Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Millicom Third Quarter 2020 Results Conference Call. [Operator Instructions] A reminder, this conference call is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to Mr. Michel Morin. Thank you. Sir, please begin.

Thank you, Howard, and good morning, everyone. Welcome to our third quarter 2020 results call. As usual, we're going to be making some references to some slides, which are available on our website. So to begin, please start on Slide 2 for our safe harbor disclosure. And as usual, we will be making forward-looking statements, which obviously involve risks and uncertainties and which could have a material impact on our results. And then on Slide 3, we define the non-IFRS metrics that we will be referring to throughout the presentation, and you can find reconciliation tables in the back of our earnings release as well as on our website. So with those disclaimers out of the way, let me turn the call over to our CEO, Mauricio Ramos. Mauricio?

Thank you, Michel. Good morning, and good afternoon, everyone. I do hope that you and your loved ones are all staying safe and in good health. As you know at Millicom, throughout the pandemic, we chose to stay fully committed to our long-term purpose. As you can see on Slide 5, this purpose is well-known by you and by each one of our 23,000 employees. And it means that throughout this pandemic, we have, one, kept our employees safe, engaged, motivated and productive; and two, we have kept our communities connected precisely because of the commitment from all our employees. Those in the front line and those in the back offices, thank you if you're listening to this call. And our service means that we have been up and running, we've uphold 24/7 every day because of this commitment from our employees. And because of our rapid deployment of our LILAK product, we have kept every single one of our users connected during the pandemic, and we're proud of this. Because of this, you will see that our paying customers are coming back and the Tigo brand is emerging out of this crisis, strengthened and more relevant to our communities. Please turn to Slide 6 for the key points of our call today. One, we had record customer net adds during the quarter, both in Mobile and in Cable. Our COVID reaction plan has successfully protected our user base on our market leadership position. Two, this user growth, particularly Mobile, helped drive strong revenue and EBITDA growth in Q3 sequentially from Q2. That said, we still have a long way to go to get back to pre-COVID levels, but the trends during Q3 were positively strong. Three, cash flow generation was also strong in the quarter. As a result, our…

Thank you, Mauricio. So I'm going to start on Slide 19 with the bridge between our reported numbers and the Latam segment. From the top of the chart, you can see our reported revenues were just over $1 billion. But when you look at the business holistically, and that's including Guatemala and Honduras as if we consolidated, our underlying revenue was just over $1.5 billion. To get to the underlying Latam service revenue of $1.3 billion, we exclude Africa, which now is a little over 6% of our revenues and telephone and equipment sales, which are not an important driver of our profitability. So on Slide 20, you can see that Latam service revenue fell by 3.1% on an organic basis compared to Q3 last year. We'll look at that in a bit more detail on the next slide. EBITDA was down 5.6% organically. But again, as Mauricio highlighted, it was up on a sequential basis compared to Q2 on better service revenue and lower bad debt. And our operating cash flow, which is EBITDA minus CapEx, was a little down. But on a year-to-date basis, almost exactly in line with last year and on track to meet our target for the year. So on Slide 21, you can see that whilst our service revenue fell by 4.7% in real terms and 3.1% organically, it was better than the Q2and as we saw improvement in economic activity and adding our businesses across most markets, again, as Mauricio has pointed out, mainly driven by the improvement in mobile B2C, which declined by 4.3%, and that is considerably better than the 11% drop we saw in Q2. Again, Mauricio explained, this was largely as a result of the prepaid business rebounding, reflecting the easing of lockdowns primarily. Our Home business continues to…

Thank you, Tim. Before we take your questions, let me wrap up with recap of key messages. First, our customer base is growing again. In Mobile prepaid, we are at pre-COVID levels. Postpaid, we still have some work to do. And in Home, we've continued to grow through and despite the pandemic. We expect that today's user growth will drive tomorrow's revenue growth, and that's the key moment in our Q3 numbers. Second, revenue and EBITDA improved in Q3 compared to Q2. We still have a way to go before we get to positive year-on-year growth. And we know this pandemic is far from over, but we are getting back on track and we remain positive, yet very cautious. Third, we have made a priority during the pandemic to protect our cash flow and to reduce the net debt. You know that. We're well on track to deliver the $1.4 billion of operating cash flow that we guided towards, and we continue to reduce net debt in the quarter. And fourth, we continue investing. We're doing so in the areas that are aligned with our long-term strategy and in ways that position us to bounce back strong, better than ever after the pandemic passes. You can already see that starting to happen in our Q3 results, and we're all doing these things with a clear sense of purpose. And with that, we're ready for your questions.

[Operator Instructions] Our first question or comment comes from the line of Stefan Gauffin from DNB Bank.

A couple of questions, please. First, included in your target to keep operating cash flow stable was to cut costs with at least $100 million, and to cut CapEx with $200 million to $300 million. So far, you have only cut CapEx with some $75 million year-to-date. And with the current improved development, are you still aiming to cut CapEx to this extent or have you changed that target? If you cut CapEx to that extent, the operating cash flow target do seem conservative. Secondly, next year, you have increased competition in Colombia with one likely to launch. How are you preparing for this increased competition? Are you looking more towards converged offerings in that market? Or any other flavor that you can give there would be appreciated.

Thank you, Stefan. Great, great questions. I wish we had a couple of hours to address them both. Let's start with the first one. I think jointly, Tim and I can do a good job of that. I'll start off generically what's happening. We're managing the business to that $1.4 billion on literally a weekly basis. And when we see that we have room to put a little bit more CapEx into the business while still delivering $1.4 billion, we go ahead and do it, particularly if we see the broadband demand is happening quite strongly as we see it happening. So we're actually have in our hands, what I call, a good kind of problem, which is we can put a little bit more on CapEx into the business this year, try to position ourselves better for when the pandemic is over and still deliver a $1.4 billion, that's what we've been doing. And we've been able to do that because we've been so strict on cost cuts significantly. And because this is the most important plan -- or part of our plan, Stefan, the way we decide our COVID plan, we decided with the knowledge that we as a company, and we act one way or the other as pretty quickly, i.e., we can slow down pretty quickly, we can ramp up pretty quickly, which means we can look and keep a pause on what's happening in the markets. And that's exactly what we're doing. We're cutting back on costs significantly, but we remain the ability to ramp up gradually if we need to. And as a result of that, we were pretty confident we're going to get that $1.4 billion and be able to invest into the business, anything that's over that. With that, I'll hand it over to Tim for more details, if you have any.

Yes. I would only add one quick [ learning ]. I mean our cost I think, as Mauricio has said, our costs are running a lot lower than we had anticipated at the time. They're probably down just over $170 million in the last 6 months. Some of that is activity-related, some of it is FX. But a lot of it is also management. And as Mauricio said, if we can find excess savings on the cost side, then clearly, we want to invest and continue to invest in the business, provided we can deliver that $1.4 billion of operating cash flow. Back to you, Mauricio.

Yes. Perfect. So on the second, Stefan, I think you've seen us over the course of this year, really put focus on our ability to drive a better business in Colombia. And that's really the overall answer to your question. I'll go into a detail in a minute, but over the last -- all throughout the pandemic, we've been building the 700 megahertz network. We just showed you the numbers. As of today, it's actually much more than 1,000. It's closer to 1,200 as we speak today. A number of additional sites, which give us user coverage, gives us expanded geographical preference, and it gives us a better user experience, which is already significant. Just last week, we were labeled the Best-performing 4G Network in Colombia by Tutela and this has been made public in Colombia, also increased our commercial distribution network significantly. So in Colombia, because now we have more points of presence and that does not mean network, but it also means commercial. Now -- so we're really focused on the opportunity, and this is the key point I want to make to you, Stefan, that for the first time, in many, many years because we popped this spectrum and we're putting it to use with the network investment and the commercial distribution investment behind it, we can play the true role of a challenger in this marketplace with the tools to succeed. We only have 15% market share on Mobile in Colombia, 15% market share. Yet today, we have a very, very strong fixed base and it's growing. We have a brand that works. And we're investing in the network and in distribution, which effectively means we can now play as a challenger with all the tools, Fixed and Mobile, and you're right. Convergence is a really important part of this deal. We also have the frequency and the spectrum to play with and all the tools with only 15% Mobile market share, which effectively means, in our minds, we're ready now to be a challenger in Mobile. Now the last thing I would make to you -- the last point I would make to you is, yes, we're preparing for the opportunity to be a challenger in the new competitive environment in Colombia, which, by the way, remains a core player market as it has been for the last 10 or 15 years because one is effectively replacing the position that Avantel had. So with fixed mobile convergence, with the investment that we are putting into the network and a mindset that we can be a challenger with only 15% mobile market share, we actually feel like in Colombia, we have the tools that we never had in the past. We're more focused.

Our next question or comment comes from the line of Marcelo Santos from JPMorgan.

The first question is about the sequential improvement in Bolivian EBITDA, which was pretty strong. I just wonder if you could comment a bit on that. And the second question is about the lifeline clients. Do you still have a large base on lifeline? I mean excluding -- or is it most concentrated in El Salvador? Do we have potential to see this coming back in the following quarters besides El Salvador?

Yes. So on Bolivia, we were happy to see, Marcelo, the business not only stabilized in Q3, but also come back strongly to growth. And I think we had strong net adds on Mobile and very strong net adds on Home, no doubt, very strong quarter in Bolivia. A lot of that was a result of -- there's the strong comeback from the difficulties we have put it in place the pipeline product in Bolivia during Q2, and we were able to put that in place at the end of Q2. So Q3 show a strong comeback. But we're also beginning to see, and this is important, Marcelo, we're all beginning to see Bolivia stabilize much more than it has for the last 18 to 24 months. And this is, I think, the key point on Bolivia going forward. We had political uncertainty in Bolivia and then we have the pandemic in Bolivia. The elections last week are helping provide a clear path towards certainty in Bolivia. There was a clear winner in the first round with a clear mandate from the population. And as a result of that, the social unrest and the political instability in Bolivia seems to be coming back. And the head of the new government, the new President, as you know, is a former economy minister and a central banker. So I think his position is helping provide stability on economic terms as well. And I think that's exactly what Bolivia needed, quite honestly. So we're hopeful that there's going to be renewed stability in Bolivia. Now on the lifeline customers, which I think is a good point.

Stefan, if I can just...

Yes, go on.

Yes. I was only to make one technical point. And I think it comes into your lifeline products because we introduced lifeline very late in Bolivia. It meant we took a very high bad debt charge in Q2, so a lot of the impact was lower bad debt charges. We've moved to normalized bad debt levels in Bolivia, and in fact, in most countries. So I would view the outlier as the Q2 EBITDA rather than where we are today.

Yes. So -- Yes. Thank you, Tim. That's very, very helpful. So I'll make 2 or 3 points, Marcelo, on the lifeline customers. I think the first 2 are just as generic, if you will. This has turned out to be a very good tool for us, not only through the pandemic but a tool that we think has merit going forward. And we will continue to use it going forward for the exact same reasons that it was helpful during the pandemic, which I already alluded to, I'm not going to repeat them. It is a helpful tool for us to keep going forward, And you can imagine why. It starts paving a way for us to manage retention and churn and the relationship with the customer in a most cost-effective and cash flow accretive way for us. If you recall, we don't count any of these subscribers, this lifeline of minimum subscribers in the subscriber count that we reported to you. So there are -- a tool that sits outside our subscriber counts. We also don't book any revenue from the lifeline subscribers. So we've also kept our financials relatively clean. But that effectively means, Marcelo, is that you can think of this as a dormant pool. That we keep at lower levels, of course, now then during the pandemic, but that we're using to bring back subscribers. And you've seen during Q3 and we brought back a ton of those, but most importantly, we've added a ton of new customers to the base because we're at higher levels than we were before. As a result of that, this is a good tool, and most importantly, something that we continue to use going forward. I hope that helps you a lot.

Our next question or comment comes from the line of Peter Nielsen from ABG.

Yes. Just 2 quick ones. Firstly, you have on previous calls sort of flagged the sort of post-COVID challenges, which your markets will face. You're now seeing, as you said, a good recovery in Q3. So just -- could you give us any qualitative indications on how you see the coming quarters? Will the sequential improvement in service revenue trend continue? Do you perhaps a bit more optimistic of stabilization for next year? Or are you still sort of equally cautious as you have been in previous quarters? And then just a quick one for Tim. Tim, your interesting comments about investing anything above the $1.4 billion. I guess we should interpret that, that you will come in at the $1.4 billion operating free cash flow this year and not above as you will continue to invest in CapEx. Is that correctly understood?

Yes. We'll get to those, Tim. You can -- still working on the $1.4 billion. On the first one on the COVID one, there's actually 2 pieces, Peter, and they're really, really good question. One is, what is the outlook for COVID in our market and as a result of that, what is our outlook more generally. And they're somewhat distinct, but very interrelated. So what happened during Q3 of this year is that our economies began to slowly open up and that caused increased mobility across our countries. The lockdowns have been gradually been eased. I should say that they have been eased, but they have not totally disappeared. And mobility is not yet at 100% of what it was before the pre-COVID levels. We estimate depending on any given country, that is somewhere between 60% and 80% of what it was. So there's still some COVID reticulation still to happen in our markets despite the strong prepaid results that you saw during Q3. Now with regards to the virus in our markets, it's still spreading. Largely stable in most of our markets. As of today, and we usually look at this, obviously, on a daily basis, we're not seeing any second wave coming back into our markets. It does not mean that it's not possible, but we're not seeing a resurgent or coming of a second wave in the numbers, at least yet. Now more importantly, going forward, and this is according to our assessment on how to assess the outlook going forward. The key element for us is that the recipe of a lockdown in our market, which was used very, very severely, and for a lengthy period of time, we've made this point over and over, it's a recipe that going forward, I'll say this, our…

We kind of needed a new North Star when COVID hit. We realized we needed to protect cash flow, reduce debt, manage leverage. And that's where we've decided we would maintain the cash flow for -- the same as last year. That was an important target for us. It remains the important target for us, Peter. Now kind of I said on my earlier answer, I think we've probably done better on costs than we had originally thought we could do for a variety of reasons. And on the CapEx side, we continue to have NPV-positive projects. We have paused or we have suspended. And to the extent we can generate more cash flow, we will want to execute on those NPV-positive projects, particularly if we can see viability in 2021 to speed returns. It's -- we remain cautious, as Mauricio said, but to the extent we can see opportunities that will deliver returns for us. And we can still deliver that $1.4 billion. We will do that.

Our next question or comment comes from the line of Fredrik Lithell from Danske Bank.

Happy to see you returning back with your performance. Always good. I had a few questions, if I may. Little you had a few slides on digitalization and could you sort of elaborate a little bit more on that? Because I think this is one of the interesting parts that even though it's dreadful with the pandemic, it probably spurs innovation at the same time. So I'm interested to hear a little bit more behind the scenes sort of what is happening. What you see? What is unexpected on the digitalization terrain for you in your countries? Another technology question is fixed wireless access. Is that something you consider as an alternative or one of the tools in the toolbox to pass even more homes even quicker on the fixed side sort of? Will be interesting to hear that kind of discussion.

Yes. Great question. Thank you, Fredrik. So on digital, I think there's two bits to my answer to that. One is, we were ready with our digital plan and very focused. I think we have shown it to you a couple of years ago when I presented the first slides on how we were going to go about our digital-first platform and how we were going to focus on the commercial activities. And because we were ready and we had a centralized group that was driving support for the operations, we were able to capitalize on the needs immediately. And we've already shown you the numbers. So we didn't start from scratch in the pandemic, rather we turned the wheels faster to capitalize on it. And the numbers show that. And most importantly, I think, is -- the fact that the pandemic did give us confidence to go out and do it. I'll give you one example that one of the distribution teams came up to me during the pandemic. As I said before, we would have always been a little bit concerned to put money into any given digital channel that we already had up and running because we felt like we would be taking away money from a non-digital channel that was proven and demonstrated to work. The reality is in during the pandemic that non-digital channel simply did not exist. So we never -- we didn't have a conundrum anymore. It wasn't a tradeoff. We just put the money into digital, and we saw it work. So that's what happened. We had the opportunity, the need to go digital. As a result of that, we saw that happening. And we'll continue to drive the current focus of our digital strategy, which is very commercially-driven. So what you've…

Our next question or comment comes from the line of Johanna Ahlqvist from Skandinaviska Enskilda.

Yes. Two questions, if I may. The first one relates to -- you touched a bit upon sort of what you expect going forward in terms of macro consequences and so forth. I'm just wondering if you can elaborate a bit on what countries do you expect to see sort of the toughest macro difficulties in the aftermath of the pandemic. So if we assume there will be no more lockdowns, where do you see the greatest risk in a sense? And then if you have seen or expect any tax consequences in any of the countries that you're present? And then a quick one to Tim as well, on bad debt, if you can give us a number on how much the bad debt was in this quarter.

Yes. So I'll start in with number two, then move on to number one and hand it over to Tim because he can weigh in on the macro as much as I can. On the tax consequences, we've debated this, Johanna, and certainly quite a bit. As you know, in every country around the world, the reaction to the pandemic has taken a big toll on fiscal accounts. So on the one hand, you would think, well, the governments are going to be even more tax-constrained. And as a result of that, they may look for some of the bigger companies to be more burdened. But on the other hand, every country, particularly in our economies has realized how important digital connectivity is to their citizens. And as a result of that, we have a counterbalancing argument -- that we have a counterbalancing argument that basically says, be careful with taxing this sector, particularly now in the pandemic and going forward, if you really want this to be the driver of your digital economy going forward. So it's uncertain where exactly that's going to land and how effective we're going to be in saying, if you care for this sector, be careful with what you do with it. On the macro side, I think the key word behind of it is uncertainty and to be cautious. Central America has been very resilient in terms of its FX and in terms of their remittances. Their remittances went down in April and started to come back in May. And year-to-date, just about every country in Central America have seen renewed growth in remittances, which has certainly held up those economies. And the reason I hesitated a little here is because one of the things to be learned about our economies is how much the informal sector really weighs and how resilient these economies are at the formal level. And that's why it's important for us to have such a good pulse on what's happening on the ground. So we do worry, and this is the reason we're cautious. And we are very, very involved in, if you will, by the Q3 results and by how resilient our subscribers have turned out to be and the great demand that we see. Going forward, we do worry, and we need to be cautious. And with that, I'll hand it over to Tim to expand on that, if he can. Tim, you have the last question.

Yes. Can I just make a quick comment on tax? Actually, we had a very low tax charge in Q3. I realize this wasn't your question, but just to explain it. To some extent, that is lower withholding tax. But I expect to see a kind of normalization in Q4. So the overall tax charge for the year is going to end up somewhere between $200 million and $250 million on an underlying basis. I realize that wasn't your question, Johanna, but I just wanted to get that in, so everyone understands. And on the bad debt, I mean, I don't want to give the exact numbers. But roughly speaking, in Q2, our bad debt charge was twice the normal level. And in Q3, it was 1/3 of the normal level. So what was happening there was some write-back of charges we took in Q2 and a normalization of the level. And frankly, I'm expecting Q3 to be more or less back at our normal level of charge.

In terms of countries, Johanna, I think the one mention I've already made is, 2 or 4 weeks ago, the level of uncertainty around Bolivia concerned us all. I think today, we have less uncertainty that we did politically 2 or 4 weeks ago. So I think that's the one thing I would call out in terms of any specific country.

Our next question or comment comes from the line of Soomit Datta from New Street Research.

Questions, please. One, just on Tigo Money, I think you've got a slide in the slide deck this time. I can't recall whether you have before recently or not. But it seems like there's a little bit of focus on that. Could you give some thoughts on where you see that business going over the next year or 2? And I say that in reference to some initiatives we've seen in the region, particularly in Brazil, with the wireless companies beginning to push into this direction and beginning to move. Also not just looking at payments, but also moving into credit. So I wondered just whether you had any perspectives on a kind of 1- to 2-year view there? And then secondly, please, just one on the balance sheet for Tim. Apologies, I dropped off the call, I'm not sure if I missed this. But just on Guatemala, if I understand it, the local debt is being paid off there. And then there is -- there's a lower dividend payment coming out of Guatemala this quarter. And is that all so far this year, I should say? You said that there seems to be a kind of attempt to kind of -- and delever that particular operation, but it's already got relatively low leverage. So have I understood all of that correctly? And maybe you could give a bit of perspective on what's happening at that asset.

Yes. So Tim has a master's degree on Guatemala financing. So he'll take that for sure. He's been taking [indiscernible]. Tigo Money. You're right. I wouldn't say it's a little bit of focus. I would say, it's a lot of focus that we're putting into Tigo Money. We have, for the last 2 to 3 years, put a lot of focus on it. We've just been doing it in a kind of quiet and forceful, yet focused way. And just to give you an idea of what that business is today. It's small for Millicom. It's -- could do on a yearly basis. And of course, it's difficult to analyze given COVID, but it could do somewhere around $40 million to $50 million on a yearly basis today. So it's small for us but it certainly is large in terms of revenue compared to many of these Latam fintechs that you're referring to. So it's small within us, but big in comparison. Importantly, it's profitable for us. Big part of all the synergies of participating within the larger group and the mobile subscriber base that we already have. And then it's growing very rapidly before COVID, and probably has only accelerated adoption and usage. Today, it is almost exclusively a payment model with some very small exceptions in Paraguay where we do lending, that is just lending for our own subscribers for the mobile users. So we were lending credit for all our usage. But it's a way for us to start learning a little bit more about that model going forward. And typically to what we do. We want to really learn how to walk very, very strongly on the payment before we go broader into financial services, which, of course, is a medium to long term ambition, if this works out the way it's beginning to pan out on the premium chunk. There you have Tigo Money summarized in 1 minute.

And just on the Guatemala balance sheet. I mean simply what happened there was we have an $800 million U.S. bonds, 144A bond. It was our most expensive financing. It was at 6.875%, and we just issued at 4.5%. So you can see that was probably laying a lot of money on the table. We had considered refinancing that in the bond market. But actually, Guatemala has been so cash generative, and we found that there were some local currency financing available at kind of reasonably attractive prices that -- and given that is our strategy to match currency where we can. We decided that we would simply refinance that using a combination of cash resources in Guatemala, local currency financing, and then there was a small element of shareholder loan as well just to do that. So as a consequence of that, obviously they've been preserving cash over the last couple of quarters. So the cash and dividend that you see in the cash flow is lower. But no kind of -- from our perspective, as we're looking to reduce leverage across the group, and whether we do it in Guatemala or we do it somewhere else, it's relatively neutral for us. So that's really what's been happening there, Soomit.

We have time for one more question. Our final question or comment comes from the line of Mathieu Robilliard from Barclays.

[indiscernible] Obviously, you step out of the deal earlier this year. I guess...

Sorry, Mathieu, I can't hear you.

Can you hear me now?

Yes. Much better.

Sorry. I had a quick question on M&A. So you stepped out of the deal at the beginning of the year. I guess the price that had been negotiated didn't reflect the new reality. But I just wanted to have your view on to whether at this stage, you still believe M&A is not the right focus because you -- there's a lot of uncertainty, you're managing your net debt or conceptually, if there are interesting deals out there, and that is something that you would consider? The second one, kind of linked, but not necessarily is -- we saw in El Salvador that 2 of your peers stepped out of the deal because the regulator was imposing very tough remedies. And I was just wondering if this kind of approach that we've seen in El Salvador, is it something that we should now expect a bit more in our countries where you operate, being -- actually not being very receptive to consolidation and going, unfortunately, more the European way than the U.S. way? Or is that an unfair generalization? And then very lastly, if I can. Any comments on competitive environment in Paraguay?

Sure. So some of these are fairly quick to respond. It's important but quick. So on the M&A, the simple, straightforward, very rapid question is M&A is not a focus of ours today. We are focused on weathering the crisis successfully as we seem to be doing. We don't think the crisis is over by any stretch of imagination. So we think we need to continue to be focused on that. Focused on delivering the operating cash flow, both the synergies and integration, using our debt. So that's squarely our focus today. On whether El Salvador present things and for the region towards a harsher view on consolidation? I don't think so at all, Mathieu. I think it's an isolated specific contradiction. The reason I think that is we did quite a bit of M&A and others throughout the region in Central America for the last couple of years. And all of those went quite, quite well, quite successfully. And in some markets, we created better industry structures, like we did in Panama and like we did in Guatemala. And as a result of that, I don't think there's a trend here. If anything, I'm actually a believer of the opposite going forward long term, which is the more governments realize that they do need strong digital highways and they do need investment because this is an important part of the economies, the more they're going to realize they need strong industry structures. 2 to 3 player-industry structure is not 4 to 5 industry structure players. I think that way is just too obvious for responsible governments not to recognize. The El Salvador matter, I think, it's an isolated manner. That's my view. And unfortunately, I wrote down number three, but I didn't exactly write it down. So I don't know what it was. Maybe you can bail me out here?

Competition in Paraguay?

All right. Competition in Paraguay. I mean we're -- generally speaking, we've seen competition in Paraguay in 2020, a little bit more rational than it was in 2019. And you can imagine that I hesitated a little bit to say this because I don't want to jump to it. And the reason I think that's the case. I think it has a lot less to do with COVID other than some Argentina contagion to some of their competitors. I think it largely has to do with the fact that we defended our market share. And although that was painful for a period of years -- for a period of months or a couple of years into the marketplace, it certainly should have send a very strong message that we are going to defend the marketplace going forward, and we expect things up -- is market to be rationally. So I have figured our lessened, very aggressive competition in Paraguay to that more than anything else.

I'd like to turn the conference back over to management for any closing remarks.

Well, I just want to thank you all for participating on the call today. We're coming back. We're on a good track. And as you know, we need to balance that, and we need to balance the short-term with our long-term investment and our cautiousness levels going forward. We do thank you for participating today and paying attention to everything we do. And we look forward to being on the call with you next quarter.

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.