Good morning, welcome to Megacable's Fourth Quarter 2022 Earnings Conference call. With us this morning from Megacable, we have Mr. Enrique Yamuni, CEO, Mr. Raymundo Fernandez, 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, please go ahead. Thank you very much, good morning, everyone. Thank you for joining us today. I hope you had a wonderful start of the year. At the end of this quarter, the challenging economic conditions we saw throughout the entire year prevailed as we reached the end of 2022 with the highest inflationary rates in the last two decades. Leading to the continued ramp up in the reference interest rate by Banxico while the GDP growth for 2022 was lower than in previous years, framing the economic deceleration. In this challenging context, we closed 2022 with a robust operating performance that drove revenues back to a double-digit growth path. This reflects the momentum gained from the firm execution of our strategy to penetrate new markets and pick up on important growth projects, especially in the corporate segment, which posted its highest quarterly revenue figure in the last seven years. The net adds figure for this quarter grew sequentially and year-to-year, confirming the growth trends observed in the third quarter, driven mainly by our entry into more than 30 new markets by the end of the year 2022. As a result, we recorded the best quarterly net adds figure of unique subscribers and total ARPU in the last nine periods. The quality of service we provide focused on customer service that has helped us to maintain the preference of our subscribers, as reflected in the lower churn rate, coupled with reliable connectivity solutions and the best video platforms in the market. That regard, we remain satisfied with the acceptance of the Xview platform among our subscribers. We continue to work diligently to increase the quality and content value and to generate further customer growth at the back of an attractive value proposition. Regarding our financials, in this period we registered a record high revenue figure for the ninth consecutive quarter, reflecting the solid growth trend the company is following, supported not only by the expansion project, but also by organic growth within the existing footprint. The corporate segment continues to perform, and the revenue for the period represented the best quarterly figure for this segment ever. Highlighting the outstanding performance of ho1a, we are confident that this positive trend will continue amid the company's geographic expansion. In light of these results, the company maintains a very healthy financial position with very low leverage, which gives us the capacity, if we need, to increase our debt to support and accelerate the company's future plans. It is important to mention the CapEx figure, excluding the special projects that we are carrying out, remains at levels close to 20%. This means that even with the current temporary deterioration of margins, the outlook that we have for the following years is very optimistic, given that once we have double the size, the company will have a higher and sustainable cash generation. Moving to our current pro-projects, the outcome obtained so far from our expansion project, particularly in terms of infrastructure, is within our expectations. The growth achieved during the quarter in terms of homes passed and kilometers activated will be a milestone for the next two years as we prepare to reach more than 30 additional cities for a sum of more than 65. Considering the aforementioned, we will continue to move forward as planned, investing in our infrastructure intelligently and practicing a financial discipline with a long-term vision to lay out for the company's long-term profitable growth. These investments include our expansion to new territories, the consolidation of GPON evolution project, and the migration of the remaining HFC territories. In this regard, we are confident that upgrading our network to the latest technology will benefit our business as the demand and connectivity requirements of Mexican homes and businesses continues to grow. Regarding the M&A offer that the board of directors received last November. For the moment, we can tell you that nevertheless, the company is not for sale. The company's board will always remain open to receive and analyze any business proposal. Our main interest is to maximize value creation for all our stake-stockholders. All the decisions are made with the same principle. Nothing comes before what we believe is right for all of us who participate in some way in this company. To conclude, this quarter's results demonstrate that the strategy we have adopted is the right one for the long term, which becomes more meaningful when looking at the persistently challenging environment. We are determined to become a nationwide company, expanding our presence to other markets and growing our infrastructure, our financial profile, and our employee base. In this sense, we recognize and appreciate the hard work put in to achieve another successful year for our company. I will 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 continues to enclose the growth trend we have observed in recent periods, both in the organic territories and in the new cities in which we have started to operate. The economic context remains difficult. The company has leveraged its growth on its capacity for innovation and its ability to adapt its services to current market conditions. This includes bandwidth increases to our subscribers and a very aggressive market penetration strategy, which, coupled with rate adjustments, will result in a higher ARPU and therefore better profitability in the future to come. From the consumer side, we have seen great acceptance and demand for our service packages in all our territories, as reflected in a decreasing churn rate despite more aggressive competitive dynamics and inflationary pressures, which we have addressed with measured pricing and efficient bonding strategies. It is also worth highlighting the performance of the corporate segment, especially ho1a, whose result for the quarter in line with the reactivation of the public and enterprise segment, provided boost for this segment to contribute with a little over 20% of the consolidated revenue for the period. Moving into results. Unique subscribers reached almost 4.4 million at the end of this period, increasing 6% versus the fourth quarter of 2021, translating into 245,000 net additions, of which 124,000 correspond for this period, which represents that 50% of the annual growth was achieved in this past quarter. By segment, Internet subscribers increased 8% compared to the fourth quarter of last year, totaling more than 4.1 million, resulting in 304,000 net additions. In this period, 125,000 new subscribers were registered, the highest figure in the last nine quarters or 3% growth. In a competitive environment, the constant evolution of our network, including the rollout of new territories, together with the consolidation of the GPON evolution project and the migration of other territories, continues to support our company's transformation and ensure our capacity to deliver the bandwidth the market requires. At quarter end, half of our subscribers received their service through fiber technology. In addition, the investments we have made allow us to increase the speeds we provide to our subscribers, and now 54% of the base has a service of 50 mbps or higher, compared to only 18% a year ago. Video subscriber reached almost 3.7 million, growing 4% versus the fourth quarter of 2021, adding 136,000 subscribers. In the sequential comparison, it had a growth of 2% or 83,000 net additions. Our Xview platform continued to grow, going from 2.4 million set-top boxes at the end of 2021 to more than 3.5 million this period, an increase of 46% or 1.1 million net additions. Our interest remains in increasing the content available in our platform. We're working closely with the content providers in order to maintain Xview Plus in the preference of the market on the base of the best content with a friendly interface and superior integration capabilities. The telephony segment record 3.4 million subscribers, growing 12% when compared to the same quarter of 2021, implying 373,000 net additions. At the end of the quarter, RGUs totaled more than 11.2 million, 8% more than 10.4 million of the 4th quarter of 2021, driven by the strong subscriber growth mostly coming from our expansion project, which is also reflected in the RGUs per unique subscriber that went 2.51 in the 4th quarter, 2021 to 2.55 this reporting period. The MVNO service active lines totaled 357,000, decreasing versus the same quarter last year due to the implementation of a customer base cleanup strategy, which we have now concluded, expecting to build a more profitable and active base of subscribers who contribute positively to a healthy ARPU growth. At quarter end, most of our subscriber base is comprised of postpaid services with one of the highest ARPU in the industry. The accelerated subscriber growth was supported by lower churn rates on an annual and sequential basis. With broadband at 1.7%, video at 1.8%, and telephony at 1.9%. A clear sign that our subscribers continue to see the value of our offering. The ARPU per unique subscriber was MXN 419.5 pesos, an increase against the previous quarter, which is quite meaningful if we consider the promotional rates, meaning that new subscribers are not yet fully contributing to revenue. Greater growth is expected in the coming periods after the expected penetration is achieved in the new territories. Turning to ARPU by segment, broadband and fixed telephony remained practically unchanged when compared to the third quarter 2022, while video grew by 2% and mobile services increased by 20%, reflecting the optimization of the client base. On the corporate side, the corporate telecom segment recorded one of its best results ever, highlighting the performance of ho1a, which grew 1.2 times or 124% compared to the same period of last year. Mainly due to the pickup of several important projects in the public market, coupled with a strong increase in the corporate market when compared to fourth quarter 2021. MetroCarrier and MCM also presented solid results, increasing its revenues by 20% and 14% respectively on the same comparison. The results from the expansion project are now more visible. As of year-end, we were able to enter to 30 new markets by means of nearly 9,500 additional network kilometers, which represented nearly 2 million home pass. That means increases of 14% and 21% respectively when compared to the end of 2021. We are certain that this infrastructure will be reflecting the subscriber growth for the next periods. Wrapping up, in light of the current momentum of our expansion plan and important projects to improve our network, we are confident to further grow in the mass and corporate max markets while bringing connectivity and video solutions, and with higher value to our customer base. With this, I conclude my remarks. 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. First of all, it is important to clarify that all the competitive figures related to 2021 used in our report correspond to the 2021 audited financial statements which were published on May 3, 2022, and could differ from the numbers reported in the quarterly report a year ago. Now, moving into results, our consolidated revenue reached MXN 7.2 billion in the fourth quarter, an 11% growth compared to the same period of last year. For the full year 2022, consolidated revenue was in the boundaries of MXN 27.2 billion, 10% more than the figure recorded in 2021. The Mass segment revenue for the quarter was up 5% year-over-year, totaling MXN 5.6 billion pesos revenue for broadband, video, and mobile services increased on an annual basis by 8%, 3%, and 60% respectively, mainly derived from the stronger subscriber base growth. Meanwhile, fixed telephony revenue contracted 5% following its declining importance as a traditional form of communication, with more customers relying on internet solutions. Mass segment revenue for the full year reached nearly MXN 22 billion pesos, an increase of 8% versus 2021, maintaining a solid growth trend. The revenue of the corporate segment reached almost MXN 1.6 billion pesos in the fourth quarter of 2022, 37% more than the same period last year. Also marking the highest figure recorded in the last seven years. This was mainly the result of ho1a's outstanding performance, recording at 124% year-over-year growth, benefiting from the success found in projects for the public and enterprise sectors in the same line. MCM rose 14%, being its third quarter grow, growing at double digits. MetroCarrier fostered a revenue growth rate of 20% versus the fourth quarter of 2022. Lastly, PCTV climbed 20%. This achievement also follows the contribution of the ongoing expansion plan, as ho1a and MetroCarrier have also increased their footprint into new territories. For the full year 2022, corporate segment revenue amounted to almost MXN 5.2 billion, up 23% compared to the MXN 4.2 billion recorded in 2021. It is worth mentioning that the revenue mix changed to 78% of contribution coming from the Mass segment and 22% from the corporate segment, compared to 17% a year ago. The cost of services rose 21% year-over-year, reaching MXN 2.1 billion. These variations were primarily due to the cost related to the revenue growth in ho1a, as it comes with a lower margin contribution, as well as the growth achieved in the mobile services business unit. The aforementioned, coupled with the costs related to the overall expansion of the company into new territories, which also contributed to a 16% growth in SG&A when compared to the same period of last year. For the full year 2022, both cost of services and SG&A were up 15% year-over-year. Consolidated EBITDA for the fourth quarter amounted MXN 3.1 billion, an increase of 2% compared to the same period of 2021, with an EBITDA margin of 43.4% for the full year. Sorry. Consolidated EBITDA grew 6%, reaching MXN 12.8 billion, implying a margin of 47%. In the last quarter of the year, the EBITDA of cable operations reached close to MXN 3 billion with a margin of 46.9%, while on a yearly basis, it reached MXN 12.1 billion with a margin of 49.1%. As we have mentioned before, as a result of our expansion plans and as included in the projections, we expected our margins to be pressured during a number of quarters and then recover when the new territories mature, which is consistent with current results. Net income totaled MXN 582 million in the fourth quarter of 2022, 72% higher than the audited figure recorded in the same period last year. On a sequential basis, the decrease is mainly due to a one-time tax payment pertaining to several years ago, in addition to a higher depreciation effect related to the heavy investments made over the last three years, and an increase in the interest expense as a result of a higher leverage. For the full year, net income was nearly MXN 3.7 billion, up 3% against the audited figure for 2021. It is important to clarify that the net income audited figure for the fourth quarter of 2021 and full year 2021 differs from the figures presented in the quarterly report, mainly due to the recognition of the impairment in advance investments. Moving into the balance sheet. As of December 31, 2022, net debt was MXN 12.8 billion compared to the MXN 10.3 billion recorded a quarter ago, the MXN 4.5 billion recorded a year ago. The increase is largely explained by the issuance of long-term local notes for MXN 7 billion in July 2022, an additional debt in the amount of MXN 3.1 billion that was acquired during this quarter. Both of them are mainly aimed at accelerating the expansion of the company into new territories and therefore to contributing with additional revenues and profits. The net debt to EBITDA ratio stood at 1.01 times, while the interest coverage ratio was 8.21 times, remaining at very healthy levels when compared to other players in the industry. Regarding CapEx, MXN 3.9 billion were recorded this quarter for a total of MXN 11.8 billion during 2022, which represented 43.6% of the revenues for the period. We continue to invest in our expansion and network modernization, as seen in the home spots and newly added kilometers of network. With this, I conclude my remarks. Now let me turn back the call to the operator to open the line for question and answers. Operator? Thank you. The floor is now open for questions. If you would like to ask a question, please press star one on your telephone keypad at this time. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, that is star one to register questions at this time. The first question is coming from Fred Mendes of Bank of America. Please go ahead. Hello, good afternoon, everyone, and thanks for the good morning, Mexico, right? Thanks for the call. I have two questions here. I mean, the first one, when you look at the number of connections, right, above 50 MB, you went much higher today, right? More than 50% against 18%, 2021. When you look at the ARPU, is that best flat, right? If not, with some pressure. Given this higher fiber, don't you see any room for price increase, especially looking forward? This will be my first one. The second one is the level of leverage remains comfortable, as you mentioned in the call, and I agree at one time. It is growing at a fast pace, right? Because you're burning MXN 2.5 billion per quarter. At which level, you'd still feel comfortable with this leverage, going up? Thank you very much. Sure, Fred. Thank you for the questions. The ARPU remain flat, as I said, because we have a very aggressive promotional campaigns. It's remarkable that we remain at that part. Normally, when you have a ramp up of that's when you have a mix of new subscribers with existing subscribers. We expect going into the future something slightly above of what we have is gonna be increasing. We will remain with pressure on promotions all the time that we will continue to grow over 2023 in that part. Expect ARPU to increase slightly on that part. Expect also growth in subscribers coming from new territories at the end. We have also looking into price increases on that part at the end of last year. We did a price increase in the company, so that's gonna help us in terms of the ARPU that we have. We will look during the year to see special markets where we have room to adapt for those rates. At the end, as I said, slightly above of what we have right now. Luis, you wanna discuss about the leverage? Sure. Fred, as you said, we feel comfortable on the current leverage ratio. We think that we will still be burning cash, increasing this ratio. We will be comfortable in around 1.5-1.7. We still think that it's a very reasonable position. Perfect. Very clear. Thank you, Ramon. Thank you, Luis. Thank you. You're welcome. Thank you. The next question is coming from Marcelo Santos of JP Morgan. Please go ahead. Good morning. Thank you for taking my questions. The first question is if you could provide some view of margin outlook for 2023. How should this behave? The second, sorry to bring back the potential proposal from Televisa. Is there any negotiation going on? What's the current status of this potential transaction? Thank you. Sure, Marcelo. Talking about the customers, well, we expect to grow with the expansion project. We're not giving a guideline for that, but we still expect to invest to continue to grow kilometers. We're gonna put around 2.5 million home pass for 2023. Investing, as we said, we feel comfortable that we can have a 1.5-1.7 net debt ratio over that part. That's gonna take money and CapEx for us. It's going to be pressure on margins, which is for us, and the message we want to provide is normal on a growing company like the one that we have. We did a very good fourth quarter in terms of activating. Unfortunately, it was very, very late into the year. As you might imagine, we opened 30 cities. We built in all of them. We have the infrastructure, and we create 2 million more home passes over the year. We need to capitalize that. It's going to be as every company, we need to start growing market penetration. That doesn't go as much more faster to build than to increase subscribers, but we're having great results. You can expect that we're gonna have, of course, a double digit growth, pretty much in every of our financials, measures for 2023. I don't know if, Enrique, you wanna address? It's very simple, the one. Well, the other one. No, the other one is about the Televisa proposal. We already did a press release about that. I do not think that there has been any more conversations with them. We are focused, the administration of the company is focused in our alternative plan, which is growth and investment. Do a lot of infrastructure, double the size of the company. We've been successful in that. The plan is going accordingly to what we have planned. We are accomplishing our goals over time. That's all we have to add about that. We, I mean... I did some comments in my speech today, that's all we have to say today. Thank you very much. Perfect. Thank you. Thank you. The next question is coming from Ricardo Ovidio of GBM. Please go ahead. Hi, Enrique, Raymundo, Luis. Thanks for taking my questions. The first one would be an update on your network expansion plan. In the first couple of months of this year, have you seen an accelerated pace of additions? Secondly, for the full year of 2023, do you see your CapEx to sales in the 40% ballpark? Thanks. Sure, Ricardo. Thank you for the questions. Yes, we continue, as Enrique just said, and Luis also, we continue with our expansion plan, which would be building between 2 to 2.5. Our goal is to build 2.5 million home pass. We have the goals and the management of the company is only focused in doubling the size of Megacable, and that requires investment and CapEx. The CapEx will remain around the 40%, low 40% over revenue, as you will say. We have a very healthy, we consider CapEx over revenue in the organic part, and the pressure on the CapEx is of course because of the expansion project. You will have around 15,000 more kilometers and 2.5 million more home pass that for sure is in line with what Enrique, Luis, and everybody were mentioning. We have a very healthy balance. It does allow us to get there. Getting to 1.5 is a very manageable level of financial debt for the company and will put us in a great position for 2024 and 2025, if I may add on that part. Let me tell you that the company is not only looking into the expansion project on that. Our CapEx over revenue for 2023 years on, it does include, of course, the evolution of the existing network. Our existing network, as I remarked, is already 50% of the network is GPON, is fiber to the home. We will end 2023 with around 72% of the network in fiber. The rest is being operated to 250, in some areas to 125 home pass per node, which give us great capacity in the small towns. We're building this company to be very, very robust for the years to come with a much more better financial position also in 2025 and 2026. Our plan is going according to what we projected and present to you in the past quarters, Ricardo. Yes. Thank you. The full CapEx for the year, we expect that to remain around 40% of revenues, yes. Mm-hmm. Thanks, Raymundo. Luis, would you say that the net additions numbers have been growing in these 2 first months of the year? May I say? Yes. We shouldn't be touched. Well, well, well, Carlo, please. That's a tricky question. We are doing okay. Let's say it that way. Okay. gracias, Raymundo. Thank you, Ricardo. Thank you. The next question is coming from Andres Coello of Scotiabank. Please go ahead. Yes, thank you for taking my question. I was looking at some of the new cities that you launched last year. For example, if you look at Mexico City, you guys cover the north of the city, right? Where probably you have a little bit less competition or you don't have as much fiber to the home as in other areas. If I look at Tijuana, if I look at Cancun, if I look at Aguascalientes, you guys are covering exactly the same neighborhoods as Total Play, as izzi, even as the Telmex fiber. I'm wondering, if I mean you can perhaps give us an update on these new cities. If you are first launching, say, in the city center and then you're moving to the outskirts of the city. If you can just give us a little bit of color in terms of the overlap with Total Play and izzi and Telmex. Thank you. Sure, Andres. We look for the areas where we believe we have the much more potential, according to our market studies on the part. Looking at competition, what kind of network do they have and how they manage. Please don't forget that we already have 3.7 million of boxes already with Xview Plus. We're very confident and we are, compared to other ones who are growing video, we believe that video, the way that we have the Xview Plus, makes a very robust offer, with the Android TV platform that we have and integrate all the apps. When we get to those markets with the app or the prices that we have, we're bringing subscribers from both, from izzi and Total Play. I don't wanna say one or the other ones. What we have in some areas is only izzi, in some areas are both, in some areas it's Telmex and izzi. Telmex is also have fiber in some areas. We're doing okay, we're growing. Our main constraint and restraint is we need to execute, as I continue to say. We have, and we build, and we prove to build those 950,000 home pass in the fourth quarter. Now we need to prove and go for those homes. It's a great offer. If you look at at our user interface and the Xview Plus, Andres, I'm pretty sure you will move yourself from another company and come and get our service, which I hope you can have and tell us it's better. Right. Just let me push back a little on this. If I recall, originally your strategy was to deploy fiber in these new cities, but in areas where, you know, Total Play wasn't there or Telmex wasn't there, and then you will take advantage of that opportunity. For example, if you look at Tijuana, like it's a huge city, right? You are covering, I mean, your footprint overlaps entirely with Total Play. My question is, if the new strategy or the expansion strategy can now be also to cover the same areas as the other guys, as opposed to areas where the other guys were not present. I just wanna see if there was a kind of a change in direction. No, there is no change in direction. It's a matter of time to deploy and to grow. We want to double the size. We always say that we're gonna reach certain penetration where we feel comfortable. We are very well into that, into that goal. We are also when we enter new cities, we build 30 cities. We didn't build the whole city, build those areas to a certain extent. We might not build 100%, but we are gonna be very close. We did not invest in hubs and metro rings and the expansion of MetroCarrier and ho1a and the massive market just to build 30% of the city. Of course, we're going to build a huge amount of percentage of those. Sorry to say, we're gonna have some overlap, but we're gonna have a good penetration for the result that we have. Let me tell you, we're doing really good in Tijuana. In Tijuana, we had to stop our sales force because we had so many sales that our backlog in installations was becoming too long. We decided to stop sales and send crews to accelerate the installations. That big was the success when we launched. I mean, what we've seen so far from new cities, it's in line in what we expected and projected. That's why we did not modify our expansion plans because it's going according to what we expected and what we planned. Also, Andres, we have 11.5 million home pass. We're gonna continue to grow. When we say we will double the amount, that's gonna take us to 18, 17 million home pass in the years to come. We need to do that, and we're gonna do that. The cities where we built, we have had a great result on that one. We're not gonna stop that fast. I believe, and we believe we execute right. Like Enrique is saying, the problem now is to get enough crews and sales force and everything to take the advantage of our great and the network that we have. Just in this fourth quarter, I believe we did really well. We should be the highest growth for the quarter of all the industry here in Mexico. We expect to have a very good 2023 and 2024. It's not going to be an explosion in 1 month because it's a physical job we need to do city by city. It's going to be there. Very clear. Thank you very much. Thank you. The next question is coming from Phani Kumar Kanumuri of HSBC. Please go ahead. Thanks for taking my question. You said that your EBITDA margin should recover going in time. What is the timeline that you're looking at where you think the EBITDA margin would be back to the 2021, 2020 levels? That's my first question. Second question is regarding the interest rate. This quarter, it seems that your interest is pretty high, and you attributed that to retrospective taxes. Can you just elaborate on what was the taxes there? Thank you. Sure. As we mentioned in the projections until the new territories mature, we expect the margins to be depressed. For new territories, we expect around 24 months to really get to a mature state. The last territory that we build in 2025 or 2024 will need two years to mature. The first that we build in 2021 or 2022 will be ready by 2024. It is a mix. After all is said and done, that would be maybe the second half of 2025, we will go back to almost normal margins, but don't expect to get to 50% again. And in addition to what Luis is telling you, Freddy, our cable operations remain at 47%. It did decline, you know, but it's at 47. The pressure that we have also over this fourth quarter was because of the extraordinary results of the corporate segment coupled with the growth of the mobile revenue, but mostly was because of the corporate segment in that part. We are still at 47. It's below what we have, but with pressure. How much we're gonna decrease, I don't think it's gonna be too much, you know. It's going to be pressure in the 2023 and 2024, of course, but it's going to be around those areas pretty much 1 point, maybe 2 below that, not more. Interest. Oh, thank you. regarding interest- Yeah, yeah. The interest was, basically, affected also by a tax payment from previous years that included also a financial piece for that because it was a really old thing. It is not the normal level. It's not the normal level. ... interest. Don't expect that to continue to be in the future coming on the. Absolutely on that part. Thank you. Very clear. Thank you. The next question is coming from Pablo Ricalde Martinez of Itaú BBA. Please go ahead. How are you doing? Good morning. Thanks for taking the question. If I may follow up on the question about the traffic. Carlos, can you speak a little bit louder? We can barely hear you. One more question. Is that better? That's better. Way better. Now is the Carlos we know. Okay, thank you so much. My question is about the CapEx to follow up from the Carlos question. I guess, you had mentioned, Raymundo, previously that you were budgeting $2 billion for the 2021 of the 2024 period. Are you still looking at the same figure or has this gone up in any way? The second one is if you can disclose the non-recurring amount of tax payments that you mentioned in the press release, and also just for housekeeping purposes, why was that booked as an interest expense and not a tax payment? Thank you. Sure. We announced, and we say that the company was going to invest $2 billion over a certain period. What we're moving is bringing some of that investment into the future. We're accelerating some of the parts. That's why you see the level of CapEx that we have in 2022, 2023. You can expect that the level will remain. We're not gonna exceed those $2 billion that we save for that period. Okay. What Carlos, what I can share with you is the impact on financials. The financial piece that is in results for this tax payment was around MXN 370 million. That's right. I'm sorry, can you repeat that number, please? MXN 370 million. Thank you. 370. Carlos, I believe going tell you a little bit more about the CapEx. Years changes in terms of the projects, I believe that the more important way to look at Megacable is how is Megacable going to be looked and perceived in 2025 and 2026, when we increase significantly our revenue and EBITDA, and we will lower the percentage of CapEx over revenue to a very healthy levels once we finish all the projects that we have, including the expansion. Everything we're doing in the network is for the future to come. It's future proof. All the Fiber Deep strategy that we have and building to get to that 72% and increase fiber in the future to come will not require more CapEx in external plans for quite a while. The cities that we're building, they do include our massive expansion as well as MetroCarrier and MCM expansion if needed with enough fiber to do that. It looks really well that you think about a much more healthier and lower CapEx over revenue in the years to come. Right. I mean, I see that. I know it's difficult because obviously the CapEx is not equally distributed between these years. Just to double-check, you are still looking at the same overall figure of $2 billion for the expansion project or for the whole CapEx, I mean, of the company for 2021 all the way through 2024? Carlos, we're accelerating and we might be a little bit higher than that between 2021 and 2024, if you want to be exact on the years on that part. We can be slightly above that because of the acceleration and the speed of CapEx and penetration that we are having. Thank you. anything that will put more of what Luis and myself told you about the net debt ratio and the goals of US dollar and the size note, we might spend a little bit more of that before the end of 2024. It might be a little bit above that. Thank you. I appreciate the answer. Well, thank you. Thank you. The next question is coming from Patrick Brennan of Brennan Asset Management. Please go ahead. I had two questions. One on just the theme on the new territory and the penetrations you're getting and, you know, potentially going into areas that already have fiber. Can you talk about, I guess, you know, a couple of items. Do you assume for the penetrations that you've discussed in the past, are you assuming different penetration levels when you enter the, you know, parts of the city that have fiber versus those that do not? Do you have different penetration assumptions when you go up against HFC, when that is presumably the HFC that remains that is upgraded to DOCSIS 3.1? Is there a difference in assumptions? Just if penetration rates don't equal expectations, what's sort of the checks within the company to not continue the expansion project if you're not hitting levels? Do you sort of look if we're below expectations after six months, after 12 months? What is the kind of control within the company to potentially scale back the expansion if it isn't hitting returns? My second question is just, is there any other details you can share on just how the merger discussions with TD progressed? You know, a lot of minority investors in Megacable would look at the offer and sort of say that it's clear that you know, there's an industrial logic to a merger. You know, it's a larger cable company. There's synergies. A lot of people would think that, you know, Mega is a fulcrum asset, and there's a lot of value from Mega. I'm just trying to understand a little bit that just sort of a terse press release saying Mega's not for sale, versus, you know, clearer value you know, in a potential deal. Is it's not for sale at the price TV wants? It's not for sale ever? Just any other color you can give in light of your comments that Mega is most interested in creating shareholder value. Thank you. Sure, Patrick. In terms of the new territory penetration, we of course have by social economic level, by competition, by price of the product, by quality of the service that the competition provides. That's how we come to an overall penetration and market share goal for the markets where we are. What I can tell you is that we're very comfortable, that we are above the expectation that we have in the markets where we open. We will continue to do that. When it doesn't make sense, sure, management will see and will come to the board and tell them if we need to stop. It's not in our mind right now. We're very confident that the levels that we have make sense. Money, it creates value to the shareholders. It is going to make a very well and efficient national company with national footprint. Synergies with MetroCarrier, MCM, and ho1a across everything with the great financials. We'll see what happens in Megacable in three years. We don't have anything in our mind that will make us believe that we're not going to be successful for the rate and penetration that we expect. I can answer. You wanna answer? Yes, I mean, the evaluation was made by the board. The board took into consideration 2 things: the proposal they received and the business plan that the management of the company has presented about 2 years ago in the scope of 5-6 years forward. The management, the board, considered that it was a better path for them or for the company to keep with the management presentation and plan than to do the merger proposed. I mean, the special dividend that was offered, I mean, that's not something that it's an advantage for the shareholders of Megacable. We could do that if we wanted now. I mean, the real evaluation that the board did was we have these two options. Which one is better for us? They decided that the one that was better for the shareholders and for the whole company was to stick with the management plan that was presented to them two years ago. It was a very clear response, and it was all said in that response and it's public, Patrick. Thank you. The next question is coming from Alejandro Azar of GBM. Please go ahead. Hi, guys. Good morning, Enrique, Raimundo and Luis. Just a follow-up on margins, if I may. There is no question that you guys have the most efficient operation across the industry, but my question is if on the expansion plan you are sacrificing profitability for growth. Just to be clear, you have mentioned you are doubling your operation by 2025, 2026, but at the same time, should we think of margins in the long run or that run in between, in a range of 46%-48% once that plan reaches full capacity in terms of additions? Thank you. As we have mentioned, we are going to get back to higher margins once the new territories are mature. Basically, yes, the margins we expect are going to be within the numbers you mentioned, 46% and 48%. You mentioned sacrifice profitability, Alejandro. I wouldn't like to think on sacrifice profitability. It is really, really normal that when we start operation in a city, we have a fixed base of cost that needs to be divided by the number of subscribers in the future. As we have more subscribers and revenue coming from the expansion project, our margins from those areas will come to something will improve, you know. If we start a city back in December last year with X amount of facilities and poles and cable and energy and employees, we need to have the subscribers. It is normal that there is pressure on the margins of the company for the expansion project? Yes. If you come and you say, "Okay, the majority of the growth is gonna come from there," because it's natural, that's where we're putting the CapEx too. You know, when you have a new subscriber, you have also some promotions that has a lower ARPU, and then they recover in the future when they try our product. It is not sacrificing. It's a very clear strategy and normal in my opinion, and it's working so far. It is an environment where we will have competition in another 50%. In the margins that we were 50% was basically with only one competitor that was Totalplay. It's a different environment as well. It's very clear, guys. Thank you again. Thank you. At this time, I'd like to turn the floor over for any web-submitted questions. No. Yeah. We have a question from Terram Capital from Rupesh Hahu, but, it's regarding the M&A that we have already discussed. I think that, we have no more questions. I'll turn the call over to Mr. Yamuni for final remarks. Okay. Thank you very much, guys, and thank you all. As always, it is a pleasure to discuss our results with you. Please contact our investor relations department if you have any questions or concerns regarding the company. Have a wonderful weekend, everyone. Thank you. Thank you very much. We enjoy the conference. Thank you very much. Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines at this time or log off the webcast and enjoy the rest of your day.