Good day, everyone. Thank you for standing by. Welcome to Quebecor's financial results for the second quarter conference call. I would like to introduce Hugues Simard, Chief Financial Officer of Quebecor Inc. Please go ahead. Ladies and gentlemen, welcome to the call. My name is Hugues Simard, I'm the CFO, and joining me to discuss our financial and operating results for the second quarter of this year is Pierre Karl Péladeau, our President and Chief Executive Officer. Anyone unable to attend the conference call will be able to listen to a recording by telephone or webcast. Access details are available on our website at www.quebecor.com. The recording will be available until 8 November 2024 of this year. As usual, I want to inform you that certain statements made today on the call may be considered forward-looking, and we would refer you to the risk factors outlined in today's press release and all the other reports filed by the Corporation with the regulatory authorities. Let me now turn the floor to Pierre Karl. Merci, Hugues. Good morning, everyone. I'm pleased to report today that Quebecor, in its first quarter of operation overlapping the Freedom Acquisition, has generated CAD 625 million in consolidated EBITDA, $20 million more than in the same quarter last year, as we maintain our discipline and continue to improve our industry-leading margin. Moreover, despite an expected competitive environment continuing to pressure revenues, and while increasing our strategic investment in our networks, our brands, and our customer experience, we maintain a stable consolidated cash flow from operations of $450 million in the quarter. Since the acquisition of Freedom Mobile in April 2023, we spared no effort building our tri-brand and investing in our networks to offer reliable and affordable wireless services to more Canadians. Today, almost 25 million Canadians in Ontario, Manitoba, Alberta, and British Columbia can free themselves of the incumbent oligopolistic control. Since the acquisition, we have gained more than 300,000 new wireless RGUs, and there will be nothing stopping us. Affordability being our key to market share growth since day one, we have recently launched brand new, cutting-edge, and affordable Freedom Home Internet and Freedom Home TV services. Establishing ourselves as a multi-service player across Canada is a key milestone in our plan to foster healthy competition and give Canadians better telecommunication options at the right price. We are delivering what we said. In wireless, we're pleased with our highest quality net additions of 93,000 new RGUs in the second quarter, I'm sorry, 44,000 more than in second quarter last year, and exceptional performance outside of the seasonality more active last September of the year. This strong momentum across our footprint is attributable to the superior performance of Freedom, which continued to capitalize on effective market offerings, and also to the growing success of our brand Fizz, adequately suited to compete against aggressive pricing strategies with our cost-efficient, fully digitalized model. Fizz finalized its beta phase in early April and is now available to more than 21 million Canadians in Quebec, Ontario, Manitoba, Alberta, and British Columbia. You will see more and more Fizz green ads everywhere in major cities across Canada, and green being the color of hope, even more Canadians will be able to hope for truly affordable wireless services onboard by the industry-leading fully digitalized experience. Again, we delivered what we said, and we expect Fizz to be as successful in English Canada as it had been in Quebec. In our own base of Quebec, we continue to face strong wireless pricing retaliation from the incumbents during the second quarter. We responded by focusing on our proven commercial agility and second-to-none customer experience with our superior growth activation rate and churn management fueling our continued growth in Quebec. As we stated last quarter, we are finding it quite ironic that the incumbents are bringing Freedom prices to Quebec, an historically more competitive and discounted market with established networks which do not warrant further discounting, a move that is simply hurting them through the repricing effect. With the growing success of Freedom and Fizz, consolidated wireless ARPU decreased by $2.45 at $35.32, largely attributable to the diluted impact of Freedom prepaid services and Fizz's introductory pricing level to higher professional, I'm sorry, promotional discounts and to lower average revenues as our plans are getting richer to the benefit of all Canadian consumers. For a second consecutive quarter, our consolidated churn rate on postpaid customers remained remarkably stable, contrary to the challenging trend seen at our wireless competitors. We are particularly proud of Freedom churn improvement in just one year in both postpaid and prepaid. This is clearly demonstrating the effectiveness of all our initiatives to offer more affordable, value-added, worry-free wireless services on even more reliable networks which receive an impressive 93% approval ratings from our customers as per a survey conducted in June 2024. In these times of higher prices everywhere, what a blessing our acquisition of Freedom Mobile must have been for Canadians, significantly lowering their wireless bill. In fact, we're pleased, very pleased to announce that "Nous devons faire tout pour que tous les nine undertakings made to Innovation, Science and Economic Development Canada," as I said at the time of the Freedom Mobile acquisition on April the 3rd, 2023. In just over a year, our achievements are remarkable. We maintained the price of wireless plans by introducing a mobility price freeze guarantee for all current and future customers of Freedom Mobile. We fueled competition and lowered wireless prices by offering affordable mobile packages supported by an enhanced customer experience, which was instrumental in the 20.6% reduction in the wireless component of the Consumer Price Index. We extended Freedom Mobile and Fizz services to Manitoba and other Canadian markets through our MVNO agreements, and we are offering low-cost 5G plans to an ever-growing number of Canadians. Speaking of MVNOs, I must call out Bell's continued and systematic obstruction to finalize our MVNO contractual agreements with them. Against the clear guidelines of the MVNO framework, our main competitor is unduly delaying a situation that should have been resolved a long time ago, still forcing us to pay outdated and unfair rates. We are calling on the CRTC to resolve this situation quickly so we can all go about our business of providing healthy competition as mandated by the Canadian government and authorities. Disrupting the Canadian wireless market was not just a one-off. We just announced a refresh of our range of mobile plans, making it easier for customers to get in on savings without any other worry. All monthly plans now include 5G access on Freedom's network coverage area. Additionally, traveling and roaming has never been easier and more affordable, with no more pesky daily roaming charges when crossing the US and Mexico borders. With Freedom, wireless is now worry-free. In wireline, we continue to face an aggressive only-in-Quebec, only-in-Quebec price war from our main competitors. We responded with responsible pricing, including adding to our internet prices increased this year and reintroduced the rental program of Helix devices. We finished the second quarter with a positive 1,000 internet customers growth, a good performance compared to the 7,000 decrease last quarter, especially in the context of the annual moving season in Quebec and the absence of lift this year from the high-speed internet project. On that topic, we honestly can't explain Bell's reaction to the CRTC's decision on the FTTP access rates. That decision fixed a wholesale rate of CAD 68.94 million, plus consumption estimated to around CAD 10 million a month for all access up to 1.5 gig. Most incredibly, they stated that these prices would force them to reduce their investment while their multiple brands, including EBOX, Distributel, Primus, Oricom, and many others, are offering the service directly to consumers at a price of about 50% of the FTTP access rates. In Quebec, we are seeing outrageous targeted offers where a customer can get bundled services discounted by 50%, while acquisition costs, including prepaid gift cards and all other bells and whistles that come with it, add up to more than CAD 1,000 per new customer, raising serious questions about the return on investment of such a quote-unquote superior product. It is imperative that the CRTC carefully review and adjust the rates to the market reality for the permanent decision. Turning to our media segment, TVA Group posted a CAD 17 million favorable change in EBITDA during the second quarter of 2024, due in good part to the CAD 10 million retroactive adjustment to LCN carriage fee and the return of major foreign productions to Bell's studio. As for television activity, they continue to suffer the repercussions of the decline in advertising revenues and to be confronted with the same major challenges that persist with the media industry. Excluding the one-time retroactive adjustment on carriage fee, EBITDA from television activity would have remained negative. We're continuing our ongoing efforts to obtain fair market value for all of our specialty channels as we were able to do with LCN. We're also counting on the CRTC's upcoming arbitration on TVA Sports carriage fee to finally receive from Bell the fair value that we have long been demanding. Despite this challenging situation, savings from our reorganization initiatives announced last year are beginning to materialize. Furthermore, TVA Group remains the favorite television channels of Quebecers thanks to the continued strength of its program. During the second quarter of 2024, TVA Group increased its market share to 22.5% shares, 22.5%, a result that keeps us in the lead by a wide margin. TVA Sports experienced exceptional growth of one point of share driven by the broadcast of NHL playoffs and the Euro 2024. Finally, our sports and entertainment division put on major shows in the quarter, including Queens of the Stone Age, Ice Cube, and Monster Spectacular. The second edition of our popular Cigale Festival starting this weekend is fully booked. In June, Gestev acquired Événements 2M, a company specializing in the management of popular and corporate events, including the famous Festivent and Jamboree. This acquisition marks an important step in Gestev's expansion, strengthening its leading position in the event market. I will now let Hugues review our detailed financial results. Merci, Pierre Karl. On a consolidated basis, in the second quarter of 2024, Quebecor reported revenues of $1.4 billion, down 1%, EBITDA of $625 million, up 3%, and adjusted cash flows from operations of $450 million, down 1% from the same period last year. In our telecom segment, total revenues decreased by CAD 14 million, or 1%. EBITDA remained stable at $608 million, and adjusted cash flows from operations were down by 3% to $446 million. Wireless revenues increased by 3% to $558 million in the quarter, and wireless EBITDA reached $254 million, a 1% increase, reflecting our additional long-term investments to develop customer-centric brands, position them solidly, and fuel their growth. As such, our results this quarter reflect us at absorbing more domestic and international roaming fees and investing more in branding and advertising for the launch of Fizz and also for Freedom, including their recent expansion in all provinces west of Quebec. Telecom CapEx, excluding the acquisition of Spectrum licenses, are up $16 million as compared to the same quarter last year, essentially due to lower investment levels just following the acquisition last year. We now invest more in 5G network expansions, revenue growth opportunities, as well as in wireline equipment rentals, but altogether remaining prudent and focused on strategically targeted areas. Our media segment recorded revenues of $184 million, a 2% increase, and an EBITDA of $19 million, a $19 million improvement compared to the same quarter last year. Sports and entertainment segment revenues decreased by 7% to $45 million, and EBITDA was down $1 million in the quarter. Quebecor reported a net income attributable to shareholders of CAD 208 million in the quarter, or CAD 0.90 per share, compared to a net income of CAD 174 million, or CAD 0.75 per share, reported last year. Adjusted income from operating activities, excluding unusual items and losses on valuation of financial instruments, came in at CAD 205 million, or CAD 0.89 per share, compared to an adjusted income of CAD 182 million, or CAD 0.79 per share in the same quarter last year. For the first six months of the year, Quebecor's revenues were up 9% to CAD 2.7 billion, and EBITDA was up 13% to CAD 1.18 billion. EBITDA from our telecom segment grew 9% to CAD 1.2 billion for the same period, an improvement of CAD 102 million over last year. As of the end of the quarter, Quebecor's net debt-to-EBITDA ratio stood at 3.39 times, still the lowest of all our telecom competitors and peers. I would also point out that we are the only telecom company in Canada to continue to regularly reduce our debt and strengthen our balance sheet, thanks to our steady and disciplined cash flow generation capabilities quarter after quarter. We intend to continue to delever over the next quarters and operate in the low threes, as we have stated before. We were particularly proud that both S&P and Moody's recognized this discipline and rewarded us with investment-grade ratings in May of this year. I would also like to highlight the success of our recent refinancings, where Vidéotron issued CAD 600 million and CAD 400 million of senior notes in the Canadian investment-grade market, yielding respectively 4.65% and 5%. The proceeds were used to repay existing indebtedness, which included a portion of the revolving facility drawings under Vidéotron's credit agreement, and also the redemption of at maturity of Vidéotron's 5.375% senior notes. On 25 June 2024 of this year, at maturity, Quebecor exercised its share redemption payment right and redeemed all issued and outstanding 4% convertible debentures. This decision aligns with our prudent balance sheet management strategy and our commitment to further reducing our debt leverage ratio. Available liquidity of more than CAD 2.1 billion at the end of the quarter and our growing free cash flows will allow us to continue to improve our already very strong balance sheet. During the first six months of the year, we purchased and canceled 940,000 Class B shares for a total investment of CAD 28 million. Please note that the Board of Directors also approved, upon termination of this year's program, the renewal of the program for an additional year. We thank you for your attention and will now open the lines for your questions. For people on the phone, if you'd like to queue up to ask a question, please press star one on your phone's keypad. If ever you wish to withdraw from the queue, please press star two. The first question is from Vince Valentini from TD Cowen. Please go ahead. Hey, thanks very much. Let me start with wireless. So sub-ads have now exceeded 300,000 for the past 12 months, which is excellent. Do you think that's a good sort of run rate volume, Pierre Karl? Are you happy with that level, or do you think there has to be a lot of harder work and more marketing investment to perhaps drive that to 350,000 or 400,000 per year? And then on the back end of that, can you talk about the ARPU decline and whether you're satisfied with that given the volume growth, or would you rather see a—not that it's fully in your control, but would you rather see a bit more of a balance there and get your ARPU back up to $36, $37 over time as well as the volume growth? Thanks. All right. Thank you, Vince. The next question is from Maher Yaghi from Scotiabank. Please go ahead, Maher. No, we didn't. There was a problem with the answer, wasn't it? I didn't hear the answer. Did you hear the answer, Vince? Oh, I'm sorry. I was muted. Yes. Okay. Do you hear me now? Sorry, Vince. I was muted. Okay. Vince, if you could press star one, one more time, please. Operator, do you hear me? Yep. I can. I'm going to open up Vince's line. Maher, after this, if you could just press star one, one more time, please. Thank you. What I will do is I will answer Vince's question, okay? First, before going to Maher. Yes. Good. So, what I was saying, Vince, sorry, I was muted, that we were always going to be happy to see our growth in our RGUs going in the right direction. We've been seeing improvements quarter after quarter. I think that we should be even more successful given that our footprint is getting bigger. Our marketing efforts are also stronger, and our services are more numerous given our capacity now to offer the internet and the television with Freedom on a larger scale, and our brand, which also is going there. So, if we can get better than 93,000, both Vidéotron and Freedom, or what we call west of Quebec, we will continue to be happy, and this is certainly something that we're looking for. Operator? Yes. We can go to the next question. You go ahead. Yes, thank you. Can you hear me? Yes. Okay, great. Bonjour. Thank you for taking my question, guys. So, I wanted to ask you just a follow-up to Vince's question. You have been very aggressive on price plans, and granted, this is a fundamental condition for acquiring Freedom and to gain market share. I wanted to ask if there's anything you can do to add value to your plans to potentially begin to get a higher price point on these services. It seems to me everybody's focusing on just selling capacity right now in Canada. The product continues to be commoditized. Anything we can do to add value to customers and potentially get upside revenues from these services. Just on the Vidéotron side, you held your position quite well in a very aggressive push by BCE in Quebec. As you mentioned, they're very aggressive on price. I wanted to ask, how much do you believe the ARPU decline that we saw in the quarter on your broadband services is now starting to reflect the price lock guarantees that you have and the conversions you're doing on Helix, i.e., how much further can we expect ARPU pressure on broadband to continue before we see some stabilization? And maybe if I can squeeze one last one on free cash flow, are you still targeting CAD 1 billion for the year? Thank you. Okay, thank you, Maher. I will answer the first question, and it will do for the wireline and the free cash flow. So, you were asking or talking about the value adding on the, let's call it telecom services because it's more than wireless. And I think I should repeat that we're not going in a commodity side since we've been adding, and this is certainly something that we've been successful in Quebec. And this is also something that the competition bureau raised during their analysis, where they were saying that if you can't get bundles, if you can't offer bundles, you're not going to be competitive. So, the answer is clearly no because we will continue to offer standalone services as we've been doing with Fizz and for which we've been quite successful in Quebec, despite the fact that it was only a wireless service. So we can say the same now with the Fizz launch west of Quebec, on top of which now we're offering also other telecom services, video, and internet. We all know that being a TPIA is certainly not the model that we would favor, but we're not going to build a nationwide network. And those rules are the one that is regulated in Canada. We expect to use them, as we've been seeing TPIAs using our own networks for many, many, many years. In fact, in Quebec, we've been seeing much more TPIAs than everywhere else in Canada. So probably now the time had come to see other operators being able also to offer on a TPIA basis telecom services. And this is where we are. Finally, I would say that I can't not emphasize the fact that Fizz is a highly value-added product. Yes, it's cheaper than other products, but it's fully digital. And you can order what you want. You can keep your gig. This is something brand new. No one is able to offer this. So, when we talk about value-adding telecom services, I think Fizz is one of the greatest examples, if not the only, right now. So, I will let you talk about wireline. Yeah. So, to answer your specific question, Maher, there's no price freeze on wireline. We only offer that in wireless. So, there's absolutely no impact from that on the ARPU. I mean, a good chunk, a good part of the revenue decrease in wireline this quarter has to do because we're comparing ourselves to the same quarter last year when we had annual increases. And a good chunk of that difference lies right there, where we didn't, as we said in our introductory remarks, we were finding an aggressive wireline competitor in Quebec and did not proceed with annual increases this year. So now we're lapping over that. And that's most of that difference. In terms of cash flow, yes, we're reaffirming. We're still confident in our objective for the year. And I think the numbers are showing even this number while buying back a little more stock, paying the second chunk of the 80% of the spectrum. We're still in pretty good shape. And our debt is stable, and our EBITDA ratio is stable as well. And we'll continue to lower later on in the year. Thank you. So, should we expect that pricing on internet to improve going forward? Well, who knows? Yeah. Who knows? But I think that future will say. But something I would like to reiterate is that we will always going to be at the forefront of offering to our customers the best service. There is no compromise on this. This has been the recipe of our success in the past, and we will continue to do so because what we've been seeing is that, yes, we can compare to competition, only pricing competition when you get a better service. And I was emphasizing the fact that there's supposed to be a superior product. I doubt about this because a superior product usually calls for a superior price. But it's certainly not something that we're seeing with the Bell pricing. Thank you. Thank you. The next question is from Matthew Griffiths from Bank of America. Please go ahead, Matthew. Hi. Good morning. Thanks for taking the question. Just on the telecom margins, you've been doing a good job of maintaining some margin growth, offsetting some kind of revenue pressure. I think, Pierre Karl, you were talking about what sounded to me like, you can correct me, sounded like some increased maybe marketing spending. And obviously, there's the ongoing promotional environment. As we look ahead into third quarter and fourth quarter, how should we think about kind of the margin progression for the rest of the year? Should we expect flat would be a success, or is there a risk that it ends up getting pressured? Well, it's always not a good thing to answer so clearly your question. We just don't want to give any perspective to our competitors. And then therefore, we'll keep quiet on this one. But we will continue what we've been doing. And as of now, I think that we should be happy with the kind of delivery we've been able to offer to our shareholders and to our customers also because at the end of the day, these are the ones that are taking the decision to move from one very known or knowledgeable operator to a new one, a new one who's coming with something different. And we were talking about, again, value added. And we were the first to introduce Canada-US and Canada-US- Mexico, Roam Beyond, all those things. It's not just a matter of luck. It's a matter of good execution. And we would keep the rest of our strategy inside our own management to deliver to the customer in due time. I'm sorry, Matthew. This is the answer I'm giving to you. Sure. And maybe just one kind of quick follow-up. Just as you kind of extend service into Manitoba, should we expect that a retail distribution network will follow staff, like sales staff, customer service staff will follow that entry into the province? Network building, when should we expect these types of things to begin to materialize? Well, we are in the mode of doing it. I will refer to my narrative earlier. Our capital expenditures are growing. As you can see, they're more important than the one we had for the equivalent last quarter. We are, and again, this has been one of the reasons of our success in Quebec, delivering a good product. A good product A good product in wireless goes to wireless. And as you know well, and I've been talking about this also, first of all, the MVNO, other people's networks are available. Are they expensive? Yes, they are. Our condition to the spectrum is to build the network. This is what we expect to do. As you know, from the beginning of the launch of the license to the end, we have seven years to do so. Our plan is to continue to grow, respecting, again, what Hugh mentioned, and I start with a disciplined balance sheet approach. To me, it means I've been thinking about the 5G. When 5G started, people or many operators thought this will be the end of the world. This will be a revolution. Well, I guess that three years later, we're all in agreement to say it's the normal evolution of wireless services. From 4G, 4G LTE to 5G and 5G Plus, there's not a significant change. Will we continue to invest in our 5G? No doubt we will continue. But we're not going to get crazy and spend CAD 300 million in a quarter doing this. We will continue to be disciplined. We'll improve our network as we've been doing for the last, what, now it's been almost 18 years we've been in the wireless business. Great. Thanks. Thank you. The next question is from Jérôme Dubreuil from Desjardins. Please go ahead, Jérôme. Oui, bonjour tout le monde. Thanks for taking my questions. First one is on the strong market share that you had in the last two quarters, 19% approximately versus if we're only considering the big four in Canada now. And that's before much of the bundling and Fizz just launching in many new provinces. Where do you ultimately want to go in terms of market share in the markets you're in? Thank you. Yes. Thank you, Jérôme. Well, it's another way to ask the question that we have been asked previously about, "Well, will you be satisfied?" We will continue to offer our telecom services with good product and good customer service. And we have other things that will be available in the future. Again, we're not going to talk about our marketing strategy in front of our competitors. So, this is where we are, Jérome. Yeah. No, fair enough. I get it. Following on to that, maybe just on the price freeze guarantee, I wonder if we should be reading that your call on the general ARPU for wireless in Canada is that it should probably be staying that way for quite a while. Is this something we should read into from that offer you have put in the market? Well, I would say it depends, obviously, on the competitive aspect of the business. I should repeat that we met our conditions to ISED. So, there is nothing more that we're forced to do. So, we'll see what will be the takeout out of our different brands. For sure, and we experienced this with Fizz in Quebec. This is certainly an aspect or an object which put pressure on our ARPU. But on the other side of the equation, I will repeat what I said many times before. To operate Fizz, we do not have the same kind of expenses that we need to have for our other brands. So, there's no such a thing like a call center. There is no such a thing that someone will need to answer or to take the phone for reconsidering their offer. You do that personally. It's kind of a self-install. Obviously, we're seeing on the wireline business that with the self-install nature of our equipment, expenses are going down. This is what we've been able to show for the last quarter. The other thing also I think that it's worth to mention is that we're going to put more emphasis on selling on the web, improve our website, make it more marketable, more transactional. And this will obviously get our costs and continue to go down and therefore keep our margins at the highest level as possible regarding the competitive environment that we're facing. Merci beaucoup. Great. Thank you. The next question is from Stephanie Price from CIBC. Please go ahead, Stephanie. Hi. Good morning. I wanted to continue on the Fizz launch in the Freedom footprint. Just thinking about customer differentiation from Freedom and if we should expect that the launch of Fizz could see the opportunity to reprice Freedom over time. Well, you answered this, or maybe I can start by saying again, one is completely digital, so it's a low cost. We've been pitching our Fizz on a better environment to make sure that our product will be of good quality. We just don't want to launch something that is not working well. As you know, since again, that you order through the right website, we want to make sure that our expectations from a customer standpoint will be high. So, the price differentiation is certainly considering this aspect of the business. And I know if you have other things to add. Just simply to say that, Stephanie, there's very little difference. Of course, excluding the introductory pricing, of course, of Fizz as we did in Quebec and we did in English Canada, we offer during the beta phase introductory pricing. Now that that's gone, the pricing is slightly we're pricing it slightly under Freedom, but not a heck of a lot. So, there's little potential or risk for repricing, really. And as Pierre Karl said, our approach is more there are different products aimed at different groups and different demographics. And we honestly don't think there's a huge repricing risk for Freedom on that front. That's a good color. Thank you. And then just one more for me on the internet bundling rollout in the Freedom Footprint. I think right now it seems like the Freedom Mobile customers, it's only available in Ontario. Can you talk a little bit about the internet bundling strategy moving forward and any plans to offer internet packages to non-mobile customers? Will you go with this, Hugues? No, it's offered everywhere. So, it's not only in Ontario. We are starting, though, to your point. We are starting and have been and are still focusing on our base, on a wireless base. I mean, that's where I mean, that's the opportunity for us at this point. And we haven't maximized it. And I think from a strategic standpoint and from a disciplined rollout strategy, we're still on that huge opportunity that lies with our current wireless customers. And then we'll see how if and when we expand it from there. But right now, it is available everywhere, focusing on that sizable opportunity. Within our, don't forget that that's one of the opportunities we had outlined or we had seen from the beginning when we acquired Freedom is that Freedom, a lot of people, especially in the target markets, in the target demographics and geographies of Freedom, are looking for a bundling deal. We had nothing to offer them. Now I think this is the opportunity we've put in place, and we're going to start working on that. It's obviously also you will have understood that it's an important churn play for us to obviously keep these wireless, well, these bundled customers and lower our churn as opposed to having only one product in their hands. Thank you. Thank you. The next question is from Aravinda Galappatthige. Please go ahead. From Canaccord. Hi. Thanks for taking my questions. Two for me. First of all, Pierre Karl, you talked about stability of churn in the wireless business. I thought that was interesting given what we've been seeing across the incumbents. Can you maybe elaborate a little bit on that? Are you referring to churn across the market? Is it a sort of a segment of your wireless space, particularly maybe postpaid? I was wondering if you can build a little bit on that for us. And secondly, Hugh, I was wondering if you can give us a sense of the wireless EBITDA movement in second quarter just for modeling purposes. Thanks. Good. Well, we've been seeing since the last 10 days, the churn of our competitors had increased. Well, certainly, again, it's the reason of the competitive or a consequence of our competitive is the market. They've been offering themselves prices much below their historical ARPU. So, at the end of the day, it will create a direct effect on them. Will this continue? We'll see how they will position themselves in the future regarding pricing. We can consider that repricing for them has been costly. Will they continue to do so? This, we don't have an answer. But again, as we said earlier, we'll be ready to all sorts of environments. From our perspective, from our standpoint, since the ARPU of Freedom was lower than the competitors, having a stable one, and since our pricing is not significantly or completely different where it was before, then the effect is not creating any incumbencies. So, maybe to. But this is something that, as you know, we don't break down. But we have a blended ARPU for Canada. Certainly, could be different from one region to the other, but we're not going to go there. What we expect in the future is to continue, given the actual environment, to see our ARPU in the same kind of bracket that we've been seeing. We look forward to figuring out that this strategy had been, as we've been saying, and you've been also saying, quite successful with the number of RGUs that we signed for the quarter. I don't know, Hugues, if you have anything else to add? No, no. I think on that question, that covers it. I'll just, Aravinda, answer your second question. You were referring to, I think, to the you wanted the wireless EBITDA, which is CAD 254 million for the quarter, a 1% increase over last year. So still an increase over and above what we've talked about, knowing that we've invested more in our rollouts, in our branding, our advertising, and also absorbing more of the roaming costs in our packages. So, over and above all of this, still an increase to CAD 254 million in the quarter. Thank you very much. I'll pass the line. Thank you. Our final question is from Tim Casey from BMO. Please go ahead, Tim. Yeah. Thanks. Good morning. Could you talk a little bit about what you're seeing in back-to-school so far since you've introduced the new plans? And Hugh, in the past, you've said that back-to-school is not as important a promotional season for Freedom as others given pricing. I'm just wondering how your thinking has evolved there. And do you feel that the addition of North American roaming packages is something the clients or your customers are responding to, or is it just a mix of all the different channels and offers you have out there? I'm just wondering how important that is. And then, Hugues, a second one for you. In the preparatory remarks, you talked about how on the media side, television is still negative except the game, but that was a pretty decent improvement in EBITDA. Is that being driven solely by restructuring, or are you seeing better financial results out of your non-television businesses on that line? Thank you. Hi, Tim. Well, quickly, regarding your question regarding the TVA, I mentioned that we've been seeing a much higher activity in our studio business. We've been doing business with Apple for motion picture and Skydance, which now are older. So that helped us significantly. The advertising market has been continuing to be tough, and we continue to face decrease on that side of the business. And our restructuring plan is moving ahead quite quickly. We've been almost out of our historical building on the De Maisonneuve and out of all production matters other than the news and the morning show. We move in the former building of the Journal de Montréal, which is more recent and easier to manage. So, we look forward to get all our people by the end of September and early October and being able to finalize our total restructuring in terms of employees, which was announced earlier, a couple of months before. So, we expect, despite the advertising market to continue to be tough, an improvement from where we were previously. Would you, Hugues, talk about your questions regarding telecom? Yes, absolutely. Yeah. So back-to-school, I mean, it's still early, of course. We've just launched our various plans, but it's certainly starting to resonate. My comment in the past, Tim, I think obviously has to do with we were more disciplined, I think, last year, and perhaps the market in general was more disciplined last year than what we had expected. I mean, back-to-school for us is a huge opportunity, so we'll see how collectively disciplined we are this year. But I think the sign from us certainly didn't light the fire, and we're not alone in this, so we'll have to see our competitors react. But the one thing I would point out, as we think of, as we've pointed out in our scripted remarks, is that you guys are aware, I'm sure, that the fighter brands, Bell and Telus as fighter brands, are in the market right now and have been for a few weeks at even lower price points than Freedom. So we'll see how that evolves. But we think that our plans and our strategy for back-to-school is a good one and one that will resonate, where we will pick up some profitable growth there. So, we'll see. Obviously, we're not in a vacuum. We'll see how our competitors react. But right now, we feel that we have the right differentiation from our competitors and that we should be we certainly should be as successful as last year and maybe more. And differentiation, of course, I'm referring to our roaming packages in the US, Mexico, etc., etc. So, I think, yeah. Does that answer your question? I will add, Tim, to finish our conference call that, again, all the elements that we've been providing to our customers, which refer to customer service and quality of our product. It is Canada-US, it is Canada to North America, it is Roam Beyond. All those things bring something that we can consider value-added. And it seems that this is what all Canadians are looking for, certainly a good portion of them. And I guess that this is not really different than anywhere else in the world. If you can bring a better product at a better price, then you're going to be able to be successful. And finally, I would say on the back-to-school, we've been seeing, and I mentioned it also, crazy things. Do we expect to go there? I would say that with Freedom, the famous formula, it's everyday low price with Freedom. It's not something that we're going to focus for two weeks and came back two months later with a price increase. It's a matter of credibility. We've been able to establish our credibility. And at the end of the day, I would say continue to work. We've been successful, and we'll continue to use the recipes that have brought us there. Good. Well, we thank you all for attending our conference call, and we look forward to talking with our next quarter. So have a nice end of the summer. Thank you. Thank you. Ladies and gentlemen, this concludes the Quebecor Inc.'s financial results for the second quarter conference call. Thank you for your participation and have a nice day.