Q2 2024 Grupo Televisa SAB Earnings Call Transcript
Key Points
- Grupo Televisa SAB (TV) improved profitability in its Cable segment by almost 400 basis points compared to the third quarter of 2023.
- Operating cash flow for the Cable segment grew by nearly 50% year-on-year, reaching over MXN6.4 billion.
- The acquisition of AT&T's minority stake in Sky was completed at attractive terms, strengthening the competitive and financial position of the combined company.
- The spin-off of Ollamani and its listing on the Mexican Stock Exchange unlocked significant value for shareholders.
- The direct-to-consumer business ViX is on track to become profitable in the second half of the year, only two years after its launch.
- Net revenue from residential operations decreased by 3.8% year-on-year due to a 5.7% lower subscriber base.
- Sky's second quarter revenue fell by 13.3% year-on-year, driven by softer commercial activity.
- The operating segment income margin contracted by 80 basis points year-on-year due to inflationary pressures in labor and content-related costs.
- The discontinuation of the Afizzionados video package and the impact of Hurricane Otis in Acapulco negatively affected revenues.
- Consolidated subscription and licensing revenue decreased by 2%, with declines in linear subscription revenue in both Mexico and the US.
Good morning, everyone, and welcome to Grupo Televisa's Second Quarter 2024 Conference Call.
Before we begin, I would like to draw your attention to the press release which explains the use of forward-looking statements and applies to everything that we discuss in today's call and in the earnings release.
I will now turn the call over to Mr. Alfonso de Angoitia, Co-Chief Executive Officer of Grupo Televisa. Please go ahead, sir.
Thank you, Elsa. Good morning, everyone, and thank you for joining us. With me today are Francisco Valim, CEO of Cable and Sky; and Carlos Phillips, CFO of Grupo Televisa.
Before discussing our second quarter operating and financial performance, let me remind you the key corporate goals and strategic pillars Bernardo and I outlined for Grupo Televisa and TelevisaUnivision since the beginning of the year and the progress we have achieved so far.
First, the corporate restructuring process at our Cable segment, led
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