Grupo Televisa SAB (TV) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to Grupo Televisa's Second Quarter 2024 Conference Call.

大家早安，歡迎參加 Grupo Televisa 2024 年第二季電話會議。

Before we begin, I would like to draw your attention to the press release which explains the use of forward-looking statements and applies to everything that we discuss in today's call and in the earnings release.

在我們開始之前，我想提請您注意新聞稿，其中解釋了前瞻性陳述的使用，並適用於我們在今天的電話會議和收益發布中討論的所有內容。

I will now turn the call over to Mr. Alfonso de Angoitia, Co-Chief Executive Officer of Grupo Televisa. Please go ahead, sir.

我現在將電話轉給 Grupo Televisa 聯合執行長 Alfonso de Angoitia 先生。請繼續，先生。

Thank you, Elsa. Good morning, everyone, and thank you for joining us. With me today are Francisco Valim, CEO of Cable and Sky; and Carlos Phillips, CFO of Grupo Televisa.

謝謝你，艾莎。大家早安，感謝您加入我們。今天與我在一起的有 Cable and Sky 執行長 Francisco Valim；以及 Grupo Televisa 財務長卡洛斯·菲利普斯 (Carlos Phillips)。

Before discussing our second quarter operating and financial performance, let me remind you the key corporate goals and strategic pillars Bernardo and I outlined for Grupo Televisa and TelevisaUnivision since the beginning of the year and the progress we have achieved so far.

在討論我們第二季度的營運和財務業績之前，讓我提醒大家自年初以來 Bernardo 和我為 Grupo Televisa 和 TelevisaUnivision 概述的主要企業目標和戰略支柱以及我們迄今為止所取得的進展。

First, the corporate restructuring process at our Cable segment, led by Francisco Valim, intended to improve profitability, optimize CapEx, increase free cash flow generation, and positioning us well to achieve sustainable revenue growth over the coming years.

首先，由 Francisco Valim 領導的電纜部門的企業重組流程旨在提高盈利能力、優化資本支出、增加自由現金流的產生，並使我們能夠在未來幾年實現可持續的收入成長。

The key measures implemented so far have already allowed us to improve profitability by almost 400 basis points relative to the third quarter of 2023, and we are confident that our EBITDA margin will continue to expand gradually over the coming quarters due to ongoing efficiencies.

迄今為止實施的關鍵措施已經使我們的獲利能力比 2023 年第三季提高了近 400 個基點，我們相信，由於持續的效率，我們的 EBITDA 利潤率將在未來幾季繼續逐步擴大。

Moreover, during the first half of the year, operating cash flow for our Cable segment, which is equivalent to EBITDA minus CapEx, was over MXN6.4 billion, growing by almost 50% year on year and accounting for around 27% of sales. This implies that the operating cash flow margin of our Cable segment has increased by close to 1,000 basis points so far this year.

此外，今年上半年，我們電纜業務的營運現金流（相當於 EBITDA 減去資本支出）超過 64 億墨西哥比索，較去年同期成長近 50%，約佔銷售額的 27%。這意味著今年迄今為止，我們電纜業務的營運現金流利潤率已增加了近 1,000 個基點。

The second half of the year is expected to be heavier in terms of CapEx deployment, but we are cutting our 2024 CapEx budget for our Cable segment to $590 million, including $30 million for the reconstruction of our network in Acapulco, which we expect to be reimbursed by the insurance company. Therefore, we estimate that the organic operating cash flow for our Cable segment will increase by around 16% year-on-year in 2024.

預計今年下半年的資本支出部署將更加繁重，但我們將把 2024 年電纜業務的資本支出預算削減至 5.9 億美元，其中包括 3,000 萬美元用於重建我們在阿卡普爾科的網絡，我們預計由保險公司報銷。因此，我們預計2024年電纜業務的有機經營現金流將年增16%左右。

The second pillar is the acquisition of AT&T's minority stake in Sky, which we accomplished at very attractive terms to integrate it with our Cable segment and materially strengthen our competitive and financial position of the combined company.

第二個支柱是收購AT&T 在Sky 的少數股權，我們以非常有吸引力的條件完成了這項收購，將其與我們的有線電視部門整合，並實質地增強了合併後公司的競爭和財務地位。

On this front, we have already implemented a new organizational structure for the combined company that allowed us to retain top talent and optimize duplicated roles.

在這方面，我們已經為合併後的公司實施了新的組織結構，使我們能夠留住頂尖人才並優化重複的角色。

We have also started to implement synergies and efficiencies across several areas, including commercial, sales commissions, programming, IT, technology, finance and marketing, among others.

我們也開始在多個領域實現協同效應和效率，包括商業、銷售佣金、程式設計、IT、技術、財務和行銷等。

This integration will also allow us to standardize regions, sales channels and commissions, have better customer base management, increase productivity, achieve cross-selling and upselling, improve penetration of triple-play services, reduce churn.

這種整合也將使我們能夠標準化區域、銷售管道和佣金，更好地管理客戶群，提高生產力，實現交叉銷售和追加銷售，提高三重播放服務的滲透率，減少客戶流失。

It will also allow us to leverage Sky's exclusive sporting content in Cable, further differentiating our video package from those of our competitors. Evidence of this is that for the first time, we already offered the Euro Cup 2024 to both our Sky and izzi video customers.

它還將使我們能夠在有線電視中利用天空電視台的獨家體育內容，進一步將我們的視訊包與競爭對手的視訊包區分開來。證據是，我們已經首次向 Sky 和 ​​izzi 視訊客戶提供 2024 年歐洲盃。

All-in, we are confident that our restructuring and integration process, most of which already occurred in the second quarter of this year, will allow us to deliver OpEx savings of approximately MXN400 million in the third quarter relative to the first quarter of 2024. Longer term, we continue to forecast savings of around 15% of Sky's combined annual OpEx and CapEx.

總而言之，我們相信，我們的重組和整合過程（其中大部分已在今年第二季完成）將使我們能夠在第三季相對 2024 年第一季節省約 4 億墨西哥比索的營運支出。從長遠來看，我們繼續預測 Sky 的年度營運支出和資本支出總計將節省約 15%。

The third pillar is related to the conclusion of the spin-off of Ollamani and its listing on the Mexican Stock Exchange under the ticker symbol AGUILAS.CPO on February 20. This spin-off was not only intended to streamline Grupo Televisa's operations and simplify our asset structure, but also to unlock value for our shareholders through this new company that currently has a market cap of around $330 million. Under the Grupo Televisa's umbrella, we estimate the value assigned to the Ollamani assets was significantly lower.

第三個支柱與 Ollamani 分拆的完成及其於 2 月 20 日在墨西哥證券交易所上市（股票代號為 AGUILAS.CPO）有關。此次分拆不僅旨在簡化 Grupo Televisa 的營運並簡化我們的資產結構，而且還旨在透過這家目前市值約 3.3 億美元的新公司為我們的股東釋放價值。在 Grupo Televisa 的保護下，我們估計分配給 Ollamani 資產的價值要低得多。

And our fourth pillar is to turn our direct-to-consumer business ViX profitable during the second half of this year. Our DTC business is growing and scaling and our most important metrics kept trending in the right direction with most of them ahead of plan.

我們的第四個支柱是讓我們的直接面向消費者業務 ViX 在今年下半年實現盈利。我們的 DTC 業務正在不斷成長和擴大，我們最重要的指標一直朝著正確的方向發展，其中大多數指標都提前於計劃中。

We added users and subscribers, grew engagement, reduced churn and generated significant marketing savings driven by our efficient customer acquisition funnel through our free tier. Therefore, we are confident that we are on track to deliver the major milestone of a profitable DTC business in the second half of this year, only two years after launching the service compared to four years to five years from our peers.

透過免費套餐的高效客戶獲取管道，我們增加了用戶和訂閱者，提高了參與度，減少了客戶流失，並節省了大量行銷費用。因此，我們有信心在今年下半年實現 DTC 業務盈利的重要里程碑，即推出該服務僅兩年後，而我們的同行則需要四到五年的時間。

Having said that, let me turn the call over to Valim as he will discuss the operating and financial performance of our consolidated assets.

話雖如此，讓我將電話轉給瓦利姆，因為他將討論我們合併資產的營運和財務表現。

Thank you, Alfonso. Good morning, everyone. First, let me walk you through the operating performance of our Cable operations. We ended June with a network of 20 million homes after passing around 71,000 new homes during the quarter. In the second quarter, we continue to execute our strategy to focus on value customers rather than volume, while working on customer retention and satisfaction.

謝謝你，阿方索。大家早安。首先，讓我向您介紹一下我們電纜業務的營運表現。截至 6 月底，我們的網路已擁有 2,000 萬戶家庭，本季新增約 71,000 戶家庭。在第二季度，我們繼續執行我們的策略，專注於價值客戶而不是數量，同時致力於客戶保留和滿意度。

However, price increases implemented in the month of April led us to experience a short-lived increase in churn, leading our second quarter broadband net adds to remain sequentially stable at 10,700. In video, we disconnected 65,600 subscribers during the quarter as in April, we canceled the video package called Afizzionados. Over the coming quarters, we expect to gradually deliver stronger net adds as we keep focusing on churn reduction.

然而，4 月實施的價格上漲導致我們經歷了短暫的客戶流失率增加，導致我們第二季的寬頻淨增加量保持穩定在 10,700 個。在影片方面，我們在本季切斷了 65,600 名訂閱者的連接，截至 4 月份，我們取消了名為 Afizzionados 的影片套餐。在接下來的幾個季度中，隨著我們繼續專注於減少客戶流失，我們預計將逐步實現更強勁的淨成長。

During the quarter, net revenue from our residential operations decreased by 3.8% year-on-year, as our subscriber base was 5.7% lower due to the cleanup that we did in the third quarter of 2023. We lost some revenue given to the cancellations of the Afizzionados video package and because of the ongoing negative impact from Hurricane Otis in Acapulco, given that a still relevant amount of our customers are not paying their bills yet. On the other hand, net revenue from our enterprise operations increased by 4.4% year-on-year.

本季度，我們的住宅業務淨收入年減 3.8%，因為我們在 2023 年第三季進行的清理工作導致我們的用戶基數下降了 5.7%。由於 Afizzionados 視訊套餐的取消以及阿卡普爾科颶風奧蒂斯的持續負面影響，我們損失了一些收入，因為我們仍有相當數量的客戶尚未支付帳單。另一方面，我們的企業營運淨收入年增4.4%。

Now, let me walk you through Sky's operating performance. During the second quarter, Sky's product portfolio was under review from the content and pricing standpoint translating into a softer commercial activity.

現在，讓我帶您了解Sky的經營績效。第二季度，Sky 的產品組合從內容和定價的角度進行了審查，這轉化為商業活動的疲軟。

Therefore, we lost 262,000 revenue-generating units, mostly coming from prepaid subscribers that had not been recharging their service. However, we expect the integration with our Cable segment to gradually contribute to reduced churn, driven by having a better customer base management and cross-selling and upselling opportunities.

因此，我們損失了 262,000 個創收單位，其中大部分來自未為其服務充值的預付費用戶。然而，我們預計，在更好的客戶群管理以及交叉銷售和追加銷售機會的推動下，與有線電視部門的整合將逐漸有助於減少客戶流失。

Sky's second quarter revenue of MXN3.9 billion fell by 13.3% year-on-year, accelerating from the 12.3% revenue decline experienced in the first quarter, mainly driven by the softer commercial activity. Still, during the second half of the year, we are looking to reactivate our commercial strategy, particularly after integrating our product portfolio, commercial regions and sales channels.

Sky 第二季營收為 39 億墨西哥比索，年減 13.3%，較第一季 12.3% 的營收降幅有所加快，這主要是由於商業活動疲軟所致。儘管如此，在今年下半年，我們仍希望重新啟動我們的商業策略，特別是在整合我們的產品組合、商業區域和銷售管道之後。

To sum up, segment revenue of MXN15.8 billion fell by 5.8% year-on-year, while operating segment income of MXN6.0 billion declined by 7.7%. Our operating segment income margin of 37.7% contracted by 80 basis points year-on-year, mainly driven by inflationary pressures in labor and content-related costs, but expanded by 90 basis points sequentially due to the ongoing efficiency measures that we have been implementing since the third quarter of 2023.

綜上所述，部門收入為 158 億墨西哥比索，年減 5.8%，營運部門收入為 60 億墨西哥比索，下降 7.7%。我們的營運部門利潤率為 37.7%，年比收縮 80 個基點，主要是由於勞動力和內容相關成本的通膨壓力，但由於我們一直在實施的持續效率措施，環比擴大了 90 個基點自2023年第三季度以來。

Regarding CapEx deployment, our total investments on MXN1.8 billion during the second quarter fell by 51.1% year on year. So, our CapEx to sales ratio of 11.2% was over 1,000 basis points lower than that of the second quarter of 2023.

在資本支出部署方面，第二季我們的總投資為 18 億墨西哥比索，年減 51.1%。因此，我們的資本支出與銷售額的比率為 11.2%，比 2023 年第二季低了 1,000 個基點以上。

Finally, operating cash flow for Cable and Sky, which is equivalent to EBITDA minus CapEx, was MXN4.2 billion in the second quarter, increasing by 37.8% year on year and accounting for 26.6% of sales. This basically means that our operating cash flow margin increased by 840 basis points year on year.

最後，第二季 Cable and Sky 的營運現金流（相當於 EBITDA 減去資本支出）為 42 億墨西哥比索，較去年同期成長 37.8%，佔銷售額的 26.6%。這基本上意味著我們的經營現金流量利潤率年增了840個基點。

During the first half of 2024, we have invested around $220 million, equivalent to a CapEx-to-sales ratio of 12%. This amount represents less than 28% of our 2024 CapEx budget disclosed at the beginning of the year.

2024 年上半年，我們投資了約 2.2 億美元，相當於資本支出與銷售額的比率為 12%。這筆金額不到我們年初揭露的 2024 年資本支出預算的 28%。

A more efficient CapEx deployment focused on higher investment returns leads us to feel confident there our CapEx requirements for the full year will be significantly lower. So we are cutting our 2024 CapEx budget to $720 million, including $590 million in Cable with $30 million for the reconstruction of the network in Acapulco, which we expect to be reimbursed by the insurance company, $120 million in Sky, and $10 million of corporate purposes.

專注於更高投資回報的更有效的資本支出部署使我們有信心全年的資本支出要求將顯著降低。因此，我們將2024 年的資本支出預算削減至7.2 億美元，其中包括5.9 億美元的有線電視業務、3000 萬美元的阿卡普爾科網路重建業務（我們預計將由保險公司償還）、1.2 億美元的Sky 業務以及1000 萬美元的企業業務目的。

Thank you, Valim. Valim has been with us for less than a year and is doing an amazing job. Now, let me walk you through TelevisaUnivision's second quarter results released yesterday morning. The company delivered another quarter of top-line growth with revenue of around $1.3 billion increasing by 3% year on year, while EBITDA of $362 million, declining by 3%, but showing a solid improvement over the first quarter as we move towards consolidated EBITDA growth, including profitability in our direct to consumer business in the second half of this year.

謝謝你，瓦利姆。Valim 加入我們不到一年，而且做得非常出色。現在，讓我向您介紹一下昨天早上發布的 TelevisaUnivision 第二季度業績。該公司的營收又實現了一個季度的成長，營收約為13 億美元，年成長3%，而EBITDA 為3.62 億美元，下降了3%，但隨著我們邁向合併EBITDA，較第一季有了穩健的改善成長，包括今年下半年我們直接面向消費者業務的獲利能力。

From an operating standpoint, we achieved several milestones during the second quarter. First, in the second part of the quarter, we improved our competitive position on linear in the US as we aired two major international soccer tournaments, Copa America and Euro Cup.

從營運角度來看，我們在第二季實現了幾個里程碑。首先，在本季的後半段，我們轉播了美洲盃和歐洲盃這兩項主要國際足球賽事，從而提高了我們在美國線性賽事的競爭地位。

Second, we made progress bringing new advertisers to our platform in the US, helping them understand and embrace the power of our massive and overlooked audience and unique reach.

其次，我們在將新廣告商引入我們在美國的平台方面取得了進展，幫助他們了解並擁抱我們龐大且被忽視的受眾群體和獨特影響力的力量。

Third, our programmatic and product placement capabilities tied to our leading share of audience in Mexico have been allowing us to consistently outperform the market in terms of advertising revenue growth.

第三，我們的程序化和產品置入能力與我們在墨西哥領先的受眾份額相關，使我們能夠在廣告收入成長方面持續跑贏市場。

And fourth, in our DTC business, all our major KPIs are trending in the right direction, with most of them ahead of plan, positioning us extremely well to deliver sustainable DTC profitability in the second half of this year, an unprecedented timeline for only two years after launching the service, driven by a superior economic model and relentless execution.

第四，在我們的DTC 業務中，我們所有的主要KPI 都朝著正確的方向發展，其中大多數都提前於計劃，這使我們非常有能力在今年下半年實現可持續的DTC 盈利能力，這對只有兩家公司來說是史無前例的時間表。

Moving on to the details of our revenue performance. During the quarter, revenue growth at TelevisaUnivision was driven by a solid increase in consolidated advertising revenue of 6%, partially offset by a slight decline in consolidated subscription and licensing revenue of 2%. Consolidated advertising revenue increased by 6% year-on-year, mainly driven by the strength of our DTC business and our solid performance in Mexico.

接下來是我們收入表現的細節。本季度，TelevisaUnivision 的營收成長得益於綜合廣告收入 6% 的穩健成長，但部分被綜合訂閱和授權收入小幅下降 2% 所抵消。綜合廣告收入年增 6%，主要得益於我們 DTC 業務的實力以及我們在墨西哥的穩健表現。

Our audience for ViX's advertising video-on-demand, or AVOD, tier continued to grow, exceeding the 50 million monthly active users milestone, while generating nearly 50% growth in total streaming hours, far outpacing the growth in users. While we are already monetizing these users through ads, we also have a cost-effective funnel to upsell ViX's subscription video-on-demand tier, which is great and has a much lower SAC.

ViX 廣告影片點播 (AVOD) 層的受眾持續成長，每月活躍用戶突破 5,000 萬里程碑，同時總串流媒體時長成長近 50%，遠超過用戶成長。雖然我們已經透過廣告從這些用戶中獲利，但我們還有一個具有成本效益的管道來追加銷售 ViX 的訂閱視訊點播層，該層非常棒，而且 SAC 低得多。

In the US, advertising revenue was 2% higher as very strong growth in DTC was offset by some softness in our linear networks. In DTC, we delivered remarkable growth as we were very efficient in monetizing the significantly higher monthly active user base and engagement on ViX with strong sell-through rates of around 90% and material CPM premiums to linear.

在美國，廣告收入成長了 2%，因為 DTC 的強勁成長被我們線性網路的疲軟所抵消。在DTC 方面，我們實現了顯著的成長，因為我們非常有效地將ViX 上顯著較高的每月活躍用戶群和參與度貨幣化，銷售率高達90% 左右，每千次曝光費用相對於線性有實質溢價。

At our linear networks business, our results were mixed. We saw strength in sports as we aired the two major international soccer tournaments I mentioned before, which delivered very strong ratings in the second part of the quarter. Still, we experienced softness in the CPG, tech and pharma categories along with some pressure from ratings declines during the first part of the quarter that were not fully offset by price.

在我們的線性網路業務中，我們的結果好壞參半。當我們轉播我之前提到的兩項主要國際足球賽事時，我們看到了體育方面的力量，這兩項賽事在本季度的後半段取得了非常強勁的收視率。儘管如此，我們仍經歷了消費品、科技和製藥類別的疲軟，以及本季上半年評等下降帶來的一些壓力，但這些壓力並未完全被價格所抵銷。

In Mexico, advertising revenue growth of 13% year on year was partially driven by the appreciation of the Mexican peso and because starting this year we acquired some third-party ad inventory, which contributed with 500 basis points of growth that will be accretive to bottom-line.

在墨西哥，廣告收入年增 13%，部分原因是墨西哥比索升值，而且從今年開始我們收購了一些第三方廣告庫存，這貢獻了 500 個基點的增長，這將有助於觸底反彈-線。

In Mexico, the public sector continued to be impacted by advertising restrictions ahead of the Presidential elections in June. However, this was offset by strength from private sector advertising as recurring clients increased spending.

在墨西哥，公共部門繼續受到六月總統選舉前廣告限制的影響。然而，隨著經常性客戶增加支出，私部門廣告的強勁勢頭抵消了這一影響。

Moreover, we delivered strong advertising revenue growth in our DTC business, supported by the material increase in our monthly active user base and engagement on ViX as well as our programmatic capabilities. FX-neutral advertising revenue in Mexico increased by 10% year-on-year, which is an amazing result.

此外，我們的 DTC 業務的廣告收入實現了強勁增長，這得益於我們每月活躍用戶群和 ViX 參與度的大幅增長以及我們的程序化能力。墨西哥的外匯中性廣告收入較去年同期成長了10%，這是一個驚人的結果。

Consolidated subscription and licensing revenue decreased by 2% as very robust growth from ViX's subscription video-on-demand tier was offset by linear subscription revenue declines both in Mexico and in the US.

綜合訂閱和授權收入下降了 2%，因為 ViX 訂閱視訊點播層的強勁成長被墨西哥和美國訂閱收入的線性下降所抵消。

ViX's subscription video-on-demand tier performed exceptionally well this quarter and was a strong growth contributor. The increase in subscribers accelerated and was driven by the direct sales channels, which are higher ARPU subs coming to us with high intent given the appeal of the content we're producing.

ViX 的訂閱視訊點播層本季表現異常出色，是強勁的成長貢獻者。訂戶數量的成長加速，並受到直銷管道的推動，考慮到我們正在製作的內容的吸引力，這些更高的 ARPU 訂閱者以很高的意願來到我們這裡。

We closed the second quarter with 8.4 million subscribers. In the US, subscription and licensing revenue fell by 1%, while in Mexico the decline of 3% was partially offset by the appreciation of the Mexican peso. FX-neutral, subscription and licensing revenue in Mexico decreased by 5% year on year.

第二季結束時，我們的訂戶數為 840 萬。在美國，訂閱和授權收入下降了 1%，而在墨西哥，下降了 3%，但部分被墨西哥比索升值所抵消。不考慮匯率因素，墨西哥的訂閱和授權收入較去年同期下降 5%。

Looking ahead, we're making progress towards closing our US upfront at a pace in line with the industry. Early data indicates that this could be the fourth consecutive year in which we outperform the industry and capture market share from English-language broadcasters. Going into this year's upfront, our main strategic priority was to transition advertisers to Nielsen's Panel plus Big Data measurement methodology.

展望未來，我們正以與產業一致的速度提前關閉美國市場。早期數據表明，這可能是我們連續第四年跑贏行業並從英語廣播公司手中奪取市場份額。進入今年前期，我們的主要策略重點是讓廣告主轉向尼爾森的面板加大數據衡量方法。

Moving in this direction is very important for us strategically, not only because its benefits will permeate throughout our businesses over time, impacting both the current scatter market and our future upfronts, but because it is the right way to appropriately measure all audiences.

朝著這個方向前進對我們來說非常重要，不僅因為它的好處將隨著時間的推移滲透到我們的整個業務中，影響當前的分散市場和我們未來的前期成本，而且因為這是適當衡量所有受眾的正確方法。

To sum up, the strong KPI performance achieved at our DTC business has allowed us to deliver robust revenue growth and has positioned us extremely well to deliver sustainable DTC profitability in the second half of this year. Moreover, we are confident that our record political year from an ad sales perspective will materially boost our top-line growth during the second half of this year.

總而言之，我們的 DTC 業務取得的強勁 KPI 表現使我們能夠實現強勁的收入成長，並使我們能夠在今年下半年實現可持續的 DTC 獲利能力。此外，我們相信，從廣告銷售的角度來看，我們創紀錄的政治年將大大促進我們今年下半年的收入成長。

This should then return our company back to consolidated EBITDA growth for the full year and allow us to continue to focus on strengthening our balance sheet through organic deleveraging and by extending and smoothing out our maturities.

這將使我們公司恢復全年綜合 EBITDA 成長，並使我們能夠繼續專注於透過有機去槓桿化以及延長和平滑我們的期限來加強我們的資產負債表。

To wrap up, Bernardo and I are confident that the strategy to streamline our operations and simplify our asset structure at Grupo Televisa, and the execution of our digital transformation strategy at TelevisaUnivision will allow us to improve our operating and financial performance in 2024.

總而言之，Bernardo 和我相信，Grupo Televisa 精簡營運和簡化資產結構的策略，以及 TelevisaUnivision 數位轉型策略的執行，將使我們能夠在 2024 年改善營運和財務績效。

At Grupo Televisa, we are glad that we unlocked significant value to our shareholders through a spin-off of Ollamani, and now we're laser-focused on integrating Sky with our Cable segment, streamlining our combined operations, strengthening our competitive position and enhancing free cash flow generation.

在Grupo Televisa，我們很高興透過分拆Ollamani 為股東釋放了巨大的價值，現在我們專注於將Sky 與我們的有線電視部門整合起來，簡化我們的聯合運營，加強我們的競爭地位並增強我們的競爭力。

So far this year, our free cash flow conversion has improved considerably and a more efficient CapEx deployment focused on higher investment returns leads us to feel confident that free cash flow generation for the full year will be pretty good.

今年到目前為止，我們的自由現金流轉換已大大改善，並且專注於更高投資回報的更有效的資本支出部署使我們有信心全年的自由現金流生成將相當不錯。

And at TelevisaUnivision, we're very excited about the prospects for the second half of 2024. Our DTC business is growing and scaling and our most important metrics kept trending in the right direction with most of them ahead of plan.

在 TelevisaUnivision，我們對 2024 年下半年的前景感到非常興奮。我們的 DTC 業務正在不斷成長和擴大，我們最重要的指標一直朝著正確的方向發展，其中大多數指標都超出了計劃。

We added users and subscribers, grew engagement, reduced churn and generated significant marketing savings driven by our efficient customer acquisition funnel through our free tier. We also expect to get a fair share of political advertising in this cycle.

透過免費套餐的高效客戶獲取管道，我們增加了用戶和訂閱者，提高了參與度，減少了客戶流失，並節省了大量行銷費用。我們也希望在這個週期中獲得公平的政治廣告份額。

Looking forward, we have very clear objectives in place, a profitable DTC business in the second half of the year and to end 2024 with a reduction in leverage.

展望未來，我們有一個非常明確的目標，在下半年實現 DTC 業務獲利，並在 2024 年底降低槓桿。

Now, we are ready to take your questions. Elsa, could you please provide instructions for the Q&A?

現在，我們準備好回答您的問題。Elsa，您能提供問答說明嗎？

We will now begin the question-and-answer session.

我們現在開始問答環節。

Vitor Tomita, Goldman Sachs.

維托·富田，高盛。

Hello. Good morning, and thanks for taking our questions. Two questions from our side. The first one is if you could give us some more detail on how much the Afizzionados discontinuation and the Acapulco situation impacted MSO revenue this quarter?

你好。早安，感謝您提出我們的問題。我們這邊有兩個問題。第一個問題是，您能否向我們提供更多詳細信息，說明 Afizzionados 的停產和阿卡普爾科的情況對本季度 MSO 收入的影響有多大？

And our second question would be more on the debt. If you could give us some color on how you think about your debt exposure to the US dollar from a strategic standpoint and how you think about hedging strategy around that debt? Thank you.

我們的第二個問題更多的是關於債務。您能否告訴我們您如何從戰略角度看待您對美元的債務風險，以及您如何看待圍繞該債務的對沖策略？謝謝。

Thank you, Vitor, for your questions. I'll ask Francisco Valim to answer your first question that has to do with Afizzionados and Acapulco, and I'll ask Carlos Phillips to answer the second one that is related to our hedging strategy.

謝謝你，維托，提出問題。我將請弗朗西斯科·瓦利姆回答您與 Afizzionados 和阿卡普爾科有關的第一個問題，我將請卡洛斯·菲利普斯回答與我們的對沖策略相關的第二個問題。

So, the Afizzionados was a product that we had generated maybe 1% of our revenues, but it was generating a significant negative EBITDA. We discontinued the product and we also had -- we had no sports rights anymore.

因此，Afizzionados 這個產品可能為我們帶來了 1% 的收入，但它產生了嚴重的負 EBITDA。我們停止了該產品，而且我們也不再擁有體育權利。

So Afizzionados starting now in July would only become a cost with very little content and especially because our deal with ViX provides with all the content that we had at Afizzionados and much more. So that's what -- that was the decision about discontinuing. So, it was margin accretive, but obviously impacted revenues a bit.

因此，從 7 月開始，Afizzionados 只會成為一項很少的成本，特別是因為我們與 ViX 的交易提供了我們在 Afizzionados 上擁有的所有內容以及更多內容。這就是——這就是停止的決定。因此，它增加了利潤，但顯然對收入產生了一些影響。

As far as Acapulco is concerned, we -- what we have done over the last six months after the hurricane, we have built a full fiber network covering 100% of Acapulco. And obviously, as you go there and you see that the city is not back to its full potential, especially in the wealthiest areas, which is called Punta Diamante.

就阿卡普爾科而言，我們在颶風發生後的過去六個月所做的一切，我們已經建立了覆蓋 100% 阿卡普爾科的完整光纖網路。顯然，當你去那裡時，你會發現這座城市尚未恢復其全部潛力，特別是在最富裕的地區，即蓬塔迪亞曼特 (Punta Diamante)。

Those buildings are all being rebuilt, and there are thousands of subscribers there that we are maintaining them with -- charging them just a little, just to make sure that we keep our relationship, but we cannot charge them full charge because the buildings themselves are being remodeled and reconstructed.

這些建築物都在重建，我們正在維護它們的數千名訂閱者——只向他們收取一點費用，只是為了確保我們保持我們的關係，但我們不能向他們收取全額費用，因為建築物本身正在改造和重建。

So, they are not -- there's no one living there at this moment. So, we have, in response to several thousand clients in Acapulco that we have done that. Our estimation is that towards the end of this year, we'll see more movement towards having more clients in Acapulco due to the fact that the buildings are being rebuilt.

所以，他們不是──此刻沒有人住在那裡。因此，為了回應阿卡普爾科的數千名客戶，我們已經這麼做了。我們估計，到今年年底，由於建築物正在重建，我們將看到阿卡普爾科有更多客戶出現。

And Carlos will answer the second question that has to do with our hedging strategy.

卡洛斯將回答與我們的對沖策略有關的第二個問題。

And Vitor, in terms of your question about how we view our exposure to US dollars in our debt, as you probably know, a little over 60% of our debt is dollar-denominated at its fixed rate. And from a balance sheet perspective, what we have is a large cash balance, which we also keep in -- its majority in dollars, more than 60% of our cash is dollar-denominated.

Vitor，關於我們如何看待債務中美元風險的問題，您可能知道，我們 60% 多一點的債務是以固定利率以美元計價的。從資產負債表的角度來看，我們擁有大量的現金餘額，我們也保留著這一餘額——其中大部分是美元，我們60%以上的現金都是以美元計價的。

And from the balance sheet exposure as well, you always have to consider our investment in TelevisaUnivision, which is, from our perspective, a very large, valuable dollar-denominated asset. They will also use, from a balance sheet exposure perspective.

從資產負債表的風險來看，你總是必須考慮我們對 TelevisaUnivision 的投資，從我們的角度來看，這是一項非常龐大、有價值的以美元計價的資產。他們也將從資產負債表風險的角度使用。

In terms of the cash flow exposure, what we do is, on a rolling basis, using very plain vanilla hedging instruments, we try to cover our dollar exposure. To give an example, our dollar exposures for this year are 100% covered, and we are covered up to almost half of 2025 dollar exposure, which we not only consider our coupon interest payments from our dollar debt, but we also consider a portion of our dollar-denominated CapEx when we think about our exposure.

就現金流風險而言，我們所做的就是在滾動的基礎上，使用非常簡單的對沖工具，嘗試彌補我們的美元風險。舉個例子，我們今年的美元風險敞口是100%覆蓋的，我們的覆蓋範圍幾乎是2025年美元敞口的一半，我們不僅考慮了我們美元債務的息票利息支付，而且還考慮了一部分當當我們考慮我們的風險敞口時，我們以美元計價的資本支出。

The other thing, just to mention in terms of the coverage that we've done, is our closest maturities in terms of dollar-denominated bonds, which are 2025 and 2026 bonds, those are being fully hedged into pesos. So, that's our view in terms of the balance sheet and the cash flow exposure to dollars.

另一件事，就我們所做的報道而言，是我們以美元計價的債券的最接近期限，即 2025 年和 2026 年債券，這些債券已完全對沖為比索。這就是我們對資產負債表和美元現金流敞口的看法。

Very Clear. Thank you both very much.

非常清楚。非常感謝你們倆。

Marcelo Santos, JPMorgan.

馬塞洛桑托斯，摩根大通。

Hi, good morning. Thanks for taking my question. I have two as well. The first is a question on competitive environment. I mean, is the fact that Telmex is not increasing prices going to become a competitive issue? Could this start affecting your net adds for the future?

嗨，早安。感謝您提出我的問題。我也有兩個。首先是競爭環境的問題。我的意思是，Telmex 不提高價格的事實會成為競爭問題嗎？這會開始影響您未來的淨增加嗎？

And the second question is behind the CapEx cut. I think you also cut CapEx on Sky and corporate, right? This is the number I had here was higher for both. So, what is the main driver? Is this mostly related to lower subscriber adds, or you're also reducing something on the maintenance or the deployment? Just wanted to deep dive a bit more on the CapEx reduction. Thank you very much.

第二個問題是資本支出削減的背後。我認為您也削減了天空和企業的資本支出，對吧？這是我這裡的數字，兩者都更高。那麼，主要驅動力是什麼？這主要與訂閱者數量減少有關，還是您也在減少維護或部署方面的工作？只是想更深入地了解資本支出的減少。非常感謝。

Thank you, Marcelo. Francisco, can you take the --

謝謝你，馬塞洛。弗朗西斯科，你能帶上--

Sure. Marcelo, the discussion on Telmex not increasing price, what we did is we focused mostly on clients that have also a video offer. Almost 60% of our net adds is comprised of clients that also buy video. And even though on those that only buy Internet we provide them with ViX to almost 100% of our new clients.

當然。馬塞洛，關於 Telmex 不提高價格的討論，我們所做的是我們主要關注也提供視訊服務的客戶。我們近 60% 的淨新增客戶由也購買影片的客戶組成。即使是那些只購買網路的客戶，我們也向幾乎 100% 的新客戶提供 ViX。

So, when you do the math, the $389 that Telmex charges for what they are offering and what we are charging with for $450, when you put ViX and you add and subtract, they are very comparable. So, we don't see that as a major hurdle for the existing price range. And we are also very aligned not only in terms of promotion, but also price list with all of the players in the market in that regards.

所以，當你計算一下，Telmex 的收費為 389 美元，而我們的收費為 450 美元，當你把 ViX 加上並減去時，它們非常具有可比性。因此，我們不認為這是現有價格範圍的主要障礙。我們不僅在促銷方面而且在價格表方面也與市場上所有參與者非常一致。

In terms of CapEx, we'll start with a thank you. Yes, we did a great job. Thank you so much. But the idea here is because we're consolidating Sky and some of the operations of -- at the holding level, we are, yes, diminishing the number of, for example, Oracle licenses, SAP licenses and things like that.

就資本支出而言，我們首先要表達感謝。是的，我們做得很好。太感謝了。但這裡的想法是因為我們正在整合 Sky 和一些業務——在控股層面，我們是，是的，正在減少 Oracle 許可證、SAP 許可證等類似的數量。

So by optimizing all of that and focusing on migrating all systems into the already existing izzi systems, it makes us not pay twice or sometimes 3 times for the same service. And what you see there basically is the reductions we were able to implement over the last six months, but more emphasized on the second quarter of those gains that we have obtained.

因此，透過優化所有這些並專注於將所有系統遷移到現有的 izzi 系統中，我們就不必為相同服務支付兩次甚至有時 3 次的費用。您看到的基本上是我們在過去六個月中能夠實施的削減，但更多地強調了我們在第二季度所獲得的收益。

In terms of network deployment, we are keeping a constant network deployment. We should finish the year with something between 600,000 and 700,000 new homes passed, and therefore between homes passed and sales, that represents just the bulk of our CapEx because we're able to reduce everything else that was less important because of the synergies that we're able to generate.

在網路部署方面，我們保持持續的網路部署。今年結束時，我們應該有600,000 到700,000 套新房屋通過，因此在房屋通過和銷售之間，這僅代表我們資本支出的大部分，因為我們能夠減少其他一切不太重要的事情，因為我們的協同效應能夠生成。

Just to give a simple example, we have -- now, all in all, we have more than 5,000 people less than we had in the third quarter of last year. So therefore, Microsoft licenses and et cetera and so forth and so on, less cards, it impacts the entire organization. So I think that's how you should see it.

舉個簡單的例子，現在我們的員工總數比去年第三季減少了 5,000 多人。因此，微軟的許可等等，等等，更少的卡，它會影響整個組織。所以我認為你應該這樣看待它。

We are not investing in what needs to be invested, meaning we keep on investing on new subs. On average, we are targeting between 350,000 and 400,000 new sales per quarter. And so -- and that is -- it hasn't changed.

我們沒有投資需要投資的東西，這意味著我們繼續投資新的潛水艇。平均而言，我們的目標是每季新增銷售 35 萬至 40 萬輛。所以——也就是說——它沒有改變。

We have been implementing, in June, for example, was a good month, and July is looking to be a great month. And that doesn't change in terms of net adds or the acquisition of new clients and also the deployment of new homes passed, like I just mentioned. So the -- we are making sure that we are buying the future of the company and everything else we are optimizing.

我們一直在實施，例如，六月是一個很好的月份，而七月看起來也是一個很棒的月份。正如我剛才提到的，這在淨增加或新客戶收購以及新住宅部署方面都沒有改變。因此，我們確保我們購買的是公司的未來以及我們正在優化的其他一切。

So expanding on what Valim is saying, first of all, he has done an amazing job in the year that he has been with us. Second, I would say that most of our CapEx is sales-related, as he was saying. And therefore, if we maintain subscriber growth additions at a reasonable level, which we are on target of obtaining, and then further reduce churn, we should be able to have low-single-digit subscriber base growth in the medium term with less capital intensity. So, having said this, we believe CapEx-to-sales should be around 20% going forward. And in 2023, CapEx-to-sales already declined to 23% from almost 27% in 2022. So, we're on track of achieving that goal.

因此，擴展瓦利姆所說的內容，首先，他在我們身邊的這一年做得非常出色。其次，我想說，正如他所說，我們的大部分資本支出與銷售有關。因此，如果我們將用戶成長保持在合理的水平（我們的目標是獲得這一水平），然後進一步減少用戶流失，那麼我們應該能夠在中期以較低的資本密集度實現低個位數的用戶基數增長。因此，話雖如此，我們認為未來資本支出與銷售額比率應在 20% 左右。到 2023 年，資本支出與銷售額比率已從 2022 年的近 27% 下降至 23%。因此，我們正在實現這一目標。

Perfect. Just to follow up on the homes passed expansion. I think you added something around less than 200,000 in the first half of the year.

完美的。只是為了跟進房屋的擴建。我想你上半年增加了大約不到20萬。

Yes. Typically -- yes. This is how telecom companies typically operate. We approve the budget and we start deploying. So, it will build up through the end of the year. We already are at -- by the end of this quarter, we should be very close to 300,000.

是的。通常——是的。這就是電信公司通常的運作方式。我們批准預算並開始部署。因此，它將持續到今年年底。到本季末，我們的人數應該非常接近 30 萬。

Perfect. Thank you, very much.

完美的。非常感謝。

Carlos Legarreta with Itau.

卡洛斯·萊加雷塔和伊塔。

Hi. Good morning, gentlemen. Thank you for taking the questions (inaudible)

你好。早安，先生們。感謝您提出問題（聽不清楚）

Sorry. Carlos, sorry, we can't hear anything.

對不起。卡洛斯，抱歉，我們什麼也聽不到。

Yes. If you need to send a question, please, you can text it to Rodrigo and then we can --

是的。如果您需要發送問題，請發短信給羅德里戈，然後我們可以--

Yes, because we couldn't understand any.

是的，因為我們什麼都聽不懂。

Pick up the phone, Carlos.

拿起電話，卡洛斯。

Can you hear us better now?

現在你能更清楚地聽到我們說話嗎？

Yes.

是的。

All right. Thank you. So, after streamlining Sky and Cable, what sort of operating cash flow margin are you targeting in the medium term, let's say, 2025?

好的。謝謝。那麼，在精簡 Sky 和 ​​Cable 後，您的中期目標是多少（比如說 2025 年）營運現金流利潤率？

And secondly, can you give us a sense as to what proportion of your [existing] (ph) broadband subscribers are also ViX VOD users? Thank you.

其次，您能否讓我們了解您的[現有]（ph）寬頻用戶中有多少比例也是 ViX VOD 用戶？謝謝。

Yes. Our CapEx -- our operating cash flow margin, we're targeting for 20%. This is our goal. And as I mentioned before, we're on the right trajectory to achieving this goal of 20% operating cash flow margin. And as to your second question --

是的。我們的資本支出－我們的營運現金流利潤率，我們的目標是 20%。這是我們的目標。正如我之前提到的，我們正走在實現 20% 營運現金流利潤率目標的正確軌道上。至於你的第二個問題--

In terms of OpEx, we're targeting MXN400 million per quarter. So, if you just add four quarters, we are at just MXN1.6 billion, MXN1.7 billion if you do the 12 months.

就營運支出而言，我們的目標是每季 4 億墨西哥比索。因此，如果只算上四個季度，我們的收入僅為 16 億墨西哥比索，如果算上 12 個月，則為 17 億墨西哥比索。

In terms of ViX, what we have today is the vast majority of our clients have ViX. We are -- ViX is being hard bundled in every package with 60 megabits per second and above.

就 ViX 而言，我們今天的情況是絕大多數客戶都擁有 ViX。我們 - ViX 被硬性捆綁在每秒 60 兆及以上的每個包中。

Okay. And can you repeat the comment, Francisco, on the OpEx, please?

好的。弗朗西斯科，您能重複一下關於營運支出的評論嗎？

Yes. We are estimating now for the next couple of quarters, MXN400 million per quarter. And so if you do the math on a yearly basis, if you analyze that, you should be seeing something between MXN1.6 billion, MXN1.7 billion in terms of savings regarding the synergies with Sky.

是的。我們現在估計未來幾季每季 4 億墨西哥比索。因此，如果您每年進行計算和分析，您應該會看到與 Sky 的協同效應節省了 16 億至 17 億墨西哥比索。

Okay. Yes. Okay. I think that's, in fact, in line with what you said before. So, I appreciate that. And just to confirm the CapEx guidance, if you don't mind. It's $720 million, the whole budget. And by the breakdown, it's $590 million for Cable, including $30 million for Acapulco, $125 million in corporate?

好的。是的。好的。我認為這實際上與您之前所說的一致。所以，我很欣賞這一點。如果您不介意的話，只是為了確認資本支出指導。整個預算為 7.2 億美元。依細目分類，有線電視公司為 5.9 億美元，其中阿卡普爾科公司為 3,000 萬美元，公司為 1.25 億美元？

Let me -- so ofcourse, Francisco and the whole company is being much more efficient in terms of the CapEx deployment. So, as I mentioned in the initial remarks, our CapEx requirements for the full year will be significantly lower. So, we're cutting our 2024 CapEx budget to $720 million. And you're right, it includes $590 million in Cable, with $30 million for the reconstruction of Acapulco, which, as we have mentioned, we expect to be reimbursed by the insurance company. And $120 million in Sky. And finally $10 million for corporate purposes.

讓我來說一下——當然，弗朗西斯科和整個公司在資本支出部署方面的效率要高得多。因此，正如我在最初的評論中提到的，我們全年的資本支出要求將大大降低。因此，我們將 2024 年資本支出預算削減至 7.2 億美元。你是對的，它包括 5.9 億美元的電纜，其中 3000 萬美元用於阿卡普爾科的重建，正如我們所提到的，我們預計將由保險公司報銷。以及天空電視台的 1.2 億美元。最後 1000 萬美元用於企業用途。

Thank you, Alfonso. Just want to double-check that. I appreciate it.

謝謝你，阿方索。只是想仔細檢查一下。我很感激。

Yes. Thank you.

是的。謝謝。

Luca Brendan, Bank of America.

盧卡·布倫丹，美國銀行。

Hi. Good morning, everyone. Thank you for taking my questions. I have two here. The first one is a follow-up on the competitive environment. So, you mentioned that your offer for Cable is already in line with competition when you consider ViX and its value added. So, now looking for the future, how do you think about the potential for price hikes? Do you think it's likely you will be able to do it in the short term or not if it continues to be hard to have price hikes in the sector?

你好。大家早安。感謝您回答我的問題。我這裡有兩個。第一個是競爭環境的後續。因此，您提到，當您考慮 ViX 及其附加價值時，您對 Cable 的報價已經與競爭一致。那麼，現在展望未來，您如何看待價格上漲的潛力？如果該行業的價格繼續難以上漲，您認為短期內您是否能夠做到這一點？

And then the second one, are there any other product lines that you see that may be discontinued in the coming quarters like Afizzionados or was that something a one-off and something specific that should not happen anymore? So those are my questions. Thank you.

然後第二個問題，您是否認為其他產品線可能會在未來幾季停產，例如 Afizzionados，或者這是一次性的、不應該再發生的特定產品？這就是我的問題。謝謝。

Apologies. Luca, the speaker line just dropped. Just give us a moment to reconnect the speakers.

抱歉。盧卡，揚聲器線路剛剛斷線。請給我們一些時間來重新連接揚聲器。

Hello? Luca, are we still with you? Are you still there?

你好？盧卡，我們還在你身邊嗎？你還在嗎？

Yes, I can hear you.

是的，我聽得到你的聲音。

Okay. So, we got disconnected. You were asking about the competitive environment, and there's where we got disconnected.

好的。於是，我們就斷了聯繫。你問的是競爭環境，這就是我們脫節的地方。

Okay. Yeah. So my first question is on the competitive environment as you mentioned. So, you said that considering ViX and the value it adds, your offer is already in line with competition in terms of pricing, but thinking about the future, do you believe there is space for price hikes or it will continue to be difficult considering how the market is and how competition has been going in the market?

好的。是的。所以我的第一個問題是關於你提到的競爭環境。所以，您說考慮到 ViX 及其增加的價值，您的報價在定價方面已經與競爭一致，但考慮到未來，您認為還有漲價的空間嗎？以及市場競爭狀況如何？

And then, the second one, if you -- this quarter, you had the discontinuation of Afizzionados. So, I wanted to know if -- with the restructuring you're doing and the consolidation of businesses, if there are also other products that may be discontinued or other revenue lines that may be discontinued in the coming quarters, or if that was something of a one-off and we should not see something similar in other quarters? Thank you.

然後，第二個，如果這個季度，Afizzionados 停產了。因此，我想知道，隨著您正在進行的重組和業務整合，是否還有其他產品可能會停產，或者其他收入線可能會在未來幾個季度停產，或者是否有其他情況這是一次性的，我們不應該在其他方面看到類似的情況嗎？謝謝。

Thank you, Luca.

謝謝你，盧卡。

Yeah, Francisco.

是的，弗朗西斯科。

So from -- I'll start from the Afizzionados question. Afizzionados was a channel that was created several years ago because of sports rights for the Mexican soccer teams. With the evolution of ViX, ViX now has 100% of the games on its platform. And because we have this bundle with them, Afizzionados became irrelevant. And so, we had to operate this channel, which has basically now very little content. So, we decided to discontinue that. And obviously, there's an accounting impact on revenue, but an equivalent superior adjustment on EBITDA. So, it was margin accretive, and it didn't impact the client. So, it was something that we should have done as soon as we lost the right for soccer in Mexico. And we have full coverage using ViX's platform.

因此，我將從 Afizzionados 問題開始。Afizzionados 是幾年前因墨西哥足球隊的體育權利而創建的頻道。隨著ViX的發展，ViX現在擁有其平台上100%的遊戲。因為我們有這個捆綁包，Afizzionados 變得無關緊要了。所以，我們必須經營這個頻道，現在基本上內容很少。因此，我們決定停止這種做法。顯然，這對收入有會計影響，但對 EBITDA 也有同等的進階調整。因此，它可以增加利潤，並且不會影響客戶。所以，當我們失去在墨西哥踢足球的權利時，我們就應該這樣做。我們使用 ViX 的平台進行了全面覆蓋。

So, in essence, that channel was not contributing any value and it was a money-losing type of thing.

因此，從本質上講，該管道沒有貢獻任何價值，而且是賠錢的事情。

Yes. Okay. On the competitiveness of the market, so in -- I think that in every telecom market, price is adjusted by inflation, they happen at some rate, okay? What we haven't been seeing here in Mexico for many years is that we were able to pass-through everything along. As markets become more stabilized, typically what we do is we try to upsell and upgrade clients in terms of products, in terms of speeds, in terms of additional products.

是的。好的。關於市場的競爭力，我認為在每個電信市場中，價格都會根據通貨膨脹進行調整，它們以某種速度發生，好嗎？我們在墨西哥已經很多年沒有看到的是我們能夠穿越一切。隨著市場變得更加穩定，我們通常會嘗試在產品、速度和附加產品方面向客戶進行追加銷售和升級。

So, we have all of those -- all of the above in place. And that's what we think will generate more value to our customers, but also more importantly to -- our objective is to reduce churn and make sure that our clients have the best possible service. In Mexico, the only company that can provide the content and quality of network that we provide, it's only us. Everybody else has different content. And our network is comparable to most of our competitors in the areas where it matters.

所以，我們已經擁有了所有這些——以上所有的東西。我們認為這將為我們的客戶創造更多價值，但更重要的是——我們的目標是減少客戶流失並確保我們的客戶獲得盡可能最好的服務。在墨西哥，唯一能夠提供我們提供的內容和網路品質的公司，就只有我們。其他人都有不同的內容。我們的網路在重要領域可與大多數競爭對手相媲美。

So, we see this evolving. So what I'm saying is, I don't know if we are going to be able to pass-through 100% of inflation in the years to come, but what we're aiming to is to increase revenue per consumer, or in other words, increase average ARPU using additional services, more products and more services.

所以，我們看到這種情況不斷發展。所以我想說的是，我不知道未來幾年我們是否能夠轉嫁 100% 的通膨，但我們的目標是增加每個消費者的收入，或者說換句話說，使用額外的服務、更多的產品和更多的服務來提高平均ARPU。

No, very clear. Thank you for the answers.

不，非常清楚。謝謝您的回答。

This concludes our question and answer session. I would like to turn the conference back over to Mr. Alfonso de Angoitia for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想將會議轉回阿方索·德安戈蒂亞先生發表閉幕詞。請繼續。

Well, thank you very much for participating in our call. We're very excited about the prospects that we see in the business. We have moved a long way and we're very happy with what we're seeing for the near future. Enjoy your summer. And if you have any additional questions, please call us.

好的，非常感謝您參與我們的電話會議。我們對我們在該業務中看到的前景感到非常興奮。我們已經取得了長足的進步，我們對不久的將來所看到的一切感到非常滿意。享受你的夏天。如果您還有任何其他問題，請致電我們。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。