Good morning. My name is Shan Teller, and I will be your conference operator today. At this time, I would like to welcome everyone to the América Móvil Fourth Quarter 2020 Conference Call and Webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star one on your telephone keypad. If you would like to withdraw your question, press the pound key. Thank you. Now I will turn the call over to Ms. Daniela Lecuona, Head of Investor Relations. Good morning, everyone. Thank you for joining us today to discuss our fourth quarter financial and operating results. I am here on the line with Mr. Daniel Hajj, our CEO, Mr. Carlos García Moreno, CFO, and Mr. Oscar Von Hauske, COO. Thank you, Daniela. Welcome. Good morning. Welcome to América Móvil fourth quarter of 2020 financial and operating report. Carlos García Moreno is going to make a summary of the results. Carlos? Thank you, Daniel. Good morning, everyone. Well, going into the fourth quarter, the economic recovery already underway appeared to be picking up speed throughout most of our region of operations, with confidence levels shooting up in November following the U.S. presidential election, and shortly thereafter, the announcements of the approval of vaccines meant to ward off the COVID-19 virus. In this context, the Latin American currencies, which had depreciated sharply against the U.S. dollar as the pandemic began, strengthened notably with the Mexican, Colombian, and Chilean pesos rising approximately 10% versus the U.S. dollar during the quarter. Other currencies did as well, including the euro and the Brazilian real, that appreciated 4% and 8% respectively. In light of widespread observed unexpected COVID contagion rates, some countries imposed new confinement measures in various cities in December. Nonetheless, trends for the quarter generally showed good results in terms of mobile net additions overall. We added 6.8 million subscribers in the fourth quarter, 2x as many as in the preceding quarter. Net additions included 2.7 million postpaid subscribers, with Brazil leading the way after adding almost 2 million subs, followed by Peru with 223,000 and Colombia with 200,000. In the prepaid segment, we gained 4 million subscribers, with Mexico and Brazil adding 1.2 million each, and Colombia close to 800,000 clients. In Central America, we also saw more dynamism in the prepaid market with nearly 600,000 net additions. By the end of the year, we had fully recovered our prepaid base, the one most affected by the pandemic, which had observed a sharp reduction in the second quarter on account of the restrictions on mobility and on the functioning of our commercial services. Our postpaid base experienced a much more limited impact as that keeps on rising for the most part. On the fixed line platform, we obtained 208,000 new broadband clients, almost half of them in Colombia, with Mexico and Argentina contributing approximately 35,000 each. Access growth was driven by mobile postpaid and by fixed broadband, with accesses expanding 10.1% in the case of mobile and 5.4% year-over-year in the case of fixed broadband. Fixed voice and pay TV access continued to decline. They declined approximately 4% each. Fourth quarter revenues, MXN 255 billion, were down 3% in nominal MXN terms, with service revenue declining 0.3%, practically flat. At constant exchange rates, service revenues actually increased 2.2%, faster than in the preceding quarter when they had risen 1.5%. The expansion of service revenues was driven by mobile service revenues that accelerated to 4.1% from 3.5% the prior quarter. For their part, fixed line service revenue declined slightly, -0.9%, in what was their best performance in nearly a year. Mobile postpaid revenues continued to be our top-line item, increasing 6.3%, up from 4.7% the prior quarter, with Austria, Puerto Rico, Peru, Brazil, and Mexico all showing sequential improvements. Prepaid revenues decelerated slightly from 2.5% in the third quarter to 2.3% in the fourth one, particularly in December. Our second most important revenue line, fixed broadband services, continued to perform well, expanding 8.4% in the quarter, slightly less than the 9% pace observed the prior quarter as revenue decelerated in Mexico, Ecuador, and Chile. Pay TV revenues continued to decline, although less rapidly, -7.5% year-on-year compared to -9.2% the prior quarter, reflecting improvements in Colombia, Austria, and Chile. EBITDA came in at MXN 83 billion. It was up 1.3% in MXN terms and 5.3% at constant exchange rates. Most countries registered stronger EBITDA growth. Correcting for the impact of a one-off effect booked in the fourth quarter of 2019 concerning the restructuring of certain lease agreements, EBITDA would have increased 7.6% at constant exchange rates. EBITDA margin expanded 1.4 percentage points and ended the fourth quarter at 32.5%. Our operating profit was around 8.7% in MXN terms to MXN 40 billion, and we increased charges for depreciation and amortization by 13%, having accelerated those associated with Nextel operation we acquired in Brazil the year before. Our operating profit, together with the net financing income in the amount of MXN 15 billion obtained in the quarter stemming from foreign exchange gains, helped bring about a net profit of MXN 37 billion, 80% higher than that of the year earlier quarter. That's equivalent to MXN 0.56 per share, $0.54 per ADR. Our operating cash flow allowed us to fund CapEx in the amount of MXN 130 billion to cover MXN 15 billion of shareholder distributions, including share buybacks, and MXN 18 billion of pension and other labor-related liabilities. On top of this, it allowed us to reduce our net debt by MXN 65 billion. This is cash repayment of net debt. Our net debt ended December at MXN 647 billion, including capitalized lease obligations. It was equivalent to 1.3x last promote EBITDA, slightly below where it had been at the beginning of the year. In Mexico, both prepaid and postpaid service revenues expanded slightly more rapidly than they had the prior quarter. Fixed broadband services have decelerated to a 1% pace, while voice and corporate network revenue declined in line with the rate of sales in the third quarter. EBITDA declined 5.2%, but adjusting for the one-off effect mentioned before, it would have grown slightly in the quarter, 0.4%. In Brazil, postpaid revenue growth maintained its nearly 10% pace, while prepaid revenues decelerated to 1.5% year-on-year. On the fixed line platform, fixed broadband revenues stayed on trend, growing nearly 7% year-on-year, while fixed mobile revenues accelerated their decline. EBITDA increased 8% in the quarter, and the margin inched up from the third quarter to 40.4%, which means a 2.3% margin expansion over the prior year. In Colombia, service revenues expanded 9%, with solid growth in both the fixed and the mobile platforms. Postpaid revenue growth increased to 7.4%, as prepaid revenue decelerated to 3.5%. On the fixed line platform, revenue growth continued to accelerate in the case of both broadband and pay TV services. Strong revenue growth brought about a strong EBITDA increase, 7.7% in Colombia. Finally, in Austria, we could see improving trends on both fixed and mobile service revenue growth, with the latter reaching 2.7%, in spite of the loss of roaming revenues brought about by the restrictions imposed on account of the pandemic. EBITDA increased 4.2% before restructuring charges associated with provisions for the early retirement of employees. Well, with this summary, I will pass the floor back to Daniel Hajj. Thank you. Thank you, Carlos. We can start with the Q&A. At this time, I would like to remind everyone, in order to ask a question, please press star then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Leonardo Olmos with UBS. Hi. Good morning, everyone. My first question is about the infrastructure spin-off. A few questions here. Will it do something similar to Telesites? Will you issue new stock for current AMX owners, or will you eventually sell control for external party or a sale leaseback type? Which assets will it be? Will it have fiber infrastructure, maybe submarine cables? Which countries will it be? Thank you. It's going to be a spin-off, but Carlos can explain a little bit more on more detail. I think as you mentioned, it's similar to what was done with Telesites. It's a spin-off where we will be distributing shares of the new entity that will be initially listed in Mexico, and we will be distributing the shares over to our América Móvil shareholders. Exactly. Okay, great. Now América Móvil current shareholders will be the owners of the asset. Got it. How about countries? Just to understand exactly which assets. We understand that the towers will be there, but how much fiber will be part of it as well? We're not expecting to do anything that requires fiber. It's only the passive infrastructure of the towers. Towers. Exactly. They're going to be almost all the countries. We are reviewing which countries we'll do first, but it will be all the countries in Latin America and the Caribbean. That's what we're doing that. We are working with our partners in Telekom Austria to decide what will be the way to also decide on the towers. It's enough. Okay, thank you. That's what I needed. Thank you. Have a good day. Thank you. Your next question will come from the line of Rodrigo Villanueva with Bank of America. Thank you. Good morning, Daniel, Carlos, Daniela. Can you hear me well? Yes, perfect. Excellent. Thank you so much. First, I wanted to see your thoughts regarding the potential for the IFT to be dissolved. This mostly as part of the AMLO's initiative to eliminate autonomous institutions in Mexico. I was wondering if you have any thoughts on this, if this you think could be positive for the sector as a whole or you would perceive it as negative? That would be my first question. Thank you. Well, we're not too close on that. There's some news that the government will disappear the IFT and will do it in another sector, but today we don't understand exactly what are the reasons and why they want to do it. I don't want to take any position on that right now. Understood, Daniel. Thank you. My second question is related to EBITDA margin in Brazil. We have seen a significant expansion to 40% from around 37% last year. I believe part of this has been driven by synergies from the acquisition of Nextel. I wanted to ask you if you believe you have already achieved 100% of the synergies from this acquisition, or there is more to come in the future? Well, I think that the synergies of the acquisition of Nextel, we have been already do everything. Still, we have a small part on the towers. There are some towers that we are not using, and we need to decide what to do with them. We're leasing the towers, and we're not using the towers, so we need to decide what to do with that. All overall, I think that the synergies that we have from buying Nextel, we already do it. Also the expansion on the margin is not only because of the synergies of Nextel. I think we're doing very good on the market. We're gaining share on revenues. On the mobile side, we're reducing cost and expenses. We're transforming on the digital side a lot of our costs, so we're being more efficient. There's a lot of things that we're doing in Brazil, not only the synergies of Nextel, but Oscar can talk a little bit more about what we are doing in Brazil. Thank you. Yes, as you mentioned, we finished the synergies with Nextel, but we went line by line in all the P&L to find opportunities to reduce costs in all of them. Of course, one of the main one is to do a digitalization of process in customer care, in customer attention. We developed a chatbot, we are using WhatsApp. We are moving the payments to do it digital. It's a different action items that goes to a digital transformation and of course, taking the synergies from Nextel. It's a full packages of cost reduction and expenses. In the other side, I think what I said is we're doing very good on the commercial side. We're gaining good revenues and that is helping also to increase our margin. Very clear, Daniel. Thank you so much. One final question, finally, which is related to your buyback fund. I think recently you increased the fund by around MXN 6 billion. I was expecting you potentially now that you're close to sell the operations of TracFone and we're reaching your net debt to EBITDA target of 1.5x, potentially to be more aggressive with respect to buybacks. Is this something that you are still continuing to do? Can we see AMX increasing the resources for its buyback fund further in the near future? Any answer you could spare would be very helpful. Thank you. Yes. We do like extraordinary assembly, I think was on Monday, because we almost finished what we have on the buyback fund that we have. We do it. We're going to have our ordinary assembly in April, and we're going to review what to do or what amount we can increase on the share buyback fund. That's what, we only do this to go to April, and on April, we're going to decide the amount of the fund again. Okay. Thank you so much, Daniel. Thank you. Your next question will come from the line of Carlos de Legarreta with GBM. Hi. Thank you. Can you hear me? Yes. Thank you. Daniel, I don't know if you can provide us with some color regarding CapEx. Obviously, the figure for 2020 was very much in line with your previous comments, but I don't know if you can talk a little bit about 2021. Thank you. What we always do around the previous CapEx in 2020, the budget that we have on 2020 was around $8.5 billion. We decide during the pandemic to reduce that because a lot of things, but one of the most important things is because we cannot do, there were three months where we were stopped, we cannot put the CapEx, put the infrastructure because of the pandemic in April, May, and June. That's also a reason why we decide to reduce the CapEx. At the end of the day, I think our CapEx for 2020 was around $7 billion, more or less is what we finish off from 8.5, we do around 7, a little bit less than $7 billion. I think for this year, we are around $8 billion, including what we are going to buy on frequencies for 5G. That's more or less what we're thinking to do in 2021. That's very helpful. Thank you. Our next question will come from the line of Alejandro Gallastegui with BBVA. Hi, good morning Daniel, Carlos, Oscar, and Daniela. Thank you very much for taking my questions. The first one is related to the ICT segment. You have been mentioning in the past few conference calls and press releases the progress that you are making in IT solutions. You're even launching a new set of products for corporate clients in some countries. It would be very helpful to know more about your strategy here and what is the market opportunity that you see in this segment, how much of your revenues come from the ICT sector, and how much it could grow. Sure. As we mentioned before, we start selling ICT services and cloud services four years back. We have, as you know, a very large footprint on data centers. What we've been doing is to, in all the data centers, to have the availability to have cloud services. We have a federation of the data centers. All the clouds are fully interconnected, so we could do workloads across all these clouds. What we do, we offer on cloud, we offer the different range of cloud services, software as a services, infrastructure as a services, and platform as a services. As you know, one of the things is that we develop a concept that is cloud broker, that we orchestrate different clouds, and we have a single point of contact with the customers that we could offer to them different protection around the cloud. Above the cloud, we are bringing vertical solutions for agricultural sector, mining, transport, retail. What we want to become is a single point of contact to the customer from the connectivity, security, data center, it could be private cloud or public cloud, and then above all these, add all these vertical solutions that I mentioned. To be honest, we've been in the market, and we won a very big contract in Mexico, in Brazil, and Colombia, that gives the idea that we have a good room to gain into this market. Thank you, Oscar. I have a follow-up question on the tower spinoff, if I may. I believe that you said that the company will be listed in Mexico. I don't know if that is right. I would also like to know what will be the legal structure of the company, if that would be a FIBRA or a REIT, and also if you plan to transfer some of your debt to the new entity in a similar way that you did with Telesites at the end. Thank you. Yes. We're not thinking to do a FIBRA right now. We're going to only spin off as we do it in Telesites, and we're going to put some debt. We want to give and give value to the actual shareholders on América Móvil. We're going to spin off the towers in Latin America, and we're going to put debt. It helps for the shareholders, we're giving value, and we're reducing the debt in América Móvil. We still don't know exactly what the levels of debt that we're going to put. We're still making all the paperwork, and we think we can complete all this reorganization this year to spin off the company. Great. Thank you very much, Daniel. Thank you. Our next question will come from the line of Andrés Coello with Scotiabank. Yes. Thank you for taking my question. I have two quick ones. If you can clarify how many of the 60,000 towers are in Latin America and how many in Europe. My second question is pretty technical. I was just wondering if you can confirm how many operating lease liabilities you have with related parties at América Móvil. I believe that in the last 20-F report, you mentioned MXN 23.8 billion of operating lease liabilities with related parties. I was wondering if this is primarily related to Telesites. I think in Latin America, we have around between 35,000 and 37,000 towers. I think it's what more or less we're going to spin off. In Europe, we have around 16,000 towers. It's Austria plus the rest of the other countries where we are. That's more or less what we have. We divide it in two, Latin America and Europe. The other question, I don't understand exactly. No, it's just a very technical question. In the last 20-F report, you mentioned operating lease liabilities with related parties for MXN 23.8 billion. I was wondering if this is related to Telesites, because this could be an important reference for the new company in regards to how many operating lease liabilities you will have to book as a result of the spin-off. I was just wondering, confirming with you that the MXN 23.8 billion is primarily related to Telesites. See, I think that we need to check. I don't really have this information here fresh with me on the 20-F. Let us go through that. Okay. Yeah. Thank you. Thank you. Your next question will come from the line of Marcelo Santos with JP Morgan. Hi. Good morning. Thanks for taking my question. I would like to ask about 5G auction. First, if you could give us some color on the discussions for the 5G auction in Mexico. Second, you mentioned that the $8 billion CapEx for 2021 should include the frequencies for 5G. What countries are you considering in this calculation? If you could give some color on that component of the CapEx as well, would be very helpful. Thank you. Okay. I don't have exactly the countries. I think it could be Brazil, could be Colombia. Here in Mexico, of course, we're interested in the auction, but in Mexico, we already have some 3.5 frequencies that we have. Maybe Dominican Republic could be other country. There's a lot of countries, but Daniela can give you a little bit more color on which countries we are considering on the auctions. Yes, the CapEx is included. What we have been doing the last years is we have been heavily investing in our networks. I think we have the best networks in Latin America, and we're preparing the networks to do 5G. The 5G investments we have been doing last year and previous year to prepare the network to do 5G. A lot of our countries already have been virtualized, our networks, our core. There's a lot of things we are already advanced and I think this year we can launch 5G in some countries. There's three types of 5G, the DSS, the non-standalone and the standalone. We are deciding in which frequencies and which 5G we are going to launch and then what the path we're going to take. That's more or less what we can tell you. Thank you. There's very important that almost all our towers have fiber. Microwave High-speed microwave. We also are prepared for that. There could be a lot of things. We have a good core network, fiber all around the nodes. We have been advancing a lot to put 5G. Thank you. Some color on the Mexican 5G auction. Is there anything that you could say? I don't have it right now, the dates where they want to launch. As I told you, we already have 3.5 MHz. We bought 50 MHz maybe last year, and then we already have another 50 MHz where we're in the process on the reviewing with IFT the rules for those frequencies. I think what Daniel is telling me is that on October 2021 are gonna be the auctions on 5G in Mexico. Thank you. Thank you very much. Our next question will come from the line of Walter Piecyk with LightShed. Thanks. Daniel, just I guess a quick question on just CapEx again. I think you said 2020 was $7 billion. I think when I look at the numbers, the math says it's $6 billion, but you might have been including some acquisitions or something that I wasn't familiar with, or maybe it's a currency change. Of the $7 billion, was there something else in there that would not be actual network equipment for 2020? For 2021, for the $8 billion, can you give some sense of the breakdown of network equipment versus spectrum, what the difference, what the allocation would be? Yeah, maybe you are right. There's going to be the MXN 6 billion total, what we have, including that for last year. I think it's between MXN 6 billion and MXN 7 billion. I need to review exactly the number. Okay It could be MXN 6 billion, MXN 6.5 billion. It's around that. Okay. We're still closing everything on the infrastructure, and on the digital transformation, that we're doing a lot on that. I can check and give you the details. No, no problem. Then the MXN 8 billion for next year, do you have a sense of the mix between spectrum and network equipment of that MXN 8 billion? I don't have the numbers exactly, but I can tell you that we're really interested in doing more fixes in some countries. I think there is a lot of opportunity in the fix, let's say, in Peru, that we're growing around 20% revenues in the fixed side. I think in Colombia also will be a good opportunity. In Brazil, we are doing more than 2 million of home passes for this year. We're looking where we have good opportunities, revenue opportunities, and we're going to invest in that. I think you are right. The accrue, it's around $6.3 billion. We already asked for more, so that's the number that I give you. That's the rest of this $500 million is in process to finalize and do that. That's what it is. I don't know exactly what's the number on the spectrum, and also it's important that we don't know what's going to be the end price of all the spectrum. Yeah. We have around, for this year, maybe $600 million-$700 million on the spectrum. It's what we feel we have to pay this year on the spectrum. Got it. Obviously an increase in network equipment, even if you exclude all that other stuff. Understood. I don't know if Carlos wants to answer this or you, Daniel, but historically, when you've hit these milestones of your leverage ratios, sometimes you do very large special dividends, sometimes you do very large share repurchases. Are you conceptually looking at that the same way, or is it possible that it's a more steady flow of share report purchases or dividends every quarter, as opposed to these just one-time large special things that you've done historically? Well, I have to be honest to you, we still don't know. We need to really finalize the sale of TracFone. We need to complete all repurchases and to do our towers spin-off. When we have all of that, of course, I think it has to be on more share buybacks or a special dividend that we used to give previous years. We haven't decided exactly what we're going to do, but we really want to finalize all these transactions, all these operations that we have in the way. When we decide that and see exactly where we are, then we're going to take a decision. If it's more share buybacks, or it could be an extra dividend, a special dividend, something like that. Okay. Thank you. I don't know, Carlos, if you want to add something on that? No, I think it's what Daniel said. I think once we hit our leverage targets, and we are clear in terms of more certainty down the road, I think that we are prepared to do more distributions. What Daniel is saying is we still need to define whether it's going to be more along the lines of share buybacks, or is it going to be more exceptional dividends, extraordinary dividends. Maybe both. No, Carlos, I understand that. I guess that you can decide between the two. The question was more about whether it's going to be regular versus these large special ones that you've done, because it seems like companies are more tempted to do regular ones because if it's predictable, it draws in a broader investor base and maybe helps the valuation a bit more. That might not be something that you guys care about. I don't know. We do care about valuation. Okay. All right. Thanks for the answers. Thanks, Carlos. Thanks, Daniel. Thank you. Your next question will come from the line of Ernesto González with Morgan Stanley. Hi. Thank you so much for the call and for taking our question. We just have one question, and it's how should we think about increase in stake in KPN recently? Thank you. Sorry, I don't hear you well. You said about the KPN? Yes. How should we think about the increased stake in KPN recently? Well, on KPN, the only thing I can tell you is that what we're doing is only a financial investment, and we are not interested in doing a bid or buying the company. That's only a financial investment. That's what we're doing in KPN. Clear. Thank you. Thanks. Your next question will come from the line of Gilberto Garcia with Barclays. Hi. Good morning. Thank you for the call. Can you comment on whether you continue to eventually request again a pay TV license for Mexico? Thank you. We're interested in asking for a TV license. We already submit, in the IFT, a TV license. Of course, in Mexico, we want a TV license. There's no reason why they don't give us the TV license. We hope we can have that TV license soon. It's very important for us to have a TV license, and we're waiting for that. We're interested. Understood. Thank you very much. Thank you. Your next question will come from the line of Maria Azevedo with Santander. Hi. Thank you for the questions. My first question would be on your view on the network sharing agreements that some of your competitors are doing with you. Would you be interested in joining such agreements in less strategic markets, and how do you see those neutral fiber networks playing out? Thank you. On network sharing, we have maybe a different view in some of our competitors. I think in some places we agree to do network sharing, depends where and how. To do network sharing, let's say in big cities and then do the network sharing and then grow because you are going to have more capacity, and then you have to decide with your partner that you do the network sharing and increase and do more, I think doesn't make any sense for us. In some places, maybe where we need some coverage and there are rural places, and we don't think we're going to need capacity or upgrade or do something in the network soon, maybe, yes, we're interested to do some network sharing. Also, we can do network sharing on the fiber. Of course, we can put fiber and then do sharing on that fiber in some places. In some things, we are agreed to do network sharing. In other things, it's not because we don't agree, it's because we think that doesn't make any sense for us to do network sharing at this time. I don't know, Oscar, if you want to add something? No, I totally agree. I mean, we think it is in agreed field areas to share network in fiber, that's great, and with that there will be another license. Thank you. Perfect. Thank you. My second question would be on, do you see any initiatives taking place in monetizing your subscriber base, financial services, digital wallets, mobile advertising, anything that could generate some incremental ARPU, more advanced in the region? Yes. We're doing the digital wallet in Mexico. We want to do it in Brazil, in Colombia, we can expand Argentina also. We want to expand to all the rest of the countries. Oscar can talk a little bit about what we do on the digital wallet. Yeah. We are doing this digital wallet concept that is to address the market that is not bankarized and to get a solution that is a fully integrated solution that you could do the digital wallet, but as well as third-party payments, as gaming, as paying the utilities. This is an ecosystem around, and we believe that the focus is the people that is not bankarized. We are in a friends and family environment in Mexico, in Colombia, in Argentina, and in Brazil. It's a concept that we will export to all the properties as we find out the way to address the market. We are now in a friends and family mood in all those countries. Perfect. Thank you very much. Again, ladies and gentlemen, to ask an audio question, please press star one on your telephone keypad. Again, that is star one to ask a question. Your next question will come from the line of Soomit Datta with New Street Research. Okay. Yeah. Hi there. Thank you. Two questions please. Firstly, on Brazil, just regarding the acquisition of Oi Móvel. You did not pick any spectrum up in that transaction, I think mainly for regulatory reasons. Should we assume, because you're picking up subscribers but no spectrum, you might have to increase your CapEx in Brazil to accommodate the new subscribers, new traffic once the deal closes? The second question please, is on Colombia. I wondered, have we yet seen any activity from the new entrant or effective new entrant, ONE, in the market? How are you preparing for their imminent launch? Yeah. On the Brazil CapEx, we already have included in the CapEx that we have in Brazil to take all the Oi subscribers in our network. We are working on that. We're expanding our infrastructure in the places we need to expand, and it's already taken that into consideration. The CapEx includes the Oi subscribers in Brazil. On ONE, yes. ONE is another competitor. We know them very well, what they do in Chile. As any competitor, we're working and we're increasing capacity. We have very good coverage. We have very good network. We have three or fourth place in some of our customers. Well, we're prepared to compete now, as we compete in other places with new competitors. We have that on Peru. Entel Entel and Bitel both, and in Chile. We compete. Let's see what they are going to do and what we need to do. We're prepared. What we can tell you is we are going to compete, and we're prepared to compete there. Okay. Thank you. There are no further questions at this time. I would now like to turn the call over to Mr. Daniel Hajj for final remarks. I just thank all of you to be in the call, and thank Daniela, Carlos, and Oscar for being here. Thank you. Thank you all. Thank you, everyone. This concludes today's conference call. You may now disconnect.