Good morning, and thank you for joining Becle's Q3 unaudited financial results call. During this call, you may hear certain forward-looking statements. These statements may relate to our future prospects, developments, and business strategies, and may be identified by our use of terms and phrases such as anticipate, believe, could, estimate, expect, intend, may, plan, predict, project, will, goals, target, strategy, and similar terms and phrases, and may include references to assumptions. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward-looking statements relate to the future by their nature, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those in forward-looking statements. For all the foregoing reasons, you are cautioned against relying on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Before we begin, we would like to remind you that the figures discussed on this call were prepared in accordance with International Financial Reporting Standards, or IFRS, and published in the Mexican Stock Exchange. The information for the Q3 of 2022 is preliminary and is provided with the understanding that once financial statements are available, updated information will be shared in the appropriate electronic formats. At this time, we would like to remind participants that your lines will be in listen-only mode until the question and answer session. Now, I will pass the call on to Becle's CEO, Mr. Juan Domingo Beckmann. Good morning, and thank you for joining us today as we discuss Becle's Q3 2022 results. Our regions posted solid numbers and our portfolio proved once more to be resilient against macroeconomic challenges, such as inflationary pressures and continued supply chain constraints. Despite these, underlying demand for our brands remains strong, allowing us to capitalize on market opportunities across regions and continue to build a better and more resilient organization. Looking at overall results for the quarter, total volume and net sales grew by 5% and 20% year-over-year, respectively. We saw the full effect of our price increases play out in regions that were particularly affected by cost inflationary pressures, and we were pleased that they were well received by the market. Our depletions and inventory levels demonstrate a strong and unaffected demand. As of today, we have not seen any signs of trade down, and we are reassured by our portfolio depth of options and price points for consumers. In the US and Canada region, volume was down versus Q3 of 2021 due to a decrease in the non-alcoholic and ready-to-drink categories, which were primarily affected by the quickly growing and highly competitive environment in the space, the post-pandemic resurgence of on-premise demand, and a tough year-over-year comparison basis. However, our tequila portfolio is overperforming the category, per Nielsen data. Results for Mexico and LatAm for the quarter were very positive due to a persistent growth in tequila, along with our well-executed premiumization strategy. On-premise sales continued to show off strong results as more COVID restrictions were lifted, while off-premise sales also showed good momentum. These results demonstrate our enduring leadership in the region and resilient demand for all our brands. Our strong results in the EMEA and APAC regions are attributed to growth in on-premise sales, increasing tequila adoption, and our premiumization strategy, which also played a key role in driving a double-digit increase in net sales value, allowing us to outperform our peers in key markets. These results came despite high inflationary environment and continued COVID restrictions, especially in China, suggesting a strong demand for our brands in the region. We are pleased with our brands' performance and our overall results. Our premiumization strategy continues to be a key driver of growth and has allowed us to successfully manage emerging headwinds. As a result, we were able to continue delivering sustainable value growth for our shareholders and remain confident in our brands' underlying demand to help us thrive in the face of macroeconomic challenges. I will now turn the call over to Luis Felix to discuss our US and Canada results in detail. Thank you, Juan, and good morning, everyone. We are excited to share our commercial performance in the United States and Canada for the Q3 and year-to-date 2022. In the Q3, net sales value increased 14% year-over-year, despite a 1% contraction in shipped volumes. We estimate that without disruption caused by Hurricane Ian, pro forma volume quarter-over-quarter would have been flat. This decrease in shipments volume was due to a 15% year-on-year decline in our ready-to-drink margarita and non-alcoholic margarita mix offerings. This offsets the strong growth in our full-strength spirits portfolio, which increased 8% in the Q3 and drove our overall solid top-line results. The RTD and margarita mix categories have faced difficult conditions due to the reopening of the on-premise channel and a highly competitive and dynamic prepared cocktail category, driven by continuous growth of canned options and new agave wine introductions. We're undertaking a strategy to support our RTD offerings by addressing 2022's challenges and looking to innovation and investments within the category. We will carry these jointly with the strategic actions in our tequila and whiskey portfolios to simultaneously strengthen our overall spirits portfolio and restore our position in the prepared cocktail category. On a year-to-date basis, net sales value grew 8% despite a 4% shipment volume contraction, both compared to the same period of 2021. Year to date shipments were also primarily impacted by the ready-to-drink margarita and non-alcoholic margarita mixed offerings, which decreased by 17%. Shipments for the full-strength spirits portfolio grew 6% over the same period, and our tequila portfolio shipments were up 7%. Our net sales increase demonstrated the successful execution and positive impact of our premiumization strategy, which accounted for 75% of NSV gains, as well as the positive effect of our April and May 2022 price increase on most SKUs within our full-strength portfolio, which accounted for 25% of the gains. Excluding the prepared cocktail malt-based and non-alcoholic portfolios from the Nielsen data, our Nielsen takeaway for the 13- and 26-week periods ended October 8, 2022 were up 3.8% and 2.3% respectively on volume, and up 10.6% and 8.1% respectively on value. This compares to an equivalent industry volume contraction of 2.4% and 3.4% for the 13- and 26-week period, respectively, with no change in value for the 13-week period, and minus 1.3% decrease in value for the 26-week period. These numbers show we thus continue to gain share in these categories. Including all categories, our Nielsen takeaway for the 13- and 26-week periods ended October 8, 2022 were down 3.2% and 5.9% respectively on volume, but up 5% and 2.1% respectively on value. This compared to an industry gain of volume of 6% and 4.8% respectively, and a 3.4% and 1.1% increase in value for the same periods. This demonstrates the meaningful impact of prepared cocktails, malt-based, and non-alcoholics in the overall industry figures. US and Canada wholesaler depletions were down 1% in both the Q3 and the year to date. Our tequila portfolio depletions were up 5% for the quarter, with all of our brands showing growth. Our super premium tequila brands grew 13% for the quarter. On a year-to-date basis, our tequila depletion posted an 8% expansion with our super premium offerings growing by 14%. For both the 13- and 26-week periods ended October 8, 2022, our tequila portfolio growth in the off-premise outpaced the overall category volume growth of 3.7% and 3% respectively, as measured by Nielsen. Our tequila portfolio continued to perform exceptionally well, further demonstrating the successful execution on our strategic initiatives and corporate priorities. Moving on to our marketing activities, we continue to support our portfolio with strong A&P spending during the Q3 and year-to-date periods. We look forward to taking advantage of our strategic opportunities for our super- and ultra-premium tequila brands to be provided by greater A&P spending in the Q4, reaffirming our commitment to strengthening our brands. Now I will turn the call over to Olga Limón to discuss Mexico and Latin America results. Thank you, Luis, and good morning, everyone. We are pleased with Mexico and LatAm results for this quarter. On-premise sales expanded with all of our markets now open for business, while at the same time, off-premise sales still grew. We also continued to successfully implement our price and product mix strategy led by our premium tequila portfolio. This quarter's resilient results came notwithstanding continued supply chain constraints and delays, which were especially pronounced in the LatAm region. Despite inflationary and cost-of-living pressures, overall depletions remained strong, demonstrating the resilient demand for our brands. In Mexico, volume for the quarter increased 5% year-over-year, with net sales increasing by 27% for the same period. Demand remains strong, but we have been limited by supply constraints and delays on availability. Additionally, the premiumization strategy continues to drive profitability as we notice sustained consumption for high-value brands. The Latin America region faced a tough comparison base versus the same quarter of last year, coupled with macroeconomic and supply chain challenges. However, many markets within the region posted growth. The tequila category has proven momentum across demographics and age groups, as well as versatility in consumption occasions. Therefore, we continue to be optimistic about the region's underlying demand for our diverse brand portfolio and the benefits of our successful premiumization strategy. I will now turn the call over to Gordon Dron, Managing Director of our EMEA and APAC region. Thank you. Many thanks, Olga, and good afternoon from Europe. The Q3 has produced another set of strong results across the region. EMEA and the global travel retail channel have benefited from the consumer demand, boosted by the warm weather and the increased number of tourists. Asia Pacific, except for China, reopened during the quarter, leading to a strong pickup in demand as had been seen when Europe opened. Q3 results demonstrate excellent growth versus the previous year. EMEA and APAC grew by 44% and 36% in volume versus last year respectively, with value growing 38% and 44% respectively. Year to date, the EMEA business results have shown strong growth with a volume up by 56% and net sales up 54% versus last year. The easing of restrictions in Asia, except for China, is kick-starting consumer demand in the on-premise. The on-premise is playing a significant role for our tequila portfolio and is essential to our premiumization strategy in APAC region. As the business has reopened, we see increased depletion trends, with year-to-date depletions up 28% versus last year and net sales value plus 36%. Shipments remain strong as well, growing 38% versus last year. Tequila shipments continue to accelerate versus 2021. Cuervo growing by 51% year to date versus last year, and premium tequila by 131%, with net sales growing even faster in both cases. All our tequila brands have performed strongly, and the premium tequila brands showing exceptionally strong growth as we extend distribution and focus on our refreshment strategy. Our own roots markets continue to perform strongly. All our IMCs, except for China, which is down due to the heavy COVID mobility restrictions, are performing very well with double-digit growth across the portfolio. I will now pass you over to Fernando Suárez, who will take you through the financial results. Thank you, and good morning, everyone. Let me walk you through the Q3 financial results. Consolidated net sales for the company increased 20%, reaching MXN 11.5 billion. This increase and our strong 64% growth in total revenue since the Q3 2019 speaks to the company's successful premiumization strategy with a product mix skewed towards brands with higher sales per case in addition to year-over-year price increases. These results also reflect our consistent brand-building efforts and investments in our business. In the Q3, gross profit increased 23% to MXN 6.2 billion, while gross margin increased 1.2 percentage points to 54.1% year-over-year. These results come despite significant cost inflation and supply chain disruptions, an unfavorable geographic mix, and higher non-agave related input costs. However, our product mix strategy, price increases across the region, and a steady agave market pricing environment more than offset those headwinds. Year-over-year, A&P expenses as a percentage of net sales slightly decreased, coming in at 19.2% compared to 19.7% in the Q3 of 2021. This decrease is largely reflective of the timing of A&P spend, as we have not yet exhausted the 2022 budget, which we expect to catch up by year-end. Distribution expenses stayed flat at MXN 534 million. As a percentage of net sales, distribution expenses decreased to 4.6% from 5.6% in the Q3 of 2021, mainly driven by a reduction in logistics and carrier costs. SG&A expenses increased 15% year-over-year, representing 8% of net sales compared to 8.3% in the Q3 of 2021. This decrease was primarily driven by strict cost control measures. Operating income increased to 36%, while operating margin expanded to 22.5% from 19.9% in the Q3 of 2021. EBITDA increased 33% year-over-year to MXN 2.8 billion with an EBITDA margin of 24.4%. Net financial results for the quarter were a loss of MXN 173 million, mainly caused by higher net interest expenses versus the same period of the previous year. Consolidated net income increased 29% to MXN 1.7 billion, and net margin was 14.9% compared to 13.9% in the Q3 of 2021. Earnings per share were 0.48 MXN for the quarter. As of September 30, 2022, cash and cash equivalents were MXN 5.8 billion, and total debt was MXN 18.6 billion. As announced in the company's capital allocation program during the Annual General Ordinary Shareholders' Meeting held on April 29 of this year, a cash dividend payment was made on August 4 for the amount of 0.42051 MXN for each outstanding share, representing Becle's capital stock. We are refining guidance towards a NSV in which we estimate full-year consolidated net sales value growth in the mid-teens. For full-year CapEx, we stick to our range of $225 million-$275 million. In sum, we hope these quarterly results are further evidence of our long-term strategy and commitment to creating value for our shareholders. I will now turn the call back over to the operator for questions and answers. Thank you. We will now move to the question and answer section. If you would like to ask a question, please press star two on your phone and wait to be prompted. If you're dialed in by the web, you can either type your question in the box provided or request to ask a voice question. Our first question comes from Felipe Ucros from Scotiabank. Please go ahead. Thank you. Good morning, Juan Domingo and team. Congrats on the results and thanks for the space for questions. Maybe I'll start with one on distribution expenses, which I found had a trend that was very different, especially on the commentary from everything else we've seen from peers in the food and beverage sector. You mentioned logistics and carrier expenses coming down. And it's different from what we've seen with inflation going on throughout the world. Just wanted to ask you about how you managed to control these distribution expenses and what's going on in those line items. Yes. Thank you, Felipe. Specifically for distribution costs, yes, we've seen an improvement in carrier and logistics costs. In the U.S. specifically, we've undertaken various efficiency projects that have yielded good results in terms of cost control in the U.S. specifically. Okay. Got it. Understood on that front. Then maybe I had another question on the rest of the world. Obviously fantastic results. I think the average growth rate that I calculated for the last 6 quarters is more than 50%, on a year-over-year basis. Clearly the segment is growing very impressively. At the same time, it's been the on-premise reopening. Maybe a question there on how much of that you think is refilling the inventory, and how much is actually driven by end consumer demand. Gordon, do you wanna take that question? Sorry. Yes. I was on mute. I think that's a game of two parts really. Certainly in the early part of the reopening, which took place much earlier in this year within EMEA, we did have a supply chain refill, and there was also a pipeline refill within the travel retail sector, which is also reported in our results. In the second half, we have very much seen a significant growth of tequila consumption. We monitor this through various trackers, and we can see that the usage of tequila is growing and the frequency of tequila consumption is growing. I think there are definitely two elements to our very positive growth. Great. That's very useful color. Thanks for that, Gordon. Maybe I can do a last one on glass. Obviously, you guys have had some supply constraints, and you had to make some decisions on prioritizing certain categories over others. At the same time, we also knew that, you know, tequila mixers, for example, were coming from a very strong high. There's kind of a mix of two forces there. One is that obviously the comparables are very hard, but on the other hand, you're kind of prioritizing the higher value products. Just wondering what you think we should expect as the glass supply issues kind of normalize for those categories. On glass, as we have been noting in recent quarters and basically since last year, we've been under pressure on glass. However, we've been working with different glass suppliers and expanding the number of suppliers and obtaining commitments for glass to secure our production. We continue to work on that front with glass. It continues to be an issue, but we're working towards obtaining commitments. Regarding glass allocation within the company in general, SKUs compete for profitability. We allocate accordingly based on profitability, and the most profitable brands usually get their allocation first. That's how we go about rationalizing or directing glass. Understood. Thanks. Thanks for the color, guys, and congrats on the results. Thank you. Our next question comes from Alan Alanis from Santander. Please go ahead. Thank you so much for taking my question, and congratulations on the results. Very impressive. A couple of questions, one for Juan Domingo regarding marketing, particularly of the super premium category in the United States. You're getting traction and success on those initiatives. What are you doing different this time in terms of the super premium category? How do you wanna position your brands here in the United States? And the second question has to do with agave prices. You're mentioning steady agave prices. What's the outlook that you're seeing for agave prices going forward? Thank you. Agave prices, they're steady, and really, we don't know when are they gonna come down. No, but, it's difficult to tell. Every time I think they're coming down, they don't come down, so I really don't want to guess. 'Cause demand is so high, that's probably part of the problem. I don't know. Okay. Regarding marketing, I think that we have a w ell, first, the company is focusing more on marketing, in marketing the super ultra-premium. I think we have a much better team that is creating better marketing plans, and they are being executed quite well. It takes time, but now we are seeing traction in the U.S. for our super and ultra-premium brands. I think we are on the right track, you know? The growth rates are quite good, and I think the upside is also big if we continue with this quality of plans. I believe that the brands will continue growing as they are now growing. Got it. This is mainly driven by 1800 or some of the or it's the whole portfolio of super premium brands? Yes. If you want, I'll let Luis Felix answer that. Thank you, Alan. What we're seeing is that the entire portfolio of the super premium and above are growing, and are growing at a double digit pace. It's not just one brand. I think it's a concentration. It's internal focus on building these categories, and from a sales force standpoint, and also working with our distributors to make sure that we have the attention that we need. Got it. Thank you. Well, if I may, one last question regarding Mezcal. I mean, I know it's a very small portion of the portfolio, but growing very fast. What is the priority or the vision with Mezcal in the aspiration of positioning 400 Conejos or Creyente as the indisputable leader in the ultra-premium Mezcal in the United States? Thanks. That's the last question. Well, mezcal is, as you mentioned, it's a small category, but it's growing and it's premium. That's why we are also interested in building a mezcal category. Yes, we do have 400 Conejos and Creyente growing at a very significant double digit growth in the U.S. That's basically built because in Mexico, as you know, 400 Conejos is the leader of the category with more than 30% market share. We have a tremendous opportunity by bringing this mezcal into the U.S. Congratulations again. Thank you so much. Thank you. Our next question comes from Benjamin Theurer from Barclays. Please go ahead. Yeah. Thank you very much. Good morning. Congrats on the results. First question, actually, Fernando, thank you very much for sharing the guidance on sales growth. Can we maybe go a little bit into the details? I mean, obviously there's a lot of moving parts to it, but it feels like with the pace we had in the first nine months, that you assume some sort of a deceleration of the growth rates into 4Q. I remember on previous calls we've talked about how growth in the U.S. on the volume side is likely to pick up towards the year end. Can you help understand a little better what's part of your assumption in terms of where price mix is going and as to volume? Yes, Ben. Thank you for the question. As stated in the scripted remarks, we're changing or refining the guidance from a volume one to a net sales value one for full year consolidated in the teens. We're leaving out the underlying volume guidance because we wanna have that flexibility on how we get to the value. In sum, we're expecting a positive gearing in terms of how to get to that teens growth. It's a combination of the different regions' performance. That's what we would care to comment on that. Leave it to us on how we get there on the volume side. We can tell you that it does reflect positive gearing to get to that full year guidance figure on top line, which is what really matters. Okay. Perfect. Thank you very much. Second question is really about the go forward strategy into next year and what you're kind of thinking on the pricing side, how you think you have to price your product. Also in light of a potential economic slowdown, how do you think you need to act on pricing to potentially further recover input cost pressure while at the same time not causing any elasticities to go against you from a volume perspective? We will try to price, to increase prices, as much as we can. Obviously, yes, there's this concern of the slowing of the economy, but our costs have increased, are increasing, and so we need to try to pass those costs or at least part of those costs to as price increase, no? Okay. Thank you. Thank you. Our next question comes from Ricardo Alves at Morgan Stanley. Please go ahead. Hello, everyone. Thanks for the call. I missed part of the call, so apologies if this was addressed. I believe that these are follow-ups from questions that were asked. The supply chain issue, perhaps Fernando, can you give a little bit more details on what happened in the Q3, for example? The glass bottle you are coming to terms with solutions with your suppliers, but still there was an effect, right? Based on your commentary, I understand that there is still an effect. Can you help us quantify that? Or is it at least qualitatively speaking fair to say that your performance in the U.S., for example, would have been better? So just a little bit more details on that front, if I may. Then the second question, also kind of related to this last discussion. The theme of down trade or price elasticity has been more and more in our discussions both in Mexico and for the US exposed names. Just wanted to see if from your perspective, your portfolio, how do you think that you're positioned for that scenario? Particularly when you think about Jose Cuervo Especial, for example, you know, how is the price elasticity for Jose Cuervo Especial at this point in time? If you see any specific movements, both from a Mexico angle, but also from the US. If you can comment anything about that specific brand and price elasticity and down trade. Thank you. Thank you, Ricardo, for your questions. Let me take the first one regarding supply chain issues specifically in the quarter. As commented by the US region, there was a supply chain disruption in the Q3 for the US related to Hurricane Ian. Approximately, we're speaking about 60,000 cases was the estimated impact in the US specifically. Without that impact, volumes would have probably been closer to flat, as mentioned in the scripted remarks earlier in the call. Regarding the rest of the regions, also Mexico and LatAm were substantially affected by supply chain issues and availability. We continue to see supply chain issues in those regions in particular. Moving on to the second question, we'll let Luis answer that. Thank you, Fernando Suárez. Ricardo Alves, yes, we acknowledge that the market conditions are changing with the risk of a weaker consumer confidence. I think it's too soon to see a clear evidence of down trading. I think if that happens, I think the range of our portfolio is prepared to catch consumers at a different price points. Specifically for Cuervo Especial, we took a price increase this year. We saw like a slowdown in the first couple of months and then the brand recovered. We're confident that the strength of our brands and I think we can manage some of the price increases without any much further deterioration in volume. Got it. That's very helpful. If I may just squeeze one last question. In rest of the world, you guys already commented on the strength. Is there a particular market, if you had to point out a single market that you know has been a big focus for you guys? Because part of the second part of the answer earlier was that there is indeed evidence of higher demand, higher consumption, higher frequency, you mentioned. Is there a specific market where you see that you know new level of penetration? Is it coming more from mainstream tequila? Is it coming more from premium markets? Any more specific color you can give on that would be appreciated. Yeah. This is Gordon here. Look, the tequila market within the EMEA and APAC regions is still largely driven by standard tequila. However, the growth in percentage terms is coming from premium and super and ultra-premium products. With our portfolio, we can focus on all the different categories, so we're really well-placed to focus in all the categories. As part of our strategy, our major focus is in our IMCs, in our in-market companies, and that is where we are seeing specific growth. Very clear. Thank you so much for the answers. Thank you. Just a reminder, if you do have a question, please press star two. Our next question comes from Andrea Teixeira from JP Morgan. Thank you. Please go ahead. Hey, good morning. This is Drew Levine on for Andrea. Thank you for taking our questions, and congratulations on the strong results. So I wanted to ask about sort of RTDs and how it relates to the maybe change in or refining in the guidance to net sales value. Clearly there remain a headwind, and Luis Felix talked about some kind of strategic actions that the company is gonna take to kind of, I guess, stabilize the performance. So I guess, how are you viewing the volume trends in this category? Are we reaching a point where we're gonna see normalization, maybe over the next few quarters? Are you thinking about any sort of SKU rationalization or any more specifics on the investments that the company is looking to undertake as we head into 2023? Yes. I think the RTD and the mixed business that we have, and I want to go back to 2020, where this category, and particularly our business in 2020 grew 34%. Our business went from From a very strong position to +34%. Last year in 2021, we only decreased 1.7% in shipments. What happened is that this year in 2022, there was a normalization of the business because of the opening of on-premise and the strength of on-premise. Remember during the pandemic, this category was mostly used for preparing cocktails at home, and that is changing. We're realizing that we Our business today is still 11% above the base that we had in 2019. We believe that there are some opportunities of capturing initiatives and volumes, and that's what we're trying to do. We need to stabilize the mix without alcohol, but we also had a change in distributor. Also, basically maintaining our focus in the strong flavor performers and some new initiatives that we are preparing. We believe that the normalization happened this year, and we're ready for a better next year in RTDs. Perfect. Thank you so much for that. Just a follow-up on the U.S. and Canada. Shipments are running down 4% or so year to date. Depletions minus 1%. Is the plan to be able to catch up shipments to depletions by the end of the year? Are you thinking that there could remain a gap basically because of the supply chain challenges, and maybe that's more of a 2023 catch up? Thank you. I'll ask Victor Chavez to take on this answer. He will take this. Hi, good afternoon. Through 2022, we've seen a more conservative inventory management in our distributors across the board. Yet we don't affirm this as a risk to us given that our depletion trends continue to favor our portfolio and drive demand, so it's mitigated a lot of that shipment impact. We do anticipate that to plan to get back to that number, but again, it's something that we've been working with our distributors on, and as you know, the macroeconomic conditions play a part in how those decisions play out. As of now, we're not calling any risk given our depletion trends. All right. Thank you very much, and congratulations again. Thank you. Just a final reminder, if you have a question, please press star two. We'll just give it a few more moments in case any more questions come in. I think we have a follow-up question from Ricardo Alves at Morgan Stanley. Please go ahead. Appreciate the follow-up. We noticed a very significant spike in short-term biological assets, nearly fourfold, if I'm not mistaken. So just wanted to see if you can comment a little bit about that. Should we expect, you know, a higher level of vertical integration? I know you guys cannot give guidance on that, but directionally, qualitatively speaking, should we be considering that, you know, you could be improving your internal agave sourcing based on that? Just a few thoughts on that, just because we saw that it was a big move. Thank you. Thank you, Ricardo, for the question. As you well know, we do not comment on integration for strategic purposes. On the biological asset increase in the short term in particular, this reflects our expectation or our estimate of when we are going to crop our own plants in the next 12 months or so. That's just an estimate based on our plantation and our crop estimates for the next 12 months. We continue with our plantation efforts, and those you see them reflected in the long term biological asset. But that's what we would care to comment regarding biological asset. Lastly, just as a reminder, we We pointed out during the scripted remarks regarding A&P, we would also like to remind A&P guidance for the year. We continue to target the 22% A&P percentage as of NSV as our target for full year. We expect to have A&P phased and very back-ended this year, so we will continue our efforts to try to catch up with that A&P in the Q4. Expect a larger print in the Q4 regarding A&P, given this back-ended or phased investment of A&P. Thank you. Thank you. We also have a question from Fernando Olvera from Bank of America. Please go ahead. Hi. Good morning, everyone, and thanks for taking my questions. The first one is related to taxes. In the last four years, your tax rate has been on average 26%, while year to date, your tax rate has been consistently at 29%. What explains such increase, and what tax rate would be reasonable to assume going forward? My second question very quickly, can you explain the decline in cash, in your cash position? Thank you. Thank you for the questions, Fernando. Regarding effective tax rate, remember that we reflect a combination of the different tax jurisdictions where we do business in and undertake operations. At least for the year to date, we're booking an estimate of 29% effective tax rate. As always, the Q4, as we close the books, is when we can really have a finer estimate on what will be the effective tax rate given effects to all of the transactions and operations during the year. That's where we normally adjust, if there is any adjustment, to be made, in the Q4 and reflecting full year effective tax rate. For now, we would steer you towards continuing to book in around 29%. If there are any changes, we will reflect them in the Q4. Regarding your second question on cash flow, in the Q3, bear in mind that we did pay the dividend in August, so that's why you see an important decrease in the cash flow for the quarter. Basically other than that, we continue with our funds from operations and changes in working capital. Yes, we've already commented in different times the important investments that we're doing in terms of inventory build to support our long-term growth strategy. That's what we are reflecting in the cash flow position. Great. Thank you, Fernando. Thank you. Thank you all. Thank you very much. I'm not seeing any more questions, so perhaps I could hand back to the Becle team for closing remarks. Well, thank you very much and have a great day. Thank you very much. That concludes the call for today. Thank you, and have a nice day.