Viacom, Inc. (NASDAQ:VIAB) Q4 2019 Earnings Conference Call - Final Transcript

Nov 14, 2019 • 08:30 am ET


Viacom, Inc. (NASDAQ:VIAB) Q4 2019 Earnings Conference Call - Final Transcript


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Good day everyone and welcome to the Viacom Conference Call. Today's call is being recorded. At this time, I'd like to turn the call over to Senior Vice President of Investor Relations and Treasurer, Mr. Jim Bombassei. Please go ahead, sir.

James Bombassei

Good morning, everyone. Thank you for taking the time to join us for our September quarter and full year fiscal 2019 earnings call. Joining me for today's discussion are Bob Bakish, our President and CEO; and Wade Davis, our Chief Financial Officer. Please note that in addition to our press release, we have trending schedules containing supplemental information available on our website.

We also have an accompanying slide presentation that you can follow along with our remarks, I want to refer you to the second slide in the presentation and remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. These risks and uncertainties are discussed in more detail in our filings with the SEC.

Today's remarks will focus on adjusted results, reconciliations for non-GAAP financial information discussed on this call can be found in our earnings release or on our website. Before we begin, I want to note that due to the pending merger with CBS, we will not be providing forward-looking guidance for Viacom on today's call. During the February 2020 call for Viacom CBS, which will be the first call for the combined company, we will provide full-year 2020 guidance.

Now I'll turn the call over to Bob.

Robert Bakish

Good morning and thank you for joining us. Q4 was a strong quarter, capping off a strong and pivotal year, one where Viacom delivered on the ambitious plan we set out at the beginning of fiscal '19, strengthening and growing the business for today, while accelerating the company's transformation for the future. Let me start off with a few of the headlines. As promised, we returned Paramount to full year profitability, we delivered full year growth in domestic ad sales and affiliate sales, we grew International Media Networks revenue on a constant currency basis, despite macroeconomic issues in the UK and Argentina, we used M&A as a transformational accelerant including importantly acquiring, integrating, and scaling Pluto TV, the leading ad supported streaming TV service.

These are significant achievements, particularly in this dynamic media environment. But what is perhaps most important is that all of this reflects the delivery of promises we made to you, our investor base. So let's break down the quarter and the year a little more. First I want to highlight the success we've had at Paramount. The studio was profitable for the first time in four years and all our improved by over $500 million in the last three years.

We did this by improving execution across the board, putting in place a new balanced film slate strategy and by significantly ramping the TV business, very importantly, it's again become a place where talent brings their best work and we're just getting going. While Gemini Man and Terminator