Greetings. Welcome to the Avianca Group's Q3 2023 performance call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Maria Cristina Ricardo. You may begin. Thanks, operator. Good morning, and thank you for joining us. With me today are Adrián Neuhauser, Avianca Group's Chief Executive Officer; Frederico Pedreira, our Deputy CEO; Rohit Philip, our Chief Financial Officer; Gabriel Oliva, Avianca Group's Chief Operating Officer and Avianca Cargo CEO; and Matt Vincett, LifeMiles CEO. Financial statements for the period ended September 30, 2023, and the presentation that we will show you today are available at our investor site. Today's conference call is being broadcast, and the replay will be available at the same site shortly after the end of the call. Before we begin, I would like to remind you that during this call, management will make statements or remarks that may be forward-looking statements and may include, but are not limited to, financial projections or other statements of the company's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties that could cause actual results to differ materially from those projected or suggested. Today, Adrián will kick off our call with an overview of the state of the business. Fred will continue with an operational overview, and then Rohit will walk you through our third quarter 2023 financial performance. As always, our prepared comments will be followed by a question-and-answer session. With that, let me now turn the call over to Adrián. Thank you, Maria Cristina. Thank you, everyone, for joining us today and for your continued support and for spending time with us. Just a quick point of order. I will do a quick introduction now and then hand it off to the team here. I will rejoin the call separately from the car I need to run, and be available, hopefully for Q&A. But if you hear me disappear, I apologize for that. I have an overlapping commitment. So first of all, again, thanks for being here. We are very, very proud of the quarter we are delivering here, once again. So we're reporting EBITDA of $363 million in the third quarter. That's including a one-time item. We've told you that we don't like one-time items, and we generally don't adjust for them. In this case, we are adjusting for it because it's a positive one-time item. So we think what you should be looking at is a $342 million EBITDA at a 26.7% margin. That's over $60 million above ahead of our original projections, and that puts our net income at $82 million. So very, very proud of the quarter we've delivered. Worth highlighting that we're delivering this quarter, obviously, in spite of the turmoil that we discussed on calls earlier in the year of airlines failing around us and et cetera in Colombia. But the other thing that we'd like to note, and we can discuss it more at length during the Q&A, is that we're delivering these results while holding fares in our network actually at similar or lower levels than they were in 2019. So this is—these are results that we're delivering based on our new business model, based on a cost-driven strategy, based on driving higher load factors. They're not results that we're delivering based on a yield push. We think that that is pretty extraordinary within the region. And our view is that that creates more stability for the business in the long term. CASK ex-fuel, $0.039 in spite of macro pressures, and Rohit will take you in a bit through what those macro pressures were, et cetera. So we continue to stay below $0.04. We have been affected by inflationary pressures. We continue to be very focused on improving that number. But in the meantime, we do believe we are, we have been able to contain it in a more managed way than the competition. And again, that we think is shown by the margin at the top. Our cash balance ended the quarter at $975 million, and we'll take you through a bridge of cash generation, et cetera. We generated about $45 million in the quarter, but there were some debt repayments and some timing issues that make that number seem a little lower than it should. That puts us at Net Debt to EBITDA levels of 3.3 x, and that's in spite of indebtedness from incremental fleet. I'm going to close this point by going into what that incremental fleet is. So give me a sec for that. We purchased caps for more than half of our projected fuel consumption for the fourth quarter in a basically a play to ensure that we are not subject to volatility. Those caps are not in the money today, which we're totally fine with, if lower fuel prices benefit us, but we do have some protection there in case there's more volatility. Like, cash EBITDA increased 3.1% year-on-year. And we will take you through why we're referring to cash EBITDA versus EBITDA. But again, the business is strong on a cash basis. Redemptions have been dropping, which makes accounting EBITDA lower, but that's actually good for us on a cash basis. And cargo revenues decreased 28% versus last year due to market softening, but they remain above business plan projections. So to go back to the point that I mentioned on incremental fleet, because I think it's important. One of the effects of the restructuring to describe it that way, of the market around us in Colombia, with two airlines failing around us, is that there is excess demand that needs to be served by incremental aircraft. And so there were slots that were reallocated by the authority, and we received a portion of those. It was effectively market share redistribution. In addition to that, the authority decided to take Bogotá Airport back to the highest level of operations that it's ever had, which is 74 slots per hour. And we have historicals up to that level, because that was the highest level it was flying, which was back in 2019. So we received our incremental historical slots from 68 to 74, as well as redistribution of slots from Viva. What that meant was enabled in order to be able to address the missing capacity in the market, and to protect those slots from being available to third parties in the future, we had to grow our operation by ultimately nearly a quarter into the fourth quarter. So our operation by the end of the quarter will be around. By the end of the year, will be around 750 operating flights per day. That's from a historical maximum of 600. And we added the vast majority of that over the weekend going into winter season, right after Halloween. So what that meant was that during the third quarter, there was a lot of work being done, hiring people and bringing in fleet, and that's the incremental fleet that's referred to, that's in our indebtedness in this quarter, that was not yet flying, and has begun flying this quarter. So what you'll see, and Fred is here, he will take you through that shortly, is very, very strong growth going into the fourth quarter. And therefore, some margin convergence towards our original business plan as we look to fill that capacity. But continued outperformance versus business plan. So that's the quick summary. With that, I'm gonna hand it over to Fred to give you a little bit of color on our operation, which we're very proud of as well. And I'll be back for Q&A. Thank you again for spending the time. Thank you, Adrián. As Adrián is saying, we're really proud of the team on the third quarter. From an operational perspective, we increased our utilization, our aircraft utilization to 11 hours and 12 minutes a day. We did this while maintaining really high levels of scheduled completion, 98.4%, and on-time performance, 86.9%. In the third Q, we were two consecutive months the most punctual airline, a global airline in the world, according to Cirium, which was a really big accomplishment, considering on one side the increase on the utilization, and the other side, what Adrián briefly mentioned, that was, you know, all the operational readiness work that we did to prepare for the end-of-the-year growth. And on that subject, just to give you a view of what that implied: So from end of Q3 to end of Q4, we're adding almost 5,000 flights a month. So 4,800, which are roughly equivalent to 150 additional daily flights, which represents about 23% in growth in terms of flights, and about 31% in growth in terms of passengers, because we are also upgauging our average fleet size. There was, as you can imagine, a lot of work that we put there in terms of hiring and training all the personnel for this growth, as well as second half of the year between the aircraft that are already operating and the ones that will start operating in the next couple of weeks. We're talking about 17 additional operating aircraft just in the second half of the year, which a part of that we're already received in the third quarter. As I said, we're really proud of the amazing work that our team did in the third quarter. With that, I pass to Rohit to go and do a deep dive on our financial performance. Thank you, Fred, and good morning, everyone. So moving to slide five, starting with the revenue side of the business. Our unit revenues for the quarter was strong. We were at $0.0725, which was 33% higher than business plan, and made up of a yield of $0.0849 and load factors at 85.5. So load factors clearly strong for the quarter, 3 points ahead of the business plan of 82%. Yields, again, significantly higher than business plan, but as Adrián mentioned, yields have been, are, you know, have been kept relatively stable, and in fact, if we look year-over-year, slightly lower, given the lower fuel prices. We've seen yields lower with higher load factors and still able to generate the, you know, the margins we have based on our cost structure. But all in all, it's been a very healthy revenue environment in the third quarter. Moving to slide six and talking about costs. Our unit costs ex fuel was $0.039 in the quarter, which if you see the chart, just a reminder, is a 36% reduction over what we were before we did the restructuring. We've been at $0.039 pretty much the first three quarters of the year. We expect to be modestly lower in the fourth quarter, somewhere between $0.037 and $0.038. That is, as we discussed on the previous quarter's call, slightly higher than the original guidance we had at the beginning of the year, which was to be at $0.034 in the fourth quarter. But that difference, I think, is as we discussed previously and that Adrián referred to with the pressures, is made up of a few things that we talked about last time, most notably the currency impact on our Colombian peso expenses. That counts to almost a little bit more than $0.002 out of the difference, which is the fact that our guidance was based on the peso being at a lower value, and the peso actually didn't devalue as much, or the peso strengthened relative to what we had in the original guidance. Having said that, overall, the peso does not create any sort of earnings volatility for us since we have roughly the same amount of Colombian peso revenues and expenses, so we are earnings neutral. It just shows up as an impact on CASK. But overall, as we discussed previously, we're still very proud of the CASK performance. It's competitively, we think, best in class, and we'll continue to sort of make improvements going forward. With that, let's move to slide seven, and talk about our business units. So our cargo business, if you look on the left side, had capacity year-over-year was up 11%, mainly due to sort of additional capacity from the belly from the bellies. You can see the belly cargo capacity year over year was significantly higher. Freighter capacity was slightly lower. And if you look on the right, you see the revenue performance, compared to business plan, it's slightly higher than our business plan projections. But on the bottom right, you can see that it's definitely, the market has definitely softened compared to where it was a year ago. Significantly, the impact has been sort of pricing on the freighter business. But as we said, while it's definitely softened and worse year over year, it's still slightly ahead of business plan projections. Moving to slide eight and our LifeMiles business. The LifeMiles business continues to sort of be strong. A little bit of the reverse story compared to cargo. Year-over-year, growth has been, LifeMiles has continued to sort of make improvements year-over-year, but are slightly behind original business plan projections. So cash, so in the middle bar, you see third-party gross billings of $50 million in the quarter, compared to $41 million a year ago. So healthy growth, although a little bit behind the original business plan projections. And cash EBITDA, which is sort of a metric we track very closely, which is sort of cash revenue minus cash redemption expense. And that was almost $30 million, a little bit higher year-over-year and slightly lower than the business plan projections. So with that, we move to slide nine and talk about overall consolidated earnings. Excluding sort of the extraordinary item, which was sort of a one-time benefit of an income tax refund that we were awarded during the quarter, which we recorded on our books. But excluding that item, we were at $342 million at a 26.7% margin. Again, ahead of business plan projections and ahead year-over-year. And also on the bottom line, we were at $82 million net income, you know, ahead of projections. Moving to slide 10 and cash flow. And this, this... I'll take a minute to just walk through this because there's a lot of numbers on the page. But the key message is, so while we ended the quarter with $975 million, we did generate about $45 million from sort of the core business, if you sort of exclude timing issues and debt and debt payments. So what you see, sort of adjusting for that on the right side of the page, is some of the timing issues. So we spent a bunch of CapEx, which was sort of fleet reconfigurations and engine maintenance CapEx that are contractually reimbursed by the lessors. They just get reimbursed when the full work is done. There's a little bit of a timing issue that we'll get back the $37 million. And there was a $12 million accounts receivable for the last couple weeks of September that we collected, like, in the first week of October, which was just an unusual sort of timing slip on some of our U.S. BSP collections, which is a little bit of an anomaly. So that's why we're just showing it. Really, it should have showed up in the quarter. And then in the debt repayments, we, in addition to sort of the $15 million or so of scheduled sort of debt repayments, there was a $54 million prepayment of our credit card securitization facility that we plan to refinance during the fourth quarter. We expect we can raise a significantly larger amount than the $54 million that was outstanding against that collateral base. And so we expect to put in place a new facility to replace that in the fourth quarter. And then we just adjusted on the other side, the interest payment. Because as you know, our interest on our notes is $76 million every six months. So we make the payment for, we make the payment in December, so we don't have a payment in the third quarter, but we wanted to sort of just adjust as if we had had made the payment. Those are some of the adjustments we made to sort of show that, show how the cash flow sort of, to understand the cash flow for the quarter a little better. Moving to slide 11 and our debt and leverage. If you look on the left, you'll see net debt was up in the quarter at $3.7 billion. And really the additional debt that we put on in the quarter, and here we show the comparison against business plan. But if you look at the comparison against the end of last quarter as well, it's gonna be similar. It was $3.3 million. So we added just over $400 million of net debt in the quarter. That's associated with a number of aircraft that we have signed commitments for, that are going into service in the fourth quarter, that Fred talked about. It included a number of the A320neos that we took, that used to fly at Viva that the lessor at least ended up leasing it to us. As well as the three additional growth 787 aircraft that we've talked about many times before, but we finally signed the leases and those came on our books in the quarter. So that's why you see the increase in debt, although you don't have the corresponding EBITDA yet in the numbers, which will come in the quarter. So that's why you saw leverage at 3.3x, not continue to delever because, because of the additional debt. But we would expect, the effect of the cash flows from these additional aircraft to show up in our numbers, going forward. And that, brings us to the end of the, of the, of the prepared presentation. With that, we'll turn it back to our operator to, to start the Q&A session. Certainly. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. As a reminder, if there are any questions or comments, please press star one. Your first question for today is coming from Neil Glynn with AIR Control Tower. Neil, your line is live. Oh, sorry, I was on mute. If I could ask two questions, please. The first one just dealing with the capacity growth that you talk about for the fourth quarter and the margin comments. Just interested in your take on, as you launch new routes, the timeline to route maturity or to optimize route performance as you see it now, relative to over the last couple of years as you've pursued a similar growth trajectory. And then the second question, with respect to your view on partnerships. Your new sister company, GOL, has obviously recently extended its partnership with Air France-KLM for 10 years. How does avianca think about its positioning with respect to partners and how it can perhaps best optimize its international exposure via partners in the future? Thank you. Thanks. Thanks, Neil. Let me- Go ahead, I'll start. Go, go ahead, Adrián. Go ahead, Adrián. Adrián. Go ahead, Adrián. No, you go ahead. I'll chime in. Sorry. Yes, you go ahead. Okay. Let me start, and then Adrián will chime in. So on the capacity growth, firstly, it's important to note a lot of this capacity growth is coming in domestic Colombia, where it's a significant growth for us, but it really gets us back to the domestic Colombian sort of market as it was last year. So it's just putting back in the capacity that sort of left the market for which there's strong demand. So as a result, we do not expect sort of a long lead time for these markets to be positive from a margin perspective. We think that this- There is demand for this capacity that should show up in our numbers relatively quickly. Having said that, when we normally sort of look at sort of growth markets, we do look at some kind of maturity, and it depends on the numbers whether it takes you know six months to a year to mature. And if it doesn't in that timeframe, then we sort of will take action on a new route. So that's sort of the timeframe we try to judge a new route. But on the specific fourth quarter capacity, it's something that we believe is just meeting demand that is there in the market. Adrián, you wanna add anything to that? Sure. And just to complement that, I mean, what we've done, Neil, is we've been, you know, it's not that we don't run numbers and analyze, we do. But ultimately the proof is in flying these routes, right? So as Rohit said, the vast majority of what we've added is replacing supply in Colombia. But in general, and to speak to third quarter, right, we added seven routes, two that we were flying around, we suspended and turned into seasonal. We're pretty aggressive at trying things, and then if they... You know, we give them some time to mature. Frankly, we give them that time to mature if they are progressing towards maturity at the speed we expect. We've had some that, you know, we very quickly see underperformance in and pull quickly. We've had some that outperform quickly and stay, but we're being, you know, kind of very diligent in just trying things out and pulling them back. So, you know, as Rohit said, you know, kind of normally, for kind of new markets where we don't play in, we expect somewhere between six months and a year to get to full maturity, but we don't necessarily give it the six months to a year if we see that it's not progressing towards that quickly. So that's the answer on that. On international and kind of our partnerships, it's a really interesting question, right? If you look at the map, in Latin America, it's all jumbled up, right? So, as you said, you know, GOL has a strong partnership with Air France, and that's been strengthening it. It works very well for them. And, of course, you know, that is sort of, you know, not aligned with what you would expect, for example, for LATAM, that does not have a strong partnership with Air France, and frankly, have stronger partnerships with Iberia and with Lufthansa. And, you know, we have a partnership with Iberia as well, out of Spain, out of, over time. So, it is a bit of a jumbled map. We are not bothered by the jumbled map, right? The way we think about it is, you know, we want to find the right partners in each market. We want to build strong relationships with those partners that benefit both ends. If there are additional synergies that can be added within Avianca by having a single partner for multiple Avianca Airlines into one market, that's something we're happy to consider, but we're also happy, you know, not being completely aligned with the northern hemisphere alliance map, for lack of a better description, and sort of, you know, picking and choosing. That's working well for us. It's probably working well for our competition as well. So kind of a wholesale rejigger of the map, I don't think is likely in short order. But we do see, you know, stronger and broader alliances or partnerships, just to not confuse it with the alliances, as key to growth, and you'll see us continue to develop them drastically and not necessarily along the obvious lines of the three global alliances. Great. Thank you for the color. If I could just grab one follow-up, just on the subject of employee costs or salaries, as you report them. Both yourselves as well as LATAM have consistently outperformed expectations through this year. How should that influence labor costs ultimately beyond 2023 as contracts roll over and you negotiate? Yeah. So look, the way we think about the world is, as we prove ourselves successful, you know, labor should benefit from that as well. It's good for us to have good labor relationships. It's good for us to be forward-leaning in that and have that dialogue with them proactively and not be dragged into it. We have done a lot of things behind the scenes in the last couple of years that are extra contractual to benefit our labor, and we may roll that up into some contractual benefits over the next couple of years. So we have been kind of... We have already been passing some of that through, and I would say you're seeing it in the numbers. We are likely to continue to pass that or more through as we see benefits, right? One of the big, you know, there's a piece pivoting for us in having good relationships with labor, and things working well. And, you know, the more color which, you know, may not be relevant, but interesting, you know, we've done a lot of work at Avianca over the last two, three years in terms of culture change, right? Driving people to be aligned with the company, to understand why we're doing what we're doing. Major business model overhaul, major brand repositioning, you know, physical things like the LOPA. Softer things like the way we sell and more direct sales, some things that are in between, like, you know, taking away onboard service and going to buy onboard. All of these things have had, you know, pretty, pretty significant impact on our frontline teams. And we've done a big, big effort to make them understand why we're doing it, why it's critical, and educating them on why we're doing it. And that's paying dividends as well, right? So the point is that to get our employees to understand that low cost does not mean that we are creating margin off the back of labor, and that as we become more profitable, they see benefits. So you should expect that we will continue to improve labor conditions over the last couple of years. You know, inflation plays a part in that as well. But we see it as a virtuous circle. Happier employees have more commitment, give better service, have less sick days, come in more often, et cetera. So, you know, as the company kind of plays out its success, we expect to share some of that with them. Great. Thank you both for the color. Okay. Thank you. Your next question is coming from Michael Kaufman with Redwood Capital. Good morning. Congratulations on the quarter, and thanks for the time today. I had a couple questions, and apologies if I missed the first couple minutes. So if I missed this, ask me to repeat, my apologies for that. But the first is, do you have any... Are you willing to share any kind of updated guidance, given how strong the quarter was, or is it kind of the same as you had expected before? Hi, Michael. It's, it's Rohit. Yeah, you go ahead, Rohit. Yeah. Yeah. So we don't have any new guidance to share. I mean, obviously, we've seen sort of positive trends through this quarter, and bookings into the fourth quarter continue to be strong in spite of the significant increase in capacity. Having said that, there are pockets of markets which are not as strong as they were. You've seen U.S. carriers talk about weakness in the U.S., and we do see some weakness in some pockets of the market. But overall, when we look at the portfolio of our business and our capacity, we see, you know, continued solid trend there, although with pockets of some weakness. Adrián, you want to add anything to that? No, I think, I think I would summarize it, you know, consistent with what you said is, you know, continued outperformance versus business plan, but, you know, but plateauing, right? We don't continue to see it skyrocket, right? As things start to normalize, as travel trends start to normalize, as, you know, revenge travel sort of dries up and, you know, there's some slowing of the economy. We think, you know, versus business plan, our performance will continue to be strong, but, you know, we'll... it'll start being more normal and not this, this sort of, you know, everybody wants to fly all the time, kind of, situation. Great. No, that's- Michael, sorry. Within that, and maybe you did miss that at the beginning, so just to highlight now, you know, we think we've built a defensive business model here, right? We focused on driving the margin that we're driving through cost, not through pricing. And I made this point at the beginning, so I'll just reiterate it in case you missed it, right? But if you actually were to look at, you know, third quarter yields in our network versus third quarter 2019 yields, you'll see that we're actually down. And that's not by taking price, that's by creating price, right? So we're the ones setting price in most of our markets, and we're flat to slightly down versus 2019, and in spite of that, we're driving record margins, right? And that's very different from most of our competitors, where their margins are slightly behind ours, but it's all driven by yield. And if you do the comparison, you'll see that, you know, for the two large guys around us, their entire margin, literally their entire margin is explained by yield increases in their network. And so, you know, we obviously like a peaky market better than a softer one, everyone does, but we do believe that we've created something more defensive for an eventual downturn. No, that's great. Thank you. I appreciate that color. Do you still anticipate being able to hit over the course of 2024, that 3.4-cent cap CASK ex? I know there's the 0.2 points of pressure or 0.2 cents pressure from the, the peso difference, which doesn't have an earnings impact. Do you still think there's more opportunity to, streamline costs? Or is this- We think there's more opportunity to streamline. No, no. No, no, we do think there's more opportunity to streamline costs, but we don't think the 3.4 of a cent is in the cards anymore. We'll look to provide updated guidance on the next call as to, you know, what the new 3.4 is. This is, you know, it's inflationary pressure through all of the inputs, through all of the industry, right? You know, we're not happy, and we're not trying to turn this into an excuse, but it is about outrunning the other guy more than it is about outrunning the bear. You know, our current focus is on containing it more than our competitors are able to contain it, and then be able to tell you what we think the new 3.4 is. But the new 3.4 won't all be 3.4. There's just a reset there that we haven't been able to completely, you know, box in yet. Great. But, we do see continued improvement versus our current levels, even on an absolute basis, right? Yes. So the execution's been exemplary, so all investors on the phone appreciate that. And we understand the business model, and that it's... The idea is to have, yeah, create the most margin, not necessarily the highest price, which usually comes in terms of cost. The one thing I wanted to ask about was the, so I appreciate the A320neos, that's for domestic Colombian capacity expansion coming from Viva. The 787s that you took, are those at all related to some of the synergies that you're trying to capture with Abra in some network cohesion, or is there- Not yet. Or is that, wondering? No. No, so most of the network cohesion that we're driving, and there were some recent announcements by GOL and by Abra on kind of increased connectivity, et cetera. Most of that fits inside the narrow-body network as well. Really what we're doing is strengthening our Latin American network and trying to have, you know, especially to the longer haul, kind of five-hour-plus markets from Bogotá, at least one daily frequency in a wide-body. Partly for product quality, but really what happens, and I think we've talked about this on other calls, but it's we hadn't planned on it, right? Is that, you know, the cost, the ultimate unit of cost, right? You've seen Ryanair move away from giving CASK numbers and showing them per passenger, right? That is, all we use all of these metrics, but the cost is actually generated on a per flight basis. And so to the extent that, you know, competitors have more levers that they can move, whether it's cargo in the belly, whether it's, you know, a premium cabin in the front, things like that, the net cost at which you can sell the back cabin, which is ultimately the filler, is different. So what we found is that on certain routes, especially again, these long-haul routes into Latin America, we were less competitive than we thought we would be with narrow bodies, and our margins were tighter than we thought they would be because there is such a subsidy from the front cabin, there is such a subsidy from cargo. So we've decided it makes sense to have a few additional wides flying around the Americas. Some of that, just by the nature of the market, will actually flow into Brazil and then will drive more connectivity. But it had less to do with ABRA and more about more with maintaining on a route by route basis, the cost leadership that we're trying to establish within the region. Understood. Have any of the Abra synergies started to flow in yet, or is that more a 2024 event? They have. It's small, but you'll start to see the impact really next year, right? As we drive connectivity, as we start commercializing more together. I mean, in practical terms, you know, we are aggressively supporting each other on the commercial side in terms of distribution, but the code shares are just kicking off now. There's some IT work that still needs to be done to kind of cross inventories, things like that. So the more needle moving events start next year. Great. Great. Thank you. Thank you so much for the answers, and congrats on a great quarter. Thank you. Thanks, Michael. Thanks for your continued support. Chris Reddy from BNP Paribas asked the following question: If possible, can you comment on the strength of the consumer and demand outlook? How far out can you see strong demand, considering you have been consistently exceeding your business plan? Do you have any plans to update? Yeah. So I guess two questions, and thanks, Chris, for the question. So first, on the strength of the demand, I think we talked about it. I think we saw strong demand in the third quarter. We still see bookings into the fourth quarter, strong with a couple pockets of weakness. Visibility into Q1 is limited. So we have been doing some promotional activity to see bookings in the first quarter, and so far they've been performing okay. But I would say we still have limited visibility into it, into 2024, and beyond. So that's, but so far, we haven't seen any trend that gets us concerned. On the second question on our business plan, do we plan to update our business plan? We don't plan to sort of publish an updated business plan. I think we had, like, we had published a set of projections as part of sort of the restructuring sort of plan. I think now we'll be sort of more like a normal company. We'll give guidance on calls. We'll give you guidance sort of for next year on the next quarter call, but we won't be publishing a new set of projections. We have reached the end of the question and answer session, and I will now turn the call over to Adrián for closing remarks. Thank you. Thank you. Thank you, operator. I again, as I said in my opening statement, I want to thank you all for your continued support, for the confidence you've put in us with your investment for continuing to spend time with us. We're very proud of what we've achieved so far. We're optimistic as we look forward to the next years with the competitive position we've established. We look forward to speaking to you about our next quarter within the next three months. Thank you again for spending the time here. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.