Good morning. My name is Elliot, and I'll be your conference operator today. At this time, I would like to welcome everyone to the América Móvil first quarter 2023 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 followed by the number one on your telephone keypad. If you would like to withdraw your question, please press the pound key. Now I'll turn the call over to Ms. Daniela Lecuona, Head of Investor Relations. Thank you. Good morning, everyone. Thank you for joining us today to discuss our first quarter, financial and operating results. We have on the line Mr. Daniel Hajj, CEO; Mr. Carlos García Moreno, CFO; and Mr. Oscar Von Hauske, COO. Thank you, Daniela. Thank you everyone for hosting the first quarter 2022 financial and operating report. Carlos is going to make a summary of the results. Hi, Carlos. Mm. Hello everyone. Thank you, Daniel. Good morning. Well, throughout the first quarter, USD interest rates remained volatile, hovering between 3.4% and 4%. A sentiment in the U.S. alternated between relief that inflation seemingly had come under control, anguish from the potential inflationary consequences of what appeared to be an increasingly hot labor market, and fear of contagion stemming from the fall of important banks in the U.S. and Europe. The value of our operating currencies vis-a-vis USD reflected this volatility, although they all ended up appreciating versus the USD, the Argentinian peso being the only exception. Mexican peso appreciated 2.5%, the Brazilian real 4%, the Colombian peso 4.10%, and the euro 1.2%. In the first quarter, we added 1.1 million wireless subscribers, of which 1.9 million were postpaid clients. Almost half of the new postpaid shops, 944,000, came from Brazil, 295,000 from Austria, 164,000 from Colombia, and 128,000 from Peru. On our prepaid platform, we had net disconnects of 754,000 clients as Brazil disconnected 1.4 million, including 1.6 million former RGUs that were not generating traffic. Organically, we had solid growth, including Colombia with 354,000 and Brazil and Argentina with approximately 200,000 each. On the fixed line segment, we obtained 313,000 broadband accesses, including 139,000 in Mexico, 74,000 in Argentina, and 47,000 in Brazil. In some of these countries, Mexico and Brazil, these were the best numbers that we have had for fixed line access growth in broadband for a long time. We ended March with 301 million wireless subscribers, of which 116 million were postpaid clients and 73 million fixed line RGUs, including 31 million broadband accesses and 13 million pay TV clients. We have seen certain acceleration in access growth, particularly in mobile, with our postpaid base increasing 8.7% year-over-year and prepaid 5.6%. On the fixed line platform, broadband accesses were up 2.6% and pay TV was practically flat, having recovered from the 2% decline from sales the year before. First quarter revenue was up 1.7% to MXN 209 billion, with service revenue declining 2% in Mexican peso terms on account of the appreciation of the Mexican peso versus substantially all of our operating currencies, which reduced the peso value of our international revenue. EBITDA totaled MXN 83 billion in the quarter. It was up 3.2% in Mexican peso terms. Correcting for foreign exchange effects, service revenue was up 6.3%, a slightly faster pace than the prior quarter and the same as the prior one. These are the top rates of growth that we have seen in a long time as well, certain more than a year. 6.3% service revenue growth, which reached about an EBITDA growth of 5.3% after adjusting for profits obtained from the sale of telecom towers in the Dominican Republic and Peru. As you can see on the slide, the trends have been very good in service revenue growth and EBITDA. In both counts, we are exceeding the forecast that we had given back in our Investor Day in October 2021. On the fixed line platform, service revenue growth came in at 1.8% at constant exchange rates, its best performance in over a year on the back of a strong expansion of broadband revenue, 9.6%. On the mobile platform, revenue grew 9.3%. Mobile service revenue accounted for 62% of total service revenue. We do see a slight deceleration in mobile revenue growth, but an important upswing in fixed-line revenue growth. The aggregate of the two service revenue growth was 6.3%, one of the best rates better than the first quarter than the fourth quarter of last year, and even the third quarter of last year. The improvement of fixed-line service revenue growth was driven mostly by Mexico, Brazil, and Colombia. Jumping to 4.1% from -1.3% the prior quarter in Mexico, to -1.4% from -3.5% in Brazil, and to +4.2% from -3.6% in Colombia. Broadband revenue was up 9.6% in the quarter at constant exchange rates, while corporate network revenue increased 12%. With respect to mobile service revenue, Brazil led the way with 21.5%, followed by Eastern Europe and Mexico at 9.2% and 8.1% respectively. Deceleration in consolidated mobile revenue growth reflects the slowdown observed in Colombia and Austria, with the pace of growth being reduced to 2.2% from 4.7% the previous quarter in Colombia, and to 3% from 4.9% in Austria. Brazil and Eastern Europe also led the way in EBITDA growth at 13.7% and 9.7% respectively. They were followed by Ecuador and Mexico at approximately 6% each. We turned an operating profit of MXN 44 billion in this quarter, up 9.7% year-on-year, which equaling about a MXN 30 billion net profit in the quarter, slightly down 2.1% from the year-earlier quarter. The decline in net income had to do with a reduction in foreign exchange gains, down from MXN 22 billion in the first quarter of 2022 to MXN 13.7 billion in the first quarter of this year. We had a significant reduction in foreign exchange gains, and that's what explains that operating profit was practically. That net income was practically flat, slightly down, when as compared to an increase of nearly 10% in operating profit. CapEx totaled MXN 29 billion in the quarter, with share buybacks amounting to MXN 1.9 billion. These items were funded by our operating cash flow, by net borrowings of MXN 2.4 billion, and by the freeing up of MXN 5.9 billion in assets formerly invested in our pension fund. Our operating cash flow was supported by the sale of towers in the Dominican Republic and Peru that provided MXN 6.4 billion, and by dividend income of MXN 0.7 billion coming from Verizon. Our net debt, excluding leases, totaled MXN 365 billion at the end of March, having come down by MXN 16 billion from the end of December. It was equivalent to 1.39 times last of most EBITDA. With this, I will pass the floor back to Daniel, and we will start the Q&A session. Thank you all. Thank you, Carlos. We can start with the Q&A. Thank you. 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. Our first question comes from Walter Piecyk from LightShed. Your line is open. Thanks. Carlos, I guess the first question is on, it's kind of a weird specific one, so I apologize. I usually ask, larger macro. If you look at Mexico, your equipment revenue grew year-on-year. If you look at the subscriber growth, your net adds I think were lower and churn rate was lower. Are you just selling more expensive phones in Mexico, driving that higher equipment sales? No. I think what is happening in Mexico, we have the fourth quarter that it's Christmas. In Christmas last year, we sell a lot of equipment, and we have some disconnections because people only change the equipment. They bring the SIM in their new equipment, and that's why you're seeing higher sales and changing the SIM so you don't see too many new subscribers. Got it. I think we're doing good in selling equipment. We have a good profit, good revenue there. Overall, I think we're doing very well on new subscribers. Also in Mexico, you see the postpaid is starting to grow again. We have around 85,000 postpaid new subscribers. I think our 5G network is doing good. We're putting a lot of customers in this network. We are bringing also 5G in prepaid in those days. Overall, I think we're doing good in equipment and net adds in Mexico. Thanks, Daniel, just, you know, an overall question, I guess. In the U.S., the replacement cycle is lengthening. People are holding onto their phones longer, and I think that's kinda what I was trying to understand is I understand that in your markets, there's a lot of SIM cards that are connected to gross adds and net adds. I'm just curious, though, you know, given the investments you've made in 5G, how are overall phone sales in general across the markets, whether it's just Mexico or Brazil in general, are people holding their phones longer, or are you seeing more upgrades in your markets because of your network investments? Can you give us a sense of what that market looks like? Well, our ARPU is growing in Mexico, as you're seeing people is using more in prepaid and also in postpaid, people is upgrading their plans to a better plan for 5G. I think 5G is working very good. Also, we're doing good financing in the handsets. We're also financing in the prepaid market. We're financing postpaid, yeah, for a long time, and we're starting to do a little of financing in the prepaid, and it's bringing good sales and good customers. That's doing good. In the cycle, I think, I think it's reducing it's getting a little bit longer, the people. Everybody's thinking a little bit what is happening, interest rates and everything in the economy, people is trying to hold a little bit more, for a little bit more time their phone. We're not seeing as the big changes right now in Mexico and Latin America. Let's see as the, what is happening in the next quarters. If I just, if you don't mind... Go on. One more, just on the capital. I'm sorry. Go ahead, Carlos. No, but I just wanted to make it clear that everybody that hasn't focused on this. The equipment revenues were growing nearly twice as fast in Mexico as service revenues. Okay? That's basically a lot of what all this has to do with, as Daniel was explaining, there's a lot of equipment financing that we're providing together with insurance, and that has proven to be a very good combination. We are getting a good margin out of these sales, and we are getting a good margin out of the financing itself. That's something probably that some people do not have in the picture. I'm gonna add another thing with other thing on that is I think last years the increase of importing handsets in the market has been growing and with interest rates getting higher, I think the importing handsets has been reduced, so give us opportunity to sell more through that. I don't think the market is growing, but I think Telcel is growing, selling more and more handsets. It's what is happening right now. Can I assume that if you're financing a phone to a prepaid customer, that if that customer is not gonna recharge their phone each month, that you'll require full payment of the phone? Or can they continue to make their finance, their lease payments or their finance payments on their phone and not recharge on the prepaid? 'Cause obviously, that would be something that could help your churn rate in the prepaid side of things as well. No, we're starting to finance. It's not a big operation, but what we're seeing is that we can lock the phone. If they don't pay, we can lock the phone, that they cannot use the phone. People are starting to pay again. The bad debt is lower than what we're thinking, and we're gonna do that smoothly, slowly to see that it's a good business for us. Means good business is good new subscribers, they charge more, and we have profit selling these handsets. Those are the three things that we're selling, that we're seeing. If you don't mind, can you just kinda? As I said, in postpaid. Yeah. We have been financing for five, seven years. We have been doing that for a long time. Yeah. It's been very good. Mm-hmm. if you don't mind just updating us on Yeah. The other question was just on target leverage, 'cause I noticed that your share repurchase was a bit lower in the first quarter. Have you changed your kind of view on target leverage given the kind of rate environment that exists? Well, we have probably about $100 million equivalent less share buyback in the first quarter. Typically as we've said in other calls, our cash flow is very seasonal, that's partly why we have less buybacks in the first quarter always. I think another thing that we are taking into consideration, I think Daniel will be explaining it has to do a little bit with CapEx. Yeah. What we're seeing is that we have like a target of $8 billion, a little bit, more or less for the next three years in CapEx. We're seeing that if we put a little bit more fiber, that brings more connectivity to houses, to businesses, long enterprises, data centers, and give more fiber for 5G, it's been a good, it's a good opportunity, and we're thinking to increase a little bit our CapEx as to this year to bring forward, some of the CapEx. It's a good opportunity in some countries to do that for around maybe 4%-5% more than what we have this year. We're looking that it will bring us good subscribers, better ARPUs, more penetration in broadband, in corporate, in a lot of things. That's why we're reviewing and seeing to do in some countries as well. Thank you. Thank you. Our next question comes from Leonardo Olmos from UBS. Your line is open. Hi. Good morning, everyone. Thank you for taking the questions. I got a couple of ones. The first one is, can you please discuss the Telmex separation that is being requested by your competitors? And if there's a risk of IFT doing something about it or maybe directly the AMLO government? That's the first one. Thank you. Well, what you have been seeing is a lot of noise from the competitors in the press. Our position is that we do believe that there is substantial evidence supporting the need of a deregulation in the telecom sector. I think the upcoming revision process with the IFT will bring a good opportunity for relaxing the regulation in Mexico. The only thing that I want to add is let's wait for August to see what are gonna be the comments of the IFT and see what is happening. The point is that Mexico needs deregulation in the telecom sector. More investment, less regulation is what all the countries in all the world wants. Crystal clear. Thank you. The second one, we noticed some cost pressures still relevant in a few countries, especially Colombia and Mexico, that have higher OpEx than we estimated here in UBS. Can you discuss what happened and your expectations for the remaining 2023? Thank you. Leonardo, I saw your note, you're saying, you know, EBITDA margins in Mexico came down by 100 basis points. One basis points, if you compare it to total revenues, that has to do with equipment sales that we discussed in the prior question, they're growing nearly twice as fast as service revenues on mobile. We do have, you know, If you look at the EBITDA margin relative to service revenue, there's a slight reduction, it's something like 30 basis points or 40 basis points, not the 100 basis points that you mentioned. This reduction is practically all having to do with a new legal framework. We are now obliged to consider premiums for vacations and a whole bunch of things. We need to account for that earlier. There's a little bit of an impact of that in the first quarter. Other than that, which is basically not a change in the cost by the throughout the year, but yes, a change in the way how we account for it throughout the year, that's the only thing that we have, that we can say was related to doing in Mexico. In the other countries, we don't really have anything to do. You know, maybe in some cases, mostly provisions. It's really not something that we are seeing on cash terms, some of the pre-pressures eating up margins. Certainly not the case in Colombia. Yeah. A little bit in Colombia, what's happening a little bit, I think there's more pressure, a lot of competition, and we're starting to grow again in the broadband. I think that's more or less what is happening. The exchange rate goes a little bit high. Some costs related to peso-dollar, Colombian peso to dollar. Overall, I think Colombia is also doing good. Still, we have a very good margin in Colombia, and we're gonna compete in Colombia, and we're gonna take opportunity of the market. That's what we're gonna do there. Understood. Thank you very much, Carlos and Daniel. Have a good day. Thank you. Our next question comes from Froylan Mendez from JP Morgan. Your line is open. Hello, guys. Can you hear me? Yes. Perfect. Thank you for taking my question. What is the timing and the goal to surpass 80% FTTH penetration in Mexico? Second question, in Brazil, we have seen that you've been accelerating FTTH too. Is there a new mindset regarding fiber overlay? Thank you. Yeah. Well, the actual FTTH penetration in Mexico is 69.8%. We already reached 70%. 80% I think we will get next year of penetration. We are doing a big effort to do the migration from copper to fiber. We've been building a lot of fiber to the home. If I remember last quarter, we mentioned 62% of penetration. Now we move to almost 70%. I think next year we will reach 80%. Penetration. Yeah. Fiber. Fiber. And the next question on Brazil, can you repeat that, please? Sure. We have seen that you've been accelerating FTTH also in Brazil. Just wondering if there is a new mindset regarding fiber overlay. Is there a goal as ambitious as now in Mexico? Some color there on the fiber overlay. In Brazil. Well, as you know, in Brazil, we have a cable. We have a FTTH. Cable. Cable, yeah. All the network is already prepared with DOCSIS 3.1, so we could deliver 1 Gb speed in all of the network. As you mentioned, we've been building fiber to the home since three or four years ago. Now we have around 9.5 million home passes with fiber, and we expect to end with 11.1 million home passes with fiber. I think we... That's why you see the figures that we are getting net gain in Brazil, because we've been improving the speeds in cable and in fiber to the home. As well in Brazil, we've been working a lot on customer experience. All the time on installation, time to repair, customer satisfaction, we've been really working on putting a lot of effort as well in customer retention. We will end with that, with all the cable network with DOCSIS 3.1, and with the 11.1 million fibers to the home by the end of the year. Very clear. Thank you. Thank you for your answers. No, no worries. Our next question comes from Andres Coello from Scotiabank. Your line is open. Thank you for taking my question. Daniel, in the last couple of months, we have seen news regarding new technologies that can connect satellites directly to unmodified mobile phones, especially to rural areas, where there are no towers currently. I think in Latin America, some of your competitors already have agreements with these new satellite companies, such as Starlink or such as Space Mobile. I was wondering, what are your thoughts on these new technologies? If you perhaps can provide us any color on what percentage of your CapEx goes into covering rural or distant areas? Thank you. I think, and Oscar Von Hauske can comment a little bit more deeply on that, but, I think these satellite, are like a complement also for our technology because a lot of our cell sites, towers that are far, that are very expensive to connect with, fiber or to connect with, wireless- Microwave. Perhaps, microwave. Yes. We connect to with the satellite. We have our own satellite business, Star One, and we connect that. There's opportunity also with other satellite businesses. We do. We do. That we also connect with other satellite business. It's a complement. I think it's gonna be difficult at the short term to connect every people in Latin America in every place. I think in the long run we are gonna do it. Satellite can help to cover that. I don't think it's a competition, but it's also a complement to do that. To do it with satellite, it's more expensive for the customer. It's more expensive in costs. As we can do more and more wireless, I think it's gonna be better for the people. Oscar, I don't know if you- No, as you mentioned, we're, we've been working with Star One for many years and our own company. Of course, it's a GEO satellite. The new constellation that is coming, the LEO satellites as Starlink, AST. We have relations with the different satellite providers. We've been using for mobile backhaul, I think in all the countries to reach rural areas. I think this new offering that is the LEO satellite will do more economical, feasible to reach another location, a rural location. We are working with these companies to complement our infrastructure in rural areas. I think it's a good technology to reach rural areas in a most cost-effective way. We are working with those companies to bring it together to the market. Understood. Thank you. Thank you. Our next question comes from Phani Kanumuri from HSBC. Your line is open. Thanks for taking my questions. My first question is regarding Colombia fixed competition. There seems to be a much better trend this quarter in the fixed broadband revenues compared to last quarter. Just wanted to understand the competitive dynamics there, whether you're seeing the competition easing in Colombia. My second question is regarding your pension inflows and outflows. This quarter, you had almost MXN 5.9 billion assets that were freed up from your pension assets. You know, how do you see the trend going forward? Do you see further freeing up of assets from the pension funds? Considering that in the last few years you have invested or put money into the pension funds, you know, how do you see the trend going forward? Thank you. Well, I think in Colombia, as we're doing in all the countries, we are putting more fiber, FTTH. Similar to Brazil. Similar to Brazil, similar to Mexico, similar to almost all the countries. It's bringing us to grow more in the broadband. It's doing very good. Also, one of the segments that we're doing very good is in the corporate side. Fiber that brings to the houses also brings to the small and medium businesses. It's, we're growing very good the revenues in the corporate side. That's more or less what is happening in Colombia. That's the reason why we're thinking and trying to do a little bit more CapEx and a little bit more fiber to see some opportunities that bring us more revenue in the future to bring forward a little bit of our CapEx and to cover more some places. That's what we're doing. It's to, as Carlos said, the broadband is one of the best quarters that we're doing. It's something that we do last year that bring us more customers this year, and that's what we want to advance a little bit on that. I don't know, Oscar, if you want to do comment something more on Colombia. No. Well, the same thing. We already upgrade the network, the cable network to deliver high speeds. We've been building fiber to the home since four years ago. We have a very aggressive plan to do fiber to the home this year. I think, we are very well positioned in the market. There is a lot of competition, that's true in Colombia. I think the question on the pension front, I think it's important to understand that, you know, we have to manage a fund, and we have to determine how much of the pensions in next year should be funded directly out of Telmex's fund, or should be funded from the pension fund itself. This is something that we assess based on whether, you know, we consider that a given moment, it's better to keep money in the pension fund or it's better to take profits, so to speak, from the pension fund to take out some cash. It also have to do with the tax deductions from the pension payments made directly by Telmex to the extent that they can utilize them. There's some value there. Those are, there's many, many things in this, in this exercise that we need to take into account. Okay? That's why we don't have a strict rule saying, you know, every single year has to be the same proportion of funding coming from Telmex and from the pension fund. It changes, and it does reflect our views on and our opportunities in terms of tax deductions. Okay. Thank you. Just a quick follow-up on the corporate network... on the corporate revenues that you have. What percentage of your corporate revenues comes from connectivity versus IT solutions? Considering that this quarter looked very strong in terms of the corporate revenue growth, do you think that this will continue, or is there some seasonal component to this revenues? It's difficult to decide because we do connectivity to the enterprises. We do connectivity and brings everything, IT, cloud, wireless phones, some applications. There's a lot of things that we sell, so it's difficult to share the revenue on that. Corporate has been growing for the last two years, and I think it's gonna still grow for the next year. Oscar, I don't know. No, no. I agree what you say. Mainly what we've been seeing is, we've been always in connectivity. We've been adding value to that connectivity. What we see that is growing is, as you mentioned, cloud services, software as a services, infrastructure as a services, and we've been doing well in some verticals. We are offering to the customer with alliance, different vertical solutions in mining, in agricultural. That's the one that is pushing up the revenues. Just to give you an approximation, the what we consider data, which incorporates corporate networks, which is. Connectivity. Fixed phone and the mass market, that is approaching 25% of our service revenues on a consolidated level. Of that amount, maybe one third of that could well be corporate networks. Okay? That is 60. Yeah. Okay. Corporate, right. MPLS and SD-WAN network. Yeah. Yeah. Okay. Yeah. Thank you. Thank you everyone for answering the questions. Our next question comes from Soomit Datta from New Street Research. Your line is open. Yeah. Hi there. Two or three questions, please. One just on CapEx. Interesting to hear you're maybe spending a little bit more in the near term. I guess just conceptually, we've seen some nice strength in the Mexican peso versus the dollar in the last few weeks and months. In theory, should we be seeing you getting more efficiency from your CapEx, or do we think maybe the overall $24 billion CapEx envelope can come down given the moves in the currencies? That's the first question, please. I'll come back to the next one. Well, I think, yes, we are seeing in some markets, the trends have been appreciating, no? Not all, but probably the trendsBe for that to happen more generally throughout the year. I think the rates remain high, certainly the Latin American countries, also Europe. But I think that the type of things that we are looking at doing, which has been said, you know, is a lot of deployment of fiber optic. That includes a lot of local currency expenses, because it's not only equipment, but it's basically digging and putting the fiber on the ground. I cannot say that from that perspective, we are looking to have this kind of efficiency. If you look at aggregate CapEx, probably the split is more or less half FX related and half local costs, more or less. The way to see that we're gonna invest a little bit more is that we see opportunities in the market. In some markets and that's the reason. Opportunity means more revenue and more customers and better ARPUs, more penetration. Those are the things that we are also looking to and the reason why we want to bring forward part of the CapEx this year. Okay. makes a lot of sense. Thank you. Just next kind of or final question, just on Mexican wireless, please, on Telcel. Obviously the business continues to perform well, but I think you haven't actually lifted prices since perhaps 2021. I was just curious, what are your thoughts on the potential to move up prices in that market? Thank you. At this moment, we're not thinking to increase prices in Mexico. I think we're doing well. people is consuming, and people is jumping to better plans. ARPU is growing and we're not thinking to increase prices in Mexico at this moment. Okay. That's super helpful. Thank you. Thank you. Our next question comes from Carlos de Legarreta from Itaú. Your line is open. Thank you. Good morning. Just two quick ones, please. The first one, going back to buybacks, please. It caught my attention that the share buyback fund that you approved this year is lower in both absolute and relative terms as compared to the past couple of years. Just wondering what's behind that. Secondly, if you could provide an update of the timing of the tower spin-off in Europe, that'll be fantastic. Thank you. Buyback I know. I think I have explained it for Carlos in a previous question. What I said is on the one hand, the first quarter is one when we have a seasonal, more, you know, less cash flow because basically we pay handsets in the first quarter that we sold in the last quarter of the prior years. We typically, all of the handsets sold in the last quarter of a given year are actually paid in the first quarter of the next year. That's a big draw on working capital. For margin, yes. There's a lot of the CapEx which obviously was not the same in 2022 and in 2021. For the latter part of the year, the CapEx that was put and was received, let's say, was accepted towards the second half of the year. It's actually paid in the first quarter. This is something that has a seasonal impact. The other thing is what Daniel Hajj was mentioning regarding CapEx. To the extent that we are looking at increasing our CapEx for the year between 4%- 5%, relative to what was our initial budget, and consistent line with the $8 billion per year plan that we mentioned on our Investor Day for three years. moving, bringing forward part of our next year's CapEx to this year so that we can move fast, faster, with various issues having to do with connectivity, and that has to do a lot with putting fiber in the ground On the tower spin-off in Austria. The timing. The timing here. I think we're shooting for the third quarter. I think it's going to be towards the end of August. That's what we are aiming for. I think that we have already received practically with one exception, all of the necessary approvals, and we are already working on the financing, which, by the way, I can say that it will be KASKA received two investment-grade ratings. We are going to be bringing this to market in the next few weeks. Thank you. As usual, I appreciate your answers, Carlos. Thank you, Carlos. Our next question comes from Luka Brendemo from Bank of America. Your line is open. Hi. Good afternoon, everyone. Also two questions here from my side, related to Mexican broadband. Looking at the fourth quarter, you had disconnections in broadband, and now you had very strong connections. I just wanted to know if there was some sort of adjustment on a quarter-over-quarter basis or if those were just regular connections and if this is a trend that should continue going forward. My second question is also related to max and broadband, but on pricing, how are you seeing the dynamics for the year if there is space to hike prices, especially now considering that most of the base is now going to fiber and you are always expanding your fiber penetration within the base. Thank you. Well, the first one is that, we've been putting a lot of resources in customer retention, so we've been reducing the churn. Secondly, we launched a new offering in the marketplace. It's a great product. It's a 200 Mb symmetrical with fiber, a very good price. That helped us on the first quarter. I think that we will continue in the next quarters because we will be focused on customer retention, improve the installation process, and improve the repair processes across all the company. We have a new offering as well. We are bundled one of the largest streaming platforms in our broadband. A very good price. This platform is based, you know, in advertising revenue, so the price of the streaming is very good. I think, we will get a good penetration of those products in the market. This concludes our Q&A. Yeah. I'll now hand back to Mr. Daniel Hajj for any closing point, closing remarks. Yeah. Well, just, want to thank you everybody for being in the call. Daniela, Carlos, and Oscar, thank you very much. Thank you. Thank you. Bye-bye. This concludes today's conference call. You may now disconnect.