Spanish Broadcasting System Inc. (NASDAQ:SBSA) Q4 2018 Earnings Conference Call - Final Transcript

Apr 03, 2019 • 11:00 am ET

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Spanish Broadcasting System Inc. (NASDAQ:SBSA) Q4 2018 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning and welcome to the Spanish Broadcasting Fourth Quarter and Full-Year 2018 Conference Call. All participants will be in listen-only mode.

(Operator Instructions)

Please note this event is being recorded.

I would now like to turn the conference over to Brad Edwards, Investor Relations. Please go ahead.

Executive
Brad Edwards

Thank you, Gary, and good morning, everyone.

Before we begin, please recognize that certain statements on this conference call are not historical fact. They may be deemed, therefore, to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. In particular, statements about future results expected to be obtained from the Company's current strategic initiatives are forward-looking statements. Many important factors may cause the Company's actual results to differ materially from those discussed in any such forward looking statements. These risks and uncertainties are described in further detail in the Company's filings with the SEC. You are directed to these filings for more detailed information. Spanish Broadcasting System undertakes no obligation to publicly update or revise its forward looking statements.

Please also note that we will be discussing non-GAAP financial measures within the meaning of the SEC rules. The Company believes that operating income or loss before depreciation and amortization, gain or loss on the disposal of assets, net recapitalization costs, impairment charges and other operating income excluding non-cash stock-based compensation or adjusted OIBDA is useful in evaluating its performance because it reflects a measure performance with the Company stations before considering costs and expenses related to capital structure and dispositions.

This information is not intended to be considered in isolation or as a substitute for operating income, net income or loss, cash flows from operating activities or any other measure used in determining the Company's operating performance or liquidity that is calculated in accordance with US GAAP. A reconciliation of the Company's US GAAP information to adjusted OIBDA is provided in the table attached to the Company's 2018 fourth quarter and full-year earnings release, which is available on Investor Relations section of the Company's website at www.spanishbroadcasting.com.

I will now turn the conference over to Mr. Albert Rodriguez. Please go ahead.

Executive
Albert Rodriguez

Good morning, ladies and gentlemen. Welcome to the SBS 2018 Fourth Quarter and Full-Year 2018 Conference Call. On today's call, we'll provide an overview of recent operating developments and review our financial results. Joining me today are Jose Molina, our new Chief Financial Officer and Richard Lara, our General Counsel. Many of you know Jose from his previous time with SBS. The entire SBS team is thrilled to have Jose back with us and we expect to benefit greatly from his vast financial and industry experience.

Our fourth quarter results marked a strong end to a highly successful year for SBS, as we generated one of the strongest financial performance in our 35-year history. The path we set out several years ago to transform SBS from a radio station operator into a leading Hispanic multimedia Company is clearly working. This past year, we made significant progress unlocking and monetizing