Atresmedia Corporación de Medios de Comunicación, S.A. (A3M) Earnings Call Transcript & Summary

Hi, good afternoon. Welcome to this conference call in which we're presenting the results for year 2023. In addition to that, we will have our view of the strategy for the year 2023, 2026 and a Q&A session for all of you to ask any questions you may have. So the speaker will be as usual Silvio Gonzales, Executive Vice President. And he will go into the -- onto the presentation that you can see through the webcast, and he will answer all your questions. I will now turn to Silvio.

Hello, good morning. Just to wrap up 2023 and I mean, let me say that I think I could say this has been a remarkable year, very good year, whatever side you would like to analyze it. Well, on the audience side, we have been leader by far with audience share for the total group of 26.8%. I think it's 3 years in a row that we have been a leader in the Spanish television. Our digital platforms has reunited 25.5 million users and radio has had 2.9 million listeners per day. The market also has performed quite well. The total advertising market has grown by 4.1% and the television, and television we mean here, all the audiovisual advertising independently of which is, let's say, conventional television and digital platforms. And the result is that this way of looking at television has grown by 2.9% and radio has also a very good year with 5.2% growth. So both in the audience side of the business and the advertising side of the business, I think it has been a very, very good year. Talking about the financials. The total revenues for the year has been EUR 971 million, which means that the audiovisual part of the business has contributed with an increase of 2.1% and radio with an increase of 1.9%. The EBITDA for the year has been a little bit better than in 2022 with EUR 173 million with an EBITDA margin of 18%. And the net income has been EUR 171 million, which I will explain later why this increase compared with the 2022. But if you take the pro forma way, the net income has been EUR 113 million, which means a little bit -- EUR 118 million, which means EUR 6 million better than in 2022. Talking also about financial, the net cash position has been positive by EUR 23 million. So very good news also And the operating cash flow versus EBITDA has been one time. So also a very good achievement in terms of the conversion of EBITDA through cash. As we have always done, I mean, our dividend policy is more or less the same as it has been in the previous year and the dividends for the 2023 have been -- will be EUR 90 million, which means EUR 0.40 per share, which is quite a good dividend yield, which means 11%. And if you take in account not just the dividend, but also the performance in the stock market, the total return for the shareholder in 2023 has been more or less 25%. So the people who bought our shares at the beginning of 2023, I think they have had a very, very good result for the year. Going to the market and analyzing, which has been the performance of the market in 2023, for the total advertising market has grown by 4.1% versus 2022 and which is quite important, is the performance of the main sectors in which we operate, which is television, radio and that they're 2 more important. In the television and I remarked that now television includes also all the digital advertising related to audiovisual has grown by 2.9% and the market share of the television considering the way I have just told you, has been 30.9%, which is, I think, a very good news for our main business. Radio has grown, the market has grown 5.2%, which means that the share of radio in total advertising market has been 10.1%. So I think that in the 2 main markets in which we operate the results has been quite strong and quite good for us. And in the audience side, well, I think it's just begun to be a little bit boring because I mean, we're a leader by far, compare any way you consider it. We're the best one in the audience daily share. We're the leaders in prime time. Antenna 3 is a leader by far compared with Telecinco. La Sexta is a leader far compared with La Cuatro. So I should say that our position in terms of leadership in audience is clear, it's very stable. And I should say that there is no concern in the future about this situation. Giving some color to the digital business. Our platform, AVOD and SVOD. In the AVOD, we have 2.7 million video players users with nearly 15.6 million of people, who have registered in the Atresplayer Premium. That is the SVOD platform. At the end of 2023, we have 593,000 subscribers, which means an increase of 38% year-on-year, which is quite a good achievement for the year. And it's a solid platform. Our -- different sites in our digital proprietary, we're the seventh group using the comScore ranking. And if we go just to the audiovisual sector, let's say, we're the first group by far with 25.5 million monthly unique users. In the other companies related with the Beta, which is Smartclip, it has got a market share of about -- around 8%, which is quite a good performance for the company. And our company devoted to the influencers marketing, it has nearly 30% of the market share and has had a growth in the year nearly by 30%. So also in this side of the business, all the results have been very good. Talking a little bit about radio listeners evolution. I think it's very stable, pretty stable with a slight increase in the audience of Onda Cero, which has grown a little bit. As you know, the radio has a very stable pattern all around the years and also quite good news for Europa FM, I mean, we have also had an increase through the different quarters. So also radio is doing quite well in the audience side. Going to the results for the group. I think there's quite a thing to remark. First of all, I think it's the first year in the last 3 or 4 that we have an increase in net revenues. I mean net revenues for 2023 has been EUR 971.4 million, which means an increase of 2.2%. OpEx has grown also 2.6% coming up to EUR 798.3 million. And this is due to the inflation. Although you know, inflation has grown very quickly in the early 2023, and it has affected all related with payroll because I mean, all negotiations with the unions, we have to recognize the increase in the -- of inflation and also everything related with energy, related with the distribution of the signal. So that's mainly -- it's not on the program side. The cost -- the increase of cost, but mainly in all these things related with inflation, payroll and all the services. The EBIT show that -- meant that the EBITDA for the year has been EUR 173 million, which is a little bit better than the one we obtained in 2022. The EBIT for the 2023 has been more or less the same, EUR 155.3 million, and the net profit, EUR 171.2 million, which compared with EUR 112.9 million, but as I just told you in a pro forma basis, the net profit for 2023 has been EUR 118.5 million, which compared with EUR 112 million for this period. I will explain you -- I will give you some light about this increase in the net profit, which is due to a decision of the constitutional court about something related to Royal Decree that the government of Partido Popular in 2016 make a big change in terms of the deduction of the taxes. And because of that, that is why we have increased the net profit in this amount, and I will explain to you later. Just talking a little bit about what has happened? I mean, well, this is the chart that you can see, which is the composition of the revenues, the audiovisual adds EUR 903 million, and the radio EUR 77 million. Radio, as you know, very stable with a very stable EBITDA, even increasing year after year and also audiovisual having a very good performance for this year. If you move a bit down, a little bit about, which are the different items of the revenues, Well, the audiovisual content area has got EUR 784 million for the year compared with EUR 774 million. The content area has also increased up to EUR 76 million and others has also increased to EUR 44 million, which means an increase of 9.3%. So the total increase, which is 2.1% includes that all the different areas -- items has also increased themselves. If we go to the OpEx side and see which are the -- the behavior of the different items. I mean as I just have told you, programs have even decreased coming to EUR 340 million, which means a decrease of 1.6%, personnel with an increase of 5.4% due to the increase in the payroll because of inflation, also overheads because of energy and because all the services and variable costs. This is here mainly the costs, which are direct -- which are linked to the content sales. So that's -- this meant all these others -- all this content has the -- linked to this, the variable costs we have to pay to the other parts of this transaction. So I think that's -- everything I mean, this year has been, as I say, remarkable both in the line of revenues, but also in costs. Radio doing quite well also with an increase of 1.9%. I mean, also the mix is more or less 43% local, 57% national in terms of which is the origin of the revenue. And in terms of which of the programs work better is conventional with 81% of the revenues and musical with the 19% of them. Here, this one, I will give you some color about which is -- this increase in the net income and which is the origin of that. Well, I mean, in December 2016, there's a Royal Decree Law, which changed the percentage that we could take out of their taxes, which at that point was 70% and the change was that it reduces it to 25%. The reason was very clear. The government, I mean, it was in the very deep part of the crisis, and they wanted the more money they could get. So they say, which is one of the ways. Well, one of the ways, which is very clear is if we reduce the percentage, they could take out of taxes from 70% to 25%, we will get more money. That was for clear. Well, because of that, in 2016, we accrued an impairment of EUR 25 million. And in 2018, we also accrued an impairment of EUR 37.5 million because of the same thing. Because of that, as you know, from the audit point of view, you need to have a planned recovery of 10 years or less to recover these amounts. And if you cannot do that, you need to impair that. So that's what we did. But I mean, all the companies that has -- that was affected by this law, we went all the different courts and we ended at the constitutional court. And finally, in January '18, they failed and they say that because of formal aspect that the way they did that, which was through the [Foreign Language] Royal Decree Law was not valid and so they declared null void all the things. So we're allowed now to tell -- request the government for this money. And on the other hand, we could reduce our taxes up to 70% of our deductions and not 25%. So that's -- this is why we have accrued this amount of money and that's why it has increased our benefit, which is not cash yet. It will be cash in the future. And that's the reason mainly why we have done that. On the cash flow, also a very good image. We began the 2022 with a net debt of slightly EUR 24 million negative, our net debt. And now we're in a positive cash position of EUR 23 million at the end of this year. And that means that we have invested EUR 32 million in the different companies that we have acquired or invested, which is Wayna Aero, Ac2ality and all the ones you already know. And this also includes the dividend we have paid, which means EUR 90 million for this period. So all in all, I think that's -- it has been a very, very good year. If it has not been for the inflation, I think we will have increased our EBITDA significantly. But I mean, well, inflation was here, and we have to adapt to that. But I think the good news is that the market has increased. Our revenues also has increased. So we do think that there is a shift -- significant shift in this part of the business. Let me give you a refresh about our strategic overview that I think you already know because I think we have already told you about our strategic plan for the future. Well, there are, let's say, 7 big pillars, which are basically, first of all, we do believe in our business, in the audiovisual and radio and communication. And first of all is to defend and consolidate our leader position in our business. The second one is digital, it's part of this business because it's another tool, it's another platform where we can get to our listeners and to our viewers and also to put the advertisers in, contact with them and so get money out of them. The third one is that we do believe in content. I mean, our business is content. Content is also used. And that's why we think that we need to invest, and we need to focus on the content production side of our business. That's why we have -- we're investing in small content production companies with a lot of talent in it because, I mean, that's a part of the business. Also, it's the way we try to foresee which was the best way in order to maximize the expectation of our content. And I do think that we have found a way in which we -- I think we do take the best part of it, the best part of maximizing and exploitation of our content in the different platforms, in the different proprietaries we already have. Diversification, of course, because I mean we need to put, to see and invest in some business related with our business, which is mainly communication and mainly our capacity of promoting and communicate products to the people. And of course, what we have always done is review our process, review of the new tools we can use, which means AI and all these different tools in order to make our organization more efficient and more profitable. And which I think has also been -- it's part of our DNA, which is also our shareholders and try to maximize our shareholders' return year after year. So with this, let's say, main goals that our book, we read every night, the book we have decide our product. Well, I think that if you analyze that, I think from the first point, I think we're very close to achieve all we get. We're leaders in terms of all the television audience. We're leaders in terms of digital audience. We're leaders in all these, let's say, all the proprietaries in which we operate. We have also made a big shift in terms of the commercialization of this product, which is the change from the GRP to the CPM. As you know, when we translate the GRP to CPM, this meant that television was selling the CPM at a price nearly EUR 2.7, EUR 2.5 per 1,000. And when you analyze what happened in the digital world, I mean they were selling this CPM, a CPM of less quality to nearly EUR 14 to EUR 18 per CPM. So with this shift, which means that, well, we're bored of telling you that our product is better and that we're very cheap. So let's translate that to the same metrics that we use in digital. And I think that has been a very, very high success with this change of minds, this change of framework to the advertisers. And I think that we began it with a product in Wayna Aero. We have used also this way of selling in some events, special events with -- mostly the late night, I mean, the first, the 31st of December. And we're also now analyzing which other programs we can go through to change the selling from GRP to CPM. So that's something we began in April 2022. It's already -- in 2023, sorry. It's already consolidated, and we will go forward for 2024. We also -- one of our aims was also to go and try to increase prices for all our products. And I think we have already got that. We're, by far, the highest -- the one who has the premium price in the industry, nearly 6%, 7% on top of our main competitor. And well we -- this is also something that you can apply to radio. So on the first start of the pillar, I think that we're already achieving that. We're working hard to go through this change of the framework in the industry. About digital. Well, we -- the last time I think we were together, I told you that we were not a television. We were not anymore television. We were an audiovisual and radio content producer and that we exploit this product in all our platforms, which is the digital television, the DT, but all the other platforms we already have. So in the AVOD platform, others player, we have had an increase in the -- in our revenues on top of 10% for the period 2023. We have, of course, fast channels. We have all the synergies with all our business and other sites. And we -- I think the company now understands very clearly that we're a different company, a very different company. And I think that we link very well all the different products in all the different platforms. In the case of the Atresplayer Premium, which is the SVOD platform. I think -- I mean anyway you look at it, I think it's a huge success. we, I mean, do expect to have nearly 800,000 subscribers by the end of 2025. We do -- I mean, this is a very important part of our business because, I mean, it's the very first step in which we have a connection with the content creators. And that's very important for us and I think it's working well. I mean all the -- all our product is very highly ranked. And then we sell it to all the different platforms at a very good price. And well, I do think that we're, by far, the best content producers of Spanish fiction in Spain. Very good results also in the international SVOD. Now we have nearly 80,000 subscribers, which means an increase of nearly 20% year-on-year and that's something that's also working quite well. I always say that when people complain about our position in the market, I say that the main thing that explains why are we so powerful, let's say that. It's that because we invest every year, EUR 400 million on content, which is the main thing because as I have just told you, we're a content company. And so I think that the content production. And what are the different items in which we invest? Entertainment, which takes nearly 60% of the investment in content. News, which is one of our identity signs. I think that we're a very, very recognized, reliable and we're very highly ranked in the news side. I mean, recently at the Newsweek, I think it was Newsweek that included our company into the companies that were more reliable in the media side and also in the scripted content and cinema, which are quite an important area for us. So we invest EUR 400 million in content production. And very important is that in this year, we've -- we got that the in-house production was nearly 82% of the -- all the content we use in our proprietaries. In this chart, it's the way we have finally got, which was the best way to maximize the exploitation of our cycle. And that gives sense to the way we -- the idea we have of our business, which is that you begin in, let's say, for example, in the SVOD because, I mean, we produce fiction or a program for the SVOD and you get subscribers and you get the money out of them. You can also promote this program giving just 1 chapter on the free-to-air in order to get more knowledge, the more coverage of the product. After some time, let's say, 1 year, 1.5 years, you can air it in the free-to-air television. And afterwards, you can also sell these to third parties. So you can exploit it in the SVOD, in the AVOD, in the linear television and finally get some money out of the third-party sales. So that's the way we approach to the business. That's the way why we think that all the different platforms we already have helps us to get the -- to take the more money out of our product. And I think that it's proved to be a success in the last 2 to 3 years when we began with this type of focusing on the business. On the area of diversification, as you know, in the media for equity, what we do is that we take advantage of the inventory and sold and try to foresee which companies will be interesting for us in order to give the advertising for free and take some equity out of that. I mean the gesture, we have nearly now in the portfolio, something like 10 to 12 companies. But I mean let me point, which is the more footing, let's say, which is fever. Fever, we already have now a stake of something in the range of 9% to 10%. The company now is valued in a range of EUR 1.6 billion. The company is -- that's the value of the company in the last financial round. So that means that our current book value for fever is EUR 141 million. The company is doing quite well, and we do think there is quite an upside here. We have also a company, which is Waynabox, which is a surprise type of company. And we began with the media for equity stake there. And finally, we have invested some cash. The company is doing quite well. It has doubled the revenues 2023 compared with 2022. So it's also doing quite well. That's in the media for equity side. In the venture corporate building, which means that we create the startup for a stretch. We have just launched a company, which is called pazy. I will ask you to phone David later in order to explain it to you because I mean it's related with burials and all that. So it's not very pleasant to talk about that here. But I mean, it's doing quite well. And I don't think there's a clear mix in the market there. So let's see how it's evolving because I mean we launched it in by the -- it's 6 months since now. So it's in very, very -- it's very near to have a clear idea of which would be the future of the company. And also in the area of events and education, we're doing some events which is created with the business forums, doing quite well and also education related with the audiovisual field. So we're also working heavily in order to look for some other business that could help us to increase our profitability in the future. And in the part of what we do and have done every year is how can we make this company more efficient, more -- best organized that get -- that can take decisions quickly. And I think that we're doing quite a good job there. We're trying to analyze all the different tools that are in the market in order to help us to do that. AI now is the trendy and have more sex appeal. As always, we're not fascinated by the AI itself, and we're analyzing which part of AI could help us to make the better things in our company. And with something very important, is that we're an information company. We're not a distribution platforms. We're very proud of being editors. We're very proud of being reliable, and we think that our social commitment is not to lose that. We will never use any tool that could harm that because I mean, our strength is that we're a media that is reliable, that is accountable and so we will not change that for anything. Even if it means that the costs are less because I mean, part of our idea of the business is that we're editors. We're accountable for what we do. We're not a distribution platform. And that's the big difference. And so the main claim is be efficient, and that's something that we already have. And of course, also thinking a view on how to make that our investment is a good investment. I think that in the last 4 to 3 years, I mean or more, this company has been one of the ones we have got best dividends and the best deals. And well, we'll go for that in the future. Of course, we're also looking at the market, if there is something any company, any idea that could mean that we could invest an amount of money that could change the perimeter of the group. But I mean, so far, we don't think there is anything that could really mean any significant investment. So we could say that for the future, we will maintain our dividend policy, which, as you know, is more than 80% of the net profit of the group. And so I think that 2023, just to wrap it, I think it's been a very, very good year. And let me give you some guidance of 2024. 2024, I mean, the beginning of the year is extremely well. The revenues in January has increased by 14% and in February, a little bit more than that. So for the first time in, let's say, 10 years or something like that, the market is doing quite, quite, quite well, not -- don't ask me why? Well, I can give you some hints. It's that, I mean, the automobiles have recovered and are now in the market with quite heavy investment. Energy is also going well. It's also doing well, finance doing well also. And -- but I mean, nearly all the sectors are performing very, very, very good. So let's -- and even March, as you know, our visibility is also very scarce. But I mean, even March now, it looks like it would be a good year that you -- you need to consider that Easter is within March. But even with that Easter, March looks like it is still a very good month. So the first quarter, I think it's -- it will be very, very, very positive, much more positive than what we expected at the end of the -- at the beginning of the year. And so the hints, I will give you are the hints that we prepare when we prepare the budget, and of course, we don't even foresee that the first quarter will be that good. I can -- I do say to you, I will not think that this performance of the first quarter, you could move that to the rest of the year. But anyway, I mean, the beginning has been extremely well. So for the market, we do think that and I just remind you that this is our framework that when we prepare the budget is that the market will be more or less the same size as 2023. We will do better than the market because I mean we expect revenues for the total -- for the group total revenues in the range of EUR 1 billion. We expect the EBITDA margin for the group more or less in the same range as this year, in 17% to 18%. And we do expect the financial position for the year will be also more or less the same that we have obtained in 2023. So I think that's the hints I can give you, but the beginning of the year is something that I mean, it's completely different what we thought. But anyway, let's say that, well, good news are also well received in the group. And I think that, that's all. Now we're open to your Q&A, but don't ask me why this quarter is that good because I mean I have no explanations. Thank you.

Thank you very much. We move on to the Q&A session.

[Operator Instructions]. And our first question comes from the line of Fernando Cordero from Banco Santander.

I have 2 questions regarding your strategic pillars that you have just described in that sense. The first one is on the exploitation of the content on the -- and the different windows. I just would like to understand if you're considering to start keeping some content in an exclusive basis for your SVOD platform for other premium or if that is depending on the volumes in terms of subscribers that you would have in that platform? Or in other words, should we expect that this amplification of the exploitation cycle also to effect to all the content that you're currently broadcasting in -- sorry, or sharing in Atresplayer? The second question is regarding your diversification, I just would like to understand if you have already decided what to do with regards with the one-off cash that you're going to receive from this constitutional court on Royal Decree Law? We're talking about probably around if we take into account the one-off on P&L around EUR 50 million. I would like to understand if that amount is going to push your diversification efforts or just to distribute to shareholders? And the third question is regarding -- sorry, just to confirm your comments regarding the beginning of the year. Have you said Silvio that revenues in January are growing 14% going forward year-on-year?

Yes. Thank you, Fernando. First of all, I mean, the content in SVOD. I mean, we're free to do whatever we want. Sometimes we decide that this content will be original as classic. So that, and sometimes we decide that this content is going to be aired in free-to-air and sell to third parties. So there is no anything written in the book. It's -- we move it when we decide what to do, what to get back that results of the product. So I mean, it's also -- it's very flexible and we make decisions every minute. So nothing is fixed. On the way of the cash. First of all, I mean, we have to have the cash. And we don't know what's going to happen because, I mean, we do suppose that government will not help us to recover the money. And remember, it's not only the EUR 55 million, but plus interest. So it's a little bit more than that. But I mean, we don't have the cash yet. Let's see what's going on. We do think that perhaps the way it will be that we will reduce it every single year on the taxes declaration. But I mean, let's wait and see what's going on. And when we got cash, let's see what we can do with that. And third one was, I mean, January was 14%, which 1-4 and February is better than that. So -- but that's how the figures for January and February. So on average, it will be something like 16%, 1-6. Thank you, Fernando.

Fernando, do you have another question?

No, that's all.

We'll go to the next question, please.

The next question comes from the line of Fernando Abril from Alantra.

I have a few questions. First, again, with regards to the tax. So I don't know, Silvio, if you can guide us about the future P&L tax rate and also the cash tax rate that you expect now that you have more tax credits on the balance sheet and can be used in a bigger amount? Then second question with regards to shareholder remuneration, so correct me if I'm wrong, but you're now guiding for an above 80% payout ratio over your net profit. Traditionally, it has been 80% max except a year that you paid an extraordinary dividend. So can we assume and also considering that you're in net cash and you expect to remain net cash in 2024, can we assume 85%, 90%, I don't know if you can be more specific on this? And last, with regards to revenues in January and February, which, yes, they look quite strong. I don't know if you can split this revenue growth into the traditional TV advertising market. How is this behaving, except for digital content and the other businesses that I'm aware that they should be growing above the traditional TV ad market? I'm asking only about the last one.

About taxes, I mean, the point here is, I mean, we do think that we could recover of the [Foreign Language], so I don't know what's the meaning, deferred asset taxes. I mean, that we got by the merge with La Sexta that we could recover them in 2, 3 years. But I mean, you should also consider that perhaps, I mean, when the pillar 2 began in action that meant that the tax will be at least 15% because that's the minimum. So that's something that will change everything. But the point is that what we think is that with our actual deferred taxes and all that, that we could reduce all of them in the 2 -- next -- 2 to 3 next years. That's the point. About the dividend. I mean our commitment is 80% at least of the net dividend. I mean it depends on the Board to increase this amount. And I mean, I cannot tell you what the Board will say in the future. But at least this 80%. And the third one was? Yes, I can -- I mean, I don't -- I mean, as you know, we have changed the way of presenting the information because, I mean, we don't want to get back to, let's say, on television and digital and all that because I think it's not the way we work now, we're -- and for the visual platform. And we exploit the contents in the different platforms we already have, which is the old traditional and digital platforms. What I can tell you is that which are the sectors that are performing better in these 2 months compared with the previous year. And on what we see, I mean, the high value because of the price sectors. Automobile has grown by 49%, finance and insurance 57%, beverage 69%, and also telcos and internet 18%. So these sectors have had an increase January versus -- February versus February by something like 35%. But I mean, also the low-value advertisers, I mean those who are cheaper, let's say, I mean, all of them has performed better than January 2023. As an average, the growth has been 19%. So I mean, all the sectors has done much better than the previous year. And that's why I mean, this is a quite astonishing result that we didn't expect. No TV and media players expected that because I mean when we report a budget, of course, we have conversations with all the different players in our world. And by far, we couldn't even think that this could happen. So it's something real strange, but the point is that all the different sectors have performed very well, very steadily. The price increase has also been something in the range by 5%, about 5% to 7%. So the market seems quite strong, quite healthy. And so the beginning of the year is, let's say, we could not expect anything better than that. Thank you.

Thank you, Fernando. You have another question?

Just a follow-up, Silvio. So linked to the remuneration to shareholders. So why do you think -- what is the reason behind being in net cash and probably not launching a new buyback -- share buyback on top of the dividend? Is it something that could be on the table or not for the moment?

I mean, It's not for the moment. I mean one of the things that prevent us to do that is that our free flow is not big enough. And so it -- if we do that, I mean, it will be even less. So the point is that all the people that are already in the company will find it more difficult to get in and out of the company. I think that's not a good decision for the price of the share. So of course, sometimes we revisit this idea. But at the end, what we think is that I don't know if this is a good decision for the total shareholders and also for the company because, I mean, it will be difficult, more difficult to get in and out because I mean the free float is even smaller than it is now. So we're not very much for that decision.

Thank you, Fernando. We'll move to the next question, please.

[Operator Instructions] And our next question comes from the line of Enrique Yaguez from Bestinver Securities.

I have 3 questions. The first one is if you could give us some feedback about the market expectations in March, taking into consideration the Easter holiday impact? Second, about your expectations about -- of this year with radio, if it will be performing in line with the market, slightly better or below? And finally, on content taking into consideration, there is slight increase in your subscriber base. I don't think if you could give -- it will be finally when I read your math [indiscernible], what should be expected in growth with regards to contents?

Yes. Thank You. I mean, 3 is a magical number. All of you with 3 questions. About March. It's -- I'm -- Easter represents something like 6%, 7%. And we do think that March will be negative, but slightly below 10%. That's what we think about March. And in normal conditions, it will be down by 16%, 17%. So that's what we foresee now. So I think it's a quite strong results for March even with Easter because I mean it will be only down by, let's say, 9% to 10%. So March also doing very well, much better than we expected. So first quarter, we will close with a very, very good results in terms of revenues. About radio. We do think that the market will be slightly positive. But I mean, very much in line with 2023 because remember that in 2022, there were political elections. And in radio, there is allowed to insert political advertising in the different stations, which is something that is not allowed in television. So if you take out this effect, it means that the radio will grow a little bit if you take out all the political advertisers that take place in 2022. It's about a more or less same. And we will be a little bit better than this year, slightly positive, but I mean very much engaged with the market. And on the content, it will be something like a mid-single digit, the growth in content, that's it. Because I mean, with the content side, I have a remark that we're a content company, and we're very much concerned about content. And although we're a leader by far, we do see that you cannot just relax. You should always try to see whether -- do better programs, change your grid and always been in the front part of the market because I mean that's where you can maintain your leadership, which we think it's a very important thing for, taking the best part of the market, premium prices and to have a stable and reliable situation for the future. That's it. Thank you.

Thank you, Enrique. Do you have any other question?

No, sorry.

There are no further questions on the phone at this time. I will now hand back to David Gomez Baquero.

Well, thank you very much for your attendance. If you have any further questions, just please contact the Investor Relations department. Thank you very much, Bye.