Paramount Global (PARA) CEO Robert Bakish on Q2 2022 Results - Earnings Call Transcript

Paramount Global (NASDAQ:PARA) Q2 2022 Earnings Conference Call August 4, 2022 8:30 AM ET

Company Participants

Anthony DiClemente - EVP, IR

Robert Bakish - President, CEO & Directorr

Naveen Chopra - EVP & CFO

Conference Call Participants

Michael Morris - Guggenheim Securities

Bryan Kraft - Deutsche Bank

Steven Cahall - Wells Fargo Securities

Benjamin Swinburne - Morgan Stanley

Philip Cusick - JPMorgan Chase & Co.

Richard Greenfield - LightShed Partners

Jessica Reif Ehrlich - Bank of America Merrill Lynch

Kutgun Maral - RBC Capital Markets

Brett Feldman - Goldman Sachs Group

Operator

Good morning. My name is Elliott, and I'll be the conference operator today. At this time, I would like to welcome everyone to Paramount Global's Q2 2022 Earnings Conference Call. [Operator Instructions].

At this time, I would now like to turn the call over to Anthony DiClemente, Paramount Global's EVP, Investor Relations. You may begin your conference call.

Anthony DiClemente

Good morning, everyone. Thank you taking the time to join us for our second 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.

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 contains supplemental information and in each case, can be found in the Investor Relations section of our website.

Now I will turn the call over to Bob.

Robert Bakish

Good morning, everyone, and thank you for joining us. I'll start this morning by talking about Q2 highlights and preview what's next. Then I'll turn it over to Naveen to take you through financial and operating details, and we'll wrap up with a Q&A as usual.

Big picture, while we're clearly navigating some near-term headwinds in the macroeconomic environment, Q2 shows we have the assets, strategy and ability to compete and win over the long term. Q2 showed a company that it's taking market share in streaming, in broadcast, in box office and in upfront dollars. It also serves as a company increasing its penetration of the most important growth market in media streaming, as evidenced by our over 5 million D2C subs added in the quarter. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond.