Investor Relations
PRESS RELEASE
|
•
|
Revenue and Operating Segment Income ("OSI") declined by 4.9% and 8.8%, respectively, translating into a 34.8% margin.
|
•
|
Successfully passed around 90 thousand homes with fiber-to-the-home ("FTTH") during the quarter, achieving more than 19.5 million homes passed with our network.
|
•
|
Proactive subscriber base clean-up with approximately 353 thousand broadband and 384 thousand video net-disconnections.
|
•
|
Revenue and OSI declined by 2.0% and 12.0%, respectively, representing a 35.6% margin.
|
•
|
MSO revenue grew by 1.8% and OSI fell 7.3%, translating into a 37.9% margin.
|
•
|
Implemented headcount reduction plan with savings of around 12% of our payroll to be effective from the fourth quarter of 2023.
|
•
|
Total Revenue Generating Units ("RGUs") of about 6.3 million, with approximately 232 thousand net-disconnections.
|
•
|
Revenue and OSI fell 13.8% and 9.9%, respectively, for a 35.7% margin.
|
•
|
Revenue and OSI growth of 2.2% and 32.4%, respectively, for a strong margin of 28.4%.
|
From the U.S.: +1 (877) 883 0383
|
International callers: +1 (412) 902 6506
|
Rebroadcast: +1 (877) 344 7529
|
Rebroadcast: +1 (412) 317 0088
|
3Q'23
|
Margin
|
3Q'22
|
Margin
|
Change
| |
%
|
%
|
%
| |||
Revenues
|
18,315.7
|
100.0
|
19,251.7
|
100.0
|
(4.9)
|
Operating segment income (1) |
6,415.0
|
34.8
|
7,037.1
|
36.4
|
(8.8)
|
3Q'23
|
Margin
|
3Q'22
|
Margin
|
Change
| |
%
|
%
|
%
| |||
Revenues
|
18,315.7
|
100.0
|
19,251.7
|
100.0
|
(4.9)
|
Net (loss) income
|
(1,051.6)
|
(5.7)
|
1,302.7
|
6.8
|
n/a
|
Net (loss) income attributable to stockholders of the Company
|
(918.5)
|
(5.0)
|
1,118.4
|
5.8
|
n/a
|
Segment revenues
|
18,419.2
|
100.0
|
19,313.3
|
100.0
|
(4.6)
|
Operating segment income(1) |
6,415.0
|
34.8
|
7,037.1
|
36.4
|
(8.8) |
Revenues
|
3Q'23
|
%
|
3Q'22
|
%
|
Change
%
|
Cable
|
12,147.9
|
66.0
|
12,394.0
|
64.2
|
(2.0)
|
Sky
|
4,296.6
|
23.3
|
4,986.6
|
25.8
|
(13.8)
|
Other Businesses
|
1,974.7
|
10.7
|
1,932.7
|
10.0
|
2.2
|
Segment Revenues
|
18,419.2
|
100.0
|
19,313.3
|
100.0
|
(4.6)
|
Intersegment Operations (1) |
(103.5)
|
(61.6)
| |||
Revenues
|
18,315.7
|
19,251.7
|
(4.9)
|
Operating Segment Income (2) |
3Q'23
|
Margin
%
|
3Q'22
|
Margin
%
|
Change
%
|
Cable
|
4,320.8
|
35.6
|
4,912.4
|
39.6
|
(12.0)
|
Sky
|
1,533.2
|
35.7
|
1,701.0
|
34.1
|
(9.9)
|
Other Businesses
|
561.0
|
28.4
|
423.7
|
21.9
|
32.4
|
Operating Segment Income
|
6,415.0
|
34.8
|
7,037.1
|
36.4
|
(8.8)
|
Corporate Expenses
|
(189.8)
|
(1.0)
|
(213.5)
|
(1.1)
|
11.1
|
Depreciation and Amortization
|
(5,544.1)
|
(30.3)
|
(5,169.8)
|
(26.9)
|
(7.2)
|
Other expense, net
|
(717.3)
|
(3.9)
|
(291.2)
|
(1.5)
|
n/a
|
Intersegment Operations (1) |
(40.9)
|
(0.2)
|
(0.3)
|
(0.0)
|
n/a
|
Operating (Loss) Income
|
(77.1)
|
(0.4)
|
1,362.3
|
7.1
|
n/a
|
(1) For segment reporting purposes, intersegment operations are included in each of the segment operations.
| |||||
(2) Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.
|
RGUs
|
3Q'23 Net Adds
|
3Q'23
|
3Q'22
|
Video
|
(383,510)
|
4,059,390
|
4,405,695
|
Broadband
|
(353,263)
|
5,677,836
|
5,905,824
|
Voice
|
(115,277)
|
5,350,757
|
5,064,075
|
Mobile
|
13,894
|
299,292
|
213,527
|
Total RGUs
|
(838,156)
|
15,387,275
|
15,589,121
|
MSO Operations(1)
Millions of Mexican pesos
|
3Q'23
|
3Q'22
|
Change %
|
Revenue
|
11,230.5
|
11,034.5
|
1.8
|
Operating Segment Income
|
4,260.5
|
4,596.7
|
(7.3)
|
Margin (%)
|
37.9
|
41.7
|
Enterprise Operations (1)
Millions of Mexican pesos
|
3Q'23
|
3Q'22
|
Change %
|
Revenue
|
1,376.1
|
1,811.2
|
(24.0)
|
Operating Segment Income
|
257.7
|
461.3
|
(44.1)
|
Margin (%)
|
18.7
|
25.5
| |
(1) These results do not include consolidation adjustments of Ps.458.7 million in revenue nor Ps197.4 million in Operating Segment Income for the third quarter of 2023, neither the consolidation adjustments of Ps.451.7 million in revenue nor Ps.145.6 million in Operating Segment Income for the third quarter of 2022. Consolidation adjustments are considered in the consolidated results of the Cable segment.
|
RGUs
|
3Q'23 Net Adds
|
3Q'23
|
3Q'22
|
Video
|
(211,281)
|
5,697,947
|
6,638,602
|
Broadband
|
(30,308)
|
544,954
|
667,013
|
Voice
|
(33)
|
365
|
489
|
Mobile
|
10,119
|
32,514
|
17,705
|
Total RGUs
|
(231,503)
|
6,275,780
|
7,323,809
|
Other (Expense) Income, Net
|
3Q'23
|
3Q'22
|
Cash
|
(912.6)
|
(139.5)
|
Non-cash
|
195.3
|
(151.7)
|
Total
|
(717.3)
|
(291.2)
|
3Q'23
|
3Q'22
|
Favorable
(Unfavorable)
change
| |
Interest expense
|
(1,529.3)
|
(2,300.1)
|
770.8
|
Interest income
|
778.5
|
688.5
|
90.0
|
Foreign exchange gain, net
|
64.2
|
594.9
|
(530.7)
|
Other finance income (expense), net
|
98.7
|
(6.5)
|
105.2
|
Finance expense, net
|
(587.9)
|
(1,023.2)
|
435.3
|
(i)
|
a Ps.770.8 million decrease in interest expense, primarily in connection with a lower average principal amount of debt and the partial prepayment of our long-term debt in the third quarter of 2023;
|
(ii)
|
a Ps.90.0 million increase in interest income explained primarily by higher interest rates in the third quarter of 2023, which effect was partially offset by a lower average amount of cash and cash equivalents in the third quarter of 2023; and
|
(iii)
|
a Ps.105.2 million favorable change in other finance income or expense, net, resulting from a gain in fair value of our derivative contracts in the third quarter of 2023.
|
Capital Expenditures
(Millions of U.S. Dollars)
|
3Q'23
|
3Q'22
|
Cable
|
141.0
|
162.8
|
Sky
|
28.4
|
41.6
|
Other Businesses
|
17.2
|
3.3
|
Total
|
186.6
|
207.7
|
September 30,
2023
|
December 31,
2022
|
Increase
(Decrease)
| |
Current portion of long-term debt
|
9,982.8
|
1,000.0
|
8,982.8
|
Long-term debt, net of current portion
|
80,721.6
|
104,240.7
|
(23,519.1)
|
Total debt (1) |
90,704.4
|
105,240.7
|
(14,536.3)
|
Current portion of long-term lease liabilities
|
1,266.8
|
1,373.2
|
(106.4)
|
Long-term lease liabilities, net of current portion
|
6,250.7
|
6,995.8
|
(745.1)
|
Total lease liabilities
|
7,517.5
|
8,369.0
|
(851.5)
|
Total debt and lease liabilities
|
98,221.9
|
113,609.7
|
(15,387.8)
|
(1) As of September 30, 2023 and December 31, 2022, total debt is presented net of finance costs in the amount of Ps.1,263.8 million and Ps.994.7 million, respectively.
|
September 30,
2023
(Unaudited)
|
December 31,
2022
(Audited)
| |||||||
ASSETS
| ||||||||
Current assets:
| ||||||||
Cash and cash equivalents
|
Ps.
|
32,688.1
|
Ps.
|
51,131.0
| ||||
Trade notes and accounts receivable, net
|
9,339.6
|
8,457.3
| ||||||
Other accounts and notes receivable, net
|
465.3
|
315.0
| ||||||
Income taxes receivable
|
7,164.9
|
6,691.4
| ||||||
Other receivable taxes
|
7,033.3
|
6,593.7
| ||||||
Derivative financial instruments
|
370.3
|
11.2
| ||||||
Due from related parties
|
766.2
|
311.2
| ||||||
Transmission rights and programming
|
776.3
|
888.3
| ||||||
Inventories
|
1,312.6
|
1,448.3
| ||||||
Contract costs
|
1,958.5
|
1,918.3
| ||||||
Reimbursement receivable
|
-
|
1,431.5
| ||||||
Other current assets
|
2,597.0
|
2,379.6
| ||||||
Total current assets
|
64,472.1
|
81,576.8
| ||||||
Non-current assets:
| ||||||||
Trade notes and accounts receivable, net of current portion
|
379.4
|
438.4
| ||||||
Due from related party
|
6,880.0
|
6,365.0
| ||||||
Derivative financial instruments
|
-
|
532.3
| ||||||
Transmission rights and programming
|
1,242.7
|
1,022.8
| ||||||
Investments in financial instruments
|
2,644.4
|
3,389.5
| ||||||
Investments in associates and joint ventures
|
48,961.7
|
50,450.9
| ||||||
Property, plant and equipment, net
|
79,091.3
|
82,236.4
| ||||||
Investment property, net
|
2,811.0
|
2,873.2
| ||||||
Right-of-use assets, net
|
6,229.3
|
6,670.3
| ||||||
Intangible assets, net
|
40,874.1
|
41,123.6
| ||||||
Deferred income tax assets
|
19,282.0
|
18,770.0
| ||||||
Contract costs
|
3,427.1
|
3,399.9
| ||||||
Other assets
|
230.5
|
258.4
| ||||||
Total non-current assets
|
212,053.5
|
217,530.7
| ||||||
Total assets
|
Ps.
|
276,525.6
|
Ps.
|
299,107.5
|
September 30,
|
December 31,
| ||||||||
2023
|
2022
| ||||||||
LIABILITIES
|
(Unaudited)
|
(Audited)
| |||||||
Current liabilities:
| |||||||||
Current portion of long-term debt
|
Ps.
|
9,982.8
|
Ps.
|
1,000.0
| |||||
Interest payable
|
1,334.8
|
1,761.1
| |||||||
Current portion of lease liabilities
|
1,266.8
|
1,373.2
| |||||||
Derivative financial instruments
|
-
|
71.4
| |||||||
Trade accounts payable and accrued expenses
|
15,600.8
|
16,083.9
| |||||||
Customer deposits and advances
|
1,788.6
|
1,841.1
| |||||||
Current portion of deferred revenue
|
287.7
|
287.7
| |||||||
Income taxes payable
|
1,083.4
|
4,457.9
| |||||||
Other taxes payable
|
2,729.0
|
2,661.2
| |||||||
Employee benefits
|
1,692.9
|
1,384.8
| |||||||
Due to related parties
|
307.2
|
88.3
| |||||||
Provision for lawsuit settlement agreement
|
-
|
1,850.2
| |||||||
Other current liabilities
|
2,150.8
|
1,510.0
| |||||||
Total current liabilities
|
38,224.8
|
34,370.8
| |||||||
Non-current liabilities:
| |||||||||
Long-term debt, net of current portion
|
80,721.6
|
104,240.7
| |||||||
Lease liabilities, net of current portion
|
6,250.7
|
6,995.8
| |||||||
Deferred revenue, net of current portion
|
4,962.3
|
5,178.0
| |||||||
Deferred income tax liabilities
|
1,020.4
|
1,249.5
| |||||||
Post-employment benefits
|
816.1
|
771.5
| |||||||
Other long-term liabilities
|
2,329.0
|
2,171.3
| |||||||
Total non-current liabilities
|
96,100.1
|
120,606.8
| |||||||
Total liabilities
|
134,324.9
|
154,977.6
| |||||||
EQUITY
| |||||||||
Capital stock
|
4,722.8
|
4,836.7
| |||||||
Additional paid-in capital
|
15,889.8
|
15,889.8
| |||||||
20,612.6
|
20,726.5
| ||||||||
Retained earnings:
| |||||||||
Legal reserve
|
2,139.0
|
2,139.0
| |||||||
Unappropriated earnings
|
126,250.3
|
84,202.7
| |||||||
Net (loss) income for the period
|
(1,573.9
|
)
|
44,712.2
| ||||||
126,815.4
|
131,053.9
| ||||||||
Accumulated other comprehensive loss, net
|
(9,562.6
|
)
|
(10,823.9
|
)
| |||||
Shares repurchased
|
(11,432.6
|
)
|
(12,648.6
|
)
| |||||
105,820.2
|
107,581.4
| ||||||||
Equity attributable to stockholders of the Company
|
126,432.8
|
128,307.9
| |||||||
Non-controlling interests
|
15,767.9
|
15,822.0
| |||||||
Total equity
|
142,200.7
|
144,129.9
| |||||||
Total liabilities and equity
|
Ps.
|
276,525.6
|
Ps.
|
299,107.5
|
Three months ended September 30,
|
Nine months ended September 30,
| ||||||||||||||
2023
|
2022
|
2023
|
2022
| ||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
| ||||||||||||
Revenues
|
Ps.
|
18,315.7
|
Ps.
|
19,251.7
|
Ps.
|
55,355.5
|
Ps.
|
56,394.3
| |||||||
Cost of revenues
|
12,409.3
|
12,229.1
|
36,614.9
|
35,904.1
| |||||||||||
Selling expenses
|
2,132.1
|
2,462.4
|
6,583.5
|
6,693.4
| |||||||||||
Administrative expenses
|
3,134.1
|
2,906.7
|
8,957.5
|
8,745.1
| |||||||||||
Income before other expense
|
640.2
|
1,653.5
|
3,199.6
|
5,051.7
| |||||||||||
Other expense, net
|
(717.3
|
)
|
(291.2
|
)
|
(1,080.7
|
)
|
(500.4
|
)
| |||||||
Operating (loss) income
|
(77.1
|
)
|
1,362.3
|
2,118.9
|
4,551.3
| ||||||||||
Finance expense
|
(1,529.3
|
)
|
(2,306.6
|
)
|
(6,089.3
|
)
|
(8,538.4
|
)
| |||||||
Finance income
|
941.4
|
1,283.4
|
2,551.2
|
1,556.8
| |||||||||||
Finance expense, net
|
(587.9
|
)
|
(1,023.2
|
)
|
(3,538.1
|
)
|
(6,981.6
|
)
| |||||||
Share of income of associates and joint
ventures, net
|
588.8
|
575.7
|
710.4
|
5,259.7
| |||||||||||
(Loss) income before income taxes
|
(76.2
|
)
|
914.8
|
(708.8
|
)
|
2,829.4
| |||||||||
Income taxes
|
(975.4
|
)
|
(351.5
|
)
|
(880.5
|
)
|
(984.3
|
)
| |||||||
Net (loss) income from continuing operations
|
(1,051.6
|
)
|
563.3
|
(1,589.3
|
)
|
1,845.1
| |||||||||
Income from discontinued operations, net
|
-
|
739.4
|
-
|
55,603.6
| |||||||||||
Net (loss) income
|
Ps.
|
(1,051.6
|
)
|
Ps.
|
1,302.7
|
Ps.
|
(1,589.3
|
)
|
Ps.
|
57,448.7
| |||||
Net (loss) income attributable to:
| |||||||||||||||
Stockholders of the Company
|
Ps.
|
(918.5
|
)
|
Ps.
|
1,118.4
|
Ps.
|
(1,573.9
|
)
|
Ps.
|
56,900.9
| |||||
Non-controlling interests
|
(133.1
|
)
|
184.3
|
(15.4
|
)
|
547.8
| |||||||||
Net (loss) income
|
Ps.
|
(1,051.6
|
)
|
Ps.
|
1,302.7
|
Ps.
|
(1,589.3
|
)
|
Ps.
|
57,448.7
| |||||
Basic (loss) earnings per CPO attributable to
stockholders of the Company:
| |||||||||||||||
Continuing operations
|
Ps.
|
(0.33
|
)
|
Ps.
|
0.14
|
Ps.
|
(0.56
|
)
|
Ps.
|
0.46
| |||||
Discontinued operations
|
-
|
0.26
|
-
|
19.64
| |||||||||||
Total
|
Ps.
|
(0.33
|
)
|
Ps.
|
0.40
|
Ps.
|
(0.56
|
)
|
Ps.
|
20.10
|
GRUPO TELEVISA, S.A.B.
| |||||||
(Registrant)
| |||||||
Dated: October 27, 2023
|
By
|
/s/ Luis Alejandro Bustos Olivares
| |||||
Name:
|
Luis Alejandro Bustos Olivares
| ||||||
Title:
|
Legal Vice President and General Counsel
|
Attachments
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Disclaimer
Grupo Televisa SAB published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 10:03:13 UTC.