Grupo Televisa SAB (TV) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to Grupo Televisa's first-quarter 2025 conference call. 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 we discuss in today's call and in the earnings release.

大家早安，歡迎參加 Grupo Televisa 2025 年第一季電話會議。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報告中討論的所有內容。

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

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

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，艾爾莎。大家早安，感謝大家的收看。今天和我一起的還有 Cable and Sky 的執行長 Francisco Valim；以及 Grupo Televisa 財務長 Carlos Phillips。

Before discussing our first quarter operating and financial performance, let me remind you of the strategic priorities approved by the Board of Directors of Grupo Televisa and TelevisaUnivision that we will pursue this year.

在討論我們第一季的營運和財務表現之前，請允許我提醒大家注意 Grupo Televisa 和 TelevisaUnivision 董事會批准的我們今年將要執行的策略重點。

At Grupo Televisa, we will continue to focus on attracting and retaining value customers to stabilize and potentially grow our internet subscriber base sequentially throughout this year, execute on the implementation of OpEx and CapEx efficiencies and conclude the integration between EC and Sky to extract further synergies.

在 Grupo Televisa，我們將繼續專注於吸引和留住價值客戶，以穩定並在今年連續擴大我們的網路用戶群，執行營運支出和資本支出效率，並完成 EC 和 Sky 之間的整合，以進一步發揮協同效應。

This has already contributed to expanding our consolidated operating segment income margin by around 100 basis points in the first quarter, driven by a year on year OpEx reduction of around 8% and we would expect this profitability improvement to remain over the coming quarters.

這已經促使我們的綜合營業部門利潤率在第一季擴大了約 100 個基點，這得益於同比營運支出減少約 8%，我們預計這種盈利能力的改善將在未來幾個季度繼續保持。

And at TelevisaUnivision, now that our direct-to-consumer business, ViX has gained scale and achieved profitability, we are confident that additional value can be unlocked through further integration, optimization and unification of both our content business and geographies.

在 TelevisaUnivision，我們的直接面向消費者的業務 ViX 現在已經擴大規模並實現盈利，我們相信，透過進一步整合、優化和統一我們的內容業務和地域，可以釋放更多價值。

Despite some challenges and top line pressure, TelevisaUnivision's first-quarter operating performance reflected the underlying strength of our content engine and continued scaling of ViX. The proactive realignment and optimization of our cost base started at the end of 2024 and our DTC profitability more than offset these headwinds and contributed to adjusted EBITDA growth of 5% year on year during the first quarter.

儘管面臨一些挑戰和營收壓力，TelevisaUnivision 第一季的營運表現反映了我們內容引擎的潛在優勢和 ViX 的持續擴展。我們在 2024 年底開始主動調整和優化成本基礎，我們的 DTC 獲利能力足以抵消這些不利因素，並促使第一季調整後的 EBITDA 年成長 5%。

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，請允許我將電話轉給瓦利姆，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 and financial performance of our cable operations. We ended March with a network of 19.9 million homes after passing around 13,000 new homes during the quarter. In the first quarter, our monthly churn rate remained in line with our historical average of 2% as we kept executing on 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的有線電視業務的營運和財務表現。截至三月底，我們的網路已覆蓋約 13,000 個新家庭，總家庭數量已達 1,990 萬戶。在第一季度，我們的每月客戶流失率與 2% 的歷史平均值保持一致，因為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。

Our broadband gross adds improved considerably on a sequential basis, allowing us to deliver disconnections of only around 6,000 subscribers during the first quarter compared to a loss of 85,000 in the fourth quarter of last year. Regarding video, we also experienced stronger gross adds than in the fourth quarter of last year.

我們的寬頻總新增用戶數連續大幅提高，第一季僅斷開了約 6,000 名用戶，而去年第四季則斷開了 85,000 名用戶。在影片方面，我們的總新增量也比去年第四季更加強勁。

Therefore, we lost about 73,000 video subscribers in the first quarter compared to the 95,000 disconnections in the fourth quarter of 2024. Of note, our mobile net adds were solid at 36,000 subscribers during the first quarter compared to a full year net adds of 26,000 in 2024. We were able to achieve this because late last year, we re-launched a new and innovative MVNO service developed by ZTE, offering enhanced user experience.

因此，我們在第一季損失了約 73,000 名視訊用戶，而 2024 年第四季則有 95,000 名用戶斷線。值得注意的是，第一季我們的行動淨增用戶數量穩定在 36,000 名，而 2024 年全年淨增用戶數量為 26,000 名。我們之所以能夠實現這一目標，是因為去年年底，我們重新推出了由中興通訊開發的創新MVNO服務，增強了使用者體驗。

We are confident that this new service will make our bundles more competitive while allowing us to increase the share of wallet from our existing customers. During the quarter, net revenue from our residential operations of MXN10.5 billion, which accounted for around 91% of total cable revenue, decreased by 3% year on year, mainly because we lost some revenue given the cancellation of the Afizzionados video package during the second quarter of 2024 and as we had a slightly lower subscriber base.

我們相信，這項新服務將使我們的套餐更具競爭力，同時使我們能夠增加現有客戶的錢包份額。本季度，我們的住宅業務淨收入為 105 億墨西哥比索，約佔有線電視總收入的 91%，年減 3%，主要原因是由於 2024 年第二季度取消了 Afizzionados 視訊套餐，導致我們損失了一些收入，而且我們的用戶群略有下降。

Net revenue from our enterprise operations of MXN1 billion, which accounted for around 9% of total cable revenue, declined by 4.5% year on year as in the first quarter of 2024, we are concluding an important government contract, which translated into higher revenue streams.

我們的企業營運淨收入為 10 億墨西哥比索，約佔有線電視總收入的 9%，年減 4.5%，因為在 2024 年第一季度，我們正在簽訂一份重要的政府合同，這將轉化為更高的收入來源。

Moving on to Sky's operating and financial performance. During the first quarter, we lost 331,000 revenue-generating units, mostly coming from prepaid subscribers that had not been recharging their services.

繼續討論天空電視台的營運和財務表現。第一季度，我們損失了 331,000 個創收單位，其中大部分來自未預付的預付費用戶。

Sky first quarter revenue of MXN2.5 billion fell by 13.2% year on year, mainly driven by a lower subscriber base. To sum up, segment revenue of MXN15.1 billion fell by 5.7% year on year, while operating segment income of MXN5.7 billion declined by 3.1%.

天空電視台第一季營收 25 億墨西哥比索，年減 13.2%，主要原因是用戶數量減少。整體而言，分部收入 151 億墨西哥比索，年減 5.7%，而營業分部收入 57 億墨西哥比索，年減 3.1%。

Our operating segment income margin of 37.8% expanded by 100 basis points year on year, mainly driven by the efficiency measures that we have been implementing and synergies from the ongoing integration between Izzi and Sky.

我們的營業部門營收利潤率為 37.8%，年成長 100 個基點，主要得益於我們一直在實施的效率措施以及 Izzi 和 Sky 之間持續整合產生的協同效應。

On a sequential basis, our operating segment income for the first quarter already marked a turning point as it increased by 1.6% quarter on quarter, while our operating segment income margin expanded by 180 basis points. Regarding CapEx deployment, our total investment of MXN1.8 billion during the first quarter fell by around 13% year on year.

以環比計算，我們第一季的經營分部營收已出現轉捩點，較上季成長 1.6%，而經營分部營收利潤率則擴大了 180 個基點。關於資本支出部署，我們第一季的總投資為 18 億墨西哥比索，年減約 13%。

So our CapEx-to-sales ratio of 11.8% was around 100 basis points lower than that of the first quarter of 2024. Finally, operating cash flow of Cable and Sky, which is equivalent to EBITDA minus CapEx, was MXN3.9 billion in the first quarter, increasing by 2% year on year and accounting for 26% of sales. This basically means that our operating cash flow margin increased by 200 basis points year on year.

因此，我們的資本支出與銷售額比為 11.8%，比 2024 年第一季低約 100 個基點。最後，Cable and Sky 的營運現金流（相當於 EBITDA 減去資本支出）第一季為 39 億墨西哥比索，較去年同期成長 2%，佔銷售額的 26%。這基本上意味著我們的經營現金流利潤率年增了200個基點。

Thank you, Valim. Now let me walk you through TelevisaUnivision's first quarter results released last week. The company's first quarter revenue of $1 billion declined by 11% year on year, while adjusted EBITDA of $345 million increased by 5%.

謝謝你，瓦利姆。現在讓我向您介紹一下上週發布的第一季TelevisaUnivision 業績。該公司第一季營收10億美元，年減11%，調整後EBITDA為3.45億美元，成長5%。

Excluding the impact from the depreciation of the Mexican peso, TelevisaUnivision's first quarter revenue decreased by 6% year on year due to the absence of the prior year's broadcast of the Super Bowl in the US and the impact of the renewal cycle with key distribution partners in Mexico.

剔除墨西哥比索貶值的影響，TelevisaUnivision第一季營收年減6%，原因是去年美國沒有轉播超級碗，以及與墨西哥主要分銷合作夥伴的續約週期影響。

On the other hand, adjusted EBITDA increased by 10% year on year, reflecting margin expansion driven by the operational optimization plan we implemented in December of last year and continued DTC profitability. Moving on to the details of our revenue performance during the quarter.

另一方面，調整後的 EBITDA 年成長 10%，反映出我們去年 12 月實施的營運優化計劃和持續的 DTC 獲利能力推動的利潤率擴張。接下來介紹本季我們營收表現的詳細資訊。

Consolidated advertising revenue decreased by 13% year on year or 3%, excluding the Super Bowl in the US and the FX impact. In the US, advertising revenue was 11% lower as growth in DTC advertising revenue was offset by linear softness and the absence of the prior year's broadcast of the Super Bowl.

綜合廣告收入較去年同期下降 13%，若不計入美國超級盃和外匯影響，則下降 3%。在美國，廣告收入下降了 11%，因為 DTC 廣告收入的成長被線性疲軟和去年沒有播出超級盃所抵消。

Excluding the Super Bowl, US advertising revenue declined by 6%. In Mexico, advertising revenue declined by 16% year on year, driven by the depreciation of the Mexican peso. FX neutral advertising revenue in Mexico increased by 1%, reflecting private sector growth across both linear and DTC and the strong performance of sports content, including Liga MX and the Super Bowl.

不包括超級碗，美國廣告收入下降了6%。在墨西哥，受墨西哥比索貶值影響，廣告收入較去年同期下降16%。墨西哥的外匯中性廣告收入成長了 1%，反映了線性和 DTC 私營部門的成長以及包括墨西哥足球超級盃和超級盃在內的體育內容的強勁表現。

During the quarter, consolidated subscription and licensing revenue fell by 7% year on year, but grew 1% excluding the FX impact and the previously mentioned distribution renewal cycle in Mexico.

本季度，綜合訂閱和授權收入年減 7%，但如果不計外匯影響和前面提到的墨西哥分銷續約週期，則成長 1%。

In the US, subscription and licensing revenue increased by 5%, driven by ViX's premium tier. In Mexico, subscription and licensing revenue fell by 36%, mainly due to the distribution renewal cycle and the depreciation of the Mexican peso. FX-neutral subscription and licensing revenue in Mexico decreased by 26%, partially supported by the subscription growth in ViX's premium tier.

在美國，受 ViX 高階服務的推動，訂閱和授權收入成長了 5%。在墨西哥，訂閱和授權收入下降了36%，主要原因是分銷續訂週期和墨西哥比索貶值。墨西哥的外匯中性訂閱和授權收入下降了 26%，部分原因是 ViX 高階套餐的訂閱量成長。

Turning to ViX. We delivered another quarter of solid growth and profitability and reinforced the strength of our DTC strategy. Our advertising video-on-demand tier continued to scale with double digit growth in reach relative to last year. At the same time, our subscription video-on-demand tier also achieved double digit subscriber growth even after a recent price increase in the US, underscoring the value of our unique offering. All in all, ViX remains well positioned, delivering consistent performance across key metrics while reinforcing our leadership in Spanish language streaming.

轉向 ViX。我們又實現了一個季度的穩健成長和獲利，並增強了我們的 DTC 策略的實力。我們的廣告視訊點播層持續擴大，覆蓋範圍與去年相比實現了兩位數的成長。同時，即使在美國近期價格上漲之後，我們的訂閱隨選視訊服務也實現了兩位數的用戶成長，凸顯了我們獨特產品的價值。總而言之，ViX 仍然保持著良好的地位，在關鍵指標上表現穩定，同時鞏固了我們在西班牙語串流方面的領導地位。

Finally, at the end of the first quarter, TelevisaUnivision's leverage ratio was 5.8 times EBITDA compared to 5.9 times by the end of 2024 due to a combination of free cash flow generation and EBITDA growth. Moving on, let me remind you that on March 18, we used part of the free cash flow generated last year by Grupo Televisa to pay the remaining $219 million principal amount of our senior notes maturing this year.

最後，由於自由現金流產生和 EBITDA 成長的共同作用，截至第一季末，TelevisaUnivision 的槓桿率為 EBITDA 的 5.8 倍，而到 2024 年底則為 5.9 倍。接下來，讓我提醒您，3 月 18 日，我們使用了 Grupo Televisa 去年產生的部分自由現金流來支付今年到期的剩餘 2.19 億美元優先票據本金。

This payment was hedged at an exchange rate of MXN17.8 per dollar. Moreover, at the end of the first quarter, Grupo Televisa's leverage ratio of 2.4x EBITDA compared to 2.5 times by the end of 2024 due to our free cash flow generation of around MXN2.2 billion during the quarter.

該筆付款以 17.8 墨西哥比索兌 1 美元的匯率進行對沖。此外，由於我們本季產生了約 22 億墨西哥比索的自由現金流，因此在第一季末，Grupo Televisa 的槓桿率為 EBITDA 的 2.4 倍，而到 2024 年底則為 2.5 倍。

To wrap up, Bernardo and I are confident that our focus on value customers, efficiencies and ongoing integration between Izzi and Sky at Grupo Televisa and further integration and operational optimization at TelevisaUnivision now that our DTC business has gained scale and achieved profitability will allow us to create greater value for our shareholders throughout this year.

總而言之，貝爾納多和我都堅信，由於我們的 DTC 業務已經擴大規模並實現盈利，我們對價值客戶、效率以及 Grupo Televisa 的 Izzi 與 Sky 之間的持續整合以及 TelevisaUnivision 的進一步整合和運營優化的關注將使我們能夠在今年為股東創造更大的價值。

Now we're ready to take your questions. Operator, can you please provide us with instructions for the Q&A?

現在我們準備好回答你們的提問了。接線生，您能為我們提供問答的說明嗎？

(Operator Instructions) [Lucia Mizubata], JPMorgan.

(操作員指示)[Lucia Mizubata]，摩根大通。

Hi. Good morning. Thank you for taking my questions. I have two from my side. First, we saw an improvement in margins. Can you give us some color on how much more we could see in expansions coming from these ongoing efficiencies? That would be great. And the second one, if you could give us some color on the guidance of 1 million homes passed for fiber in 2025.

你好。早安.感謝您回答我的問題。我這邊有兩個。首先，我們看到利潤率提高。您能否向我們詳細介紹這些持續的效率提升將帶來多大的擴展？那太好了。第二，您能否為我們詳細介紹 2025 年實現 100 萬戶家庭覆蓋光纖的目標？

How should be this curve given the first quarter? Is there a risk of downside revision following the low number of homes passed? And can you give us an update on your CapEx budget for the year? That's it from my side. Thank you.

考慮到第一季的情況，這條曲線應該是什麼樣子的？通過的房屋數量較少，是否有下調的風險？您能否向我們介紹今年的資本支出預算的最新情況？我這邊就是這樣。謝謝。

Thank you, Lucia. Valim, can you answer this question?

謝謝你，露西亞。Valim，你能回答這個問題嗎？

Sure, Alfonso. Lucia, I think that the first question is we are still finalizing some synergies with Sky. But we have a constant effort on margin improvement. So obviously, we're not forecasting further increments, but we are always focusing on improving margins. And that's a recurring theme amongst ourselves.

當然，阿方索。露西亞，我認為第一個問題是我們仍在敲定與天空電視台的一些協同作用。但我們一直在努力提高利潤率。因此，顯然我們不會預測進一步的成長，但我們始終專注於提高利潤率。這是我們之間反覆出現的主題。

Regarding the 1 million homes passed, typically the first quarter is a slow quarter. But by the end of the year, we should reach our target. In terms of our CapEx budget, we are in the $665 million. We should not deviate much from that in any way. So you should anticipate us doing that.

對於已售出的 100 萬戶家庭來說，第一季通常是一個淡季。但到今年年底，我們應該能夠實現我們的目標。就我們的資本支出預算而言，我們的預算為 6.65 億美元。無論如何，我們都不應偏離這個目標太遠。所以你應該預料到我們會這麼做。

Obviously, like I said, the first quarter is a little slower. So there is seasonality. And obviously, the last quarter tends to be the heaviest one in terms of CapEx deployment.

顯然，正如我所說，第一季的速度有點慢。因此存在季節性。顯然，就資本支出部署而言，最後一個季度往往是最繁忙的一個季度。

Thank you very much.

非常感謝。

Carlos Legarreta, Itau.

卡洛斯·勒加雷塔，伊塔烏。

Thank you, gentlemen. Good morning and thank you for taking the question. I have two on my end. The first one is I wanted to hear your thoughts on cash allocation at this point in time, particularly it seems like reactivating buyback activity could be interesting. And the second one, I just wanted to hear your thoughts on the recent downgrade by Moody's of TelevisaUnivision's debt rating. Also will be interested in your thoughts. Thank you.

謝謝各位。早上好，感謝您回答這個問題。我這邊有兩個。首先，我想聽聽您對目前現金分配的看法，特別是重新啟動回購活動似乎很有趣。第二，我只是想聽聽您對穆迪最近下調 TelevisaUnivision 債務評級的看法。也會對您的想法感興趣。謝謝。

Thank you, Carlos. I'll take the second one and then I'll ask Carlos Phillips to take the first one. As to the Moody's rating downgrade, I can say that as you could see, since the end of last year of 2024, we have been implementing OpEx efficiencies at TelevisaUnivision and that is to grow EBITDA this year and reduce leverage despite the expected headwinds to grow revenue. You can see this that, I mean, during the first quarter, as we managed to grow TelevisaUnivision's EBITDA by 5% year on year. And this is despite the revenue decline of 11%.

謝謝你，卡洛斯。我將回答第二個問題，然後請卡洛斯·菲利普斯回答第一個問題。至於穆迪的評級下調，我可以說，正如您所看到的，自 2024 年底以來，我們一直在 TelevisaUnivision 實施運營支出效率，儘管預計收入增長將面臨阻力，但今年我們仍將增加 EBITDA 並降低槓桿率。您可以看到，在第一季度，我們成功地讓 TelevisaUnivision 的 EBITDA 年成長 5%。儘管收入下降了 11%，但情況依然如此。

We also managed to reduce leverage from 5.9 times EBITDA by the end of last year to 5.8 times by the end of the first quarter. So in the remainder of 2025, we will continue to focus on implementing efficiencies and we're trying to grow full year EBITDA, generate free cash flow and our priority is to keep reducing our leverage ratio.

我們也成功將槓桿率從去年年底的 EBITDA 的 5.9 倍降低至第一季末的 5.8 倍。因此，在 2025 年剩餘時間裡，我們將繼續專注於提高效率，並努力提高全年 EBITDA，產生自由現金流，我們的首要任務是繼續降低槓桿率。

If you read Moody's report, unfortunately, it appears that they are concerned with the slowing economic growth in the US for 2025. And this, as you read there, it's triggered by the potential implementation of tariffs and Mexico's relatively weak economic environment.

如果你讀過穆迪的報告，你會發現，不幸的是，他們似乎對 2025 年美國經濟成長放緩感到擔憂。正如您所讀到的，這是由潛在的關稅實施和墨西哥相對疲軟的經濟環境引發的。

And they have adopted a more cautious view with regard to our advertising business and as a result, downgraded TelevisaUnivision's credit ratings. But I mean, we see, I mean, a better scenario than they do, but that's what I can tell you about the downgrade. And Carlos can take your first question.

他們對我們的廣告業務採取了更謹慎的態度，並因此下調了TelevisaUnivision的信用評級。但我的意思是，我們看到了比他們更好的情況，但這就是我可以告訴你的有關降級的情況。卡洛斯可以回答您的第一個問題。

Hi, Carlos. In terms of your question about cash flow, we -- this year, we expect to deliver another year of positive cash flow. However, you have to consider that as Valim and the team have mentioned, we're going to have higher CapEx requirements compared to last year. And in terms of the use of the free cash flow, as we've mentioned in previous calls, our number one priority is to pay down debt. As you saw during the quarter, we paid down our 2025 bond maturity, which was around $219 million.

你好，卡洛斯。關於您提到的現金流問題，我們預計今年將再次實現正現金流。但是，您必須考慮到，正如 Valim 和團隊所提到的，與去年相比，我們的資本支出要求將更高。就自由現金流的使用而言，正如我們在先前的電話會議中提到的，我們的首要任務是償還債務。正如您在本季所看到的，我們償還了 2025 年到期的債券，金額約為 2.19 億美元。

As we mentioned in the past, we had hedged that into peso exposure at a pretty attractive rate. It was MXN17.8 FX. And we expect to continue doing the same. Our leverage fell from 2.5 to 2.4 this quarter. We want to continue strengthening our leverage position and also continue to have a very conservative liquidity position. As we've mentioned before, the idea here is to maintain our investment-grade ratings. We're very committed to that.

正如我們過去提到的，我們以相當有吸引力的匯率將其對沖為比索風險敞口。價格為 MXN17.8 FX。我們希望繼續這樣做。本季我們的槓桿率從 2.5 下降至 2.4。我們希望繼續加強我們的槓桿地位，並繼續保持非常保守的流動性地位。正如我們之前提到的，這裡的想法是維持我們的投資等級。我們對此非常堅定。

Thank you, both, for your comments.

謝謝你們兩位的評論。

Gustavo Farias, UBS.

瑞銀的 Gustavo Farias。

Hi, everyone. Thanks for taking my questions. Also two from my end. So the first one, we've seen some lower broadband and video disconnections. So I'd like to hear your thoughts on what to expect throughout the year? And what are you seeing in terms of overall competition and pricing environment for broadband specifically?

大家好。感謝您回答我的問題。我這邊也有兩個。首先，我們發現寬頻和視訊斷線的情況有所降低。所以我想聽聽您對全年的期望的看法？您認為寬頻的整體競爭和定價環境具體是怎麼樣的？

And the second one, if you could comment your thoughts around all the new regulation that's going on in Mexico, especially regarding maybe possible restrictions on foreign advertising, maybe impacts that, if any, you foresee for TelevisaUnivision, it would be very helpful. Thank you.

第二，如果您能評論一下對墨西哥正在實施的所有新法規的看法，特別是關於可能對外國廣告進行的限制，以及您預見到的對 TelevisaUnivision 的影響（如果有的話），那將會非常有幫助。謝謝。

Francisco will answer your first question and I'll take the second one.

弗朗西斯科將回答您的第一個問題，我將回答第二個問題。

So Gustavo, the idea is here, we think this is a mature market, a very rational market, if you ask me. You see competitors behaving rationally. There are not significant discounts in price. And in a mature market, if you try to add a lot of gross adds, you end up having a higher churn as well.

所以，古斯塔沃，如果你問我的話，我們的想法是，我們認為這是一個成熟的市場，一個非常理性的市場。你會看到競爭對手錶現得很理性。價格上沒有明顯的折扣。在成熟的市場中，如果你嘗試增加大量的總廣告，最終也會有更高的客戶流失率。

So the way we approach this is we think this market, we need to grow between 350,000, 400,000 new gross adds per quarter and have a smaller number than that in terms of cancellations.

因此，我們處理這個問題的方式是，我們認為這個市場每季需要增加 35 萬到 40 萬個新用戶，而取消的用戶數量要小於這個數字。

So that's the way we see this moving forward and that we have done obviously many things in terms of churn reduction and also how to acquire customers that are of better quality because we think that's the way moving forward. We have a very robust and reliable subscriber base and we are working very hard to maintain that subscriber base in the long run.

這就是我們對未來發展的看法，而且我們在減少客戶流失以及如何獲得更高品質的客戶方面顯然已經做了很多事情，因為我們認為這是前進的方向。我們擁有非常強大且可靠的用戶群，我們正在努力長期維護該用戶群。

And so the gross adds minus the churn is mostly driven by new acquisitions as opposed to the more longer-term subscribers. So you shouldn't -- that's the way we see this moving forward and quarter after quarter, starting with the second quarter, if I may add.

因此，總新增用戶減去流失用戶主要是由新用戶獲取而非長期用戶推動的。所以你不應該——這就是我們對未來以及一個季度又一個季度的展望，如果我可以補充的話，從第二季開始。

And Gustavo, to your first question -- or second question, I'm sorry, we're still analyzing the proposed telecommunications reform. As far as we understand, it will be open for discussion with the industry players before being approved at the lower house. Once we have a clearer view on the proposal, we'll be in better shape to share with you our thoughts.

古斯塔沃，對於您的第一個問題——或者第二個問題，抱歉，我們仍在分析擬議的電信改革。據我們了解，該法案在提交下議院批准之前將先與業內人士進行討論。一旦我們對提案有了更清晰的認識，我們就能更好地與大家分享我們的想法。

Also, as we currently understand it, limitations on advertising in Mexico are related to foreign governments buying advertising on television and other media. We're in full agreement with that change. It doesn't represent anything material for us in Mexico.

此外，據我們目前了解，墨西哥的廣告限制與外國政府在電視和其他媒體上購買廣告有關。我們完全同意這項改變。對我們墨西哥來說，它並不代表任何物質的東西。

Thank you, all.

謝謝大家。

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

我們的問答環節到此結束。現在我想將會議交還給德安戈蒂亞先生，請他作最後發言。

Thank you very much. Thank you for participating in the call and we're here to answer any questions that you may have. So give us a call. Thank you very much. Bye.

非常感謝。感謝您參加電話會議，我們將隨時解答您的任何問題。所以請給我們打電話。非常感謝。再見。

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。