Grupo Televisa (TV) Q2 2025 Earnings Call July 23, 2025 11:00 AM ET Company ParticipantsAlfonso de Angoitia Noriega - Co-CEOFrancisco Valim - CEO of IZZI Grupo Televisa´s Cable CompanyMilenna Okamura - Equity Research AssociateConference Call ParticipantsEmilio Fuentes - Senior Analyst - Equity ResearchLivea M - Equity Research AnalystMatthew Harrigan - Equity Research AnalystOperatorMorning. Welcome to Coripa Televisa's second quarter twenty twenty five conference call. Before we begin, I would like to dra ...

Financial Data and Key Metrics Changes - Grupo Televisa's consolidated operating segment income margin expanded by around 80 basis points to 38.1% in the first half of the year, driven by a year-on-year OpEx reduction of around 7% [3] - The leverage ratio improved to 2.2x EBITDA at the end of the second quarter from 2.4x at the end of the first quarter, primarily due to free cash flow generation [4] - Televisa Univision's second quarter revenue declined by 4% year on year, while adjusted EBITDA increased by 10% [12][13] Business Line Data and Key Metrics Changes - Cable operations ended June with a network of almost 20 million homes, with a monthly churn rate falling below the historical average of 2% [7] - Broadband growth improved with over 6,000 net adds during the second quarter, compared to disconnections of around 6,000 in the first quarter [8] - Sky's second quarter revenue declined by 16.3% year on year, primarily due to a lower subscriber base, resulting in a loss of 347,000 revenue-generating units [11] Market Data and Key Metrics Changes - Televisa Univision's advertising revenue in the U.S. decreased by 2%, while in Mexico, it declined by 13% year on year, driven by the depreciation of the Mexican peso [14] - Subscription and licensing revenue in the U.S. increased by 9%, while in Mexico, it fell by 23% [15] Company Strategy and Development Direction - The company is focusing on attracting and retaining value customers in cable, which has stabilized the Internet subscriber base [3] - A disciplined CapEx deployment approach is being maintained to focus on free cash flow generation, with a reduction in the CapEx budget from $665 million to $600 million [4][26] - Deleveraging remains a core strategic priority for Televisa Univision, with management committed to strengthening the capital structure [6] Management Comments on Operating Environment and Future Outlook - Management believes that the distribution business remains strong, with ongoing analysis of alternatives to generate value [18] - The integration of Sky is nearing completion, with no expected burden from disconnections due to a variable cost structure [20][22] - The company is enhancing digital sales and monetization strategies, particularly in the U.S. market [38][40] Other Important Information - The company generated around ARS 3.6 billion in free cash flow, allowing for the prepayment of a bank loan due in 2026 [4] - The efficiency plan at Televisa Univision is proving successful, with total operating expenses declining by around 13% year on year [5] Q&A Session Summary Question: How does Televisa Univision view the separation between content streaming and cable TV in the U.S.? - Management sees value in keeping distribution and content bundled for now, as it remains a significant revenue business [18] Question: What are the expectations for CapEx and broadband adds in the second half of the year? - CapEx guidance has been updated to $600 million, and churn is expected to remain low due to a focus on high-end subscribers [26][27] Question: How is the competition evolving in the market? - The competition in Mexico is rational, with no significant price swings, which supports the company's strategy [32]

Core Insights - SurgePays, Inc. will participate as a gold sponsor in the All Wireless and Prepaid Expo, showcasing its innovative products and services [1][2] Product Offerings - SurgePays will introduce its "phone-in-a-box" prepaid service smartphones, designed for convenience stores and non-wireless retail channels, operating on the AT&T network [3] - Each smartphone comes preloaded with a SIM card, offering the first month of prepaid service with 12 gigabytes of domestic data and unlimited voice and text within the U.S., Canada, and Mexico [4] - The ClearLine business unit will demonstrate its point-of-sale apps, which facilitate in-store marketing campaigns, loyalty program enrollment, and customer engagement through NFC and QR codes [5] Marketing Initiatives - SurgePays will distribute samples of its ClearLine NFC Card, a digital smartcard that allows users to share their digital profiles easily without needing an app [6] - A workshop titled "Real-Time Marketing Magic - Engaging Customers at the Moment of Impact" will be conducted by SurgePays' VP of Product, focusing on strategies to engage customers effectively [7] Company Overview - SurgePays, Inc. is a wireless, fintech, and point-of-sale company that aims to provide mobile connectivity and financial services to underserved communities, operating as both a mobile virtual network operator (MVNO) and mobile virtual network enabler (MVNE) [9]