Liberty Latin America (LILA) 9 Nov 222022 Q3 Earnings call transcript

Good morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded. I would now like to turn the call over to Beverly Reyes, Vice President, Securities & Corporate Governance Counsel of Liberty Latin America. Please go ahead.

Good morning, and welcome to Liberty Latin America's Third Quarter 2022 Investor Call. participants listen-only all time, this are mode. in At be the Web Investors formal at presentation of under can materials America's Today's section found Liberty www.lla.com. site Latin

given Following a will presentation, today's be formal question-and-answer session. instructions for

this are reminder, growth the to may that its with and historical under include of be section statements, prospects including Actual information results a recorded the statements and these call As Investors Today's site. respect future statements. and will facts. Web other outlook our differ expressed not forward-looking and available being from materially remarks or expectations is company's by implied may those

For release. more update on to or most recently any in press filed such which in any recently associated annual discussed to information, report any in SEC, any forward-looking filed Liberty on the with its Form Latin disclaims factors XX-Q reflect or the expectations and is or based. please information on change America along report to obligation risk Form the with Latin quarterly most conditions information the statements Liberty statement America's XX-K refer the

over I the In now which comparable which addition, call, refer to will certain our GAAP would turn financial under the Mr. to to accessible call on is CEO, our measures, in reconciled site. are like financial of we non-GAAP measures, the found Web can which presentation, Balan be to Nair. appendices this most this the section Investors to

review straight our After operating the Liberty highlights Noyes, questions. performance. CFO, that, an presentation. begin group I'll everybody Chris your Thank and with then financial we'll you, follow company's results Beverly, our of with and Latin get a will America's quarter to to of third welcome, overview our results.

prepared I As always, our executive as the needed region, my during by from invite Q&A and team following I'm remarks. to the them will contribute across joined

reported consolidated at Web find line still billion you QX. of VTR been working segments, As billion www.lla.com. the Liberty X was and from be most revenue Cable which Group top X% our and basis, by growth a our our housekeeping, point Slide on would Costa slides, Starting have our which Rica, in revenue reporting for on site of we can across Wireless on The $X.X highlights the a both up will Without driven particularly & broad Caribbean and $X.X in rebased by period, businesses. quarter.

over which have by create This the Our and The months, mobile a October fixed by financial and will On XXX,XXX working internet of opportunities, principal now our XX-XX to VTR. for XX have venture margins synergies. in and subscriber operational performance. We ARPU significant with further the we joint XX,XXX penetration the subscribers Claro, support subscriber characteristics. have postpaid to driver Chile our Claro markets management focus All quarter. and very bases deliver past closed a own a growth. have X, grown are new over and third who is RGU postpaid similar team significant

with of Chile. optimistic are We future the

rationalization of is country. and this the an combination Our market. consolidation will start Chile incredible

growth leadership new a future. is VTR Claro plan near our Our the for in putting review together

bar reflects in activity our of buyback allocation is high. any QX. are million company. for returns that in repurchase other of continued $XXX capital capital and our to compelling the we stock up inorganic our most end activity Finally, over the This own our The extremely view

in start build Jamaica to left proposition. RGUs again of our prior adds X. line QX where High we connectivity X,XXX we slide, the to by driven And in momentum where fixed & Wireless to Starting quarter. following the broadband year. show Turning slow here added is service internet market. the our by reliable Slide once in with a and upper the performance with speed of continue the foundation we was Cable

from was there converged offerings and sales CWC, in gain integrated also traction. effort contribution other markets a stronger However,

that Moving see to steady discontinued Liberty chart can a delivered of here growth Puerto Rico for and number in the we've the quarters slide, center the during of from QX. you

delivered we of network fact, Fiona quarter. stronger driven by end In the of at performance despite demand, strength the the back-to-school and the impact our Hurricane of

Costa lineup, since by continuing the right to reversed, On the positive deliver some side and been our were we future driven adds quarter temporary furthest channel The quarter. another changes of additions periods. which row, top has Rica third lower to anticipate healthy in had TV

we an adds of lower Panama the and C&W delivered Moving internet improved sequentially. number left, where to

opportunity homes our to have from continue we Panama today. in XX% across an We see passed to the increase level penetration

challenged. VTR, as to the improvements And in will But which the optimistic we operational recovery right lower for results market Finally, VTR repair. these LLA's in to potential be some mentioned, chart the regarding this Overall, this onwards. continued remove as and you year particularly from longer very are be the continued no deliver shows robust, that adds. are Group broadband QX of through consolidated impact if

and mobile Moving X, Slide performance. our to

a postpaid which recurring in our have revenue, of We highlighted is adds as driver this focus. is growth

As as indicated margin before, serves for the and similar to ARPU RGUs. fixed postpaid

is of margins One outside of for handset Rico. the we drivers significant Puerto the typically that subsidies provide high don't

Starting are FMC would sequentially. gives slide better performance, largest the subs C&W of contributor our customers Jamaica In its ever prior top the strong Additions C&W. was within the momentum visibility and are. double XX,XXX amount who and adds, year with the which plants working. left quarterly in maintain addition, how in a was the us to postpaid QX best

to Rico. Moving Puerto

in to the subscribers continue quarter. add We

Fiona. impacted disruption were hurricane retail related by to we However,

bode cover resilient our most for during period, later should in was section, we well the that performance. the As future network we'll

slide which total mobile Next to in of subscribers. our the the right operation largest by is Rica, Costa

Our and adds as customers prior net consistent sequentially, added XX,XXX quarter. postpaid in the period we double were the

the similar bottom also prior left period, structure increased was but we the experience slide, change churn. present and we to as Additions On lower Panama's of sequentially our commission the performance.

Chile, our the and our Lastly, driven again by robust deliver the growth Overall, performance office. were in we segments, our to in continue reporting competitively priced quarter. across postpaid subscriber adds all

Next to Slide X.

operations. Our the and performance. on our group slide Starting left the of BXB

approximately and largest This our where is provide Here of rebased the in the revenue to our color each. segment provide In overview we we slide, of QX, for revenue. show BXB C&W contains XX% was most BXB XX represents some generated, the middle X% of basis, year-over-year reporting segment revenue by to drivers quarter, improvement. grew some the we segments that BXB on generating a businesses. in by which split revenue the an of communications mature

are service and capabilities solutions. innovative leveraging full by However, our delivering driving growth we

next full we would its Networks for some quarter. we the helpful Group, own slide, of we revenue. third revenue. Next, our solutions the for first of of AT&T comprised Liberty fourth but have on is that thought contributing revenue. The strategy and here it generating similar are & stop have detail the which BXB This extensive we as you additional QX acquired. product our BXB in C&W Caribbean the technology capabilities part one this as largest Puerto is operations leverage is our the show shop is to We our of the QX only operations under be here, XX% that to C&W LatAm, separated can time into largest network segments C&W XX% segment of to looking service see is a the business, just Rico predominantly in it Panama. XX% significant BXB Panama generating

growth we we to propositions integrate the intend to businesses. drive forward, Looking as leverage our combined

and challenge a Costa much service in of fixed VTR. have very Claro are the as we product we benefit opportunities from Finally, Chile, and Rica operator. should strong combined mobile In growth a full capabilities now

Turning to Slide X.

C&W have and ourselves. growing conditions, and an quarter, review we hold In on LatAm which operations. new leadership of we with line reporting separate Instead, our we put installed we segment slide. any the are investing covered the and on inorganic this we we have Networks market for ambition, Due completed As last organically focused a provide activity. created on strategic this have to overview business

our tremendous footprint and We to hand our resiliency. well new will footprint point subsea and and expand open extensive and can This which leading the as add resilience a of as our presence. increase side, opportunities. On is intend differentiated This business unique routes network's additional has left see attributes. extensive you

financial right of the On we see out the this a highlights slide, in segment. the of couple we have pulled

Firstly, dollar Colombia. primarily it operations predominantly revenue business The is U.S a through subsea non-dollar BXB our relates our operations. in to

very Lastly, of business strong. the cash this is more but perhaps importantly, generation

forward and right is you for cash free operating margins, close we OIBDA can a lower of this driven high adjusted a intensity. to to look business making XX% see low generates number by even segment in and reasons CapEx of the the it As of flow This better. tremendous conversion slide,

a with our be largest X. it momentum. Starting provide Slide thought We single our to more on detailed would Turning to Rico. market, update Puerto helpful commercial

As slides, both strong, we saw mobile. our network add this fixed in the continues to subscribers, prior strength in underpinning to ability with and be

better in increases, We high both continue speed resiliency mobile. to and resulting coverage and network in in invest the fixed

reminder, XX,XXX year, Uniendo funding far a improvements. been funding as homes union In we've Just awarded so driver. also to FCC which have growth an this additional added provides we fixed, support these

in we by prepaid. we In year-to-date, for of remain subscriber adding continue new this also to that and to focus mobile, trialing levels propositions customers. and part for value competitive we pricing Prepaid was providing a subs postpaid business. less significant a our started AT&T in see have show we Our and historically, the opportunity trends are grow grow of XX,XXX

and have for our perspective, will needs to Rico. platforms from own remain on products a will customers to Puerto bespoke end Moving fantastic integration. also more as commercially, but to year. migration to We next of to in complete synergy by services freedom be and we people create our of the cater the the track the deliver This of

begun IT network XG trials have our customers. and new core of prepaid We our stack new

impact September. on This that saw Rico. our scale our high is power was cover difficult impacts these we supported Hurricane key credits will TV to customers Puerto without network. hit our to impact and our service. to Fiona, times which the wanted to not I through the in with that The on focus customers in like nothing extent power of they island but That Maria. Hurricane broadband caused the storm through NPS damage have more the or did islands, The said, we through some felt the Next, outages

its XXX% Network resilience. increasing more the for on our this our great we cash million a decision news incurred fuel utilization credits the coverage XX%. investments in remained year. about than more with $XX than as of to impact as cell to in and that Thanks have and flow of will to mobile XX% costs underground Our was generators network repair well demonstrated standby sites. fiber close generators network The

the opened support so the we fact, This coming other storm to our during months. in in reputation carriers health adds network well their up In and the improved that help the to customers. it should has market

in on the funded USVI FCC. slide, now by also bill Lastly, the underway our is partly the and

We drive will islands we growth have only the by coverage excited across the full and network the with fiber are can there.

over wanted excluding with X upgraded pillar, X.X services. the This network split are Finally, excluding ago, as it products a XX, Chile, Slide progress more approximately a this aspect This we build to strategy years making our have XXX,XXX than separately program. our we and upgraded X with and homes. as objectives against stakeholder been our upgrade or strategic in how built ability our listed year we and off to Chile. making and alone, IT we have is highlight Starting deliver key company drives of homes added have key underpins million we million homes, additional great the And or we to progress new where value. since

will we ahead, the are numerous and customers. us across to look as better savings systems our transforming enabling to IT This as and our well our drive we As simplifying serve processes platforms committed Group.

fixed We to are committed plan. our also to eliminate [indiscernible] network upgrading all our

expand our are footprint. building We out also to

making commercial for reported additions. our should itself with we our are pillar. The subscriber to Next progress speak consistent

the focus paying quarter. the postpaid of our XXXX dividends, business, start base. gone the has XX% XX% of particularly FMC side as total the Including mobile On from of end our the to third of postpaid subscribers we at grow been at on of base the have acquisitions, impact

our thereby working hard to reducing in customers We delight our churn and operations. are also

products, innovate through [ph], continue to handsets. with packages IPTV, such date we BXB as to ahead, new additions products low-cost Wi-Fi Looking and and Android-based ESIM

We digital common our in have to support all platforms also our is operations. our been channels. platform sales investing a across of This

in Chile. in stride capital by another the closing significant Lastly, on allocation. this We slide, early made the JV October

As before, are and mentioned I we optimistic joint this venture. Chile about

over we business the value in next opportunity our like-minded have this years. future. that Claro, We to few are create partner, and Both the regrow and

a before starting have our We and processes to integration expected and months are making back-office moving integration XXXX. all Panama few progress, in with and on combining year into stores next also been good our brands completion this year of

We growth run from have the years. of for million rate good in of visibility cash on is coming Chile. over And XXXX, $XXX excluding driver a business key this our synergies

near-term, we dissynergies, addition, for made results our In as a are free reported just remove $XX cash over alone. us not mentioned to flow million year totaling adjustments integration have which in OIBDA to in any the or headwind this costs. This before.

with stock. M&A It flow better continued that adjusted growth our hard confident and opportunity allocate have to returns on contemplate our the buying than capital risk to securities. free are repurchase significant drive any own back is current to We we cash will

debt Officer, performance and place we Chief will maturities, who before, With evaluate natural taking and We you questions. Chris Chris in feel to long-dated our in liquidity any deleveraging here the manner, Financial returns, thoughts our in short, talk section. investments shareholder balance into Chris? in the accordingly. same EBITDA. we for have comfortable profile you stack, will our the But will our our his as trade-offs to we the your sheet given dilution account management financial Noyes, silo through risk-reward pass hedges will on that, take we our over grow the continue considerations I cover

Balan. Thanks,

to XX to Three kick turn off finance the housekeeping section. Let's Slide items.

& two distinct Caribbean Wireless C&W we and have Cable going segments C&W Networks separated segment Caribbean our LatAm. First, Network into forward: and in

included the is Second, our Panama quarter. acquisition Claro for full of

equity the Chilean financial VTR and the I JV key QX close an reflect October, Today, forward. will given some investment JV Third, as numbers the we going VTR in early for included. deconsolidate reference of without will

Financially, in damage had did to our The in island's over XXXX. third when for highlight will event Fiona's expected modestly through infrastructure. to will and QX compared impacts operating of into posted QX of Puerto early this grid reported our in large we in QX. and impact financial quarter was part we carry $X.XX I rather Rico, QX more results than relevant. Unfortunately, QX consolidated to Hurricane challenging because in we impact particular, billion those as were the billion than revenue August $X.XX power

significant by X% continued pricing reported from in which late and initially acquisitions and resulting impacted decline Our was offset Costa in in growth coupled growth Rica organic launched we competitive Caribbean in positively QX. aggressive with C&W organic part by intensity our Chile a strategy,

million Rica like dollar currencies U.S. Additionally, the peso reported foreign peso, a negative Chilean against exchange net depreciated hampered all our were Costa $XX and by impact as Cologne, results year-over-year. Colombian U.S. dollar the

we In delivered QX. terms in growth, revenue of flat rebased performance

periods, X% XXXX. growth we to both revenue VTR for Excluding delivered QX as compared rebased

denominated peers pegged for [ph] to U.S revenue around of versus our region. differentiator in XX% dollars in VTR, the dollars, us which linked is U.S to key other shifts without Importantly, the mix or

we the rebased QX of $XXX Turning bottom slide, XXXX. X% decline delivered million, a reported to of which our adjusted for the results reflects and to OIBDA

of for incremental growth rebased Excluding VTR impact $XX our adjusted have of expenses adverse for X% simply perspective, put were in OIBDA of immigration $X million would to improves rebased if periods, adjust X% both year-over-year performance to decline million, adjusted Fiona hurricane results estimated our about dollars. OIBDA the our QX LLA. our for $XXX results we million on To a been and adjusted OIBDA

with expansion our growth C&W us, revenue results see financial QX, Each which Slide three expect for single-digit indirect Caribbean and QX, segment rebased combined million as control be with overall We experienced adjusted by to direct compared XX%. for residential $XXX for adjusted posted Jamaica, growth, BXB, right an over for respect of rebased QX to segment's OIBDA million of fuel Caribbean. last XXXX. up to in rebased of of best of would we OIBDA left starting compared largest highlights approximately XXXX. levels. seasonally double-digit overall adjusted in growth quarter to to XXX XX operation, our operating revenue segment from to year. residential was C&W as The rebased achieving continues mobile, top X% the tends to cost And LLA's products, growth performer with QX $XXX OIBDA fixed, our line Looking margins towards result. basis in strong points QX expansion to drove the team's QX growth

that higher of $XX of a fourth in driver and of quarter margin OIBDA and America we the respectively. million as a rebased generating X%. revenue by while of to bad X% we with rebased in quarter year-over-year Next growth Wireless adjusted of BXB OIBDA of adjusted residential million, growth due as said, typically in OIBDA $XX With fixed the mobile equipment debt services. residential driven Latin was CWP's projects from sales decline OIBDA integration X% growth, X%, and equipment, quarter our adjusted and postpaid being Cable modest BXB declines the OIBDA by direct C&W right, of decline. X% Panama. was is and compression X% higher The $XXX & last service declined across decline was prepaid million, Networks BXB more by rebased in $XXX far costs than producing the revenue the revenue of million, principally drive are reflecting to associated year-over-year a adjusted The Total was X% resulted strong anticipating costs. revenue rebased Finishing reported combination year. offset growth BXB adjusted a on

adjusted margin remains OIBDA the However, XX%. over

can segment, lumpy. quarterly be this results For

basis. business at on to a So best full year the look

And a we and year-to-date grew figures to respectively. revenue X% and in up in QX. step expect rebased would OIBDA see example, reported X%, adjusted For

Overall, and a latter Moving operating in of decline results which bottom X%. Hurricane the OIBDA $XXX largest the to September, Puerto Liberty in the of and million million the half development impact of delivered rebased the growth rebased which QX. produced quarter and in of QX, $XXX financial which Rico Fiona was of slide, adjusted residual left into a X% impacted our have reflects in revenue QX in resulting will

to and million the Our contributing credits OIBDA due customer adjusted impacted by through elements higher operating $X incremental by costs and growth and in driven the to revenue the credits situation. newly million our the granting was reduced U.S. Other was recognition $XX our FCC revenue of Islands, in by in to from sales residential equipment mobile the include asset roaming the expansion Virgin large acquired of funds. part address

On increased handset part Hurricane TSA-related increased costs volumes and integration to to higher transition besides cost costs. cost charges, mobile higher due the in of due increased we from in costs labor TSA staffing incurred side, the Fiona, equipment additional the advance

financial improved deliver to performance in QX. expect We

in However, upon mobile depending could our for mobile, our on handset success experience costs. margins pressure we

Next of Adjusted cologne as impact by nonfunctional largely Costa the million revenue currency of of reflecting decrease $X growth depreciated continues rebased to primary Costa on of million Rica. incremental to strong Rica. a was rebased adjusted million rebased We Subscriber and growth a posted year-over-year revenue X% and growth X%. driver OIBDA, result of $XX integration OIBDA adjusted as modest $X $XXX QX and of expenses year-over-year. revenue million X% in average compressed be OIBDA the of

of revenue broader our We XX%, with OIBDA in resulted million of across VTR. respectively, and our compression better as of the heightened $XX and strategic propositions XX% in market declines Finally, financial to both align reflecting competitive have rebased and intensity million $XXX those XXXX with decisions generated metrics. adjusted

dollar dollars and reflected XXXX peso XXXX. XX% in compared U.S. XX% to Our depreciation to U.S. the Chilean of as reported of QX compared as QX amounts and

base year-end necessary Importantly, years. a repricing aligning grow XXXX coming establishing stronger with of step a our to large to business overall fixed proportion a from and better in which Claro's by the the is pricing base

approximately held-for-sale sheet XX. this balance availability slide The Gross net Slide lines. total of balance classified exclude and VTR, X.Xx on of under September end on on sheet. Turning cash billion our At had figures of credit QX, asset and XX as billion an at of to which we $X revolving and million $XXX our respectively. is leverage debt, X.Xx, the our $X was

Claro due balance in cash reduced consolidated the Our X. on from large funding the QX, July Panama to part acquisition of

important us. out asset of termed and for largely structure Our size capital remains an

financing have actively Puerto lines we an would year. principles. our as for expect, in should extended Wireless and $XXX in to maturities ample maintain address next XX, constrained period. capacity any a credit shorter the And maturities We maturities for will have Cable remain years. in consistent X manner LLA our limited the dated our you capital markets this to the Through available Rico We over we million equity continue repurchased with September & address

in We back roughly million have bought XX XXXX. shares

over. XXXX XX% from for on including consolidated networks to Our belief percent as voiced to sense. as of of that to previously businesses are see Rican at the our FCF to cash with our targets, an plan, and underlying repurchasing long-range million realization Puerto we financial value and million the guidance Fiona, With our of flow $XXX revising Hurricane deliver track solid adjusted respect estimated XXXX what we coupled in a dislocated shares as assets, value conviction synergies, account our expected our financial for our $XX impact makes revenue P&E including our reinforces remain

year-end. on from called still of the to Panamanian remains the collect accounts and capital we prior highlighted out financial expect The BXB will free working that certain QX, our substantially payments As flow government and weighted to in our in primary adjusted and relates cash risk flow that trends. to we performance C&W generation customer strong customary seasonally QX large before be the to free calls, that our timing call, cash reflecting

and activity, filling operations such completing long, both markets in our strengthened BXB October. has services and a our now residential gaps can and throughout been consolidate As highlighted, lack suite. have core the that product our through with now fixed we businesses, mobile we offer largest in American broadband markets. JV owned customers, Chilean of a mobile journey Balan It our our in each multiyear Mobile of M&A to Primarily

own We substantial and are migrate look should Panama. in Successful next Rico, Puerto systems and free result very expansion. on the assets of to over XX overall OIBDA the reliance our cash execution and reduced focused on Costa to the Rica integration sellers flow months XX as to we in

Additionally, our to JV businesses. we as the Chile complementary we forward, in the realize required together as further momentum appointed as the Patience business. newly is moving partner value take opportunity upon, our about management synergies prospects as in excited change growth and this joint as in and market. with is and rationalization team it are will seeing sizable. our is Balan bring in business two the touched some time are But together the well the we

substantial a impacted alluded of are generation the and free in costs. financial the and combination QX impact factors Hurricane was tends to, quarter of and that performance quarter. cash we Fiona improved flow third Our be I integration expecting seasonally by including to strong,

Our capital allocation remains strategy in place.

for existing content forward our debt and quite with can open complex. focus market can for value plans the year-end more to businesses and results which look look in are specifically, we shape We taking operator, our footprint as within are when updating our the opportunities report and we equity year, please With Importantly, the line arbitrage to speak. XXXX within our and that, our investments we our questions. new February

comes your today Michael is Rollins question first line of from Michael, open. Instructions] Citi. [Operator Our

what net through on if in And to the EBITDA over you're when take consolidated a what like flow a drag of on that money marketing line? benefit year to integration, we turns of through the any couple within back terms take period that the should that Thanks. of good you've spending on is Curious into terms step EBITDA the the to consider integration in targets a you -- that actually basis merger and for sales the and opportunity can net operations, XXXX? in impact that the or reinvestments accelerate make you Well, may synergy us drive this thanks morning. outlined potential of the to

Michael. morning, Good Sure.

integrate a over are from, the dissynergies IT significant So when call systems. returns one-time and it these is you period, the X, costs, look the we long -- as significant. do quite remember, we in years of X.X the the these between annualize are systems, first, usually acquisitions, the And course, savings way But to the synergies dissynergies at systems. you so come the

want branding, consolidate to stores, customer a that give You you invest experience, great in. to that

kind invest couple launched You course, some usually the I of it goes net either some look a it's it's million programs are going synergies, when for range. of of or in in entering kind number. at we've about And synergies, then $XX XXXX, think first bulk by rebranding this massive that eventually -- we through it's disappears. that of been you the to the new -- of synergies headwinds about, And And we year, the have And down. see propositions. through weeks, the in numbers we come in, the we've

that costs, synergies net but be the that will out, trailing there number XXXX. in would So some be put a we

Thanks.

for your Thank you question.

Roe Roe Equity of please question Kevin, Kevin from on put your question. today next Our comes Research. telephone

the properties, Thank fixed resilient both very and morning. demonstrating CWC in they're you. mobile. be Balan, Good postpaid to

the quarter? Thanks. here? Do how you line growth market into gains versus trending You as things that bit CWC to edging primary still growth mentioned the little earlier Are expect fourth out being that core? we for And convergence important there in on is share the seeing are drill CWC's fixed top driver. mobile the you're on on down drivers strength going QX? more network. the this top line there a How you Could are to continue a

Kevin. Sure. Hi,

the unique. CWC on And of couple this bear a kind bearing of certainly it's it's fruit of last bad investing not CWC, in So We've year. fruit, been number years it's fronts. in

of lot year. growth of our a the the adds net driver is big from of last analyzation revenue a So also

kind our of in of So a this There of inflection our opening indicated, put couple early is are a the work year. creation we did lot clear next but will a very end construction of balance value not we full year sheet detailed the when be sorry, good, course, we at CWC. we will in the other this that that -- this points, One, and year, are date, year, around the announce we doing of do drives more CWC.

in inflection we So are all be: going twisted almost that would to the of business. pair essentially point take one, the away copper that

when remember, removed that for be is first all of done Now that. a incumbent done one twisted businesses done the that. network. of done lot PTS & Cable of made we telcos Essentially, CWC done pair. hasn't would of AT&T with we're Wireless that. pair, Telekom all up NTT hasn't lot this, the the hasn't done a have hasn't that. that. Deutsche Verizon with twisted

-- towards So we've on that one over next years, we it working is disciplined, are been XX, XX multiple the and probably months. been here the coming we've this will very end in

so point. that's an And inflection

Second clearly, one, see both broadband builds, our can our focus, quite you speeds of from trajectory. on and not our better our FMC next is as product. this ties the our these anticipate working. And be our given broadband to all course, mobile is increased And have And dramatically. than numbers, slightly it a year. good we even year is And broadband growth postpaid our good, if

products or Puerto out the handset we -- very And United the have example. coming you budget margin at than CWC. we a are lower for careful thirdly, handsets an high very States monitoring these even giving in We Rico are subsidy not And certain but CWC amount, So two as up. it. significantly in are much

one, one probably of a creation of her growth. is Inge And is there's And office in So BXB I office our CWC. revenue strategically then CWC should level and well. market. us, inflection point appointed still last add significant BXB. as just team, that the finally, for another coming lot back in a that's which one and running she's person another back part It's quite in of value

-- continuing? in CWC into November? trends And Thank that Did you QX into you. are is you here, positive October and that seeing those see through now

Yes. are. we Yes,

All Super. Thank you. right.

Thanks, Kevin.

Our ahead, next Cesar comes today [Operator of Thank Please go Instructions] Kevin. Morgan question Cesar. Medina Stanley. you, from

capital to near-term? front? any Are et are specific-related that VTR. taking plans that to there if on for there the cetera, my details now that has any inject Thanks very Hi. JV It's so, And been question. asset on approved,

Hello, Cesar.

we its our in -- start JV. in So capital let for any any the [indiscernible] do me this, there said is of Having way that, we well, our do with on returns. based requirement the -- contemplated allocation capital of agreements no all

would at team at growth going and and And to so plans, to I is as the the the -- different will team will we decide VTR. in it fund that when and what we do other look nice would look And want my no how LLA. in allocation capital present is against us make that's in we it if be plans it that plan. we opening And compare decisions. have all I we to we then management And than presenting a comments, my indicated

you add want that? to Chris, do Sorry, to

so Yes, thank much. you

Thanks, Cesar.

Thank you for your question.

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and customers new good back feel The the segment, are Mojo about coming we our and this as will would decisions say to resiliency investment all continue to team, is on build good we And it. but in, bullish back. we'll is that there. in are we in So increase and that routes, segment we quite this -- I this make well

an business, other But shorter on allocated a XX-year, And funding opening Rico. funding fixed and The Virgin Islands period, FCC the that through but a indicated period. these million side, about business this $XX we Chris remarks, our mobile early two is of fixed that on in to over today. USPI some U.S. with stream a Puerto being and quarter into in Rico. and Puerto on numbers the and end, over numbers to it's some other Now questions million that moving the The revenue million in the $XX the to that amortized or numbers about XX-year in so from mobile you FCC. comes $XX his about expect renew already saw are

And that upgrading bullish Rico, quite citizens funded go And well. we've upgrades feel but in So likewise, so that. feel on good. essentially that for It's we speeds, we're the going are I the for good talked we Puerto in to USPI, indicated it's of as kind period we very really have about the the And everywhere. we over Uniendo, we upgrading U.S. great Virgin of that Islands. to are I not disclosed funds about, it stable be think competitive fiber through network, are and really the we reasons. going

kind it's stream. kind streams. few Now made it's have, complicated a just question of to you wireless answer because on bit the can a not headline of a you any come revenue, you little of up It's really distorts it read when because revenue the of the numbers, first conclusions revenue one

took of be the prepaid little you drop AT&T, it's also then on one, And a the ARPU of has multiplied And includes actual reseller business So the our I to decline there's know year-over-year from maybe really, RGU drop in focus dropped prepaid disclosed you comes year-over-year. let's business reseller XX% here. see grow but break again. that we redone. and the if that can walk contracts lot over had jump we to business I'll an But quarter, The average -- by this the And the prepaid don't on so but this it that business. started into the from from through standpoint, numbers, Naji that. a close that a down can ask to probably decline. that, business we also business. to when year-over-year maybe in

to it's really So grow that and then one -- we business. are a year-over-year now going

sums second some drop. subsidies more noncash the that The it, this handsets. this amortization really of interesting which part of up of XX% And of is delta. And amortization is related to is about our revenue the the maybe

our business get the is through. postpaid that So part. pretty significant also mix of then And part remaining really will washed just

We continue business. postpaid to the grow

pressure. thing. business. that. we about in good mobile ARPU any note really feel concern the just it But allocation differential about don't it's ARPU I good components The about from here we comes your saw destruction feel Soomit, that the some BXB think there's so of an of that came or mobile I fundamentally, any And out, competitive really

mobile But feel Of course, I'm We business on competition Chile, it, it. on ask we about that. it, drive share but good we not going Naji thoughts irrational to his really the something have like competition. to welcome we And this as is like Naji? well.

I phone definitely a the Thanks, Balan's more net there fact postpaid, Yes. that to see driven the Balan wearables that revenue. in churn referring Yes, to difference, our devices add think And to market, well comment, the have postpaid. adds, it's and growing is the good the in having hotspot. mainland growth is better stable. data numbers I by in -- is on tablets, or ARPU like would lot say, some Soomit. just equal also I Balan. the as in growing it's than as on morning, And phone you is our Hello was

holding and And against really side that backhaul through further fiber churn and competition was declined highlighted yes, competition. resiliency the of mobile quite hurricane, both there we our the doubt, on it actually as event the well. the but well gross the is ground, side an after interesting are the further improved held So on hurricane no we network, the and

comfortable customers, So we into delivering good. we promised are going to we -- our very And feeling whatever it's it, QX. and that's are

we see and for in on. the So QX will turnaround sure

We on right? of follow-up handsets, kind the I amortization subsidies on can of of That's get great call. color. point quite the Thanks. that. maybe after I didn't the can regroup

Sure.

you kind business, created of of and acquired the will It's we kind it. reset AT&T we a We the lot amortization [indiscernible] amortization. get of details when new the explained

anticipate compensate revenues details amortization. probably with have trailing you next And little delta in We a the can to So is the the we outsized out into for but so. it to you. get bit that the because wash don't or year --

Okay. super. clear. Thank That’s you. Very

Goldman Thank Diego, final go our Sachs. question please And you. comes ahead. from Diego of Aragao today

Hi, Thanks for taking question. my good Yes. morning, everyone.

maybe if just you. get much dynamic this provide I'm upgrades. sales plan? in rollout. network maybe CapEx your and CapEx as mobile your comment opening ratio, about considering investments. one colors lastly, net of missed churn eventually bit is Thinking the in of competitive the And on Chile and customer on sense remarks. VTR, that considering when first additions Chilean I well a first and related the recent And to a as some would more market. is gross market maintenance adds the little first expansion question dynamics network stabilize in network question first about market. XX% you And guidance sorry expect you question. I That's do on your The how the the about Secondly, Can is fixed something for developments your love from to this this to -- is Thank second your to

Hey, Diego. Okay.

address investments. the Aamir the investment ask me -- to in and on the jump CapEx will I Let VTR also

continue the with of There for front, dynamics the starting bit. will has VTR consolidation On competitive on this. a little been

that monetization adds have broadband the that saw will I pricing. say ARPU, to in is that be I disconnect close to lot it's big back have book come which and such was as And the of our some stabilized. market the a front a there's minor but You wholesale other fiber-to-the-home network We sale KKR. -- Intel think into with a stabilized. It's anticipate went well. consolidation there the losses, reason

close XX% our lot back little of that's our bodes close front to book. a growth. So high moved reset for now think We the of the best from north very like book backlog. well has it's of a a to And to future ARPU

pain. So the we've taken

was is to on as RGU had you got declines And RGU will question the second slight VTR in their decline clearly, that was that and And disconnect has voice that people leader start. test that video The well. as circuit. continue voice in market. when declines the

lot were six, too these really there still is in they six start all there the so losing I of competition focus not providers. And but see are providers. see say competitors, the providers, RGU we significant. networks, you'll not book all the fiber this the Why we then networks sell two was you'll many of work the growth to seven front of That's what true. the on pretty that back not of providers A seven pricing our was of them, between fiber and And competitors, of were back to price. collapsed coming and context product, there, but because declines, because of secondly, losing So between And just broadband. broadband soon. because much too that, many these book competition them our Geez

sold experimented but we a than recall, you that of growth going to broadband we RGUs are we We now when to March, very it month. If biggest just match methodical more on did do clearly, that Chile. our matching ever. way. in to we front, with in in crisis month XXX,XXX was more that And And it, the need do that

that book now at book we match months. X front like in to better. and XXX% continue get to and will XX%, X should from go don't things we get So we back the to are

look all the Our our plan DOCSIS and in product led market continue is we us next a that weeks. combine invest how then that for right And to it mobile in back But customers. attractive we fiber, broadband in there now. our fixed and way He's out of XG, [indiscernible] few our to the there, the team on coming to get we will that. by at studying is X.X,

why So network. really we good that about that's feel

guidance will year And see out we is very will can you the this And will we come lumpy. anticipate better always earlier. cash see next On expand how than XX% and to goes then And a being our reiterated guidance that, but Chris a I well. slightly business from side, this we new investments, will continue us capital the year free guided to our and that see as quarter -- we is it fourth with flow.

CapEx our So CapEx very growing on is network. expenditure. are we invest in And -- focused on view customer the and but our in invest our

invest the continue in So will upgrading continue to footprint, in will we network. the increasing invest we to

maintenance. We invest will continue to in

CapEx us Aamir, really the of Aamir, network. page. share We how to of on on will capital you allocate allocation. we And this working from on -- CapEx capital hard been joined some invest last same is want our thoughts who to month has continue He in into if your Maybe Verizon portion the the devices.

Balan. Well, you, thank morning. Good

Balan, think, essence capital. you've our the spend how we captured I of

investment Our our broadband around continue value that. and is we proposition, to to key do

get on had plus to So on close the call, to broadband, many on our hit will as is already. earlier, target fiber as And XXX,XXX homes really as we you homes possible. mentioned

We've and hit well our this Whenever already got build have a it's to strategy. we happens, home are on complete year. way new that, target for a fiber. We three-pronged our

in throughout of will copper who next to gig I opportunity of a network per get we things gets have to our of We think, north then it HFC, world target year. like an DOCSIS sometime provider, the our And customer. be invest continue all by will in the to us X.X first

in the our mobile So and coverage progress we Those investing are on markets, fair like of time, investing strategies thesis, share continue three in transformation. investment. those are transformation, at key fundamentals to improving that. in overall digital take our mobile same our improving we good coverage things investment investing make CapEx our And on our IT a capacity in of then our

Aamir. Thanks,

was very super Thank helpful. [Indiscernible] This you. much.

Diego. Thanks,

concludes I'd or session. Thank question-and-answer like back the to additional remarks. today's closing hand Nair any call Balan for you. That to

choppy thanks, of the to for this year, full we full our good the that everybody, between quarter and year. committed delta a Clearly, nature was for the end remain to and us. joining we and the And business, pretty year operator, you, clearly Thank mean, a little I get guidance we see can full you we or the when fourth and gap. of that's year-to-date that third anticipate the quarter, the have

fourth a ending pretty with and guidances. all anticipate we our good meeting of so And quarter

to will about in support, and so your And XX thank so we much days. you again for you talk

concludes quarter Ladies investor and Liberty America's Latin gentlemen, XXXX Latin third this -- call.

As in copy can a available of a find a Latin of you the Relations section www.lla.com. There will of site the also America's Investor be replay Liberty materials. day. a your presentation great reminder, Web of call at rest today's Have

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