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. Thank you for joining us today. I would like to start by addressing some key achievements of this quarter: 100,000 km of distribution network, 17 million homes passed, 5 million broadband subscribers, 10% revenue growth, 33% CapEx to revenue rate and declining, and lastly, positive free cash flow. The organization is pleased with these results. As you know, our company is focused on two main strategic axes of projects, the evolution of the network, and expansion into new territories. Both initiatives are evolving satisfactory, driving sustainable subscriber growth, as well as revenues and EBITDA generation. Starting with the first of our strategic axes, our legacy territories, we remain focused on consolidating our presence and enhancing our network infrastructure. During the quarter, we converted 1.1 thousand kilometers of network to FTTH technology, bringing the total to 38.8 thousand kilometers since the initiative began. As a result, 73% of our subscribers now receive their service through fiber optics, compared to 59% a year ago. In these territories, we maintain a significant penetration rate, which leads to a steady subscriber base. We are focused on improving service quality and offering a competitive service through the best-in-class infrastructure. Our margins in organic territories remain strong, at healthy levels, reflecting the long-term operations efficiencies we have built, reaching 47.9% for the first nine months of the year. As the penetration in the expansion territories rises, our consolidated margin should get closer to this level. By upgrading its network infrastructure, Megacable remains ahead of technological trends, improving the customer experience and strengthening its market position, while realizing both economic and sustainability benefits through advanced technologies. Regarding the second strategic axis, our expansion into new territories continues to progress well. As the network grows in these areas, steady margin improvements are observed as penetration rates increase. As of quarter end, we have already reached eight million homes passed in expansion territories, turning into the main contributor to subscriber growth over the last few quarters. In that sense, we are growing according to the plan, and this growth should continue for several more periods, giving us an opportunity for significant revenue growth with an investment that has already been made. Finally, regarding our financial profile, as we near the completion of the expansion plan, our CapEx to revenue ratio significantly decreased from 41% as of September last year to approximately 32% in the first nine months of 2024. As we continue to consistently increase revenue and EBITDA, cash flow generation will improve in the coming periods. We will maintain discipline in our capital allocation, with no large-scale projects planned for the coming years and financial position that will lead us to cash generation in the near term. Our solid financial position is reinforced by the recent reaffirmation of our Triple-A credit ratings from HR Ratings, in line with the reaffirmation granted by Fitch Ratings in May. Regarding results, we are recording one of the best quarters ever in terms of subscriber growth, a confirmation that the slight deceleration observed in the second quarter is behind us, and that we are aiming at a consistent delivery of positive operating results. From a financial perspective, our revenues for the quarter increased by double digits, continuing the strong top line performance seen in recent quarters. EBITDA growth was more moderate due to the seasonal nature of our business. We, for the third and fourth quarters typically see lower margins, compounded by temporary operations costs associated with expansion projects. These costs will be more than offset by the expected long-term benefits of our projects. Looking ahead, despite the challenging environment, I remain confident in our ability to complete our expansion plan in the coming quarters, while preparing to consolidate the progress achieved over the past years. We will stay focused on delivering value to our shareholders by executing our long-term vision of providing world-class connectivity and entertainment services to millions of homes and businesses across Mexico. Now, I will pass the floor to Raymundo, who will discuss operational performance in greater detail. Raymundo, please. Thanks, Enrique. Good morning, everyone. With the steady progress in our expansion strategy and solid performance on our legacy territories, as Enrique mentioned before, we maintain subscriber growth, a steady construction and homes passed build, as well as revenue growth and conservative CapEx investment. The results of this quarter validate the goal of our organization: duplicate the size of the company, as stated in 2021 when we announced the expansion plan. Moving to results, starting with network development, our infrastructure now covers more than 100,000 km, marking an 11% year-over-year increase and supporting our nearly 17 million homes passed. During the quarter, an additional 1.1 thousand kilometers were upgraded to FTTH, for a total of 38.8 thousand kilometers, advancing our commitment to delivering top-tier connectivity to homes and businesses alike. The Internet segment grew 13% year over year, adding 581,000 subscribers, including 182,000 this quarter, surpassing the 5 million subscriber mark and achieving a growth above our quarterly threshold, thus contributing significantly to the expansion of unique subscribers. Video segment, traditional pay TV subscribers reached a total of 3.9 million, recording a slight decrease and reflecting market trends favoring digital platforms, which at quarter end, rose to 887,000 users, a 26% increase year over year. This trend has been observed in international markets. However, we maintain our efforts to mitigate these impacts, evidenced by the sequential reduction in churn rate for Video to 2.4%, below the one recorded in the previous quarter. Likewise, our Xview and Xview+ platform reached 3.3 million subscribers, with growth in both subscriber and set-top boxes. Thus, as of quarter-end, 85% of our video subscriber base now receives an interactive service with the state-of-the-art capabilities. Telephony also show a strong growth, with an 18% year-over-year increase, adding 686,000 net subscribers, of which 227,000 were added this quarter. Meanwhile, our MVNO service grew 23.7% annually, with 98,000 net additions, including 44,000 this quarter, the highest quarterly growth in the last two years. Our unique subscriber base remains robust, exceeding 5.3 million this quarter, reflecting a 12% year-over-year increase. In the third quarter alone, we added more than 180,000 subscribers, the highest figure since the expansion project was announced. For total RGUs, we reached 13.6 million this quarter, reflecting a 10% annual increase, driven by the growth of the mass segment. RGUs per unique subscriber, however, stood at 2.54, slightly declining year over year as a result of a service mix, including more double play bundles. Regarding churn rates, we saw a decrease when compared to the previous quarter, as expected, due to the positive trend observed after a complex start of the second quarter of this year. Year over year, broadband record a slight decrease, while video and telephony rose marginal. In this context, in the middle of a competitive environment, ARPU per unique subscriber was MXN 418.9, showing a slight increase annually and remained almost flat sequentially, reflecting the promotional rates registered during the period and higher participation of double play bundles. Turning to the corporate segment, we recorded a 7% year-over-year growth, with Ho1a standing out by growing 37% due to a favorable performance in the corporate and enterprise segments. Metro Carrier also achieved a 6% annual growth, while MCM registered a slight 5% decline. However, it showed a sequential improvement and is expected to continue its upward trend. Finally, PCTV remained stable with a slight growth. To conclude, this quarter reflects our commitment to strategic growth and orderly improve our technological infrastructure, a plan that we will maintain through the end of 2024 as we aim towards the consolidation of our expansion project by 2025, 2026. The achievements in network expansion and subscriber growth show a well-executed plan that will support a sustainable growth path for the company. Thank you all for your attention. I will now hand over the call to Luis, who will provide a detailed analysis of our financial performance. Thank you, Raymundo. Good morning, and good morning, everyone. Starting with consolidated revenues in the third quarter, we achieved a record of MXN 8.2 billion, an increase of 10% on annual basis. This growth was primarily driven by double-digit expansion in the mass segment due to solid rise in overall subscriber numbers, coupled with an enterprise segment that continues in growth, its growth path. In the corporate segment, revenues grew 7% year over year. By service, Ho1a led with a significant 37% increase. MetroCarrier reached an annual growth of 6%. MCM, although slightly down year over year, recorded a sequential increase of 8%, while PCTV remained flat. Currently, the mass segment contributes 83% to our consolidated revenue, while the corporate segment represents 17%. Cost of services in the third quarter amounted to MXN 2.3 billion, an increase of 7%, lower than consolidated revenues growth. As G&A expenses rose to MXN 2.3 billion, up 15%, mainly attributed to the larger scale of our operation, given our ongoing expansion, mainly labor, as a result of a larger employee base and higher wages. EBITDA totaled nearly MXN 3.6 billion, an 8% growth compared to the same period last year, with an EBITDA margin of 43.6% for the period. EBITDA for cable operations reached MXN 3.4 billion, up 9% year over year, with a margin of 45.2%. It is worth to mention that margin for cable operations in organic territories remained strong at 49% for the quarter. This was blended with a higher Ho1a revenue share, with 8% EBITDA margin overall impacting the, this figure. Net income, however, decreased to MXN 500 million this quarter. This decrease was primarily due to higher depreciation from recent asset additions from our expansion strategy, increased interest expenses, and foreign exchange losses from a higher exchange rate. Turning to the balance sheet, net debt remained stable at MXN 22 billion, lower than that recorded in the previous quarter and higher than the same period of last year, as a result of the sustainability level local notes issued early this year. CapEx for the quarter totaled MXN 2.7 billion, accounting for 33.5% of revenue, a favorable comparison to last year's 51% ratio. We remain committed to decrease CapEx ratio in the coming quarters. Our net debt to EBITDA ratio stood at 1.54 times at quarter end, a slight sequential improvement from the 1.57 in Q2 2024. Our interest coverage ratio for the quarter was 5.5 times as of quarter end, compared to 5.9 times in the same period last year, reinforcing our capabilities to meet our financial obligations. In this context, the management is aware that our goal in terms of leverage for the coming periods needs to be set, aligned to our financial objectives and risk management strategies by managing debt ratio at healthy levels. We not only improve financial stability, but also increase margins. Finally, I would like to state that our disciplined financial management and strategic investments have positioned us well in a dynamic and competitive market, as we have carefully balanced growth initiatives with cost control measures. All in all, these efforts will lay a solid foundation for Megacable's sustainable growth and financial resilience through the many years to come. Thank you for your attention. I will now turn the call back for the Q&A session. Okay, if you have a question, please use the Raise Your Hand button of your Zoom application, or you can also type your question in the Q&A section of the Zoom platform. Please make sure that you are not muted when it's your time to participate. Our first question comes from Marcelo Santos from JP Morgan. Marcelo, please go ahead. Hi, good morning. Thank you for allowing me to make questions. I have two. The first question is regarding gross adds. When we worked back that number from your net adds and churn, it looks like they increased significantly this quarter, and much higher than the previous five, six quarters. I just wanted to know, is this a new pace that you're going to do? Like, what led you to accelerate this gross adds, and if this was the reason why you had some margin weakness? So that's the first question. The second question is, if you could just comment on the competitive environment on broadband, how this is going, and why churn is still a bit higher than the first quarter. It declined a bit from the second, but it's a bit higher. So just wanted to get your view on this. Thank you. Sure, Marcelo, thank you for the questions, you know. Regarding the gross adds, well, we have some campaigns on the back to school. We also did some promotions on the expansion projects that were really successful. We believe that the... We should keep our gross adds levels pretty much around 150,000 per quarter. That's what we've been telling the market on that part. We hope to have another quarter like this one, but we would like to keep that one and on that proportion and at the level of 150,000 per quarter. That's what we're aiming right now. Regarding the... That has an effect in the margins, yes, because of the high aspect of growth. But really, really, I would like to point out what Luis has said on his remarks. Our margin in organic growth remain at 49%. That's a really, really good margin in the industry for the cable operations. It suffered a little bit because of the high contribution of Ho1a with lower margin on that part, and of course, because of the high number of gross adds. But that's very normal to what we have, and I would like to point that the margin did not decrease on the organic territories. Spec- It was decreased on the cable operations. Especially cable operations. On cable operations. Mm-hmm. Now, regarding the churn, well, we really maintain a 2% churn level of broadband subscribers pretty much quarter over quarter on that part. We believe that the level for a company that is so aggressive in terms of promotion and gross adds, that's a good level where we feel we will remain on that part. And it's not only because of competitors, it's because the aggressiveness that we have. In every market that we have, in the majority, we continue to capture market share. That's why we grow 180,000, and we're very happy with the results that we have in the operational part and also in the financial segment. So I believe it's a good report what we are presenting. But thank you, Marcelo. I don't know if I answered your questions. No, it was very clear. Thank you very much. Thank you. Okay, the next question comes from Vitor Tomita from Goldman Sachs. Hello, good morning, all, and thanks for taking our questions. We have two on our side. The first one is if you're looking at ARPU, if you see room for ARPU to return to a growth trend as expansion eventually decelerates and even more subscribers come out of promotional periods, or if you believe that the subscriber mix migrating to double-play might be a bigger structural factor here. Just trying to balance that out now that probably a larger number of customers are already out of the promotional periods. The second question I would have on my side is if you could give us a bit more color on the margin side in cable. As you mentioned, there was some effect from the gross adds, but if you could give us a bit more color on how much of the margin decline was driven by inflation of existing costs, how much was driven by customer acquisition costs? Or putting it in another way, if you increased commercial efforts or commercial personnel in the quarter to a larger extent. Just trying to understand a bit more the dynamics of your investment in acquiring new customers here. Thank you. Sure, Vitor. This is Raymundo again, and I will let Luis help me on the second part of the question or the second question. The ARPU is affected by the mix of double to triple play subscriber. That means decline of the video part is affected also or is benefited because of the increase of rates that we have normally during the year of the end of the promotional campaigns that we do have. It is affected by the number of subscribers that are in promotional, so it's a blend of everything. We maintain that our ARPU should slightly increase in the future, it should slightly increase in the near future, and should get to better levels in the future. It's a matter of timing. If we continue to be a company of high growth, it will be pressure on our ARPUs, and the increase will be slight or remain. That's our strategy here in the management, and that means that the ARPU should slightly increase in the near future. Slightly, I would like to say, because of everything I'm telling you on that part. And regarding the margin, I will pass to Luis, but I would like to point, our message for the margins is that margin of organic territories in the cable segment did not decrease, remains at 49%. It was affected this quarter because of the remarkable results of Ho1a, you know, with a 37% increase year over year with a lower margin that affect non-cable operations, but all the organic territories as well. In the expansion territories, we continue to increase our margins, but as more users are in the organic with lower margin, it does affect also in the pressure. So if you look at as an X-ray of the company, the company is very happy that we maintain on cable organic operation our 49% margin, and it's affected during this quarter because of Ho1a, you know, and the high growth of expansion. Luis, sorry, I don't know if I left you something to say, you know, but... No, just to point, Raymundo, thanks for that. But basically, yes, ARPU due to the promotions that we have, mainly on the expansion territories where we are having our highest growth in subscribers, yes, that's where it's going, the efforts. But that's part of a normal expansion project. You invest a lot in promotions, you invest a lot in advertising, you invest a lot on new people that was not before there. So yes, there's an inflation going that's an impact, but that's more on the expansion territories, as Raymundo stated. Basically, on cable operations for the organic territories, we remain at 49%. Yes, there are quarters where we had in the past 50% margins, but that's a cyclical result. Not every quarter we had a 50%, but still, 49% is pretty good. That was clear. Thank you. Just one clarification. You mentioned that in the organic territories, the margins are not declining, and that in the expansion territories, the margins are increasing. So if overall cable margins are not increasing, is it more of a mixed factor of some expansion territories that have lower margins being responsible, being growing their revenues and dropping the overall margin? and the efforts on advertising and campaigns, but no, well, it is, Vitor, a whole mix of what you're saying. It is very clear if you have the whole X-ray picture of the company. As more participation of corporate segment with a lower margin, which is the other results of this quarter, that affect margin that we are presenting, even in organic territories. But if we look only at cable, cable remain at 49% in organic. But as we continue to grow more in expansion with a lower margin because of all the promotional campaigns, of course, it puts pressure in the old legacy territories, you know? If you look at that and you put the numbers, it is very, very, very clear when you look at it on paper. That was clear. Thank you. Okay, the next question comes from Carlos de Leg arreta from Itaú. Carlos? You're on mute. Maybe we cannot hear you, Carlos. We're going to pass to the next one. Ah. Oh, sorry. Okay. Can you hear me? Yeah. Yes, we can hear you, Carlos. Okay. Thank you. Thank you for taking the questions. So the first one is, on pricing. So I understand you recently undertook a price increase, which, if I'm not mistaken, is the second during the year. That said, I know you're doing a more-for-more strategy, let's say higher prices, but also increasing the speeds of the broadband service. So my question is: how are customers reacting to this, let's say, new dynamic? Because I think typically or historically, the cable industry in Mexico just increased cable prices without really increasing the speed, significantly. So that's my first question. And on the second one, maybe a more long-term question, definitely not asking for guidance in the medium term or short term. Just thinking about the composition of revenues. Obviously, video faces a secular decline, and as broadband takes on a more important or a more predominant role in revenues, do you think that this is an opportunity for maybe the margin to expand going forward, given the lower margin nature of the video service? Thank you. Thank you for the question, Carlos. We did have an increase in price. The way you can look at this company, there are several ways that we increase our revenues coming from the existing subscribers on that part, so we can keep with inflation on cost and SG&A. Normally, we have an increase, a general increase, that this year was taking. It did take place in March. The other ways that we have during the year is to increase the speeds and provide much more product to the subscribers, you know, so we can capture more revenue. Some of them get that package, some of them don't. We are very, very careful that this does not affect or create a churn from the subscriber. The subscriber, in any case, participates in the process of being migrated. And also, the product definition that we do is aimed to have a good success of that migration. What I wanna say, right now, we are aiming to 100 megabits. That's what we're providing, not only 60 or 80. We're going to 100 megabits. We have 73% of our network is fiber, the rest is HFC, but the rest is being partitioned on the node side to 250 homes passed to 500 in the majority, not in the majority. I can tell you, even almost the whole amount of the network that is in HFC does not surpass 500 homes passed in the majority of the networks. So we can increase the speeds on that part, and we're very happy with that. We cope with competition coming from any other company that tries to attack the market in terms of speeds. It's very competitive, and the subscribers need that increase of speed, so they are willing to pay that additional amount that we have. That's our strategy on not of a general price increase that we have. We also on our 73% of the territories, we increased also to symmetrical speeds. We have the capacity technologically to do that. As in this case, Telmex has announced also symmetrical speeds. We have symmetrical speeds also in our market, so we can face competition and provide a better service to our subscribers and a competitive edge to those that cannot do that kind of a symmetric speed from the subscriber. In terms of composition of revenue on that part, we believe our broadband will bring higher margins in the future that will be compensated to the increase of cost, mostly coming from labor and cost of broadband. Providing access to internet. Dollars will be compensated by those margins that we are receiving from a better blend compared to video, that part. But keeping the 49% of the organic markets is a really, really good margin that we feel we are in the top of the industry on that part. Our goal, and that's something that will pass according to continue to have a much more larger subscriber base with no promotional rates in the expansion territories, we will continue to increase margin coming from expansion territories on that part, you know? And at the end, I go back again to what we say, we will depend on the participation of corporate segment. If corporate segment continues to increase with a lower margin, well, the whole overall margin of the company is, on a logical way, affected by that, but not our operation segment. Okay? But, Carlos, your analysis based isolated on video that will expand somehow the margins, just isolated that specific point, is accurate. Thank you, Luis. Thank you, Raymundo. Mm-hmm. Okay. The next question comes from Héctor Ugarte from Compass Group. Hi, everyone. Thank you for taking my question. Just wanted to discuss real quick about free cash flow generation. Again, in this quarter, it was very strong, and obviously, it comes a lot from payables, right? Improvement in payable turnover. So just wanted to check if this is something that is, like, sustainable, and we can continue to see this level of free cash flow generation going forward, or even some improvement. Thank you. Sure, Hector. Yeah, it is sustainable. As I said before, we have a second quarter affected by the increase of rates. Like Carlos asked me in the other question, you know, that was the increase of the year, seasonality that we have. Now we have a good back-to-school campaign that has this seasonality. But we believe we have the right infrastructure in terms of commercial people and channels to continue to provide sustainable growth at the levels that we feel comfortable, around a hundred and fifty thousand subscribers per quarter. Maybe we'll do more, yeah, but right now, we feel comfortable with the hundred. You can bet on that part, on that number. I understand your question, Hector, goes to the payables and the cash flow generated by that. Yes, as we stated quarters ago, we established negotiations with our strategic partners in technology to have longer terms, longer periods, and that we are negotiating with them to continue with that policy. So far, we don't see a change in the near future. Okay, great. Thank you. Okay. Okay, the next questions comes from the line from Phani Kanumuri from HSBC. Phani, please go ahead. Hello. Thanks for taking my question. So I think, I have a couple of them. The first one is the ARPU that you have in your legacy territories versus the, you know, the new territories. You know, how, what's the ARPU differentiation that you have there? And then the subscriber net adds that you had of 182K, can you divide it between the legacy territories that you had and the new territories that you have? Thank you. The majority of the subscribers, of course, came from the expansion territory, accounting for about 80% of the subscribers came from the expansion territories. Okay, thank you. And regarding the ARPU, differentiate between what you have in the legacy versus the new territories? Can you rephrase the question, please? Okay, so what is the ARPU that you have, average ARPU that you have in the legacy territories, and what is the ARPU that you have in the new territories? Trying to understand where the ARPU - Yeah, the- Could head going forward. Yeah, the ARPU on organic territories, it's very close to what you see in our report. It's a little bit higher than the one that we have in the report. And of course, the one that we have on the expansion territories is a blend from new and old subscribers, which are still in the promotional period. So it is below four hundred, but very close to four hundred. The expansion territories is above the four hundred and twenty that you see on the report. And it changes, Fani, according to the number of gross adds that we have in the expansion territory and the contribution they have to the whole overall subscribers in those territories. So if we grow too much, ARPU in expansion does not increase, you know, it does not compensate the old subscriber with the new ones. If we have a less growth, we can have a higher rate. In the long term, of course, we're looking at one single ARPU once we don't have that much growth coming from expansion territory. So, so we would like to maintain that ARPU with a slight increase in the periods to come, as a blend of everything we say, without going into a specific promotion to that part. Sure, yeah. Thank you. Thanks to you, Fani. Okay, the next question comes from Andrés Coello from Scotiabank. Hello, can you hear me? Yes, Andres. Okay, good. Just a confirmation. You are guiding CapEx for this year at between 32%-34% of revenues. So if I understand correctly, there should be a little bit higher CapEx in the fourth quarter, and I think that is seasonal. Just confirming that you're expecting a little bit higher CapEx in Q4, and also, if you have any comments on 2025 CapEx, if we can expect CapEx to sales to go below 30% of sales next year, if you can give us any update there? Well, as we mentioned, we are going to be closer to the 32% than the 34%. Yeah ... on that range that we established for the 2024 year, so yes. Closer to 32. Closer to thirty-two. And for twenty twenty-five, well, the number by itself, it will go very close to thirty, but below. That's our expectation. The answer, Andres, is yes. Okay, so close, below thirty, but close to thirty. Okay, understood. Yes. Below thirty. You got it exactly. Okay, perfect. Close to 30, but below 30. We expect revenues to grow and the CapEx to be in absolute numbers steady, pretty much. Yeah. Okay, so CapEx is steady, but higher revenues. Okay. Yeah. Understood. Uh- Second question, as you know, there was a constitutional reform in Mexico last week, where the government is now basically entitled or allowed to provide retail services in the wireless industry, perhaps also the wireline industry at some point. I'm just wondering what impact that could have on Megacable's wireless business, if you think that if the government continues building wireless infrastructure throughout the country, if that is good for you? Or put it differently, if you are seeing better quality in the Altán network, and now that the government took over the project. We don't like the reform that the government did. We think that the government should not be a service provider. Public money should be where it makes the most good, and I think that it's okay if they build infrastructure in very isolated places. We are not worried about competition from the government, because government is not a very good competitor. But they will lose a lot of money if they try to do what they intend to do. That's our perspective. They should concentrate in what they need to do now: security, you know, end the violence, rule of law, education. I think part of the education is the broadband or the internet service. But as you can see in countries like in the U.S., what the government does is they subsidize families to buy a broadband service or to pay for a broadband service. They have a lot, a big opportunity to subsidize here in Mexico, to subsidize families to get a broadband service, even in urban areas like in Mexico City or Guadalajara or Culiacán or Reynosa or wherever. There's a lot of people that cannot pay or they don't have the enough income to pay a decent broadband service. We're not talking about here a wireless cell phone service. Should get a fiber connection. And I think that is not a good policy what the government is trying to do. That's what we think, and I think also that is what the industry, the, telecom, whole industry thinks about it. Understood. And, and- Yeah ... regarding the market that they are aimed to, like you expose, that is Altán and is the wireless growth of broadband in that part. You know, Altán has an obligation in that sense to provide broadband service wireless to 92.3% of the population of this country. Not be a hundred percent, but 92.3%. It's far away from that goal. We believe the government should get the better technology to provide service to everybody, broadband access in this country. That means a blend of satellite, wireless, and fixed. I believe the effort of the government through CFE-TEIT will be to increase those broadband towers to some areas so they can reach that 92.3%, and that's a social service that does not... It's not anything against our company in that part. In terms of the mobile service that we provide, yes, we saw a much more better CapEx invested by Altán that benefits our MVNO service, that we only provide to existing subscriber of Megacable. We just provide postpaid in our existing territories, not only with Altán, but also with AT&T. So we have two companies that provides our MVNO. So at the end, whatever the government wants to do in wireless in rural and suburban areas, that's fine, if they can get the best technology at the best cost. In terms of providing fixed broadband to everybody in Mexico, just the industry itself, we invest among everybody over $4 billion a year just to provide. It took, it takes 25 years- 30 years or 40 years to build this industry. They are not going to be focused. There is no way they can go into that, and the focus is to provide broadband, free broadband to those people that can afford. As a final remark, in that case, Mega is really well positioned to continue to increase penetration because we have the lowest ARPU in the industry. We are a much more higher penetrated company because of the high quality of our product, not sacrificing that, but the high penetration rates that we have. So that's our position regarding the wireless broadband and broadband that you all may like, Enrique said. Very interesting. Thank you. Okay, the next question comes from Alex César from CMM. Please go ahead. Thank you. Thank you, Esau. Good morning, everyone. My question is simple. You know, you guys are growing EBITDA, high single digits, cash flows or free cash flow is starting to stabilize, but the shares continue to be traded at four times EV to EBITDA, which seems a little bit crazy. In terms of capital allocation, are you guys analyzing perhaps at this level, switching part of the dividend payment to buy back shares? That would be my question. Thank you. We have to sharpen our pencil and see what is gonna happen in the near future. For sure, free cash flow will increase. That’s. There’s no doubt about it. We have not discussed with the board the destiny of that cash, but it could be, you know, any of the options you’re talking about. You know, maybe buy a share buyback, increase the dividend, we don’t know yet. I mean, the market here has still to accommodate, you know, the, you know, it, it’s four players is too many players. We don't know what is gonna happen with the consolidation of the market, but we are alert to whatever, you know, will show in the future. But currently, what we foresee is either shares buyback or increase in the dividend. Okay. Enrique- Okay, and that one, Alex. I mean, everything will come to the right time. We need to consolidate the expansion project- Mm-hmm ... right now. We took that. We're beginning to do free cash flow on that position. We are growing subscribers. Let's not jump to conclusions in this, in this conference. We have done our analysis, and the best thing for shareholders and the company right now is to continue to improve our financial position, to execute the expansion plan, and then, as Enrique is saying, we'll see twenty twenty-five, what's better for everybody, but not today. Okay. Thank you, guys. And if I may, one more, now that you put the consolidation in the table. Operationally speaking and in terms of infrastructure, then excluding AMX, which is, you know, the preponderant, should investors think that a consolidation scenario is viable between any of the rest of the players, or you don't think there's another one, like AMX, that, you know, should... You know, it's, I don't want to say a great asset, but operationally or in terms of infrastructure, does not make any sense? As you say, as Enrique said, there are four players in Mexico, which are too many. That one, we all agree that are too many in that part. We also agree that AMX is the big one on the market in terms of the mobile presence that they have, and then the fixed is part of that. They just invest 85% of their network is fiber. They are well-positioned on that part, and I don't think that's one of the consolidated members of the industry. So there are three. You can look into the advantages or disadvantages of in all of them. There are complements in each networks on that part. Two of the players has a huge amount of fiber, the other one doesn't. So it has to be something in between, but it's not for the management of Megacable at this point to tell you what we can tell you is that we agree that it should be a three-player market on that part, and consolidation is still possible in the future to come. Okay. Thank you. Thank you. That was, that was very clear. Okay, we have some question next from [Jack Larooks], from [Jack Fen]. "What penetration rates are you seeing in your expansion territories after twelve months? Sure. After twelve months, our plan is to get pretty much to one fourth of the market after maturing the years of being on those. So in some of the markets, we have 61 cities that we built and we increased, so all of them has different execution and parts. But I can tell you that we are very pleased that some markets has above 20%. The majority of those markets, if you take the average penetration that we have in expansion rates, is 13%. So with the number of homes passed we have, you can say that one-third is 8%, the other one is 13% average, and the other one is 18%, and some markets above 20%. So you can take your conclusions on that part. Okay, next, your non-cable EBITDA hasn't grown in a number of years. How can that segment be returned to growth in the future? You have it right. It's a very good question. If you take a deep look into the corporate segment, we have carrier business that remains steady or below. Government in the last one or two years was tough to get into the projects. They were much more into other strategic projects for them, which I don't believe they are so strategic, but that's where they were put. And now we believe that for the years to come, which we'll see government to continue to invest in cybersecurity infrastructure and better connectivity on that part. And we're also doing some changes internally in our corporate structure, so we can have a better go-to-market. Because we agree with you that even though government carriers are affecting us, we need the corporate and enterprise segment to perform better so we can continue to increase. The good part of that is that we do not depend only on government and big contracts, so we're increasing in some of these segments, and we have remained steady or decreased in other ones, and we're taking the necessary measure, including investing in infrastructure in the long haul, so we can remain a good carrier of carriers, a company for the hyperscalers. Okay, the next one: Are the recent increase in employees and operating expenses temporary during expansion or needed permanently? Okay, to continue to remain the growth of the growth rates that we have, we remain those employees. But as we continue to decrease the GPON evolution project, we will finishing the migration of subscribers from HFC to GPON. That has some of that affect CapEx and some of that affect OpEx, but at the end, it does increase the employees. It put pressure. So there are some projects that will not continue to be in the future and will decrease number of subscribers, and at the end, the level of growth rates and growth that we have is the one that we feel comfortable. So we will always have, as long as we grow, pressure on employees, but will not continue to be as high as we have in the last years. Okay, and our final question: With the CapEx and the leverage rate declining, what are the factors you are looking at determine if or when to address your capital return strategy? As I stated before, this is the right moment to talk about how the expansion project to duplicate the size of the company, while at the same time evolving all the network to be competitive and strong into the future. That's where we are right now. That's the best for capital return that we have, and we will look into 2025 once we mature this segment, to see what's next, as Enrique said. Whether there is consolidation, whether there is a shares buyback, whether there is more dividend, we'll see that in 2025. Right now, all our financial key indicators are good. We clarified that the margin decreased slightly because of corporate, not because of the organic segment, and that's the message we would like to send to all of you, so thank you very much. There's a saying that says that, we've gotta catch the hen before we decide how to cook it. Okay, with no more questions, the Q&A session is concluded. I pass the call over to Mr. Enrique Yamuni for final remarks. Thank you, Esau. 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 day and a great weekend, and watch the World Series. There's gonna be a big recognition to Fernando Valenzuela tonight. Watch the game and have- In Megacable have fun. In Megacable. In Megacable, yeah. If you have Megacable, it's gonna be in the 4K. Oh, thank you. Thank you all.