Liberty Latin America (LILA) 7 Aug 242024 Q2 Earnings call transcript

Good morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded. I will now turn the call over to Danilo Fernandez, Senior Director of Corporate Business, C&W Panama.

Good morning, and welcome to Liberty Latin America's Second Quarter 2021 Investor Call. At this time, all participants are in listen-only mode. can Latin under America's materials section Investor presentation Liberty of website formal be the found Relations Today's at www.lla.com.

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

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

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

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

get results the questions. I'll will that, operating you, a review with our our with to welcome, performance. Quarter and company's straight CFO, reporting Liberty Presentation. overview to will everyone, financial After Half Noyes, Danilo, our of Results begin follow and and group Thank Latin segment. of your America's we First then Second an Chris highlights by

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the which presentation. be broadband where postpaid the specific and program, and to Starting $XXX to in later -- slides, in Rico, experienced of at group. mobile This excluding our in As high-speed additions, I'll the ECF and first the close growth related first mobile reported migration working of rebased high growth you Slide single-digit cover find XX,XXX Cable on of both million Panama Caribbean. sunset completion website adjusted half, OIBDA Rica subscribers and the on in grow was half. the challenges highlight we and across included will a which Puerto subscriber the We in This total continue www.lla.com. our adding can from X, housekeeping, we Wireless Costa addition to point I'll XXX,XXX of bases double-digit in we to in

for their improve We results in expect the overall half as these our businesses operations. to to and second we growth drive the in Rico continue better momentum Puerto group

redemption we been year, and which convertible July, of in now the have our million notes is this repurchased activity the including have to aggressive buyback XXXX. capital our allocated over equity converts, total during equivalent $XXX We with our of

Costa drive better and, XG, drive Rican Rica. we improve continue we us for market in and at in with look to fiber services to delivering additional in importantly, the even are announce to stakeholder combination This inorganic structure, which Finally, to people. ways and Costa excited allow invest synergies Millicom our value, will the

X. our Slide with to Kimblin Caribbean. review Turning I Wireless I'll begin operating

where the churn subscriber which we resulted added broadband flat slide, during total. QX XX,XXX left over in and we've months, in past our our as the our subscribers present additions, of in the On line with quarter, Internet was higher XX price expectations. the mobile performance postpaid increases saw

where some another second Jamaica. onetime underlying primarily from we've expect XX ads by Postpaid consecutive in robust, subscribers half, anticipating to now growth, continue revenue we improvement added in remain although mobile Jamaica, Hurricane deliver quarters. driven year-over-year the Importantly, resulting we impacts for and in solid barrel, quarter

to Moving some as award was half year consumer growth revenue of the bolstered the momentum first X% notable of projects. slide, this the generated performance our of through in we by the center strong BXB

& Granada, for an were update impacted Grendene thankful our that working our Cable And provide Most Barrel, Wireless, importantly, to suffer early did, territories up services and through want our had Hurricane infrastructure clock I back Vincent were operations the teams in colleagues St. following saved which July. in to storm. Lastly, running. get the very the damage. have we and some around however, These we Jamaica,

network number our confirm pleased of is average, to to are this and online, markets, mobile coverage and XX% grow. over fixed continues We that on impacted across our

to dependent ever, As is and can manageable, networks impacts cover remains with program are will this Caribbean Chris recover but we as soon so impact. deliver an CMW great financial our on and more are process. cash and flow operational our services, ongoing company's communities reinstating expect are working power the Parametric we possible. we as will in and the in trajectory, our on expected these situations, discuss a detail, we that

the Moving and slide. Starting Panama subscriber C&W left revenue growth. robust to on X We of and delivered additions the Slide Internet another of segment. our solid quarter

postpaid rest fixed of earlier XG during go-to-market is delivering mobile, who we the successful we number in in are XX,XXX number record exit exceptional came this investing with year elections as of successfully won an subscribers quarter, well the continue also expect main this our Our significant into market. high-speed the leadership showing market a trials to mobile as a network strategy Digicel's as investments, and technology through customers the now network, following across reported year. results consistent we over we of adding the In

in an slide, of of and have half, all X% year. we to the first half coming the we contributions momentum well the are we the from to center first built with top product are the the Overall, exciting line drove Panama areas. in Moving our platform growth continue during positioned of creating

subscriber on base, Starting a our call us. Puerto adds. as growth performance have subscriber in postpaid the ACP mobile, offset revenue offers, Rico. as the was impacted on ARPU and months slide. RGU our In Fixed our XX with past left quarter year-over-year indicated Turning was flat Internet Liberty of quarter to for We where base over reported of the Slide by X reduced by stayed mostly was first certain including we retention the factors. stable following

migration Following we completion AT&T experienced in of which platforms, disruption April, our the churn from led in increased across to some QX.

in quarterly of Puerto final QX XX,XXX funding subscriber past year. the saw impact also of the This $XX,XXX over a in being Rico. total for losses drove removed We schools losses of ECF and

our less the ARPU base. quarter's As average across last mentioned customers the on half call, is for these than

in to consistent. second be shoots product detail green quarter prepaid AT&T Rico which to mix want and we store our performance long-term I decline his Puerto will half puts revenue provide show by more the during quarter operating of we acquired our our and section. over XXXX. improve of in cover I the our only clear Puerto the takes on will year-over-year in color our a the segment slide, XX%. remains greater slide, as next Chris very financial within expect added message that some but saw first operation in and the the Rico was since positive subscribers, We we center X,XXX in second the In

We quarter. have EBITDA expansion adjusted expected in greater sequential the second

OIBDA milestones. in performance, to a expected quarters small of synergies adjusted growth as operating more full to and certain with savings this drive million month These cost cost our fourth target are still $XX indicated. top line the third previously to FMC we affected in per has our should However, some second sequential and in have half. synergies, improvements line the time achieve factors and than shift effect The and unanticipated led

in for significant XXXX. the However, up of OIBDA towards setting end us adjusted year, now still the for expansion

Rico. X. commercial to challenges provide the of -- to improved and execution of results Slide significantly our wanted in to next Moving starting We the with business. overview drive an side faced steps we today. Puerto

of execution, Rico XX% operations of Fixed Puerto have terms reported additions many years. revenue over our our In consistently total. represents across fixed solid subscriber we

stable share. beginning. mentioned we the began. base to remains for business. the prepaid postpaid This we And I just price a mobile, can grow The migration slide where until on is market so foundation this and In able maintain strong structure were is a performance stabilize the a

challenges, first program segment the we and subscriber albeit seen have across migrated. basis, our terms which losses be prepaid, sense, and of completed. prepaid postpaid were migration, was during the in to is following also ECF the now some In by We QX improvements impacted which

catalyst penetration and around we commercial clearly FMC exciting XX%, subscribers a significant opportunity efforts. product drive have mobile, of XX%. we a is in and QX, an addition we levels leverage share around is to acquisition now have up from ramp to grow we Importantly, and The current Blue DISH's of which a to our there room closing market expect full-service Spectrum, as here. tremendous In

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top are commercial so start We that the could platform driving colleagues now to our and line disruption words the a of growth. stabilizing

we number grow the and an managed of fixed financial a Finally, have areas. years. revenue perspective, successfully for execution From sustain our to

mostly around Challenges in also us. behind expect the centered minimal have mostly now cost exited certain costs We half. TSA are migration-related and the which second have

the bad unanticipated $XX in of with factor our mind relationship million customer mentioned, to As debt. decision a write was QX off in

reduction we To Rico. of return to the initiatives, synergies. cost plans headcount and our by to growth and excited longer-term expect opportunity and Looking growth we efficiencies remain Puerto commercial our from in to other initiatives very line forward, confident drive through our reiterate, drive top

that all on quarter and provide prior value be backdrop the mobile, drivers but segment, the compared with to quarter. we fixed a adds market announced. Costa -- think it for In of Turning postpaid deal higher Liberty net we competitive was growth to the the net challenging This the Millicom referenced in subscriber slide. more Costarica, previous to concentrated a in stakeholders, delivered the performance Slide year one fixed our for solid particularly with XX% will later first We quarter. starting with higher another calls. on We've have I'll we of customers. a were similar slide, strong the in Rica's transaction that over reported color adds X in great left where

were to further a in in leadership trials, and commercial XG Following technology market. reinforcing service the successful our market with offering July, we first

led to we Moving center half, the X% of healthy reported the the mobile. first by growth in of slide, rebased revenue

Slide Liberty Networks. XX and to Next final our segment,

cybersecurity connectivity by current of area basis To growth, be fastest and On first value-added rising annual the at Enterprise insights facing drive as needs. half. growth, This migrate such infrastructure. we present getting our to and IRU performance XX% great teams as mission-critical our was resilience. year-over-year. the help customers, continues we driven this for to year-over-year in data customers our Despite operations summit. a prior and forms their revenues, year are These our for by to into host cloud side on growth noncash rebased slide, of to revenue left on higher demonstrate whilst penetration showcase events time, decline wholesale our capabilities their services a continues same the valuable our center business

adjusted Liberty capital for a XX%. center and strong highlight revenue Networks building financial our the the intensity flow our of recurring margin low strong an free relatively over monthly profile well present revenues, bodes business. and are operating we its the we future given has In foundation prospects. cash above slide, split XX% of and which Importantly, OIBDA the of drops

moves Finally, inorganic on and update are Slide XX value. we to to additional making drive an

the structure, bring scale, will opportunities cost X will announced FTTH in Tigo country. network left combine the fixed overlap. cross-sell week's the of the This investment with -- market and existing the networks agreement enhanced create last significant In footprint our FMC significant FTTH and for customer synergies across synergies base, with through synergies improve compete Rica. in particular, enable taking operations transaction the create given Firstly, value. slide Tigo to Costa it create and

consideration regarding of update which due subscribers purchase received with DISH, acquisition an we last and across clearance date be announced Spectrum the million transaction We $XX Secondly, receiving spread The from HSR X clearance from the anticipate FCC annual the closing, at completion. in of and payments will November. QX.

add as of questions. Chief network XXX,XXX will the U.S. over Puerto is where take With market. move capacity, will in spectrum valuable in and performance a and Our our XG Boost commitment Upon I'll reflected increase transaction pass our with mobile over combination will spectrum your prepaid our Rico to strengthen Virgin megahertz Chris to deal, subscribers. to of financial as you provide you this Noyes, would we Chris? Financial us Officer, XXX more us well Islands that completion, acquire over allow further this through the to increase speed we who our scale on before that, and

Caribbean declined and in Puerto segments these Rica than Rico Networks. X% second quarter. basis the by was a Panama, posting improving rebased with was in we growth the best-performing on Revenue Caribbean to and was more growth. growth through declines and our in double-digit points subsequent delivered C&W by momentum with and progression lower and as now OIBDA declines adjusted financial our rebased results XX. at in single-digit billion C&W was in $X.X on grew rebased by performance in quarter by operational OIBDA, adjusted the by offset XX both revenue financial X% OIBDA in the highlighted. Liberty bolstered basis slightly Revenue group Similar detail, Thanks, offset OIBDA adjusted to and Balan. positive take and to more you high significant Puerto which million OIBDA $XXX revenue higher Liberty Panama positive networks, I'll With XX%. starting operational revenue, discuss of Costa Liberty respect reported actions the to was XX.X%. will in of adjusted growth Balan our our greater segment, Sequentially, C&W reflects than was revenue Rico X% leverage results by slides. declined C&W Year-over-year Slide margin

Slide to XX for results and additions adjusted our FCF Moving P&E and QX.

On $XXX This we XX% P&E of additions million or compares $XXX revenue. million the revenue QX. incurred left, of in or QX last to of XX% year

in nearly King. and service and/or QX, During Costa XG launched homes Rica built and XXX,XXX initial we upgraded

negative distributions right, driver QX. the Starting of we for compares our was million. FCF partner $XX in to our we The $X Caribbean, result This million of adjusted in revenue of distributions negative $XX principally posted year-over-year brought Slide reported QX Bahamas adjusted On lower $XX growth. the to which FCF of before Partner million, XXXX. FCF primary rebased segment adjusted million our $XXX recaps OIBDA. results. to reflecting change with for adjusted of C&W XX QX, X% related million

on subscriber BXB growth revenue aforementioned categories, price of of basis. X% and quarter across of broadband another adjusted growth, fixed, posting in higher and number residential indirect in growth and in posted a and rebased year-over-year representing X% X ARPUs X% of were rebased Specifically, revenue, growth drivers mobile The The fixed costs. increases $XXX all driven million, markets we fueled X% postpaid. particularly in on We the Bahamas. business mobile achieved and direct in higher main BXB was revenue by in performance driven and positive project-related OIBDA the by discipline a by

basis points by OIBDA XXX over As leverage, adjusted to improved year-over-year a our result our operating of margin XX%.

impacted being -- Jamaica, in expect our network, OIBDA certain or Vincent $XX progress made and July. is businesses of $XX $XX million damaged Granada and Barrel additional P&E HX strengthen in customers and recovery has revenue Hurricane power infrastructure. to adjusted markets. mentioned, our replace and by our repair, We destroyed to operations impacted be and to in will $XX in and/or additions million Balan St. early Good of incur loss to As residences impacted these efforts. million million of currently an our on

revenue, reflecting $XXX growth. to moving revenue CWP million generated Wireless in X% & Next, Panama. Cable rebased of

recharge X% in BXB was lines, by fueled XX% mainly in We in in line in year-on-year As adjusted in all sales driven by increases top broadband, growth, activity fixed, mobile X% Growth rebased we posted $XX across growth Caribbean, in BXB. activity XX% the representing million increased and with and recorded business of roles. project prepaid revenue OIBDA QX, growth. performance with rebased

offset million growth decrease of Colombia, due declines amortization Republic respectively. growth mostly enterprise which and in double-digit year-over-year, Wholesale revenue in in Honduras. X% to $X IT service, revenue XX%, $XXX to and Networks. driven Turning We noncash as and Dominican in million in partially IRU $XX OIBDA, and connectivity resulting was a by roughly generated accelerations a in by and adjusted of million Liberty declined rebased

Our was debt to year-over-year of bad a decline and aforementioned revenue due adjustment IRU in X adjusted the OIBDA large customers $X million. lower for roughly

OIBDA the in Mobile, back than X% on months. reflecting migration the quarter the which performance as from to fixed right related gains migration negative The primarily declined ACP reported of connection the mobile ARPU million discussed revenue we were on discounts broadband activities. Rico. impacted rebased and by as however, and as the OIBDA XX a to was lower $XX XXXX. XX% reduction the more last months, basis, subscriber by $X Second sunset, X% due to by BXB Adjusted to reflected million, in Liberty decreased the a revenue declines to to indirect the direct XX,XXX basis, Concluding driven was revenue by Residential activities we improved down rebased led results rebased QX XX% delivered and next which part and reflecting by in $XXX Puerto retention of and of lower the top higher by rebased which decline volume direct rebased more impacted adjusted main declined the All decline in on compared growth performance reduction part sequential X a slide. adjusted above million, subscribers equipment X%. in ECF million by were being offset of the TSA of rebased modestly equipment commercial and year-over-year. $XXX higher a adjusted the the was retention related sales year-over-year due a impact was which activities. lower far lower impacting by mobile basis, offset past revenue costs and in revenue losses of incremental year-on-year a QX our a a On year-over-year strong positive growth on offset EBITDA substantially more mobile XX Romi. driven of the XX% on in commercial to revenue, Sequentially, business by XX,XXX QX by than in only growth Adjusted driver including equipment. as partly activity, Costa pressure million, OIBDA impacts, was lines line to related with rebased Rica growth discuss right, and basis. integration our costs, and including net year-over-year I'll revenue OpEx ARPU as $XX of OIBDA a to Rico's contributed with costs. X% revenue organic result sales. X% fixed lower QX migration, of Puerto X% expanded

subscriber Rico. Moving is base million, Revenue stabilize momentum start of to subscriber Slide to in the new performance of losses mentioned. QX detailed we as then representing the the on to we issues due our offers. will XX, to reported QX. decline in mobile subs our HX, for mobile present Puerto the gain of decline a expect through new residential previously launch ECS I of $XX million was million the a platforms and sequential review financial and loss In move operational from past The $XXX $XXX

HX. well million, systems issues. continues incremental we that customers of debt that be bad on will historic billings not drop and QX number migration to off as includes to and experienced Our for collection certain on billing migration-related million collections driven direct for pursue of our by a $XXX issues the of $XX decision by expect OpEx impacted as items QX during cost largely new

with million million costs largely migration the the of well approximately debt of level off inventory end end TSA QX be of $X year. bad QX, costs the significantly return normalized million a negligible more to quarter. year-end. will should drop drop We These and the by of incurred $X the as during by the off $X impacts year. in And We QX incurred to as will in OpEx associated expect which by of we in integration

HX. OIBDA additional mind, million are significant of will Finally, we all for that targeting the initiatives OpEx expect in this to in to the in from that reach of HX started we still in $XX QX, in the and the some at back monthly rest adjusted year. savings half point continue generate With of

credit leverage basis, Turning consolidated of At to $XX of stock OIBDA quarter the Slide gross a $XXX active X.Xx, had had total and of expands. leverage modest adjusted as towards billion should $XXX total terms increasing million $X.X XX. debt, down QX, of of leverage end net QX cash million million revolving We million. repurchased trend activities. under lines. a availability in on QX X.Xx year-to-date of from to levels increase of of and we our was equity-related year-end We an our $XX

of purchased In or repurchase open to outstanding into X with notes derivative we market at HX end, arrangement. X% call cap of addition quarter also us entered remaining that is canceled upwards and strategy prices. buybacks, LLA of to arrangement million attractive July this due highlight a a XXXX. we leverage The convertible it to million shares of $XXX in XXXX the Subsequent provides

progress well cat expect was Hurricane $XX the substantially triggered values We significant is twice, off receive and we as a X utilize of component Payouts revenue adjusted But would recovery still speeds probably remaining net us QX. all OIBDA We our in work for QX. our function. of protection extent LOA in making provide we wind that in for wrap to are treasury prepared beyond. where Rico up season. order behind have to do whether a months are with defined we during Puerto comments, grow as LLA to hindered Puerto thought C&W did experience still result, we but to into million wind and respect Rico, triggered time we Managing in Cat storm With a events. challenges on in derivative sizable risk of the sequentially today, hurricane we derivatives to have result, be and Cat Puerto a debt of is are weather our our Hurricane XXXX to to critical to To us. this Rico proceeds established delays parametric X systems the speed our as of as program at operationally due based in nat Cap. X Barrel, return we and to BAU. as in operational As advance seen

We the during of in share and Rica X to have in dramatically good base are second have of halves, financial on progress HX, mobile performed performance. HX financial be third knew enhanced We was very lion's remains the that capitalized tale then expanding of Panamanian its and exit to of That by Costa XXXX made late our the quarter. financially. state. subscriber would team a see QX. well, player, out the the track Outside the especially Caribbean operationally improvement on businesses to and Puerto Rico, A Panama, both our operation call and as our true

Hurricane and driving volumes are cost We focused returning group recovering to takeouts growth, the Puerto across on from on across and Rico fixed mobile down Barrel. doubling LLA,

and Hurricane we that QX the the by recover. our payout the share. markets temporary. program, ultimately, month, we network affected the cash our will will be been in but optimistic impact impact are Within the to stronger In Barrel We market come and it's anticipate quality out quick last we'll have Caribbean, results, terms Parametric of in under covered

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first [Operator of Sachs. of question from line Instructions] Vitor Our today Goldman the Tomita is

very you for taking thank questions. our much Hello,

X from have side. We our

of first them would on Rico. both be The -- Puerto

darter The could mainly color if starting were also nondiscounted give affected some applied discounts to revenues entire percentage side you those of only are if would you they issues to first in Puerto churn retention particularly us it, one bad or June, that our debt is second on discounts there ACP subscribers, ACP applied if the the -- more of going see and any? QX, from question if if risk The subscribers, potential in you Rico. into be on

that of the bit could EBITDA expected improvement go detail of cost for improvement Basically, on on depend If half will much versus the second you there? drivers Puerto you how improvement more cuts the into a further year. in in Rico revenue that expect the in

you also your ask and Eduardo Good to morning, thank for in jump and here. I'll question,

XX,XXX fixed we subscribers in and ACP, roughly mobile. the have about On X,XXX about

in exposure mobile. little very So

think effective effective XX% to can On think discount here, and the $XX the you the fixed, we've more provided. we discount was the it, I for in bulk Eduardo of jump it than retain I been that able about

put it different Let a The me way. effective our about about $XX. was $XX was subsidy subsidy and

to the our close ACP. retain But to the on you're customers able we've $XX bulk So of been effective $XXX on discount.

itself on our see It's that that like operating disconnect a customers very Now that. where you of for kind group dongle this impacted little numbers. ETF hit side, And program low customers. actually manifest particularly the another that there's ETF, called we have our the postpaid and mobile on it's was a ARPU numbers of another what really and in

OIBDA. bullish basis, to On of outlook that, TSA the the quite we a course, EBITDA on monthly specifically, the on drivers towards around year our a $XX we the million There's side, of the end of number when actually guided dropouts.

whole We here. recovery again. couple of don't of then a recur have bunch of drivers it's costs additional one-off And a that

to if know in is you cost as takeout. recall, in both we don't goods and finally we on headcount that, those Rico, number completed XXX of feel we've cost sold One we've as I effectively out out. items that costs that on been -- the Puerto of our we the you are and of taking looking way were which well -- it take And we a there's said that very OpEx about -- line line addition at that to we actual

launch, on monthly the on back OpEx kind we share as gross HCP will acquisition, because It the it's fourth So you Eduardo, of on give the you bit slight is the million. that into to $XX then impact but adds. want pushed latter a towards why and million OIBDA. want to of because you color year there $XX costs more builds of the the customer would -- some well our slight that's EBITDA. little if line it if maybe have well. acquisition in additional end we've launching our But the to additional will campaigns. top And into is into a new will drive those after add bottom And line be campaign which quarter, finally, our and we have going as and kind revenue some drive got how

overall customers the their some the overall ARPU We But believe you base, let some course, -- plans your retention, coming the as successful. with on mostly when the end about course. XX% there mentioned, that continue that you. to over at that fact ARPU think customers program for Balan on We of about in were of results X% is me probably ACP And from did are on Of of able impact only we also circumstances reduction of the the general, quite that the Thank question. more, on were finished. base. that Thank the to were in call service. given impact downgrading the the the subsidy is dire it, we retain discounts

well. very most overall, And But so discounts very both case downgrading some you retention and able be a And you the to in small would needs. their those as of to and if offers budget I to mobile, will, their services of were we meet able say, customers retain number, successful. have with customers combinations,

would be ACP. on that So

EBITDA the mobile convergent operations In And we're of are certainly, and working our a hard. integration give of company. all to mean, opportunities become I extremely terms teams to extract operations can the that us the both fixed improvements, really looking

therefore, both hope have that I think mobile months better gives create control very, able where sides very build and see to wanted are the our not fixed go, a our I we good and of and offers traction, to on cross-selling couple that that to systems certainly but I to we think of now color. base, last the that improvements terms sales, necessarily the in starting shown options. we're leverage you our

next from Michael question today Our is the of of Rollins line Citigroup.

Just following on Puerto Rico. up

run of you at if to roughly million, for monthly $XX And that the take does get So EBITDA contribution a not, be to $XXX Puerto would million? Rico rate expectation what XXXX put the the if variances...

the I Well, number. wouldn't straight line Sure.

a And level. January. opening monthly Here's build its look we the about in into And balances December I'd as budget, the going would XX And at level balance opening be it's at balances. at quarterly it. how of business, opening our certainly, it part always the big our

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million. by suspect a just me better to number. have going end we of It's I $XX So still be shoot if the

EBITDA then and out how can you model figure want to the you XX... -- just for So

harder And as the the does products to you be portfolio, there look for year? when you at and positive of the rebased expect sustainable variability we just assess the portfolio the broader where level. to year mark growth Or rebased XXXX markets revenue get it's just growth that significant revenue still between are to for entirety where

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essentially here. have segments We X

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by copper, part, there longer most no quarter, we've the eliminated first, for be entristed no actually relying second all So XX%, of will more that. most but the by pair XX, copper we're on

there It's the year. for think, think to as are market, we well. in in that be sure, have any mobile copper. increases facing, next all continue to you price grow we our between for and competitors don't for on of whoever headwinds So we products a draping going that's sure, market, I on And postpaid both drivers fixed

price great products the rebuilt So see year. management of business, in our that top you've that's and increases. OCF to new and a the but line very clear this probabilities that Panama our with growth and of in network, got and quite top Panama, business. And business high focused We've you in our the also you'll Then team team tremendous the state. bit, you move only growth very management great in efficiency see line not the And margin growth, expansion business. a

network, We fiber new HFC. in it the and are all now of investing very almost

seat. We have networks XG be as the our in And in back network. It's mobile front clearly, will of one we well. driver best that

you leader We are line, the side. an already Manager doing on top really been on a good our And only on and the there, but platform. operations Then we're team not as attacker and the look fixed the very also well very Rica the has -- market mobile, even there. -- as General job with investing market the in focused in is networks, on -- strong. our our bring pre at with to debt we we're networks network Costa fixed we we consolidation, But the our consolidation. And are and are rapidly that fiber just have our current together announced, HFC mobile building deal going invested

us well. really see doing you'll So

revenue and been Liberty new our nonrecurring team of monthly doing been MRR, an mobile an together of going on has general revenue the very networks subsea and and at our our are you the look Manager recurring today number manager changes. on model. General business model more getting team through then, the and focused Then We has well fixed platform. leadership in leadership are also there to a focused NRR from And with already subsea business, our

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on So we to that going the we and have up, been mostly well, you'll real growth, year-over-year driven be routes, year to cleaning and we today, be In it's platform. on revenue, as recurring about growth. And all see reported monthly new dependent network starting all we're not and mostly next and we're the our announced as business, really double-digit time the that and that's subsea building enterprise excited MRR. last IRUs, as

the the half XXXX, Puerto -- covered effect is of platforms Puerto Rico So Rico. bullish And now really the all doing after are let's that first I've migrations then about to got the I've X cleaning us. we up back migrations. go and you

network -- is going in story, our to about it some And brand, fourth you is put numbers and up then XXXX, fourth of all new in harvesting the quarter then on you and the new The after the Puerto the systems. We're beginnings the start relaunching quarter. our And in new rebuilding Rico. there. the quarter rate big third propositions getting our third IT

year-over-year, this course, management numbers challenges numbers teams We've really committed. But it's also given it's be going to year. there team XXXX. going in big to great be got a the Of good

the we've weren't of in that this we if see, up a great great And mean a platform. year. networks, So we've were clearly in I in and Rico, it this for our doing invested the migration you can platform. Puerto think be people. all got double-digit markets, this the the systems, is year in we'll putting in And I growth

just the Michael. that is the first half and momentum right then was So all of build the and a that year is selling helpful, third into seeing rebuilding quarter you we XXXX. Hopefully, quarter and then in are fourth into now bump

Matthew is today from question Benchmark next line of Harrigan the Our Company. of

Is as It's open-ended Cuban don't clearly, and Central political the opportunities going that, to pause regulatory XXX on Venezuela, I anything broadly, create that? the America. necessarily in and there Puerto well. on in direct markets there pretty any is of Purcell or for particularly a you go particular tailwind your network exposure activity, some fair tend you business amount X But active of center think, I have And secondly, then more hyperscalers very across beyond think, to Level to there data congratulations question been a Rico that side they're but or in results.

Collins data Thank in you, in the I'll jump to Ray. And Ray here bit Matt. also ask a center, on

we Mexico, as business, areas center But think data specific at of we X for is also data do good impacted the be you of It's and number you internally And us Island. we we in could very us have opportunities the -- by fiber data where we in centers touch Cancun It's building as And I center. It's location number that center are have with which external center markets. we've On build center has our been to going building we really, customers Rica Curacao, micro customers the a and data in real know, a into Actually, for really that's been a an for data for and I Cuentero a support business Panama, growing. look the well. island hurricanes. and business, great great Mexico. the Costa data data as area Mexico centers. a

you see plants that. in building into look they are countries we the at you And are act flowed course, Costa and then, Intel where Rica, connectivity can chips Rica. money and Panama building So of Costa has both

on very focused we are hyper-focused that. also So

no the in with have that. for to a center to customer have have appreciated for kind U.S. plans market hyperscalers And dollars, Venezuela in now -- be future, subsea region, challenge set. our Venezuela the even absolutely allocate with future to right And this you we significant But we'll see Venezuela, plays amount point really for of and out. looking business, follow so of -- then us good Venezuela, the a those very at. changes. businesses. political And really the good world of how If changes it's in it would the really political turmoil space. some into every And data have a contracts go large our we business we we in course, pay we we to on on like you that their change They really the are though in into at we're great capital have how and and once

market. we team, markets Chris closely it I we'll when of right, is and Winter as the market, there, be right could But changes Argentina markets. The clearly, from at Once a myself, John be the is look opportunistic. now, all These it. these political time Noyes, and Ray? very good don't turmoil other are really well. And see M&A our recomment course, all dislocated

Yes.

business. center data Just to add on the Balan. Thanks,

is center in really Coast of and of from hyperscale center business. the in into we that and which Appalachia build data down connecting to in to where system, Querétaro provide new Colombia. see we'll back the Mexico, connectivity connecting We the drivers new in the BXB that that Virginia we you Veracruz connecting Georgia in then also our Networks and up of some our one data the data into centers And to we're actually, a and see connectivity business Florida, put announced

all So center serving traffic. is the data that announced really new network that we've about hyperscale

-- plans in connecting the the and tailwind hyperscalers As but a have enabling have we data region. see build we Balan said, that we center from don't to sells various see deployments strong current for we

our Gabriel today of is question And Baselina from of line Stanley. next the Morgan you... Thank

can us And in more terms you that a hurricane the your get Jamaica of color and kind regions by the to possible expect? the around. should on already impacted. of Like impacted Just time this businesses of bit this kind color provide wanted regions in how we to impact what impact were season could any

especially in want Grenada, challenges not many the Well, of but our the in X Jamaica, went our impacted power. been Jamaica. have And St. biggest power network offline, Okay. look operations, because that through the cases, you and down, because our primarily barrels of has went outages, customers of hurricane where Vincent if driver

have is the towers a towers. Jamaica, did damage. -- of recall PTI square only a of with last responsible We like X by way, you which and the towers rebuilding PTI And significant for amount if from in we with deal quarter

to And we're it. fixed network the for so from a which most mobile part, standpoint, tower standpoint, from our good network, a

our We XXX have going our some network rebuild. we that that's to backbone. kilometers It's We're backbone. built backbone. about whole have of And our going as into we're to And well. to rebuild budget underground the

St. Now islands, in Curacao, wireless on with smaller quickly X mobile. And fixed are we efficiently. built Vincent was using we've significantly. X side, in Union and access technology an cost of or fixed the back as the well gone back up and Islands get alternative there, to it Granada, damaged customers we And

some financial to feel because they really insurance. look have the on our this All in tremendous year's power. didn't have team giving back around our to credits we service. will it have give for good. alluded clearly team our season, should out paid the back rebuild delivered. was insurance hit to the but with to customers Chris service, damage. be be way, And a parametric with And So and we you needed at resilient. cost when them We've have did relatively And the insurance didn't is impacts didn't some by really got will hurricane... some They this as This pretty that the that brokers they we credits and network very Chris little the job we consortium, rebuilt hurricane closed of and early, us we've impact all, if we out, the we'll pointed what

back session. closing Thank additional for will this you. hand I'd or to any to like conclude Nair remarks. Balan And

for everybody, morning. us Thank you, thank you, this and joining operator,

I in Puerto third our of some hope Rico. you positive say momentum it's and and same all As moving, with Rico, you to I Puerto more us out the got would the is share behind can quarter we've in And see, in business of our data businesses.

Eduardo green and pointed seeing shoots Chris As already. out, out, pointed we're

billing, about prepaid positive. to in company. ones customers and Our been our business see of is it's our first XX% of support. the one migrated And and that had a And you'll successfully of new there. are migrated NPS, they rectify the we the all some for extremely course, we and whole fourth look have X of we better. the this customers, even customer our of started in customers It's best year. of et was cetera, actually challenges The for our betted that of growing I results being we customers, then we need for feeling and, on lot quarter existing we bullish systems, that, and XX% call customers I group in our Net customers the very what get third we that's Score as of will. so our in that to And the of business, that much at your good. buckets, sentiment, Promoter And you remain the, has thank already and

Liberty concludes Latin America's this Investor gentlemen, Second Call. and XXXX Quarter Ladies

today's Relations America's www.lla.com. a of under presentation Latin of materials. also copy As can call at available website There, a of section you reminder, Investor a replay the will find the Liberty be