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Conference Call Transcript Univision Communications Inc CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC. August 18, 2009 11:00 a.m. ET Operator: Welcome to Univision’s Second Quarter 2009 Earnings call. Today’s call is being recorded. Some of the information discussed today will contain forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties including those relating to Univision’s future success and growth. Actual results may differ materially due to risks and uncertainties, which have been described in Univision’s historic filings with the SEC and in offering material for its notes. Univision assumes no obligation to update forward-looking information discussed on this call. On today’s call are Mr. Joe Uva, president and chief executive officer, and Mr. Andy Hobson, senior executive vice president and chief financial officer. I will now turn the call over to Mr. Uva. Please go ahead sir. Joe Uva: Thank you, Lauren. Good morning everyone. Before I review our second quarter highlights, I want to take a minute to address Ray Rodriguez’ decision to retire from Univision at the end of the year. Clearly, this is a decision that is not taken lightly by Ray and it is something that he and I have been discussing on and off for several months. Now that we have our litigation behind us with Televisa, we have successfully been able to restructure some of our finances and our successful completion of retransmission consent, both he and I felt this was a good time to announce; hence the announcement last Friday. Ray is staying on through a transition period and has agreed to make himself available on an “as needed” basis going forward. I think you know he spent nearly 20 years with the company and he’s spent the better part of that career positioning Univision at the forefront of Spanish-language media in general. And in the process he really has made an indelible mark on the entire media landscape. With our success, it’s easily said that Ray was the leading force behind the popularization of Spanish-language media and entertainment in this entire country. It is without question that his tireless efforts and long-term vision for the company created the foundation for what Univision has become today. CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC. With our audience now at an all time high and the company’s strengthened financial position and a clear path for the future, Ray really wanted to make sure that we were well-positioned before he decided to enter the next phase of life, and he’s going through the preparation for that as we speak. He really has been a tremendous leader for the organization over the years and I know I speak for everybody at the company when we wish him well and all the best as he moves on to pursue his new personal goals and interests. We also announced on Friday of last week that Cesar Conde will become the president of Univision Networks effective October 1. Cesar, as you may know, is currently the executive vice president and chief strategy officer for us. He knows the intricacies of our businesses very, very well and we expect a very smooth and seamless transition. Cesar has worked very closely with me since I joined the company and I have complete confidence in his ability to serve in this role. He’s got a unique set of insights and knowledge of the communities that we serve and that provides him with a great perspective into the needs of our audience and is going to allow us to continue to deliver content that is uniquely tailored to the interests of our key constituencies and our loyal viewers. During his nearly eight years with Univision, Cesar has built very strong ties in the industry and gained tremendous experience in key areas of our business and most recently played an instrumental role spearheading all the strategic initiatives that have been focused on the growth and profitability of the company across all the divisions. I look forward to continuing to work with him in this new role as we strive to further grow our audience and our share of overall ad dollars. Now we'll move on to discussing the highlights of the second quarter. The Univision Network was the third most watched network, broadcast or cable, regardless of language among Adults 18 to 34 and we posted audience growth of over 3% among Total Viewers in the second quarter of 2009. In addition, the '08-'09 broadcast season was the strongest ever for Univision with a record total viewing average audience of nearly four million during primetime. We finished the season with an 11% increase in primetime viewership among Total Viewers 2+ while the major English-language broadcast networks -- ABC, CBS, NBC, FOX and the CW -- on average finished the season with a 4% audience decline among Total Viewers. CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC. Our local television stations continued to take the number one ranking among all stations regardless of language in many key cities during the quarter while our radio stations also boasted impressive results in markets across the country. These points prove that our consistent audience growth and strength in attracting important demographics will continue to distinguish us from our English- language peers. Now also in radio, we recently announced that we would acquire the broadcast license, transmitting equipment and stronger signal of WQXR in New York from the New York Times Company in exchange for one of our New York signals plus $33.5 million in cash. This transaction will allow us to expand the coverage area of our New York station, WCAA, and provide more Hispanics in the market access to Univision’s music, entertainment and news. This deal is a win for everybody involved, as WCAA will significantly benefit from a stronger signal and broader listening audience in its new place on the dial, while WQXR’s beloved classical format will be preserved. Moving to Univision Interactive Media. As part of our multi pronged digital strategy, Univision.com unveiled a newly redesigned home page in June 2009 and that redesign enabled us to further grow and engage our audience thus extending our leadership position as the primary source for Spanish-language content for U.S. Hispanics across the web. Univision.com also saw success on the mobile front as our mobile website achieved record-breaking traffic during the second quarter according to Quattro Wireless, who hosts the site. We remain focused on expanding all of our interactive offerings and developing initiatives that will strengthen our position not only with consumers but also with advertisers, publishers and web-developers. Turning to the ad markets, we haven't seen any continued deterioration in the scatter markets and there appears to be stabilization, as I've said before, but we certainly don't expect the markets to be restored in the foreseeable future. We do expect to continue to outperform our English-language media competitors in the markets where we do compete with them. We feel good about our positioning as the stabilization in the industry continues and we’re greatly bolstered by our completion of 140 multiyear retransmission consent agreements which will bring in more than $175 million in additional CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC. subscriber fees for 2009 and upwards of $350 million annually in the next three to five years. We’re also very pleased to have further enhanced our financial positioning by securing an amendment to our senior secured credit facility to relax our financial covenants and refinancing a portion of our capital structure. These moves insulate us from any potential further downturn and also position us to thrive in a market recovery. And with that, I'll turn the call over to Andy who'll elaborate on this and discuss our financials. Andy. Andrew Hobson: Thank you, Joe. To provide a comparable basis, the adjusted results for the second quarter are presented on a basis consistent with the definitions in our bank credit agreement and exclude certain costs as detailed in the earnings release. The adjusted results, however, exclude certain pro forma adjustments, which are included in calculating adjusted EBITDA under the definitions in the bank credit agreement. The company experienced a decline in net revenue of 4% in the second quarter as compared to the same period 2008 reflecting current economic conditions and a downturn in the advertising market. EBITDA for the quarter increased 2.3% reflecting the benefit of cost savings initiatives and incremental subscriber revenue. Combined direct operating SG&A expenses were approximately $21 million lower than last year’s second quarter. The magnitude of this quarterly expense reduction will not be replicated in the latter quarters of 2009, in part because our cost reduction efforts started during the second quarter of 2008 and many of them have already been recognized in the predecessor year. Direct operating expenses were approximately $12.8 million lower than last year. On last quarter’s conference call we said that prospectively for 2009, direct operating expenses excluding the increases in program license fees associated with higher revenue, would be approximately $20 million higher per quarter than the direct operating expenses in the first quarter of 2009. As a result of higher revenue, the company’s program license fees for the second quarter 2009 increased by $10.7 million as compared to the first quarter of 2009. CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC. While direct operating costs for the second quarter of 2009 were approximately $9 million lower than this projection would suggest as a result of continued cost reductions and timing differences.
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