Cablevision Holding S.A.

This conference will be beginning momentarily. Thank you. Good morning and welcome to the Cablevision Holdings conference call. My name is Dave and I will be your conference operator today. After the speaker's remarks, there will be an a question and answer session. You may submit your questions throughout the event by clicking in the submit a question box on your screen. Today, we will discuss Cablevision Holdings nine months and third quarter 2023 results. This call is for investors and analysts only. Therefore, questions from the media will not be taken at this time. However, if you are a member of the media and have questions, please contact FIG Corporate Communications following the call. I will now introduce our speakers, Mrs. Samantha Oliverdi, Head of Investor Relations, and Julian Pies, Senior Analyst. Additionally, Mr. Ignacio DiDiolet, Executive Director and Chairman, will also be available for today's question and answer session. The team will be discussing the results as per the earnings release distributed last Friday, November 10th. If you have not received the report or need assistance during today's call, please contact FIG Corporate Communications in New York at 917-691-4047 or the company in Borough Eris at 5411-4309 CVH has also posted the webcast presentation that can be found at www.cablevisionholding.com slash investors. Comments made by management may contain forward-looking statements about Cablevision Holdings' future performance plans, strategies, and targets. Such statements are subject to uncertainties that could cause Cablevision Holdings actual results and operations to differ materially. Such uncertainties include but are not limited to the effects of the impact and duration of Eastern Europe conflict, new or ongoing industry and economic regulations, possible changes in demand for Cablevision Holdings products and services, and the effects of more general factors such as changes in general market, economic, or in regulatory conditions. Please refer to the disclaimer in the earnings report or presentation for additional information regarding forward-looking statements. It is now my pleasure to turn the call over to Mrs. Samantha Oliverdi. Please go ahead.

Thank you, Dave. Good morning, everyone, and thank you for joining us. Today's call will begin with a brief macro overview and continue with a review of the company's income statements and operating results, followed by a review of the financial position. Having gone through the agenda for today's webcast, I will now pass the call to Julian for the macro overview.

Thank you, Samantha. Please move to slide four. Argentina's economic performance during the third quarter of 2023 remained conditioned primarily by the effects of the severe drought in the first half of the year and the uncertainty around the presidential elections, which had an unexpected result and will be defined in ballotage on November 18. In the first nine months of the year, the inflation index continued to rise, reaching 138.3% year over year in September, while the number for the year-over-year inflation of September 2022 was 83%. As we have said in previous presentations, we believe the root of the problem lays with the central bank's balance sheet, which presents negative net reserves and a higher excess of pesos in the economy. The central bank's reserve position is being challenged by the effects of the drug affecting agricultural exports. The unprecedented drug, as well as the stronger pressure on the demand of dollars, hinders the central bank's ability to maintain the exchange rate parity, while also affects the capacity of generating net reserves, making it almost impossible to comply with the goals set by the IMF. The first day after the primary presidential elections, PASO, the government devaluated the Argentinian peso approximately 20%, which in turn caused the parallel exchange rate to rise, further increasing the gap between them to almost 200%. The policies by the enacting government are focused not only on the stability of the exchange rate, but also on the level of cap to the financial exchange rate. However, the constant need of intervention to sustain said parity pushes against the rising vulnerability in the net reserves and the schedule of debt services of the sovereign debt. The central bank's gross reserves are at $22,000 million reaching a minimal level in the last 17 years and present a decrease of over $20,000 million since the beginning of the year, while the net reserves are close to negative $11,000 million. It's important to note that the exports are the main factor altering the growth reserves, and their interannual decrease of 24% to $16,000 million is the main driver of the negative net reserves. The isolated peso devaluation made after the primary election results, along with a series of electoral-oriented policies aimed at sustaining the voters' purchasing power, although could result in a lower decrease in GDP and private consumption than expected for the year, aggravate the economic imbalances. In this sense, sorting the public accounts and relative prices must be a primary focus for the next administration. Now I will pass the call back to Samantha.