Hello, everyone, and welcome to our third quarter 2024 results call. This event is being recorded. Our speakers today will be our CEO, Marcelo Benitez; and our CFO, Bart Vanhaeren. The slides for today's presentation are available on our website, along with the earnings release and our financial statements. Now please turn to Slide 2 for the safe harbor disclosure. We will be making forward-looking statements, which involve risks and uncertainties and could have a material impact on our results. On Slide 3, we define the non-IFRS metrics that we will reference throughout the presentation, and you can find reconciliation tables in the back of our earnings release and on our website. With those disclaimers out of the way, let me turn the call over to our CEO, Marcelo Benitez.

Thanks, Michelle, and hello, everyone. I appreciate you all being here to review the company's performance in the third quarter. This was an excellent quarter for us at Millicom. The actions we've taken over the last 15 months are clearly delivering results. Our restructuring is now almost complete. And even with significant one-off costs this quarter, we were able to generate a record equity free cash flow. We have successfully combined aggressive cost reduction, CapEx optimization and strong customer growth. And just as important, this very strong performance is broad-based with nearly every country producing much improved EBITDA and equity free cash flow. We are also advancing significantly in the organic side, having announced highly strategic transactions in Colombia and Costa Rica and an important tower transaction in Central America. Each of these transactions is expected to close in 20'25 and we expect that will enhance the company's return on capital in 2026 and beyond. I want to thank all our team members for these outstanding achievements. Your commitment to the company and our customers is at the heart of these results. Please turn to Slide 5 for the highlights of the quarter, Q3 was one of our strongest quarters ever. In terms of customer net additions with postpaid adds of almost 300,000 and home net adds of almost 70,000. These are the strongest net adds since 2021 when we were just coming out of the pandemic, which speaks to the strength of our performance this quarter and I want to recognize our sales teams who are out on the streets every day and deliver record levels of new customer activities in the quarter. We were able to deliver this strong customer growth while also sustaining a very robust cash flow generation, which reached a record of $271 million in…

Thank you, Marcelo. Please turn to Slide 15 for the financial highlights. Service revenue was $1.34 billion in the quarter, which is 1.8% of year-on-year or 2.4% organic. In the first 2 quarters, we had tailwinds from currency but now we are facing headwinds, notably in Colombia and Paraguay. As Marcelo already mentioned, our growth is mostly generated on the back of our mobile business, which grew 4.2%. And EBITDA was up 9.8% year-on-year to $585 million. Note, however, this included $73 million of restructuring and other one-off charges, which compares to $33 million of one-off charges in Q3 2023. The $73 million is composed mainly of $48 million in severance payments and $21 million insurance costs related to the [indiscernible] offer. As we discussed on the Q2 call, we are aiming to complete most of our restructuring this year. Note, however, that we are currently expecting significantly lower one-off charges improved for compared to Q2. Equity free cash flow for the quarter was $271 million, which compares to $100 million in Q3 of last year, another milestone achievement. Now please turn to the next slide. Guatemala service revenue of $350 million represented year-on-year growth of 4.0%, an acceleration from 3% in Q2 driven by mobile ARPU. I do not want to be overly optimistic on the trend here, though, because we've seen increased competitive pressure in recent weeks. Colombia service revenue of $331 million grew 1.6% year-on-year, an improvement from flat in Q2 2024, fueled by high single-digit growth in mobile coming from ARPU and a mid-single-digit growth in B2B. Our Home business sustained a double-digit decline in service revenue, but as Marcelo already discussed, we saw signs of recovery with 40,000 customers net adds this quarter. Panama service revenue was $170 million, up 5.3% year-on-year due to strong…

Thank you. We’ll now begin Q&A session. [Operator Instructions] Our first question will come from [Indiscernible] at ABG. Oscar, the line is yours. Oscar, the line is yours

Perfect. Thank you. So just the first question I would have on CapEx. Not sure I missed the last couple of words you said about the CapEx. So anything about the '24 CapEx guidance? I think you earlier alluded to around or below $700 million. And I mean you're tracking, I mean, quite low at the moment. And also as a run rate, if we can say anything about what we should expect going into 2025, please?

Yes, I would take the first one. As you can see, we are catching up on CapEx. We started the year defining a new framework on this return-based investments, that framework is already operational now. So we're comfortable to go back and to invest in capacity, mainly in the regions and departments where we see a lot of demand of data and also in increasing our capacity in the fixed. So as you can see in Q3, we've increased from more or less 8% of revenues to 12% of revenues. In CapEx without excluding spectrum. And we believe that, that will keep increasing in Q4. So we are very confident that we are going to stay below 700 as per the target of the year.

All right. And I mean, the 12% level, I think, I mean, obviously, you are a little bit below that at the moment, and it's increasing in Q4, but 12% of sales, is that sort of sustainable going into 2025, you think? Or do you think that the acceleration in Q4 will sort of continue into '25?

Well, I think the levels of '24 percentage-wise are going to be the same in '25. So -- and again, it's more about the new framework on return of investment. So -- and that is also mixed with a strong renegotiation of new contracts. So that also lowered the base of the CapEx. And also, we're not investing that much in very long-term projects -- in terms of IT transformation, we are focusing more in short term projects and, of course, availability of our systems. So all in all, we believe that we are going to be at the same percentage next year or this year.

And maybe Oscar to add to that as you're asking for 2025, I mean we do believe that the levels that we have today are both recurring and sustainable, right? So that's how we prepare for 2025, with the bit of additional [indiscernible] that we have right now, we're already looking [Indiscernible] invest for next year to prepare for a strong 2025. Then there are some ups and downs. We might see a little bit more spectrum charges. But on the other side, we may have some working capital upside. So it moves a little bit over the different KPIs. But all in all, I think the key message is recurring, sustainable and we're looking for further upside next year as our full cost savings program start to be on a run rate business and less one-off restructuring costs. So that's how we look at 2025.

Understood. Next one, maybe a little bit more detail oriented but the latter transaction that you announced recently. So is there anything to say about expecting leasing costs, et cetera? And also, I mean, are there any sort of index clauses in the leasing agreements for the coming 15 years?

Yeah. So if you decompose these agreements of 17,000 towers we expect until around midyear next year closing, it is a package. So we expect everything to come more or less in the same moment. How this typically works, you lose a little bit of revenues, which is tenancies that we have with other operators on our towers. But then again, we also save on OpEx on maintenance and whatnot electricity. So on EBITDA level, I would say, it's more or less a wash, give or take, then below the line, you get the new leases that come in from the leaseback agreement with SBA and then you save on 2 fronts. One, we wouldn't have ground leases anymore because it's embedded in the new lease rates. And then two, you got a bit of a tax shield coming from the extra costs into your P&L. To give an indication, I would say, on a net basis, equity free cash flow impact you could think in your magnitude of around $40 million on an annual basis. So as we close in mid year, next year will be much lower than that. And then, yes. So that's a bit other than that Matt plays out on [Indiscernible].

And there's an additional point also Oscar that we also entered into a BTS agreement which if you think about potential CapEx associated with building new sites every year, here, we're avoiding maybe somewhere around $30 million of CapEx per year with that BTS.

All right. So yes, that's very helpful. And just to the $40 million you alluded to Bart, -- is that -- I mean, I guess that's before interest payments because obviously, you're going to get a lot of gross proceeds, which -- I mean you could obviously reduce that than reduce your interest costs with.

That's correct. That's correct. Yes, absolutely. [Indiscernible] And that is against the $975 million, minus taxes minus don't forget that our Honduras partner owns one third of the business in Honduras. So, for their sites, there's a bit of leakage there as well.

Got it. All right, thank you. Yeah. I just wanted to hear your thoughts about the leverage. I mean, we expect to do coming around 2.5 or maybe a little bit below 2.5. How do you think about shareholder remuneration after the 2.5? Or should we expect anything not until you come under 2 points? Or how should we think?

Well, I think, first of all, we've been walking the talk, right? So we didn't do any shareholder remuneration until we get to 2.5. We're not yet there, we're almost there. So we're very confident for year-end. But I want to see it there before really opening that discussion. We'll get -- we have a strategic session with the board in the beginning of the year. Business wise, this is typically discussed. But we do have a lot of equity free cash flow coming in next year, like this year, plus the proceeds potentially from the towers. Let's wait until we have it in the bank and then make a decision. But, on the other side, we have Colombia M&A to pay for, but surely, if everything materializes, we will still have a significant amount of excess cash. Up to now, we've been repaying debt. We did more than $0.5 billion this year already. And so we could continue that. But it comes in a broader discussion of capital allocation. What do we do? Organic investment is the priority. But as Marcelo mentioned, the CapEx portfolio that we have today, we feel comfortable that is sufficient recurring and services and needs for the business. Then we have a continuous deleveraging and save on interest payments, which is good and have a strong balance sheet. We could do more M&A, nothing that is planned right now, but that's part of capital allocation decisions. And then lastly, and it's in no particular order, but then lastly, shareholder remuneration, either in the form of share buyback or in the form of dividends and then just the dividend policy, we would need to publish. If you do that, we would follow either an AGM in May or an EGM should be out of the cycle. So that's a bit the options on there. It's more giving you the menu than giving you a direction on where we are. But if everything works out, we should have excess cash during the year.

Thank you very much.

We're going to go now to Andreas Coello at Scotiabank. Andreas?

Yes, guys. Good morning. Can you give us an update on the M&A process in Colombia? How are you doing in terms of the permits? How is the permits with the municipality in -- at the municipal level and also at the central level and the federal level regarding the [Indiscernible] Coltel acquisition? That's my first question. My second question is just to confirm with you that you already have approved a buyback program for 10% of your market cap. You already said that you are waiting for leverage to come down to 2.5. But I understand that you don't need extra permits to launch a buyback program. So just thinking when could we start to see some of those buybacks? Thank you.

Let me start and then Marcello, you can compete where I fall short. But so 1 on Colombia, so we announced the transaction with Telefonica and agreement with Telefonica to do transaction. We are in the middle of negotiations of the loan forms. And we are also in the process of doing all the regulatory filings. Those filings should come out very shortly. We don't need to technically wait to have everything fully landed. And so we're going to go out with that very soon. The governments on both sides, [Indiscernible] on the other side. They are running a process of privatization process of their stakes into [Indiscernible]. So there's not a ton that we can do. We can be involved, but it's an independent process that they need to run, which starts with fairness opinion on valuation, then they need to offer it to sector, which is the public -- the general public, and then it goes to the tender. So what we are doing is agreeing and how does our offer fits in that -- on both sides. And that should also, in the -- probably in the first quarter of the year, get more clarity around that. We are still starting a transaction in Q4, and let's say, next year hopefully.

Let me ask a technical question on that. Could you buy the Telefonica stake without the government selling their stake? Can you control it and have government as your partner?

A very fair question. And in Q2, we have with something similar. What cannot happen is that Millicom owns a portion in both companies and then not be able to synergize in between 2. So that cannot happen, right? And we wouldn't want to be in such a position. What we are able to do is we can merge the entities and both governments can stay in or can decide to sell it. We are fine with both options. We've been working fantastically with EPM for many years, good partners, they can stay in and with the merchant capacity very willing to make them that offer likely we did to Telefonica and the same for the government. So one is, the condition is that we can merge the 2 companies to the structure players.

Just to complement there, Andres. I mean, as you know, Colombia is 1 of our -- is the most challenging market where we operate to many operators, high spectrum prices, pressure on ARPU. So I think this is very -- I mean, it's very positive for Colombia. The demand of data is there. Colombia needs strong operators in order to capture and convert that demand in consumption. So we do believe that everybody is looking at the same thing. So we want to fix the same problem. So on our behalf, we are doing everything that is on our hands to land this in the second half of next year. So we are also following very closely, even though it's independently the process of EPM and [Indiscernible]. But we are positive on the timeline and on the fact that in H2 next year, we can have something done.

And then regarding share buyback, Andres, I mean, with 2 portions of share buyback, 1 portion. So one, yes, we have 10% that can be approved by the Board. Give a portion of these really shareholder remuneration and a portion of shares that we might need to buy for equity grants as part of the remuneration of the number of people in the company. So there are 2 impacts. One to repurchase some shares to pay for the salaries or the benefits, et cetera, I think that we can do quite independently and when needed, we can replenish the treasury shares. When it comes to shareholder remuneration, or rather sees in the context of capital allocation, and would want to have a more strategic session with the Board to decide on that on when do we start with a repurchase program versus a dividend and have that clear.

Okay. Thank you.

So next, we're going to go to Andreas Joelsson at Carnegie.

Hello, good morning, good afternoon to everyone. Follow-up on the tower deal. You have 2,500 remaining towers, I think, within the last project. Would you say it's likely that those will also be divested -- and on the proceeds that you have received from the 7,000 that you've already announced, what's the tax rate on that amount. I have more follow-ups later.

So the 2,500, a big chunk of that is in Bolivia. Then we have a number in Paraguay and then another number that is still within the transaction perimeter of countries. But those are sites that are within our tower -- sorry, within our data center, within our NOC, within on very difficult places for third parties to come and maintain and deal with Atlantis and [Indiscernible]. So Bolivia, probably considering the currency situation right now, it doesn't come very as a top priority for me to now go and try and sell those towers there, have a very difficult negotiation around. Do we pay in dollars in local currency? How do we get the proceeds? How do we get the money out? So I wouldn't say that those 2,500 remaining towers are 1 going to come very soon in any case, not very large amounts of proceeds. So just to manage the expectation there. Your second question was on the 7,000 towers?

Yeah, the tax rate.

Hard to say at this moment. I mean, we haven't disclosed any specific numbers around that. Maybe in -- to give you some type of indication, we are selling [Indiscernible] International Luxembourg in line with previous quarters where we explained the work that we were doing. We were transferring towers from a local operation, let's say, the mobile business into [Indiscernible] a fully independent structure. It's a subsidiary for Millicom Group, our headquarter, and then has a full structure below with all the countries having [Indiscernible] entity. And so we're selling International from Luxembourg, which is a quite efficient way of separating us from the towers.

I should have learned that by now. On Bolivia, on that note, as you say, the currency is under pressure. How how do you reason on that? Let's say that there is a devaluation. How do you see that impacting you on P&L and on cash flow?

On Bolivia, I mean, what -- actually, what we see is that it is -- we do have some -- there is political, let's say, instability. We do have a bit of unrest -- social unrest, and that is putting a little pressure on the economy, and therefore, our ARPUs and our customers' pockets. So what we are doing there is, first we are being very cautious on our investments. We are, yes, investing in our capacity in mobile. Second, we have implemented the full playbook of our efficiency program. So you will see that in the EBITDA growth of this quarter. And additionally to that, we have localized to the local currency, almost 85% of all our OpEx and direct cost. So we are very well equipped for the storm. What I would say is that -- we do expect the valuation next year. It's very difficult to expect late how much -- but our portfolio allows us to deal with these situations. As you know, we have 2 operations with dollarized economies, Guatemala and Honduras as very stable currencies. So this is like we say here at the Millicom business as usual. So we are contemplating this for next year's budget, and we don't see that it will have a material impact on our ability to keep delivering equity free cash flow.

Perfect. And the final one for me. On Colombia, as you have said, very strong subscriber intake or customer intake during the quarter. Can you explain a little bit more why that happened? It looks like, at least in an Excel chart that it looked quite -- happened quite sudden. Is there any risk that there will be a churn on that in the coming quarters? Or how should we see it? And overall in the group, I get the sense that you are looking for more customer intake. Does that fit within the current cost structure that you have?

Yeah. I mean 2 questions there, right? On Colombia, we do see that this is a very healthy growth. Just to give you an example, in postpaid, 35% of the new customers are coming through our FMC offers. These customers come with very low churn, below 2%, and then we do have then the other 70% is coming from our base in postpaid and from the portability channel. What we do see is that these are customers that are consuming after they migrate from prepaid to postpaid. So we don't see that there is going to be any further impact on churn in the future. What we do see is that our ability to keep growing our base is going to remain strong. In home, what we do is we have extended our capillarity through the deal with ETB in Bogota. And what we are doing is we are just filling the network with our simplified offer. We have very few offers, easy to understand, and we have strengthened our commercial capacity in the streets. We open new stores. We have new salespeople. We are also strengthening our digital channels, and that is paying off. Again, all these new customers are coming with very low early churn. So we don't see neither any impact in the near future. These are real customers they are consuming, and they are paying.

Thank you very much.

So next, we'll go to Stefan Gauffin at DNB.

Yes. Andreas managed to take several of my questions, but I have a couple of more. First of all, you -- I think you mentioned that you saw increased competition in Guatemala in recent weeks. So can you please just elaborate on that and what you're seeing there?

Yes. And as you know, we have a big portion of the market in Guatemala, right, almost 11.5 million customers in Mobile. So we have a very strong brand. We have -- I mean in Guatemala historically, yes, we've been very good at keeping and growing our prepaid base. Over the last 12 months, we started across the board, including Guatemala to start increasing prices in prepaid in order to monetize the increase in consumption that was taken very well by all the markets, including Guatemala. The main challenge we have is that in some very relevant departments in Guatemala, we were playing alone. So we were the only ones in these departments and Claro has invested aggressively in these new areas. So naturally, when you have I mean the full spectrum of the customers in 1 department and you start having a competitor, there is pressure on ARPUs and pressure on customer, on gross adds of new customers. So what we are doing there is we have -- we are defending on those territories with 3 key, let's say, it's part of our playbook, right? We call it the AAA, right? It's availability, affordability, and accessibility. So it's strengthening our networks. We are catching up on Mobile capacity in these sites. We have a very aggressive plan to do that. Second is we are strengthening our distribution with our point of sales, direct salesforce and household points of activation. And the third is we are giving more resources for the same ticket, right? So the price per gigabyte in those areas are decreasing. All in all, to tell you, Stefan, this is what we do. I mean we know how to defend ourselves and we are doing exactly that in Guatemala. This is still -- I mean, if you see the gross adds. The negative gross adds was 90,000 negative in the quarter. It's still a very small portion of the total base in Guatemala. So this is more or less the dynamic of the prepaid market that we see just laying out in Guatemala.

And perhaps Stefan, if I can just complement there. We -- it's important to say, we actually had very, very strong postpaid net adds in Guatemala. So there are some -- definitely some pockets of strength as well.

Yeah. And then just a clarification. I mean the one-off costs are fairly high this quarter. Can you just give information on how much of this is related to restructuring charges. And what does this make to the overall cost saving program? You had reached the level of $250 million in run rate savings. Can you update on what to expect there? And then also on restructuring charges for Q4. I believe you said earlier that there would come more restructuring charges in the second half.

So, yeah, out of the restructuring charges today, I think in the third quarter, I want to call out a little bit more than $20 million that relates to cost incurred by our independent Board in the defense against the Atlas tender offer and the work streams around that. So that was a significant element in Q3. The biggest chunk of the remaining -- remains severance payments. And in there, I think it's important to flag out and here as well, we have the separation agreement with our former CEO. And those numbers are also fully reflected in our Q3 numbers. So that -- so in Q4, we want to -- this year to finalize all of our -- or significantly all of our restructuring. So there will be a little bit more that you will see in Q4, but it's not to the level that you've seen in Q3. And again, remove the defense charges. And then from that number, you can take a haircut because it's not going to be at the same level in Q4 and in Q3.

Can you update a little bit on sort of the run rate on the cost saving program?

Yeah. So year-to-date, you will see that how much we spend, I think we did more or less $100 billion in severance payments this year. Severance is -- if you see in our operational expenditures, our savings run rate, half of it comes from GRC and half of it comes from other operational OpEx. So your numbers that you indicate triangulates quite well on the OpEx side. And then, there is a savings on the CapEx. As we indicated, we're going to be a little bit below $700 million, and we believe that, that's the level that will be recurring going forward. So with those 2 elements, you kind of made the same numbers that I'm seeing. So OpEx savings half is GRC, half is third-party contracts and services. And then in the CapEx, you see that it is the $700 million, a little bit closer to $700 million.

Okay, thank you.

So next, we'll go to Marcelo Santos at JPMorgan.

Good morning, Marcelo, Bart. Thank you for taking my question. I have actually 2. The first question is about the CapEx for 2025. I think you guys mentioned that as a percentage of revenue, it should be quite similar to what we are having this year. I wanted to understand if you're embedding in 2025, some kind of acceleration in their home business, some faster deployment or should also be more similar to what we're seeing now. So I just want to know the moving parts in this CapEx. And then deep diving a bit into the Colombian fixed business, the Home business in Colombia. It has been a bit weak. So I wondered just if you could zoom in and comment a bit on the challenges and opportunities that you see there? How qualitatively things should unfold? Thank you.

Marcelo. So on the first one, the way we see, the framework we're building and now is operational -- it's -- we do prioritize first the capacity, capacity in our fixed and mobile networks. The capacity is at the core of our customer experience. So we need to make sure that we can provide a good service level to our customers. Moving a little bit deeper there, we are doing granular analysis to understand where is the demand, in what areas and regions we see the biggest demand? So the capacity priorities are going to those places where we can untap that demand and transform that in consumptions and ARPU. So there is a little bit of more granularity of how we manage CapEx is per municipality and per CVE in Mobile and per note in Home. So that's where you see a bit of a reduction. On the commercial CapEx, we are not leaving anything on the table. I mean we are -- as you can see, I mean, these new net adds of 68,000, they do come with a commercial CapEx. So we do view 2025 to keep increasing the net adds, and we do -- we are including in the envelope of the CapEx needed for that. And then you have the third piece, that is IT, where, as I said, we are looking to a very, I mean, sprint of transformation and not very long-term and deep transformational projects. Our industry is -- in many ways, the customer behavior changes so rapidly that we need to have shorter sprints, of course, try to digitalize outside the relationship with the customer and internally as well. So that's where you see a little bit of a more focus on the IT CapEx. We feel comfortable that we will be at the same rate as this year without leaving any of these things on the table. Additionally to this, we have the BTS agreement with SBA that would allow us as well to start building more coverage in mobile, especially in the north of Central America, where we do see opportunities to grow in network -- mobile network coverage.

Columbia Home challenges and opportunities.

Well, -- in Colombia, what we see is, we are growing very well in our gross adds that has to do mainly because of our extended Home pass that we have in Bogota and our new approach. Our new commercial approach that is a simplified offers, more commercial power in the streets and FMC. So what we do see is that we can keep the current rate of net adds for this year for sure and for next year as well. We have a lot of room to keep growing in net adds in Colombia. You will see, though, that the revenues does not catch up that fast and that has to do with one the FMC offer comes with lower churn, larger customer life cycle, but lower ARPU, right? So it takes a little bit more of time to see that reflected in the revenues. And the second piece is that we are looking at a lot of new gross adds of only BBI. So that comes with higher margins. But as also you lose the ARPU related to TV. But this is, again, a better margins and a more stable base going forward.

Thank you very much.

So we'll take our last question from Gustavo [Indiscernible] at UBS.

Hi, everyone. First of all, congrats on the results. Two questions from my end. The first 1 regarding B2B, could you guys comment on the performance of the quarter? We've seen some lower sequential growth. So if you could comment on project pipeline and what are the growth avenues you guys see? And maybe how you see margins for this specific segment? And the second one, just a follow-up on the tower sales. You guys mentioned the $40 million impact for equity free cash flow? Is that for this year, just to check it up? Thank you.

Yeah, I will take the first one. So in B2B, what we see is that there are 2 sources of -- 3 sources of growth, right? The first one is SME. We are very well equipped to converge services for that segment. That is a segment that needs a one-stop solution, right? They need mobile and fixed. So the strategy there is to industrialize the commercial activity and to improve how we serve those customers with a very simple offer, convergent and good customer service. That is starting to pick up. In some countries, it's growing faster, like Paraguay or Salvador, and we are planning to speed up in all the countries. The second avenue of growth is digital solutions. And there, we have smart connectivity with SD-WAN. We have a private and public cloud. We do have 11 data centers in Latin America, and we have. We see a strong demand in cybersecurity services, where we do have a very complete portfolio. So digital services are growing 27%. And this is -- this is a segment with very low churn. So all the growth is basically staying with us. So we see a lot of growth there and then the third one is converging services on the big company. We have companies that are still only mobile or only fixed or they do not have digital solutions. So upselling and converting the large segments is the third opportunity. There are some -- but these are very selective projects like the ones we did in Panama. But as you can understand, these are projects that are very difficult to replicate, the teleradiology project, the telemedicine project in Panama, it's a $207 million project for 7 years, very complex. We do have the capabilities to replicate, but this is going to be very, very tactical and opportunistic depending because the ecosystem, government, private sector, we need to be aligned very much in order to step in these kind of projects. And we are very open to do it, but these are more tactical and opportunistic.

And Gustavo, the sequential, you referenced a sequential slowdown. But keep in mind that we have a significant contribution coming from Colombia, where we had a weaker exchange rate. So if you're looking at things in dollars, you also need to adjust for FX.

All right. Very clear. And regarding a follow-up question, just to be clear, I'm talking about the leasing payments impact from the [Indiscernible] sale, you mentioned, if I'm not mistaken, $40 million. Is that for this year?

So, no. So, this year, there is no impact, right? So we would start to pay leases after the transaction closes somewhere halfway next year. The $40 million is on an annual run rate basis. So if we close half year, that will be 20 for next year. And I think to Oscar's point also, depending on the use of proceeds, could be offset by lower interest rates or proceeds from or whatever the use of the money will be. But all of that happens below the EBITDA line, right?

Very clear. Thanks again for the opportunity to ask questions.

Thank you, Gustavo.

Thank you, everyone. So that concludes the call for the Q3. Thank you very much for participating.

Thank you.

Thank you.