Good morning, and welcome to Megacable's Second Quarter 2022 Earnings Conference Call. With us this morning from Megacable, we have Mr. Enrique Yamuni, CEO, Mr. Raymundo Fernández, Deputy CEO, and Mr. Luis Zetter, CFO. Let me remind you that the information discussed in today's earnings call may include forward-looking statements on the company's future financial performance and prospects, which are subject to risks and uncertainties. Megacable undertakes no obligation to update or revise any forward-looking statement. I will now turn the call over to Mr. Enrique Yamuni. Sir, you may begin. Good morning, everyone, and thank you for joining us today. During the second quarter of 2022, the country continued to face a complicated economic scenario, highlighting an inflation rate that continues to rise, increases in Banxico's reference rate, and a GDP annual growth expectation below 2%. These factors are being reflected in the economic activity and in purchasing capacity of the Mexican families. In that context, Megacable maintained double-digit revenue growth compared to the second quarter of last year and a very attractive EBITDA margin, remaining the highest in the industry. These results were mainly due to a successful commercial strategy, including subscriber growth across the mass market with a higher ARPU. In addition to bandwidth capacity increases reflected in a better and more reliable service, coupled with the concrete measures to maintain an efficient cost structure. The previously mentioned offset an increased churn rate, mainly due to the economic conditions. It is important to clarify that although we continue to advance in our efforts towards entering new cities, these results does not yet include a relevant contribution from new territories, as we expect the bulk of subscribers go from our expansion plan towards the second half of the year. Sorry. Also, it is worth mentioning the growth trend of the ARPU as we continue to offer additional services to enhance the user's experience, such as the Xview platform, and also contribute with additional revenue from the same number of subscribers on top of the rate increases we did during the month of March. To share more color on Xview of quarter. I'm sorry. To share more color on Xview at quarter end, 65% of our subscriber base already enjoys the best multi-platform video services with unmatched video quality, speed, and a friendly user interface. Innovation has always been part of Megacable's culture and Xview+ is proof of that. It is a great service complemented by a new fiber infrastructure in the largest cities and a robust HFC technology for the rest of the footprint. On the corporate side, connectivity remains the main growth engine for the segment as MetroCarrier and MCM posted double-digit revenue growth. This is mainly due to the adoption of connectivity and mobility solutions that benefit work out of the premises, a trend that should continue to develop in the coming periods. Just like the mass market, our corporate segment will also have a growth boost in the second half of the year with the entrance of the new territories. Both MetroCarrier and all our potential market will significantly increase due to the MEGA 2024 project. All the previously mentioned resulted in double-digit growth in revenues, another record high figure for a single quarter. Additionally, EBITDA margins remained at very attractive levels as a result of the cost control strategies that are part of the company's culture from the very beginning. Looking ahead, we are confident that our businesses remains well-positioned to achieve our annual growth targets in terms of revenues, EBITDA, and subscribers, despite ongoing inflationary pressures in a softer economic outlook. During the quarter, we carried out our first public debt issuance for MXN 7 billion, which will be used primarily to accelerate our expansion plan and secondly, to refinance our short-term debt. This issuance will further strengthen our balance sheet and support the endeavors that we are executing. Now, shedding some color on our projects in development. Regarding our GPON evolution initiative, we are in the final migration process. Most of the milestones that we set for this initiative have already been reached, so we can say that we successfully completed this plan. In this regard, I would like to comment that we are delighted with the positive response of our subscribers to this service upgrade, and we will continue to seek to exceed their expectations and provide them with high-quality service through the deployment of state-of-the-art communication technologies. Regarding the MEGA 2024 initiative, we continue to execute according to the plan. During the past nine months since we announced the project, we have laid the foundations of our vast infrastructure that will enhance growth for many years. Our primary focus has been on site acquisitions, premises, permits, fiber deployment, and CTCs, and house construction. However, we have already started operations in approximately 10 additional cities, and there are many more to come. It is also relevant to reiterate that in these new markets, we will follow a pricing strategy consistent with our usual approach of offering services that meet the needs of users at affordable rates. We are confident in our superior infrastructure and services to gain market share in these new cities without detriment to our profitability. As we have done in the past, we will seek to win new subscribers as well as to retain our current ones by offering the best balance of pricing, bundling, and service quality. We will also look to identify and seize opportunities to grow as well as to improve our service in making the best use of our flexibility and capacity to adapt in the face of a challenging environment. I would turn the call now over to Raymundo to discuss our operational performance. Raymundo, please go ahead. Thanks, Enrique, and good morning, everyone. Our operational performance for the quarter includes subscriber growth across the mass market, mostly related to successful commercial and sales strategies, as reflected in the high figure of gross adds for the broadband service in the history of the company, coupled with an increase in ARPU, which helped to offset inflationary pressures that are impacting churn rates. Here it is important to underscore that the entry into the new market is not yet fully reflected in our operating results as we are still in the process of deploying and activating the required infrastructure. However, the 428,000 new homes passed is record high. This means that the boost from this expansion project in terms of subscriber and ARPU growth will materialize during the second half of the year. Even in this context, and with a difficult economic environment, the company managed to continue reaching historical revenue figures at very attractive EBITDA margins, proof of the strength and resilience of our business model and the preference of our subscribers. Moving to results, unique subscribers reached 4.2 million at the end of this period, increasing 4.2% versus the second quarter of 2021, which translates into 169,000 net additions. By segment, Internet subscribers grew 7.3% compared to the second quarter of 2021, totaling 3.9 million, resulting in 264,000 net additions. As of quarter end, approximately 40% of our broadband subscribers already receive their service through fiber technology, while following the steep increase carried out in the first quarter, over 50% of our subscriber base has a 40 megabit service or higher, compared to 15% a year ago. Video subscribers reached 3.5 million, growing 2.5% versus the second quarter of 2021, adding 86,000 subscribers. Our Xview Plus platform continued to grow, going from 2.1 million subscribers at the end of the second quarter of 2021 to 2.7 million this period, an increase of 31.4% or 647,000 net additions. It is also worth noting that near 90% of our subscriber base is digital through more than 5 million of set-top boxes. The telephony segment recorded 3.1 million subscribers, growing 11.7% compared to the second quarter of 2021, implying 328,000 net additions. The MVNO service subscribers total 434,000, with 178,000 net additions versus the same quarter last year, maintaining its upward trend. Here it is important to note that we continue to disconnect the lines that are not recording any traffic according to the company's criteria. The company's growth in gross adds was accompanied by increases in churn rates with broadband at 2.7%, video at 2.6%, and telephony at 2.9%. The main factors influencing these connections, as Enrique mentioned, have to do with the economic headwinds affecting overall demand, rate increases, a post-pandemic period where people are starting to go out and spend on other activities, and a more competitive environment in the industry. Megacable. Capex will continue to focus on gaining, retaining, and recovering subscribers on the basis of a robust portfolio of products tailored to the subscriber needs. At the end of the quarter, ARPU was total close to MXN 10.6 million, 6.8% more than the MXN 9.9 million of the second quarter of 2021, driven by subscriber growth in the three mass segment services, also reflected in the ARPU per unique subscriber, which went from MXN 2.46 in the second quarter to MXN 2.53, 3% this reporting period. Consequently, the ARPU per unique subscriber was MXN 427.3, recording a significant growth of 4% compared to the second quarter of 2021. This was mainly due to the focus on the marketing of triple play packages, rate increases in first half 2022, and the contribution of additional services such as the Xview platform. Turning to ARPU by segment, the majority of these services had a positive performance. Broadband increased by 4% compared to the second quarter, video by 2%, MVNO services by 15%, and telephony declined by 2% compared to 2021. Including the mobile services, we reached more than 11 million RGUs on the same basis. ARPU per unique subscriber would have been MXN 439. Now, going to the corporate side, MetroCarrier recorded a remarkable 18% growth when compared to the second quarter of 2021 as a result of new connectivity projects. On the other hand, ho1a faced a difficult comparison due to important projects we had in the second quarter of last year and are now concluded. As Enrique commented, regarding the expansion of the company, we are moving forward with our plans despite a challenging environment. The supply chain management current issues, including shortages and delivery delays, have not been affected significantly. However, we are monitoring the situation closely to identify and correct any situation that may arise. Wrapping up, we will continue to focus our efforts on pushing forward the expansion plan, of which we will commence with commercialization phase on a larger scale in the second half of the year under a pricing and marketing strategy in line with our approach to profitable and sustainable growth. From an operational standpoint, these efforts will be complemented by actions that are geared towards preserving and building our subscriber base, such as the deployment of robust communication and marketing campaigns by offering accessible bundles with great value. With this, I conclude my remarks. Now I would like to hand the call over to Luis, who will shed broader color on the financial results. Thank you, Raymundo. Good morning, and welcome everyone. Consolidated revenue reached MXN 6.7 billion in the second quarter, an increase of 10% derived from the subscriber growth achieved in all business segments during the last 12 months, particularly in Internet and video. The mass segment revenue for the quarter was up 9% year-over-year, totaling MXN 5.5 billion. Revenue for all services increased on an annual basis, with broadband, telephony, and video growing 11%, 9%, and 5% respectively. The corporate segment total revenue was MXN 1.2 billion in the second quarter of 2022, 15% more than the same period last year, driven by a strong quarterly performance in connectivity services. MetroCarrier posted a revenue growth rate of 18% versus the second quarter of 2021, while MCM rose 15%. TCTV climbed 22.5%, while ho1a revenue remained at the same level as in the second quarter of 2021. Cost of services for the quarter stood at 12% year-over-year, reaching MXN 1.8 billion. This was due to the overall growth of the company, including higher bandwidth capacity and the growth of the MVNO businesses. SG&A increased 13% versus the same period last year, totaling MXN 1.7 billion, mainly due to the inflationary pressures and higher wages and electricity costs, coupled with the expansion of the company. Consolidated EBITDA for the second quarter amounted to MXN 3.3 billion, an increase of 8% compared to the same period of 2021, with a 48.8% margin, the highest in the industry. Net income totaled MXN 1 billion in the second quarter of 2022, compared to MXN 1.1 billion in the second quarter of 2021. This is a result of higher depreciation component following the investment that the company has carried out over the last couple of years and an increased tax rate. Moving into the balance sheet. As a result of the combined effect of higher debt and lower cash levels, net debt went from MXN 4 billion in the second quarter 2021 to MXN 7.8 billion in this period. Given the dividend payment carried out during the quarter in the amount of MXN 2.4 billion and the increased deployment of resources to drive our entry into new markets. The net debt to EBITDA ratio stood at 0.62x, and the interest coverage ratio was 13.28x, both remaining at very healthy levels. It is worth noting that proceeds from our first debt issuance are allowing us to strengthen our maturity profile, as a portion of these resources will be used to refinance debt. The local notes are not yet considered in the balance sheet, as they were issued in mid-July, thus after quarter end. We are pleased with the success and great acceptance of this placement among investors as it was oversubscribed, which underscores their confidence and trust in our competitive positioning and our ability to continue growing with financial strength and stability, as reflected in the highest credit ratings assigned by Fitch Ratings and HR Ratings. On the investment front, quarterly Capex amounted to MXN 2.8 billion. This represented approximately 41.9% of the subscribers total revenues, and was mainly allocated to the ongoing business expansion project. On a full year basis, Capex accounts for 38.8% of total revenue. To conclude, the strong financial performance achieved this quarter sets the company on the right track and gives the confidence to move forward in the sound execution of our expansion project. It is important to note that we will maintain a proactive approach to mitigate further impacts of inflationary headwinds on key cost components. With this, I conclude my remarks. Now let me turn back the call to the operator to open the line for Q&A. Thank you. We will now conduct a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in a question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, that's star one at this time. One moment while we poll for our first question. Our first question comes from Marcelo Santos with JP Morgan. Please proceed. Marcelo, your line is live. Our next question comes from Ricardo Alvi with JVM. Please proceed. Hi. Thanks for taking my question. Given the current inflation and supply chain disruptions, could you update us on the cost per home connected and expected return of your expansion plan? Additionally, as the second question, you've been entering some cities like Cancún and Aguascalientes, which already have three major competitors. Could you explain your strategies in these cities where there's more competition? Thanks. Luis, you wanna go with the return? We feel we are still considering that the cost per home connected will remain surrounding $200. The inflation costs are still yet to be impacted in the future lines. We'll be between $200 and $210, $215 per home connected. The return on investment. The return on investment, we still depend on the penetration. With the projections that we have, it will still be between the 15 and 18%. That's right. Ricardo, what we discussed was our expansion plan that we announced third quarter last year, calling for doubling the size of the company by the next five years in that part. That's a big investment that we have, and that aims to cover the majority of the cities in Mexico. We understand that some of the cities have strong competition as we are facing right now in our market. Let me tell you why we do that. We have the highest margin, and we have said this several times, so we are a well-run strict cost-oriented company in that part. We have a great product. Our Xview+ platform with Android TV and OTT devices that are state-of-the-art and has proven to be of a great success for the company. We have the balance sheet to do it, and we believe we can capture a very decent penetration rate of those areas so we can achieve the goal of doubling the company. Regardless of those cities that we describe and Enrique commented in his remarks, we finally just opened those cities, but really at the end of the second quarter. You can see and most of you noticed the increase of homes passed. That's great news for everybody because that will bring a further view that we are working on the expansion plan and materialize. You can see that Aguascalientes and San Luis Potosí, if I can recall, our announce date was San Luis Potosí on June thirtieth and Aguascalientes on July seventh. Really we still don't have those systems with subscribers. We can tell you that we will continue to grow in terms of what Luis is telling you. We expect above 15% return on everything that we invest. We keep a very low Capex over connected homes and EBITDA margins of 48%-50% that we have so far. We don't see a reason why not to be successful in the future to come. The majority the subscribers will come from third and fourth quarter, mostly from fourth quarter of this year. Of course, 2023 will be a materialization of everything that we're talking about. That's pretty much our plan. We call it MEGA 2024 because that's where we're building infrastructure in the next three to three and a half years, so we can double the size in the next five years. It took me longer to answer your question, but the majority of you are wondering about the expansion plan, and we can go any further if you want. I hope I answered your questions on that part, Luis, as well. Was very clear. Thanks to both of you. Just a quick follow-up. Would you be willing to provide any guidance on revenue for the second semester of this year? Thanks. Well, no. We'd rather stay the way we are. We have to tell you about the expansion plans and everything. We don't like because of holding onto certain things at least. I will say that the growth that we're having and we're expecting it will be met. We have discussed that before. As of today, we wouldn't like to give any straight guidance on that one. Understood. Thanks. Our next question comes from Andres Coello with Deutsche Bank. Please proceed. Andres, your line is live. Our next question. Our next question comes from Vitor Tomita with Goldman Sachs. Please proceed. Hello. Good morning, everyone, and thanks for taking our questions. A couple of quick questions from our side. The first one is if you could give us an update, following up on the previous question on how the competitive environment for mass market services has evolved over the quarter in your key regions. A related question or second question would be regarding the higher churn rates seen in mass market services in this quarter. You already mentioned the key drivers, but could you give us a bit more color on this, particularly on whether this higher churn was driven by any particular region or particular client profile or by any particular competitor? On whether we could still see some additional disconnections in the third quarter. Thank you. Well, thanks for the question, Victor. It's an obligated question for us to answer. Let me tell you what happened during the quarter. As I said, we have four factors for the increase in churn and the results of net additions. Those ones were the economic situation, the increasing rates that we had in March at the end of the first quarter. We have had an increasing rate coupled with the economic situation. We have also the post-pandemic effect of our subscribers that they were from home office in the majority to start going out and spending in other things, and of course, competition. Those four issues put pressure on the churn. Let me tell you that there are some regions more affected than other ones, of course, because economic changes in everything. It is related, as we see, to the increasing rates and the economic situation that we have. We were able to offset this because our sales force is increasing. The number of gross adds continued to increase on that part. That will bring us into the future, coming with a much more robust and still a good level of gross adds that will certainly bring expansion to subscribers of what we have. The competition and why I tell you about the economic situation and the increasing rates, because we felt that across the different markets, whether we have or not competition. Even though we have markets where we have izzi and Totalplay, other ones where we have Totalplay, those markets were already there before the second quarter. What we did different was increasing rates, and we felt that economic situation this year that we did not have on the pandemic part of 2022, 2021 and 2020. I don't know if that answered the question. It's very clear. Thank you very much. Thank you for the question. Our next question comes from Alejandro Gallostra with BBVA. Please proceed. Hello, good morning, everyone. I have a question regarding the homes passed. You have passed almost 550,000 new homes during the first half of this year. I would like to know in how many clusters you have passed these new homes, the average size of these clusters and the geographic location and cities of these clusters, the geographic locations where you're seeing these opportunities. It would also be helpful to know what is your target of homes passed for this year. Thank you. Thank you, Alejandro. Yes, as you said, we have around over 500,000 homes passed. We built this year almost the same amount that we built in the full 2021 in the first half of this year. Most of them, the 430,000, came in the second quarter. As we expressed before, all the challenges regarding logistics materials, sites, permits, as Enrique comment, his remarks, are overcome, and finally, we are able to activate those 430,000 at the end of the second quarter. Those cities, it is public. I mean, we announced Aguascalientes, San Luis Potosí, Cancún, Saltillo, Celaya, some cities surrounding the state of Puebla, more kilometers, some kilometers in Ciudad de México, Monterrey, Ciudad Juárez, you wanna name it. I mean, our plan is to go to expand the company, as we say, and double the size. Really when you go geographically, start looking for everything that we don't have right now. That's where we're working. These are the first cities, the 10 cities that Enrique said are these. Really we're working in much more larger amount of cities for this year to build. As the number of compounds that we expect, as I said, we don't like to give any guidance, but let me tell you that we'll be around the 2 million to 2.5 million, pretty much, for this year. Hopefully, we can do better than that. I will tell you that to stay conservative at 2 million, try to look into 2.5, something in between, and hopefully we'll surprise you with more as the ramp up of the construction unit with Megacable continues to be more productive. Thank you. Thank you, Raymundo. Is it fair to assume that you're deploying one cluster in each city or multiple clusters in some of them? What's the average size of these clusters? We're building multiple cities, as we speak, in different size of cities. That's where we see the opportunity according to market competition, size of it. We have from mid to large to macro cities like Mexico City and Monterrey on that part. The customers that we have there, I would like to keep it to myself, Alejandro. It's part of our marketing strategy and where we're targeting. As we said before, we look in the long run to have a 20%-25% penetration of those markets, pretty much. Okay, good. Thank you, Raymundo, for the color on the guidance. No, thank you, Alejandro. Sorry. Sorry to keep some things here, but that's the way it is. Thank you. Okay. Our next question comes from Alejandro Chavelas with Credit Suisse. Please proceed. Hi, good afternoon team. Thanks for taking my question. Just a couple on my side on costs. The first one is a follow-up from a previous question. You mentioned that costs per home connected expectations remain the same. We have seen, for example, fiber costs remain well doubled since 2021. I was wondering how is it that you are keeping the cost per connected home stable? Is it that you bought all the fiber that you need for the 2024 expansion plan in advance? Or how can this be? The second one is also on costs. What should we expect for the second half of the year in terms of cost growth? Because obviously subs new subscribers will take some time to come. That is normal. The cost of activating these networks, how much could that impact on the cost line? Thanks so much. You wanna go, Luis? Yes. Alejandro, thanks for the questions. Let me just point out something that yes, we acquired in advance a lot of materials, but not for the entire MEGA 2024 and as you stated, yes. That's why I said that with inflation, we expect that to reach between $210 and $215 by the end of the project. That is considering the inflation that is already in the new acquisitions that we will do of materials. But again, I want to point out that it's homes connected, and that includes the cost of acquisition of the subscriber, right? For any doubt that it could imply. You want me to go. Alejandro, besides that, what we have found is we understand that there is an increase in the cost and inflation in cost of the materials and everything related to the GPON project. There are other ways we have been efficient on that part that goes to the way that we do the drop in the connected costs. We found a way, I was explaining that before, to have a much more less expensive way to do it in that part. We increase our external plant technicians, so we do it now ourselves with a much more lower cost on that part. We did efficiently our design of the cities where we have and do synergies with what we had before with MetroCarrier. At the end, we are looking into other ways to overcome the expenses that can come from the increase of materials that we have on that part. That's including even CPE device on that part, compared to what we had before, in that part, regardless of the chipsets that they have. Okay. That includes also back, backend, let's say, the licenses that you have. Altogether, there are ways that we can overcome, and that's what we do. We look to every single opportunity that we have so we can correct and adjust to those prices. You can expect to continue to have the investment and the Capex that we announced on that part. Okay. Great. Thanks so much. Perhaps on the operating costs for the second half of the year, what should we expect, considering the activations? Well, as we mentioned since the beginning that we were. Seeing some impact, a slight impact in our margins, but not really a dramatic thing. I'm not sure if your question goes on activating, but you know, activating it's considered as part of the cost of the subscriber and it's just commission, so it goes by every subscriber that we get. No, I meant the cost of lighting up the network in these new cities, not the commissions of the activations. But that- It will be the same. It goes with the Capex and it is part of our Capex. That one is part of the one that we announced. Some of you have asked us about Capex, the 42% Capex that we have in the quarter, and the 39% that we have on a cumulative basis. We discussed here, and we wanted to make it clear, I mean, that's the level of Capex that you have when you have an expansion project like the one that we have. The majority of you recognize that Capex will decrease significantly as we continue to bring and do the expansion in terms of subscriber and expand our EBITDA. That's our goal. I mean, we have a very clear goal. We have the balance sheet to do a great expansion project. That's why we launched the bond in that part. So we can build the homes passed that we promised you to do to have the double size. When this company in the near future has a larger amount on doubling the EBITDA, you will see that Capex that we're investing right now, that might seem high at 42%, it is of no significance because we are very well positioned to be the best company in the future. We will be a national company with double the size, with a really good ratio of Capex over revenue, with no doubt about that. Everything that we're building on fiber, even the HFC and fiber deals that we have in some markets. I've been thinking about the future. We have a very clear roadmap of how we can continue to bring subscribers to the Xview Plus platform. As we said, I don't remember if it was myself or Enrique. 65% of our subscribers are already in the Xview platform. That means entertainment comes on a two-way platform. It comes by way of nonlinear TV and multi-platform with all the apps that they can possibly have. Forty percent already converted to fiber and continue to increase. We went to more than 50% of our subscribers with more than 40 Mbps from 15% last year. What I want to tell you is that we're putting money where we believe in the future to come. We will continue to have and increase our margins, and you can expect pretty much to remain the same, but Capex will decrease over revenue because of the larger amount of EBITDA that will come in the next years and months. That's the view that we have, and that's what we are working. We're very happy that we have those 430,000 homes passed that we have in the second quarter. We expect that amount to increase significantly in the second half. As I said before, if we're gonna get to 2 million, probably over that means we're going to build 1.5 million in the next two quarters or probably 1.7. That's our view, and that's what we're working for. Thank you for all the questions, Alejandro. Thank you. Our next question comes from Andres Coello with Scotiabank. Please proceed. Hello, guys. Good morning. Thank you for taking my question. Well, there was obviously a drop in broadband additions, and I think that there are many theories on why this happened. I think that there is a special concern on Jalisco, and specifically in Guadalajara, given the inundation of the city, you know? I was wondering if you can give us any color on what's happening in the greater state of Jalisco in terms of competitive dynamics, not only in Guadalajara, but also if you are entering new municipalities in Jalisco, for example, your thoughts on Puerto Vallarta and other important cities there. Trying to understand if you are actually losing customers in Guadalajara. That's my first question. My second question is, perhaps if you have any thoughts on Capex for next year, at least, if you can give us what are your preliminary thoughts on how much you are going to invest in 2023. Thank you. Thank you, Andres. We love you. When you wanted to make the first question, I said it's good to have you here as well. Let me be straight. Compared to last year, we have not lost subscribers in the Guadalajara area. We don't have any kind of different results that we have in the rest of the country. It is very part. We protect, we migrate Guadalajara to fiber. We do have fiber, and we have Xview platform, which is very competitive, and it's really well accepted by our subscribers. Related to the rest of Jalisco, we control and we have presence in many towns of Jalisco. You asked particularly Puerto Vallarta. As I said, our expansion plan will cover the majority of the large and macro cities in Mexico, and of course, Puerto Vallarta is one of them. It's not one of the 10 that we announced, but I can tell you we're working that. It's one of the ones that we're working, as well as many other cities that we are at the same time. Let's not focus only Puerto Vallarta and straight if it's related to Guadalajara. I can tell you we have not lost compared to last year on that part. Mainly because we have a good control, a good operation, and we have the migration of subscribers to fiber on that part. The second question was related to Capex for next year. If I can recall the Yes, correct. The view on the Capex for 2023. We have not given any type of guidance for the future. As you recall, we established that for the project, we were going to keep the Capex as a percentage of revenue around the mid-30s% during the period of the expansion. That continues to be. We have made no change in that projection already. You can expect the same because the expansion will come in 2021-2023. Really for us, nothing changed. What is gonna change is that finally we're going to have kilometers activated for expansion. Even though it takes longer, it is faster to build than to bring the subscribers, of course. We're working on that one. We will dedicate the next 18 months for you to see that we're improving in those cities that we're activated as we are speaking. The majority of those kilometers will come at the end of third quarter and fourth quarter of this year, and of course, 2023. Yes, sir. You can expect the same amount of Capex for the next year as well. Understood. If I understand correctly, you are guiding or, you know, more or less mid-thirties Capex to sales for next year. Correct? It's mid-thirties. Yes. Mid-30s. Mid-30s is okay. One final question, if I may. Of course, we saw this record number of new homes passed in the second quarter, and I'm wondering if something changes structurally that is allowing you to build so many new homes per quarter. In other words, if you actually increase your capacity, your ability to build more homes structurally, or if the second quarter was just some sort of timing of prior build-out and which allowed in the second quarter to grow as much. If this is kind of a new structural recurring growth for homes passed, and if this is what you're expecting, so many new homes expected for coming quarters. No, this is a consequence, Andres, of a regular build-out. When you build up a high-traffic building, the first thing that you see on the foundation, you don't see anything. Then you see the first floor, the second, the third, and the fourth in two weeks, and you say, "Wow, they already have 50% of the buildings in one week." It's not like that. I mean, we started working since we announced the project last year, the third quarter. That means bringing the materials, bringing the permits, bringing the hubs, the sites, the operational, the base for operations and employees on those cities. We finally were able to bring those 430,000 homes passed at the second half of this quarter, this past quarter. What you can expect is that machine continues to work and improve in the quarters to come. That's normal part. The amount of homes passed should increase in third quarter and fourth quarter, according to what I said before. That's our plan. It is online right now. I don't see why we could not meet that goal, and that's what you should expect in the quarters to come and, of course, 2023 as well. Very clear. Thank you very much. It's an engine that is escalating the sites, and you will see that in the future. Okay. Our next question comes from Marcelo Santos with JP Morgan. Please proceed. Hi. Good morning. Sorry for earlier, I got disconnected. Thanks for taking my question again. I wanted to ask about the comments you made on your prepared remarks. You said you were all positioned to reach the annual growth targets in terms of subscribers, revenues, and EBITDA. Could you discuss a bit, give some color on what those targets are? That would be the first question. The second question is regarding the mobile strategy. You have been adding flat no subscribers or almost no subscribers in the last couple of quarters. Do you plan to stick with Altán? Do you have other plans that you could execute in mobile? Thank you. Sure, Marcelo. Thank you very much for the question. Yes, we're happy with the results of revenue and EBITDA. That 10% revenue growth that we have, the 8% EBITDA for a company like us in these economic conditions is remarkable. At least we think that on that part. That one comes from some efforts on our part that affect subscribers. That's what we described. Probably you were disconnected from that. Let me tell you our view of what happened on that part. We increased rates. We need to increase rates to cope with inflation. Every time that we have an increase in rate, coupled with the economic situation, with the post-pandemic effects and the competition in some of the markets and all the markets, mostly on that part, it does affect the churn. We did not have an increase in the subscribers significant, in the subscriber base, because we have an increase in churn due to the increase in rates and the economic situation. The good thing is that, as you can say, the growth rates did increase because we increased our capacity of selling in new and existing market, both on that part. What can you expect in the future? We hope the churn will decrease slightly on that part, and we couple that with decreasing growth rates, and that will bring the remaining expansion plan and subscriber growth in the future coming from the growth side. As I said, great margins with dividend and good revenue. That's why we're happy about the results. The message of the subscriber was on March increase rates. We have a tough April and May, and we have a great June. If you look at that trend, it looks okay to me. That's what I can tell you without going any further on that. Now, the mobile strategy, as you said, as you know, because we went on the last quarter. We took and write off some numbers of subscribers because of the prepaid approach that they have. We don't like the prepaid. We are a postpaid company. We like subscriptions on that part. We're rethinking our strategy of prepaid. That's why we slow down the increase of additions. We're strongly on the postpaid, and you can expect on that strategy to continue to be with Altán in some markets. We are adding AT&T. We haven't been able to launch AT&T. AT&T will bring to us more cities that Altán doesn't have and more CPEs of cellular phones that we cannot connect because they are not compatible with 28 frequency that Altán has. We're still going for the MVNO. We haven't. On the other side, we are launching that strongly with AT&T on the contract that we have, and we expect to recover the growth that we have in the past for third quarter and fourth quarter as well. Those will be my answers, Marcelo. Thank you for the questions. Well, thank you very much. Thank you. At this time, we will continue to ask for our web questions. Please proceed. Thank you. We have the first one from Compass Group. How can you maintain margins high in a market with more than three players? Because we're adding RGUs. We have a great Xview+ project that bring us an increasing ARPU when everybody is recalling or decreasing. We're bringing more ARPU and increasing revenue than we have in subscribers and keeping the rates of the subscribers. We're increasing the speed of our subscribers, and also because our ARPU is low. We have a low ARPU because we have a high penetration, and we continue to be aggressive to look for subscribers. But we will always look to have increasing rates in the market that is allowed. Also, we did migrate and invest everything to some cities to fiber and fiber deep with the HFC, splitting the nodes, and migrating to the Xview platform and higher speed. All together, that's how we are able to do that. If you see the number of RGUs per unique subscriber continue to increase. All together will continue to give us a good. On the other hand, management will. We have always been tied to look for a reduction in cost as much as we can. We continue to invest not only in the last mile, but we continue to invest in the long haul. We are one of the largest infrastructure companies in terms of fiber. We're building everything to the border with the U.S. Better caching or caches, caching, better CDN, better infrastructure close to our subscribers. We decrease. If you can see our margin of broadband continue to increase because where we put that Capex for broadband, we also put it for the cost of long haul, and bringing IT services to our subscribers. It's a mix of everything. We try to put better sales channels with a lower commission cost that you'll see door-to-door sales that we have. All together, that's what we do. We have a good cost structure. That's why we have the largest margin in the industry. We have had that for a long period of time. Even though we have pandemic and not pandemic and now economic situation, we still keep the 49% margin. That's how. Next one. Okay, the next one. Regarding the $200 costs per home connected, is that a subscriber or a homes passed? Just clarify again that cost was for home connected. Subscriber. Homes connected, it means a subscriber. Subscriber. Subscriber. Okay. The next one comes from JP Morgan. Can you remind us of your 2022 goals, maybe ARPU, revenue growth, so we can understand how to keep track of your progress for this year? Is it fair to assume a similar number of homes passed the following quarters? I believe we have answered this already to Marcelo. Yes. Okay. The next one is how many months or quarters is the lag between passing new homes and getting to your target penetration levels in new markets? Well, we expressed since the beginning that there was a maturity for every segment that is activated. Every new kilometer that is activated has a maturity period. Of course, we get subscribers since the beginning, but we expect a new territory to mature within the following 24 months. Okay. The next one from CKO Advisor. Are there any early signs of customer receptivity in the cities that they have just entered in late June to early July? Are customers responding as expected? It is too early to say, and we cannot do any comments on July, but I'm pretty sure they will be positive. Okay. The next one from Patrick Brennan. Megacable stock looks nearly incomprehensibly undervalued on nearly any conceivable valuation metric, especially considering your growth plans with the fiber rollout and the continued growth in your existing footprint. In the past, you have said that you were not interested in share repurchases, noting stock liquidity concerns and/or some aversion to even modest levels of leverage used by cable companies around the world, including those in emerging markets. As the share repurchase will appear to be widely accretive to long-term value creation at current prices, has there been any change in your thinking on this type of capital allocation? Not really. As of today, we continue to put all our efforts into the expansion. We continue to think what's best for shareholders, that's for sure. Right now, what we believe is the best is to double the size of the company. We can deliver that, and that's where we're focused on. We also update our figures regarding the stock purchase, repurchase, and we communicate that to the board and just to keep it present. We have our next board meeting by late August, and we will have an update on that by that time. We have another one from Citi. For MC 2024, what is the cost per home passed? It's what we- We- What we- No, we don't disclose the cost per homes passed. We have kept that. You can make your own numbers, but we keep that for us. Okay. That's the last one. We have no more questions. I'll turn it over to Mr. Yamuni for final remarks. Okay. Hello? Yeah, we're listening. Okay. Final remarks. As always, it was a pleasure to discuss our results with you. Please contact our investor relation department if you have any questions or concerns regarding the company. Have a wonderful day and expect, as always, better and improving results from Megacable as always for the next quarter. Thank you very much and have a nice week, rest of the week. Bye-bye. Thank you everyone for the questions. This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation and have a great day. Thank you very much.