Grupo Televisa SAB (TV) 2023 Q2 法說會逐字稿

Good morning, everyone, and welcome to Grupo Televisa's Second Quarter 2023 Conference Call. (Operator Instructions) 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 we discuss in today's call and in the earnings release. Please note, the call is being recorded.

大家早上好，歡迎參加 Grupo Televisa 2023 年第二季度電話會議。 （操作員說明）在我們開始之前，我想提請您注意新聞稿，其中解釋了前瞻性陳述的使用，並適用於我們在今天的電話會議和收益發布中討論的所有內容。請注意，通話正在錄音。

I will now turn the call over to Mr. Alfonso de Angoitia, Co-Chief Executive Officer of Grupo Televisa. Please go ahead, sir.

我現在將電話轉給 Grupo Televisa 聯合首席執行官阿方索·德安戈蒂亞 (Alfonso de Angoitia) 先生。請繼續，先生。

Thank you, Donna. Good morning, everyone, and thank you for joining us. With me today are Francisco Valim, CEO of Cable; Luis Malvido, CEO of Sky; and Carlos Phillips, CFO of Grupo Televisa. Before discussing our second quarter operating and financial performance, I'd like to welcome Francisco Valim as CEO of our Cable operations and share with you that we're thrilled to having him join Grupo Televisa's executive team. Valim is a seasoned executive with over 34 years of experience, including 20 years holding CEO positions, mainly in the telco, media and service industries in Brazil and abroad.

謝謝你，唐娜。大家早上好，感謝您加入我們。今天與我在一起的有 Cable 首席執行官 Francisco Valim；路易斯·馬爾維多，天空電視台首席執行官；以及 Grupo Televisa 首席財務官卡洛斯·菲利普斯 (Carlos Phillips)。在討論我們第二季度的運營和財務業績之前，我謹歡迎弗朗西斯科·瓦利姆 (Francisco Valim) 擔任我們有線電視業務的首席執行官，並與您分享我們很高興他加入 Grupo Televisa 的執行團隊。 Valim 是一位經驗豐富的高管，擁有超過 34 年的經驗，其中包括 20 年擔任首席執行官職位的經驗，主要在巴西和國外的電信、媒體和服務行業工作。

Valim has led large and complex publicly listed and private companies and deeply understands the telco market and the broader telco ecosystem, including pay TV, broadband and fiber optics networks in highly competitive environments. He is also very experienced in leading significant transformation and turnaround processes by delivering revenue growth acceleration, best-in-class cost reduction, increased profitability, CapEx optimization and free cash flow generation.

Valim 領導過大型、複雜的上市公司和私營公司，深入了解電信市場和更廣泛的電信生態系統，包括競爭激烈的環境中的付費電視、寬帶和光纖網絡。他在通過加速收入增長、一流的成本降低、盈利能力提高、資本支出優化和自由現金流生成來領導重大轉型和周轉流程方面也擁有豐富的經驗。

Valim is fluent in Spanish, English and of course, Portuguese, which is his native language. We're confident that Valim's solid experience in the industry and strong track record will be extremely valuable to take our Cable operations to the next level in terms of revenue growth acceleration, enhanced profitability, CapEx efficiency and strong free cash flow generation.

瓦利姆精通西班牙語、英語，當然還有他的母語葡萄牙語。我們相信，Valim 在行業中的豐富經驗和良好的業績記錄對於將我們的電纜業務在收入增長加速、盈利能力增強、資本支出效率和強勁的自由現金流生成方面提升到一個新的水平非常有價值。

Having said that, let me turn the call over to Valim for a brief introduction.

話雖如此，讓我把電話轉給 Valim 做一個簡單的介紹。

Thank you, Alfonso. Good morning, everyone. I'm glad to speak with the markets again, but now from Mexico City. First, I want to thank Grupo Televisa for the opportunity to lead the largest Triple-play services provider in Mexico with a powerful combination of access to succeed. As you probably know, izzi has a pretty extensive and robust network capable of delivering very competitive Internet speeds, strong brand recognition and reputation. Great quality of service and a first-in-class customer care department, all of which are crucial to attract and retain good subscribers and therefore attain sustainable growth.

謝謝你，阿方索。大家，早安。我很高興再次與市場對話，但這次是在墨西哥城。首先，我要感謝 Grupo Televisa 給我機會領導墨西哥最大的三重播放服務提供商，並通過強大的組合取得成功。您可能知道，izzi 擁有相當廣泛且強大的網絡，能夠提供極具競爭力的互聯網速度、強大的品牌認知度和聲譽。優質的服務和一流的客戶服務部門，所有這些對於吸引和留住優質用戶並實現可持續增長至關重要。

Secondly, we are committed to implement the necessary measures to accelerate revenue growth at izzi while going through structural reforms to improve profitability and enhance free cash flow generation. As you may be aware of, this structural reforms have been under analysis over the last few quarters by an external consulting firm. So we use their extensive work as a basis to build upon and implement them as soon as possible.

其次，我們致力於實施必要措施，加速 izzi 的收入增長，同時進行結構性改革，以提高盈利能力並增強自由現金流的產生。如您所知，外部諮詢公司在過去幾個季度一直在分析這種結構性改革。因此，我們以他們的廣泛工作為基礎，盡快構建和實施它們。

Before turning the call back to Alfonso, let me share with you that we are working on a detailed long-range plan to achieve our goals. We expect to share this plan with you over the coming months.

在將電話轉回給阿方索之前，讓我告訴您，我們正在製定一項詳細的長期計劃以實現我們的目標。我們希望在未來幾個月內與您分享該計劃。

Thank you, Valim. Now I'll walk you through Televisa-Univision's second quarter results released last week. Let me remind you that our stake in Televisa-Univision is a very important value component for Grupo Televisa's shares. Using proportionate consolidation, Televisa-Univision contributed with almost 40% of revenue and 35% of EBITDA during the second quarter, making it the second largest proportionate contributor to the group after our Cable operations.

謝謝你，瓦利姆。現在我將向您介紹 Televisa-Univision 上週發布的第二季度業績。讓我提醒您，我們持有的 Televisa-Univision 股份是 Grupo Televisa 股票的一個非常重要的價值組成部分。通過按比例合併，Televisa-Univision 在第二季度貢獻了近 40% 的收入和 35% 的 EBITDA，使其成為集團第二大按比例貢獻者，僅次於我們的有線電視業務。

Televisa-Univision's operating and financial performance were great during the second quarter, underscoring the power and resilience that come from our unique fully integrated ecosystem across complementary platforms and geographies. During the second quarter, Televisa-Univision delivered very strong revenue of $1.2 billion, growing by 11% year-on-year, mainly driven by our global streaming business, ViX, and our core operations in Mexico. EBITDA of $374 million remained stable year-on-year after having financed all our streaming investments related to new original premium content, sporting rights, marketing and technology following the launch of ViX's subscription service during the third quarter of last year.

Televisa-Univision 第二季度的運營和財務業績表現出色，凸顯了我們跨互補平台和地域的獨特、完全集成的生態系統的力量和彈性。第二季度，Televisa-Univision 實現了 12 億美元的強勁收入，同比增長 11%，這主要是由我們的全球流媒體業務 ViX 以及我們在墨西哥的核心業務推動的。去年第三季度推出 ViX 訂閱服務後，我們為與新的原創優質內容、體育轉播權、營銷和技術相關的所有流媒體投資提供了資金，EBITDA 為 3.74 億美元，同比保持穩定。

It is important to highlight that Televisa-Univision's flat EBITDA during the quarter represents a sequential improvement for the second consecutive quarter as we have left behind the peak of streaming losses.

需要強調的是，Televisa-Univision 本季度的 EBITDA 持平，代表著連續第二個季度的環比改善，因為我們已經擺脫了流媒體虧損的高峰。

Consolidated advertising revenue increased by 10% year-on-year. In the U.S., advertising revenue increased by 1% or 4% excluding political and advocacy. We continue to outperform the market, which according to Magna declined by 4.8% during the second quarter, leaving us with 6 percentage points of outperformance. This reflects strength in national advertising and momentum in streaming, where we continue to see demands from advertisers and increased pricing as we leverage our new ad formats.

綜合廣告收入同比增長10%。在美國，不包括政治和宣傳廣告的廣告收入增長了 1% 或 4%。我們的表現繼續跑贏市場，根據麥格納的數據，市場在第二季度下降了 4.8%，使我們的表現領先 6 個百分點。這反映了全國廣告的實力和流媒體的勢頭，隨著我們利用新的廣告格式，我們繼續看到廣告商的需求和價格的上漲。

In Mexico, advertising revenue growth of 29% was driven by strength in both linear and streaming. The 2023 calendar year upfront closed at the beginning of this year, where we secured record advertising commitments and the appreciation of the peso. In local currency terms, advertising revenue in Mexico increased by 14%.

在墨西哥，線性廣告和流媒體廣告的強勁推動了廣告收入增長 29%。 2023 日曆年的前期工作已於今年年初結束，我們獲得了創紀錄的廣告承諾和比索升值。以當地貨幣計算，墨西哥的廣告收入增長了 14%。

Consolidated subscription and licensing revenue increased by 14% year-on-year. In the U.S., growth of 10% was driven by the success of ViX's premium tier along with pricing growth on the linear subscribers, partially offset by linear subscriber declines. In Mexico, growth of 27% was driven by ViX's premium tier, growth in linear subscribers, higher pricing and the appreciation of the Mexican peso. In local currency terms, subscription and licensing revenue in Mexico grew by 16%.

綜合訂閱和許可收入同比增長 14%。在美國，10% 的增長是由 ViX 高端服務的成功以及線性訂戶的定價增長推動的，但部分被線性訂戶的下降所抵消。在墨西哥，ViX 的優質服務、線性訂戶增長、定價上漲以及墨西哥比索升值推動了 27% 的增長。以當地貨幣計算，墨西哥的訂閱和許可收入增長了 16%。

This was a fantastic quarter for ViX as we continue to see solid sequential growth in revenue and usage. All the important KPIs of our streaming platform are going in the right direction. Engagement is up, advertising ARPU is increasing, CAC is down and SAC is declining. This translates into revenue growth and profitability improvement. Our streaming EBITDA losses continued to decrease significantly both sequentially and on a year-on-year basis. Today, we are even more confident that our streaming business will be profitable in the second half of 2024.

對於 ViX 來說，這是一個非常棒的季度，我們繼續看到收入和使用量持續穩健增長。我們流媒體平台的所有重要 KPI 都在朝著正確的方向發展。參與度上升，廣告 ARPU 上升，CAC 下降，SAC 下降。這轉化為收入增長和盈利能力提高。我們的流媒體 EBITDA 損失連續環比和同比均繼續大幅下降。今天，我們更加有信心我們的流媒體業務將在 2024 年下半年實現盈利。

By the end of the second quarter, we launched a programming strategy in Mexico that has become a cultural phenomenon in a way that would have never been possible without our ability to consider this content experience to leverage the best of platforms, both linear and streaming. In June, we launched our version of the reality show Casa de los Famosos. We launched this structured show on linear with 2 airings a week. Immediately, we created multiple live streams that ran 24 hours a day, uncensored in front of the paywall on ViX. After 2 weeks of building extraordinary engagement, we moved this 24-hour live streams behind the paywall on to the premium tier of ViX.

到第二季度末，我們在墨西哥推出了一項節目策略，該策略已成為一種文化現象，如果我們沒有能力考慮這種內容體驗以利用最好的線性和流媒體平台，這種現象就不可能實現。六月，我們推出了真人秀《Casa de los Famosos》版本。我們在線性頻道上推出了這個結構化節目，每周播出兩次。我們立即在 ViX 的付費牆前創建了多個每天 24 小時運行、未經審查的直播。經過 2 週的建立非凡的參與度後，我們將付費牆後面的 24 小時直播轉移到了 ViX 的高級層。

The metrics for ViX around this property are on par, with/or better than many of the metrics we saw for the World Cup last year. As of last week, 20 million people had engaged with the show on one of our platforms, lifting both ViX ad revenue and premium subscriptions as well as linear ratings and free-to-air ad revenue. Beyond the combined linear and ViX programming strategies, we continue to refine the unique content proposition on ViX. We continue to learn what resonates with our audience and refine our strategy accordingly. This quarter, we materially enhanced our soccer proposition for ViX's premium tier.

ViX 圍繞此屬性的指標與我們去年在世界杯上看到的許多指標相當，甚至更好。截至上週，已有 2000 萬人在我們的一個平台上觀看了該節目，提高了 ViX 廣告收入和付費訂閱量以及線性收視率和免費廣告收入。除了線性和 ViX 編程策略的結合之外，我們還繼續完善 ViX 上獨特的內容主張。我們不斷了解哪些內容能引起觀眾的共鳴，並相應地完善我們的策略。本季度，我們大幅增強了 ViX 高級級別的足球主張。

This quarter, we continue to expand upon our breadth of distribution partners. In the U.S., we launched ViX's premium tier on Roku Channel, the ViX app on LG's connected TV and we'll be launching [Ambicion] later this quarter. These new partnerships have virtually doubled our connected TV footprint making ViX available on all major TV OEMs in the U.S.

本季度，我們繼續擴大分銷合作夥伴的範圍。在美國，我們在 Roku Channel 上推出了 ViX 的高級版，在 LG 聯網電視上推出了 ViX 應用程序，我們還將在本季度晚些時候推出 [Ambicion]。這些新的合作夥伴關係實際上使我們的聯網電視覆蓋範圍增加了一倍，使 ViX 在美國所有主要電視 OEM 上可用。

In Mexico, we partnered with AT&T to make ViX available with promotional pricing and seamless payment experience. To further enable cash payments, we expanded our [OXO] partnership and redesigned our cash product experience addressing a key consideration in Mexico where cash payments are far more popular than credit cards. And in Colombia, the next most important market in our expansion beyond our core operations in the U.S. and Mexico, we announced a partnership with RCN to hard launch ViX.

在墨西哥，我們與 AT&T 合作，為 ViX 提供促銷定價和無縫支付體驗。為了進一步支持現金支付，我們擴大了 [OXO] 合作夥伴關係，並重新設計了我們的現金產品體驗，解決了墨西哥的一個關鍵考慮因素，因為墨西哥的現金支付比信用卡更受歡迎。在哥倫比亞，這是我們在美國和墨西哥核心業務之外進行擴張的下一個最重要的市場，我們宣布與 RCN 建立合作夥伴關係，硬啟動 ViX。

Looking ahead, we're progressing towards closing our U.S. upfront at a pace in line with the industry. Early data indicates yet another year where we take share from English-language broadcasters. In addition, we expect to fare better than market on pricing. Rectifying the pricing gap with the general market has been a huge area of focus for us, and we've made significant progress. Ultimately, we expect volume to finish up mid-single digits, an incredible accomplishment in the market as challenging as the one we are facing as the rest of the industry.

展望未來，我們正在以與行業一致的速度提前關閉美國市場。早期數據表明，我們又從英語廣播公司手中奪取了份額。此外，我們預計定價將優於市場。縮小與一般市場的價格差距一直是我們關注的重點領域，並且我們已經取得了重大進展。最終，我們預計銷量將達到中個位數，這在市場上是一項令人難以置信的成就，就像我們和行業其他公司面臨的挑戰一樣。

To sum up, we are very excited about the first half of 2023 from both an operating and financial perspective at Televisa-Univision. Once again, we grew revenue across all business lines and geographies, while we managed to keep reducing our streaming losses as we scale the business. We continue to expand our leadership in the massive and influential global Spanish-speaking market and leverage our content powerhouse to program linear and streaming as complementary platforms, while we have a differentiated streaming platform that is aligned with a stable core business. This combination of factors should keep allowing us to deliver sustained above-market financial performance at Televisa-Univision.

總而言之，從 Televisa-Univision 的運營和財務角度來看，我們對 2023 年上半年感到非常興奮。我們再次實現了所有業務線和地區的收入增長，同時隨著業務規模的擴大，我們成功地減少了流媒體損失。我們繼續擴大在龐大且有影響力的全球西班牙語市場的領導地位，並利用我們的內容巨頭將線性和流媒體節目作為補充平台，同時我們擁有與穩定的核心業務相一致的差異化流媒體平台。這些因素的結合應該能讓我們繼續在 Televisa-Univision 上實現持續高於市場水平的財務業績。

Moving on to Grupo Televisa's second quarter operating and financial performance. Consolidated revenue reached MXN 18.5 billion, remaining virtually flat year-on-year, while operating segment income reached MXN 6.8 billion, equivalent to a year-on-year decline of 3.3%, partially driven by inflationary pressures. Once again, revenue growth in Cable and our Other Businesses segment was offset by declining revenue at Sky.

接下來是 Grupo Televisa 第二季度的運營和財務業績。綜合收入達到 185 億墨西哥比索，與去年同期基本持平，而運營部門收入達到 68 億墨西哥比索，相當於同比下降 3.3%，部分原因是通脹壓力。有線電視和其他業務部門的收入增長再次被天空電視台收入的下降所抵消。

Since we announced Valim's appointment, he has been fully engaged leading and familiarizing himself with the team at our Cable operations. These few weeks have already been very productive but have been mainly a transition period. So this time, I will explain the operating and financial performance of our Cable operations before turning the call over to Luis to discuss Sky's.

自從我們宣布瓦利姆的任命以來，他一直全力領導並熟悉我們有線電視業務的團隊。這幾週已經非常富有成效，但主要是一個過渡期。因此，這一次，在將電話轉給路易斯討論天空電視台之前，我將解釋我們有線電視業務的運營和財務業績。

In Cable, we ended June with a network of 19.4 million homes after passing more than 400,000 new homes during the quarter. We also delivered around 1.3 million fixed RGU gross adds, mostly in line with the average of the last 3 quarters, showing that demand for our services continues to be robust. However, a combination of factors, including the expiration of promotions for the fourth quarter of last year and price increases implemented in the month of April, led us to experience an increase in churn.

在有線電視方面，截至 6 月底，我們的網絡已覆蓋 1,940 萬個家庭，而本季度新增家庭數量超過 40 萬個。我們還交付了約 130 萬個固定 RGU 總增量，大部分與過去 3 個季度的平均水平一致，表明對我們服務的需求仍然強勁。然而，去年第四季度促銷活動結束以及四月份實施的漲價等多種因素導致我們的客戶流失率增加。

This translated into over 26,000 fixed RGU net disconnections. In broadband, we lost 38,000 subscribers during the quarter, while in video, we had 46,000 net disconnections. This was partially offset by more than 57,000 voice net adds and 21,000 new mobile subscribers.

這導致超過 26,000 次固定 RGU 網絡斷線。在寬帶領域，本季度我們失去了 38,000 名用戶，而在視頻領域，我們有 46,000 名網絡中斷。這被超過 57,000 名語音網新增用戶和 21,000 名新移動用戶所部分抵消。

During the second quarter, revenue from our Cable operations of MXN 12.3 billion, increased by 4.6% year-on-year, while operating segment income of MXN 4.8 billion fell by 2.2%. Our Cable operations margin of 39.4% contracted by 270 basis points year-on-year, mainly driven by inflationary pressures in labor and content-related costs.

第二季度，我們的電纜業務收入為 123 億墨西哥比索，同比增長 4.6%，而運營部門收入為 48 億墨西哥比索，下降 2.2%。我們的有線電視業務利潤率為 39.4%，同比下降 270 個基點，主要是由於勞動力和內容相關成本的通脹壓力。

Now let me turn the call over to Luis Malvido, CEO of Sky.

現在讓我把電話轉給天空電視台首席執行官路易斯·馬爾維多。

Thank you, Alfonso. Let me provide you with an update on Sky's second quarter operating and financial performance. In terms of revenue-generating units, we observed a decrease of 191,000 RGUs during the quarter. Although we improved churn rates for both prepaid and postpaid DTH, our subscriber base declined as a result of our program to enhance sales quality. The loss of RGUs in DTH was partially mitigated by new product offerings.

謝謝你，阿方索。讓我向您介紹 Sky 第二季度運營和財務業績的最新情況。就創收單位而言，我們觀察到本季度 RGU 減少了 191,000 個。儘管我們提高了預付費和後付費 DTH 的流失率，但由於我們提高銷售質量的計劃，我們的用戶群有所下降。新產品的推出部分緩解了 DTH 中 RGU 的損失。

Sky Celular, Sky mobile virtual operator service experienced a 7,000 RGU growth in the quarter. Additionally, as part of our digital transformation strategy, our enhanced OTT platform, [Blue-to-Go] contributed to an addition of 21,000 RGUs this quarter resulting in a net gain of over 95,000 units over the past 12 months.

Sky Celular、Sky 移動虛擬運營商服務在本季度增長了 7,000 RGU。此外，作為我們數字化轉型戰略的一部分，我們增強的 OTT 平台 [Blue-to-Go] 在本季度增加了 21,000 個 RGU，在過去 12 個月內淨增加了超過 95,000 個單位。

Moving on to our broadband business, Blue Telecom. We faced a new decline in the subscriber base due to the limited [Altan's] network availability, which restricted new sales. Nevertheless, alongside with the regular attrition of the business, we are optimistic about the launch of new fixed broadband services in partnership with izzi, the Sky Internet, will pave the way for recovery and growth in this lucrative market.

繼續我們的寬帶業務 Blue Telecom。由於 [Altan's] 網絡可用性有限，我們面臨著用戶群的新一輪下降，這限制了新的銷售。儘管如此，除了業務的定期消耗外，我們對與 izzi 合作推出的新固定寬帶服務（Sky Internet）持樂觀態度，將為這個利潤豐厚的市場的複蘇和增長鋪平道路。

Now let me walk you through the financial results for the quarter. Second quarter revenues declined 13.4%, reaching MXN 4.4 billion. This decline was primarily driven by the before-mentioned subscriber base drop, partially offset by the price increase in postpaid video customers implemented in May. Furthermore, operating segment income decreased by 15.6%, reaching a margin of 32.4%. This decline is attributed to lower revenues, which were partially offset by a drop of cost of goods sold and operating expenses due to the successful implementation of efficiency measures across our operations.

現在讓我向您介紹本季度的財務業績。第二季度收入下降 13.4%，達到 44 億墨西哥比索。這一下降主要是由於前面提到的用戶基數下降造成的，但部分被 5 月份實施的後付費視頻客戶價格上漲所抵消。此外，經營分部收入下降15.6%，利潤率為32.4%。這一下降歸因於收入下降，但由於在我們的運營中成功實施了效率措施，銷售成本和運營費用的下降部分抵消了收入的下降。

As you may recall, last year, we developed an ambitious simplification program aimed at improving efficiency and streamlining operations across the entire organization. As of the current update, this program is projected to yield an impact of MXN 790 million in 2023 and 60% of the initiatives have already have been executed while full savings will be reflected over the 2 coming quarters.

您可能還記得，去年，我們制定了一項雄心勃勃的簡化計劃，旨在提高整個組織的效率並簡化運營。截至目前的更新，該計劃預計將在 2023 年產生 7.9 億墨西哥比索的影響，其中 60% 的計劃已經執行，而全部節省將在未來 2 個季度得到體現。

Regarding capital expenditure, we invested $84 million year-to-date, indicating a substantial 26% decrease compared to previous years. This reduction in capital intensity can be attributed to the strategic measures we undertook to enhance return on investment along with the successful implementation of the simplification program mentioned earlier. A key indicator reflecting the positive impact of these efficiency measures is EBITDA minus CapEx which has grown by 16% year-on-year, increasing from MXN 1.3 billion to MXN 1.5 billion.

在資本支出方面，我們今年迄今投資了 8,400 萬美元，比往年大幅減少 26%。資本密集度的降低可歸因於我們為提高投資回報而採取的戰略措施以及前面提到的簡化計劃的成功實施。反映這些效率措施積極影響的一個關鍵指標是 EBITDA 減去資本支出，同比增長 16%，從 13 億墨西哥比索增至 15 億墨西哥比索。

And before turning back to Alfonso, I would like to emphasize that despite the challenges posed by the top line downward trend, we remain confident in our ability to reverse this trajectory. This confidence is grounded in the comprehensive transformation measures we are implementing, including all new and disruptive video offer. The introduction of more competitive broadband services and customer license value management.

在回到阿方索之前，我想強調，儘管營收下降趨勢帶來了挑戰，但我們仍然對扭轉這一趨勢的能力充滿信心。這種信心植根於我們正在實施的全面轉型措施，包括所有新的顛覆性視頻產品。推出更具競爭力的寬帶服務和客戶許可價值管理。

Thank you, Luis. To wrap up, despite the macro challenges with relative soft GDP growth and still relatively high inflation rates globally, Bernardo and I are optimistic about the medium-term operating and financial growth prospects for our different businesses. At Televisa-Univision, we continue to grow revenue across all business lines and geographies, materially outperforming our peers driven by our leading Spanish language streaming platform, ViX, that has been growing both sequentially and year-on-year and our core media business that keeps growing at a healthy pace.

謝謝你，路易斯。總而言之，儘管面臨 GDP 增長相對疲軟和全球通脹率仍然相對較高的宏觀挑戰，但貝爾納多和我對我們不同業務的中期運營和財務增長前景持樂觀態度。在 Televisa-Univision，我們在所有業務線和地區的收入持續增長，在我們領先的西班牙語流媒體平台 ViX 的推動下，我們的業績顯著優於同行，ViX 一直在連續增長和同比增長，而且我們的核心媒體業務持續以健康的速度增長。

ViX's strong operating and financial performance led us to feel even more confident that our streaming business will be profitable in the second half of 2024. This would be a major achievement as we estimate our streaming platform to be profitable only 2 years after launch, while most of our peers expect to turn profitable in 4 to 5 years.

ViX 強勁的運營和財務業績讓我們對我們的流媒體業務將在 2024 年下半年實現盈利更加充滿信心。這將是一項重大成就，因為我們預計我們的流媒體平台將在推出後僅 2 年就實現盈利，而大多數流媒體平台將在推出後兩年內實現盈利。的同行預計在 4 至 5 年內實現盈利。

In Cable, our operating and financial performance is far from reaching its full potential. But we're confident that under Valim's leadership, we will be able to reduce churn, gradually delivered solid RGU net adds again and accelerate revenue growth. In addition, we are fully committed to implementing structural reforms to increase profitability, optimize CapEx and enhance free cash flow generation.

在有線電視領域，我們的運營和財務業績遠未充分發揮潛力。但我們相信，在 Valim 的領導下，我們將能夠減少客戶流失，逐步再次實現可靠的 RGU 淨增加並加速收入增長。此外，我們完全致力於實施結構性改革，以提高盈利能力、優化資本支出並增強自由現金流的產生。

Finally, at Sky, we continue to believe that transformational measures implemented during the second half of 2022 and the new telco services that we have been launching in 2023 under the Sky brand will allow us to gradually achieve sequential operating and financial improvement over the coming quarters.

最後，在 Sky，我們仍然相信，2022 年下半年實施的轉型措施以及我們於 2023 年以 Sky 品牌推出的新電信服務將使我們能夠在未來幾個季度逐步實現運營和財務的連續改善。

Now we are ready to take your questions. Donna, could you please provide instructions for the Q&A.

現在我們準備好回答您的問題。唐娜，您能否提供問答說明。

(Operator Instructions) Our first question comes from Carlos Legarreta with Itau.

（操作員說明）我們的第一個問題來自 Itau 的 Carlos Legarreta。

Just 2 quick ones. The first one, what was the driver behind the high margin in the Other business segment? And secondly, with the stronger MXN versus the U.S. dollar, are you revising your CapEx guidance for the year?

就2個快的。第一個，其他業務板塊高利潤背後的驅動因素是什麼？其次，隨著墨西哥比索兌美元走強，您是否會修改今年的資本支出指引？

Carlos, yes, so Other businesses, we had basically an increase in revenue in gaming of 22%. So it's operating much better than during COVID, of course, where we had everything shut down. So revenue increase of 22%. Soccer had a growth in revenue of 13% and that was due to a strong attendance. The gains, the stadium performed better and also team sponsorships that we closed during the quarter.

卡洛斯，是的，所以其他業務，我們的遊戲收入基本上增長了 22%。當然，它的運行情況比新冠疫情期間要好得多，當時我們所有的設施都被關閉了。所以收入增加了22%。足球的收入增長了 13%，這得益於大量的觀眾。收益、體育場表現更好以及我們在本季度關閉的球隊贊助。

And that was partially offset by publishing where the continued headwinds, both in circulation and advertising of the magazines got us to a decline of 27% in terms of revenue. So that translated into the strong EBITDA growth that you saw. And I guess in terms of CapEx, even considering the exchange rate that -- what we see is that we estimate that we will invest around $620 million this year. And it's important to take into consideration that the FX volatility as you were mentioning, it could translate into [relations]. But mostly without that, it's meant to be around $620 million.

這部分被出版業所抵消，雜誌發行量和廣告方面的持續不利因素導致我們的收入下降了 27%。這轉化為您所看到的強勁的 EBITDA 增長。我想就資本支出而言，即使考慮到匯率，我們預計今年將投資約 6.2 億美元。重要的是要考慮到您提到的外匯波動，它可能會轉化為[關係]。但除此之外，預計約為 6.2 億美元。

The next question comes from Lucas Chaves with UBS.

下一個問題來自瑞銀集團的盧卡斯·查韋斯。

Looks like Lucas' line got disconnected. The next question comes from Vitor Tomita with Goldman Sachs.

盧卡斯的電話線好像斷了。下一個問題來自高盛的 Vitor Tomita。

Two questions from our side. The first one is on MSO mass market margins. Are costs already fully reflecting this year's inflation on labor content costs and other offending lines? Or could we see further impact through MSO margins in the next quarter? And the second question also on izzi regarding net disconnections. Were there any geographical areas that saw particularly high churn this quarter or any particular competitors that took in those churn customers. And in that context, has Telmex increased fiber deployments and increased commercial activity being an issue for izzi so far.

我們這邊有兩個問題。第一個是 MSO 大眾市場利潤。成本是否已經充分反映了今年勞動力成本和其他違規項目的通貨膨脹？或者我們能否在下個季度看到 MSO 利潤率的進一步影響？第二個問題也在izzi上關於網絡斷開的問題。本季度是否有任何地理區域的客戶流失率特別高，或者是否有任何特定的競爭對手吸收了這些流失的客戶。在此背景下，Telmex 增加光纖部署和增加商業活動是否成為 izzi 迄今為止面臨的一個問題。

Thank you, Vitor. I'll ask Valim to answer your questions.

謝謝你，維托爾。我會請瓦利姆回答你的問題。

Vitor, in terms of MSO margins, all the costs have already been fully reflected. So we don't expect any pass-through inflation moving forward as far as the MSO is concerned. In terms of disconnections, what we have been seeing is reflects -- the reflection of a compound effect of obviously the increased prices. But most importantly, the promotions that were expiring over the last several months from sales done last year, it has been broadly across the board. So we don't see any specific areas where churn is different or significantly different from what we were expecting.

Vitor，就MSO利潤率而言，所有的成本都已經得到了充分的體現。因此，就 MSO 而言，我們預計不會出現任何傳導性通脹。就斷網而言，我們所看到的是明顯價格上漲的複合效應的反映。但最重要的是，去年的促銷活動在過去幾個月即將到期，基本上是全面的。因此，我們沒有看到任何特定領域的客戶流失率與我們的預期不同或顯著不同。

The next question comes from Marcelo Santos with JPMorgan.

下一個問題來自摩根大通的馬塞洛·桑托斯。

My first question is to Francisco Valim. If you could share perhaps your preliminary diagnostic of Televisa Cable. Do you see any kind of low-hanging fruits based on your experience? That's the first question.

我的第一個問題是問弗朗西斯科·瓦利姆。如果您可以分享您對 Televisa Cable 的初步診斷。根據您的經驗，您是否看到過任何容易實現的成果？這是第一個問題。

And the second question also regarding Cable as we saw a strong pickup in the pace of deployment of homes passed. I think you reached almost 700,000 homes passed this year. Our view was that you're going to add 800,000 to 1 million. So is there a space for upward revisions in this number? How should we think about the growth given the very strong first half of the year.

第二個問題也與電纜有關，因為我們看到家庭部署的步伐已經強勁加快。我想今年已經有近 700,000 個家庭通過了。我們的觀點是，您將增加 80 萬到 100 萬。那麼這個數字還有向上修正的空間嗎？鑑於今年上半年的強勁增長，我們應該如何看待增長。

Marcelo, well, we have seen -- what I have seen here since I started my transition period, is that we have several opportunities in terms of cost and structure reforms that were already in the making that we think that we can implement very quickly. So yes, there are some low-hanging fruits in terms of how we operate in terms of the cost structure and in terms of CapEx optimization. And that kind of ties into your next question. As I understand the plan, the plan was to be around 700,000, 800,000 new homes passed this year, and we are very close to that number. So we don't anticipate any upward revisions on that number.

馬塞洛，嗯，我們已經看到——自從我開始過渡期以來，我在這裡看到的是，我們在成本和結構改革方面有一些機會，我們認為我們可以很快實施這些改革，這些機會已經在醞釀之中。因此，是的，就我們的成本結構和資本支出優化運營方式而言，有一些唾手可得的成果。這與你的下一個問題有關。據我了解該計劃，計劃是大約70萬套，今年通過了80萬套新房，我們非常接近這個數字。因此，我們預計該數字不會出現任何向上修正。

(Operator Instructions) The next question comes from Fred Mendes with Bank of America.

（操作員說明）下一個問題來自美國銀行的 Fred Mendes。

Congrats to Valim for the new opportunity. My questions are on Cable as well. The first one, just a follow-up from the last one, just trying to understand if you guys for some reason you raised the bar in terms of the credit of the clients and then eventually that led to a higher churn along with the promotions. So just trying to understand if you're raising the bar now and then eventually, we could see an improvement as we move forward. This will be my first question. And then again on the -- also on the Cable, these disconnections, did they happen mainly on fiber or mainly I would say, manly on cable? Or are you also seeing some disconnections on fiber? Just trying to see what we should expect for next quarters.

祝賀 Valim 獲得新機會。我的問題也與電纜有關。第一個只是上一個的後續，只是想了解你們是否出於某種原因提高了客戶信用的標準，然後最終導致了更高的客戶流失率和促銷。因此，只要嘗試了解您是否現在提高標準，最終，隨著我們的前進，我們就會看到進步。這是我的第一個問題。然後，同樣在電纜上，這些斷開連接主要發生在光纖上，還是主要發生在電纜上？或者您是否也看到光纖出現一些斷線？只是想看看我們對下幾個季度的預期。

Yes, I'll ask Valim to expand as to your questions, Fred. Thank you. As we mentioned, the fixed RGU gross net adds were very strong once again this quarter at around 1.3 million, which is mostly in line with the average for the last 3 quarters. We brought over 5 million RGUs in the last 12 months or that's 2.2 million broadband subscribers. So basically, izzi has 6.6 million subscriber base with a 35% penetration, which is very good. And we also have a network, as you know, of 19.4 million homes.

是的，弗雷德，我會請瓦利姆詳細回答你的問題。謝謝。正如我們提到的，本季度固定 RGU 總淨增量再次非常強勁，約為 130 萬，這與過去 3 個季度的平均水平基本一致。在過去 12 個月裡，我們帶來了超過 500 萬個 RGU，即 220 萬寬帶用戶。所以基本上，izzi 擁有 660 萬用戶群，滲透率為 35%，這是非常好的。如您所知，我們還有一個由 1940 萬個家庭組成的網絡。

So the demand for our services continues to be robust. However, as to your question, and Valim will expand on it, a combination of factors, including expiration of promotions that we have touched on from the fourth quarter of last year and the price increases that we implemented in the month of April, that led us to experience this increase in churn.

因此，對我們服務的需求仍然強勁。然而，至於你的問題，Valim 將進一步闡述，這是多種因素的結合，包括我們從去年第四季度開始談到的促銷活動的到期以及我們在 4 月份實施的價格上漲，導致我們會經歷這種客戶流失的增加。

So Valim, can you expand on the raising of the bar and Fred's question.

Valim，您能否詳細說明一下標準的提高和 Fred 的問題。

Sure. So thank you, Alfonso. So what we see here is that churn, because of the reasons Alfonso just mentioned, has picked up in June. July is the occasion month in Mexico. So we anticipate also having a little bit more churn this month, not compared to the previous month, but compared to the annual average. And August is a great month. It's back to school. So we see a lot of net adds potential -- additional net adds on that.

當然。謝謝你，阿方索。因此，我們在這裡看到的是，由於阿方索剛才提到的原因，客戶流失率在 6 月份有所上升。七月是墨西哥的節日月。因此，我們預計本月的客戶流失率也會有所增加，不是與上個月相比，而是與年度平均水平相比。八月是一個美好的月份。已經回學校了因此，我們看到了很多淨增加的潛力——在此基礎上還有額外的淨增加。

So churn, as we understand, has many, many reasons, and we are addressing several of those reasons. In terms of raising the bar, yes, we are -- we try to [scrutinize] as much as possible new clients because we want to make sure that they stay for a longer period of time. And we see that moving forward. So we want to be more targeting -- more targeted and how we approach the market, making sure that we bring the best clients considering that we already have most of the best clients in this market. So retaining those clients is our top priority and bring in clients that are equivalent to those clients is what we are aiming to do moving forward.

據我們了解，客戶流失有很多很多原因，我們正在解決其中的幾個原因。在提高標準方面，是的，我們正在努力[審查]盡可能多的新客戶，因為我們希望確保他們停留更長時間。我們看到這種情況正在向前發展。因此，我們希望更有針對性——更有針對性以及我們如何進入市場，確保我們帶來最好的客戶，因為我們已經在這個市場上擁有了大多數最好的客戶。因此，留住這些客戶是我們的首要任務，而引進與這些客戶相當的客戶是我們未來的目標。

This concludes our question-and-answer session. I would now like to turn the conference back over to Mr. Alfonso de Angoitia for any closing remarks.

我們的問答環節到此結束。現在我想將會議轉回阿方索·德安戈蒂亞先生髮表閉幕詞。

Thank you very much for participating in our call. If you have any additional questions, please call us. Thank you very much.

非常感謝您參與我們的通話。如果您還有任何其他問題，請致電我們。非常感謝。

This concludes our conference. Thank you for participating today. You may all now disconnect.

我們的會議到此結束。感謝您今天的參與。你們現在可以斷開連接了。