Paramount Global (PARA) Q4 2022 Earnings Call Transcript

Paramount Global (NASDAQ:PARA) Q4 2022 Earnings Conference Call February 16, 2023 8:30 AM ET

Company Participants

Anthony DiClemente – Executive Vice President, Investor Relations

Bob Bakish – President and Chief Executive Officer

Naveen Chopra – Chief Financial Officer

Conference Call Participants

Bryan Kraft – Deutsche Bank

Michael Morris – Guggenheim

Ben Swinburne – Morgan Stanley

Rich Greenfield – LightShed Partners

Jessica Reif Ehrlich – Bank of America

Doug Mitchelson – Credit Suisse

Phil Cusick – JPMorgan

Kutgun Maral – RBC Capital Markets

Operator

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 Q4 2022 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 like to turn the call over to Anthony DiClemente, Paramount Global’s EVP, Investor Relations. You may now begin your conference call.

Anthony DiClemente

Good morning, everyone. Thank you for taking the time to join us for our fourth quarter 2022 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 website.

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 Investor Relations section of our website.

And now, I will turn the call over to Bob.

Bob Bakish

Good morning, everyone, and thank you for joining us. Today, I’m excited to provide our perspective on Paramount’s performance as we closed out 2022, and I’ll give you a preview of where we’re driving in 2023 and beyond.

Let me begin by noting that almost one year ago, we announced that ViacomCBS would become Paramount, reflecting our determination to streamline operations and become a single integrated company.

We’ve increasingly worked together as One Paramount with one vision: to make popular content, to make that content popular and to drive long-term value for our shareholders. And our One Paramount has had one approach: a multi-platform strategy that leverages our existing business, our distinct content strategy and our expansive relationships to evolve successfully through an industry-wide transformation.