Liberty Latin America Ltd (LILA) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded. I'll now turn the call over to Johanna Escobar, General Manager and Chief Executive Officer of Liberty Costa Rica.

早上好，女士們，先生們，感謝你們的支持。今天的通話正在錄音中。我現在將電話轉給 Liberty Costa Rica 的總經理兼首席執行官 Johanna Escobar。

Good morning, and welcome to Liberty Latin America's First Quarter 2023 Investor Call. (Operator Instructions) Today's formal presentation materials can be found under the Investors section of Liberty Latin America's website at www.lla.com. Following today's formal presentation, instructions will be given for the question-and-answer session. As a reminder, this call is being recorded and will be available under the Investors section of our website. Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlook and the future growth prospects and other information and statements that are not historical facts.

早上好，歡迎來到 Liberty Latin America 的 2023 年第一季度投資者電話會議。 （操作員說明）今天的正式演示材料可以在 Liberty Latin America 網站 www.lla.com 的投資者部分找到。在今天的正式介紹之後，將對問答環節進行說明。提醒一下，此電話正在錄音中，可在我們網站的“投資者”部分查看。今天的言論可能包含前瞻性陳述，包括公司對其前景和未來增長前景的預期以及其他不屬於歷史事實的信息和陳述。

Actual results may differ materially from those expressed or implied by these statements. For more information, please refer to the risk factors discussed in Liberty Latin America's most recently filed annual report on Form 10-K and the quarterly report on form 10-Q, most recently filed with the SEC, along with the associated press release. Liberty Latin America disclaims any obligations to update any forward-looking statements or information to reflect any change in expectations or in the conditions on which any such statement or information is based. In addition, on this call, we will refer to certain non-GAAP financial measures, which are reconciled to the most comparable GAAP financial measures, which can be found in the appendices to this presentation, which is accessible under Investors sections of our website. I would now like to turn the call over to our CEO, Mr. Balan Nair.

實際結果可能與這些陳述明示或暗示的結果存在重大差異。有關更多信息，請參閱 Liberty Latin America 最近提交的 10-K 表格年度報告和最近向美國證券交易委員會提交的 10-Q 表格季度報告以及相關新聞稿中討論的風險因素。 Liberty Latin America 不承擔任何更新任何前瞻性陳述或信息的義務，以反映預期或任何此類陳述或信息所依據的條件的任何變化。此外，在本次電話會議上，我們將參考某些非 GAAP 財務指標，這些指標與最具可比性的 GAAP 財務指標相一致，可在本演示文稿的附錄中找到，可在我們網站的“投資者”部分訪問。我現在想把電話轉給我們的首席執行官 Balan Nair 先生。

Thank you, Johanna, and welcome, everybody to Liberty Latin America's First Quarter Results Presentation. I'll begin with our group highlights and an overview of our operating results by reporting segment. Chris Noyes, our CFO, will then follow with a review of the company's financial performance. After that, we will get straight to your questions. As always, I'm joined by my executive team from across the region, and I will invite them to contribute as needed during the Q&A following our prepared remarks.

謝謝 Johanna，歡迎大家參加 Liberty Latin America 的第一季度業績發布會。我將從我們的集團亮點和報告部門的經營業績概述開始。我們的首席財務官 Chris Noyes 隨後將審查公司的財務業績。之後，我們將直接回答您的問題。與往常一樣，來自該地區的我的執行團隊也加入了我的行列，我將邀請他們在我們準備好的發言後的問答環節中根據需要做出貢獻。

As a point of housekeeping, we will both be working from slides, which you can find on our website at www.lla.com. Starting on Slide 4, and our highlights for the quarter. We continue to drive organic volume growth in Q1, adding 65,000 subscribers across high-speed fixed Internet and mobile postpaid. Internet additions were particularly strong in the quarter, led by improved performance in C&W Caribbean. The results reflect net additions to all of our reporting segments, providing a solid operational start to the year.

作為一項內務管理，我們都將使用幻燈片進行工作，您可以在我們的網站 www.lla.com 上找到這些幻燈片。從幻燈片 4 開始，介紹我們本季度的亮點。我們在第一季度繼續推動有機銷量增長，通過高速固定互聯網和移動後付費增加了 65,000 名用戶。在 C&W Caribbean 的業績改善的帶動下，本季度互聯網的增加尤為強勁。結果反映了我們所有報告部門的淨增加，為今年提供了堅實的運營開端。

The group reported adjusted OIBDA of $407 million in the quarter. This represented a rebased growth rate of 4%, which was in line with our expectations and keeps us on track to achieve our financial goals for the year.

該集團報告本季度調整後的 OIBDA 為 4.07 億美元。這代表了 4% 的重新基準增長率，這符合我們的預期，並使我們能夠按計劃實現今年的財務目標。

Moving to our integration activities in Puerto Rico, Panama and Costa Rica. 2023 is a key year which will set us up to deliver significant value for stakeholders. Of note in the quarter, we began to migrate prepaid customers to our newly built mobile platform in Puerto Rico. We are also moving quickly to consolidate our operations in Panama following the lifting of certain restrictions earlier this year.

轉到我們在波多黎各、巴拿馬和哥斯達黎加的整合活動。 2023 年是關鍵的一年，這將使我們能夠為利益相關者創造重要價值。本季度值得注意的是，我們開始將預付費客戶遷移到我們在波多黎各新建的移動平台。在今年早些時候取消某些限制後，我們還迅速採取行動鞏固我們在巴拿馬的業務。

Finally, I'm pleased to announce that in line with our previously stated capital allocation strategy, the company has authorized an additional up to $200 million for share buybacks. We continue to hold the view that the most compelling capital returns are in our own company.

最後，我很高興地宣布，根據我們之前所述的資本配置策略，公司已授權額外高達 2 億美元用於股票回購。我們仍然認為，最具吸引力的資本回報來自我們自己的公司。

Turning to Slide 5. I'll begin our operating review with C&W Caribbean. I'm pleased to say that the economies in the regions are continuing to recover from the impact of COVID-19, and this is reflected in our strong performance.

轉到幻燈片 5。我將開始對 C&W Caribbean 進行運營審查。我很高興地說，該地區的經濟正在從 COVID-19 的影響中繼續復甦，這反映在我們的強勁表現中。

On the left of the slide, we present our Internet and mobile postpaid additions. Internet additions continued to build in the first quarter, as we added 11,000 RGUs, representing a significantly improved performance compared to the prior year period. Jamaica drove this improvement following the successful launch of our [yard and road proportions] and FMC propositions. Investments in our networks have also driven increased market penetration, more than 80% of homes passed at C&W Caribbean are now Giga-Ready, meaning that they are capable of delivering broadband speeds of 1 gigabit per second or more.

在幻燈片的左側，我們展示了我們的互聯網和移動後付費附加服務。第一季度互聯網增加繼續增加，因為我們增加了 11,000 個 RGU，與去年同期相比表現顯著改善。牙買加在成功推出我們的 [庭院和道路比例] 和 FMC 提議後推動了這一改進。對我們網絡的投資也推動了市場滲透率的提高，C&W Caribbean 超過 80% 的家庭現在都已準備就緒，這意味著它們能夠提供每秒 1 吉比特或更高的寬帶速度。

In mobile, we delivered another solid performance with 20,000 postpaid subscriber additions, 33% higher than in the prior year quarter. We continue to drive penetration of our FMC products and have exciting plans through 2023.

在移動領域，我們的後付費用戶增加了 20,000 人，表現出色，比去年同期增長 33%。我們繼續推動我們的 FMC 產品的滲透，並製定了到 2023 年的激動人心的計劃。

In connection with our enhanced services and offers, we have implemented nominal fixed service and prepaid mobile price increases in select markets to reflect the added value being delivered to our customers. In most cases, these rate adjustments followed several years without any increase.

關於我們增強的服務和優惠，我們在特定市場實施了名義上的固定服務和預付費移動價格上漲，以反映為我們的客戶提供的附加值。在大多數情況下，這些利率調整會持續數年而沒有任何增加。

Moving to the center of the slide and our revenue by product. The pie chart here depicts the well-diversified nature of C&W Caribbean's revenue, with B2B and consumer fixed the largest elements, followed by consumer mobile. We saw strong growth in mobile revenue during the quarter driven by subscriber additions over the past 12 months.

移動到幻燈片的中心和我們的產品收入。此處的餅圖描繪了 C&W Caribbean 收入的多元化性質，其中 B2B 和固定消費者是最大的元素，其次是移動消費者。在過去 12 個月的用戶增加的推動下，我們看到本季度移動收入強勁增長。

However, this was more than offset by a decline in B2B revenue due to a strategic change that Chris will cover in his remarks. Without this, revenue would have grown by 2% in the quarter on a rebased basis.

然而，這被 B2B 收入的下降所抵消，這是由於克里斯將在他的評論中提到的戰略變化。如果沒有這一點，在重新設定基礎的基礎上，該季度的收入將增長 2%。

Moving to Slide 6 in our C&W Panama segment. Starting on the left of the slide, Internet RGU additions in Panama showed healthy growth sequentially and consistent performance year-over-year. We launched DOCSIS 3.1 and combined with our extensive 5G to home network, we offer speeds of 1 gigabit per second to more than 85% of homes passed.

轉到我們 C&W 巴拿馬部分的幻燈片 6。從幻燈片左側開始，巴拿馬的互聯網 RGU 增加顯示出連續健康的增長和穩定的同比表現。我們推出了 DOCSIS 3.1，並結合我們廣泛的 5G 家庭網絡，我們為超過 85% 的家庭提供了每秒 1 GB 的速度。

We expect that the significant investments will underpin continued growth. In mobile, we remain focused on postpaid and maintain a stable subscriber base in the quarter. In prepaid, we are targeting improved ARPUs through the mix of packages we offer and a focus on higher value customers. We think ARPU increases in prepaid is long overdue in our markets.

我們預計重大投資將支撐持續增長。在移動領域，我們仍然專注於後付費，並在本季度保持穩定的用戶群。在預付費方面，我們的目標是通過我們提供的套餐組合提高 ARPU，並專注於更高價值的客戶。我們認為預付費 ARPU 的增長在我們的市場早就應該了。

Moving to the center of the slide and our revenue by product. In Panama, our largest products by revenue are mobile and B2B. Fixed is the smallest product area, but one of the fastest growing. In Q1, all our products in Panama showed growth, with fixed and B2B performing particularly strong as they grew 6% and 7%, respectively.

移動到幻燈片的中心和我們的產品收入。在巴拿馬，我們收入最大的產品是移動和 B2B。固定是最小的產品領域，但卻是增長最快的領域之一。第一季度，我們在巴拿馬的所有產品都出現增長，固定和 B2B 表現尤為強勁，分別增長 6% 和 7%。

B2B typically starts the year slowly after the seasonal peak in Q4. However, growth in mobile services and customer contract rents in the period drove a positive year-over-year results. Despite the decline in prepaid customers, mobile revenue was also higher year-over-year.

B2B 通常在第四季度的季節性高峰之後緩慢開始一年。然而，同期移動服務和客戶合同租金的增長推動了同比增長。儘管預付費客戶有所下降，但移動收入也同比增長。

Finally, to our integration update outlined in the lower right of the slide, we remain focused on integrating the Claro Panama operations. Following the lifting of restrictions in January, we have made good initial progress as we work to combine customer-facing aspects of the business such as stores, brands and propositions.

最後，對於我們在幻燈片右下方概述的整合更新，我們仍然專注於整合 Claro Panama 業務。在 1 月份取消限制後，我們在努力整合面向客戶的業務方面（例如商店、品牌和主張）方面取得了良好的初步進展。

We are advancing the integration of our back-office functions, and we are consolidating infrastructure and benefiting from associated savings, expanded coverage and capacity.

我們正在推進後台功能的整合，我們正在整合基礎設施並從相關的節省、擴大的覆蓋範圍和容量中受益。

Next to Slide 7, and Liberty Puerto Rico, our largest single market. Starting on the left of the slide, our Internet net additions were in line with the prior year period. We continue to invest in the expansion and upgrade of our networks in Puerto Rico and anticipate that this, together with our converged propositions, will drive sustained growth.

僅次於 Slide 7 和我們最大的單一市場 Liberty Puerto Rico。從幻燈片左側開始，我們的互聯網淨增與去年同期持平。我們繼續投資於波多黎各網絡的擴展和升級，並預計這與我們的融合主張一起將推動持續增長。

We implemented price increases earlier this year and seen de minimis impact on churn levels, as our network quality and propositions continue to resonate with customers.

我們在今年早些時候實施了價格上漲，並且看到對客戶流失水平的影響微乎其微，因為我們的網絡質量和主張繼續引起客戶的共鳴。

Turning to mobile. We have a postpaid base steady in the quarter continuing to record low churn levels at around 1% a month. In prepaid, we lost subscribers, which was impacted by constraints we have until the integration is complete. Heavy subsidies [brought] to attract new customers and to retain existing customers have led to lower ARPUs in the market. We may look at these price increases to help offset this impact.

轉向手機。本季度我們的後付費基礎穩定，繼續保持每月 1% 左右的低流失率。在預付費中，我們失去了訂戶，這是在集成完成之前受到限制的影響。為吸引新客戶和留住現有客戶而提供的大量補貼導致市場的 ARPU 值降低。我們可能會考慮這些價格上漲，以幫助抵消這種影響。

Moving to the center of the slide. Consumer mobiles are largest product in Puerto Rico, with just under 50% of our revenue. This is followed by our fixed business representing 1/3 of the total and B2B at 15%. Fixed revenue grew in the quarter. However, mobile was lower as postpaid subscriber growth was offset by ARPU and prepaid subscriber declines.

移動到幻燈片的中心。消費類手機是波多黎各最大的產品，占我們收入的不到 50%。其次是我們的固定業務，佔總數的 1/3，B2B 佔 15%。本季度固定收入增長。然而，由於後付費用戶增長被 ARPU 和預付費用戶下降所抵消，移動業務表現較低。

B2B is a growth opportunity for us given our relatively underweight market share position. To differentiate our propositions, we are introducing exciting new products, leveraging our leading network capabilities. As an example, we recently launched our Always On connectivity solution where customer's network will run on fixed infrastructure by default.

鑑於我們相對低配的市場份額，B2B 對我們來說是一個增長機會。為了使我們的主張與眾不同，我們正在推出令人興奮的新產品，利用我們領先的網絡功能。例如，我們最近推出了 Always On 連接解決方案，客戶的網絡默認在固定基礎設施上運行。

However, if that stops working due to, for example, a power outage, our modem will seamlessly switch to the mobile network to keep the customer connected.

但是，如果由於停電等原因停止工作，我們的調製解調器將無縫切換到移動網絡以保持客戶連接。

Finally, there are integration updates on the lower right of the slide. Integration is a significant focus for us in Puerto Rico, and we are now entering the latter stages of the process.

最後，幻燈片右下角有集成更新。整合是我們在波多黎各的一個重要重點，我們現在正進入該過程的後期階段。

Of note, our team is beginning to bring existing and new prepaid customers onto our networks and platform. A key milestone will be when we start to migrate postpaid customers in the fall.

值得注意的是，我們的團隊開始將現有和新的預付費客戶引入我們的網絡和平台。一個關鍵的里程碑將是我們在秋季開始遷移後付費客戶的時間。

Turning to Slide 8 and Liberty, Costa Rica. Starting on the left of the slide, our Internet subscriber base remained stable in the quarter, with additions in line sequentially. In mobile, our market-leading business continued to grow, adding 13,000 postpaid subscribers in the quarter.

轉向幻燈片 8 和 Liberty，哥斯達黎加。從幻燈片左側開始，我們的互聯網用戶群在本季度保持穩定，並按順序增加。在移動領域，我們市場領先的業務繼續增長，本季度新增 13,000 名後付費用戶。

The launch of Liberty Total FMC bundle in March is expected to drive adds and improved churn rates across Internet and mobile.

Liberty Total FMC 捆綁包於 3 月推出，預計將推動互聯網和移動設備的增加和改進客戶流失率。

Moving to the center of the slide. Consumer Mobile is our largest product, with close to 60% share of revenue. This is followed by our Consumer Fixed business, representing just under 1/3 and then a small but fast-growing B2B operations.

移動到幻燈片的中心。消費者移動是我們最大的產品，佔收入的近 60%。其次是我們的 Consumer Fixed 業務，佔不到 1/3，然後是規模雖小但增長迅速的 B2B 業務。

Mobile and B2B drove revenue growth in Costa Rica year-over-year. We see potential for sustained growth in our B2B operations, as we are currently underweight in this area and can leverage products, propositions and capabilities from other parts of LLA to differentiate our offering in Costa Rica.

移動和 B2B 推動了哥斯達黎加的收入同比增長。我們看到了 B2B 業務持續增長的潛力，因為我們目前在這一領域的權重較低，並且可以利用 LLA 其他部分的產品、主張和能力來區分我們在哥斯達黎加的產品。

We also plan to take price increases in Fixed this quarter. We anticipate that the increased value of speed and better WiFi will make the price increase go smoothly.

我們還計劃在本季度固定價格上漲。我們預計速度的增加和更好的 WiFi 將使價格上漲順利進行。

Finally, to our integration update on the lower right of the slide, we anticipate 2023 will be the final year of integration activities related to Telefonica Costa Rica acquisition. We are on track to deliver synergies as anticipated with a full run rate level from the end of the year.

最後，對於幻燈片右下方的整合更新，我們預計 2023 年將是與 Telefonica Costa Rica 收購相關的整合活動的最後一年。從今年年底開始，我們有望實現預期的協同效應，達到全面運行率水平。

Finally, to Slide 9, and our C&W Network and LatAm segment. Starting with wholesale on the left-hand side, where we grew revenue by 4% in the quarter, running through the highlights. Our 80% of revenue and cash flow is denominated in U.S. dollars, making the business very stable and predictable.

最後，轉到幻燈片 9，以及我們的 C&W 網絡和 LatAm 部分。從左側的批發開始，本季度我們的收入增長了 4%，貫穿亮點。我們 80% 的收入和現金流以美元計價，使業務非常穩定和可預測。

We have a unique mesh network across the region with multiple points of redundancy, including the lowest latency connectivity from Colombia to the U.S., enabling us to provide comprehensive connectivity solutions. We continue to increase our capabilities, recently moving to 400 gigabit wavelength technology for our U.S. terrestrial networks interconnecting Latin America with key U.S. data hubs.

我們在該地區擁有獨特的網狀網絡，具有多個冗餘點，包括從哥倫比亞到美國的最低延遲連接，使我們能夠提供全面的連接解決方案。我們繼續提高我們的能力，最近為我們的美國地面網絡轉向 400 吉比特波長技術，將拉丁美洲與主要的美國數據中心互連起來。

In the center of the slide, you can see that wholesale accounts for most of their revenue with an approximately 75% share. Although a smaller part of this reporting segment, our LatAm B2B business is one of the fastest-growing areas across our group, with revenue up 12% in Q1.

在幻燈片的中央，您可以看到批發佔他們收入的大部分，份額約為 75%。儘管我們的 LatAm B2B 業務只佔該報告部分的一小部分，但它是我們集團中增長最快的領域之一，第一季度收入增長了 12%。

On the right of the slide, we provide some more color on this area. The chart here shows 2 different major product groups within our LatAm B2B business. The largest element remains connectivity. However, the highest growth area is value-added and managed services, which include cloud-based data center solutions, disaster recovery as a service and cybersecurity solutions, among others.

在幻燈片的右側，我們在此區域提供了更多顏色。此處的圖表顯示了我們 LatAm B2B 業務中的 2 個不同的主要產品組。最大的元素仍然是連通性。然而，增長最快的領域是增值和託管服務，其中包括基於雲的數據中心解決方案、災難恢復即服務和網絡安全解決方案等。

We expect the value-added services area to continue its strong growth trajectory, representing a larger share of B2B revenue over time, as customers look to increase the sophistication of the IT platforms and products.

我們預計，隨著客戶希望提高 IT 平台和產品的複雜性，增值服務領域將繼續保持強勁增長勢頭，隨著時間的推移在 B2B 收入中佔據更大份額。

With that, I'll pass you over to Chris Noyes, our Chief Financial Officer, who will talk you through our financial performance before we take your questions. Chris?

有了這個，我會把你交給我們的首席財務官克里斯諾伊斯，他會在我們回答你的問題之前向你介紹我們的財務業績。克里斯？

Thanks, Balan. Before I begin, as a reminder, we deconsolidated our Chilean business at the start of Q4 2022, so our reported results in 2023 will not include the operating results of VTR.

謝謝，巴蘭。在我開始之前，提醒一下，我們在 2022 年第四季度初拆分了智利業務，因此我們 2023 年報告的業績將不包括 VTR 的經營業績。

For Q1, we delivered consolidated revenue of $1.1 billion, reflecting a $59 million increase over Q1 2022, after excluding the $171 million of revenue generated by VTR in the prior year quarter. We produced modest rebased revenue growth of 1% in the quarter.

在第一季度，我們交付了 11 億美元的綜合收入，比 2022 年第一季度增加了 5900 萬美元，其中不包括 VTR 在去年同期產生的 1.71 億美元收入。我們在本季度實現了 1% 的溫和調整收入增長。

Our operating segments of C&W Networks and LatAm, C&W Panama and Liberty Costa Rica were our strongest performers with mid-single-digit rebased revenue growth. With that being said, C&W Caribbean also had a good quarter, but as reported revenue was impacted by a business decision to discontinue our legacy noncore B2B voice transit arrangement in Q1, which accounted for about $10 million of quarterly revenue.

我們的 C&W Networks 和 LatAm、C&W Panama 和 Liberty Costa Rica 的運營部門是我們表現最強勁的部門，收入增長達到中等個位數。話雖如此，C&W Caribbean 也有一個不錯的季度，但報告的收入受到業務決定的影響，即在第一季度停止我們遺留的非核心 B2B 語音傳輸安排，該安排佔季度收入約 1000 萬美元。

Although this will impact our revenue comparable all year, it will not adversely impact our adjusted OIBDA or FCF, as this arrangement was currently anticipated to be slightly loss making.

儘管這將影響我們全年的可比收入，但不會對我們調整後的 OIBDA 或 FCF 產生不利影響，因為目前預計這種安排會輕微虧損。

Next, moving to adjusted OIBDA. We posted $407 million in Q1, resulting in a $17 million reported increase over Q1 2022, excluding the $47 million generated by VTR in the prior year quarter. Our rebased growth of 4% was driven largely by Costa Rica, Panama and C&W Caribbean, as we posted our best rebased growth result in 6 quarters.

接下來，轉到調整後的 OIBDA。我們在第一季度公佈了 4.07 億美元，導致報告比 2022 年第一季度增加 1700 萬美元，不包括 VTR 在去年同期產生的 4700 萬美元。我們 4% 的重新調整增長主要是由哥斯達黎加、巴拿馬和 C&W 加勒比地區推動的，因為我們公佈了 6 個季度以來最好的重新調整增長結果。

For 2023, we are targeting mid- to high single-digit rebased adjusted OIBDA growth for LLA. However, we expect growth will be somewhat muted in Q2 due in part to our comparative in Puerto Rico. And we expect the lion's share of our adjusted OIBDA growth to be significantly weighted to H2.

對於 2023 年，我們的目標是 LLA 的調整後 OIBDA 增長達到中高個位數。然而，我們預計第二季度的增長將有所放緩，部分原因是我們在波多黎各進行了比較。我們預計調整後的 OIBDA 增長中的大部分將顯著集中在下半年。

Slide 12 highlights our key segment results. Beginning on the left with C&W Caribbean, we reported $354 million of revenue in Q1, reflecting a 1% rebased decline and $140 million of adjusted OIBDA, resulting in 8% rebased growth.

幻燈片 12 突出顯示了我們的關鍵部分結果。從左邊的 C&W Caribbean 開始，我們報告第一季度的收入為 3.54 億美元，反映出 1% 的調整後下降和 1.4 億美元的調整後 OIBDA，導致 8% 的調整後增長。

The discontinuance of the aforementioned transit arrangement drove our rebased top line decline, while the remainder of the business reported rebased revenue growth. On this basis, our primary driver of growth was through residential mobile, consisting of service revenue expansion led by our postpaid efforts and higher inbound roaming.

上述過境安排的終止導致我們重新調整的收入下降，而其餘業務報告了重新調整的收入增長。在此基礎上，我們增長的主要驅動力來自住宅移動，包括由我們的後付費努力和更高的入站漫遊率帶動的服務收入增長。

Our strong adjusted OIBDA rebased growth was largely fueled by Jamaica and improved operating leverage across many of our islands. We finished the quarter with a margin of nearly 40%, up significantly as compared to the prior year quarter.

我們調整後的 OIBDA 重新調整後的強勁增長主要受到牙買加的推動，並提高了我們許多島嶼的經營槓桿。與去年同期相比，我們以近 40% 的利潤率結束了本季度。

Moving to Cable & Wireless Panama. CWP contributed $165 million of revenue and $44 million of adjusted OIBDA in Q1, reflecting 4% rebased revenue growth and 16% rebased adjusted OIBDA growth. As an aside, our results moved lower in Q1 from Q4 due in large part to the seasonally strong Q4 we experienced in B2B and which is typical for us.

搬到有線和無線巴拿馬。 CWP 在第一季度貢獻了 1.65 億美元的收入和 4400 萬美元的調整後 OIBDA，反映了 4% 的調整後收入增長和 16% 的調整後 OIBDA 增長。順便說一句，我們的結果在第一季度從第四季度開始下降，這在很大程度上是由於我們在 B2B 中經歷的季節性強勁的第四季度，這對我們來說很典型。

Rebased top line growth was delivered by all 3 business categories: residential fixed, residential mobile and B2B, with our strongest year-over-year growth derived from B2B, which was driven by growth in mobile services and an increase in the volume of certain government-related projects and residential fixed, which was helped by over 50,000 RGUs added over the last year.

所有 3 個業務類別都實現了重新調整的收入增長：固定住宅、住宅移動和 B2B，其中最強勁的同比增長來自 B2B，這是由移動服務的增長和某些政府的數量增加推動的-相關項目和固定住宅，這得益於去年增加的 50,000 多個 RGU。

Adjusted OIBDA grew double digits in Q1, which was our best quarterly results since 2021. This year-over-year expansion has been helped by our value capture activities from the Claro Panama integration.

調整後的 OIBDA 在第一季度增長了兩位數，這是我們自 2021 年以來最好的季度業績。這一同比增長得益於我們從 Claro Panama 整合中獲得的價值活動。

Turning to the middle column, C&W Networks and Latin America. We generated $109 million of revenue or 6% rebased growth and $64 million in adjusted OIBDA or 4% rebased growth. Rebased revenue growth within our subsea network was as a result of higher lease capacity. LatAm B2B service revenue also expanded through higher connectivity and managed service revenues. We ended Q1 with an adjusted OIBDA margin of 59% for the quarter.

轉到中間欄，C&W Networks 和拉丁美洲。我們創造了 1.09 億美元的收入或 6% 的重新調整增長，以及 6400 萬美元的調整後 OIBDA 或 4% 的重新調整增長。我們海底網絡內重新調整的收入增長是由於更高的租賃能力。拉美 B2B 服務收入也通過更高的連接性和託管服務收入而擴大。我們在第一季度末調整後的 OIBDA 利潤率為 59%。

Second, from the right, Liberty Puerto Rico, Q1 revenue was $366 million, reflecting flat year-over-year rebased growth and a decline of $8 million from Q4, which is due largely to higher equipment sales during the holiday period. Residential fixed garnered modest growth on the back of volume gains during 2022, and residential mobile decreased year-over-year, as higher handset sales were not able to offset lower ARPU and a decline in prepaid and reseller mobile subscribers.

第二，從右邊開始，Liberty Puerto Rico 第一季度的收入為 3.66 億美元，反映出經過調整後的同比持平增長，並且比第四季度下降了 800 萬美元，這主要是由於假期期間設備銷售額增加。在 2022 年銷量增長的推動下，住宅固定業務實現了溫和增長，而住宅移動業務同比下降，因為較高的手機銷量無法抵消較低的 ARPU 以及預付費和經銷商移動用戶的下降。

Sequentially, our mobile service revenue and ARPU were stable. Adjusted OIBDA increased substantially from Q4, as we delivered $134 million in Q1, which reflected a rebased decline of 4% as compared to Q1 2022. Several factors contributed to this year-over-year decline, including a lower net contribution from roaming and higher operating costs. These were partly offset by lower direct cost following credits received in Q1 2023 related to historical equipment purchases.

因此，我們的移動服務收入和 ARPU 保持穩定。調整後的 OIBDA 從第四季度大幅增加，因為我們在第一季度交付了 1.34 億美元，這反映出與 2022 年第一季度相比下降了 4%。有幾個因素導致了這一同比下降，包括來自漫遊的淨貢獻較低和較高運營成本。在 2023 年第一季度收到與歷史設備採購相關的信貸後，直接成本降低部分抵消了這些影響。

Wrapping up with Costa Rica on the far right, we delivered Q1 revenue of $129 million and adjusted OIBDA of $45 million, reflecting strong rebased revenue growth of 4% and rebased adjusted OIBDA growth of 28%. Revenue growth was driven to a large extent by our mobile operations as we have added over 80,000 postpaid subscribers over the last 12 months.

最右邊的哥斯達黎加結束後，我們第一季度的收入為 1.29 億美元，調整後的 OIBDA 為 4500 萬美元，反映出 4% 的強勁收入增長和 28% 的調整後 OIBDA 增長。收入增長在很大程度上是由我們的移動業務推動的，因為我們在過去 12 個月中增加了超過 80,000 名後付費用戶。

Supported in part by our revenue growth, adjusted OIBDA expanded significantly year-over-year and benefited from lower integration spend and the year-over-year strengthening of the Costa Rica colon to the U.S. dollar, as we have certain costs in areas like programming that are denominated in U.S. dollars.

在我們收入增長的部分支持下，調整後的 OIBDA 同比顯著擴大，並受益於較低的整合支出和哥斯達黎加科朗對美元的同比走強，因為我們在編程等領域有一定的成本以美元計價。

Slide 13 highlights our results for P&E additions and adjusted FCF and reiterates our 2023 outlook on these metrics. For the first quarter, we incurred $145 million of P&E additions or 13% of revenue. We built and/or upgraded 90,000 homes in the quarter led by activity in the Caribbean and Panama.

幻燈片 13 突出顯示了我們的 P&E 增加和調整後的 FCF 的結果，並重申了我們對這些指標的 2023 年展望。第一季度，我們增加了 1.45 億美元的 P&E，佔收入的 13%。在加勒比海和巴拿馬的活動帶動下，我們在本季度建造和/或升級了 90,000 套房屋。

During the quarter, we incurred about $9 million of integration CapEx largely in Puerto Rico and expect integration CapEx to remain elevated throughout the year.

本季度，我們主要在波多黎各發生了約 900 萬美元的整合資本支出，預計全年整合資本支出將保持高位。

Finally, we remain on track to deliver our 2023 target of 16% of revenue. Hence, we will see ramping of our spend over the next 3 quarters.

最後，我們仍有望實現 2023 年佔收入 16% 的目標。因此，我們將看到未來 3 個季度的支出增加。

In terms of adjusted free cash flow, we posted negative $50 million in the quarter, similar to our reported level of negative $56 million of adjusted FCF in Q1 2022. As a reminder, first quarter tends to have heavier trade working capital requirements, and our interest expense tends to be higher in Q1, Q3 due to timing of payments.

在調整後的自由現金流方面，我們在本季度公佈了負 5000 萬美元，與我們報告的 2022 年第一季度調整後自由現金流為負 5600 萬美元的水平相似。提醒一下，第一季度往往有更高的貿易營運資金需求，我們的由於支付時間的原因，利息支出在第一季度和第三季度往往更高。

We expect our adjusted FCF before partner distributions to be substantially weighted to H2, especially Q4, and we remain on track to deliver our $300 million target.

我們預計我們在合作夥伴分配之前調整後的 FCF 將大幅加權 H2，尤其是 Q4，並且我們仍有望實現 3 億美元的目標。

In terms of partner distributions, we are expecting about $40 million to be paid out to our partners in Q2 in Panama and Bahamas, with a nearly similar amount upstream to us at LLA to then be redeployed.

在合作夥伴分配方面，我們預計將在第二季度向我們在巴拿馬和巴哈馬的合作夥伴支付約 4000 萬美元，然後將重新部署在 LLA 上游的幾乎相似的金額。

Turning to Slide 14. At the end of Q1, on a consolidated basis, we had $8 billion of total debt, $700 million of cash and $1 billion of availability under our revolving credit lines. We had gross leverage of 4.9x and net leverage of 4.5x, which was slightly improved versus Q4 2022.

轉到幻燈片 14。在第一季度末，在綜合基礎上，我們的循環信貸額度下有 80 億美元的總債務、7 億美元的現金和 10 億美元的可用資金。我們的總槓桿率為 4.9 倍，淨槓桿率為 4.5 倍，與 2022 年第四季度相比略有改善。

And our weighted average life was 5 years, and our fully swapped borrowing rate was just under 6%. During Q1, and as we briefly highlighted on the Q4 call, we refinanced our Costa Rican 2024 term loans with $450 million of new debt maturing in 2031. This credit silo is currently levered at 2.5x.

我們的加權平均壽命為 5 年，我們的完全掉期借款利率略低於 6%。在第一季度，正如我們在第四季度的電話會議上簡要強調的那樣，我們用 4.5 億美元的 2031 年到期的新債務為我們的哥斯達黎加 2024 年定期貸款再融資。這個信貸孤島目前的槓桿率為 2.5 倍。

This transaction, combined with a $25 million purchase of our convertible bonds due in 2024 that we made in the quarter, results in 95% of our debt due in 2027 or later.

這筆交易，加上我們在本季度以 2500 萬美元購買 2024 年到期的可轉換債券，導致我們 95% 的債務將在 2027 年或更晚到期。

In terms of our stock repurchase activity, we bought $25 million in Q1. And at March 31, we had $32 million remaining under our authorization. As a result of continued business performance tracking to expectations, in particular, cash generation and the attractive level of our stock, our Board just authorized an additional $200 million through December 31, 2025.

就我們的股票回購活動而言，我們在第一季度購買了 2500 萬美元。截至 3 月 31 日，我們的授權剩餘 3200 萬美元。由於持續的業務績效跟踪預期，特別是現金產生和我們股票的吸引力水平，我們的董事會剛剛批准在 2025 年 12 月 31 日之前追加 2 億美元。

Moving to the final slide. To recap, we maintain solid broadband and postpaid subscriber volumes in Q1 as well as continued our positive B2B trajectory. Our volume growth over the last year has enabled us to maintain top line performance, even in light of softer global macro trends and some ARPU compression.

轉到最後一張幻燈片。回顧一下，我們在第一季度保持穩定的寬帶和後付費用戶數量，並繼續保持積極的 B2B 軌跡。我們去年的銷量增長使我們能夠保持收入表現，即使在全球宏觀趨勢疲軟和 ARPU 有所壓縮的情況下也是如此。

As we begin to selectively start using price increases more strategically, together with an increasing focus on FMC bundles and enhanced customer value propositions, these activities should help support our revenue ambitions.

隨著我們開始有選擇地開始更具戰略性地使用價格上漲，以及越來越關注 FMC 捆綁和增強的客戶價值主張，這些活動應該有助於支持我們的收入目標。

As highlighted on previous calls, integration execution is a primary focus for both our corporate and local operating teams. The next 3 quarters are critical for us, as we seek to deliver our value capture goals and be less reliant on the sellers of our acquired businesses in Puerto Rico, Costa Rica and Panama.

正如之前的電話會議所強調的那樣，集成執行是我們公司和本地運營團隊的主要關注點。接下來的 3 個季度對我們來說至關重要，因為我們尋求實現我們的價值獲取目標，並減少對我們在波多黎各、哥斯達黎加和巴拿馬收購業務的賣家的依賴。

Turning to capital allocation. We channeled $50 million into equity in Q1 through both our buyback activity and retirement of a portion of our convertible bond. We will remain disciplined in our repurchases. But given our operating goals and our low stock price, we believe this is a highly accretive window for us to be opportunistic, and our increased buyback authorization supports that activity.

轉向資本配置。通過我們的回購活動和部分可轉換債券的退役，我們在第一季度將 5000 萬美元用於股權。我們將在回購中保持紀律。但鑑於我們的經營目標和我們的低股價，我們認為這是一個高度增加機會的窗口，我們增加回購授權支持該活動。

And finally, we remain confident in delivering on our adjusted OIBDA, CapEx and free cash flow targets for 2023.

最後，我們仍然有信心實現 2023 年調整後的 OIBDA、資本支出和自由現金流目標。

With that, operator, please open it up for questions.

有了這個，接線員，請打開它提問。

(Operator Instructions) Our first question today comes from Jeffrey Wlodarczak from Pivotal Research Group.

（操作員說明）我們今天的第一個問題來自 Pivotal Research Group 的 Jeffrey Wlodarczak。

I had a couple on Puerto Rico. I was wondering how the TSA migration process is going initially. Is there a disruption for customers from that process? And do we assume that most of that $30 million in integration costs this year is related to the fact that you're operating under TSA and then you're building out your own network? And so that's what goes away next year. And then I have a follow-up.

我在波多黎各有一對夫婦。我想知道 TSA 遷移過程最初是如何進行的。該流程是否會對客戶造成乾擾？我們是否假設今年 3000 萬美元的整合成本中的大部分與您在 TSA 下運營然後構建自己的網絡這一事實有關？所以這就是明年消失的東西。然後我有一個後續行動。

Jeff, thanks for the question, and I'll ask Naji to jump in here in a second as well. The TSA migration is -- has started, and we started it on the prepaid side of our business, and it's going pretty well. There are disruptions to customers, however, in both the prepaid and postpaid because there are some handsets that just won't operate on our new network and some of the really older handsets with older operating systems.

傑夫，謝謝你提出這個問題，我也請納吉馬上插話。 TSA 遷移已經開始，我們在業務的預付費方面開始了它，而且進展順利。然而，預付費和後付費用戶都會受到干擾，因為有些手機無法在我們的新網絡上運行，而一些真正較舊的手機使用的是較舊的操作系統。

So we are doing 1 or 2 things. We are having customers come into our stores and we update the software for them or we are offering also opportunities for them to change out handsets. So that's really one of the big frictions in the migration.

所以我們正在做 1 或 2 件事。我們讓顧客來到我們的商店，我們為他們更新軟件，或者我們也為他們提供更換手機的機會。所以這確實是遷移過程中的一大摩擦。

But the systems, we [find] it up. The network is functioning. So the network is the same for prepaid and postpaid, so the network or -- it's already up and running. And the work is progressing really well.

但是系統，我們[找到]了。網絡正在運行。所以網絡對於預付費和後付費是相同的，所以網絡或者 - 它已經啟動並運行。工作進展非常順利。

On the integration costs, yes, some of the costs do go -- a lot of the costs do go away next year. There's cost that we paid to AT&T as well as cost as we start paying for our licenses already on our new stack. And those are the overlaps this year that can anticipate next year, part of it as.

關於整合成本，是的，一些成本確實會消失——明年很多成本都會消失。我們支付給 AT&T 的成本以及我們開始為新堆棧上已經存在的許可證支付的成本。這些是今年可以預期明年的重疊，其中一部分是。

And Naji, do you want to add anything to that?

納吉，你想補充什麼嗎？

Yes. I would just add that in terms of our customer migration, for the most of them, the majority will be completely seamless. And for the very few that you had mentioned will require some sort of intervention. But those -- that is a very low percentage. And the plan is to start already some prepaid and postpaid will start shortly, probably in H2.

是的。我只想補充一點，就我們的客戶遷移而言，對於他們中的大多數人來說，大多數將是完全無縫的。對於您提到的極少數情況，需要某種干預。但是那些 - 這是一個非常低的百分比。並且計劃已經開始一些預付費和後付費將很快開始，可能在下半年。

Got it. And then I guess, this is for any of your market -- sure. Are there any signs of FWA emerging in Puerto Rico or any of your other markets? And then as a wireless operator, is FWA potentially interesting for you as sort of a sell-in for your footprint or maybe like a fixed mobile offering?

知道了。然後我想，這適用於您的任何市場 - 當然。波多黎各或您的任何其他市場是否有 FWA 出現的跡象？然後，作為無線運營商，FWA 是否有可能讓您感興趣，因為它可以作為您足蹟的一種銷售方式，或者類似於固定移動產品？

FWA hasn't really taken off in our markets for a number of reasons. One, the -- most of our networks everywhere on the fixed side is very strong, not only our network, but our competitor's networks as well. So in almost every market, we are the fiber player or HSC player, a combination of both, and our competitor has somewhat something similar. So FWA would struggle.

由於多種原因，FWA 並沒有真正在我們的市場上流行起來。第一，我們的大多數固定網絡都非常強大，不僅是我們的網絡，還有我們競爭對手的網絡。因此，幾乎在每個市場中，我們都是光纖播放器或 HSC 播放器，兩者的結合，而我們的競爭對手也有類似的東西。所以 FWA 會掙扎。

And almost everywhere, unlike the United States, Mainland, we have ubiquitous coverage. So there's no real pockets for somebody to go exploit FWA. Now we've considered FWA in a few cases. But remember, it is very -- it is a huge spectrum hog. And right now, our focus on our spectrum is really on our mobility services.

而且幾乎無處不在，不像美國大陸，我們的覆蓋範圍無處不在。所以沒有人真正有錢去利用 FWA。現在我們已經在一些情況下考慮了 FWA。但請記住，它非常——它是一個巨大的頻譜消耗者。而現在，我們對頻譜的關注實際上是在我們的移動服務上。

But there will be some niche cases on it, and it would work for us because we have scale in there. And so it's just a fill-in. But if your business was just a stand-alone FWA business, it's going to be pretty hard.

但是會有一些小眾案例，它對我們有用，因為我們在那裡有規模。所以這只是一個補充。但是，如果您的業務只是一個獨立的 FWA 業務，那將非常困難。

The next question comes from Cesar Medina from Morgan Stanley.

下一個問題來自摩根士丹利的 Cesar Medina。

I had 2 questions. The first one is you had a very positive surprise on the margins for Costa Rica, certainly way ahead of our expectations. How sustainable these new level of margins is?

我有兩個問題。第一個是您對哥斯達黎加的利潤率感到非常驚喜，肯定超出了我們的預期。這些新的利潤水平有多可持續？

And then second, to the extent that you can provide the high-level color, any comments on your joint venture in Chile and the overall state of competition? How is competition in Chile evolving after the joint venture?

其次，在能夠提供高級色彩的情況下，對你們在智利的合資企業和整體競爭狀況有何評價？合資後智利的競爭如何演變？

Sure. Let me answer the Chile question. I'll get to the Costa Rica after that, and I'll ask my colleague Guillermo to also jump in here on the Costa Rica question.

當然。讓我回答智利的問題。之後我會去哥斯達黎加，我會請我的同事吉列爾莫也來談談哥斯達黎加的問題。

On Chile, we have actually a very strong and good partner there in Chile, and we've learned a lot from them. I think they've learned some from us as well. And if I look at Chile, there's a lot of good news that started there. We won the 5G spectrum. We were able to transfer our 3.5 gig. That was a big deal for us. A lot of really good opportunities in mobile.

在智利，我們實際上在智利有一個非常強大和好的合作夥伴，我們從他們那裡學到了很多東西。我認為他們也從我們這裡學到了一些東西。如果我看看智利，就會發現很多好消息都是從那裡開始的。我們贏得了 5G 頻譜。我們能夠轉移我們的 3.5 演出。這對我們來說意義重大。移動領域有很多非常好的機會。

We see the upside in Chile on mobile pricing. Our penetration is pretty low -- so -- in the teens, so we should grow that. We think there will be stability in the fixed business as well as fixed ARPU. And so we feel good, but there's still structural problems in Chile. Make no mistake.

我們看到智利在移動定價方面的優勢。我們的滲透率很低——所以——在十幾歲的時候，所以我們應該增加它。我們認為固定業務和固定 ARPU 將保持穩定。所以我們感覺很好，但智利仍然存在結構性問題。不犯錯誤。

The rationale for us to do that transaction is even stronger than ever. And the synergies are already starting to come in. Our local management team has done a really good job.

我們進行該交易的理由比以往任何時候都更有力。協同效應已經開始顯現。我們當地的管理團隊做得非常好。

So all-in-all, Chile, I think the jury is still out, but -- and the synergies, once they start kicking fully and is leveraging some of the other opportunities, I think it's going to turn out to be a good story.

所以總而言之，智利，我認為陪審團還沒有定論，但是 - 以及協同作用，一旦他們開始全力以赴並利用其他一些機會，我認為這將成為一個好故事.

To Costa Rica, one thing on Costa Rica is some of the margin expansion is also driven by synergies, which, as I indicated on my comments earlier, that comes to an end this year, so we won't have that repeat again next year. And I'll ask my colleague, Guillermo to give any other color he wants to. Guillermo?

對哥斯達黎加而言，哥斯達黎加的一件事是，利潤率的部分擴張也是由協同效應推動的，正如我之前在評論中指出的那樣，協同效應將在今年結束，因此我們明年不會再重複這種情況.我會請我的同事 Guillermo 提供他想要的任何其他顏色。吉列爾莫？

Yes. Thank you, Balan, and thank you, Cesar. As you pointed out, we're still being benefited from synergies, and we will continue to do so throughout the year. Also exchange rate is helping in the comparison with last year. But the third element is that we continue to grow.

是的。謝謝你，Balan，謝謝你，Cesar。正如您所指出的，我們仍然受益於協同效應，我們將在全年繼續這樣做。與去年相比，匯率也有幫助。但第三個要素是我們繼續成長。

And as you pointed out in the beginning of the presentation, we just launched (inaudible) FMC proposition, and we're very bullish about it. And the growth prospects, both in fixed and mobile, continue to push the growth in the market in which we have demonstrated to have leadership both in fixed and mobile. So we're optimistic about it.

正如您在演講開頭指出的那樣，我們剛剛推出（聽不清）FMC 提議，我們對此非常看好。固定和移動領域的增長前景繼續推動市場的增長，我們已經證明在固定和移動領域都處於領先地位。所以我們對此持樂觀態度。

Thanks, Guillermo.

謝謝，吉列爾莫。

I'll add, Cesar, I mean I think the margin was quite good in the quarter. And certainly, our expectation would be to continue to improve on that as we go out.

我要補充一點，Cesar，我的意思是我認為本季度的利潤率相當不錯。當然，我們的期望是在我們走出去時繼續改進這一點。

The next question comes from Soomit Datta from New Street Research.

下一個問題來自 New Street Research 的 Soomit Datta。

Yes, a couple of questions, if that's okay, please. First of all, on pricing, I think, you talked about lifting prices in Costa Rica in Q1, if I heard that correctly, and there's talk of strategic price lifts elsewhere. I'm not sure if that includes Puerto Rico.

是的，有幾個問題，如果可以的話，請。首先，關於定價，我想，如果我沒聽錯的話，你在第一季度談到了哥斯達黎加的提價，還有其他地方的戰略提價。我不確定這是否包括波多黎各。

But I guess, just stepping back a little bit, it feels like maybe you're more willing to entertain price increases than in the past. I just wondered if you kind of concur with that view. And if so, I wonder what has kind of changed in terms of dynamics on the ground, and that's the first question. I do have a quick follow-up, if that's okay.

但我想，稍微退後一步，感覺也許你比過去更願意接受價格上漲。我只是想知道你是否同意這種觀點。如果是這樣，我想知道在實地動態方面發生了什麼變化，這是第一個問題。如果可以的話，我確實有一個快速跟進。

Soomit, sure. I think this year, what we're trying to do is perhaps just exercise our muscles a bit on price increases. We haven't done a price increase in a few years. And we wanted to do some very modest, and they are really very modest price increases to see how the market reacts as well as for us to get our commercial teams all set for -- at some point in the future, we will do more traditional price increases.

Soomit，當然。我認為今年，我們試圖做的可能只是在提價方面稍微鍛煉一下我們的實力。我們已經好幾年沒有漲價了。我們想做一些非常適度的，它們確實是非常適度的提價，以了解市場的反應以及我們讓我們的商業團隊做好準備——在未來的某個時候，我們將做更多的傳統價格上漲。

Now make no mistake, our focus is still on volume. And we grow this business with the [Q] side of it, and we take some piece where we can. So where we focus on piece in Puerto Rico, we've done on the fixed side, the price increase. I kind of indicated we may do something on the postpaid mobile as well.

別搞錯了，我們的重點仍然是數量。我們在 [Q] 方面發展這項業務，我們會盡可能地採取一些措施。因此，在我們專注於波多黎各的作品的地方，我們已經在固定方面完成了價格上漲。我有點表示我們也可以在後付費手機上做一些事情。

And the fixed price increase that we took very modest, it was really actually pretty much unnoticed in the market.

我們採取的固定價格上漲非常適度，實際上在市場上幾乎沒有引起注意。

And in Costa Rica, we will take price increase this quarter. Also very, very minimal in the -- in our Cable & Wireless business as well as in our Panama business, we're looking at prepaid price increases and selectively in certain areas, some fixed price increases as well.

在哥斯達黎加，我們將在本季度提價。在我們的有線和無線業務以及我們的巴拿馬業務中也非常非常小，我們正在考慮預付價格上漲，並在某些地區有選擇地增加一些固定價格。

I think this year, it's really testing the market a little bit, testing ourselves a little bit how we would do it, get our processes and price increases back on track. And -- but I think the market is ready. And our customers, like I said, for 2, 3 years -- 3 years now, we've not taken any price increases. And I think they kind of appreciate a lot of the product improvements as well.

我認為今年，它真的是在測試市場，測試我們自己，我們將如何去做，讓我們的流程和價格上漲回到正軌。而且——但我認為市場已經準備好了。就像我說的，我們的客戶已經有 2 年、3 年了——現在已經 3 年了，我們沒有漲價。而且我認為他們也對很多產品改進表示讚賞。

I mean nobody likes price increases. But certainly, people won't like price increases when they don't get anything for it. But we've increased speeds consistently over the last 3 years. We've given better [CPE] products and then introducing a minor price increase, it's landing pretty well.

我的意思是沒有人喜歡漲價。但可以肯定的是，人們不會喜歡漲價，因為他們什麼也得不到。但在過去 3 年裡，我們一直在提高速度。我們提供了更好的 [CPE] 產品，然後引入了小幅提價，效果很好。

Okay. Great to hear. And I guess, perhaps related to that, just on Puerto Rico on the wireless side. The service revenues on wireless look to have stabilized in the first quarter. I think there's a little bit of sort of funny around the accounting there -- or not funny, but there's a little bit of uncertainty around some of the accounting issues.

好的。很高興聽到。我想，也許與此有關，只是在無線方面的波多黎各。無線服務收入在第一季度看起來已經穩定下來。我認為那裡的會計有些有趣——或者不好笑，但有些會計問題存在一些不確定性。

But in principle, do you think you've been through some of the worst of the pricing pressure on wireless in Puerto Rico? And again, you're talking a bit about price increases there, so it sounds like that might help also.

但從原則上講，您認為您是否經歷過波多黎各最嚴重的無線定價壓力？再一次，你在談論那裡的價格上漲，所以聽起來這也可能有所幫助。

Yes, I think so. I think in Puerto Rico, the price decline, some of it, as you pointed out, is accounting because there's an amortization of the handsets built into the ARPU that you see. I mean it's not the price that our customers see, but in the ARPU that we show in our reporting has some adjustments made for it to account for a portion of the subsidized devices.

是的，我想是這樣。我認為在波多黎各，價格下降，正如你所指出的，其中一些是會計，因為你看到的 ARPU 中內置的手機有攤銷。我的意思是，這不是我們的客戶看到的價格，而是我們在報告中顯示的 ARPU 對其進行了一些調整，以占補貼設備的一部分。

And I tell you that the subsidized devices is what caught us by surprise because we did try to match everybody during the holidays last year, coming into January of this year on subsidies for handsets, both on retention and acquisition, and it was quite successful.

而且我告訴你，補貼設備讓我們感到驚訝，因為我們確實在去年假期期間嘗試匹配每個人，今年 1 月進入手機補貼，包括保留和收購，而且非常成功。

However, having said that, that also meant we were writing a lot of checks for devices and accumulating that into the ARPU as well. And so my colleague there in Puerto Rico, Naji, this quarter -- this last quarter started to throttle back some of the subsidies, and you'll start seeing more stability in the reported ARPU on this.

然而，話雖如此，這也意味著我們要為設備編寫大量檢查並將其也累積到 ARPU 中。所以我在波多黎各納吉的同事，本季度 - 最後一個季度開始減少一些補貼，你會開始看到報告的 ARPU 更加穩定。

And then like I indicated, we are contemplating a price increase on the postpaid side, not too different than what the mainland wireless operators are doing.

然後就像我指出的那樣，我們正在考慮後付費方面的價格上漲，這與大陸無線運營商正在做的事情沒有太大區別。

Our next question comes from Kevin Roe from Roe Equity Research.

我們的下一個問題來自 Roe Equity Research 的 Kevin Roe。

Follow-on -- a few questions on Cable & Wireless Caribbean. Could you update us on the competitive landscape there in postpaid and in residential broadband? And how are you thinking about macroeconomic pressure potentially impacting that business as we go through the next months and quarters?

後續 - 關於 Cable & Wireless Caribbean 的幾個問題。您能否向我們介紹後付費和住宅寬帶領域的競爭格局？在接下來的幾個月和幾個季度中，您如何看待可能影響該業務的宏觀經濟壓力？

Sure. And I'll ask my colleague, Inge, to jump in here as well. We feel really positive about our Caribbean business for a few reasons.

當然。我會請我的同事 Inge 也加入進來。出於幾個原因，我們對我們的加勒比海業務感到非常樂觀。

One, a lot of the economy is coming back. By the way, it's not coming back to where it was pre-COVID. So you see cruise ships coming back, but it's still a fraction of where it was in 2019.

第一，很多經濟正在復蘇。順便說一下，它不會回到 COVID 之前的狀態。所以你看到遊輪迴來了，但它仍然是 2019 年的一小部分。

Hotels are back, but occupancy rates are still in the 60% range as opposed to the 80% range pre-COVID. So there's still upside yet to come as the economy fully recovers.

酒店回來了，但入住率仍處於 60% 的範圍內，而不是 COVID 之前的 80% 範圍。因此，隨著經濟全面復甦，仍有上行空間。

Now Inge and her team, together with a lot of my other colleagues in this business have launched a couple of things. One, we've been really focused since COVID on taking cost out, and you'll see the margins expansion here, one, both on the COGS side.

現在 Inge 和她的團隊，以及我在這個行業的許多其他同事已經推出了幾件事情。第一，自 COVID 以來我們一直非常專注於降低成本，你會在這裡看到利潤率的增長，一個是在 COGS 方面。

As some of you have noticed, COGS has improved. There's some really good work being done by teams, both on the programming side, on the commercial side. That took quite a bit of cost out.

正如你們中的一些人注意到的那樣，COGS 有所改善。在編程方面和商業方面，團隊都在做一些非常好的工作。這花了相當多的成本。

And secondly, our commercial teams have also launched some very innovative FMC products that have moved some of our prepaid customers up to postpaid.

其次，我們的商業團隊還推出了一些非常創新的 FMC 產品，這些產品已將我們的一些預付費客戶升級為後付費客戶。

So I think in many cases, it's a duopoly in a lot of these islands. And our competitor there, Digicel, is quite, I think, motivated like us to create value. And when you have 2 competitors that are looking to create value and providing good service to their customers, I think everybody wins.

所以我認為在很多情況下，很多島嶼都是雙頭壟斷。我認為，我們在那裡的競爭對手 Digicel 和我們一樣積極創造價值。當你有兩個希望創造價值並為他們的客戶提供優質服務的競爭對手時，我認為每個人都會贏。

And that's what we're seeing right now in the post-COVID world. And Inge is my colleague that runs the business, and I'll ask her to jump in here to provide a bit more color, Inge?

這就是我們現在在後 COVID 世界中看到的情況。 Inge 是我經營公司的同事，Inge，我會請她來這裡提供更多顏色？

Thank you, Balan. So on the economy, similar as Balan, we really see islands -- for islands, there might be a few islands which are not yet fully recovering, but there is room to even recover more.

謝謝你，巴蘭。所以在經濟上，類似於巴蘭，我們真的看到了島嶼——對於島嶼，可能有一些島嶼還沒有完全恢復，但還有恢復更多的空間。

And as per Balan, we see the cruise ships coming. We see the tourists coming, and not yet on the level of before COVID, but we are making massive progress.

根據巴蘭，我們看到遊輪來了。我們看到遊客來了，但還沒有達到 COVID 之前的水平，但我們正在取得巨大進展。

So -- and you can see that when you're in the islands and you can really feel that uptake. So I think from a macro point of view, I think it will only go -- it will only improve.

所以 - 當你在島上時，你可以看到，你可以真正感受到這種吸收。所以我認為從宏觀的角度來看，我認為它只會過去 - 它只會改善。

From a competitive point of view, like Balan said, we have a very good competitor in the Caribbean. And our focus is twofold. One, really understanding every dollar we spend, how can we get the best return; and second, really drive every single aspect of our business, whether it is in mobile, whether it's in fixed through FMC or B2B.

從競爭的角度來看，就像巴蘭說的，我們在加勒比地區有一個非常好的競爭對手。我們的重點是雙重的。一、真正了解我們花的每一塊錢，怎樣才能得到最好的回報；其次，真正推動我們業務的每一個方面，無論是移動業務，還是通過 FMC 或 B2B 的固定業務。

We've done quite some work in B2B on the SMB segment. We launched very dedicated propositions, and also our B2B segment in large enterprise is actually also doing really well. So overall, by having the right propositions, with the right cost structure, that's how we believe we are in a very good shape for the coming quarters ahead of us.

我們在 SMB 細分市場的 B2B 方面做了很多工作。我們推出了非常專注的提議，我們在大型企業中的 B2B 部分也做得很好。因此，總的來說，通過擁有正確的主張和正確的成本結構，我們相信我們在接下來的幾個季度中處於非常好的狀態。

Thank you, Inge. That's helpful.

謝謝你，英格。這很有幫助。

Yes, that's super helpful. Just a quick follow-up, if I may. Balan, broadly, looking across your footprint, are there any new regulatory developments or risks we should be monitoring?

是的，這非常有幫助。如果可以的話，只是快速跟進。 Balan，從廣義上講，縱觀您的足跡，是否有任何新的監管發展或我們應該監控的風險？

Well, when it comes to regulatory issues, we are always -- our antennas are up. We have a pretty strong team, led by John Winter, my General Counsel, and -- which we constantly monitor all the different puts and takes.

好吧，當涉及到監管問題時，我們總是——我們的天線是向上的。我們有一個非常強大的團隊，由我的總法律顧問約翰溫特領導，並且 - 我們不斷監控所有不同的投入和投入。

I think the thing that we are probably really focused on right now is 5G spectrum and at what point do the spectrum become available, the method on how these governments want to distribute the spectrum, what the local posture would be. That's probably the big one. Most of the governments that -- in areas that we operate are business-friendly. Of course, they are obviously elected by their voters, and they have to cater to that need as well, but they are mostly very business-friendly.

我認為我們現在真正關注的可能是 5G 頻譜，頻譜何時可用，這些政府希望如何分配頻譜的方法，當地的態勢如何。這可能是最大的。在我們經營的地區，大多數政府都是對商業友好的。當然，他們顯然是由選民選出的，他們也必須滿足這種需求，但他們大多對商業非常友好。

And my leadership team has spent a lot of time with respective politicians in the different areas, and we've built quite a good relationship and honest relationship, I would say where we don't go in asking for anything. And -- but we want to make sure that they know that we're here for the communities, we're here for the country, and we are an engine of economic growth for them.

我的領導團隊花了很多時間與不同地區的政客接觸，我們建立了良好的關係和誠實的關係，我想說的是我們不去要求任何東西。而且——但我們想確保他們知道我們是為了社區，我們是為了國家，我們是他們經濟增長的引擎。

And I think they see it the same way as well. So regulatory-wise, yes, our eyes are always open, but there's nothing in the horizon that would worry me at all.

我認為他們也有同樣的看法。所以在監管方面，是的，我們的眼睛總是睜著的，但地平線上沒有什麼會讓我擔心的。

Our final question today comes from Matthew Harrigan from Benchmark.

我們今天的最後一個問題來自 Benchmark 的 Matthew Harrigan。

Balan, I was curious if you could comment what you see structurally in the Latin video market. Certainly, I think you've toyed in the past, what's happened to your in-house streaming product that was (inaudible) any CPE cost. I mean certainly, that could be attractive in certain markets and certainly for a middle-income demographic.

巴蘭，我很好奇你能否評論一下你在拉丁視頻市場上看到的結構。當然，我認為你過去曾玩過，你的內部流媒體產品發生了什麼（聽不清）任何 CPE 成本。我的意思是，當然，這在某些市場中可能具有吸引力，當然對於中等收入人群來說也是如此。

And it also feels like Vix, I mean, Televisa Univision, is mostly focused on Hispanic, U.S. and Mexico. Right now, it feels like Netflix is maybe lagging or stalling out a little bit right now.

它也感覺像 Vix，我的意思是，Televisa Univision，主要集中在西班牙裔、美國和墨西哥。現在，感覺 Netflix 可能有點落後或停滯不前。

I'd just be curious -- or we just be curious in terms of what you're seeing in terms of the consumer preferences and how it was working for you, other than really fostering demand for broadband and higher-speed broadband.

我只是好奇——或者我們只是好奇你在消費者偏好方面看到了什麼，以及它是如何為你工作的，而不是真正促進對寬帶和更高速寬帶的需求。

Matt, I think you're breaking up a little bit, so I'm going to answer the question that I heard, but you tell me if that's the question that you asked.

馬特，我想你有點分手了，所以我要回答我聽到的問題，但你告訴我這是否是你問的問題。

And on the video side, I think there's 2 parts to the video. And one, we have defensive place where we are the video provider, and that's really Puerto Rico and Costa Rica, where we are the cable company. And it has been defensive for a while until recently where we've kind of found a few opportunities just because some of our competitors are retreating from the video business and not investing in that.

在視頻方面，我認為視頻分為兩部分。第一，我們作為視頻提供商擁有防禦性的位置，這實際上是波多黎各和哥斯達黎加，我們是有線電視公司。它一直處於防御狀態，直到最近我們才找到了一些機會，只是因為我們的一些競爭對手正在退出視頻業務，而不是投資於此。

So we've seen some stability, unlike the United States, where you see like massive drops in video subscriber base. So you see a more stable video business for us.

所以我們看到了一些穩定性，不像美國，你會看到視頻用戶群大幅下降。所以你看到我們的視頻業務更穩定。

When it comes to investment in video, we've made 2 investments. One, our IPTV set-top box called Hub TV, which we are now deploying everywhere. And associated with Hub TV, because it's an IP box, we actually do stream content to that device, which means we can also stream content to any other devices as well.

在視頻投資方面，我們進行了兩項投資。第一，我們的 IPTV 機頂盒稱為 Hub TV，我們現在到處都在部署它。與 Hub TV 相關聯，因為它是一個 IP 盒，我們實際上將內容流式傳輸到該設備，這意味著我們也可以將內容流式傳輸到任何其他設備。

But I must tell you, Matthew, this is not a growth product for us. My management team and I are managing the video business as a business to conserve cash, generate new cash and -- but holding it steady.

但我必須告訴你，馬修，這對我們來說不是成長產品。我和我的管理團隊正在將視頻業務作為一項業務進行管理，以節省現金、產生新現金以及——但要保持穩定。

Our focus on growth remains in postpaid, in fixed broadband and in our B2B business. That's where we focus on growth. Video is a steady-state product. And I suspect the Hub TV investment would be our last big investment in video. And so we're going to hold that steady and then focus on the products that our consumers are really demanding right now.

我們對增長的關注仍然是後付費、固定寬帶和我們的 B2B 業務。這就是我們關注增長的地方。視頻是穩態產品。我懷疑 Hub TV 投資將是我們在視頻領域的最後一筆大投資。因此，我們將保持穩定，然後專注於我們的消費者現在真正需要的產品。

And then very quickly, is the exploration of monetizing subsea network pretty much completely off table or somewhat off the table in this macro environment?

然後很快，在這種宏觀環境下，對海底網絡貨幣化的探索是完全不在考慮範圍內還是在某種程度上不在考慮範圍之內？

Well, as I mentioned in the last quarter call, we've appointed Ray Collins now to be the General Manager of that business. And Ray, given his background in M&A. And he, by the way, also retains the portfolio of my lead BizDev executive, we're always -- our eyes and ears are always open on that business.

好吧，正如我在上個季度的電話會議中提到的，我們現在已經任命 Ray Collins 為該業務的總經理。還有雷，鑑於他在併購方面的背景。順便說一句，他還保留了我的首席 BizDev 執行官的投資組合，我們一直——我們的眼睛和耳朵總是對這項業務保持開放。

The process that we started last year ended without any conclusion because of where the credit markets ended up. And now this is a very high cash-generative business. So when people look at this business, you look at an EBITDA multiple, it's the wrong way to look at that business. It's really a multiple of free cash flow.

由於信貸市場最終走向何方，我們去年開始的進程沒有得出任何結論。現在這是一個非常高的現金生成業務。所以當人們看這個業務時，你看的是 EBITDA 倍數，這是看待該業務的錯誤方式。這實際上是自由現金流的倍數。

And when you look at that from a yield standpoint, on a free cash flow, it generates -- I mean you translate that into EBITDA, the EBITDA multiples are actually quite high for this business.

當你從收益率的角度來看，在自由現金流方面，它會產生——我的意思是你將其轉化為 EBITDA，EBITDA 倍數對於這項業務來說實際上是相當高的。

If I had to make any sense for us to want to do any transaction here and given where credit markets are, I suspect everybody is going to have different expectations of multiples.

如果我必須讓我們想在這裡進行任何交易並且考慮到信貸市場所在的位置，我懷疑每個人都會對倍數有不同的期望。

But Ray remains open eyes and open ears on this. And if an opportunity comes by that makes sense for us, we'll do it. This management team, we never -- we really ever get our math wrong. So -- and when we see an opportunity that works for us, we'll take it. If not, this is a great free cash flow business for us, and we actually love the business.

但 Ray 對此保持睜大的眼睛和耳朵。如果對我們來說有意義的機會來了，我們就會去做。這個管理團隊，我們從來沒有——我們真的搞錯了我們的數學。所以 - 當我們看到適合我們的機會時，我們會抓住它。如果不是，這對我們來說是一個很好的自由現金流業務，我們真的很喜歡這個業務。

And I must say, we are looking at ways to invest in it further. And you should hear from myself over the next few quarters and expanding new routes and opening new markets for us to get into.

我必須說，我們正在尋找進一步投資的方法。在接下來的幾個季度裡，你應該會聽到我自己的消息，以及擴展新航線和開闢新市場供我們進入。

That does conclude today's question-and-answer session. I'd like to hand back over to Balan Nair for any additional or closing remarks.

今天的問答環節到此結束。我想將任何補充或結束語交還給 Balan Nair。

Thank you, operator, and thanks, everybody, for taking the time on this call. I must say I feel really good about our first quarter. And first quarter usually sets the trend for the rest of the year, and this is coming in to our expectations.

謝謝接線員，也謝謝大家抽出時間來接聽這個電話。我必須說我對我們的第一季度感覺非常好。第一季度通常會設定今年剩餘時間的趨勢，這符合我們的預期。

If you had a chance to look at my internal budgets, you will be equally pleased as I am with our first quarter performance.

如果您有機會查看我的內部預算，您會和我一樣對我們第一季度的業績感到滿意。

So I thank you all for your support, and we've got lots of work to do here in LLA, and we will continue to work really hard for you.

所以我感謝大家的支持，我們在 LLA 有很多工作要做，我們將繼續為你們努力工作。

Thank you. Ladies and gentlemen, this concludes Liberty Latin America's first quarter 2023 investor call. As a reminder, a replay of the call will be available in the Investor Relations section of Liberty Latin America's website at www.lla.com. There, you can also find a copy of today's presentation materials. You may now disconnect your lines.

謝謝。女士們，先生們，Liberty Latin America 2023 年第一季度的投資者電話會議到此結束。提醒一下，Liberty Latin America 網站 www.lla.com 的投資者關係部分將提供電話重播。在那裡，您還可以找到一份今天的演示材料。您現在可以斷開線路。