Grupo Televisa SAB (TV) 2025 Q3 法說會逐字稿

(audio in progress) forward-looking statements and applies to everything discussed in today's call and in the earnings release. Please note, this event is being recorded. I would now like to turn the call over to Mr. Alfonso de Angoitia, Co-Chief Executive Officer of Grupo Televisa. Please go ahead.

（音訊播放中）前瞻性陳述適用於今天電話會議和收益發布中討論的所有內容。請注意，本次活動正在錄影。現在，我想把電話交給墨西哥電視集團聯席執行長阿方索‧德‧安戈伊蒂亞先生。請繼續。

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 third quarter operating and financial performance, let me share with you what we believe are the key milestones achieved this year, both at Grupo Televisa and TelevisaUnivision.

謝謝你，艾爾莎。各位早安，感謝各位的參與。今天和我在一起的是有線電視和天空電視台的執行長弗朗西斯科·瓦利姆，以及墨西哥電視集團的財務長卡洛斯·菲利普斯。在討論我們第三季的營運和財務表現之前，讓我先和大家分享一下我們認為今年在 Grupo Televisa 和 TelevisaUnivision 取得的關鍵里程碑。

At Grupo Televisa, let me touch on four major achievements. First, our strategy to focus on attracting and retaining value customers in cable has allowed us to grow our Internet subscriber base in the first nine months of the year compared to the end of 2024.

在墨西哥電視集團，我想談談四項主要成就。首先，我們專注於吸引和留住有線電視的優質客戶，這使得我們在今年前九個月的網路用戶數量比 2024 年底有所增長。

Second, we keep executing on implementation of OpEx efficiencies and the integration between Izzi and Sky to extract further synergies. This has already contributed to expanding our consolidated operating segment income margin by 100 basis points in the first nine months of the year to 38.2% driven by year-on-year OpEx reduction of around 7%.

其次，我們將繼續推動營運效率的提升以及Izzi和Sky之間的整合，以進一步發揮綜效。由於營運支出年減約 7%，這已促使我們今年前九個月的合併經營部門收入利潤率提高了 100 個基點，達到 38.2%。

Third, we continue to keep a disciplined CapEx deployment approach to focus on free cash flow generation. So far this year, we have invested MXN7.5 billion in CapEx, which is equivalent to 16.8% of sales. In the fourth quarter, CapEx deployment should remain at similar levels to those of the third quarter.

第三，我們持續保持嚴謹的資本支出部署方式，專注於自由現金流的產生。今年到目前為止，我們已在資本支出方面投資了 75 億墨西哥比索，相當於銷售額的 16.8%。第四季資本支出部署應與第三季保持相似水準。

Still, our CapEx budget of $600 million for 2025 implies a reasonable CapEx to sales ratio of less than 20% for the full year. We have been able to achieve this mainly because we have had successful negotiations with suppliers, resulting in more favorable terms.

不過，我們 2025 年 6 億美元的資本支出預算意味著全年資本支出與銷售額比合理低於 20%。我們之所以能夠取得這樣的成果，主要是因為我們與供應商進行了成功的談判，因此獲得了更有利的條款。

And fourth, during the first nine months of the year, we have generated around MXN4.2 billion in free cash flow, allowing us to prepay a bank loan due in 2026 with a principal amount of around MXN2.7 billion. This debt repayment comes on top of the $220 million principal amount of our senior notes already paid on March 18.

第四，今年前九個月，我們產生了約 42 億墨西哥比索的自由現金流，使我們能夠提前償還 2026 年到期的銀行貸款，該貸款的本金約為 27 億墨西哥比索。除了 3 月 18 日已支付的 2.2 億美元優先票據本金外，此債務償還也是一筆額外款項。

Additionally, at the end of the third quarter, Grupo Televisa's leverage ratio of 2.1 times EBITDA compared to 2.5 times at the end of last year, mainly driven by our free cash flow generation. And at TelevisaUnivision, I will mention three key milestones.

此外，截至第三季末，Grupo Televisa 的槓桿率（基於 EBITDA）為 2.1 倍，而去年年底為 2.5 倍，這主要得益於我們自由現金流的產生。在 TelevisaUnivision，我將提及三個重要的里程碑。

First, engagement and growth for ViX remains solid with strong momentum across both our free and premium tiers. Moreover, the Gold Cup semifinals and final and the compelling entertainment in sports slate that included the third season of La casa de los famosos, Mexico and our broadcast of Liga MX and the NFL helped drive a high single-digit increase in MAUs and robust demand for advertisers and ViX.

首先，ViX 的用戶參與度和成長勢頭依然強勁，無論是免費用戶還是付費用戶都保持著良好的成長勢頭。此外，金盃賽半決賽和決賽，以及精彩的體育娛樂節目（包括墨西哥名人之家第三季、墨西哥聯賽和美國國家橄欖球聯盟的轉播），都推動了月活躍用戶數的個位數增長，以及對廣告商和 ViX 的強勁需求。

Second, the efficiency plan to reduce operating expenses at TelevisaUnivision by over $400 million in 2025 is delivering outstanding results. In the first nine months of the year, our total operating expenses have declined by around 12% year-on-year for total savings of around $300 million. This shows a disciplined execution of our cost savings initiatives, including lower content, technology and marketing costs and the normalization of our DTC related investments.

其次，到 2025 年將 TelevisaUnivision 的營運費用減少 4 億美元以上的效率提升計畫正在取得顯著成效。今年前九個月，我們的總營運支出較去年同期下降約 12%，總共節省了約 3 億美元。這表明我們在成本節約措施方面執行得非常有條理，包括降低內容、技術和行銷成本，以及使我們的 DTC 相關投資正常化。

And third, looking at TelevisaUnivision's leverage and debt profile, the company ended the quarter at 5.5 times EBITDA an improvement from 5.9 times in the fourth quarter of 2024, driven by growth. Moreover, so far this year, TelevisaUnivision successfully refinanced $2.3 billion of debt. As discussed in our second quarter earnings conference call, the company successfully issued $1.5 billion of new 2032 senior secured notes and refinanced over $760 million of term loan A now due in 2030.

第三，從 TelevisaUnivision 的槓桿率和債務狀況來看，該公司本季末的 EBITDA 倍數為 5.5 倍，較 2024 年第四季的 5.9 倍有所改善，這主要得益於成長。此外，今年迄今為止，TelevisaUnivision 已成功完成 23 億美元的債務再融資。正如我們在第二季度收益電話會議上所討論的，公司成功發行了 15 億美元的 2032 年到期的新高級擔保票據，並對超過 7.6 億美元的 2030 年到期的 A 類定期貸款進行了再融資。

In addition, more recently, TelevisaUnivision extended its $500 million revolving credit facility and its $400 million accounts receivable facility. These transactions strengthened TelevisaUnivision's balance sheet, enhanced its liquidity and extended its maturity profile with its nearest maturity now almost three years away.

此外，最近 TelevisaUnivision 還延長了 5 億美元的循環信貸額度和 4 億美元的應收帳款額度。這些交易增強了 TelevisaUnivision 的資產負債表，提高了其流動性，並延長了其到期期限，最近的到期日還有近三年。

Deleveraging remains a core strategic priority for TelevisaUnivision and management remains committed to further strengthening the capital structure of the company over the coming quarters. Having said that, let me turn the call over to Valim as he will discuss the operating and financial performance of our consolidated assets.

降低槓桿率仍然是 TelevisaUnivision 的核心策略重點，管理層將繼續致力於在未來幾季進一步加強公司的資本結構。話雖如此，現在讓我把電話交給瓦利姆，他將討論我們合併資產的營運和財務表現。

Thank you, Alfonso. Good morning, everyone. As Alfonso mentioned, we had an excellent quarter in this third quarter. First, let me walk you through the operating and financial performance of our cable operations. We ended September with a network of almost 20 million homes after passing around 20,000 new homes during the quarter.

謝謝你，阿方索。各位早安。正如阿方索所說，我們第三季的業績非常出色。首先，讓我帶您了解我們有線電視業務的營運和財務表現。截至 9 月底，我們的網路覆蓋了近 2,000 萬套住房，而本季我們新增了約 2 萬套住房。

Our monthly churn rate has remained below our historical average of 2% for two consecutive quarters as we continue to execute our strategy to focus on value customers while working on customers' retention and satisfaction.

由於我們繼續執行專注於高價值客戶並致力於提高客戶留存率和滿意度的策略，我們的月度客戶流失率已連續兩個季度保持在 2% 的歷史平均水平以下。

Our broadband gross adds continues to improve on a sequential basis, allowing us to deliver 22,000 net adds during the third quarter compared to net adds of around 6,000 in the second quarter and disconnections of about 6,000 in the first quarter.

我們的寬頻新增用戶數量持續較上季成長，第三季淨增用戶達 22,000 戶，而第二季淨增用戶約為 6,000 戶，第一季斷網用戶約為 6,000 戶。

In video, we also experienced a strong gross adds than in the first two quarters of the year and managed to reduce churn. Therefore, we lost about 43,000 video subscribers during the third quarter compared to 53,000 cancellations in the second quarter and 73,000 disconnections in the first quarter of the year.

在影片方面，我們的新增用戶數量也比今年前兩個季度大幅成長，並且成功降低了用戶流失率。因此，與第二季流失的 53,000 名影片訂閱用戶和第一季流失的 73,000 名影片訂閱用戶相比，第三季我們流失了約 43,000 名影片訂閱用戶。

Moreover, we expect the improving trends to continue going forward, influenced by our recently announced multiyear partnership with Formula 1 to provide live coverage of all Grand Prix via Sky Sports channels available through Izzi and Sky.

此外，我們預計這種改善趨勢將繼續下去，這得益於我們最近宣布與一級方程式賽車建立多年合作關係，透過 Izzi 和 Sky 提供的 Sky Sports 頻道，為所有大獎賽提供現場報道。

Beginning in the fourth quarter of this year until 2028 season, Formula 1 is the one of the fastest-growing and most passionate sports events in Mexico and around the world, and we definitely see this as a competitive advantage relative to our peers.

從今年第四季開始，一直到 2028 年賽季，一級方程式賽車是墨西哥乃至全世界發展最快、最令人興奮的體育賽事之一，我們絕對認為這是我們相對於同行的競爭優勢。

Moving to mobile. Our net adds of 94,000 subscribers during the quarter continued to gain momentum, beating the 83,000 net adds of the second quarter and doubling those of the first quarter. Our innovative MVNO service developed by ZTE, offering enhanced user experience is already making our bundles more competitive and allowing us to increase our share of wallet from our existing customers.

轉向移動端。本季新增淨用戶 94,000 人，繼續保持成長勢頭，超過了第二季的 83,000 人，是第一季的兩倍。我們與中興通訊合作開發的創新 MVNO 服務，提供了更佳的用戶體驗，使我們的套餐更具競爭力，並使我們能夠提高現有客戶的錢包份額。

During the quarter, net revenues from our residential operations of MXN10.6 billion, which accounted for around 91% of total cable revenue decreased by only 0.7% year-on-year. This marked the best quarter of the last two years at our residential operations from the revenue growth performance standpoint and compares well to a decline of 3% in the first half of the year.

本季度，我們住宅業務的淨收入為 106 億墨西哥比索，約佔有線電視總收入的 91%，年比僅下降 0.7%。從營收成長表現來看，這是我們住宅業務近兩年來最好的季度，與今年上半年下降 3% 的情況相比，表現相當不錯。

On a sequential basis, net revenue from our residential operations grew by 0.4%, potentially signaling an ongoing gradual recovery. During the quarter, revenue from our enterprise operations of MXN1.1 billion, which accounted for around 9% of our cable revenue increased by 7.7% year-on-year.

從環比來看，我們住宅業務的淨收入成長了 0.4%，這可能預示著業務正在逐步復甦。本季度，我們企業業務的收入為 11 億墨西哥比索，約占我們有線電視收入的 9%，年增 7.7%。

This also marks the best quarter of the last three years of our enterprise operations from a revenue growth performance standpoint and compares favorably to growth of 3% in the second quarter and a decline of 4.5% in the first quarter of this year.

從營收成長表現來看，這也是我們企業近三年來營運中表現最好的季度，與第二季度 3% 的成長和今年第一季 4.5% 的下降相比，這一成績相當不錯。

Moving on to Sky's operating and financial performance. During the third quarter, we lost 329,000 revenue-generating units, mostly coming from prepaid subscribers that have not been recharging their services. In addition, beginning in the second quarter, we started to charge an installation fee of [MXN1,250] to all satellite pay TV subscribers to increase the return on investment for this service.

接下來分析Sky的營運和財務表現。第三季度，我們損失了 329,000 個創收單元，其中大部分來自沒有儲值的預付用戶。此外，從第二季開始，我們開始向所有衛星付費電視用戶收取 [MXN1,250] 的安裝費，以提高這項服務的投資報酬率。

This translated into a slowdown of video gross additions for Sky that has been steady over the last two quarters. Sky's second quarter revenue of MXN3.1 billion declined by 18.2% year-on-year mainly driven by a lower subscriber base.

這意味著 Sky 的影片新增用戶數量成長放緩，而過去兩個季度以來，這一增速一直保持穩定。Sky 第二季營收為 31 億墨西哥比索，年減 18.2%，主要原因是用戶數量減少。

To sum up, segment revenue of MXN14.7 billion fell by 4.4% year-on-year, while operating segment income of MXN5.7 billion declined by only 0.7%, making it the best quarter of the year as we appear to be very close to reaching operating segment income stabilization.

總而言之，分部營業收入為 147 億墨西哥比索，年減 4.4%；而分部營業收入為 57 億墨西哥比索，年比僅下降 0.7%，這是今年以來最好的一個季度，因為我們似乎已經非常接近分部營業收入穩定。

Our operating segment income margin of 38.5% extended by 140 basis points year-on-year, mainly driven by the efficiency measures that we have been implementing and synergies from the ongoing integration between Izzi and Sky.

我們的經營部門營收利潤率為 38.5%，年成長 140 個基點，這主要得益於我們一直在實施的效率提升措施以及 Izzi 和 Sky 之間持續整合帶來的協同效應。

Regarding CapEx deployment, our total (technical difficulty)

關於資本支出部署，我們的總額（技術難題）

Now let me take you through TelevisaUnivision's third quarter results. The company's third quarter revenue of $1.3 billion declined by 3% year-on-year, while adjusted EBITDA of $460 million increased by 9%. Excluding political advertising, revenue fell by 1% year-on-year, marking a sequential improvement compared to both the first and second quarters of this year.

現在讓我帶您了解一下 TelevisaUnivision 第三季的業績。該公司第三季營收為 13 億美元，年減 3%；而調整後 EBITDA 為 4.6 億美元，年增 9%。剔除政治廣告收入後，營收年減 1%，但與今年第一季和第二季相比，季比有所改善。

On the other hand, also excluding political advertising, adjusted EBITDA increased by 13% year-on-year, underscoring the scalability of a profitable DTC business and the sustained impact of cost reductions initiatives launched at the end of last year.

另一方面，即使不計政治廣告，調整後的 EBITDA 也同比增長了 13%，這凸顯了盈利的 DTC 業務的可擴展性以及去年底推出的成本削減計劃的持續影響。

Moving on to the details of our revenue performance. During the quarter, consolidated advertising revenue decreased by 6% year-on-year or 3% excluding political advertising expenditure. In the US, advertising revenue was 11% lower as growth in ViX continued to partially offset linear declines. Within ViX, the Gold Cup, semifinals and finals helped drive a high single-digit increase in MAUs and robust demand from advertisers.

接下來，我們來詳細了解營收表現。本季，綜合廣告收入較去年同期下降 6%，若不計政治廣告支出，則下降 3%。在美國，由於 ViX 的成長持續部分抵消了線性下降，廣告收入下降了 11%。在 ViX 平台內，金盃賽、半決賽和決賽推動了每月活躍用戶數 (MAU) 的個位數成長，並帶動了廣告商的強勁需求。

In Mexico, advertising revenue increased by 3% year-on-year, primarily driven by private and public sector ad sales that powered ARPU growth for ViX. Results this quarter benefited from a compelling entertainment and sports slate that including the performance of the third season of La casa de los famosos Mexico, dramas such as Monteverde and Amanecer and our broadcast of Liga MX and the NFL.

在墨西哥，廣告收入年增 3%，主要得益於私人和公共部門廣告銷售的成長，從而推動了 ViX 的 ARPU 成長。本季業績得益於一系列精彩的娛樂和體育節目，包括《墨西哥名人之家》第三季的播出、《蒙特維德》和《黎明》等電視劇，以及我們對墨西哥足球甲級聯賽中和美國國家橄欖球聯盟的轉播。

During the quarter, consolidated subscription and licensing revenue increased by 3% year-on-year, driven by ViX's premium tier and higher content licensing revenue.

本季度，ViX 的高級會員等級和更高的內容授權收入推動了其綜合訂閱和授權收入同比增長 3%。

In the US, subscription and licensing revenue grew by 11%, supported by ViX and results included a mid-single-digit increase in linear subscription revenue and higher content licensing revenue due to timing of content delivery. In Mexico, subscription and licensing revenue fell by 17%. Excluding the impact of the renewal cycle, subscription and licensing revenue in Mexico grew by 5% driven by ViX.

在美國，訂閱和授權收入成長了 11%，這得益於 ViX 的推動。業績包括線性訂閱收入的個位數中成長，以及由於內容交付時間表而導致的內容授權收入增加。在墨西哥，訂閱和授權收入下降了 17%。剔除續訂週期的影響，受 ViX 的推動，墨西哥的訂閱和授權收入成長了 5%。

To wrap up, Bernardo and I remain confident that our focus on value customers, efficiencies and ongoing integration between Izzi and Sky at Grupo Televisa and further integration and operational optimization at the TelevisaUnivision now that our DTC business has gained scale and achieved profitability will allow us to create greater value for our shareholders throughout this year.

綜上所述，我和貝爾納多仍然堅信，我們專注於為客戶創造價值、提高效率，以及在 Grupo Televisa 旗下 Izzi 和 Sky 之間持續整合，再加上 TelevisaUnivision 的進一步整合和運營優化（鑑於我們的 DTC 業務已經擴大規模並實現盈利），將使我們能夠在今年為股東創造更大的價值。

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

現在我們可以回答你們的問題了。操作員，請問您能否提供問答環節的操作說明？

(Operator Instructions)

（操作說明）

Marcelo dos Santos, JPMorgan.

馬塞洛·多斯·桑托斯，摩根大通。

Hi, good morning. Alfonso, Valim, thank you for taking my questions. The first question is if you could comment a bit the CapEx outlook for 2026. How do you see this trending? And the second question is regarding the insurance claim you received. Was that related to Hurricane Otis? And is there something left to be received? Thank you very much.

您好，早安。阿方索、瓦利姆，謝謝你們回答我的問題。第一個問題是，您能否對 2026 年的資本支出前景做一些評論？你覺得這種趨勢會如何發展？第二個問題是關於您收到的保險索賠。那件事和奧蒂斯颶風有關嗎？還有什麼需要接收的嗎？非常感謝。

Thank you, Marcelo. I'll ask Valim to answer both questions.

謝謝你，馬塞洛。我會請瓦利姆回答這兩個問題。

We gave -- Marcelo, we gave a guidance of around $600 million, and we should be within that range. Regarding the insurance claim, I think that's the last portion of the claim on the Otis Acapulco situation. So we shouldn't be seeing anything more from that event.

我們－馬塞洛，我們給出的預期是 6 億美元左右，我們應該可以達到這個範圍。關於保險索賠，我認為這是奧的斯阿卡普爾科事件索賠的最後一部分。所以我們應該不會再看到那次事件的任何後續消息了。

Thank you. Valim, just one question. The CapEx for 2026, so for next year you're --

謝謝。瓦利姆，我只有一個問題。2026 年的資本支出，也就是明年的支出。--

2026, no 2026 is so far away, Marcelo. No, no, no.

2026年，不，2026年並不遙遠，馬塞洛。不，不，不。

Let's finish 2025, then we can talk about '26.

讓我們先把 2025 年的事情做完，然後再討論 2026 年的事。

Okay. Thank you. Thank you very much.

好的。謝謝。非常感謝。

Matthew Harrigan, Benchmark.

馬修·哈里根，基準。

Thank you. You've actually reached a point in the US when you look at the entire TV industry, there's more consumption on streaming than on linear. And I know your linear is much more durable than your English language peers. But you've got tremendous local programming positions, particularly in news and some of the largest US EMAs.

謝謝。實際上，從整個美國電視產業來看，串流媒體的消費量已經超過了傳統電視的消費量。我知道你們的線性文字比你們的英語同行耐用得多。但你們有很多優秀的本地節目製作職位，尤其是在新聞和一些美國最大的歐洲市場方面。

Are you really taking a lot of our -- hopefully, eventually almost all the news content on local stations and the distinctive content on the local stations and moving that to ViX over time because it feels like it would be a shame to lose the local identity. You have those stations because eventually, linear is going to fall off even for Hispanic audiences.

你們真的打算把我們本地電視台的大量新聞內容——希望最終是幾乎所有新聞內容——以及本地電視台的特色內容，逐步轉移到 ViX 嗎？因為失去本地特色感覺會很可惜。這些電視台之所以存在，是因為最終線性電視即使對西班牙裔觀眾來說也會衰落。

And then secondly, clearly, a very dynamic situation in the US and Mexico right now. Are you doing anything more on the BC side in relation to advertising for investments? And also, I can't help but ask, what's your general perspective on the US and the imaginations with the administration on the tariff side and the prospects for near-shoring and everything going on. I know this is kind of ridiculously open-ended question. But just any thoughts on the stability of the economic relationship with the US.

其次，很顯然，目前美國和墨西哥的局勢非常不穩定。在BC省方面，你們是否還有其他與投資廣告相關的活動？另外，我忍不住想問，您對美國、本屆政府在關稅方面的政策構想、近岸外包的前景以及所有正在發生的事情有何總體看法？我知道這是一個非常開放式的問題。但大家對與美國的經濟關係穩定性有什麼看法呢？

Yeah. Thank you, Matthew, for your questions. I think, as to your first one, local news is very important for us. We are very strong in the local places where we produce news and local programming. We are exploring the possibility of including that in our streaming platform. We haven't yet included all of that content, but we're exploring that. The good thing is that, as I was saying, the local content is very strong. So very popular.

是的。謝謝馬修的提問。關於你的第一個問題，我認為本地新聞對我們來說非常重要。我們在製作新聞和本地節目的地區實力非常強大。我們正在探討將其納入我們的串流媒體平台的可能性。我們尚未收錄所有相關內容，但我們正在探索中。好消息是，正如我剛才所說，本地內容非常豐富。非常受歡迎。

As to your second question, we have made media for equity deals with great companies with great startups. We have assembled a great portfolio, I would say, and more companies are coming to us as they realize the importance of our platforms. And this is because of the strength of our platforms, we can position and grow their products and especially their brands when they're launching.

至於你的第二個問題，我們已經為與優秀公司和優秀新創企業的股權交易製作了媒體宣傳品。我認為，我們已經建立了一個非常優秀的投資組合，而且隨著越來越多的公司意識到我們平台的重要性，越來越多的公司正在與我們合作。這是因為我們平台的強大實力，我們可以幫助他們定位和發展產品，尤其是在品牌推出時，幫助他們推廣品牌。

Companies like Kavak, like Rappi, have become our ambassadors. At the beginning, we had doubts about the strength of linear television and most specifically in Mexico. But now they have become ambassadors of ours. We will continue to do these deals as we generate value with unsold inventory. And these companies become regular clients.

像 Kavak 和 Rappi 這樣的公司已經成為我們的品牌大使。起初，我們對線性電視的力量，尤其是在墨西哥的力量，持懷疑態度。但現在他們已成為我們的大使。我們將繼續進行此類交易，以利用未售出的庫存創造價值。這些公司後來都成了我們的固定客戶。

So it's basically a funnel for these start-ups to grow, to position their brands, to position their products. And we take equity, which is great at very good valuations, and then they become regular clients and this is basically unsold inventory. So we're very happy with the portfolio we have been able to put together, and we'll continue to do this.

所以它基本上是一個幫助這些新創公司發展壯大、定位品牌和定位產品的管道。我們收購股權，股權在估值方面非常出色，然後他們就成了我們的長期客戶，而這基本上就是未售出的庫存。因此，我們對目前構建的投資組合非常滿意，我們將繼續這樣做。

As to your last question, I think that the Mexican government President, Sheinbaum has done an extraordinary job in dealing with the negotiations, the trade negotiations. I think that Mexico and the US are key partners.

至於你最後一個問題，我認為墨西哥政府總統辛鮑姆在處理談判，特別是貿易談判方面做得非常出色。我認為墨西哥和美國是重要的合作夥伴。

If you look at the border region, it's one of the largest economies in the world by itself. The border, the legal border crossings that happened every day are in the millions. So I mean it's an integrated region. It's an integrated economy. So I believe that eventually, we'll be able to get to the right deal for Mexico and for the US.

如果你看看邊境地區，它本身就是世界上最大的經濟體之一。每天發生的合法過境人數高達數百萬。我的意思是，這是一個一體化的區域。這是一個一體化的經濟體。所以我相信，最終我們能夠達成對墨西哥和美國都合適的協議。

Great. Thank you. Appreciate it.

偉大的。謝謝。謝謝。

Alex Azar, GBM.

Alex Azar，GBM。

Hi, everyone. Thank you for taking my questions, and good morning. Few ones on competition, Valim, on cable. If you can share a little bit of color on short-term and medium-term dynamics, especially when seeing how competitors are adding 1 million, 1.5 million net adds per year. It seems that in two, three years, the market is going to be fully penetrated. So that would be my first question.

大家好。謝謝您回答我的問題，早安。有線電視上很少有競爭對手，Valim。如果您能分享一些關於短期和中期動態的細節，特別是看到競爭對手每年淨增加 100 萬、150 萬用戶時。看來兩三年內，市場就會完全滲透。這是我的第一個問題。

And the second one is on Sky. With the levels of net disconnections you have year after year, how should we think about the EBITDA contribution in the next couple of years from Sky? Thank you.

第二個頻道在天空電視台。鑑於你們每年淨斷網用戶數持續成長，我們該如何看待 Sky 在未來幾年對 EBITDA 的貢獻？謝謝。

Thank you, Alex. Valim?

謝謝你，亞歷克斯。瓦利姆？

Thank you, Alfonso. Well, I agree 100% with you. With this amount of net adds on a yearly basis, the market is very close to being fully penetrated. That's why our strategy is not going after volume because we know that we will be fighting for prices at the lower end of the pyramid. So our aim is to focus on the higher-end clients. That's why we have -- we are the only company in Mexico increasing ARPU consistently across the board.

謝謝你，阿方索。我百分之百同意你的看法。以此年淨新增用戶數計算，市場已非常接近完全滲透。這就是為什麼我們的策略不是追求銷量，因為我們知道我們將在金字塔底層的價格戰中奮力拼搏。因此，我們的目標是專注於高端客戶。這就是為什麼我們是墨西哥唯一一家持續全面提高每位用戶平均收入 (ARPU) 的公司。

So I think that's the focus. So we think there's obviously a diminishing returns of this fight for the volumes of subscribers. And that's why our strategy moved away from that, and we have been successful in doing that. Regarding Sky, Alex, the way I see Sky is very straightforward. This is a business that will eventually disappear. Why? The penetration of the fiber networks and the amount of OTTs and the availability of a linear TV through cable and fiber operators is something that will obviously position Sky to only subscribers that are outside of those covered areas.

所以我認為這就是重點。因此，我們認為這場爭奪用戶數量的鬥爭顯然會取得越來越小的成效。正因如此，我們的策略才轉向了其他方向，而我們在這方面取得了成功。關於天空，Alex，我對天空的看法非常簡單明了。這是一個終將消失的行業。為什麼？光纖網路的普及、OTT 服務的數量以及透過有線電視和光纖營運商提供的線性電視服務，顯然會使 Sky 的服務對象僅限於覆蓋範圍之外的用戶。

So it will by definition then keep on declining. So how we perceive it, we perceive it as a cash flow from existing subscribers minus the programming cost, minus the technological cost of the satellite and all that is involved in that and then it generates a positive cash flow.

所以，根據定義，它就會持續下降。所以，我們認為，從現有用戶獲得的現金流量減去節目製作成本、衛星技術成本以及所有相關費用，就能產生正現金流。

That's the business and it has been generating positive cash flow and for the foreseeable future, we'll see positive contribution from Sky as a cash flow perspective. Obviously, it has this negative optics on our revenue, but just the way we see it is we've kind of segregate that from everything else and see that as an inflow of cash flow and everything else is more a stable growing businesses.

這就是這項業務，它一直產生正現金流，而且在可預見的未來，從現金流的角度來看，我們將看到 Sky 做出積極貢獻。顯然，這會對我們的收入產生負面影響，但我們看待問題的方式是，我們已經將其與其他所有業務分開，並將其視為現金流的流入，而其他所有業務則更注重穩定增長。

Yeah. And to add to your first question, to add on what Valim was saying, in Mexico, we have a 4-player market, but it's a pretty rational market, except for Telmex, which has kept its entry price unchanged for, I guess, more than 10 years, while also increasing Internet speeds and offering Netflix now for three -- for six months.

是的。補充一下你的第一個問題，以及Valim剛才說的，在墨西哥，我們有4家運營商，但這是一個相當理性的市場，除了Telmex。 Telmex的入門價格已經保持不變超過10年了，同時也提高了網路速度，現在提供Netflix，有效期為3到6個月。

They don't seem to be really interested in the profitability of Telmex as they extract value from the lease of fiber owned by other subsidiaries of theirs. And the other Megacable raised prices by around MXN30 per month from the beginning of the year. So there, you can see that the industry is raising prices, except for Telmex.

他們似乎對 Telmex 的獲利能力並不真正感興趣，因為他們從旗下其他子公司擁有的光纖租賃中獲取價值。而另一家 Megacable 公司則從年初開始每月漲價約 30 墨西哥比索。所以你可以看到，除了 Telmex 之外，其他行業都在提高價格。

Totalplay also announced price hikes from April particularly from broadband customers that are heavy data users. So even though it's a 4-player market, it's a rational market and if you look at the prices and ARPU, we feel comfortable, and we feel confident that this will remain like that.

Totalplay 也宣布從 4 月起調高價格，特別是針對數據使用量大的寬頻用戶。所以，即使這是一個只有 4 家廠商的市場，它也是一個理性的市場，如果你看看價格和 ARPU，我們會感到滿意，並且我們有信心這種情況會一直保持下去。

Okay. Thank you, both. If I can just add a follow-up on Sky remarks. When you say Sky probably will disappear. I'm just thinking that there must be some part of the population that where fiber is not around, and they -- if Sky becomes the only thing that they can use, especially for video. Do you guys have an approximate of that? I don't know.

好的。謝謝你們兩位。我只想補充一下天空電視台的評論。你說天空可能會消失。我只是在想，肯定有一部分人住在光纖尚未覆蓋的地區，如果 Sky 成為他們唯一能使用的電視服務，尤其是在視訊方面。你們有大概的估算嗎？我不知道。

No, you're absolutely right. I mean there are rural areas where a satellite provider makes sense. I don't know.

不，你說得完全正確。我的意思是，在一些農村地區，衛星電視服務是比較適合的。我不知道。

No, I don't think they will disappear per se. It's obviously a diminishing volume like we have been seeing and we'll keep on seeing. But just to give an example, in Central America, we have close to 100,000 subscribers basically flat because in those areas, there are less competitors offering a fiber network or a cable network. And it is very stable.

不，我不認為它們會完全消失。很明顯，銷量正在減少，就像我們一直看到的那樣，而且這種趨勢還會繼續下去。舉個例子來說，在中美洲，我們的用戶數量基本上穩定在 10 萬左右，因為在這些地區，提供光纖網路或有線網路的競爭對手較少。而且它非常穩定。

And like Mexico, where we are all deploying network and expanding our infrastructure. So yes, I don't think it will disappear, not just there will be a day that will be just shut down. I think it will still have -- and I think there are just several hundred thousand people living in areas where there's no other option for entertainment and Sky will keep on being a solution. But that's why we don't see this as a -- I understand some people see this as a problem. We actually see this as an upside given the fact that we're generating positive cash flow.

就像墨西哥一樣，我們都在那裡部署網路並擴展基礎設施。所以，是的，我不認為它會消失，不會有一天突然關閉。我認為它仍然會存在——而且我認為有幾十萬人生活在沒有其他娛樂選擇的地區，而 Sky 將繼續成為解決方案。但也因為如此，我們才不認為這是一個問題——我知道有些人認為這是一個問題。鑑於我們能夠產生正現金流，我們實際上認為這是一個利好因素。

Yeah. I think Valim is absolutely right. We see Sky as a cash flow. And the more we extend, we prolong the life of the subscribers, it's going to be an amazing driver for our cash flow.

是的。我認為瓦利姆的說法完全正確。我們把Sky視為現金流。我們延長訂閱期限，就能延長用戶的生命週期，這將大大促進我們的現金流。

Exactly.

確切地。

Thank you. Thank you, both. Very clear.

謝謝。謝謝你們兩位。非常清楚。

Ernesto Gonzalez, Morgan Stanley.

埃內斯托·岡薩雷斯，摩根士丹利。

Hi. Thank you for taking my question. Look, I know it's early but going back to the discussion on broadband penetration in Mexico. Do you have any -- or can you share any expectations for cable growth rates next -- sorry, next year? Do you believe that you can accelerate growth for the unit.

你好。感謝您回答我的問題。我知道現在討論墨西哥的寬頻普及率還為時過早。您對明年（抱歉，是明年）有線電視的成長率有什麼預期嗎？或者您能否分享一下您的預期？你認為你能加速該部門的成長嗎？

And the second question is on the sustainability of margins for Cable Sky but also TelevisaUnivision. They were strong in the third quarter. So I wanted to get a sense of how much more room they have to grow going forward. Thank you.

第二個問題是關於 Cable Sky 以及 TelevisaUnivision 的利潤率的可持續性。他們在第三節表現強勁。所以我想了解他們未來還有多少發展空間。謝謝。

Well, I think that -- back to your point Ernesto, I think that it's key to understand that obviously, as penetrations go higher, the level of net adds will diminish for every player in the market. And you have already saw that. As you see quarter after quarter after quarter, we already see a diminishing number of net adds being added to the different players.

嗯，我覺得——回到你剛才的觀點，埃內斯托，我認為關鍵是要明白，顯然，隨著滲透率的提高，市場上每個玩家的淨新增用戶數都會減少。你已經看到了這一點。正如你所看到的，一個季度又一個季度過去了，我們已經看到各個球員的淨增球員數量不斷減少。

So that's a diminishing return in other countries like Brazil, for example, where the penetration is significantly higher even than Mexico. You see there's this dynamic as well and companies find ways by selling more products to the same existing customers to keep revenues growing but obviously, you're not going to be seeing high double-digit numbers because of the dynamic of the market.

因此，在巴西等其他國家，這種做法的回報會遞減，因為巴西的滲透率甚至比墨西哥高得多。你看，市場也存在這種動態，公司會想辦法透過向現有客戶銷售更多產品來維持收入成長，但顯然，由於市場動態，你不會看到兩位數的高成長。

So like Alfonso just said, this is a very rational market. Nobody is flashing, prep is down. The promotions are very reasonable. And everybody is actually making money in this market like our cash flow generation that we have just presented. This is significantly -- is very significant.

正如阿方索剛才所說，這是一個非常理性的市場。沒人閃光燈，準備工作也停滯了。促銷活動非常合理。事實上，在這個市場中，每個人都在賺錢，就像我們剛才展示的現金流一樣。這意義重大——非常重要。

So I think that's a dynamic in mature market that you'll see. And what happens is you add more products, better products, more speeds and that's how you keep on increasing ARPU. And that's why we think the strategy of going after the high-end customers, they have more disposable income available as opposed to the other end of the pyramid. And I think regarding margins of cable --

所以我認為這是成熟市場中會出現的動態。結果就是，你增加更多產品、更好的產品、更多速度選擇，這樣就能持續提升每位用戶平均收入 (ARPU)。這就是為什麼我們認為應該瞄準高端客戶，因為他們比金字塔底層的客戶擁有更多的可支配收入。我認為關於電纜邊際效應這一點。--

No. I think he asked about TU --

不。我想他問的是TU——

No, no, no. The answer is not over.

不，不，不。答案尚未揭曉。

Okay. Go ahead.

好的。前進。

So the idea here is we think that we keep on improving margins. This is an ongoing, never stopping exercise that will go internally. And we find that through many different ways, mostly through technology. Obviously, we still are collecting a few synergies from Sky mostly through technology and improvement in how we provide services and processes. So there is an ongoing effort to increase margins. I'm talking about cable.

所以我們的想法是，我們認為我們可以持續提高利潤率。這是一個持續不斷的、永不停歇的內在過程。我們透過多種方式發現了這一點，主要透過科技。顯然，我們仍然在從 Sky 獲得一些協同效應，主要是透過技術和改進我們提供服務和流程的方式。因此，企業一直在努力提高利潤率。我指的是有線電視。

Yeah. Yeah. And about -- I mean, TU amazing margins. I think that was a result of the cost cutting and all that we did in terms of costs and expenses in the fourth quarter of last year, which are being reflected in this year. We believe that we have the highest margins in the industry. And that has to do with that cost cutting, $415 million.

是的。是的。還有——我的意思是，TU 的利潤率非常驚人。我認為這是去年第四季我們削減成本以及在成本和費用方面所做的一切努力的結果，這些努力都反映在今年了。我們相信我們擁有業內最高的利潤率。這與削減成本有關，削減了 4.15 億美元。

And also, it has to do with owning the largest library of content in Spanish in the world, more than 300,000 hours of content. It also has to do with the very efficient way in which we produce content, especially in our studios in Mexico. And that allows us to have these amazing margins. So I think those margins in the mid-30s are sustainable.

此外，這也與擁有世界上最大的西班牙語內容庫有關，內容時長超過 30 萬小時。這也與我們高效的內容製作方式有關，尤其是在我們在墨西哥的工作室。這使得我們能夠擁有如此驚人的利潤率。所以我認為30%左右的利潤率是可持續的。

Very clear. Thank you.

非常清楚。謝謝。

This concludes our question and answer session. I Would like to turn the conference back over to Mr. Alfonso de Noriega for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給阿方索·德·諾列加先生，請他作總結發言。

Well, thank you very much for participating in our call. And if you have any questions, please give us a call. Have a great weekend.

非常感謝您參加我們的電話會議。如果您有任何疑問，請致電我們。祝你周末愉快。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。