失之外，客戶流失和平均單位價格下降也導致網路廣告收入下降。目前，數位部門第二季的營收下降了 27.1%，至 1,030 萬美元。

The decline was driven by the loss of an exclusive third-party audio streaming deal. So that impacted us by $1.6 million of revenue. Direct and indirect Digital sales were down by $1.2 million. Adjusted EBITDA was a loss of $0.1 million compared to a profit of $2.7 million last year. We recognized approximately $40.1 million of revenue from our cable television segment during the quarter, a decrease of 7.5%.

下滑的原因是失去了第三方音訊串流獨家協議。這對我們的收入造成了 160 萬美元的影響。直接和間接數位銷售額下降了 120 萬美元。調整後的 EBITDA 虧損 10 萬美元，而去年同期獲利 270 萬美元。本季度，我們的有線電視部門的收入約為 4,010 萬美元，下降了 7.5%。

Cable TV advertising revenue was down 4.2%. Total day delivery declined 12.5% for persons 25-54, and that was offset by an increase in CTV and third-party platform revenue share. Cable TV affiliate revenue was down 11.7%, driven by subscriber churn, which was partially offset by an increase in subscriber rate and the launch of NOW TV. Cable subscribers for TV One, as measured by Nielsen, finished the second quarter at 34.3 million compared to 35.6 million at the end of Q1. CLEO TV had 33.7 million Nielsen subscribers.

有線電視廣告收入下降4.2%。25-54 歲族群的每日總配送量下降了 12.5%，但這被 CTV 和第三方平台收入份額的增加所抵消。有線電視聯盟營收下降 11.7%，原因是用戶流失，但用戶率的提高和 NOW TV 的推出部分抵消了這一影響。根據尼爾森的統計數據，第二季末 TV One 的有線電視用戶數量為 3,430 萬，而第一季末為 3,560 萬。CLEO TV 擁有 3,370 萬尼爾森訂閱用戶。

Operating expenses, excluding depreciation and amortization, stock-based compensation and impairments of goodwill and intangible assets, decreased to approximately $78.1 million for the quarter, a decrease of 16.3% from the prior year. The overall decrease in operating expenses was primarily due to the absence of the Reach cruise event, which had $8.4 million of expenses in the second quarter last year. Other notable expense decreases include corporate professional fees, overall payroll expenses and Cable TV advertising expense.

本季營業費用（不包括折舊和攤提、股票薪酬以及商譽和無形資產減損）下降至約 7,810 萬美元，較上年下降 16.3%。營運費用整體下降主要是因為沒有舉辦「Reach」郵輪活動，該活動去年第二季的營運費用為 840 萬美元。其他顯著的支出減少包括企業專業費用、整體薪資支出和有線電視廣告支出。

A noncash credit of $6.2 million was included in the prior year expenses for the reduction in the value of the CEO's TV One award, and that compares to a charge of $0.7 million, which was included in this year's second quarter total. So that caused an unfavorable variance of $6.9 million year-over-year, which was noncash.

由於執行長 TV One 獎項價值的減少，上一年費用中包括了 620 萬美元的非現金貸項，而今年第二季總額中則包括了 70 萬美元的費用。因此，這導致同比出現 690 萬美元的不利差異，且為非現金。

Normalizing for this, adjusted EBITDA was down $8 million year-over-year and further adjusting for the timing of the Tom Joyner Fantastic Voyage, EBITDA was down approximately $7 million year-over-year. Radio operating expenses were down 7.8% or $2.5 million, driven by lower employee compensation and fewer station event expenses. Reach operating expenses were down by 55% due to the absence of the cruise event. Operating expenses in the Digital segment were down 8.4%, driven by lower employee compensation. Operating expenses in the Cable TV segment were down 19.6% year-over-year, driven by lower programming content amortization, lower marketing campaign expenses and lower employee compensation expense.

對此進行正常化，調整後的 EBITDA 同比下降 800 萬美元，進一步根據湯姆喬伊納奇妙航行的時間進行調整，EBITDA 同比下降約 700 萬美元。由於員工薪資降低和電台活動費用減少，廣播營運費用下降 7.8% 或 250 萬美元。由於沒有舉辦郵輪活動，Reach 的營運費用下降了 55%。由於員工薪資降低，數位部門的營運費用下降了 8.4%。有線電視部門的營運費用較去年同期下降 19.6%，主要原因是節目內容攤提減少、行銷活動費用減少以及員工薪資費用減少。

Operating expenses in corporate were up by approximately $2.1 million. Third-party professional fees were significantly down from last year. However, the noncash compensation related to the TV One award that I just mentioned increased by $6.9 million. Hence, the overall corporate expense was up. Consolidated adjusted EBITDA was $14 million for the second quarter, down 51.7%.

公司營運費用增加了約 210 萬美元。第三方專業費用較去年大幅下降。不過，我剛才提到的與 TV One 獎項相關的非現金補償增加了 690 萬美元。因此，企業整體支出上升。第二季合併調整後EBITDA為1,400萬美元，下降51.7%。

Consolidated broadcast and digital operating income was approximately $25.7 million, a decrease of 25% year-over-year. Interest and investment income was approximately $0.6 million in the second quarter compared to $1.8 million last year. Decrease was due to lower cash balances in interest-bearing investment accounts. Interest expense decreased to approximately $9.7 million in Q2, down from $12.4 million last year due to lower overall debt balances as a result of the company's debt reduction efforts. The company made cash interest payments of approximately $0.8 million in the quarter.

綜合廣播和數位營運收入約為 2,570 萬美元，年減 25%。第二季利息和投資收入約為 60 萬美元，而去年同期為 180 萬美元。減少是由於有利息的投資帳戶中的現金餘額減少。由於公司努力削減債務，導致整體債務餘額降低，因此第二季利息支出從去年的 1,240 萬美元降至約 970 萬美元。該公司本季支付了約 80 萬美元的現金利息。

And during the quarter, the company repurchased $64 million of its 2028 notes at an average price of 51.8% of par, bringing the balance to $492.3 million as of June 30, 2025. We recorded $130.1 million in noncash impairments in Q2 against the carrying value of the FCC licenses in all of our markets with the exception of Baltimore and goodwill impairment for certain reporting units in the Radio Broadcasting segment and the Digital segment.

本季度，該公司以票面價格 51.8% 的平均價格回購了 6,400 萬美元的 2028 年票據，使截至 2025 年 6 月 30 日的餘額達到 4.923 億美元。在第二季度，我們記錄了 1.301 億美元的非現金減值，減損金額與除巴爾的摩以外的所有市場的 FCC 許可證的帳面價值以及無線電廣播部門和數位部門某些報告單位的商譽減損相符。

Due to the decline in the forecast cash flows in Q2, and continued decline in the radio industry generally, the company prospectively changed the useful life of the FCC licenses from indefinite lives to finite live intangible assets effective June 1, 2025. We recorded amortization expense of approximately $1.3 million for the three months ended June 30, 2025. Benefit from income taxes was approximately $21.4 million, and the company paid cash income taxes net of refunds in the amount of $0.2 million.

由於第二季預測現金流下降，整個無線電產業持續下滑，該公司自 2025 年 6 月 1 日起將 FCC 許可證的使用壽命從無限期更改為有限期無形資產。截至 2025 年 6 月 30 日的三個月，我們記錄的攤提費用約為 130 萬美元。所得稅收益約 2,140 萬美元，公司支付的現金所得稅扣除退款後為 20 萬美元。

Capital expenditures were approximately $1.2 million for the quarter. Net loss was approximately $77.9 million or $1.74 per share, compared to a net loss of $45.4 million or $0.94 per share for the second quarter of 2024. During the three months ended June 30, 2025, the company repurchased 226,041 shares of Class A common stock in the amount of approximately $369,000 at an average price of $1.63 per share. And we repurchased 200,549 shares of Class D common stock in the amount of approximately $117,000 and at an average price of $0.59 per share. As of June 30, 2025, total gross debt was approximately $492.3 million.

本季資本支出約 120 萬美元。淨虧損約為 7,790 萬美元，即每股 1.74 美元，而 2024 年第二季的淨虧損為 4,540 萬美元，即每股 0.94 美元。在截至 2025 年 6 月 30 日的三個月內，該公司以每股 1.63 美元的平均價格回購了 226,041 股 A 類普通股，價值約為 369,000 美元。我們回購了 200,549 股 D 類普通股，價值約為 117,000 美元，平均價格為每股 0.59 美元。截至 2025 年 6 月 30 日，總債務約 4.923 億美元。

Our ending unrestricted cash was $85.7 million, resulting in net debt of approximately $406.6 million, which compares to $79.1 million of LTM reported adjusted EBITDA for a total net leverage ratio of 5.14 times. And with that, I'll hand it back to Alfred.

我們的期末非限制現金為 8,570 萬美元，導致淨債務約為 4.066 億美元，而 LTM 報告的調整後 EBITDA 為 7,910 萬美元，總淨槓桿率為 5.14 倍。說完這些，我就把它交還給阿爾弗雷德。

Thank you, Peter operator, could you open it up for.

謝謝，彼得接線員，您能打開它嗎？

(Operator Instructions) Ben Briggs, StoneX Financial Inc.

（操作員指示）Ben Briggs，StoneX Financial Inc.

Good morning guys, thank you for holding the call and for taking the questions. Sure. Yeah, so a couple of quick ones from me here. First of all, I'm looking at the margins here in your Cable TV segment, and I'm noticing that the EBITDA margins have grown a bit. Am I right to infer that those are from this first round of cost-cutting initiatives that you guys did?

大家早安，謝謝你們接聽電話並回答問題。當然。是的，我這裡簡單說幾個問題。首先，我查看了有線電視部門的利潤率，我注意到 EBITDA 利潤率有所成長。我可以推斷，這些都是你們實施的第一輪成本削減措施嗎？

No. I think the -- yes. Do you want to speak to it, Jody?

不。我認為——是的。喬迪，你想談談嗎？

It's just -- it's a timing issue. We did get some savings on programming that will be in within the year, but just timing of our marketing campaigns this year versus last year is what's giving you the positive flip.

這只是——一個時間問題。我們確實在年內將要實施的計劃上節省了一些開支，但今年與去年相比，我們的行銷活動的時間安排才是帶來正面轉變的關鍵。

Got you. Understood. Understood. And after the second round of cost cuts, I know you mentioned that they're going to happen kind of by the end of the third quarter. So expect to see them flow through results in the fourth quarter.

明白了。明白了。明白了。在第二輪成本削減之後，我知道您提到這些削減將在第三季末發生。因此，我們期待看到它們在第四季度產生成果。

Can you give any granularity on what we should expect to see and how we should expect to see those cost cuts flow through the financials?

您能否詳細說明我們應該期待看到什麼以及我們應該如何期待看到這些成本削減對財務產生影響？

Not yet. We haven't -- we started the process and -- but we're not finished. So that's the reason they haven't taken effect. I don't suspect it's going to dramatically change the current guide. And I think you'll see the majority of the impact come through for 2026.

還沒有。我們還沒有——我們已經開始了這個過程——但我們還沒有完成。這就是它們尚未生效的原因。我認為它不會徹底改變當前的指南。我認為，大部分影響將在 2026 年顯現。

But I don't have that answer for you just yet. But since we've talked about it on the call last quarter, I wanted to point it out that we haven't gotten there yet. But we wanted to go ahead and get the guide out there sort of irrespective of what that cost cut was going to bring. I mean, could it bring $1 million or $2 million in the quarter? Maybe.

但我現在還不能給你答案。但由於我們在上個季度的電話會議上已經討論過這個問題，我想指出我們還沒有到達那裡。但無論成本削減會帶來什麼影響，我們都想繼續推出指南。我的意思是，它能在本季帶來 100 萬美元或 200 萬美元的收入嗎？或許。

We'll find out. We just haven't -- we haven't tabulated yet, but it's not going to take it to $70 million.

我們會找到答案的。我們只是還沒有——我們還沒有統計，但它不會達到 7000 萬美元。

Right. Got it.

正確的。知道了。

And Ben, just circling back on the TV One margins. I'm looking at the full year projections and the margins are flat essentially. So we're holding margins pretty well off of obviously a diminished revenue base, but the margins are not -- margins are flat, but it's a good effort.

本，我們再回到 TV One 的邊緣話題。我正在查看全年預測，利潤率基本上持平。因此，雖然收入基礎明顯減少，但我們仍能維持較高的利潤率，利潤率並非持平，但這是一項很好的努力。

Okay. I appreciate that. And then next thing and maybe the last thing for me is, obviously, there was $64 million of debt buybacks during the second quarter. How are you guys thinking about debt buybacks? Obviously, your bonds are trading a little up.

好的。我很感激。接下來的事情，也許對我來說也是最後一件事，顯然是第二季有 6,400 萬美元的債務回購。你們對於債務回購有什麼看法？顯然，你們的債券交易價格略有上漲。

They're closer to [60%] now than I think they were when you were buying them. Are you guys planning on continuing those debt buybacks or maybe a pause now that the debt has rallied?

我認為，現在它們的價格比你購買時的價格更接近 [60%]。你們是否計劃繼續回購債務，或在債務上漲後暫停回購？

Yeah. Look, I think that our focus continues to be debt reduction and expense management. So whether or not we're going to be back opportunistically buying debt at this level remains to be seen, meaning that, look, one of the reasons why we wanted to get our numbers out there, so the market can have a realistic view of what -- where we're going to be this year. So we'll still see how it all plays out. But the vast, vast, vast majority of our cash is continued to be focused on our delevering efforts.

是的。看，我認為我們的重點仍然是減少債務和費用管理。因此，我們是否會再次以這種水平投機性地購買債務還有待觀察，這意味著，你看，我們想要公佈數據的原因之一是，市場可以對今年的走勢有一個現實的看法。因此我們仍將觀察事情將如何發展。但我們的絕大部分現金仍將集中用於去槓桿工作。

So don't have an answer what we're going to do this afternoon or tomorrow in terms of debt buybacks, but our priority has not changed.

因此，我們不知道今天下午或明天在債務回購方面要做什麼，但我們的優先事項並沒有改變。

(Operator Instructions) Ken Silver, Stifel.

（操作員指示） Ken Silver，Stifel。

Hey guys, thank you for the time. Okay. Sorry about that. There's an echo on my end. Just a few questions, and you sort of just addressed this with the last caller. But your sales and marketing expenses on a consolidated basis were down a lot year-over-year in the second quarter.

嘿夥計們，感謝你們抽出時間。好的。很抱歉。我這邊有回音。只問幾個問題，您剛才已經和上一位來電者討論過這個問題了。但第二季度，你們的綜合銷售和行銷費用較去年同期大幅下降。

Is that like the new normal? Or are they going to like -- I think you kind of -- are they going to reverse a lot in the second half of the year?

這就像是新常態嗎？或者他們會喜歡——我想你有點——他們會在今年下半年大幅逆轉嗎？

Well, there's a timing difference that Jody just mentioned for TV One. So there's some element of reversal there. But I mean, we're just obviously tightening our belts across everything we can. So I don't think there's going to be a major rebound on those.

嗯，喬迪剛才提到了TV One的時間差異。所以這裡面有一些反轉的元素。但我的意思是，我們顯然正在盡可能地勒緊褲腰帶。所以我不認為會出現大幅反彈。

Okay. And then I guess, I mean, if you're tightening sales and marketing a fair amount, like I mean is it -- are you seeing any sort of unintended consequences negatively from like top line? Or you feel like that hasn't affected you?

好的。然後我想，我的意思是，如果你在相當程度上收緊銷售和行銷，就像我的意思是 - 你是否看到任何意想不到的負面影響，例如營收？或者您覺得這並沒有影響到您？

It's almost the other way around. It's like the sales commissions because --

這幾乎是相反的。這就像是銷售佣金，因為--

Yeah, exactly. It's variable, right? Yes, we have not gone in and taken out salespeople in our cost efforts. That's not -- and in fact, if anything, in markets like Washington, D.C., we're looking to beef up, right? We're -- so we're not -- sales is not an area where we're looking to take out a bunch of costs, right?

是的，確實如此。它是可變的，對嗎？是的，我們在成本控制方面並沒有削減銷售人員。事實並非如此——事實上，如果有的話，在華盛頓特區這樣的市場，我們正在尋求加強，對嗎？我們——所以我們不是——銷售不是我們想要削減大量成本的領域，對嗎？

Right now, it's really kind of -- we actually need to be reorienting our efforts in the Radio business to actually increase our Digital -- our Digital revenue generation. So I think that cost reduction in that area has got to be largely related to just the revenue being down, right? I think -- yeah.

現在，我們確實需要重新調整我們在廣播業務上的努力，以真正增加我們的數位收入——我們的數位收入。所以我認為該領域的成本降低很大程度上與收入下降有關，對嗎？我認為——是的。

I understand. I thought it was something -- marketing expenditure, too. I got it. No, I understand. Okay. And then, Peter, I think I heard you say that on national radio, yours was down 22% in the quarter versus like a market down 11%. Is that right? And if that's right, can you maybe just talk about that a little more?

我明白。我認為這也是某種行銷支出。我得到了它。不，我明白。好的。然後，彼得，我想我聽到你在國家電台上說過，你的股票在本季度下跌了 22%，而市場下跌了 11%。是嗎？如果是這樣，您能否再多談一下呢？

Yeah, So national, we were down 23.6% against the market that was down 13.1%. So we've been struggling nationally with big clients and big agencies. There's some --

是的，全國範圍內，我們下跌了 23.6%，而市場下跌了 13.1%。因此，我們在全國範圍內一直在努力與大客戶和大型機構合作。有一些--

Yeah, sSo look, so we got a couple of things happen. One, you've got the natural pressure on -- secular pressure on our businesses, cable television, broadcast radio and national radio. Then you also have the pullback in DEI dollars, which have absolutely hurt our performance. And so it's a combination of those things.

是的，所以看，我們有幾件事發生。首先，我們的企業、有線電視、廣播電台和國家廣播電檯面臨自然壓力——長期壓力。然後，DEI 美元也出現了回落，這無疑損害了我們的業績。所以它是這些事物的結合。

And then we're also hearing about AI, AI related, excluding radio altogether.

然後我們也聽說了人工智慧，與人工智慧相關的，完全不包括無線電。

So these large language models that people are now using to do marketing campaigns are not -- they're emitting broadcast radio as part of it. We got to figure out what the solution is for that. But again, that's more of the digital transformation that puts pressure on us.

因此，人們現在用來進行行銷活動的這些大型語言模型並不是——它們只是將廣播電台作為行銷活動的一部分。我們必須弄清楚這個問題的解決方案是什麼。但同樣，數位轉型給我們帶來了更多的壓力。

Got it. Okay. Great. And then just lastly, on your ABL, I think it was undrawn, but is it fully available? Are there covenants?

知道了。好的。偉大的。最後，關於您的 ABL，我認為它尚未繪製，但它是否完全可用？有約定嗎？

Can you just remind us?

你能提醒我們一下嗎？

No, it's fully available to be drawn. There's a maintenance covenant, fixed charge ratio covenant, which we are in compliance with. So if we needed to draw on it, we could.

不，它完全可以繪製。我們有維護契約、固定收費比率契約，我們都會遵守。所以如果我們需要利用它，我們可以。

What is the covenant?

聖約是什麼？

I think it's [1] ratio, and we're at [1.7] off the top of my head. So we've got significant headroom on that.

我認為比例是[1]，而我印像中我們的比數是[1.7]。因此我們在這方面還有很大的發展空間。

Marlene Pereira, Bank of America.

美國銀行的馬琳‧佩雷拉 (Marlene Pereira)。

Good morning everyone and thanks for taking the question. I was wondering if at a very high level, you can just let us know how you're thinking about free cash flow for the remainder of the year and for the full year. One, obviously, given the reduction in the EBITDA, obviously, there should be some cost saving elements in the second half of the year, although I know that's still to be determined. Also, has there been any tax benefits? Sorry if I had missed that. But just if you can provide some context, that would be great.

大家早安，感謝您回答這個問題。我想知道您是否可以從高層次告訴我們，您對今年剩餘時間和全年的自由現金流有何看法。首先，顯然，鑑於 EBITDA 的減少，顯然，下半年應該會有一些成本節約的因素，儘管我知道這還有待確定。另外，有任何稅務優惠嗎？如果我錯過了，很抱歉。但如果你能提供一些背景信息，那就太好了。

Sorry, what was the last bit?

抱歉，最後一點是什麼？

Tax benefit.

稅額優惠。

From the new legislation.

從新立法來看。

What new legislation?

有哪些新立法？

I was wondering if there's any interest benefit from the Big Beautiful Bill.

我想知道《大美麗法案》是否有任何利息收益。

Oh, I don't. No --

噢，我不知道。不--

No. So look, we're projecting at the moment -- if we don't do any more debt buybacks, we're projecting about a $95 million cash balance at year-end. So obviously, even with the lorry but now we think we're going to generate, I think we're going to generate some additional cash in the back half of.

不。所以，你看，我們目前的預測是——如果我們不再進行債務回購，我們預計年底的現金餘額約為 9500 萬美元。所以很明顯，即使有卡車，但現在我們認為我們將會產生，我認為我們將在下半年產生一些額外的現金。

Was there a third part of the question? I've answered.

問題還有第三部分嗎？我已回答。

That was it just, any context on the moving parts, but that's helpful so thank you.

就是這樣，關於活動部件的任何背景信息，但這很有幫助，所以謝謝。

That will conclude our question-and-answer session. I'll hand the call back over to Alfred Liggins for any closing comments.

我們的問答環節到此結束。我會將電話轉回給 Alfred Liggins，讓他發表最後的評論。

Great. Thank you, operator. Thank you, everybody, for joining the call. As usual, we're available offline for any additional questions that you may not have had a chance to ask. Thank you.

偉大的。謝謝您，接線生。感謝大家參加此次電話會議。像往常一樣，我們可以離線解答您可能還沒有機會詢問的任何其他問題。謝謝。

Thank you, and this will conclude today's call. You may now disconnect.

謝謝大家，今天的電話會議到此結束。您現在可以斷開連線。