McEwen (MUX) Q2 2025 Earnings Call August 07, 2025 11:00 AM ET Speaker0Good day, and thank you for standing by. Welcome to the Q2 twenty twenty five TEGNA, Inc. Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session.Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Kirk von Stieland. Please go ahead.Speaker1Thank you. ...

Core Points - Gray Media and Graham Media Group's joint fundraiser, Together for Texas, has raised over $1,104,000 for communities affected by flooding in Central Texas and the Hill Country [1] - The campaign was launched in response to the flooding on July 4, with Gray stations in 113 markets and Graham Media Group's KSAT and KPRC encouraging donations for The Salvation Army's relief efforts [1][2] - Donations are being used to provide essential supplies such as food, water, and emotional support, as well as recovery needs like clean-up supplies and assistance for small businesses [3][4] Company Overview - Gray Media, Inc. is the largest owner of local television stations in the U.S., reaching approximately 37% of U.S. television households across 113 markets [6] - The company operates 78 markets with top-rated television stations and has the largest Telemundo Affiliate group with 44 markets [6] - Graham Media Group consists of seven local media outlets and offers a range of digital media tools and advertising solutions, operating in multiple states [7]

Financial Data and Key Metrics Changes - Total revenue declined by 9.2%, slightly better than previous guidance, with a 5% decline excluding political impacts and comparisons to the Daily Wire and Dan Bongino [4][19] - EBITDA for the quarter was $22.4 million, with net income down approximately 20% [19][21] - Digital revenue increased by 20% year-over-year, with the Digital Marketing Services (DMS) business growing by 38% [19][10] Business Line Data and Key Metrics Changes - The DMS business now represents roughly 50% of total digital revenue, reflecting strong growth and performance [19] - Local digital marketing services business outperformed, growing at a rate nearly double that of radio peers and more than four times the expected growth rate of the digital ad market [8][10] - Broadcast advertising faced headwinds, particularly among national advertisers, with network revenue down 20% due to various factors including comparison issues and reduced inventory [12][21] Market Data and Key Metrics Changes - The overall market environment continued to pressure national spot and network revenue channels, with local spot showing slight improvement compared to national [11][32] - Key performing categories in spot included travel and financial, while pharma and insurance led in network [21] Company Strategy and Development Direction - The company is focusing on digital growth areas while continuing to reduce fixed costs, having achieved $175 million in fixed cost reductions over the past five years [5][15] - There is an emphasis on leveraging AI for business efficiencies and growth opportunities across all functions [5][16] - The company aims to surpass a $100 million run rate in DMS early next year, with increasing contribution margins expected [9] Management's Comments on Operating Environment and Future Outlook - Management noted that macro pressures are expected to persist in the short term, but they believe the company will continue to outperform peers in controllable areas [4][17] - The company ended the quarter with $97 million in cash, including a $55 million draw on its ABL revolver, providing significant flexibility [5][17] - Management expressed confidence in the core assets of the company and its ability to drive new areas of growth despite high leverage and market challenges [18] Other Important Information - The company has seen a positive culture survey with high employee engagement scores, indicating strong internal morale [18] - Non-core asset sales are expected to generate nearly $14 million by the end of the year [22] Q&A Session Summary Question: Is there an expectation for improvement in national advertising pacing? - Management indicated that while a lower interest rate environment should generally benefit advertising channels, there has not been a significant improvement in pacing at this time [25][26] Question: What is the impact of declining referral search engine traffic on digital marketing services? - Management noted that referral search is a small part of their digital business and they are not heavily dependent on it, focusing instead on geo-targeting and other strategies [28][29] Question: Are there any advertising categories showing signs of stabilization? - Management highlighted that professional services, home products, automotive, financial, and entertainment are key categories, with slight improvements in local spot versus national [31][32]

Financial Data and Key Metrics Changes - Total advertising revenue was within guidance range, with core advertising revenue up year over year on an as-reported basis [11] - Distribution revenues were below expectations, but still up year over year in the first half of the year and flat in the second quarter [11][30] - Adjusted EBITDA was comfortably above the midpoint of guidance range, driven by better-than-expected media expenses [11][31] - Consolidated media revenue was $777 million, slightly below guidance, reflecting expected industry dynamics in a non-political year [30] - Consolidated adjusted EBITDA was $103 million, exceeding the midpoint of guidance, but down $55 million year over year [31] Business Line Data and Key Metrics Changes - Local Media segment delivered adjusted EBITDA of $99 million, with distribution revenue of $380 million, down 1% year over year [28] - Tennis Channel generated adjusted EBITDA of $13 million, with total revenue of $68 million, up 1% year over year but below guidance [28] - Digital Remedy, now part of Sinclair, recorded $38 million in revenue and $7 million in adjusted EBITDA in the second quarter [30] Market Data and Key Metrics Changes - Multicast networks experienced record growth, with significant year-over-year coverage growth among Nielsen-rated broadcast networks [18] - Core advertising revenue was down 4.7% year over year, impacted by macroeconomic and tariff-related pressures [29] Company Strategy and Development Direction - The company is focusing on transforming its ventures portfolio towards majority-owned assets for greater operational control [11][14] - Sinclair is actively pursuing M&A opportunities following recent deregulation rulings, which are expected to enhance growth and synergies [20][21] - The company aims to leverage its strong balance sheet and financial flexibility to capitalize on M&A activity in the sector [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic uncertainties but noted signs of improvement in certain advertising categories [19] - The regulatory environment is viewed positively, with recent rulings expected to provide growth opportunities [21][24] - Management expressed confidence in the company's ability to navigate challenges and capitalize on upcoming opportunities, particularly with the return of sports programming [54] Other Important Information - The company appointed a new CFO, Narinder Sahai, who brings extensive financial leadership experience [5][7] - The acquisition of Digital Remedy for approximately $30 million is expected to enhance Sinclair's capabilities in omni-channel media activation [12][30] Q&A Session Summary Question: Regulatory commentary and potential M&A activity - Management indicated a strong position for potential M&A activity following recent deregulation rulings, which are expected to accelerate growth opportunities [20][50] Question: Subscriber trends with virtual distributors - Management noted that a significant virtual MVPD lost subscribers in the second quarter, but expects a rebound with the upcoming football season [43][44] Question: Contribution from announced deals and guidance on retransmission - Management expects tens of millions of dollars in additional EBITDA from upcoming JSA buy-ins and has adjusted retransmission growth guidance to low single digits [51] Question: Core advertising performance outlook - Management remains cautiously optimistic about core advertising performance, anticipating improved demand as sports seasons commence [53][54] Question: Guidance clarification and Ventures monetization process - Management clarified that the sale of four stations impacted Q2 and will affect Q3, and discussed the evaluation process for monetizing Ventures assets [58][62]

2Q25 Earnings Presentation August 6, 2025 Published by: Sinclair, Inc. 111 NON-GAAP FINANCIAL MEASURES This presentation contains certain financial measures of Sinclair, Inc. (the "Company"), including Adjusted EBITDA, which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") (collectively, the "non-GAAP financial measures"). Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementa ...

Listen below or on the go on Apple Podcasts and Spotify Novo Nordisk (NVO) plans cost cuts amid slower Wegovy growth outlook. (00:22) Disney’s (DIS) ESPN to acquire NFL media assets. (01:35) OpenAI reportedly exploring share sale at $500B valuation. (03:14) This is an abridged transcript. Novo Nordisk (NVO) is cutting costs. The Danish drugmaker says it is facing increasing competition from Eli Lilly (LLY) and generic versions of its obesity drug Wegovy, with slower growth expected for its treatmen ...

Financial Performance - INNOVATE Corp's Q2 2025 consolidated revenue was $242 million[16], a decrease of $71.1 million or 22.7% compared to Q2 2024[21] - The company reported a net loss attributable to INNOVATE Corp of $198 million in Q2 2025[17] - Adjusted EBITDA for Q2 2025 was $157 million[20], a decrease of $11 million compared to Q2 2024[21] Segment Performance - Infrastructure (DBMG) - Infrastructure segment revenue decreased to $2331 million in Q2 2025 from $3052 million in Q2 2024[16], a 236% decrease[25] - Infrastructure segment's adjusted EBITDA decreased by $132 million year-over-year[21] to $193 million[17] - DBMG's adjusted backlog remained strong at $13 billion in Q2 2025[12] Segment Performance - Life Sciences (R2 Technologies) - Life Sciences segment revenue increased to $32 million in Q2 2025 from $17 million in Q2 2024[16], an 882% increase[12, 21] - R2 Technologies experienced gross system unit sales growth of 1245% over the prior year quarter worldwide[30] Segment Performance - Spectrum - Spectrum segment revenue decreased to $57 million in Q2 2025 from $62 million in Q2 2024[16] - Spectrum segment reported adjusted EBITDA of $10 million in Q2 2025[12, 17] Debt and Refinancing - On August 4, 2025, INNOVATE closed a series of indebtedness refinancing transactions[12] - Total principal outstanding debt as of June 2025 was $6413 million[35]

- Infrastructure: Improved financial flexibility with recent refinancing transactions -- Life Sciences: R2 continuing to see significant year over year growth in system unit sales -- Spectrum: Launched fourth ATSC 3.0 station in collaboration with large mobile carrier - NEW YORK, Aug. 05, 2025 (GLOBE NEWSWIRE) -- INNOVATE Corp. (“INNOVATE” or the “Company”) (NYSE: VATE) announced today its consolidated results for the second quarter. Financial Summary (in millions, except per share amounts)Three Months End ...

Financial Data and Key Metrics Changes - Fox Corporation reported a revenue growth of 17% to $16 billion, with adjusted EBITDA growth of 26% to $3.6 billion and adjusted EPS growth of 39% to $4.78 per share, all records for the company [7][16][17] - Free cash flow increased by 100% to $3 billion, marking another record for Fox [7][16] - Net income attributable to stockholders was $2.3 billion or $4.91 per share, up from $1.5 billion or $3.13 per share in the previous fiscal year [17] Business Line Data and Key Metrics Changes - Total advertising revenue increased by 26% to $7 billion, driven by strong performance in both television and cable network programming segments [16][18] - Cable Network programming segment saw a revenue growth of 7% and EBITDA growth of 6%, with cable advertising revenues up 15% [19][20] - Television segment delivered 6% revenue growth, with advertising revenues growing 3% [20][21] Market Data and Key Metrics Changes - Fox News maintained over 60% share of the cable news audience, with total day audience up 25% and demo audience up 31% [9][43] - Tubi achieved 17% growth in total view time and 32% revenue growth in the fourth quarter, reaching over 100 million monthly active users [12][13][55] - The overall advertising market for Fox remains healthy, with record-setting double-digit volume growth and strong pricing growth across the portfolio [8][74] Company Strategy and Development Direction - Fox One, a direct-to-consumer streaming platform, is set to launch at $19.99 per month, targeting both cordless consumers and current pay TV subscribers [11][12] - The company aims to engage viewers across various platforms, including traditional cable and digital offerings like Tubi and Fox One [14] - Fox is focused on organic growth while exploring opportunities for potential M&A, maintaining a high internal benchmark for capital use [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the business, citing strong operational and financial momentum entering fiscal 2026 [15] - The advertising environment is expected to remain robust, with significant demand for live sports and news programming [74] - Management acknowledged potential headwinds from political advertising and the Super Bowl in fiscal 2026 but remains optimistic about the FIFA Men's World Cup [36][75] Other Important Information - The company announced a $5 billion increase to its share repurchase authorization, reflecting confidence in its balance sheet [15][25] - Tubi's growth is seen as a key driver for future profitability, with expectations for substantial improvement in fiscal 2026 [23][65] Q&A Session Summary Question: Insights on fiscal 2026 expectations and EBITDA trends - Management highlighted strong underlying momentum in audience and advertising demand, with political headwinds expected to impact results [33][34] Question: Update on cable advertising trends and LatAm strategy - Cable advertising remains strong, particularly at Fox News, with a focus on expanding in Latin America through strategic acquisitions [40][42] Question: Performance of Tubi and potential impact of ESPN and NFL relationship - Tubi is outperforming the broader CTV market, with a strong library and engagement metrics, while the relationship with the NFL remains positive [50][57] Question: Investment levels for fiscal 2026 and expected returns - Management indicated a collective investment portfolio moving back towards $350 million, with expectations for similar return profiles as seen with Tubi [60][66] Question: M&A participation and advertising market outlook - Fox is actively looking at opportunities but has not found any that meet its high internal benchmarks; the advertising market remains robust across various segments [71][74] Question: Bundling strategies and FCC impact on affiliate relationships - Fox One will be bundled with other services, focusing on convenience for consumers while maintaining a targeted approach; FCC changes are not expected to negatively impact affiliate relationships [82][85]

Financial Performance - Fox Corporation reported a revenue growth of 17% to $16 billion, with adjusted EBITDA growth of 26% to $3.6 billion and adjusted EPS growth of 39% to $4.78 per share, all records for the company [6][16][18] - Free cash flow increased by 100% to $3 billion, marking another record [6][16] - Net income attributable to stockholders was $2.3 billion or $4.91 per share, up from $1.5 billion or $3.13 per share in the previous fiscal year [18] Business Segment Performance - The Cable Network programming segment achieved 7% revenue growth and 6% EBITDA growth, with cable advertising revenues up 15% [20] - The Television segment delivered 6% revenue growth, with advertising revenues growing 3% [21] - Tubi saw a 32% revenue growth in the fourth quarter, driven by a 17% increase in total view time [12][19] Market Trends - Fox News maintained over 60% share of the cable news audience, with total day audience up 25% and demo audience up 31% [8][42] - The overall advertising market for Fox remains healthy, with record-setting double-digit volume growth and strong pricing growth across the portfolio [7][74] - Tubi reached over 100 million monthly active users and generated over $1.1 billion in revenue, achieving a 2.2% share of total U.S. television viewings [12][13] Company Strategy and Industry Competition - Fox One, a direct-to-consumer streaming platform, is set to launch at $19.99 per month, targeting both cordless consumers and current pay TV subscribers [11][12] - The company plans to invest in digital-led growth initiatives, including Tubi and Latin America, while maintaining a focus on organic growth [23][66] - Fox's strategy emphasizes engaging viewers across various platforms, including traditional cable and digital offerings [14] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the business, citing strong operational and financial momentum entering fiscal 2026 [15] - The company anticipates challenges in fiscal 2026 due to the absence of political advertising and the Super Bowl, but expects strong performance from the FIFA Men's World Cup [36][75] - Management highlighted the importance of maintaining strong relationships with affiliates and local stations, especially with the launch of Fox One [85] Other Important Information - The company announced a $5 billion increase to its share repurchase authorization, reflecting a strong balance sheet [15][26] - Fox's advertising revenue growth was driven by a robust demand for sports programming and political advertising [17][74] Q&A Session Summary Question: Insights on fiscal 2026 expectations - Management acknowledged the challenges ahead, particularly with political advertising and the Super Bowl, but emphasized strong underlying business momentum [31][34] Question: Update on cable advertising trends - Management reported strong advertising demand, particularly for Fox News, with significant increases in ratings translating to revenue growth [41][42] Question: Tubi's competitive position - Tubi is outperforming the broader CTV market due to its extensive content library and strong engagement with a younger, cordless audience [50][52] Question: M&A participation - Management stated that while they are always looking for opportunities, they have not found any that meet their high internal benchmarks for capital use [71][72]