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Rich Bressler, President, COO, and CFO, explained that while iHeartMedia doesn't provide forward guidance on specific ad categories, the strong performance of its top 50 advertisers and largest agency groups serves as a positive leading indicator. Chairman and CEO Bob Pittman added that podcasting growth is "roaring," though the company does not break out the specific growth rates versus other digital audio revenue streams. Bressler emphasized viewing the assets' combined impact for advertisers.

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CEO Bob Pittman stated that programmatic's contribution to Premier Networks' growth was not yet material, attributing the strength more to national advertiser stability. CFO Rich Bressler added they are expanding broadcast inventory to major DSPs. Regarding podcasting, Bressler confirmed that growth was a result of both higher impression volume and increased rates, driven by their large sales force and diverse content portfolio.

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Chairman and CEO Bob Pittman described automated buying as a gradual, multi-phase rollout aimed at unlocking the value of broadcast radio inventory. President, COO, and CFO Rich Bressler clarified that they do not assume a significant revenue contribution from this initiative in the current year. Regarding January's strength, Bob Pittman suggested it was a re-expression of ad dollars that were paused before the election, followed by a subsequent pullback in February as advertisers reacted to economic uncertainty in a seasonally slow quarter.

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CFO John Janedis stated that July subscriber trends were in line with expectations and a typical seasonal uptick is anticipated for the fall sports season. He affirmed the team is closely monitoring subscriber acquisition cost (SAC), conversion, and churn in a competitive market. CEO David Gandler added that strong retention in the core English product supports a continued focus on efficient marketing to leverage the seasonal tailwind.

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CFO John Jenadis stated it was too soon to provide specific pricing for the new offering but noted the difference would be 'significant on a percentage basis.' Regarding the Q1 guidance, he explained that when adjusting for the impact of the Univision non-renewal, the company would have expected mid-single-digit subscriber growth, similar to or slightly better than Q4's 4% growth.

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CEO Sean Gamble explained that while Cinemark supplements studio marketing, the primary goal is to maximize a film's total box office rather than specifically targeting film rental rates. Regarding new builds, he stated that while it can be a mix, the current focus of the reactivated pipeline is more on expansion into new, underserved markets rather than replacing existing theaters, guided by market opportunity and potential returns.

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CEO Sean Gamble explained that operating hours are flexed based on profitability but may not fully solve capacity constraints during peak weekend times. On recliners, he stated that with 70% of the domestic circuit converted, the company is not targeting 100%, instead evaluating conversions on a theater-by-theater basis to ensure positive returns without sacrificing too much capacity in high-demand locations.

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CFO Melissa Thomas stated they expect modest domestic average ticket price growth in 2025, driven by strategic pricing and a higher premium format mix, using data analytics to optimize both attendance and box office revenue. CEO Sean Gamble explained that marketing for alternative content is often highly targeted to niche audiences through established channels, such as an artist's fanbase, which they supplement with Cinemark's own marketing reach.

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CEO Douglas Valenti stated that despite industry chatter, QuinStreet is not seeing any indication that tariffs will impact client spending or the company's outlook for Home Services, which is still expected to grow 15-20%. On media sources, Valenti declined to provide a specific mix for competitive reasons but confirmed the Aquavita Media acquisition has been highly successful in expanding media opportunities beyond the Google ecosystem.

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CEO Doug Valenti responded that while Home Services clients have recently voiced concerns about tariffs, no spending reductions have occurred yet. He noted QuinStreet can pivot to less-impacted market segments if needed. For fiscal 2026, he projected strong double-digit growth absent tariff effects, but stated the uncertainty makes it too difficult to predict the exact growth rate and seasonal patterns at this time.

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CEO Doug Valenti and CFO Greg Wong clarified that the 15% growth was for all non-insurance verticals combined, including Home Services. Mr. Valenti added that the agent-driven business is expected to have a margin profile that is as good or better than the direct business, particularly initially, as it will represent incremental yield on existing media traffic.

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CEO Doug Valenti expressed doubt that the election would resolve state-level rate approval issues, noting that the situation in California will likely take a few more years to normalize. He explained that falling interest rates are a positive for personal loans and credit cards but a negative for the banking business's CD offerings, resulting in a relatively neutral net impact on the company's overall performance. The effect on Home Services and insurance is minimal.

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President & CEO Mike Steib explained that Premion offers significant value to local advertisers by providing access to streaming audiences with enhanced targeting capabilities. He noted the business is synergistic with TEGNA's owned streaming apps and that the company is actively seeking new partnerships to expand the service.

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President, CEO & Director Mike Steib explained that Premion remains a valuable and synergistic product for local advertisers, allowing them to reach streaming audiences with enhanced targeting. He emphasized that the business complements TEGNA's owned and operated streaming apps and that the company is open to forming new, constructive partnerships.

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CEO Mike Steib countered that regulators should view the competitive landscape through the lens of 'Big Tech' dominance. He argued that companies like TikTok, YouTube, and Facebook dominate media consumption, including news, and that broadcasters have been 'hamstrung' for decades while competing against these massive, well-funded, and unregulated tech platforms.

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CFO Julie Heskett explained that Premion's local advertising business continues to grow double-digits, but its national segment is challenged by large holding companies shifting to programmatic buying. CEO Mike Steib emphasized that local sales teams value the product's targeting capabilities and the company is focused on incentivizing them to drive growth.

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CFO Julie Heskett explained that broadcast television continues to capture the majority of political ad spending. While Premion received some political revenue, it was not material. She confirmed that Premion's return to growth in Q4 is driven by its non-political business, particularly at the local level.

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President & COO Michael Biard responded that for comparable programming like NASCAR, The CW's ad rates are on par or better than the market. EVP & CFO Lee Ann Gliha added that advertising category trends remain consistent, with attorneys and home repair strong, while automotive continues to be a weak spot.

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EVP and CFO Lee Gliha explained that the 2018 growth came from the existing stable base of service-oriented clients who see direct results from TV ads, rather than new advertisers entering the market. She highlighted that there is currently a significant difference in the rate of decline between goods-based and services-based advertising categories.

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CFO Ronnie Ng acknowledged that CTV is a growing competitive area that NCM is monitoring. He stated that the company is actively building out a programmatic platform to compete directly in the CTV space. Ng noted that while NCM's demographic is younger than a typical CTV audience, it is currently difficult to measure a specific, direct impact from CTV's growth on NCM's platform.

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CEO Tom Lesinski explained that the ability to deliver ads quickly, especially through programmatic channels, is a "great tool for improving utilization" when a movie outperforms, allowing them to sell incremental inventory rapidly. He stated that performance-based advertisers (CPG, pharma, travel) continue to invest due to quantifiable outcomes, while brand-awareness or image-focused advertisers are the ones more likely to pause spending in an uncertain economic environment.

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CEO Thomas Lesinski addressed the questions, stating that while Q1 faces temporary headwinds from tariffs and policy shifts, the sales pacing for Q2 looks very encouraging compared to the prior year. He highlighted that the NCMx data platform now supports approximately half of the company's business through KPIs and other measurements, indicating strong client adoption. Mr. Lesinski noted he did not have the exact figure for returning pre-pandemic advertisers but would provide it separately.

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CEO Thomas Lesinski responded that nearly all ad units can feature a QR code, a capability heavily utilized within the NCMx platform for retargeting and attribution. He highlighted that NCM's QR code engagement rates are significantly higher than industry averages. Regarding the exhibitor network, Lesinski stated that the market is stable, with more contract renewals than changes in providers, though NCM remains opportunistic in pursuing new partnerships to enhance its footprint.

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Interim CEO Nick Brien stated that no significant regional variations beyond historical norms are being observed. Regarding Los Angeles, he explained the lost contract was heavily tied to the weak entertainment vertical and the company is now focusing on generating new revenue by engaging independent and digital agencies and driving organic growth.

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Executive Nicolas Brien clarified that the first imperative (sales strategy) is focused on driving revenue growth, while the second (modernizing workflow) involves smart investments in the tech stack. Executive Matthew Siegel addressed regional trends, noting that the West Coast remains a challenge while the South and Midwest are performing well, with strong MTA performance boosting the East.

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CFO Matthew Siegel confirmed that most of the company's yield growth was driven by pricing. Regarding transit, he stated that MTA ridership was approximately 73% of 2019 levels in January, showing gradual improvement. He also noted that other major markets like D.C., Boston, and San Francisco are lagging behind New York's recovery pace, but the overall transit product is enhanced by increased digitization.

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CEO Jeremy Male explained that while there is some advertiser crossover, transit and billboard assets often attract different advertisers targeting distinct audiences, mitigating reallocation risk. Regarding automated channels, he stated that programmatic CPMs are approximately $1 higher than those from the direct sales force. He confirmed that this channel is extending their reach to a host of new advertisers they would not have otherwise captured.

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CFO David Sailer stated the CapEx guidance change was due to the timing of contractual spend on shelter deals, not a reduction in the planned number of digital installations for the year. CEO Scott Wells explained that digital revenue is expected to systemically outperform static due to higher capital investment and advertiser preference for flexibility, though he noted that static assets remain highly valued for specific use cases.

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CEO Scott Wells stated that the company does not plan to significantly accelerate the pace of digital conversions, maintaining a steady rate except in a few underpenetrated cities where ordinance changes could create opportunities. Regarding the digital revenue mix, management explained that the local versus national split for digital revenue is very similar to the overall business mix and not materially different from that of traditional print billboards.

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CEO Scott Wells explained that the slower digital growth in Airports is a rebalancing after a long period where digital was the primary growth driver, and that strong performance in printed assets, often used for market domination campaigns, contributed to the shift this quarter. Regarding the MTA contract, Wells stated that cannibalization risk is low because the new inventory is largely incremental. He clarified that Clear Channel's prior New York footprint was concentrated in Times Square and at major choke points, whereas the MTA assets provide a much broader run-of-market distribution along key commuter corridors.

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CFO & Treasurer Chad Paris confirmed a meaningful step-down in hotel CapEx is expected in 2026 as the heavy reinvestment cycle, highlighted by the $40 million Hilton Milwaukee project, concludes. He anticipates theater CapEx will remain stable. Chairman, President & CEO Gregory S. Marcus added that recent hotel projects were significant, long-term renovations. Regarding expansion, Marcus noted that new-build theater opportunities are limited and M&A is sporadic and unpredictable. He also clarified that pre-program matinee pricing was highly market-specific.

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Gregory S. Marcus (executive) responded that while the company is pleased with the initial uptake of the Marcus Movie Club, its impact on ticket per caps is currently minimal. He noted that its penetration may differ from peers due to the existing strength of the company's Tuesday discount program. On the hotel side, Chad Paris (executive) clarified that the strong group pace is not tied to one specific market but is evident across several key properties. He attributed this success to recent renovations at hotels like the Grand Geneva and the Pfister, which have made them more competitive and attractive for group business.

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CEO Gregory S. Marcus stated their Movie Club pricing is very close to their competitor's. On market share, he emphasized a focus on execution to grow with the industry. Marcus also noted that their large footprint of proprietary PLF screens provides a competitive advantage and flexibility. Regarding the hotel leisure environment, he explained that while post-pandemic 'revenge travel' has softened, it is being replaced by a more normal mix of business and group travel. He stressed the versatility of their 'special assets' which appeal to all segments. Executive Chad Paris added that their upper-upscale positioning helps insulate them from broader leisure softness and that they have sufficient theater capacity to manage peak demand effectively.

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CFO Chad Paris clarified that the value promotions are aimed at bringing back deeply value-driven customers who might otherwise not attend, rather than pulling share from competitors. Regarding concessions, he stated that while stand-alone merchandise is not a major factor, the company has successfully used film-specific souvenir cups and popcorn tubs to help drive concession purchases and increase the per capita spend.

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CEO Kevin Yeaman stated that the company does not anticipate any impact from the ATSC 3.0 transition, as Dolby's technologies are value-based additions on top of the standard codecs. CFO Robert Park added that while they saw some softness in set-top box and consumer electronics shipments in Q3, the full-year guidance remains within the previously communicated range.

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CEO Kevin Yeaman noted that initial Dolby Vision adoption in auto is led by Chinese EV manufacturers, attributing this to their rapid innovation, investment in in-car entertainment, and designs featuring more screens. CFO Robert Park clarified that the tariff impact on the products and services business is minimal, as most of these products are shipped to non-U.S. markets.

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CEO Kevin Yeaman identified the primary growth variables as the pace of adoption and rollout in automotive, the continued expansion of Dolby experiences into mid-range TV lineups, and increased adoption of Dolby Vision capture in mobile devices. Regarding Dolby Cinema, Yeaman noted a modest increase in screens during the quarter and a significant pickup in the investment outlook from exhibitors, who are increasingly focused on premium large format screens as they gain confidence in the 2025 and 2026 box office.

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CEO Richard Gelfond confirmed that 70mm film theaters perform "extremely well" during key releases, driving high capacity. While IMAX no longer produces new film projectors, he said the company is actively sourcing existing units and expects to have more available for Christopher Nolan's "The Odyssey" than for recent film releases, though supply remains limited.

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CEO Richard Gelfond explained that the scheduling process involves carefully balancing the entire slate, analyzing competition from Hollywood films, and identifying open windows for both Hollywood and local language productions. He conveyed that this strategic balancing act has been managed effectively.

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CEO Richard Gelfond explained that there is a 'seasoning period' for new theaters to ramp up, but the duration varies widely by market and location, making it difficult to state a universal trend. He added that the company has not conducted specific research to determine if this ramp-up period has shortened post-pandemic, though opening with a blockbuster film could accelerate it.

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