Grupo Televisa SAB (TV) 2023 Q3 法說會逐字稿

Good morning, everyone, and welcome to Grupo Televisa's Third Quarter 2023 Conference Call.

大家早安，歡迎參加 Grupo Televisa 2023 年第三季電話會議。

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 will discuss in today's call and in the earnings release.

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，並適用於我們將在今天的電話會議和收益發布中討論的所有內容。

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

我現在將電話轉給 Grupo Televisa 執行長 Alfonso de Angoitia 先生。請繼續，先生。

Thank you, Sheila. Good morning, everyone, and thank you for joining us.

謝謝你，希拉。大家早安，感謝您加入我們。

With me today are Wade Davis, CEO of TelevisaUnivision; Francisco Valim, CEO of Cable; Luis Malvido, CEO of Sky; and Carlos Phillips, CFO of Grupo Televisa. Wade, Valim and Luis will discuss the operating and financial performance of each business they manage in their remarks. But before doing that, I would like to ask Valim to give you an update and the outlook of Mexico's fixed telecom market and the cable strategy we are pursuing to achieve our goals.

今天和我在一起的有 TelevisaUnivision 執行長 Wade Davis；弗朗西斯科·瓦利姆 (Francisco Valim)，有線電視公司執行長；路易斯·馬爾維多，天空電視台執行長；以及 Grupo Televisa 財務長卡洛斯·菲利普斯 (Carlos Phillips)。韋德、瓦利姆和路易斯將在演講中討論他們管理的每家企業的營運和財務表現。但在此之前，我想請 Valim 向您介紹墨西哥固定電信市場的最新情況和前景，以及我們為實現目標而採取的有線策略。

Under this plan, we are prioritizing free cash flow over an ongoing aggressive cable footprint expansion, particularly considering that we have the largest network in Mexico, excluding the incumbent, ending September with 19.5 million homes passed or a coverage of over 55% of total homes in the country. Therefore, Valim's mandate, as recently appointed CEO of our Cable operations has been to improve quality and life cycle of our subscriber base, enhance profitability, optimize CapEx deployment, expand free cash flow generation and as such increase returns on invested capital.

根據該計劃，我們將優先考慮自由現金流，而不是持續積極的電纜覆蓋範圍擴張，特別是考慮到我們擁有墨西哥最大的網絡（不包括現有網絡），截至9 月底，共有1,950 萬戶家庭通過，覆蓋率超過總家庭的55%在國內。因此，作為最近被任命為我們有線電視業務首席執行官的Valim 的任務是提高我們用戶群的質量和生命週期，提高盈利能力，優化資本支出部署，擴大自由現金流的產生，從而提高投資資本回報率。

Having said that, let me turn the call over to Valim as he will elaborate on our long-range plan.

話雖如此，讓我把電話轉給瓦利姆，他將詳細闡述我們的長期計劃。

Thank you, Alfonso. Good morning, everyone.

謝謝你，阿方索。大家，早安。

Mexico's fixed income market has already reached a more mature stage with fixed Internet penetration at over 70% of homes. At the same time, customer needs have been shifting towards higher Internet speeds, improved service quality and digitized offerings. These changes in customer needs have led to a strategy of high-speed fiber network deployment widely adopted by all market participants which typically occurs during expensive economic cycle, such network expansions hinder financial returns, particularly under the current environment of high interest rates and intensified competition, implying that CapEx deployment must be strategic prioritizing return on investments. Such market maturity, combined with its current structure is likely to lead potential consolidation where we think that easy with its strong competitive stance, given our strong brand, the highest Net Promoter Score in the market, solid technological architecture and the second largest customer base in Mexico is well positioned to play a leading role.

墨西哥的固定收益市場已達到較成熟的階段，固定網路普及率超過70%的家庭。同時，客戶的需求已轉向更高的網路速度、更高的服務品質和數位化產品。客戶需求的這些變化導致所有市場參與者廣泛採用高速光纖網路部署策略，這種策略通常發生在昂貴的經濟週期中，這種網路擴張阻礙了財務回報，特別是在當前高利率和激烈競爭的環境下，這意味著資本支出部署必須策略性地優先考慮投資回報。這種市場成熟度，結合其目前的結構，可能會導致潛在的整合，我們認為，考慮到我們強大的品牌、市場上最高的淨推薦值、堅實的技術架構和第二大客戶群，我們認為憑藉其強大的競爭地位很容易實現整合。墨西哥完全有能力發揮主導作用。

The global macro environment and recent changes in the structure of the market where we operate call for reflection on our position and, most importantly, our role in the upcoming years. Our conclusion was that we need a change in our company's management and strategy which we have already started to implement.

全球宏觀環境和我們經營所在市場結構的近期變化要求我們反思我們的立場，最重要的是我們在未來幾年的角色。我們的結論是，我們需要改變公司的管理和策略，我們已經開始實施這項改變。

A deep assessment of our cable business suggests that going forward, we should not focus primarily on rapid expansion and deployment of our network. But rather on an optimization strategy to generate value in our existing businesses. Specifically, value generation in the market has been focused more on volume and less on sales quality. Manifesting through aggressive promotions driven by competitive dynamics resulting in weak revenue growth, pressure on profitability and soft free cash flow generation. And promotions that accelerated gross adds but have been a double-edged sword as they have boosted churn and deteriorated sales quality. While some of our competitors continue to rely on this strategy, we firmly believe that this is on the path to maximize the industry value in Mexico, especially for izzi. This model, which has led some of our competitors to financial challenges becomes unattainable in a competitive and mature market as we have experienced in recent quarters.

對我們有線業務的深入評估表明，展望未來，我們不應主要關注網路的快速擴張和部署。而是在我們現有業務中創造價值的最佳化策略。具體來說，市場上的價值創造更多地關注數量而不是銷售品質。表現為競爭動態驅動的積極促銷，導致收入成長疲軟、獲利能力受到壓力以及自由現金流生成疲軟。促銷活動雖然加速了總銷售量的成長，但卻是一把雙面刃，因為它們會增加客戶流失率並降低銷售品質。雖然我們的一些競爭對手繼續依賴這項策略，但我們堅信，這是實現墨西哥產業價值最大化的道路，尤其是對 izzi 而言。正如我們最近幾季所經歷的那樣，這種模式導致我們的一些競爭對手面臨財務挑戰，但在競爭激烈且成熟的市場中卻變得難以實現。

In addition, our enterprise operations have failed to maintain one of its key contracts while cost pressures due to inflation have hindered our profitability. This situation required immediate action to transform what has been a severe impact on our enterprise operations financials into an opportunity from 2024 onwards. Over the years, izzi has positioned itself as a leading player in the telecom market with the capabilities required to redefine the way in which value is created. Therefore, we believe that we are a strong brand having the highest NPS in the market and our almost 6.3 million loyal customers provides us with a tremendous opportunities to create value by focusing on the following areas.

此外，我們的企業營運未能維持其中一項關鍵合同，而通膨帶來的成本壓力阻礙了我們的獲利能力。這種情況需要立即採取行動，將從 2024 年起對我們企業營運財務的嚴重影響轉變為機會。多年來，izzi 將自己定位為電信市場的領導企業，擁有重新定義價值創造方式所需的能力。因此，我們相信我們是一個強大的品牌，在市場上擁有最高的 NPS，我們近 630 萬的忠實客戶為我們提供了巨大的機會，透過專注於以下領域來創造價值。

First, focus on customers' retention and maintaining high satisfaction; second, pursue sales quality with higher speeds up to 1 gigabit per second and competitive packages, thanks to our superb network infrastructure; third, proactively manage our subscriber base to maximize customers' ARPU. Fourth, enhance our video offering to complement our value proposition. Fifth, efficiently grow our SME business; and sixth, carry out a full turnaround of our enterprise operations through an organizational restructuring and revamped commercial strategy and a renewed segmentation of our client base. These strategic pillars are the core focus of izzi and have already become a reality with the reorganization of our management structure and the appointment of new hires to our executive committee with extensive experience in telecommunications, including myself as CEO, Juan Vico as Chief Financial Officer; Ricardo [Noosa] as Chief Commercial Officer of our Enterprise Operations and Nina Mason as Chief Marketing Officer.

第一，注重客戶保留並維持高滿意度；第二，憑藉我們卓越的網路基礎設施，追求每秒1吉比特的更高速度和有競爭力的套餐的銷售品質；第三，主動管理我們的用戶群，以最大限度地提高客戶的 ARPU。第四，增強我們的視訊產品以補充我們的價值主張。五是中小企業業務高效率發展；第六，透過組織重組、改善商業策略以及重新細分客戶群，全面扭轉我們的企業營運。這些策略支柱是izzi 的核心焦點，並且隨著我們管理結構的重組以及在電信領域任命具有豐富經驗的新員工加入我們的執行委員會，這些戰略支柱已經成為現實，其中包括我擔任首席執行官、Juan Vico 擔任財務長； Ricardo [Noosa] 擔任我們企業營運的首席商務官，Nina Mason 擔任行銷長。

Changes in our top management team has been followed by an ongoing evolution of the company's operating philosophy supported by 5 strategic pillars. First, product offering. We are shifting our focus to local rather than national strategies, grow in places where we have a competitive advantage. We are enhancing our sales quality, aiming to provide higher speed bundles. And we are creating a unique video value proposition focusing on the seamless aggregation of streaming platforms.

隨著我們高階管理團隊的變動，公司營運理念不斷演變，並得到 5 個策略支柱的支持。第一，產品供給。我們正在將重點轉向地方戰略而不是國家戰略，在我們擁有競爭優勢的地方發展。我們正在提高銷售質量，旨在提供更快的捆綁速度。我們正在創建一個獨特的視訊價值主張，重點關注串流媒體平台的無縫聚合。

Second pillar, subscriber base management and tools. We are boosting big data and artificial intelligence to have better management of subscriber base with a more -- for more strategy and handle churn with a more proficient execution, prioritizing long-term value.

第二個支柱，使用者群管理和工具。我們正在推動大數據和人工智慧的發展，以便透過更多的策略來更好地管理用戶群，並透過更熟練的執行來處理客戶流失，優先考慮長期價值。

Third, sales channels. We are implementing a structural shift in our distribution channels, emphasizing digitalization, bringing us closer to high-value customers and optimizing our subscriber acquisition cost.

第三，銷售通路。我們正在對分銷管道實施結構性轉變，強調數位化，拉近我們與高價值客戶的距離，並優化我們的訂戶獲取成本。

Fourth, cost structure. We have implemented an in-depth review of our cost structure, both at OpEx and CapEx levels. On the OpEx front, we have already implemented a material headcount reduction with savings of around 12% of our payroll to be effective from the fourth quarter and rationalization of third-party providers. Our CapEx side, we are working on improving inventory management, logistics, field operations, optimization of real estate and rationalization of network expansion. As an example of real estate optimization in November, we will complete the relocation of our headquarters to Grupo Televisa's corporate building, allowing us to achieve significant rental savings.

第四，成本結構。我們對營運支出和資本支出層面的成本結構進行了深入審查。在營運支出方面，我們已經實施了實質裁員，從第四季度開始節省了約 12% 的工資，並對第三方提供者進行了合理化調整。在我們的資本支出方面，我們正在努力改善庫存管理、物流、現場營運、房地產優化和網路擴張合理化。作為 11 月房地產優化的一個例子，我們將完成將總部遷至 Grupo Televisa 公司大樓的工作，使我們能夠節省大量租金。

Fifth and final pillar, enterprise operations and SME segment, where we see great opportunity to leverage our strong capability. So far, we have reorganized enterprise operations structure with the new leadership team already in place, carry out a resegmentation of our customer base, optimize our cost structure by emulate duplication of networks, revamped the value proposition of our SME segment and renewed our focus on revenue and EBITDA growth.

第五個也是最後一個支柱，企業營運和中小企業領域，我們看到了利用我們強大能力的巨大機會。到目前為止，我們已經重組了企業營運結構，新的領導團隊已經到位，對我們的客戶群進行了重新細分，透過模擬網路重複來優化我們的成本結構，修改了中小企業細分市場的價值主張，並重新關注收入和 EBITDA 成長。

These changes in the company's philosophy have also been accompanied by a shift in execution, launch an award room for the eye trial implementation of this strategy. These pillars, which represent the core of our strategy, resonate very well with our mature markets, especially for players with similar market share, where value creation lies in growing their share of wallet within their existing footprint and days. Instead of having an aggressive and suboptimal market expansion, we are confident to gradually recover the growth path and that our turnaround strategy will deliver results by already having sequential stability since the beginning of 2024, and not only grow their subscriber base, but improving our ARPU through both customer base management and higher sales quality. Moreover, churn experienced in the recent quarters has been proactively addressed and is expected to come back to our historical levels, allowing us to better capitalize our growth.

公司理念的這些變化也伴隨著執行力的轉變，推出獎勵室以試行這項策略。這些支柱代表了我們策略的核心，與我們的成熟市場產生了很好的共鳴，特別是對於市場份額相似的參與者來說，價值創造在於在現有的足跡和時間內增加他們的錢包份額。我們沒有進行激進且次優的市場擴張，而是有信心逐步恢復成長路徑，並且我們的扭虧為盈策略將透過自2024 年初以來已經實現的連續穩定來取得成果，不僅增加他們的用戶群，而且提高我們的ARPU透過客戶群管理和更高的銷售品質。此外，最近幾季經歷的客戶流失已得到積極解決，預計將回到歷史水平，使我們能夠更好地利用我們的成長。

Altogether, our cost restructuring and a more strategic data-driven CapEx deployment process will contribute to maximize our returns, gradually translating into a reversal of EBITDA declines and substantial operating cash flow, compound annual growth rate of around 10% over the next 3 years. All in all, our 2024, 2026 long-range plan considers revenue growth in the low to mid-single digits which is in line with more mature markets, driven by subscriber base growth, price increases to pass through inflation and product upselling.

總而言之，我們的成本重組和更具策略性的數據驅動的資本支出部署流程將有助於最大化我們的回報，逐步轉化為EBITDA 下降的逆轉和大量的營運現金流，未來3 年的複合年增長率約10%。總而言之，我們的 2024 年和 2026 年長期計畫認為營收成長在中低個位數，這與更成熟的市場一致，受到用戶基數成長、透過通貨膨脹和產品追加銷售推動的價格上漲的推動。

Profitability is expected to be at around 40% as the initiatives put in place to offset inflationary pressures gain more traction. Finally, a more focus on the strategic network expansion plan of up to 400,000 new homes per year and lower subscriber intake as we focus on sales quality and churn reduction will contribute to gradually take our CapEx sales ratio down to low 20s from around 26% this year.

隨著抵銷通膨壓力的舉措獲得更多支持，獲利預計將在 40% 左右。最後，我們更加關注每年多達40 萬個新房的策略性網路擴張計劃，並在關注銷售品質和減少客戶流失的同時降低用戶數量，這將有助於將我們的資本支出銷售比率從今年的26% 左右逐漸降至20 多歲。年。

Now let me walk you through our cable operating and financial performance. We ended September with a network of 19.5 million homes after passing almost 90,000 new homes during the third quarter. We also delivered around 381,000 subscribers or homes connected gross adds, showing that demand for our service continues to be robust. However, we decided to clean up our base given the low-quality additions over the last few quarters with subscribers that are very sensitive to price increases. These subscribers have skipped their monthly payments deadlines and have zero consumption for an extended period, allowing us to disconnect them. This cleanup translated into net disconnections of over 392,000 subscribers.

現在讓我向您介紹我們的有線電視營運和財務表現。繼第三季新增近 9 萬套房屋之後，截至 9 月底，我們的網路已擁有 1,950 萬套住房。我們還提供了約 381,000 名用戶或家庭連線總增量，顯示對我們服務的需求仍然強勁。然而，鑑於過去幾季的低品質新增內容以及對價格上漲非常敏感的訂戶，我們決定清理我們的基礎。這些訂戶已經跳過了每月的付款期限，並且在很長一段時間內保持零消費，使我們能夠與他們斷開連接。此次清理導致超過 392,000 名用戶的網路中斷。

During the quarter, revenue from our residential operations increased by 1.8% year-on-year, while operating segment income fell by 7.3%. Our residential operation margin of 37.9%, contracted by 380 basis points year-on-year, mainly driven by inflationary pressures in labor and content-related costs. However, the headcount reduction implemented in the third quarter with savings around 12% of our payroll will allow us to expand our residential operations margin by around 200 basis points in the fourth quarter. Our enterprise operations accounting for roughly 12% and 7% of our cable segment revenue and operating segment income, respectively, continue to face challenges.

本季度，我們的住宅業務收入年增1.8%，而營運分部收入則下降7.3%。我們的住宅業務利潤率為37.9%，年減380個基點，主要是受到勞動力和內容相關成本的通膨壓力所推動。然而，第三季實施的裁員計畫使我們的薪資節省了約 12%，這將使我們能夠在第四季度將住宅業務利潤率擴大約 200 個基點。我們的企業業務分別約占我們電纜部門收入和營運部門收入的 12% 和 7%，但仍面臨挑戰。

During the quarter, revenue fell by 24%, while our enterprise operations margin of 18.7% contracted by 680 basis points year-on-year. Still, as we discussed earlier, the enterprise operations organization and implementation will position us well to stabilize and grow revenue and operating segment income from 2024 onwards.

本季度，營收下降了 24%，而我們的企業營運利潤率為 18.7%，年減了 680 個基點。儘管如此，正如我們之前討論的，企業營運組織和實施將使我們能夠從 2024 年起穩定並增加收入和營運部門收入。

To sum up, revenue from our cable segment of MXN 12.1 billion fell by 2% year-on-year, while operating segment income of MXN 4.3 billion declined by 12%, Our Cable segment margin of 35.6%, contracted by 400 basis points year-on-year.

綜上所述，我們的電纜部門收入為121 億墨西哥比索，年減2%，而營運部門收入為43 億墨西哥比索，下降了12%。我們的電纜部門利潤率為35.6%，年比收縮了400個基點-同比。

Thank you, Valim.

謝謝你，瓦利姆。

We've put together a great plan and a great team. Now let me turn the call over to Luis Malvido, CEO of Sky.

我們制定了一個偉大的計劃和一個偉大的團隊。現在讓我把電話轉給天空電視台執行長路易斯·馬爾維多。

Thank you, Alfonso, and good morning, everyone.

謝謝你，阿方索，大家早安。

I'm pleased to present an update on Sky's third quarter operating and financial performance. Before getting into the numbers, I'm pleased to announce a significant milestone achieved by Sky. During the quarter, we introduced Sky Más, groundbreaking product from Sky Mexico. Sky Más is an Android-based streaming platform developed entirely in our own laboratories that seamlessly integrates all Sky TV, VOD and OTT content in a unified viewing experience on a single screen. Sky Más eliminates the needs for a dish or specific installation requirements and can run over any broader network. Besides, leveraging on the power of artificial intelligence, our cutting-edge search and recommendation engine creates content for each member of the household, eliminating the need to switch between multiple OTTs.

我很高興向您介紹 Sky 第三季營運和財務業績的最新情況。在討論這些數字之前，我很高興地宣布天空電視台實現了一個重要的里程碑。本季度，我們推出了 Sky Más，這是 Sky Mexico 的突破性產品。 Sky Más 是一個基於 Android 的串流媒體平台，完全由我們自己的實驗室開發，可在單一螢幕上無縫整合所有 Sky TV、VOD 和 OTT 內容，提供統一的觀看體驗。 Sky Más 消除了對碟形天線的需求或特定的安裝要求，並且可以在任何更廣泛的網路上運行。此外，利用人工智慧的力量，我們先進的搜尋和推薦引擎為每個家庭成員創建內容，無需在多個 OTT 之間切換。

Furthermore, Sky Más is the only platform in the market that offers live sports events in true 4K quality and provides the option to extend this experience to any mobile device, including cell phones, tablets and laptops. Sky Más currently integrates Universal Plus, Disney+, Star+, HBO Max and Dish Premium, along with all linear channels and all partners entire libraries solidifying our position as the comprehensive and dynamic content provider in the ever-evolving digital landscape. Sky Más stands as the premier broadband agnostic platform for the Mexican sports enthusiasts offering a comprehensive collection of all major worldwide soccer leagues and tournaments in one place.

此外，Sky Más 是市場上唯一提供真正 4K 品質直播體育賽事的平台，並提供將這種體驗擴展到任何行動裝置（包括手機、平板電腦和筆記型電腦）的選項。 Sky Más 目前整合了Universal Plus、Disney+、Star+、HBO Max 和Dish Premium，以及所有線性頻道和所有合作夥伴的整個圖書館，鞏固了我們在不斷發展的數位環境中作為全面、動態內容提供商的地位。 Sky Más 是墨西哥運動愛好者首屈一指的與寬頻無關的平台，在一個地方提供全球所有主要足球聯賽和錦標賽的全面集合。

Early this month, we successfully launched Sky Más marketing campaign, targeting new and existing Sky customers. This campaign not only boosted brand awareness, but it's also fueling promising sales growth. Today, we have added 36,000 units, and the momentum is still on the rise. Shortly, our Sky Más offer will be boosted when bundled with Sky Internet.

本月初，我們成功發起了 Sky Más 行銷活動，針對新舊 Sky 客戶。該活動不僅提高了品牌知名度，還推動了可觀的銷售成長。今天，我們已經新增了36,000套，而且勢頭還在上升。很快，我們的 Sky Más 優惠將在與 Sky Internet 捆綁後得到提升。

Our digital transformation strategy is well underway and building an array of disruptive new products that are quickly gaining traction in market. This innovative portfolio not only underscores our commitment to innovation and our efforts to enhance our competitiveness but also reflects our dedication to delivering the best to our customers.

我們的數位轉型策略正在順利進行，並正在打造一系列顛覆性新產品，這些產品正在迅速獲得市場關注。這項創新產品組合不僅強調了我們對創新的承諾和增強競爭力的努力，也體現了我們致力於為客戶提供最好的服務。

Now in terms of trading, we experienced a decrease of 227,000 units during the quarter, mostly coming from prepaid. However, this decline was partially offset by 29,000 positive net adds of new products and 5,000 in Central America, where we score positive net adds for the first time in many quarters.

現在就交易而言，本季我們減少了 227,000 台，主要來自預付費。然而，這一下降被 29,000 種新產品淨增加量和中美洲 5,000 種新產品的淨增加量部分抵消，這是我們在許多季度以來首次在中美洲獲得正淨增加量。

Now let me walk you through the financial results for the quarter. Third quarter revenues declined 13.8% year-on-year, reaching MXN 4.3 million. This decline was primarily driven by the aforementioned DTH subscriber base drop and a lower recharging frequency, partially offset by the price increase in postpaid video implemented in May. Furthermore, operating segment income in Q3 decreased by 9.9% year-on-year, reaching a margin of 35.7%. This decline is attributed to lower revenues, mostly in prepaid which were partially offset by a drop in 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的財務表現。第三季營收年減 13.8%，達到 430 萬墨西哥比索。這一下降主要是由於上述 DTH 用戶基數下降和充值頻率降低造成的，但部分被 5 月實施的後付費影片價格上漲所抵消。此外，第三季經營分部營收年減9.9%，利潤率為35.7%。這一下降歸因於收入減少（主要是預付款），但由於在我們的營運中成功實施了效率措施，銷售成本和營運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 digitalization and simplification program aimed at improving efficiency and streamlining processes across the entire organization while enhancing customer experience. As of current update, this program is projected to yield an impact of MXN 805 million in 2023, representing over 4% on full year revenues. Regarding our capital expenditure, we invested $120 million year-to-date, indicating a substantial 29% decrease compared to the previous year. This reduction in capital intensity can be attributed to the strategic measures we undertook to enhance return on investment, inventory rationalization, along with the successful implementation of the simplification program mentioned earlier.

您可能還記得，去年，我們制定了一項雄心勃勃的數位化和簡化計劃，旨在提高整個組織的效率和簡化流程，同時增強客戶體驗。截至目前的更新，該計劃預計將在 2023 年產生 8.05 億墨西哥比索的影響，佔全年收入的 4% 以上。在資本支出方面，今年迄今我們投資了 1.2 億美元，比前一年大幅減少了 29%。資本密集度的降低可歸因於我們為提高投資回報、庫存合理化而採取的策略措施，以及前面提到的簡化計劃的成功實施。

Finally, as a metric that underscores the positive impact of these efficiency measures is EBITDA minus CapEx. Year-to-date, this indicator has witnessed a year-on-year growth of 16.7%, surging from MXN 2.2 billion to MXN 2.57 billion.

最後，作為強調這些效率措施的正面影響的指標是 EBITDA 減去資本支出。年初至今，該指標年增 16.7%，從 22 億墨西哥比索飆升至 25.7 億墨西哥比索。

Thank you, Luis.

謝謝你，路易斯。

Given the operating and financial performance of our 2 core consolidated businesses, Grupo Televisa's consolidated revenue reached MXN 18.3 billion representing a decline of 4.9% year-on-year. While operating segment income reached MXN 6.4 billion equivalent to a year-on-year decrease of 8.8% mainly driven by the lower revenue and inflationary pressures. Below operating segment income, we had nonrecurring severance expenses of around MXN 830 million related to the headcount reduction implemented in cable during the third quarter. Still, this measure will bring savings of around 12% of our payroll, allowing us to expand the residential operations margin in cable by around 200 basis points in the fourth quarter.

鑑於我們兩大核心合併業務的營運和財務業績，Grupo Televisa 的合併收入達到 183 億墨西哥披索，年減 4.9%。營運部門收入達到 64 億墨西哥比索，年減 8.8%，主要是由於收入下降和通膨壓力。低於營運部門收入，我們的非經常性遣散費約為 8.3 億墨西哥比索，與第三季實施的有線電視員工人數削減有關。儘管如此，這項措施仍將為我們節省約 12% 的工資，使我們能夠在第四季度將電纜住宅業務利潤率擴大約 200 個基點。

Moving on to TelevisaUnivision. Before getting into its third quarter operating and financial results released on Wednesday morning, let me remind you that our 44% stake in this company is a very important value component for Grupo Televisa's shares. Using proportionate consolidation, TelevisaUnivision would contribute almost 40% percent of revenue and EBITDA during the third quarter, making it the second largest proportionate contributor to Grupo after our cable operations. TelevisaUnivision delivered another strong quarter of digit revenue growth, underscoring the strength and flexibility of our unique fully integrated ecosystem across complementary platforms and geographies.

轉向 TelevisaUnivision。在討論週三上午發布的第三季營運和財務業績之前，讓我提醒您，我們持有的該公司 44% 的股份是 Grupo Televisa 股票的一個非常重要的價值組成部分。透過按比例合併，TelevisaUnivision 將在第三季度貢獻近 40% 的收入和 EBITDA，使其成為繼我們的有線電視業務之後對 Grupo 的第二大按比例貢獻者。 TelevisaUnivision 再次實現了數位收入的強勁成長，突顯了我們跨互補平台和地域的獨特完全整合生態系統的實力和靈活性。

Having said that, let me turn the call over to Wade Davis, CEO of TelevisaUnivision.

話雖如此，讓我把電話轉給 TelevisaUnivision 執行長 Wade Davis。

Thanks, Alfonso.

謝謝，阿方索。

I'm really happy to be here with you all and to spend some time discussing TU's performance. It was a great quarter for us, where we hit a number of high watermarks operationally, delivered significant progress on our strategic priorities, and therefore, produced fantastic financial results. But I want to start by highlighting how unique our company is, and in particular, the unique economic opportunity we're pursuing.

我真的很高興能和大家在一起並花一些時間討論 TU 的表現。對我們來說，這是一個偉大的季度，我們在營運上達到了許多高水位，在我們的策略優先事項上取得了重大進展，因此產生了出色的財務業績。但我想先強調我們公司的獨特性，特別是我們正在追求的獨特經濟機會。

We are the only company at scale touching all Spanish-speaking media markets globally. This is an $8 trillion GDP, and over half of that is represented by the Mexican and U.S. Hispanic markets, where we are the definitive leaders. And both of these markets are seeing remarkable growth.

我們是唯一一家大規模涉足全球所有西班牙語媒體市場的公司。這是 8 兆美元的 GD​​，其中超過一半是墨西哥和美國拉丁裔市場，我們是這兩個市場的絕對領導者。這兩個市場都出現了顯著的成長。

In fact, the LDC and Wells Fargo released their annual U.S. Hispanic market report, which highlighted that the U.S. Hispanic GDP grew double digits to exceed $3.2 trillion last year, making it the largest Spanish-speaking market in the world, the equivalent of the fifth largest national economy, but also the fastest-growing economy in the world. And we are the only scaled company that's a pure play on the global Spanish-speaking consumer.

事實上，LDC和富國銀行發布了年度美國拉丁裔市場報告，其中強調去年美國拉丁裔GDP以兩位數增長，超過3.2兆美元，成為世界上最大的西班牙語市場，相當於第五個西班牙語言市場。最大的國民經濟體，也是世界上成長最快的經濟體。我們是唯一一家專門針對全球西班牙語消費者的規模化公司。

Executing against this opportunity, we delivered double-digit revenue growth and an impressive 58% year-over-year improvement in D2C losses, which led to flat consolidated EBITDA. And underpinning these financial results was incredible success from an audience perspective. In Mexico, we held both the #1 and #2 networks for the first time in history. In the U.S., our market share reached a 9-year high of 65%. And in streaming, we surpassed 40 million monthly average uniques. This is the remarkable company we created when we brought Univision together with Televisa's content business, a fully optimized content engine that can power multiple platforms across the global Spanish-speaking market, and deliver market-leading audience outcomes, and we can do it efficiently enough to create a new streaming business with hundreds of millions of dollars of year 1 revenue and nearly no consolidated EBITDA degradation.

抓住這一機遇，我們實現了兩位數的收入成長，D2C 虧損同比改善了 58%，令人印象深刻，從而導致合併 EBITDA 持平。從觀眾的角度來看，支撐這些財務表現的是令人難以置信的成功。在墨西哥，我們歷史上首次同時擁有第一和第二網絡。在美國，我們的市佔率達到 65%，創 9 年來新高。在串流媒體領域，我們的月平均獨立用戶數超過了 4000 萬。這是我們將Univision 與Televisa 的內容業務結合在一起創建的非凡公司，這是一個完全優化的內容引擎，可以為全球西班牙語市場的多個平台提供支持，並提供市場領先的觀眾成果，而且我們可以足夠高效地做到這一點創建一個新的串流媒體業務，第一年收入數億美元，並且綜合 EBITDA 幾乎沒有下降。

Our 11% revenue growth this quarter was supported by all geographies. In the U.S. business, we saw the highest Q3 revenue in the history of the company. In Mexico, we posted double-digit revenue growth, which we have done every quarter since our merger. And if we adjust for the U.S.'s midterm political ad sales from last year, we saw growth across all lines of business in all regions. Although the overall U.S. ad market remained relatively soft this quarter, our U.S. ad sales rose by 3%, excluding political and advocacy which represents an outperformance of the broader market by 800 basis points based on (inaudible). This is an expansion from our 600 basis points of outperformance last quarter.

本季我們 11% 的營收成長得到了所有地區的支持。在美國業務中，我們看到了公司歷史上最高的第三季收入。在墨西哥，我們實現了兩位數的營收成長，自合併以來我們每季都實現了這一成長。如果我們對去年美國中期政治廣告銷售進行調整，我們會看到所有地區所有業務線的成長。儘管本季美國整體廣告市場仍然相對疲軟，但我們的美國廣告銷售額成長了 3%，不包括政治和宣傳，這代表著大盤表現優於大盤 800 個基點（聽不清楚）。這比我們上季的優異表現擴大了 600 個基點。

In Mexico, we had an amazing ad sales quarter, where the combination of new plan activations and new advanced solutions coming online in Mexico, led by streaming inventory on Vix drove strong continued growth. Subscription and licensing revenue grew 18% this quarter, and this was driven by Vix's premium tier, which more than offset some linear sub softness. We're also seeing early growth contribution from licensing our new original Vix programming outside of our core markets.

在墨西哥，我們的廣告銷售季度表現出色，在 Vix 串流媒體庫存的帶動下，新計劃激活和新高級解決方案在墨西哥上線，推動了強勁的持續增長。本季度訂閱和授權收入成長了 18%，這是由 Vix 的高端產品推動的，足以抵消一些線性子市場的疲軟。我們也看到了在核心市場之外授權我們新的原創 Vix 計畫所帶來的早期成長貢獻。

Our singular focus on Spanish language presents us with significant licensing opportunities globally without putting any competitive pressure in our primary markets. This quarter, we narrowed our D2C losses by nearly 60%, and we continue to have direct line of sight to our target of D2C profitability by the second half of 2024. This is now only 9 months away, and when we deliver this, Vix will have had the shortest ramp to profitability of any major streaming service in history. And we can do this because of the unique content costs and the powerful marketing advantages we've created with the combined TelevisaUnivision business. We have a massively scaled, fully vertically integrated business operating across multiple platforms and leading in the largest Spanish-speaking markets in the world. And our relentless focus on efficiency manifests on an overall consolidated basis, with highest operating margins in the industry. But this will be further underscored as we continue toward D2C profitability where we believe our margins will also be best in class.

我們對西班牙語的獨特關注為我們在全球範圍內提供了重要的許可機會，而不會給我們的主要市場帶來任何競爭壓力。本季度，我們的 D2C 虧損縮小了近 60%，我們繼續直接瞄準到 2024 年下半年實現 D2C 盈利的目標。現在距離這個目標只有 9 個月了，當我們實現這一目標時，Vix這將是歷史上所有主要串流媒體服務中實現盈利的最短時間。我們之所以能夠做到這一點，是因為我們透過合併後的 TelevisaUnivision 業務創造了獨特的內容成本和強大的行銷優勢。我們擁有大規模、完全垂直整合的業務，跨多個平台運營，並在全球最大的西班牙語市場中處於領先地位。我們對效率的不懈關注體現在整體整合的基礎上，擁有業界最高的營業利潤率。但隨著我們繼續實現 D2C 獲利能力，這一點將進一步強調，我們相信我們的利潤率也將是同類中最好的。

We built one of the world's most efficient and prolific long-form video content engines. Our huge vertically integrated infrastructure has been constantly producing at full capacity guided by sophisticated analytics and insights and optimized to power all of our platforms through innovative windowing and production strategies and allowing us to maximize the value of our rights and intellectual property. The volume and efficiency of our content enables us to pursue a strategy of investing in and optimizing both linear and streaming and programming each platform for what it does best. Linear is designed around cultural and habituated viewing with live soccer tent poles, high-volume novellas and appointment viewing like morning and evening news. While streaming is designed to deliver high-intent viewing around our original movies and series, a massive volume of live exclusive soccer, it's indispensable for a serious soccer fan, and a huge volume and range of niche content to servicing more new ones Latino audience.

我們建構了世界上最高效、最多產的長影片內容引擎之一。我們龐大的垂直整合基礎設施在複雜的分析和洞察的指導下不斷滿負荷生產，並經過優化，透過創新的窗口和生產策略為我們的所有平台提供動力，使我們能夠最大限度地發揮我們的權利和智慧財產權的價值。我們內容的數量和效率使我們能夠採取投資和優化線性和串流媒體的策略，並對每個平台進行最擅長的程式設計。 Linear 是圍繞文化和習慣觀看而設計的，包括現場足球帳篷桿、大容量中篇小說和預約觀看（如早晨新聞和晚間新聞）。雖然串流媒體旨在提供圍繞我們的原創電影和連續劇的高強度觀看、大量現場直播的獨家足球比賽（對於忠實的足球迷來說是必不可少的），以及大量和範圍廣泛的小眾內容來為更多的拉丁裔新觀眾提供服務。

For linear, this strategy continues to pay off across both geographies. In the U.S., our television networks delivered the highest prime-time Spanish language market share in nearly a decade at 65%, 500 basis points year-over-year improvement. This came from a clean sweep of all 4 prime-time slots with our original scripted novellas and record-setting live events in both sports and music. In Mexico, our content was so compelling that we actually drew audiences back to television and saw levels of total television usage not seen since the pandemic lockdown. This quarter, our secondary network, Channel 5, registered its highest viewership in 5 years and on a relative basis, surpassed our main competitors for the first time in history, giving us both the #1 and the #2 broadcast networks in Mexico this quarter.

對於線性公司來說，這項策略在兩個地區都持續取得成效。在美國，我們的電視網絡在黃金時段的西班牙語市場份額達到近十年來的最高水平，達到 65%，比去年同期提高 500 個基點。這是透過我們的原創劇本中篇小說和創紀錄的體育和音樂現場活動橫掃所有 4 個黃金時段的結果。在墨西哥，我們的內容非常引人注目，以至於我們實際上將觀眾重新吸引到電視上，並看到了自大流行封鎖以來電視總使用量的最高水平。本季度，我們的二級網路Channel 5 創下了5 年來的最高收視率，並且相對而言，歷史上首次超過了我們的主要競爭對手，使我們在本季度成為墨西哥排名第一和第二的廣播網路。

For Vix, this strategy is allowing us to expand our reach and serve younger audiences that have not been historically well served by linear television. And clearly, this strategy is working with massive year-on-year audience growth hitting over 40 million monthly average uniques on the free tier this quarter, with 60% of that audience unique to the streaming platform. And importantly, a 2-tier ecosystem continues to exceed expectations in terms of productivity with the free funnel delivering a high watermark of 2/3 of our gross new subscribers this quarter.

對 Vix 來說，這項策略使我們能夠擴大影響範圍，為歷史上線性電視未能很好服務的年輕觀眾提供服務。顯然，這項策略正在推動本季免費套餐的觀眾同比大幅成長，月平均獨立用戶數量超過 4,000 萬，其中 60% 的觀眾是串流平台獨有的。重要的是，2 層生態系統在生產力方面繼續超出預期，免費管道為本季新訂戶總數提供了 2/3 的高水位線。

While we have different programming strategies for each platform, we think of the ecosystem as a whole and how to use the two platforms to complement each other. And Q3 had some fantastic examples of these two platforms working in concert.

雖然我們對每個平台有不同的程式策略，但我們將生態系統視為一個整體，以及如何使用兩個平台來相互補充。第三季有一些這兩個平台協同工作的精彩例子。

On the entertainment side was La casa de los famosos, a Mexican reality show, where we produced different and complementary content for streaming and for linear. The linear show is the traditional twice weekly live reality show that aired on Channel 5. For streaming, we produced separate content that was pitched from linear and included multiple live 24-hour feeds that drove always-on engagement for the super fan. We were able to produce a huge volume of content at incredibly low price points per hour, and we were able to cross-promote the 2 platforms and experiences to create enormous reach and engagement on linear, where the show propelled our Channel 5 network to the #2 position in Mexico. And on Vix, we saw free tier audience levels that rivaled the World Cup from last year and it drove the highest level of attributable movie subscribers in both Q2 and Q3.

在娛樂方面，有墨西哥真人秀《La casa de los famosos》，我們為串流媒體和線性節目製作了不同且互補的內容。線性節目是傳統的每週兩次的現場真人秀節目，在Channel 5 上播出。對於串流媒體，我們製作了單獨的內容，這些內容是從線性節目中推出的，並包括多個實時24 小時直播，以提高超級粉絲的持續參與。我們能夠以每小時極低的價格製作大量內容，並且能夠交叉推廣兩個平台和體驗，從而在線性網絡上創造巨大的影響力和參與度，該節目將我們的 Channel 5 網路推向了在墨西哥排名第二。在 Vix 上，我們看到免費觀眾水平可與去年的世界盃相媲美，並在第二季和第三季推動了歸因電影訂閱者的最高水平。

The strategy also works really well for us with sports. As previously mentioned, we had the Gold Cup this quarter. The rights fees for that property included a massive number of games. Some of the early games made sense to put on Vix free in front of the paywall to build awareness for the tournament. And as we got further into the tournament, we moved games behind the paywall in Vix to drive subscribers. And having used Vix to build engagement and reach with games that we couldn't have otherwise aired on the linear because of limited shelf space, we were then able to push a massive audience to linear for the playoffs and final stage games to deliver the highest ratings for any soccer tournament this year.

這個策略對於我們的體育運動也非常有效。正如前面提到的，我們本季贏得了金盃賽冠軍。該財產的版權費包括大量遊戲。一些早期的遊戲在付費牆前免費提供 Vix 是有意義的，以提高錦標賽的知名度。隨著比賽的深入，我們將 Vix 中的遊戲移至付費專區以吸引訂閱者。透過使用Vix 來建立遊戲的參與度和影響力，因為貨架空間有限，我們無法在線性頻道上播放這些遊戲，然後我們能夠將大量觀眾推向線性頻道觀看季後賽和決賽階段的比賽，以提供最高的觀看體驗。今年所有足球賽事的收視率。

Nearly everything we do from a content perspective contemplates a combined linear and streaming ecosystem. This helps with audience flow, cross-promotion, content efficiency while maintaining the integrity of the ecosystem with our distribution partners. Obviously, this quarter saw some tension between programmers and distributors in the U.S. around the levels of content overlap between linear and streaming. And that's causing the industry to evolve. The composition and positioning of our platforms is nonoverlapping and complementary, positions us extremely well for these dynamics. This has evolved significantly and progressed operationally since we launched it a little more than a year ago.

從內容的角度來看，我們所做的幾乎所有事情都考慮了線性和串流媒體結合的生態系統。這有助於觀眾流量、交叉推廣、內容效率，同時保持與我們的經銷合作夥伴生態系統的完整性。顯然，本季美國的程式設計師和發行商之間圍繞線性和串流媒體之間的內容重疊程度出現了一些緊張關係。這導致了這個行業的發展。我們平台的組成和定位是不重疊和互補的，這使我們在這些動態方面處於非常有利的位置。自從我們一年多前推出以來，它已經發生了顯著的變化，並且在操作上也取得了進展。

Remember, we launched the service a handful of months following our merger which meant that the underlying service was really launched as minimum viable products, and our real focus at launch was on content quality and programming. And we've continued to consistently roll out incredible original content, but we're also making significant progress in bringing the underlying product features to basic parity. Improved content recommendations, multiple profiles and casting are all great examples of really important features that are only coming online now and already having big impacts on incremental engagement and retention.

請記住，我們在合併後幾個月推出了該服務，這意味著底層服務實際上是作為最低可行產品推出的，而我們在推出時真正關注的是內容品質和節目。我們繼續不斷推出令人難以置信的原創內容，但我們也在使基礎產品功能達到基本平等方面取得了重大進展。改進的內容推薦、多個設定檔和選角都是非常重要的功能的好例子，這些功能現在才上線，並且已經對增量參與和保留產生了巨大影響。

We also grew our distribution footprint this quarter. Previously, we only covered about 60% of the connected TV market. This quarter, we added Vizio, LG and HiSense, grants to nearly 100% coverage of connected TVs. And this week, we're launching Mercado Libre. Mercado Libre is the market leader in e-commerce in Latin America and is one of the largest sources of streaming subscriptions in the region.

本季我們也擴大了分銷規模。在此之前，我們僅涵蓋了約 60% 的連網電視市場。本季度，我們增加了 Vizio、LG 和 HiSense，實現了近 100% 的連網電視覆蓋率。本週，我們將推出 Mercado Libre。 Mercado Libre 是拉丁美洲電子商務的市場領導者，也是該地區最大的串流訂閱來源之一。

As one of the only pure-play companies delivering on the massive global Spanish-speaking consumer economy, we continue to deliver above market levels of growth and industry-leading profit margins. Our unique content engine continued to deliver hits at scale, attracting record audiences across all platforms in all geographies. And our investments in streaming are paying off, both in terms of revenue, scale and in terms of improved profitability. It's a really exciting time to be at TU, incredibly proud of what our team has delivered this quarter, and I'm even more excited for what lies ahead.

作為唯一為龐大的全球西班牙語消費經濟提供服務的純業務公司之一，我們繼續實現高於市場水平的成長和領先業界的利潤率。我們獨特的內容引擎繼續大規模傳播點擊量，在所有地區的所有平台上吸引了創紀錄的觀眾。我們在串流媒體領域的投資正在獲得回報，無論是在收入、規模還是盈利能力的提高方面。在 TU 真是一個激動人心的時刻，我對我們團隊本季所交付的成果感到無比自豪，我對未來的發展感到更加興奮。

And with that, I'll turn it back over to Alfonso.

有了這個，我會把它轉回給阿方索。

Thank you, Wade.

謝謝你，韋德。

To wrap up, the global macro backdrop has been more challenging than initially expected. Therefore, Bernardo and I, together with the rest of the executive team at Grupo Televisa have been putting a lot of effort on deep rethinking and restructuring of our consolidated businesses that will allow us to come out stronger from the current environment. These structural reforms are focused on protecting profitability, optimizing CapEx and enhancing free cash flow generation. At TelevisaUnivision, together with our partner, Wade Davis, we continue to execute our digital transformation strategy, which has been delivering outstanding results. Our top-performing content and high complementary linear and streaming ecosystem position as well to continue outperforming the market in both viewership and financials.

總而言之，全球宏觀背景比最初預期更具挑戰性。因此，貝爾納多和我，以及Grupo Televisa 執行團隊的其他成員，一直在對我們的合併業務進行深入的重新思考和重組方面付出了大量的努力，這將使我們能夠從當前的環境中變得更加強大。這些結構性改革的重點是保護獲利能力、優化資本支出和增強自由現金流的產生。在 TelevisaUnivision，我們與合作夥伴 Wade Davis 一起繼續執行我們的數位轉型策略，該策略已取得了出色的成果。我們表現出色的內容以及高度互補的線性和串流生態系統地位，以及在收視率和財務方面繼續跑贏市場。

Moreover, we have successfully been scaling our DTC business with revenue approaching over $700 million annually and are on track to deliver profitability next year which is an unprecedented time frame for any major streaming service.

此外，我們已經成功擴展了 DTC 業務，年收入接近 7 億美元，並有望在明年實現盈利，這對於任何主要串流媒體服務來說都是前所未有的時間框架。

Now we're ready to take your questions. Operator, can you please provide instructions for the Q&A?

現在我們準備好回答您的問題。接線生，您能提供問答說明嗎？

(Operator Instructions)

（操作員說明）

Today's first question comes from Fred Mendes with Bank of America.

今天的第一個問題來自美國銀行的 Fred Mendes。

I have 2 questions here on my side. The first one is related to cable and Valim already in the beginning of the presentation you addressed some of the points. But the main one is the strategy, right? It looks like there has been a major shift in the strategy, which will -- we do agree with the new one. But I'm just -- I believe that should take some time because -- I would assume you don't need to change only the first layer of people. We need to change the second layer. Previously, it was more growth, not something more related to cutting cost and increasing free cash flow. So the concern here is just how long it's going to take for you to have this completely shifting strategy and then the start to work out on the cable front. That would be the first one.

我這邊有兩個問題。第一個與電纜和 Valim 相關，您已經在演示開始時談到了一些要點。但最重要的是策略，對嗎？看起來戰略發生了重大轉變，我們確實同意新的戰略。但我只是——我相信這應該需要一些時間，因為——我認為你不需要只改變第一層人。我們需要更改第二層。以前，更多的是成長，而不是與削減成本和增加自由現金流相關的東西。因此，這裡關心的是你需要多長時間才能實現這種完全轉變的策略，然後開始在電纜方面進行研究。那將是第一個。

And then the second one that goes to the mix, the numbers are increasing. It looks like it is performing well. Looking for 2024, what are the 3 main metrics that you'll be looking at and you should be looking at in your view? And in the long term, let's say, 3 to 5 years, how do you see Vix. You think that's going to be a company that grows high single digits as the margin rate cash or is going to be more like a target for other players, larger players given the value in this niche that Vix operates?

然後第二個加入到混合中，數字正在增加。看起來它的表現不錯。展望 2024 年，您將關注和認為應該關注的 3 個主要指標是什麼？從長遠來看，比如說 3 到 5 年，你如何看待 Vix。你認為這家公司會隨著利潤率現金的成長而實現高個位數成長，或者考慮到 Vix 營運的這個利基市場的價值，它會更像是其他參與者、更大參與者的目標？

Yes. Thank you, Fred, for your question. You're right, there has been a shift in our cable strategy, and I'll ask Valim to go over that shift.

是的。謝謝弗雷德的提問。你是對的，我們的有線電視策略發生了變化，我會請瓦利姆回顧這個變化。

So Fred, the idea here is because we have already done a lot of the layoffs that we are planning to do, and we're streaming every opportunity. We should see results materialize starting in 2024. So this is -- this very, very quickly. And the idea here is to maximize cash flow generation by still improving revenues in low middle single digits moving forward and maintaining margins around the 40% range, EBITDA margin, I mean, -- so I think this -- and those are the things we think will be accomplishing starting 2024.

弗雷德，這裡的想法是因為我們已經完成了計劃中的大量裁員，並且我們正在抓住每一個機會。我們應該會在 2024 年開始看到結果的實現。所以這非常非常快。這裡的想法是透過繼續提高中低個位數的收入並將利潤率維持在40% 左右，即EBITDA 利潤率，來最大限度地產生現金流，我的意思是，所以我認為這些就是我們要做的事情認為將從 2024 年開始實現。

So it's all about CapEx optimization, free cash flow generation. That's a material shift in the strategy.

因此，這一切都與資本支出優化和自由現金流產生有關。這是戰略上的重大轉變。

And as to your second question, Wade has done an amazing job at the TelevisaUnivision and specifically at launching Vix. So I'll ask a Wade to go over, as you asked about the 3 main metrics.

至於你的第二個問題，韋德在 TelevisaUnivision 做得非常出色，特別是在推出 Vix 方面。因此，當您詢問 3 個主要指標時，我會請韋德回顧一下。

Thanks, Alfonso, and thanks for the question. So I think the first thing I would say is that you should focus on the overall performance of the business. As we've said a number of times, we think of and we run Vix as an integral part of a complementary linear and streaming ecosystem that's fully aligned. And so the overall focus should be on the performance of the company as a whole from a revenue and EBITDA growth standpoint.

謝謝阿方索，也謝謝你的提問。所以我認為我要說的第一件事是你應該專注於業務的整體績效。正如我們多次所說的，我們認為並運行 Vix 作為完全一致的互補線性和串流生態系統的一個組成部分。因此，從營收和 EBITDA 成長的角度來看，整體重點應該放在公司的整體績效上。

Vix is going to continue to be a key engine for revenue and EBITDA growth of the consolidated business going forward. And so as that emerges from reporting standpoint, focusing on the core revenue and EBITDA of the D2C business inside the overall business will be important. But if you're looking for more specific -- top 3 operating KPIs for the D2C business, I would probably put it in 3 categories.

Vix 將繼續成為合併業務未來營收和 EBITDA 成長的關鍵引擎。因此，從報告的角度來看，專注於整個業務中 D2C 業務的核心收入和 EBITDA 非常重要。但如果您正在尋找更具體的 D2C 業務前 3 個營運 KPI，我可能會將其分為 3 類。

First is a metric focused on audience engagement. Second would be a metric focused on marketing efficiency. And third would be metric focused on the effectiveness of our monetization of the audience. And as we get into 2024, we'll be rolling out metrics that cover those 3 areas, just to help investors understand the consistent and predictable march towards the profitability targets that we have laid out.

首先是關注受眾參與度的指標。其次是關注行銷效率的指標。第三是關注我們觀眾貨幣化有效性的指標。進入 2024 年，我們將推出涵蓋這 3 個領域的指標，只是為了幫助投資者了解我們在實現我們制定的獲利目標方面的一致且可預測的進展。

There was a second part of your question about Vix, which I didn't understand. Could you repeat that?

你問題的第二部分是關於 Vix 的，我不明白。你能再說一次嗎？

No. Perfect. Basically, I mean, in the long term, do you see Vix projections you have, you see Vix as a stand-alone player, let's put that way, growing let's say, high single digits and generating cash? Or you believe that mutually in the future, Vix is going to be of great value for other players, larger players given the niche of the Hispanic market that it operates and it could turn into an M&A target from other players?

沒有十全十美的。基本上，我的意思是，從長遠來看，你是否認為 Vix 是一個獨立的參與者，比如說，成長高個位數並產生現金？或者您認為，鑑於 Vix 所經營的西班牙裔市場的利基市場，未來 Vix 將對其他參與者、較大的參與者俱有巨大價值，並可能成為其他參與者的併購目標？

Well, Vix is an integral part of the business. There won't be a -- there won't be a TelevisaUnivision without Vix just like there won't be a TelevisaUnivision without the linear business. They -- as we've always said, our strategy is designed around the 2 platforms, programming them for what they are good at and delivering a comprehensive programming solution that's relevant to the broadest possible consumer market. Vix long term is, as I said, going to continue to be an engine of growth on TelevisaUnivision earnings call, I highlighted that as we are in our core business, we believe that Vix will be delivering best-in-class operating margins for streaming. We will hit those best-in-class operating margins on a 2- to 3-year ramp following turn to profitability in the second half of next year.

嗯，Vix 是這項業務不可或缺的一部分。沒有 Vix 就不會有 TelevisaUnivision，就像沒有線性業務就不會有 TelevisaUnivision。正如我們一直所說，我們的策略是圍繞這兩個平台設計的，針對它們擅長的內容進行編程，並提供與最廣泛的消費市場相關的全面的編程解決方案。正如我所說，Vix 長期以來將繼續成為 TelevisaUnivision 財報電話會議上的成長引擎，我強調，由於我們從事核心業務，我們相信 Vix 將為串流媒體提供一流的營運利潤。明年下半年獲利後，我們將在 2 至 3 年內實現同類最佳的營運利潤率。

I guess there was the last part of question, I mean we don't think of this as a niche market, right? This is an $8 trillion GDP on a global basis. There's never been a company in the history of Spanish language media that's been able to touch the Spanish language consumer on a global basis. As it relates to whether or not Vix could be an M&A target, I think the real question is that if anybody has aspirations for -- to be overall international media leadership, there is no way to truly accomplish that without leadership against the global Spanish language audience, which, as we've said before, represents the second most widely spoken language in the world. And we are over 60% market share in the U.S. Hispanic audience, which is the largest Spanish-speaking market in the world. And a similar level of market share in the country of Mexico, which is the most popular Spanish-speaking market in the world.

我想問題的最後一部分是，我的意思是我們不認​​為這是一個利基市場，對嗎？全球 GDP 達 8 兆美元。在西班牙語媒體的歷史上，沒有一家公司能夠接觸到全球西班牙語消費者。至於 Vix 是否可以成為併購目標，我認為真正的問題是，如果有人渴望成為國際媒體的整體領導者，那麼如果沒有針對全球西班牙語的領導力，就無法真正實現這一目標正如我們之前所說，它代表了世界上使用第二廣泛的語言。我們在美國拉丁裔觀眾中擁有超過 60% 的市場份額，這是世界上最大的西班牙語市場。墨西哥也有類似的市場份額，墨西哥是世界上最受歡迎的西班牙語市場。

So if anybody has aspirations to be a truly global media company, they can't do so without thinking about the Spanish language market. And the asset that we have is irreplicatable.

因此，如果有人渴望成為一家真正的全球媒體公司，那麼他們就必須考慮西班牙語市場。我們擁有的資產是不可複製的。

The next question comes from Vitor Tomita with Goldman Sachs.

下一個問題來自高盛的 Vitor Tomita。

Two questions from our side. First one, if you could give us some color on the percentage of your cable base that might still benefit from temporary customer acquisition discounts following recent churn and cleanups.

我們這邊有兩個問題。首先，您是否可以向我們提供一些關於您的電纜基地的百分比的信息，這些百分比可能仍然受益於最近的客戶流失和清理後的臨時客戶獲取折扣。

And second question would just be a quick clarification on the previous response to Fred. You mentioned in the previous response that cable results should improve starting in 2024. Does that mean you still anticipate some pressure in the fourth quarter of '23?

第二個問題是對先前對弗雷德的回應的快速澄清。您在先前的回覆中提到，有線電視業績應該從 2024 年開始有所改善。這是否意味著您仍然預計 23 年第四季會面臨一些壓力？

Yes. We think there will be still some pressure on the third quarter because we are just starting to implement the adjustments. We just finalized the head count reduction and we still have a few things that we need to implement.

是的。我們認為第三季仍然會有一些壓力，因為我們剛開始實施調整。我們剛完成了裁員工作，還有一些事情需要實施。

And then after that, we are anticipating it to be, like I said, in the 40% range EBITDA, and we expect that to be -- revenue to grow low single digits for the next 2, 3 years. So we see a sequential improvement at this for the foreseeable future.

之後，正如我所說，我們預計 EBITDA 將達到 40% 的範圍，並且我們預計未來 2、3 年收入將實現低個位數成長。因此，我們看到在可預見的未來，這方面會出現連續改善。

The next question comes from Cesar Medina with Morgan Stanley.

下一個問題來自摩根士丹利的塞薩爾·梅迪納。

This is a great start or communicating the plan, the turnaround, but I had 2 questions. The first one is Valim, you mentioned the potential for market consolidation in Mexico. Can you expand a little bit on that? I don't know if there is a room for revising some of the talks that you had that the firm had a while ago with Megacable. That's the first question. And then the second, this is more a joint question to Wade and to Alfonso. If you look at the capital structure of the joint venture, how do you see the path for raising capital? And what would be the position that Televisa will take into that strategy for capital basis?

這是一個很好的開始，或者說是傳達計畫、週轉，但我有兩個問題。第一個是 Valim，您提到了墨西哥市場整合的潛力。您能對此進行擴充嗎？我不知道是否有修改該公司不久前與 Megacable 進行的一些談判的空間。這是第一個問題。然後是第二個問題，這更多的是韋德和阿方索的共同問題。如果您看一下合資企業的資本結構，您如何看待融資路徑？ Televisa 在這個資本基礎策略中將採取什麼立場？

Thank you, Cesar.

謝謝你，塞薩爾。

As to consolidation of the cable industry in Mexico. And I mean, you know we tried very hard to do that. We put on the table, a very attractive offer, a stock-for-stock deal, which would, I believe, be great for both the Grupo Televisa shareholders and the other shareholders. So we tried very hard. However, we could not complete that transaction. And Valim, can you expand...

至於墨西哥電纜產業的整合。我的意思是，你知道我們非常努力地做到這一點。我們提出了一個非常有吸引力的要約，即股票換股票交易，我相信這對 Grupo Televisa 股東和其他股東來說都是好事。所以我們非常努力。然而，我們無法完成該交易。還有 Valim，你可以擴展一下嗎…

Yes. So this market, as you know, a 4-player market doesn't last very long. Some of our competitors are already facing financial challenges. So we think that there will be a consolidation. When is a question that we would also would like to be able to answer. But conceptually, I think this will happen sooner rather than later, given some of the constraints that we have already seen. And some of the players are deploying fiber networks like crazy would not be equivalent growth to be able to pay back for those investments. So we see a challenging market for whoever wants to be in that market. And then our strategy is like we have described just recently today is that we're going to preserve cash and keep on focusing on our largest asset, which is our 6.3 million customers, high level, where the best clients in the country. And we think we can work with them and grow just not only the subscriber base but also very strategically and very focused our network. And so I think that's the strategy moving forward and consolidation will happen in H1.

是的。所以這個市場，如你所知，4人市場不會持續很久。我們的一些競爭對手已經面臨財務挑戰。因此我們認為將會出現整合。我們也希望能夠回答什麼時候的問題。但從概念上講，考慮到我們已經看到的一些限制，我認為這種情況遲早會發生。一些參與者瘋狂地部署光纖網絡，但其成長並不足以收回這些投資。因此，對於任何想進入該市場的人來說，我們都看到了一個充滿挑戰的市場。然後我們的策略就像我們今天剛剛描述的那樣，我們將保留現金並繼續專注於我們最大的資產，即我們的 630 萬高水平客戶，他們是全國最好的客戶。我們認為我們可以與他們合作，不僅擴大用戶群，而且非常策略性地、非常集中地擴大我們的網路。所以我認為這就是前進的策略，並且整合將在上半年發生。

And as to your second question, Wade, look, our single-minded focus in everything that we've been doing since we formed this joint venture and the transformative merger that created a fundamentally new and differentiated company is focused on maximizing shareholder value. So when you think about whether or not the timing of raising incremental capital, the right time for us to maximize shareholder value from an equity raise standpoint will be once we've actually delivered direct-to-consumer profitability, which is right around the corner, as we've said a number of times. Pretty much every media company in the industry has talked about direct-to-consumer profitability. One -- only Netflix to date has delivered that. When we deliver profitability within the next 9 months, that will -- as Alfonso has said, represent the fastest ramp of profitability of any major streaming service in the history of the industry, and that will be a very material inflection point in the value of the company.

至於你的第二個問題，韋德，你看，自從我們成立這家合資企業以及創建一家全新的差異化公司的變革性合併以來，我們所做的一切都一心一意地專注於股東價值最大化。因此，當你考慮是否籌集增量資本的時機時，從股權籌集的角度來看，我們實現股東價值最大化的最佳時機是一旦我們真正實現了直接面向消費者的盈利能力，而這即將到來，正如我們多次說過的。業內幾乎所有媒體公司都談論過直接面向消費者的獲利能力。其中之一——迄今為止只有 Netflix 做到了這一點。當我們在未來 9 個月內實現盈利時，正如阿方索所說，這將代表該行業歷史上任何主要串流媒體服務的盈利速度最快的增長，這將是價值的一個非常重要的拐點。公司。

We have plenty of cash and liquidity on hand at the moment as we reported a couple of days ago, we have just under $300 million of cash on hand. We have $900 million of liquidity from our revolver and AR facility. And so there's plenty of cash for us to be patient around what the right timing is for tapping the equity markets. When we do that, it will be focused on accelerating the deleveraging of the business. Obviously, as we turn streaming to profitability next year, the organic deleveraging of the business is going to start and accelerate moving forward. But at the right time, I think I've kind of outlined the parameters that go into that, we'll look at raising equity to accelerate the deleveraging of the business.

正如我們幾天前報道的那樣，我們目前手頭上有充足的現金和流動性，我們手頭上的現金略低於 3 億美元。我們的左輪手槍和 AR 設施擁有 9 億美元的流動資金。因此，我們有足夠的現金來耐心等待進入股市的正確時機。當我們這樣做時，重點將是加速業務去槓桿化。顯然，當我們明年將串流媒體轉向盈利時，業務的有機去槓桿化將開始並加速向前推進。但在適當的時候，我想我已經概述了相關參數，我們將考慮籌集股本以加速業務去槓桿化。

And for the intention of Televisa to participate on those transactions?

Televisa 是否有意參與這些交易？

We're not considering at this point, putting more money into TelevisaUnivision. Of course, as Wade was describing, let's wait and see, but that's what -- I mean, we're not considering that at this time.

我們目前不考慮向 TelevisaUnivision 投入更多資金。當然，正如韋德所描述的，讓我們拭目以待，但這就是——我的意思是，我們目前不考慮這一點。

I mean, Alfonso, it's going to be really expensive I think the only thing you're going to need to think about. We already own 44%. So we're, of course, the largest shareholder, and we feel great about our investment at TelevisaUnivision.

我的意思是，阿方索，我想這是你唯一需要考慮的事情，它會非常昂貴。我們已經擁有 44% 的股份。所以我們當然是最大的股東，我們對 TelevisaUnivision 的投資感到非常高興。

The next question comes from Carlos Legarreta with Itau.

下一個問題來自 Carlos Legarreta 和 Itau。

I have 2 questions on my side. The first one on Cable. Can you please disclose a number of unique subscribers in the business after the base cleanup? And if possible, can you disclose the household penetration between your legacy and new territories group?

我有兩個問題。電纜上的第一個。您能否透露基地清理後業務中的唯一訂閱者數量？如果可能的話，您能否透露您的傳統集團和新地區集團之間的家庭滲透率？

And secondly, sorry, if I may, just as a follow-up. So from what I got from your comments is that Televisa is not considering a larger stake in TelevisaUnivision in order to consolidate it, right?

其次，抱歉，請容許我作為後續行動。因此，從您的評論中我了解到，Televisa 並沒有考慮增加 TelevisaUnivision 的股份以進行整合，對嗎？

Carlos, as to your last question, we're not considering that at this time. And as to your first question...

卡洛斯，關於你的最後一個問題，我們目前不考慮這個問題。至於你的第一個問題...

So we have unique users of our households into 6.252 million unique users or households after the cleanup. And in terms of household penetration, the more -- just, let's say, legacy, if you want customers, we -- our penetration is close to 40% and that represents around -- we're talking about almost 80% of our subscriber base. With very high penetration. And then with the low -- in the newer cities, it's between just 10% and 20%, 15%, 20%, that's the penetration we have in the newer cities.

因此，清理後我們的家庭獨立用戶數變為 625.2 萬個獨立用戶或家庭。就家庭滲透率而言，更多 - 只是，比方說，傳統，如果你想要客戶，我們 - 我們的滲透率接近 40％，這代表了 - 我們談論的是我們近 80％ 的訂戶根據。具有非常高的滲透力。然後，在較新的城市，滲透率較低，只有 10% 到 20%、15%、20%，這就是我們在較新城市的滲透率。

Thank you so much for that. I think it's fantastic you disclosed that forward.

對此感激不盡。我認為你透露這一點真是太棒了。

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。

I have 2 questions for Valim. First, if you could comment on the competitive environment. If you have seen a deterioration in the regions that either your legacy regions or in the new regions that you have entered. And the second is, when you look at your network structure -- network infrastructure, do you see any need to upgrade parts of its cable to fiber? Or are you fully happy with what you have now?

我有 2 個問題想問 Valim。首先，您能否評論一下競爭環境。如果您發現您的舊區域或您進入的新區域中的區域狀況惡化。第二個問題是，當您查看網路架構（網路基礎架構）時，您是否認為需要將部分電纜升級為光纖？或者你對現在所擁有的一切感到滿意嗎？

So in terms of market competition, what we have seen in the market is a very -- pricewise, very stable market. We compete on promotions which is basically what everybody does everywhere in the world in this business. So there is no price deterioration. There's a lot of promotions, but we have seen prices very stable over the last several quarters. In terms of the network, we have a network that can deliver up to 1 gigabit per second in terms of Internet speeds, and 200-plus video channels. And I think that's more than enough for the kind of clients we have. Very targeted deployment of fiber that we have already done in the past and that we'll keep on doing in the future for more affluent residential areas will always be on our to-do list and on our CapEx. So that's how we see this evolving.

因此，就市場競爭而言，我們在市場上看到的是一個價格非常穩定的市場。我們在促銷方面進行競爭，這基本上是世界各地從事這一行業的每個人所做的事情。因此，價格不會惡化。有很多促銷活動，但我們看到過去幾季的價格非常穩定。網路方面，我們擁有每秒1G網速的網絡，以及200多個視訊通道。我認為這對我們的客戶來說已經足夠了。我們過去已經完成了非常有針對性的光纖部署，並且將來我們將繼續為更富裕的住宅區進行部署，這將始終出現在我們的待辦事項清單和資本支出中。這就是我們所看到的演變過程。

The next one comes from Eduardo Ruby with UBS.

下一篇來自瑞銀集團 (UBS) 的愛德華多·魯比 (Eduardo Ruby)。

Can you provide some color on the tax impact we saw this quarter and issue account for further tax costs on next period. And secondly, could you give more color on how we should see CapEx and leverage going forward, please?

您能否提供一些關於我們本季度看到的稅收影響的信息，並說明下一個時期的進一步稅收成本。其次，您能否進一步說明我們該如何看待未來的資本支出和槓桿率？

Can you repeat the....

你能重複一下嗎…

The question he was asking was about taxes. Eduardo, as you saw in our press release, the income tax line increased to $975 million in the third quarter. That's basically due to a noncash, nonrecurring expense of approximately $988 million and this expense was due to the reduction of a historic income tax deferred asset that we had on our books. So as I mentioned, it's noncash and nonrecurring.

他問的問題是關於稅收的。 Eduardo，正如您在我們的新聞稿中看到的那樣，第三季所得稅額度增加至 9.75 億美元。這基本上是由於約 9.88 億美元的非現金、非經常性費用，而這筆費用是由於我們帳面上歷史所得稅遞延資產的減少所致。正如我所提到的，它是非現金且非經常性的。

And the other question was the CapEx. The CapEx we think it will go from the 26% of revenue that is running today to close to 20%.

另一個問題是資本支出。我們認為資本支出將從目前佔收入的 26% 增加到接近 20%。

So as we mentioned, it's all about CapEx optimization and generation of free cash flow.

正如我們所提到的，這一切都與資本支出優化和自由現金流的產生有關。

This concludes our question-and-answer session. I would now like to hand the call back to Alfonso de Angoitia for closing remarks.

我們的問答環節到此結束。現在我想將電話轉回給阿方索·德·安戈蒂亞，讓其致閉幕詞。

Thank you very much. Well, great. Thank you for participating in our call. Please give us a call if you have any additional questions or comments. Have a great weekend.

非常感謝。嗯，太好了。感謝您參與我們的通話。如果您有任何其他問題或意見，請致電我們。週末愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。