Grupo Televisa Q2 2025 Earnings Report

Grupo Televisa EPS Results

• Actual EPS: $0.05
• Consensus EPS: -$0.01
• Beat/Miss: Beat by +$0.06
• One Year Ago EPS: N/A

Grupo Televisa Revenue Results

• Actual Revenue: $787.59 million
• Expected Revenue: $14.96 billion
• Beat/Miss: Missed by -$14.18 billion
• YoY Revenue Growth: N/A

Grupo Televisa Announcement Details

• Quarter: Q2 2025
• Date: 7/22/2025
• Time: Before Market Opens
• Conference Call Date: Wednesday, July 23, 2025
• Conference Call Time: 11:00AM ET

Grupo Televisa (NYSE:TV), S.A.B. is a leading Mexican multimedia conglomerate headquartered in Mexico City, specializing in the creation, production and distribution of Spanish-language content. The company operates free-to-air television networks, subscription pay-TV services, broadband and telephony under its cable arm, and a range of digital streaming platforms. Grupo Televisa’s portfolio spans news, sports, telenovelas, reality programming and original series, positioning it as one of the largest content producers in the Spanish-speaking world.

Televisa’s broadcast division includes flagship channels such as Las Estrellas and Canal 5, while its pay-TV segment features operations under brands like Sky México and Izzi Telecom. The company also maintains a robust presence in content syndication, licensing its telenovelas and series to broadcasters and digital platforms across Latin America, the United States Hispanic market and beyond. In the digital space, Televisa offers streaming services including ViX, which aggregates live and on-demand content for global audiences.

Founded in 1973 through the consolidation of Mexico’s pioneering television operators, Grupo Televisa has grown under the leadership of the Azcárraga family. Emilio Azcárraga Jean serves as Executive Chairman and has overseen strategic alliances and joint ventures designed to expand the company’s footprint. In 2021, Televisa combined its content and media assets with those of Univision Communications to form TelevisaUnivision, strengthening its reach in the U.S. Hispanic market.

Today, Televisa continues to invest in production facilities, studio partnerships and digital infrastructure to capitalize on evolving viewer preferences. The company’s integrated model—from content creation to distribution across linear and digital channels—supports its objective of delivering culturally relevant programming and capturing advertising and subscription revenues throughout the Americas.

Grupo Televisa Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Our strategy to focus on value customers has stabilized our Internet subscriber base in H1 and set the stage for sequential growth in coming quarters.
• Positive Sentiment: Implementing OpEx efficiencies and integrating Izzi and Sky drove around 80 basis points expansion in operating segment income margin, backed by a 7% year-over-year OpEx reduction.
• Positive Sentiment: Disciplined CapEx management led to reducing the full-year CapEx budget from $665M to $600M after securing favorable supplier terms, enhancing free cash flow prospects.
• Positive Sentiment: Generated approximately ARS 3.6B in free cash flow in H1, enabling prepayment of ARS 2.65B bank loan and reducing leverage to 2.2x EBITDA from 2.4x in Q1.
• Positive Sentiment: Televisa Univision’s VIX streaming platform surpassed 10 million subscribers, marking double-digit year-over-year growth.

Presentation

[Operator]

Morning. Welcome to Coripa Televisa's second quarter twenty twenty five conference call. Before we begin, I would like to draw your attention to the press release, which explains the use of forward looking statements, everything we discussed in today's call and in the earnings release. Now I will turn the call over to Mr. Alfonso de Ingosia, co chief executive officer of Grupo Televisa. Please go ahead, sir.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Thank you, Elsita. Good morning, everyone, and thank you for joining us. With me today are Francisco Ballin, CEO of Cable and Sky and Carlos Phillips, CFO of Grupo Television. Before discussing our second quarter operating and financial performance, let me share with you what we believe are the key milestones achieved so far this year, both at Grupo Televisa and Televisa Univision. At Grupo Televisa, let me touch on four major achievements.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

First, our strategy to focus on attracting and retaining value customers in cable has allowed us to stabilize our Internet subscriber base in the first half of the year and potentially grow it sequentially over the coming quarters. Second, we keep executing on the implementation of OpEx efficiencies and the integration between easy and Sky to extract further synergies. This has already contributed to expanding our consolidated operating segment income margin by around 80 basis points in the first half of the year to 38.1%, driven by a year on year OpEx reduction of around 7%. Third, we continue to maintain a disciplined CapEx deployment approach to focus on free cash flow generation. So far this year, we have invested MXN 3,900,000,000.0 in CapEx, which is equivalent to 13% of sales.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

While we expect CapEx deployment to accelerate during the second half of the year, we are cutting our CapEx budget from $20.25 to $600,000,000 from the $665,000,000 previously disclosed, mainly because we have had successful negotiations with suppliers, resulting in more favorable terms. And fourth, during the first half of the year, we have generated around ARS 3,600,000,000.0 in free cash flow, allowing us to prepay a bank loan due in 2026 with a principal amount of ARS 2,650,000,000.00. This debt repayment comes on top of the $219,000,000 principal amount of our senior notes already paid on March 18. Additionally, at the end of the second quarter, Grupo Televisa's leverage ratio of 2.2x EBITDA compared to 2.4x at the end of the first quarter, mainly driven by our free cash flow generation. And at Televisa Univision, I will elaborate on three key milestones.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

First, engagement and growth for VIX remained strong with momentum accelerating across both our free and premium tiers. Moreover, subscribers have now surpassed 10,000,000, implying double digit growth year on year. Second, the efficiency plan to reduce operating expenses at Televisa Univision by over $400,000,000 in 2025 is proving to be successful. In the first half of the year, our total operating expenses have declined by around 13% year on year for total savings of around $226,000,000 This shows a disciplined execution of our cost saving initiatives, including lower content, technology and marketing costs and the normalization of our DTC related investments. And third, looking at Televisa Univision's leverage and debt profile, the company ended the quarter at 5.5x EBITDA, an improvement from 5.8 times in the prior quarter driven by growth.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Furthermore, last week, Benevisa Univision addressed its near term debt maturity profile by refinancing $1,500,000,000 eliminating the majority of its twenty twenty seven bond maturities. Deleveraging remains a core strategic priority for Televisa Univision, and management remains committed to further strengthening the capital structure of the company during the second half of the year. Having said that, let me turn the call over to Balin as he will discuss the operating and financial performance of our consolidated assets.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

Thank you, Alfonso. Good morning, everyone.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

First, let me walk you through the operational and financial performance of our cable operations. We ended June with a network of almost 20,000,000 homes after passing around 18,000 new homes during the quarter. In the second quarter, our monthly churn rate fell below our historical average 2% as we kept executing our strategy to focus on value customers while working on customer retention and satisfaction. Our broadband growth has continued to improve on a sequential basis, allowing us to deliver more than 6,000 net adds during the second quarter compared to the disconnections of around 6,000 of the first quarter and losses of about 85,000 on the fourth quarter of last year. In video, we also experienced a stronger gross adds than in the first quarter.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

Therefore, we lost about 53,000 video subscribers during the second quarter compared to 73,000 cancellations in the first quarter and 95,000 disconnections in the fourth quarter of twenty twenty four. Our mobile net adds of 83,000 subscribers during the quarter were almost two times higher than those of the first quarter and more than tripled compared to the full year of net adds of 2024. We are able to achieve this because late last year, we relaunched a new and innovative MVNO service developed by ZTE offering enhanced user experience. We are confident that this new service will make our bundles more competitive, while allowing us to increase the share of wallet from our existing customers. During the quarter, net revenue from reservation operations of MXN ten point five billion, which accounted for around 91% of total cable revenue decreased by 3.1% year on year, mainly because we had a slight lower subscriber base.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

However, net revenue from our residential operations remained stable on a sequential basis, potentially suggesting a turning point. On the other hand, net revenue from our enterprise operations of MXN one point one million, which accounted for around 9% of cable revenue, increased by 3% year on year, mainly driven by higher recurring revenue. Moving on to Sky's operating and financial performance. During the second quarter, we lost 347,000 revenue generating units, mostly coming from prepaid subscribers that have not been recharging their services. In addition, beginning the second quarter, we started to charge an installation fee of a thousand 250 pesos to all new satellite PTV subscribers to increase the return on investment for this service.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

This translated into a slowdown in video browse additions for Sky. Sky's second quarter revenue of MXN 3,200,000,000.0 declined by 16.3% year on year, mainly driven by a lower subscriber base. To sum up, segment revenue of ARS 14,800,000,000.0 fell by 5.9% year on year, while operating segment income of ARS 5,700,000,000.0 declined by 4.2%. Our operating segment income margin of 38.4% expanded by 70 basis points year on year, mainly driven by the efficiency measures that we have been implementing and synergies from the ongoing integration between Nissan Sky. On a sequential basis, our operating segment income for the second quarter was basically flat, while our operating segment income margin expanded by 60 basis points.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

Regarding CapEx deployment, our total investments of ARS 2,100,000,000.0 accounted for 14.3% of sales during the second quarter. Finally, operating cash flow for Cable and Sky, which is equivalent to EBITDA minus CapEx, was ARS 3,600,000,000.0 in the second quarter, representing 24.1% of sales. Thank you, Valin.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Now let me walk you through Televisa Univision's second quarter results. The company's second quarter revenue of $1,200,000,000 declined by 4% year on year, while adjusted EBITDA of $398,000,000 increased by 10%.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Excluding the impact from the depreciation of the Mexican peso, Televisa Univision's second quarter revenue remained unchanged year on year despite the impact of the renewal cycle with key distribution partners in Mexico. On the other hand, adjusted EBITDA increased by 14% year on year, reflecting margin expansion driven by the benefits of a streamlined cost structure and continued DTC profitability. Moving on to the details of our revenue performance. During the quarter, consolidated advertising revenue decreased by 5% year on year or 1% excluding the FX impact. In The U.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

S, advertising revenue was 2% lower, reflecting a sequential improvement compared to the first quarter as growth in BICs and linear ratings stabilized, driven by the strong performance of our content. In Mexico, advertising revenue declined by 13% year on year, driven by the depreciation of the Mexican peso. FX neutral advertising revenue in Mexico was stable, driven by VIX and a strong sports programming slate that was partially offset by a decline in local advertising revenue. During the quarter, consolidated subscription and licensing revenue was flat year on year, but grew by 2% excluding the FX impact. The growth was driven by VIX's premium peers in both geographies, offsetting linear platform declines, primarily related to the renewal cycle with key distribution partners in Mexico.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

In The U. S, subscription and licensing revenue increased by 9%, while in Mexico, it fell by 23%. Excluding impacts from FX and the renewal cycle, subscription and licensing revenue in Mexico grew by 13%. To wrap up, Bernardo and I remain confident that our focus on value customers, efficiencies and ongoing integration between Issea and Sky at Grupo Televisa and further integration and operational optimization at Televisa Univision now that our DTC business has gained scale and achieved profitability will allow us to create greater value for our shareholders throughout this year. Now we're ready to take your questions.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Elsita, could you please provide instructions for the Q and A?

[Operator]

Ladies and gentlemen, at this time, we'll begin the question and answer session. If you are using a speakerphone, we do ask that you please pick up your handset prior to pressing the key to ensure the best sound quality. Once again, that is star and then one to join the question queue. Our first question today comes from Emilio Fuentes from GBM. Please go ahead with your question.

[Emilio Fuentes, Senior Analyst - Equity Research at GBM]

Hi. Thank you for taking my question. First of all, Televisa Univision, I I was wondering how you're thinking the business in light of the ongoing separation between content streaming and cable TV in The US. Do you still see value in keeping distribution and content bundled both in streaming and linear channels? Or would it make more sense to separate from traditional cable TV?

[Emilio Fuentes, Senior Analyst - Equity Research at GBM]

And regarding Sky, given the current rate of disconnections, could this eventually become a cost burden for EV, or is that something you want you would not allow to happen? Thanks.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Thank you, Emilio, for your question. I think that the transactions that Warner and Comcast did make a lot of sense for them. It's part of evolution of this industry that is undergoing an existential transformation.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

For us, at Televisa, the distribution business or selling our network to distributors is still a $1,100,000,000 revenue business. Our channel packages continue to be very strong, especially in entertainment and sports. We just renewed our deals with DIRECTV and Cox, and we just launched our US network on Hulu. So it makes sense for for now to keep everything together as a bundle, but we will always analyze alternatives to generate value. Dave Haslaff is director of ours.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

He's part of the board of directors, and we learn always a lot from from Dave, so we'll keep analyzing alternatives. But for the time being, it's a large business, and it makes sense to keep it together. As to your second question, I'll ask Balin to answer.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

Thank you, Emilio. I think that's a that's a great question because it gives me the the opportunity to to address an issue that I I I see there's a little confusion, k, regarding Sky.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

As far as integration is concerned, we are almost towards the the very end, meaning that all the cost structure that Sky used to have has now basically disappeared. So Sky, as as we see it, is is a revenue stream of prepaid and postpaid subscribers with a variable cost of programming and a satellite cost. Other than that, everything is already embedded in the infrastructure that EZ already have. So there is no there is no potential likelihood of Sky being a burden because it only becomes a revenue stream. And and like we've mentioned before on on the on the initial presentation, we are charging a installation fee of $121,200 pesos.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

So we make sure that we have a payback on every new subscriber. So the disconnections don't don't don't generate any any sort of CapEx or OpEx to us, basically, as we collect them as part of the payment that they have to pay back as part of collections. So there is no impact. So if I see this moving forward, Sky, it will be this revenue stream that will be declining as as it is in in this business everywhere in in the world. So that there is a declining rate of revenue, but still a very robust, very high margin generation.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

And since what we are paying or will be paying for the stake that we bought, we basically have amounted for that in the first twelve months of synergies. So everything else that just Sky generated generated from now on will be basically going to the to the bottom line of our business. So I think I think there needs to be some clarity. So we were not so concerned about the decline of of the the Sky business because that was already in our in our forecast. And for technological reasons, we we don't see that changing anytime soon.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

But we are, yes, generating a lot of cash from that transaction that we think was very profitable to all of us.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Yeah. I think to add on that, the the deal that we made where we bought 42% of Sky from AT and T was a great deal and the execution by Vanim and his team in terms of the synergies that he was mentioning has been great. So now it's all a matter of extending the life of the subscribers that we have. But, of course, it's no surprise to us that we have lost subscribers, and we have we will continue to lose subscribers that the whole industry, the DTH industry is in secular decline.

[Operator]

Our next question comes from Leva Mizabata from JPMorgan. Please go ahead with your question.

[Livea M, Equity Research Analyst at JP Morgan]

Hi. Good morning. Thank you for taking my questions. My first one would be on CapEx. Could you comment on your expectation for the year?

[Livea M, Equity Research Analyst at JP Morgan]

Do you see room for a downside revision on the guidance? And are you still targeting the 1,000,000 homes passed for 2025? And the second one, we see broadband adds going back to positive territory. What can we expect for the second half of the year? Could you comment a little bit on your churn trajectory and how has been the response to your strategy to focusing on value clients?

[Livea M, Equity Research Analyst at JP Morgan]

And what do you see as a healthy level for growth ads, net ads, and and churn for the second half of two thousand twenty five? Thank you.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Hi, Lydia. Yes. As as I mentioned in the opening remarks, we have updated our CapEx guidance for 2025 from $665,000,000 to $600,000,000 that have been previously disclosed, and I'll ask Salim to go into the details.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

Thank you, Alfonso. I I think that and also, like, what said in the beginning, this is mostly due to more efficient negotiation with suppliers.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

And and because the way we approach the market, we have a very focused approach on higher end subscribers, we don't have to worry too much about, you know, just to bring in a whole bunch of subscribers that will churn very quickly. And that's why churn is at its lowest rates, not only in in this company, but also in the industry overall, which we think is is very, very valuable. So as we see the world moving forward, we anticipate churn to be low because of the things that we are doing into retaining and and value our existing customers. But also, we are targeting growth of those high end, more reliable, and more stable customers. So we don't we are not trying to to become the leader in in in market share of net adds.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

What we are trying to do is start increasing quarter over quarter the revenues of our cable business. Like I said, the the Sky discussion, I would I just we just mentioned that a second ago. So that that's our focus. So we see, yes, the trend moving upwards in terms of quarter over quarter revenue growth and growth, not not huge growth, but still growth in terms of subscribers in in in in cable. I think that was basically your question.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

I don't know if you if that answers what you had in mind.

[Livea M, Equity Research Analyst at JP Morgan]

Yeah. That answers. Thank you very much.

[Operator]

Our next question comes from Molina Okamura from Goldman Sachs. Please go ahead with your question.

[Milenna Okamura, Equity Research Associate at Goldman Sachs]

Hey. Thank you for taking our questions. The first one is you mentioned that you continue to focus on high end customers. Could you please detail a little bit about your commercial strategy recently and how has this been competition evolving? Thanks.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Thank you, Milena. Laline, can you please go over the question?

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

Yes. So like I said, we don't have any changes in that. We see the competition in Mexico being very, very rational.

[Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company at Grupo Televisa]

And I think that's a key element of the success of our strategy in this market. All the players are being very rational. Prices are they do not increase, but we don't see any anyone discounting significantly prices, which which means all the the the major players are seeing this as a as a stable market moving forward. So no one should see big swings either way.

[Milenna Okamura, Equity Research Associate at Goldman Sachs]

Thank you. Very clear.

[Operator]

Our next question comes from Matthew Harrigan from Benchmark. Please go ahead with your question.

[Matthew Harrigan, Equity Research Analyst at The Benchmark Company LLC]

Thank you. There's a a real tendency in The US for more consumption of especially sports, but also, you know, hit streaming shows and even linear programming on social media, TikTok. Obviously, a lot of streaming consumption is on YouTube, and it doesn't really monetize that well yet, especially, you know, for sports. You know, with your privacy in in Spanish language media, what what are you doing to get more efficient on realizing the digital revenues? Because your profile there, including on force, is really important.

[Matthew Harrigan, Equity Research Analyst at The Benchmark Company LLC]

And then second question, and I know this is just inherently fuzzy, but any new concerns on US tariff policy and and specifically anything that might affect the composition of your program with so much being produced in in Mexico City on a very efficient basis? Thank you, and congratulations on the Remarkable job.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Thank you, Matthew. Yeah.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

I mean, there is a tendency where sports and also entertainment content is being streamed, of course, and we're putting a lot of effort at Televisa in division into selling more digital packages. I don't know if you saw, but we brought in a head of sales in The United States team, Natividad, that comes from TikTok. And he's somebody that knows a lot about the digital market, and that he will help us to enhance all our digital products. So so now we have centered on on on VIX and selling advertising on VIX. That has picked up VIX is now a billion dollar revenue business, including subscriptions and advertising sales on the AVOD product.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

So that has become a a real substantial business. However, we're also enhancing all our digital sales, more especially in The US where we have to do a a better job. So Tim will help us in using basically our sports assets and our entertainment assets to build up and and enhance that those those sales. We're also doing a much better job in windowing our content. We own the sports rights, and we own most of our content.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

And now we have a chief content officer for Televisa Univision. As you might remember, before we had a content officer for VIX, a content officer for Linear Mexico, and another one for Linear in The United States. Now we we have unified that position. And now the chief content officer is a seasoned executive that comes from Televisa. And he's in charge of basically windowing all our content, including sports, and, of course, enhancing our monetization of that content.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

So I think we have a much better team now, and we're doing things much better, and you'll see the results this year and in 2026. So I I think that we're doing a much better job there as I was mentioning. And what what was your second question?

[Matthew Harrigan, Equity Research Analyst at The Benchmark Company LLC]

Just all the volatility in US, you know, tariff policy and and the posturing. And you occasionally see hypotheticals where there's effects on entertainment companies.

[Matthew Harrigan, Equity Research Analyst at The Benchmark Company LLC]

I mean, clearly, you you produce a lot of programming down in Mexico City that also showed in The US. I know that wasn't a primary concern. People think more about, you know, agriculture and cars and chips and all that, but you have seen articles in the trade press about people at at the major studios starting to worry about some things that administration might do or or or could do. It it doesn't it doesn't seem like it's too likely to happen, but it's it's definitely much more on people's radar screens than you would have thought before Trump was elected to say the least.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Yeah.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Great question, Matthew. Fortunately, digital content is not considered a physical bid for purposes of of tariffs. So all the shows and films produced in Mexico and that are aired or screened in The US remain outside of the scope of the tariff loss. And under the USMCA, that is currently exempt it exempts digital transmitted content from tariffs. So we never know, and we can never predict what is going to happen in respect to tariffs as you have seen many things change, but we think that we're in solid ground now.

[Matthew Harrigan, Equity Research Analyst at The Benchmark Company LLC]

Great. Thank you.

[Operator]

And with that, we'll be concluding today's question and answer session. I'd like to turn the floor back over to management for any closing remarks.

[Alfonso de Angoitia Noriega, Co-CEO at Grupo Televisa]

Thank you very much for participating in our call, and we're always here to answer any questions that you may have. Have a great day. Bye.

[Operator]

Ladies and gentlemen, that does conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

Participants

Executives

• Alfonso de Angoitia Noriega, Co-CEO
• Francisco Valim, CEO of IZZI Grupo Televisa´s Cable Company

Analysts

• Emilio Fuentes, Senior Analyst - Equity Research at GBM
• Livea M, Equity Research Analyst at JP Morgan
• Milenna Okamura, Equity Research Associate at Goldman Sachs
• Matthew Harrigan, Equity Research Analyst at The Benchmark Company LLC