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Paramount Global (PARA) Q1 2023 Earnings Call Transcript

May 04, 2023 11:39 AM ETParamount Global (PARA), PARAA, PARAP19 Comments
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Paramount Global (NASDAQ:PARA) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET

Company Participants

Kristin Southey - Executive Vice President, Investor Relations

Bob Bakish - President and Chief Executive Officer

Naveen Chopra - Chief Financial Officer

Conference Call Participants

Michael Morris - Guggenheim Securities

Brett Feldman - Goldman Sachs

Ben Swinburne - Morgan Stanley

Jessica Reif Ehrlich - Bank of America Securities

Rich Greenfield - LightShed Partners

Robert Fishman - MoffettNathanson

Doug Mitchelson - Credit Suisse

Phil Cusick - JPMorgan


Good morning. My name is Nadia, and I’ll be the conference operator today. At this time, I would like to welcome everyone to the Paramount Global’s Q1 2023 Earnings Conference Call. At this time, all lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

At this time, I would now like to turn the call over to Kristin Southey, Paramount Global’s EVP, Investor Relations. Kristin, you may now begin your conference call.

Kristin Southey

Good morning, everyone. Thank you for taking the time to join us for our first quarter 2023 earnings call. Joining me for today’s discussion are Bob Bakish, our President and CEO; and Naveen Chopra, our CFO.

Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our Web site. Before we start this morning, I want to 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. Some of today’s financial remarks will focus on adjusted results. Reconciliations of these non-GAAP financial measures can be found in our earnings release or in our trending schedules, which contain supplemental information, and in each case, can be found in the

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Comments (19)

crafool01 profile picture
I agree with Harry505. Management should for go bonuses until the dividend is restored and the company is put up for sale.
i think that the ceo and management should preserve flexibility by forgoing any bonusses and options until the dividend is restored. I hope the board of directors agrees.
Herbert +H-Dog+ Kornfeld profile picture
@harry505 Sumner Redstone will come back before that div does
Herbert +H-Dog+ Kornfeld profile picture
Mgmt clearly decided to dump all the bad news in this quarter, as Bakish acknowledges right at the start:

"And you see the impact of that in our financials, as the combination of peak streaming investment intersects with cyclical ad softness. All of this makes us even more focused on making the necessary decisions to return the company to earnings growth and positive free cash flow in 2024."

A lousy business for the long term, but with the content charge and the dividend cut out of the way, the stock will make its way back into the low 20s again soon. If you hold already, don't sell now.
Kingkang80 profile picture
I bet Buffett admits on Saturday to buying more $PARA today
Finally the bloom is off the dividend rose. PARA needed that cash flow from dividends paid to be competitive inasmuch as it is tied to Cable in an era where Cable is no longer the dominating medium for consumers.

Shari Redstone is a walking disaster. Her late father was not acknowledging the future years ago and Shari has taken the same crash and burn approach. The dividend served to keep income investors in while the capital side has been burning down.

Streaming is a tough business and the only thing shareholders can hope for is for Shari to get out of the way once and for all.
nerd_rage profile picture
..."adopting AI for content localization, which by the way, produces some really high-quality results that's very, very compelling economics."

Interesting tidbit there, maybe a way to counter low overseas ARPU. The WGA is up in arms about AI replacing writers but that doesn't sound domestic anyway.

But PARA is still subscale so when will Shari come to her senses and sell?
Patrick_Thorpe_72 profile picture
Disastrous management of capital allocation policy messaging. Market totally caught cold and it was dealt with in a cavalier manner by the CFO; not out of deviousness; but a lack of foresight, courage to address it sooner and a panic move. Buffet out today for sure if he was not already out; the only positive is another poor report should see these two exited. Shocking executive performance. I’d be surprised if the CFO survives this.
@Patrick_Thorpe_72 There is always more going on than meets the eye. There was lots of talk about the dividend cut last quarter. I agree that they cut could probably have telegraphed it better. I strongly disagree about Warren Buffett selling though.
None of this surprises anyone.at Berksbire. They thought it was a bargain at $36, they surely like it a lot more at today"s price.
@Patrick_Thorpe_72 someone plunked down $500,000 on PARA near term calls yesterday afternoon when the stock was trading at $23.09.
ggravelle profile picture
buying like crazy.
ggravelle profile picture
@LONGBULL+ to make more money
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