Grupo Televisa, S.A.B. (TV) 27 Apr 222022 Q1 Earnings call transcript

Good morning, everyone and welcome to Grupo Televisa's First Quarter 2022 Conference Call.

Before we begin, I would like to draw your attention to the press release, which explains the use of forward-looking statements and applies to everything we discuss in today's call and in the earnings release. I will now turn the call over to Mr. Alfonso de Angoitia, Co-Chief Executive Officer of Grupo Televisa. Please go ahead, sir.

Manuel. you, Thank and everyone, for us. joining Good thank morning, you Antonio of and Cable, With Phillips, me Malvido, CEO Jose are Televisa. Sky, today Luis Gonzalez, CEO at Grupo CFO Carlos of

confident last the to in that performance While around both and Mexico's X% the Televisa year. XXXX Univision Grupo remains expected GDP environment volatile, growth at we deliver is solid macroeconomic will operating throughout year. X.X% Televisa from we're to slow

inflation during Televisa the and to World elections be due advertising revenue by confident back-end normal World we in in increased allowing loaded quarter, we States, will expect headline remittances in year. the to monetization above Cup to XX% In Grupo policy billion, towards than increase Bank more social throughout slowdown, factors and inflation Also to initially that Qatar driven On has United related the been more recovering than increases and will important coupled since addition, the and year-on-year highlight X%. spending of such February XX%. the the are to years, rate fourth COVID-XX has last operating Televisa at XXXX decline the persistent (ph), strong with Univision high Televisa we expected around the a as of growing high growth Grupo an positive of year in us This deliver rights. approximately after have economic Despite Cup two more circumstances. tightening Televisa proved throughout the record expected at several at due Univision keep of under Mexico operate remains to consumption remained strong as that expected about improving monetary January midterm growth note, year. policy measures by the further at $XX Fed that distancing performance continued both pushing Still, the to Mexico it's

of and adds year RGU net at at reminder in Cable the Solid the Sky. price increases

performance, walk our first-quarter results by momentum into released on delivered financial an Univision, merger and our of operating XXXX, XXXX Televisa's and January. let Grupo end transformative through the incredible Televisa success the inaugural successfully Building going you reviewing me outstanding after closed quarter. yesterday Televisa having morning Univision Before strong

to quarter respectively. due in revenue of in mostly a due the accelerate strong the sales. revenue the fully Assuming to at solid we our the merger mostly Univision year the by and XX% Televisa Cup expect -- to softer the that transmission. EBITDA driven $X in to during World and in Advertising of quarter growth was performance billion almost was sorry, by equivalent million of full-year and increase was representing reached revenue Televisa reached affected of business revenue Univision growth were increased growth that advertising the pace licensing funded for XX% end a our and streaming for year-on-year while year-on-year at Revenue Mexico by strong growth first than growth and increases EBITDA $XXX the X%. investments subscription XX%, full consolidated of

performance. the to on Moving

contributed Our and XX% first regardless of XXX%. quarter content X% year-on-year channel our competitor X.X% viewing XX Also, audiences transmitted programs of beating by first up XX in quarter year. increased year-on-year, Univision's we increased the time prime XX% most States of Mexico. to Spanish audiences watched were Moreover, broadcast in top at during the the matches audiences in television last XX.X%. of prime outperforming share produced flagship In same the by in X.X% time soccer XXX Mexico's United basis all air prime our other language. the to by closest Mexico time from the us. U.S. audiences by for television year-on-year quarter during time during period XXXX, of Mexico, points our prime U.S. the time This and free first the share the by rose take networks [Indiscernible] In quarter on our to to prime top our language increased broadcast

redesigned linear business great XX we a the extensive launch our XXX business marked most While our enhanced be for the the we streaming last offering made our enormous ViX, demand, deliver about and with continues outperforming progress months. language market, video on another milestone over channels, completely service; Xst excited to and the AVOD and have success of the with world's not business across our our over opportunity entire more streaming could over in Spanish an our linear April an and featuring points and the classic including entry and multiple product natural We've and megatrix, broaden its novelas, us and beyond always our new a viewed content our allows to our Streaming of soccer, complement content, that, language for XX,XXX original spectrum streaming year, business volume exclusive traditional been reach business. first entertainment across to Spanish viewing, optimize linear provide as program. news to hours video space.

every be cost Across economic streaming different business is we have reach This an pertains the unrivaled replicated. materially and of a U.S. XXX particularly model it than platform underlying enormous than to customer speakers effective, and the efficient, can't Spanish provides segment acquisition for Our day. content an marketing and million that is language English as more investments. Mexico, our

Our content differentiated. equally model is

most scale speakers. Spanish we largest a content across world, business Beyond the have at having production we drive to Spanish in the million in-house which engine streaming XXX library can our

between to path viewing economic and recalibrating industry-leading these content. the offering appointment model as our provide software Combined, balance consistently and our content a demand-driven creation. our optimal to clear such linchpins value strike are We accelerated

a launched to learned program, lot new streaming of we ViX essentially streaming We last is from [Indiscernible] a streaming test us, and it. been for This how legacy at how which While year. into not sell is all [Indiscernible] has Univision for services. debt some incorporated and learn launch. this Televisa its ViX was great to

technology a We learned about also lot the infrastructure. underlying

successfully. our partner migrate Google ways. on were Moreover, users with ViX, launched Cloud to Our new making into many able in strategic build worthwhile our legacy platform better the we

in strong by On XX% impressive premiums remain sales streaming Ad new advertisers Total buyers or Pricing with side to XXX with from In in basis ad sales March delivered average of above almost the increased next efforts the equally best yet XX% continue up as out the on seeing our sell rates month we upfront a Cable platform to and while XX%. ViX traction year. our the look making as highest generating of the and buyers. linear with along month with approaches only ad big while We gain on-boarding we performance trends success our linear further the market XX% our are against upfront advertising the XXXX strategies, substantially marketplace linear selling and on continuing into to of throughout launch buys forward on to last ViX. momentum and look capture rest accelerate May. to participation this significant

of been content service launch of gear (ph) second well, incredibly of excited to the Ofende compelling, and and is that we up for about learnings breadth have plus. ViX year. served new plus half investing really ViX in and We've worldwide this ViX our the us the prospects we're in Our

States plus to distributors We and Mexico with have across ViX bundle allow cable providers. and United that the longstanding will us across relationships wireless

Univision, getting our just complete kick well-positioned global started. year, capture who us massive going and we're the opportunity. very merger from together coming quarters a and We tirelessly forward. Televisa further seen success this be terrific have to at of with portfolio positioning been to and will be team level performance So Overall, of excited streaming fully day off this to outstanding for one a couldn't from more combined and we've deliver streaming working our quarter

opportunity to we growing already before, we that's the we're driving us on ahead opportunity big, its from to we a comes have progress. and prepared tapping started feeling As strides have into uniquely It's audience of and said it. the deliver that maximize

like media. Our initiative initial else in nothing look -- results our

newly large growing is power our and media of better evidence company ViX. our We there teams global platform, the combined have than launched no become of assets and fastest the streaming

Univision revenue to launch flat XX% EBITDA growth investments of to required of results streaming growth our had that we given around promote $X.XX XXXX to is quarter platform, track put year-over-year performer Televisa on ViX. us similar and at and global the achieve which First billion again

pro confident that -- will from net businesses throughout while our that expect revenue to should partially and operations. enterprise contracts. in consolidated onto revenue our new over Furthermore, adds growth consolidated Mex$XX.X RGU, growth multiple our year-on-year in MSO the our But offset our increase was and Sky. Cable in of Cable at declining feel operations quarter and quarters. year. segment expect revenue the financial the Grupo gradually service to now Cable, operations segment forma, operators growth revenue to And Revenue a second continue quarters, results a at equivalent row. accelerate other solid better, Moving coming coming At Mex$X.X income MSO billion was remain X.X%, I particularly accelerated we sign This X.X%. over by growth at to consolidated improved we of the Televisa's billion, representing reached the [Indiscernible] reached operating quarter, year-on-year for business

March, price full-year. slightly us phase-out the the and are enterprise revenue Sky, packages, of potentially end strong reduce revenue of of of flat rates allowing Our of over us to should prepaid by revenue operations, to allow gradually increases in the recharge to the this month stabilizing eight implemented this months base keep up the for relatively the XXXX decline, the year. first At

turn Cable. Prep at me Antonio, the call let CEO to Now, our over

Thank you very Alfonso. much,

operating cable the important first metrics in quarter of XXXX. our turnaround During in continuation XXXX, of of a saw the experienced segment quarter fourth the

a now. in strong for foothold a obtained have performance row two quarters We

and million plan the generating the RGUs, XXXX, largely In driven our of quarter the quarter year. mobile programs, mobile pass since It customer pandemic in second some and net XX,XXX by terms result two since implemented closed retention of we of XXXX, peak of of well units quarters pandemic. expansion the as the XX.X last was first The the quarter The of strongest with products, and our XXX,XXX total the flagship XX.XX the was XXX,XXX and realignment the resumption revenue third RGUs. of the quarters home as excluding highest the at RGUs. app,

We product to will X.X the highest margin the million we product XX% as of RGUs. RGUs XX,XXX to be service In Today, triple total continues added realignment. a from offering. for have due and Our residential RGUs our mix. quarter improved cable levels XXXX. the experience because turn of our confirmed of of during in improved fourth the higher video to turnaround quarter In video, product we growing XX,XXX keep the sales added sales we mix play. product segment broadband, of are Broadband continue

Now, metrics. financial for the

segment accounts During the residential for enterprise of and our XX.X% because mainly total XX% to comps XXXX, sizable called Cable of first our concluded segment, quarter, Jalisco. by which X.X% grew we in the a tough development due declined while project Red revenue,

a fiber network of of a was Red for As project owned by reminder, the a Jalisco the Jalisco State build State. Government to developed the

emphasize X.X% segment growth Moreover, exclude segment into of result X.X% Red segment results X.X%. metrics expect we looking to Excluding our stronger we grew revenue financial would Again, to want later replace. X%. to increased operating this are delivered part, year. translate were X%. operating projects would Overall, strong Red and Nevertheless, while by enterprise operating Jalisco, we increased our if the revenue to in Jalisco, Cable have the new increase income segment and revenue I for year-on-year

net call us the allow should confident to me the that we to selective keep expansion over say that coming Alfonso, RGU quarters. last asset locations are delivering let turning to back solid year Before the

T great [Indiscernible] Antonio, results.

the let Sky me Luis of call days. has over at a CEO been XXX to the for job turn as Now, who Malvido,

Okay.

You're Alfonso. very nice,

the of territory job in many tens sixth and globe, first ready also advantage extensive Also this the entertainment leading throughout largest vast as CEO Latin a to with motivated America. As my with and the and new it Central for under committed is We my is first quarter, now, the XX of and the during and Happy at highly the days content. said, the portfolio I great exclusive America quarter in And been Sky findings team. CEO years surprise products, and platform, role challenges first Alfonso and I've as for build refreshed Mexico was XXX few our will it's of and strength. started throughout and and pleasantly are including to know team face we my ahead. brand this landed to coverage I probably leading on be January professional salesforce thanks. the in very company day affordable scattered A Mexico of most an in Europe. prepaid base library in of

compensations our the We restructuring better process to in incentives. their are sales channels align of our incentives with

We with which a entry launching level postpaid to sales. are improve we also quality of the new package expect our

in also have end the will features. exclusive coverage quarter soccer exclusive large teams relevance secure for provider position In of most we Mexico. number Liga further exclusive exclusive properties, a FIFA of Rey, Spanish national Sky tournaments as the rights rights and for including of the exclusive all UEFA Qatar enhance the including the rights of XXXX Sky the first during gains the addition, the Cup, comprehensive del year, several This Copa World sports for and at rights the Bundesliga. ultimate and drives La

we both negative quarter, video also allow to revert products trend postpaid third and that promotions several initiatives launched gross and in prepaid commercial the for the us ads. During

initiative the and -level was single side, the postpaid, fee January. are the be impact end double-play launched later developing Silver, this we also we new January, elimination a On products, that quarter. biggest and will a with prepaid attractive subscription promotion an On eight the launched Sky pre in in of

customers launched In addition, a and towards and strategy increased recharge recharges Xst, our we ' advertising on March enhancing shifted all in retention. package, XX-day

prices On inflation. keep prepaid the increased other we up hand, with in to

of far, these as So increase customers adoption positive. been price

we've in to seen increase expect of signals trend in financial increase in time. we in in quarter. result, saturation top-line, in factors, broadband addition delay current expansion area, following a in certain of implemented broadband, price negative all-time, several we first, prepaid prepaid deceleration networks second, the factors wholesale price that to [Indiscernible] a In pass-through February, and due coverage of revenues our to both third, and As a reverted struggles, the in we due increase the

a we result, a rate total RGUs XXX,XXX. during broadband of As X,XXX lost quarter the reaching

we're service, our valuable and video for our with later product will relaunch Regarding stickiness, also to our service the mobile and low costs. plan benefits year acquisition working on in the customers improving exclusive increase

low year quarter increase we lost cancellation activation during XXX,XXX All On an RGUs the the the in of and quality a pandemic together, last side half. during a as result experienced second we acquisition third the quarter.

recharge pandemic. revenue declined to driven lower in our the same related last quarter the In due decline financial climate primarily terms compared of by performance [Indiscernible] X.X% year, prepaid to the to

direct result, by a fell due operating refer lower segment XX.X% year-on-year As the income to revenues.

a I by Looking ahead, as we basis expect second quarter -- revenues to by our driven mentioned earlier, higher in increase sequential products. had on revenues primarily prepaid

optimistic contribute XXXX. announced in the upfront and contracts should both strong double-digit At adds with strong its to and Grupo successful prospects World the portfolio, streaming coming to platform for experience, are to like in the Qatar the second of I already our very and that ongoing consecutive capabilities media quarters. States, a the United and add new I wrap our regional TelevisaUnivision long-term revenue Sky sharing about highly growth up, RGU net global improve competitive also to deliver landscape. revenue Mexico forward Bernardo over in-selling We coming better you in States, accelerate the to plans compete the telecom new quarters. Cup allow momentum you look that to in turning Luis. should allow And To United Before very the with Thank and these will growth back the [Indiscernible] launch the are Televisa, we plan would to product base our customer over Alfonso, protecting customer growth year. us for developing gradually and licensing

Raul, instructions your please questions. take could the you to provide ready are we Now,

Instructions]. sir. [Operator Yes,

from of is first the Joyce from Your question line David Barclays.

is line open. now Your

questions, Thank you very Two much. please.

help packages First for is the could that actions your plans where are you us to Is Cable coming in more subscribers you you've they seasonal Luis, then now, where to for for that that the other pricing I been But more is first of made and ARPU appreciate from? Thank in going the building you've much. new like -- the they are want adjusting so understand the versus all to going been in Cable very subscriberset? legacy you've on it particular other Just and future. there. upgrading, trends areas into Pepe, subscribers loss far something this or out what got Televisa entities? of from satellite and And are the experience on wondering or what secondly, your avail you

Prep the take Thank for questions the you, one David, ask Luis, answer your second. I'll to can Antonio first

you question. Thank the for

prepaid both Our gross are from and postpaid. coming us

over represents typically figuring And XX% in our video. in is our course biggest prepaid growth. of the Of assets this

the We we in second can again explain, already study need explained to acquisition is has be growth grow having of [Indiscernible] lack of to [Indiscernible] been a the in that areas us, investment course, solve coming and and this because challenge this of struggles are are worth is not And and financial our for the this of sell as declining from their something refinance prove half to new the and but year, in true. positive to and we town. on assets

for and our a those the or go that every order and of gross value we're us implied is into save sales most the year. for to improving revenue said that revolve [Indiscernible] acquisition acquisition from around XX% in stop And costs put quality in of huge of kind company. in opportunity to our different working of heavily this us, money money coming As asset the a transformation that prepaid in is big inclined and

subscribers highly those which package, to And meeting of in the recharges cable month that traditional would half triple-play offerings Sky Luis. by course, Thank depends telco lower tier basically a you, essence challenged by of is I month are as measured absolute and in the terms economy. providers. are or every 's on that that And add have, that

larger is in best the most cost for families. -- the entertainment offering efficient offering Mexican the the that package exists Mexico is that So that they're

by is the recharges being your terms economy So take can it. that basically And Antonio, the challenged of in itself. question, for second

same and we're your why. have Thank than about where is expanded, David. The much explain areas home. with to the to output the fiber you. new for of higher try very country, the the slightly the you let In expanding me rest Thank we question, to

-- so to slightly higher providing are we're At it. our these able products So increase quality, same markets we very the pricing competitive competitive our the is our preference there. survey increase entering, we so on remain to are very a so service the time, can we're have

So margin country is you upwards. answer applied the very question your similar to the much. the with to very of rest Thank

Thank color. for you very much the

question Your line of next Marcelo the from Santos from is J.P. Morgan.

is now line Your open.

Hi, questions. my Thanks taking good morning. for

on The view the and Mexican Netflix, first -- question if putting you results thinking in the on does And that environment pressure they your the on could, do question management competitive comment Thank weak is of on please you would best is ARPUs? impact broadband you. could second the if if the opportunity?

Thank question. for you, your Marcelo

Of made course, competitive investments the the this. and we various can working capital we what years been and great in with Mexico precision is packages network, the good to expand in a say Cable having that in there team environment us is network, -- terms that on have very ask and of on Antonio reliable products the packages pricing. us previous a put the have But Antonio I'll service a in in and a competitive that

places. this on is traction. of that we gaining pace depending with competitive, of different and that, We products were believe continue. pricing feel are but on in we this we that The it course, in in we're different believe adds We great. experienced So quarter competitiveness each comfortable net will that saying those depending region, the seeing

competition I'll expand saying So comfortable on lot to even in though Antonio And there's, of that. of course, that. ask a we feel

Alfonso has [Indiscernible] that I as Well, the few the I very heavily you feel last said, Thank in mean, think Alfonso. invested we comfortable years.

a have reliable, reliable we today, very So network. a

few and rated market well competitiveness very The been months products ARPUs. of made our effects realignment is the our we're said, on competitive. has in experience any customer seeing the very has us gaining not as is, last relatively Our but

in we in this level this We and this to are one, and well last in the good between a row two row, closer a to good quarters results expect one. and have somewhere placed quarter we be two results sustainable

much are and So Mr. in. looking good things for we very position the I we with question think comfortable are feel Thank your you Marcelo.

a about to we on and that what include specifically, second Univision. an include the your subscription plus. product, quarter U.S in include basically which going can to validates has to going we channels Netflix it's have guess Mexican happened Television sports, to doing ViX in hybrid question Hispanic in ViX, going and product the Mexico. what as product is say we're more going to and has we're basically, product, AVOD This linear happened is and soccer, sector. what announced, Marcelo, to the I Netflix market as hybrid ViX targeting What have Soccer

fix a So second-half to we've year. We and mature we seen subscribers is subscription which in million see which launched the contrary a more with phase. ViX worldwide we only we XXX think services can plus, launch Netflix the of will that,

trillion have mentioning low is these -- And half million $X.X The the have $X combined the still services. we're the targeting of a more we're that world of is market with that dollars as addressable in of markets GDP we people market Spanish-speaking niche U.S. penetration all of GDP about XXX around the been So world, importantly, trillion. our expanding But Mexico. talking

we XX% advertising Spanish addressable force the platform, the in content and Mexico have language the I And market, many focus exclusively sales targeting about which that. Spanish-speaking for on going both Talking our we over I basically that selling, of in advertising account world, it's have not we're as [Indiscernible] speaking the is on doing type mentioned, of the that United market. with States can So largest total low, penetrated this advantages to services. say which

is the say have teams been selling So Moreover, for largest which and XXX,XXX we library we way. the based have where XX we in a hours. content have best can in in content in Spanish world, factory I U.S. speaking with and produce Mexico Mexico that in we have the the got the advertising premium and we content largest in City, language cost-effective to years the world mentioned both is that Spanish of

We have the greatest in the Spanish assembled in IP world.

have We quarter sporting target and events major [Indiscernible] for our to markets.

we put is be that and XXX another it believe countries, If is our [Indiscernible] will to going niche, that etc. all fighting target that and have a product put Netflix we going a So time together in all salesforce markets etc. to some the Netflix take in Spanish-speaking them world. the launches to languages, all together distract it's

I we XXX% going on an have laser-focused advantage Spanish to attention, language of market. focus So our and here a think the we're

So what doing. this I think validates we're

advertising I ViX AVOD for AVOD on system in a distribution subscriptions hybrid selling having and As selling markets and mentioned, feel in platform and the we plus. with platform type an confident our of SVOD

Perfect. Thank the for much you very comprehensive answers.

Your line the Olmos next is of Leonardo from question UBS. from

line still Your open. is

is, for it both Mexican its do And to margins what of longer for the you normalized to we you first Univision? to [Indiscernible] did new what expect slowed? [Indiscernible]. Univision performing Moreover, [Indiscernible]. subscribers to of in and no And remaining margins be Hi, margins will Televisa [Indiscernible] level perform the Mexican -- talk you how into Televisa good understand My be question supported everyone. only about expect morning, margins, should prefer How at if how if

question. whole your XXXX. you you, anymore each Thank in about I is What market. line TelevisaUnivision talking margins should be with Leonardo, We're of of tell that can as not margins a for

XX%. around should margins the So be

investments generating. business. basically Of this that have the continues beauty EBITDA and this course, business to Televisa and grow double combination this and streaming our investments because our allows But Univision to we're that EBITDA in margins is us generate traditional we digit finance and streaming that EBITDA of with of to the that basically of losses in our continues

of growth what States. revenue and So we -- sales expect in because the upfront the double-digit Mexico in United

a that of XX% Just that States can historic by keep I joined we Mexico, in mind United upfront historical upfront versus in up grew clients which mention of and both the in XXXX, again the and the In have number, terms Mexico. also number we our plan. is a upfront

So revenue growth. we can expect double-digit

flat the in platform for as low-to-mid investments XXs whole, In we and achieve slightly medium-term, because higher be EBITDA a than TelevisaUnivision to margin. our XXXX. streaming streaming should platforms, expect to However, of our

Thank Yes. you.

Just a follow quick up.

You mentioned are out of how now But look going end XX% I'm and to purchase the at XX. sure into in not set XX, [Indiscernible] flattish mid it margins

streaming. traditional and is of I whole margin media the to consolidated value have one for we mean, there's other for around TelevisaUnivision basically, a But expect as a XX%.

good. Okay. a Thank much. Very very you. day. Have Thank good you

you. Thank

is line question from Your next from open. Soomit your of the Datta New Street Research, line is still

quick three questions. guys, or two Hi

bit than numbers. multi-room bit you confirm be flat. little And proforma to TelevisaUnivision, EBITDA little some Sorry, what content was growth is those mind lost about please? EBITDA XXXX Obviously, expected the confused full-year I'm whether the not to in do sure you in flat just I profitability, clarifying them indeed -- a quite mind a Do of for full-Year whether just just clarifying to the double-digit sorry. talked go or given get the back XXXX, you've I'm again, not the to was that, is projected just be please? consistent.

you. Thank

after consolidated investments Soomit. investments and at in Televisa platforms. product even platform, Yes. believe we're was in that billion. will content and the $X.XX Univision both be flat XXXX, making those XXXX in all this for on EBITDA Televisa pro in the that Univision -- itself The forma streaming developing for And that our we EBITDA the technology

you. Thank great. that's Okay,

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color. numbers. you give disclosing not me specific Let We're the some yet

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U.S., Latin Of American Mexico, and very course, users daily in we're both -- Latin terms early happy and these but platform the the are of rollout. monthly, unique and in in with progress the stages of the

So is happy because seeing. working. we offering it in you we're We're with have all continues have, that's the grow and content the content of that day-after-day. channels we're that content is is working, to Soomit. engagement tell we and terms what preview the the having, included Also the of platform that working, can -- Basically, I the what very

a basically user Qatar color, ViX the the So that little World the Cup on it us base. extremely draw special of and had successful we helped was event and grow

you. thank Okay,

from Your Harrigan the Matthew of line from Benchmark. question is last

line's Your now open.

else. really territory. the the feels VC you the Mexico. programming companies that to tenet ownership in anything ago service everything in in think for It Roku Telemundo? my you. of Thank Comcast's one going Charter markets in you I'm provide Does made that likely than But dislocations Mexico? you of you opportunities successful it's of streaming Comcast question. a your you're do XK And a alternative trying of now, initiative notwithstanding more of all are to that like really and you've outside that some then to you be know sure U.S. and with constrained taking -- for violating or the Thank the equity that for few formed in not given the venture five present replicate of right the top investments you're side on secondly, likely pretty past some in hours

anyone services, distributing. Thank will with companies of of I is of big United your you, Cable in seen, to as in the distribution content. Matthew, course, expand our that mean, These, the you question, have we enough course. become aggregators, service the streaming States first interested have

distribution your with didn't And you our it. terms I deal us question, second hear reaching Clearly. So repeat of can anybody ViX in that is distributing interested please? is in welcome.

clearly is Sure, the feel Thank past? certain extent. so readily it you've is on and are very economy, been maybe Whether and someone in Mexico, to do from U.S else? right whack now about now that with in capital market confused capital [Indiscernible] and you. very or the How the available possibilities even the everyone adjust BC of out partners that active you markets worked now you've be the a and the as

venture we that the Thank you, you're late in alarm capital XXXX? to started referring Matthew. I guess

Exactly.

on or Yeah. that model advertise to That startups available us not advertising basically that distribution opportunity growth the been companies for and exchanging with is space. this slots implies for really and BXC And successful our platforms and time free-to-air high has television platforms. had basically advertising equity have other

position that So their in their these based select their position all essence, usually doing companies brands what need to development been potential, stages of campaigns with companies to on and products. we're and have early

of taking So inventory, terms unsold platforms. other television free-to-air there inventory, and of advertising we're in advantage

And to mechanism. mind. brands these as position of have stories great top So using has their we basically, that this success allowed companies

So we this among we made did and partners. and investments with Rappi, others Atlantic in in SouthBank Uala in General as hand Clip, in hand in Kavak,

So become closed in in those unicorn. essence, and investments of have stuff companies we seven eight four

that are we're with the television. To advertising about every each talked very of this I've So seeing. we're the excited cost was the over come products. tell But their their what you back back most and these their they -- happy to started, and happy of not truth, extremely founders to advertising them expand of positioning companies with their and going brand terms when to of and the did come companies and one their have television on in of have effect sale brands, advertising foresee they us. over

the have of company. we companies in developed great new also have have clients So become in we invested meantime, the these equity and that

part as to venture and this So of line, planning this we're capital to continue our will grow. continue to do

the a Univision. now think through in Mexico opportunity and I in us United it's great for both States

an Thank ahead. excited Congratulations. Looks year you. a

Thank you.

today, That ahead. our concludes can please go presenters, anybody

call information Lisa, us more give any by that interested you Well, ready participating to thank our want questions we'll if any get take a about additional for much in phone. in. to very be call of and anything you you are

much. very you thank So

for concludes today's attending. Thank conference you call. This

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