Liberty Latin America Ltd (LILA) 2023 Q3 法說會逐字稿

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 Matt Read, Treasurer of Liberty Latin America.

早安，女士們先生們，感謝你們的支持。今天的通話正在錄音。我現在將把電話轉給自由拉丁美洲組織的財務主管馬特·里德。

Good morning, and welcome to Liberty Latin America's Third 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.

早安，歡迎參加 Liberty Latin America 2023 年第三季投資者電話會議。 （操作員說明）。今天的正式簡報資料可以在 Liberty Latin America 網站 www.lla.com 的投資者部分找到。

Following today's formal presentation, instructions will be given for a question-and-answer session. As a reminder, this call is being recorded and will be available under the Investors section of our website.

在今天的正式演講之後，將進行問答環節。謹此提醒，本次電話會議正在錄音，並將在我們網站的投資者部分提供。

Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlook, our recently announced pending transactions and future growth prospects and other information and statements that are not historical fact.

今天的言論可能包含前瞻性陳述，包括公司對其前景的預期、我們最近宣布的未決交易和未來成長前景以及其他非歷史事實的資訊和陳述。

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.

實際結果可能與這些陳述明示或暗示的結果有重大差異。欲了解更多信息，請參閱 Liberty Latin America 最近向 SEC 提交的 10-K 表年度報告和最近向 SEC 提交的 10-Q 表季度報告以及相關新聞稿中討論的風險因素。

Liberty Latin America disclaims any obligation to update any forward-looking statements or information to reflect any change in its expectations or in the conditions on which any such statement or information is based.

自由拉丁美洲不承擔更新任何前瞻性陳述或資訊以反映其期望或任何此類陳述或資訊所依據的條件的任何變更的義務。

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 the Investors section of our website. I would now like to turn the call over to our CEO, Mr. Balan Nair.

此外，在這次電話會議上，我們將參考某些非公認會計原則財務指標，這些指標與最具可比性的公認會計原則財務指標一致，這些指標可以在本簡報的附錄中找到，可以在我們網站的投資者部分訪問。我現在想將電話轉給我們的執行長巴蘭·奈爾先生。

Thank you, Matt, and welcome, everyone, to Liberty Latin America's Third 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.

謝謝馬特，歡迎大家參加 Liberty Latin America 第三季業績發表會。我將首先介紹我們的集團亮點以及按報告部門劃分的營運績效概述。隨後，我們的財務長 Chris Noyes 將審查公司的財務表現。之後，我們將直接回答您的問題。

As always, I am 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. As a point of housekeeping, we will both be working from slides, which you can find on our website at www.lla.com.

像往常一樣，來自整個地區的管理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。作為內務管理的一點，我們都將透過投影片進行工作，您可以在我們的網站 www.lla.com 上找到投影片。

Starting on Slide 4, and our highlights for the third quarter. We had another strong operating quarter with 44,000 additions across Internet and postpaid mobile subscribers. Over the past year, we have added close to 225,000 subscribers across these 2 products, which shows the strength of our commercial office. We are also continuing to invest in our networks with over 100,000 homes passed, all upgraded in the quarter and 285,000 year-to-date, driven by activity in Cable & Wireless Caribbean and Panama.

從幻燈片 4 開始，我們將介紹第三季的亮點。我們的營運季度又表現強勁，網路和後付費行動用戶增加了 44,000 名。在過去的一年裡，我們在這兩種產品上增加了近 225,000 名訂閱者，這顯示了我們商業辦公室的實力。我們也繼續投資於我們的網絡，在加勒比海大東電報局和巴拿馬的活動推動下，本季度已有超過 100,000 個家庭完成了全部升級，今年迄今已有 285,000 個家庭完成了升級。

We reported adjusted OIBDA of $428 million in the quarter, representing a 10% year-over-year increase. This is our best rebased growth performance in 2 years driven by double-digit growth in all of our segments apart from Puerto Rico, which we will cover in later slides. I want to emphasize that this significant growth primarily reflects structural efficiency improvements across our operations and not one-offs. We continue to allocate capital for our buyback program with $112 million between stock and convertible repurchases in the quarter.

我們報告本季調整後的 OIBDA 為 4.28 億美元，年增 10%。這是我們兩年來最好的重新調整成長業績，由除波多黎各以外的所有細分市場兩位數成長推動，我們將在後面的幻燈片中介紹。我想強調的是，這一顯著成長主要反映了我們整個營運結構效率的提高，而不是一次性的。我們繼續為回購計畫分配資本，本季在股票和可轉換債券回購之間分配了 1.12 億美元的資金。

Through the end of Q3, we have bought back $111 million of our stock -- $111 million of our stock and reduced the outstanding amount of our convertible bond due next year by 45% to $220 million. Finally, we are making progress with our key business integrations. In Panama, we are already seeing the benefits of synergies, driving the Q3 adjusted OIBDA growth rate of 25%. And in Puerto Rico, over 225,000 customers have now been migrated to our platform. We anticipate the process will now run into next year.

截至第三季末，我們已經回購了 1.11 億美元的股票，即 1.11 億美元的股票，並將明年到期的可轉換債券的未償金額減少了 45%，達到 2.2 億美元。最後，我們在關鍵業務整合方面取得了進展。在巴拿馬，我們已經看到了協同效應的好處，推動第三季調整後的 OIBDA 成長率達到 25%。在波多黎各，現在有超過 225,000 名客戶遷移到我們的平台。我們預計該過程將持續到明年。

However, completing a multiyear project of this scale within a few months of our initial target is still a very good outcome. I'm also excited to highlight the 2 accretive transactions we announced this week. Firstly, the acquisition of spectrum and subscribers in Puerto Rico and the U.S. Virgin Islands and secondly, the sale of mobile tower infrastructure across a number of our markets. I'll cover both deals at the end of my section.

然而，在我們最初目標的幾個月內完成如此規模的多年專案仍然是一個非常好的結果。我還很高興強調我們本周宣布的兩筆增值交易。首先，收購波多黎各和美屬維京群島的頻譜和用戶，其次，在我們的多個市場上銷售行動塔基礎設施。我將在本節的末尾介紹這兩筆交易。

Turning to Slide 5. I'll begin our operating review with C&W Caribbean. The recovery in tourism we initially noticed in the first half of the year continued in Q3, despite it being the low season, full-stream performance in the segment. Starting on the left of the slide with our subscriber adds, we delivered another positive quarter with 20,000 ads across Internet and mobile postpaid with more than 50% coming from Jamaica. Our FMC strategy continues to drive performance in these 2 product lines growing volume and improving our churn levels.

轉向幻燈片 5。我將開始與 C&W 加勒比海公司進行營運審查。我們最初注意到的上半年旅遊業的復甦在第三季度得到了延續，儘管當時正值淡季，但該領域的全流表現。從幻燈片左側的訂閱者新增開始，我們在網路和行動後付費上投放了 20,000 個廣告，其中超過 50% 來自牙買加，這又是一個積極的季度。我們的 FMC 策略持續推動這兩條產品線的業績成長，並提高我們的客戶流失率。

Moving to the center of the slide and our revenue by product. The pie chart depicts the well-diversified nature of C&W Caribbean's revenue with B2B and consumer fixed the largest elements followed by consumer mobile. Year-over-year rebased growth of 1% was driven by internet and mobile postpaid subscriber growth where we have achieved over 100,000 net adds in the last 12 months. Adjusting for the discontinuation of the transit business that we announced earlier this year, this rebased growth rate would have been nearly 300 basis points higher.

前往幻燈片的中心以及我們按產品劃分的收入。此圓餅圖描繪了 C&W 加勒比海收入的多元化性質，其中 B2B 和消費者固定收入佔最大元素，其次是消費者行動收入。 1% 的年比重新基準成長是由網路和行動後付費用戶成長所推動的，在過去 12 個月內，我們實現了超過 10 萬名淨增用戶。考慮到我們今年稍早宣布的中止公車業務，調整後的成長率將高出近 300 個基點。

Moving to Slide 6 in our C&W Panama segment. Starting on the left of the slide. Fixed momentum continued with almost 60,000 RGU net adds in the last 12 months across our service bundles. We have a strong network with 93% of our homes passed either via FTTH or HFC and we are targeting 100% through the removal of all residual copper next year. In mobile, we reported our first quarter of postpaid losses in over 3 years. This was driven by conscious decision to reduce our push into lower-value segments of the market where you can see the increased reported ARPU in Q3 as well as some impact from integration activities.

前往 C&W 巴拿馬部分的幻燈片 6。從幻燈片左側開始。在過去 12 個月裡，我們的服務包淨增加了近 60,000 個 RGU，固定動能仍在繼續。我們擁有強大的網絡，93% 的家庭透過 FTTH 或 HFC 連接，我們的目標是明年清除所有殘留銅，達到 100%。在行動領域，我們報告了三年多來第一季的後付費虧損。這是由於我們有意識地決定減少對低價值市場領域的投入，您可以看到第三季報告的 ARPU 的增加以及整合活動的一些影響。

Moving to the center of the slide and our revenue stream, which together drove 10% growth in the quarter. In Panama, our largest product by revenue of mobile and B2B. -- fix is the smallest product area, but 1 of the fastest growing. Positive trends from the first half of the year continued with both fixed and B2B recording strong revenue growth of 7% and 26% year-over-year, respectively.

轉到幻燈片的中心和我們的收入流，它們共同推動了本季 10% 的成長。在巴拿馬，我們收入最大的產品是行動和 B2B。 --fix 是最小的產品領域，但卻是成長最快的產品領域之一。上半年的正面趨勢持續延續，固定業務和 B2B 營收較去年同期分別強勁成長 7% 和 26%。

Growth in fixed revenue was supported by higher volume from our successful commercial strategy, focused on increasing penetration in our growing fiber-to-the-home network and across triple play plans. In mobile, we saw reduced churn in both prepaid and postpaid.

固定收入的成長得益於我們成功的商業策略帶來的更高銷量，重點是提高我們不斷增長的光纖到戶網路和三重播放計劃的滲透率。在行動領域，我們發現預付費和後付費的客戶流失率均有所下降。

Finally, to our integration update in the lower right of the slide. We have made significant progress with the integration of Claro Panama's operation. Our network consolidation is close to complete with 99% of overlapping sites now. This is in addition to the commercial progress, including optimization of sales channels, people, advertising and sponsorships. These actions have driven significant synergies supporting our financial growth despite integration costs peaking in the quarter.

最後，我們在幻燈片右下角進行了整合更新。我們在 Claro 巴拿馬業務整合方面取得了重大進展。我們的網路整合已接近完成，目前已有 99% 的重疊站點。這還不包括商業進展，包括銷售管道、人員、廣告和贊助的優化。儘管整合成本在本季度達到頂峰，但這些行動已產生顯著的協同效應，支持我們的財務成長。

Next to Slide 7 and Liberty Puerto Rico. Starting on the left of the slide, we delivered another very robust quarter in net additions. Continuous investments in our network and commercial activities have supported a 6% subscriber growth over the past year.

毗鄰 Slide 7 和 Liberty Puerto Rico。從幻燈片左側開始，我們的季度淨增量又非常強勁。我們對網路和商業活動的持續投資支持了過去一年 6% 的用戶成長。

Turning to mobile. We maintained a relatively stable postpaid base with 7,000 net losses across a total of 900,000 subscribers. We anticipate being able to grow share from our #2 position in the market once migration activities have been completed. Our announced acquisition of Spectrum will further support these growth plans.

轉向移動。我們維持了相對穩定的後付費基礎，總共 90 萬名用戶淨虧損 7,000 名。我們預計，一旦遷移活動完成，我們的市場份額將能夠從第二名的地位擴大。我們宣布收購 Spectrum 將進一步支持這些成長計畫。

Moving to the center of the slide and our highlights for the segment. We recorded 11% year-over-year fixed revenue growth in the quarter driven by gains across all fixed services. In mobile, we continued with our subsidy optimization strategy, targeting investments toward high-value customers in connection with the new iPhone 15 launch having previously reduced subsidy levels in the first half of the year. Our sales volume were more than 50% higher than the iPhone 14 launch in the previous year.

前往幻燈片的中心以及我們對該部分的亮點。在所有固定服務收益的推動下，本季我們的固定收入年增 11%。在行動領域，我們持續實施補貼優化策略，針對與新 iPhone 15 發布相關的高價值客戶進行投資，此前我們在上半年降低了補貼水準。我們的銷量比去年 iPhone 14 發佈時高出了 50% 以上。

Finally, to our integration update. We have been progressing with our migration activities and have now moved approximately 225,000 customers to our new IT platform, which is fully operational and being used to sell prepaid and postpaid products to our customers. The migration itself has slowed down due to many factors, such as data quality, software incompatibility in a number of Android devices, iPhone 15 launch complexity and sudden software issues in our IT stack. These have been solved or we have a solution that will be delivered in the near term.

最後，我們的整合更新。我們的遷移活動一直在取得進展，現已將約 225,000 名客戶轉移到我們的新 IT 平台，該平台已全面投入運行，並用於向我們的客戶銷售預付費和後付費產品。由於許多因素，例如資料品質、許多 Android 裝置中的軟體不相容、iPhone 15 發布的複雜性以及 IT 堆疊中突然出現的軟體問題，遷移本身已經放緩。這些問題已經解決，或者我們有一個將在短期內交付的解決方案。

We continue to monitor and manage these technologies as we scale the platform. However, there will be an impact to our costs under the TSA, third-party contractors and doubling of software licenses costs. In addition, we have invested in more equipment replacement, additional hiring to handle migrations and additional staff in our call centers. These decisions result in onetime spend to ensure the best possible customer experience and to minimize churn from migration. We now anticipate integration activities will conclude by April 2024. As I mentioned earlier, we do not regard this as a material shift in the context of such a large and important project.

隨著平台規模的擴大，我們將繼續監控和管理這些技術。然而，我們的 TSA 成本、第三方承包商以及軟體授權成本加倍都會受到影響。此外，我們還投資了更多設備更換、額外招募人員來處理遷移以及呼叫中心的更多員工。這些決策導致一次性支出，以確保盡可能最佳的客戶體驗並最大限度地減少遷移造成的流失。我們現在預計整合活動將於 2024 年 4 月結束。正如我之前提到的，對於如此龐大而重要的項目，我們並不認為這是一個重大轉變。

Turning to Slide 8 and Liberty Costa Rica. Starting on the left of the slide. We returned to Internet subscriber growth in Q3, showing encouraging stabilization in our most competitive fixed market. In mobile, we reported our strongest quarter of the year. In terms of net adds with postpaid subscribers increasing by 27,000. FMC has been steadily growing and we are now above 20% penetration in our fixed base.

轉向幻燈片 8 和 Liberty Costa Rica。從幻燈片左側開始。我們在第三季恢復了網路用戶的成長，這在我們最具競爭力的固定市場中表現出令人鼓舞的穩定。在行動領域，我們報告了今年最強勁的季度。後付費用戶淨增數量增加 27,000 名。 FMC 一直在穩定成長，目前固定客戶群的滲透率已超過 20%。

Moving to the center of the slide. Consumer Mobile remains our largest product with close to 60% share of revenue. This is followed by our consumer fixed business, representing just over 30% and then a small but fast-growing B2B operations. Finally, our integration activities are now substantially complete with some smaller TSA supported activities anticipated to be migrated early next year.

移動到幻燈片的中心。消費者行動仍然是我們最大的產品，佔收入份額接近 60%。其次是我們的消費者固定業務，僅佔 30% 以上，然後是規模雖小但成長迅速的 B2B 業務。最後，我們的整合活動現已基本完成，一些較小的 TSA 支援的活動預計將於明年初遷移。

Moving to Slide 9 and our Liberty Networks segment. Running through the revenue performance in the middle of the slide. Wholesale accounting for 70% of the segment's revenue, delivered 8% rebased growth in Q3, driven by a significant customer we recognize on a cash basis and higher affiliate capacity usage. Typically, the wholesale operations deliver steady low single-digit top line growth, mostly USD-denominated revenue and has lower CapEx requirements, which underpins high cash flow conversion.

前往投影片 9 和我們的 Liberty Networks 部分。在幻燈片中間瀏覽收入表現。批發業務佔該部門收入的 70%，在我們以現金為基礎認識的重要客戶和更高的聯營公司產能利用率的推動下，第三季度實現了 8% 的成長。通常情況下，批發業務會帶來穩定的低個位數收入成長，主要以美元計價的收入，並且資本支出要求較低，這支撐了高現金流轉換。

Our unique multi-ring infrastructure, as shown on the left of the slide, remains a differentiating factor in relation to the other networks in the region and, importantly, brings reliability. Enterprise representing the remaining 30% of revenue posted a 14% increase, driven by higher demand for our connectivity solutions and IT as a service product. This is a high-growth area for the group with significant opportunities across our markets, particularly in Latin America, where we have a low market share, and there's low penetration of services generally.

我們獨特的多環基礎設施（如幻燈片左側所示）仍然是與該地區其他網路相關的差異化因素，更重要的是，它帶來了可靠性。由於對我們的連接解決方案和 IT 即服務產品的需求增加，企業佔收入的其餘 30% 增長了 14%。對於該集團來說，這是一個高成長領域，在我們的市場中擁有巨大的機會，特別是在拉丁美洲，我們的市場份額較低，而且服務滲透率普遍較低。

Moving to the right of the slide and some highlights for the segment. Following our successful branding to Liberty networks in Q2, we were recently awarded the best marketing team accolade at the Global Carrier Awards. We also continue to deploy innovative solutions to support the resiliency and redundancy of our network. For example, we successfully deployed Taara, a Google Moonshot technology.

移至幻燈片右側以及該片段的一些亮點。繼第二季在 Liberty 網路上成功打造品牌之後，我們最近榮獲全球營運商獎最佳行銷團隊獎。我們也持續部署創新解決方案來支援我們網路的彈性和冗餘。例如，我們成功部署了 Google Moonshot 技術 Taara。

Finally, to Slide 10 and a summary of the transactions we have announced in the past weeks. Firstly, the acquisition of Spectrum and subscribers from DISH. Our commitment to Puerto Rico and the U.S. Virgin Islands is further reflected in this deal to acquire a combination of 100 megahertz of Spectrum and approximately 120,000 Boost subscribers.

最後，幻燈片 10 以及我們過去幾週宣布的交易摘要。首先，收購了 DISH 的 Spectrum 和訂戶。我們對波多黎各和美屬維京群島的承諾進一步體現在此次收購 100 兆赫 Spectrum 和約 12 萬名 Boost 用戶的交易中。

Upon completion, this transaction will provide us with valuable spectrum that will allow us to add more capacity, increase speeds and further strengthen our leading 5G mobile network as well as increase our scale in the prepaid market. Important to note that the purchase consideration will be spread across 4 annual payments from the date of closing, which we expect to take place next year. We expect funding for these payments to come from local sources.

完成後，這項交易將為我們提供寶貴的頻譜，使我們能夠增加更多容量、提高速度並進一步加強我們領先的5G行動網絡，並擴大我們在預付費市場的規模。值得注意的是，購買對價將分攤至交割之日起的 4 年付款中，我們預計將於明年進行。我們預計這些付款的資金將來自當地來源。

Secondly, we are pleased to have announced an agreement with a high-quality partner in Phoenix Towers that crystallizes the value of approximately 1,300 of our mobile tower infrastructure assets at a very attractive cash flow multiple. We will enter into long-term lease agreements with PTI upon close, which will enable us to continue delivering leading mobile services to our customers and support network expansion, including future 5G deployment plans across the Caribbean and Latin America. We anticipate using the transaction proceeds to reduce third-party debt and buy back shares.

其次，我們很高興宣布與 Phoenix Towers 的優質合作夥伴達成協議，該協議以非常有吸引力的現金流倍數體現了我們約 1,300 項行動塔基礎設施資產的價值。交易完成後，我們將與 PTI 簽訂長期租賃協議，這將使我們能夠繼續為客戶提供領先的行動服務並支援網路擴展，包括未來在加勒比海和拉丁美洲的 5G 部署計劃。我們預計將利用交易收益減少第三方債務並回購股票。

Overall, we feel very positive as we approach the end of the year with many of our businesses delivering a good top line and adjusted OIBDA growth. We remain focused on finalizing the integrations in Panama and Puerto Rico, which will further add to our momentum and contribute to cash flow growth in the coming years. As the transactions I have just talked through and we, as a management team, feel that the business has lots of opportunity for growth ahead.

總體而言，隨著年底的臨近，我們的許多業務都實現了良好的營收並調整了 OIBDA 成長，因此我們感到非常積極。我們仍然專注於完成巴拿馬和波多黎各的整合，這將進一步增強我們的勢頭，並有助於未來幾年的現金流成長。正如我剛才談到的交易一樣，我們作為管理團隊認為該業務未來有很多成長機會。

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

接下來，我會將您轉交給我們的財務長 Chris Noyes，他將向您介紹我們的財務業績，然後再回答您的問題。克里斯？

Thanks, Balan. I'll now take you through our financial performance in greater detail, starting on Slide 12. As a reminder, we deconsolidated our Chilean business at the start of Q4 2022. So our reported results in 2023 do not include the operating results of VTR.

謝謝，巴蘭。現在，我將從投影片12 開始，更詳細地介紹我們的財務表現。提醒一下，我們在2022 年第四季初取消了智利業務的合併。因此，我們在2023 年報告的業績不包括VTR 的營運業績。

Revenue was 1% higher on a rebased basis at $1.1 billion in the third quarter. We saw positive commercial traction across many of our markets with performance driven by double-digit growth in C&W Panama and Liberty Networks. As mentioned in prior quarters, C&W Caribbean reported revenue was impacted by a business decision to discontinue our legacy noncore B2B voice transit arrangement in Q1 2023 which was accounting for about $10 million of quarterly revenue and will have a similar impact in Q4.

在重新調整後的基礎上，第三季營收成長 1%，達到 11 億美元。我們在許多市場都看到了積極的商業吸引力，C&W巴拿馬和Liberty Networks的業績成長推動了業績的成長。正如前幾季所提到的，C&W 加勒比海報告的收入受到了一項業務決定的影響，該決定將在2023 年第一季終止我們傳統的非核心B2B 語音傳輸安排，該安排佔季度收入約1000 萬美元，並將在第四季度產生類似的影響。

Adjusting for this, Q3 group revenue would have grown by 2% on a rebased basis year-over-year.

對此進行調整後，第三季集團營收在重新調整的基礎上將年增 2%。

Turning to adjusted OIBDA. We reported rebased growth of 10% to $428 million, our best quarterly result in 2 years and reflecting structural efficiency improvements. Year-to-date, rebased growth was 5% for the group, and with further growth anticipated in Q4, we are well positioned to deliver our target of mid- to high single-digit rebased adjusted OIBDA growth for LLA this year.

轉向調整後的 OIBDA。我們公佈的調整後成長為 10%，達到 4.28 億美元，這是我們兩年來最好的季度業績，反映了結構效率的改善。今年迄今為止，該集團的重新基準增長為 5%，並且預計第四季度將進一步增長，我們完全有能力實現今年 LLA 中高個位數重新基準調整後 OIBDA 增長的目標。

In the third column, our P&E additions were $187 million in Q3 or 17% of revenue. Nearly 60% of our quarterly spend was directed to CPE, new build, upgrade and capacity. We continue to step up our new build and upgrade activity sequentially, reaching over 100,000 homes in the quarter.

在第三欄中，第三季我們的 P&E 增加額為 1.87 億美元，佔營收的 17%。我們近 60% 的季度支出用於 CPE、新建、升級和容量。我們繼續按順序加強新建和升級活動，本季覆蓋超過 10 萬套房屋。

We are on track to deliver our guidance target of 16% of revenue for 2023. In the last chart, we delivered $33 million of adjusted FCF in the quarter. As in previous years, we anticipate that our adjusted free cash flow generation for the year will be substantially weighted to Q4 reflecting our seasonally strong financial performance and favorable working capital swings. Our adjusted FCF target remains at approximately $300 million before distribution to noncontrolling interests.

我們預計將實現 2023 年收入 16% 的指導目標。在上一張圖表中，我們在本季度實現了 3,300 萬美元的調整後自由現金流。與往年一樣，我們預計今年調整後的自由現金流量將大幅加權到第四季度，反映出我們季節性強勁的財務業績和有利的營運資本波動。我們調整後的自由現金流目標在分配給非控制權益之前仍保持在約 3 億美元。

Several factors have materialized recently, which add variability to the target this year, including the delay in timing of the Puerto Rico migration and dependency on large payments, particularly in Panama, due from B2G and B2B customers that could fall into next year.

最近出現了幾個因素，這增加了今年目標的可變性，包括波多黎各遷移時間的延遲以及對大額付款的依賴，特別是在巴拿馬，由於 B2G 和 B2B 客戶可能會推遲到明年。

Slide 13 highlights our segment results, beginning on the left with C&W Caribbean. We reported $361 million of revenue in Q3, reflecting 1% rebased growth and $150 million of adjusted OIBDA, resulting in 14% rebased growth year-on-year. Adjusting for the transit impact in the prior year period, revenues would have been 4% higher on a rebased basis. Our primary driver of growth was through residential mobile with service revenue expansion led by our postpaid efforts, prepaid ARPU following price increases earlier in the year and higher inbound roaming.

幻燈片 13 重點介紹了我們的細分市場結果，從左側開始是 C&W 加勒比海。我們報告第三季營收為 3.61 億美元，反映了 1% 的重新基準成長和 1.5 億美元的調整後 OIBDA，導致重新基準年增 14%。調整上一年期間交通影響後，在重新調整基準的基礎上，收入將增加 4%。我們成長的主要驅動力是透過住宅移動，服務收入的成長是由我們的後付費努力、今年早些時候價格上漲後的預付費 ARPU 以及更高的入境漫遊帶動的。

Our strong adjusted OIBDA rebased growth was driven by lower direct costs, including programming and improved operating leverage across many of our islands. We finished the quarter with a margin around 42%, more than 400 basis points higher than the prior year quarter.

我們強勁的調整後的 OIBDA 成長是由直接成本降低所推動的，包括我們許多島嶼的規劃和營運槓桿的提高。本季末，我們的利潤率約為 42%，比去年同期高出 400 多個基點。

Moving to Cable & Wireless Panama. CWP contributed $190 million of revenue and $59 million of adjusted OIBDA in Q3, reflecting 10% rebased revenue growth and 25% rebased adjusted OIBDA growth. Rebased top line growth was driven by contract wins in our B2B business and an increase in residential fixed subscribers over the past year. Adjusted OIBDA grew strongly in Q3 as we captured value from the Claro Panama integration.

搬到巴拿馬大東電報局。 CWP 在第三季貢獻了 1.9 億美元的營收和 5,900 萬美元的調整後 OIBDA，反映出重新調整後的營收成長 10% 和重新調整後的 OIBDA 成長 25%。重新調整後的收入成長是由我們的 B2B 業務合約贏得以及過去一年住宅固定用戶的成長所推動的。由於我們從 Claro 巴拿馬整合中獲取了價值，調整後的 OIBDA 在第三季強勁成長。

Turning to the middle column, Liberty Networks. We generated $113 million in revenue for 10% rebased growth and $64 million in adjusted OIBDA for an 11% rebased increase. Year-over-year rebased revenue growth followed robust performances in both our wholesale and enterprise operations, as Balan highlighted. Adjusted OIBDA growth was driven by our revenue performance. Our adjusted OIBDA margin was just below 60% for the quarter and our operating free cash flow margin stood at a very robust 45% of revenue.

轉向中間一欄，Liberty Networks。我們創造了 1.13 億美元的收入，經調整後的成長為 10%，調整後的 OIBDA 為 6,400 萬美元，經調整後的成長為 11%。正如巴蘭所強調的那樣，我們的批發和企業業務表現強勁，導致收入較去年同期重新成長。調整後的 OIBDA 成長是由我們的營收表現所推動的。本季我們調整後的 OIBDA 利潤率略低於 60%，而我們的營運自由現金流利潤率非常強勁，佔營收的 45%。

Second from the right, Liberty Puerto Rico. Q3 revenue was $351 million, reflecting a year-over-year rebased decline of 4% and adjusted OIBDA of $116 million reflected a rebased decline of 11% as compared to Q3 2022. I'll cover this in more detail on the next slide.

右數第二個，自由波多黎各。第三季營收為3.51 億美元，較上年同期下降4%，調整後的OIBDA 為1.16 億美元，較2022 年第三季下降11%。我將在下一張投影片中更詳細地介紹這一點。

Wrapping up with Costa Rica on the far right, we delivered Q3 revenue of $135 million and adjusted OIBDA of $50 million, reflecting flat rebased revenue and rebased adjusted OIBDA growth of 21%. Year-over-year revenue was flat as subscriber-driven growth in mobile was offset by declines in fixed residential revenue from lower video RGUs and ARPU due to increased retention discounts and declines in higher ARPU plans.

結束最右邊的哥斯大黎加，我們第三季的營收為 1.35 億美元，調整後的 OIBDA 為 5,000 萬美元，反映出重新調整後的營收持平，重新調整後的 OIBDA 成長率為 21%。年比收入持平，原因是用戶驅動的行動成長被視訊 RGU 和 ARPU 下降導致的固定住宅收入下降所抵消，這是由於保留折扣增加以及 ARPU 計劃增加而下降。

Adjusted OIBDA expanded significantly year-over-year, benefiting from the year-over-year strengthening of the Costa Rica colon to the U.S. dollar as we have certain costs denominated in U.S. dollars.

調整後的 OIBDA 年比大幅增長，受益於哥斯達黎加科朗對美元的逐年走強，因為我們有某些以美元計價的成本。

Turning to Slide 14 and a detailed review of our financial performance in Puerto Rico. Starting with revenue in the upper half of the slide, Sequentially, revenue was stable with mobile fixed and B2B growth, mostly offset by a reduction in FCC funds effective in June this year. Year-over-year, we reported a revenue decline of $15 million or 4%. Residential fixed continued to be strong with growth following rate increases and a negative prior year impact of credits issued to customers related to Hurricane Fiona.

轉向幻燈片 14，詳細回顧我們在波多黎各的財務表現。從幻燈片上半部的收入開始，收入穩定，行動固定和 B2B 成長，大部分被今年 6 月生效的 FCC 資金減少所抵消。與去年同期相比，我們的營收下降了 1,500 萬美元，即 4%。住宅固定資產持續保持強勁成長，原因是費率上漲以及去年因颶風菲奧娜向客戶發放的信貸帶來的負面影響。

The increase was also driven by net broadband subscriber additions totaling 23,000 over the past 12 months. Residential mobile decreased year-over-year, driven by lower ARPU including the impact of higher contract asset amortization and reduced roaming revenue due to a change in our agreement with AT&T this year. Other revenue was impacted by the reduction in FCC funds in June as well as the prior year benefiting from increased revenue recognition in USVI.

這一增長也受到過去 12 個月內寬頻用戶淨增長 23,000 人的推動。住宅行動業務年減，原因是 ARPU 下降，包括合約資產攤銷增加的影響以及今年我們與 AT&T 協議變更導致的漫遊收入減少。其他收入受到 6 月份 FCC 資金減少以及上一年受益於美屬維京群島收入確認增加的影響。

Moving to the lower half of the slide, adjusted OIBDA was lower sequentially due to an increase in both direct and operating costs. This includes higher equipment costs related to the iPhone 15 launch with strong sales Balan mentioned and free handsets we have offered to customers as part of their migration. Labor costs also increased in part due to a one-off credit in Q2 related to the CARES Act.

轉向投影片的下半部分，由於直接成本和營運成本的增加，調整後的 OIBDA 環比較低。這包括與巴蘭提到的 iPhone 15 的強勁銷售相關的更高的設備成本，以及作為遷移的一部分我們向客戶提供的免費手機。勞動成本也有所增加，部分原因是第二季與 CARES 法案相關的一次性信貸。

The year-over-year decline in adjusted OIBDA is mainly explained by lower revenue and an increase in OpEx including the impact of higher professional services and IT-related costs related to the migration. Looking ahead to the coming quarters, we anticipate expenses will continue to run at a higher-than-normal level due to duplication of costs in our business during migration related to the TSA we have with AT&T.

調整後 OIBDA 年比下降的主要原因是收入減少和營運支出增加，包括與遷移相關的專業服務和 IT 相關成本增加的影響。展望未來幾個季度，我們預計費用將繼續高於正常水平，因為在與 AT&T 的 TSA 相關的遷移過程中，我們的業務將出現重複成本。

Moving to our usual balance sheet overview on Slide 15. At the end of Q3, on a consolidated basis, we had $8 billion of total debt, $600 million of cash and $900 million of availability under our revolving credit lines. Important to note that 96% of our debt stack is due in 2027 or beyond, and more than 95% has fixed interest rates. The long maturity and fixed interest features of our balance sheet, coupled with significant liquidity result in a robust capital structure for the group.

前往投影片15 上我們通常的資產負債表概述。在第三季末，在合併基礎上，我們的循環信貸額度下有80 億美元的總債務、6 億美元的現金和9 億美元的可用資金。值得注意的是，我們 96% 的債務將於 2027 年或以後到期，並且超過 95% 的債務具有固定利率。我們資產負債表的長期期限和固定利率特徵，加上大量的流動性，為集團帶來了穩健的資本結構。

In terms of leverage, we have made good progress reducing levels year-to-date and ended Q3 at net leverage of 4.3x. In the bottom right of the slide, we have repurchased about $182 million of our convert and $111 million of our equity year-to-date including a combined $112 million in Q3. Importantly, we have retired about 45% of our convert this year and with $220 million outstanding in due next July, we will have ample liquidity to manage redemption next year.

在槓桿率方面，我們在降低今年迄今水準方面取得了良好進展，第三季末的淨槓桿率為 4.3 倍。在投影片的右下角，我們今年迄今已回購約 1.82 億美元的轉換債券和 1.11 億美元的股權，其中第三季總計 1.12 億美元。重要的是，我們今年已經退休了大約 45% 的轉換者，明年 7 月到期的 2.2 億美元未償還資金，我們將有充足的流動性來管理明年的贖回。

Moving to the final slide and our closing remarks. Our consistent subscriber additions and B2B expansion helped deliver top line rebased growth in the quarter. Operational leverage and synergy realization contributed to a strong quarter of growth, delivering a double-digit increase in adjusted OIBDA. Integration, execution continues to be a primary focus for us. While there has been some movement in time lines, these projects are inherently highly complex, and we feel good overall about their execution and the benefits we will achieve once completed.

轉到最後一張投影片和我們的結束語。我們持續的用戶增加和 B2B 擴張幫助實現了本季營收的重新成長。營運槓桿和協同效應的實現推動了季度的強勁成長，調整後的 OIBDA 實現了兩位數的成長。整合、執行仍然是我們的主要關注點。雖然時間安排發生了一些變化，但這些項目本質上非常複雜，我們對它們的執行以及完成後將實現的效益總體感覺良好。

During the quarter, we continued to invest in our leading networks while also repurchasing our equity in covetable notes at attractive prices. As noted by the commentary today, we have been active inorganically, which continues to be a key lever of value for us. We are positioned to have a strong Q4 and look forward to updating everyone in February. With that, operator, please open it up for questions.

在本季度，我們繼續投資於我們的領先網絡，同時以有吸引力的價格回購了我們令人垂涎的票據股權。正如今天的評論所指出的，我們一直在無機方面活躍，這仍然是我們的關鍵價值槓桿。我們預計第四季將會表現強勁，並期待在二月向大家通報最新情況。那麼，操作員，請打開它來提問。

(Operator Instructions) Our first question goes to Michael Rollins of Citigroup.

（操作員指示）我們的第一個問題是花旗集團的麥可‧羅林斯（Michael Rollins）。

First, just focusing on Puerto Rico. Thanks for all the color and detail on the sequential and year-over-year changes. Can you provide a little more context in terms of how much the totality of integration and duplicative TSA costs may be weighing on the OIBDA in the quarter and for the year? And maybe just talk about the journey of how the business as you get to April of next year and get fully done with the integration, how the financial performance of this segment would improve?

首先，只關注波多黎各。感謝您提供有關連續變化和逐年變化的所有顏色和細節。您能否提供更多背景信息，說明整合和重複 TSA 成本在本季度和全年對 OIBDA 造成的影響有多大？也許只是談談業務到明年四月並完全完成整合的過程，該部門的財務業績將如何改善？

Sure. Thanks, Michael. We had signaled a 70 million type synergy for Puerto Rico and we are still going to get that. It's kind of slightly delayed by perhaps a couple of quarters due to the delays in our migration. And so the way we think about it is the -- there is definitely an impact. There's a few impacts here on the cash for us.

當然。謝謝，麥可。我們已經向波多黎各發出了 7000 萬類型協同效應的信號，我們仍然會實現這一目標。由於我們遷移的延遲，它可能稍微延遲了幾個季度。所以我們的想法是──肯定會產生影響。這對我們的現金有一些影響。

One, because of the delay in the migration, we are now not only paying AT&T for the services in the TSA, but we've also stood up our own platforms, both the network and the IT stack, and we're already paying licenses for all that. So we kind of like doubled up in costs during this period. The second part is, as we looked at the migration, there were a few things that we -- over the last 6 months or so have come to the conclusion where there's just a whole bunch of handsets that's just not feasible for us do software upgrade. These are handsets like Android devices that on an Android path that is really determined by AT&T and those software pushes come up from AT&T. They don't come up from Samsung as an example.

第一，由於遷移的延遲，我們現在不僅要向 AT&T 支付 TSA 中的服務費用，而且還建立了自己的平台，包括網路和 IT 堆疊，並且我們已經在支付許可證費用為了這一切。因此，在此期間我們的成本增加了一倍。第二部分是，當我們考慮遷移時，我們在過去 6 個月左右的時間裡得出了一些結論，即有一大堆手機對我們來說進行軟體升級是不可行的。這些手機類似於 Android 設備，其 Android 路徑實際上由 AT&T 決定，而這些軟體推送則由 AT&T 提供。它們並不是以三星為例。

So when a Samsung release comes out, it's on a different floor as the one with AT&T. And in some cases, we've just decided, you know what, it's going to be a terrible customer experience where we do the migration and suddenly the devices do not work. And so we've also taken the decision to start replacing proactively handsets during these migrations. So that's also going to hit us in a cost that we certainly didn't even budget for.

因此，當三星發布產品時，它與 AT&T 的發布處於不同的樓層。在某些情況下，我們只是決定，你知道嗎，當我們進行遷移時，設備突然無法工作，這將是一次糟糕的客戶體驗。因此，我們也決定在這些遷移期間開始主動更換手機。因此，這也會為我們帶來我們根本沒有預算的成本。

So there's a number of things that you'll see impact us towards the end of the year and certainly bleed a little bit into the first quarter of next year and second quarter as well. But for the most part, next year, it will be less about handsets and stuff, and it's really about the doubling of cost on the TSA as well as our own internal licensing costs.

因此，您會看到很多事情會在今年年底對我們產生影響，並且肯定會對明年第一季和第二季產生一些影響。但在很大程度上，明年，手機和其他東西的問題將減少，而真正涉及 TSA 成本加倍以及我們自己的內部許可成本。

Now what happens after April? Two things. One, the TSA doesn't completely end at the end of the migration, we still have about a couple of months where we're still going to contract with AT&T for access to [BS] systems. The cost drops quite a bit, but it doesn't go to zero. And the reason we're going to do that is, of course, over a period after the migration customers may call in regards to billings, and a whole bunch of things that we still need access to prior records. And then I think by June will be completely off. That's on the cost side.

四月之後會發生什麼事？兩件事情。第一，TSA 並沒有在遷移結束時完全結束，我們還有大約幾個月的時間與 AT&T 簽訂訪問 [BS] 系統的合約。成本下降了不少，但並沒有降到零。當然，我們這樣做的原因是，在遷移後的一段時間內，客戶可能會打電話詢問有關帳單的問題，以及我們仍然需要存取以前的記錄的一大堆事情。然後我想到六月就會完全關閉。這是在成本方面。

But from an operation standpoint, beginning in January, we are going to start exclusively selling all of our devices, all of our postpaid plans on our own stack, and that has big implication for us positively. We can start doing a lot of the FMC that we want to do, we can be a lot more nimble in the promotions that we're doing that today, any changes in our offerings, we really need to coordinate with AT&T. So it gives us a lot of flexibility operationally and as well as a few months later, you'll take a lot of cost out of the system. Hopefully, that was helpful.

但從營運的角度來看，從一月份開始，我們將開始在我們自己的堆疊上獨家銷售我們所有的設備、所有後付費計劃，這對我們有很大的積極影響。我們可以開始做很多我們想做的 FMC，我們今天所做的促銷活動可以更加靈活，我們的產品有任何變化，我們確實需要與 AT&T 協調。因此，它為我們提供了很大的操作靈活性，並且幾個月後，您將從系統中節省大量成本。希望有幫助。

It was. And I'm looking back at Slide 13, where you lay out the financial performance in the quarter by segment. And I'm looking at the stronger rebased OIBDA growth in C&W in Panama, in Liberty Networks and Costa Rica, can you just give us a sense of how much of those OIBDA levels are considered run rate versus maybe any impact that might be a seasonal point of strength or a transitory source of strength to the extent that there were some like onetime benefits or some things that maybe costs that you avoided that need to come back at some point. So just trying to think about the durability of these new adjusted OIBDA levels that you're hitting in these other parts of your business?

它是。我回顧一下投影片 13，其中按部門列出了本季的財務表現。我正在研究巴拿馬 C&W、Liberty Networks 和哥斯達黎加的重新調整基礎的 OIBDA 增長更為強勁，您能否讓我們了解一下，這些 OIBDA 水平中有多少被視為運行率，而不是可能是季節性的影響？力量點或暫時的力量來源，在某種程度上，有一些一次性的好處或一些你可能避免的成本，需要在某個時候回來。那麼，只是想一下您在業務的其他部分達到的這些新調整的 OIBDA 水平的持久性嗎？

Sure. So the OIBDA that we're hitting is actually kind of our new run rate. So we've already taken a lot of the synergies in Panama, in Costa Rica, and when you look at the OIBDA in Cable and Wireless, it also included not necessarily synergies, but some serious cost reductions that are permanent. So what would that be? One would be programming. We restructured a lot of our content costs in Cable & Wireless that give us some really good upside on the OIBDA line.

當然。因此，我們達到的 OIBDA 實際上是我們新的運行率。因此，我們已經在巴拿馬和哥斯達黎加實現了許多協同效應，當你查看有線和無線領域的 OIBDA 時，它還不一定包括協同效應，而是一些永久性的大幅成本削減。那會是什麼？其中之一就是程式設計。我們重組了有線和無線領域的大量內容成本，這為我們在 OIBDA 線上帶來了一些非常好的優勢。

In addition to that, the one other area that give us incremental OIBDA as well is the increment in roaming. Our roaming has returned not to the levels of pre-COVID, but people are starting to travel again. Cruise ships are out there. And so we're getting that upside as well. Now you can say that roaming may go up and down over the years, but we think we've kind of hit that kind of a steady state there. It's never going to come back to pre-COVID levels, but it's certainly an expansion over last year.

除此之外，另一個帶給我們增量 OIBDA 的領域是漫遊的增量。我們的漫遊尚未恢復到新冠疫情之前的水平，但人們又開始旅行了。遊輪就在那裡。所以我們也得到了這個好處。現在你可以說多年來漫遊可能會上下波動，但我們認為我們已經達到了這種穩定狀態。它永遠不會回到新冠疫情前的水平，但肯定比去年有所擴張。

So between those two, you saw quite a bit of an OIBDA expansion there and in addition to revenues. As Chris pointed out, the revenue growth is actually larger than what is showed here on a year-to-year basis because of some of the transit traffic that had zero margins in it. So that was helpful. And as a matter of fact, when I look at the overall LLA, there are a couple of things here that actually we showed a 1% increase at the LLA level. It should be close to like 3% because there's about a couple of one-offs from last year, like FCC funding that we got last year that don't exist this year. So that went away. So that was quite a hit to us.

因此，在這兩者之間，除了收入之外，您還看到了 OIBDA 的相當大的擴張。正如克里斯指出的那樣，收入成長實際上比這裡顯示的逐年成長要大，因為一些交通運輸的利潤率為零。所以這很有幫助。事實上，當我查看整體 LLA 時，有幾件事實際上我們在 LLA 水平上顯示了 1% 的增長。它應該接近 3% 左右，因為去年有一些一次性的項目，例如我們去年獲得的 FCC 資助，而今年卻沒有了。所以就這樣消失了。所以這對我們來說是一個很大的打擊。

So I think if you normalize for some of the things across LLA as well, we actually grew more than 1%. And that's why I feel really good about the OIBDA, contribution margin has expanded and so you would normally look at it, operating wise, about a 3% growth and the top line of 10% growth on the bottom line, which is kind of a healthy way to run an operation.

所以我認為，如果你也將 LLA 的一些事情標準化，我們實際上增長了 1% 以上。這就是為什麼我對 OIBDA 感覺非常好，貢獻邊際已經擴大，所以你通常會從營運角度來看，大約成長 3%，淨利潤成長 10%，這是一種健康的運作方式。

And the next question go to Vitor Tomita of Goldman Sachs.

下一個問題將由高盛的 Vitor Tomita 提問。

Two questions from our side. The first one is also on the Puerto Rico integration. If you could give us a bit more color on how the decision was taken and why now the decision to extend the time frame for Puerto Rico. In particular, if anything came up that you did not expect during the course of the integration and on how comfortable you are with completing the integration under the new time frame?

我們這邊有兩個問題。第一個也是關於波多黎各一體化。您能否告訴我們更多關於如何做出決定以及為什麼現在決定延長波多黎各的時間框架的資訊。特別是，在整合過程中是否出現了您沒有預料到的情況，以及您在新的時間框架下完成整合的滿意度如何？

And our second question would be also on Puerto Rico, if you could give us an update on the competitive scenario, specifically for mobile and on how you have been navigating it in terms of offerings and promotions since I recall, this was a major topic in some of the previous conference calls and was still a bit of a difficult competitive environment.

我們的第二個問題也與波多黎各有關，您能否向我們提供有關競爭情況的最新信息，特別是針對移動設備的信息，以及自從我記得以來，您如何在產品和促銷方面進行導航，這是之前的一些電話會議仍然是一個有點困難的競爭環境。

Sure. Thanks for those questions. So the decision to expand the migration was -- we made that decision in the September time frame -- August, September time frame. And at that point, we were still hoping that we could close some of it. And let me give you a little bit of color into this migration.

當然。謝謝你提出這些問題。因此，擴大遷移的決定是——我們在 9 月的時間範圍內做出了這個決定——8 月、9 月的時間範圍。那時，我們仍然希望能夠關閉其中一些。讓我為您介紹一下這次遷移。

The migration is made up of multiple migrations. So we have windows between us and AT&T where each window -- and the window is a day where we can actually push subscribers through. So it's really kind of like if you think of a regular basis, a port out. So it would be a port out from AT&T and a port into ourselves. So that's kind of like the migration. And we were anticipating to do about 10,000 a day in that migration in each window. And over the period, we've discovered 2 things.

遷移由多個遷移組成。因此，我們和 AT&T 之間有窗口，每個窗口都是我們可以實際推動訂閱者通過的一天。所以這真的有點像是定期的移植。因此，它將是 AT&T 的一個端口，也是我們自己的一個端口。這有點像遷移。我們預計每天在每個視窗中進行約 10,000 次遷移。在此期間，我們發現了兩件事。

One, there was a whole bunch of folks that we would want to migrate. We decided not to migrate because of the handset issues. These guys some were not on the right releases. And even with the iPhones, not just the Android, we have a feature of voice over WiFi when you get into your room, into your house, you go to over WiFi. That specific feature on our stack required a software release of like 16.5 and above. And a lot of the iPhones, a lot of users have not migrated to that software release.

第一，我們想要遷移一大群人。由於手機問題，我們決定不遷移。這些人中有些人沒有獲得正確的版本。即使是 iPhone，不只是 Android，我們也有 WiFi 語音功能，當你進入你的房間、進入你的房子時，你可以透過 WiFi 進行通話。我們堆疊上的該特定功能需要 16.5 及更高版本的軟體版本。很多 iPhone、很多用戶還沒有遷移到該軟體版本。

So as we learn all of these things, we said, okay, do we optimize for cost and we just ran everything through or do we optimize for the experience of our customers. And we said, let's optimize for the experience of the customers, not only because we're such good guys or anything. But if it's a terrible experience it's change is going to really mess you up. So we optimize for, let's make this as smooth as possible. And we went back to AT&T and said we needed more windows.

因此，當我們了解所有這些事情時，我們說，好吧，我們是針對成本進行最佳化，還是針對客戶的體驗進行最佳化。我們說，讓我們優化客戶的體驗，不僅僅是因為我們是好人或其他什麼。但如果這是一次糟糕的經歷，那麼它的改變就會讓你陷入困境。因此，我們進行優化，讓其盡可能順利。我們回到 AT&T 並說我們需要更多視窗。

The problem -- the second problem that hit us, then we were getting through Thanksgiving, we were getting through Christmas holidays, and then, of course, there was the iPhone 15 launch in September, which AT&T shut down all the windows. Rightfully so, we didn't argue with them. We just said, okay, now we've lost 14 windows because of the iPhone 15. There we lost like a whole bunch of windows, almost 14 windows during the Thanksgiving period. We're going to lose like almost 18 windows during Christmas. And then when you do the math, you go, okay, let's methodically do this. We'll need to get into January and February. We think we're going to beat the April time line, but we want to make sure that we have enough runway and get to the end of April and get this thing done methodically, but if you do the backward math in January, February, March and April and the number of windows we have, we're going to like easily close this.

問題——打擊我們的第二個問題，然後我們正在度過感恩節，我們正在度過聖誕節假期，然後，當然，還有 9 月份 iPhone 15 的發布，AT&T 關閉了所有窗戶。理所當然，我們沒有跟他們爭論。我們只是說，好吧，現在我們因為 iPhone 15 失去了 14 個窗戶。我們失去了一大堆窗戶，感恩節期間幾乎失去了 14 個窗戶。聖誕節期間我們將失去近 18 個窗戶。然後當你做數學計算時，你會說，好吧，讓我們有條不紊地做這件事。我們需要進入一月和二月。我們認為我們將超越四月的時間表，但我們希望確保我們有足夠的跑道，到四月底並有條不紊地完成這件事，但如果你在一月、二月進行倒推計算，三月和四月以及我們擁有的窗口數量，我們會很容易地關閉它。

And our engineering teams, our operating teams, a whole bunch of people are just working really hard on all facets of this. Setting up a new network, turning up a whole new IT stack. It's quite unusual in the migration. Usually, you're migrating customers to your own billing system because you buy a company and it comes with a mobile core and everything. In this case, we didn't get that from AT&T. AT&T still supported us on the network. We have the radios. We own the radios, we own the towers, but we didn't have the core. And then we have to stand up a whole new mobile stack because we didn't have a mobile network in Puerto Rico. And the other complexity is we couldn't use any of our other IT stacks or core from the rest of our network because Puerto Rico is part of the United States, and we have a whole bunch of U.S. regulations and U.S. privacy and security laws that we have to comply with that puts us in kind of a situation where our core has to be Puerto Rico and our redundancy in Miami, as an example.

我們的工程團隊、我們的營運團隊以及一大群人都在各方面都努力工作。建立新的網絡，打造全新的 IT 堆疊。這在遷徙中是很不尋常的。通常，您會將客戶遷移到您自己的計費系統，因為您購買了一家公司，並且它配備了行動核心和一切。在本例中，我們沒有從 AT&T 處取得該資訊。 AT&T 仍然在網路上支持我們。我們有收音機。我們擁有無線電，我們擁有塔，但我們沒有核心。然後我們必須建立一個全新的行動堆疊，因為我們在波多黎各沒有行動網路。另一個複雜性是，我們無法使用網路其餘部分中的任何其他 IT 堆疊或核心，因為波多黎各是美國的一部分，而且我們有一大堆美國法規以及美國隱私和安全法我們必須遵守這一規定，這使我們陷入這樣一種情況：我們的核心必須是波多黎各，而我們的裁員必須在邁阿密。

So we could not use any of our other elements. This thing is really complex. But I tell you, I'm really proud of the team. I've been on many -- I used to be the CTO and you can talk to any of the CTOs in North America, Europe or Asia, when you run one of these IT migration projects. Usually, either you never get to where you -- you're missing it by a year, 1.5 years or you abandoned the project altogether. In this case, we're really going to come like within months. And I tell the team, this is actually quite, quite magical.

所以我們不能使用任何其他元素。這件事確實很複雜。但我告訴你，我真的為這個團隊感到自豪。我參與過很多專案——我曾經是首席技術官，當您運行其中一個 IT 遷移專案時，您可以與北美、歐洲或亞洲的任何首席技術官交談。通常，要嘛你永遠無法達到目標——你會錯過一年、1.5 年，要嘛你完全放棄了這個計畫。在這種情況下，我們真的會在幾個月內到達。我告訴團隊，這實際上非常非常神奇。

Our next question go to Cesar Medina of Morgan Stanley.

我們的下一個問題是向摩根士丹利的塞薩爾·梅迪納提出的。

The first question is regarding your guidance. You mentioned that there is now a little bit more variability on that target. Can you please maybe quantify what is the magnitude of potential availability and the direction of it over (inaudible)? And then second, regarding Panama, several moving parts in the sense that you have a very positive uplift for B2B. Is that sustainable? And then there is protests in the country, plus the fate of the third operator digital on that country?

第一個問題是關於您的指導。您提到該目標現在有更多的可變性。您能否量化潛在可用性的大小及其方向（聽不清楚）？其次，關於巴拿馬，有幾個變化的部分，從某種意義上說，B2B 得到了非常積極的提升。這是可持續的嗎？然後該國出現抗議活動，再加上該國第三家數位營運商的命運？

Sure. I'll answer these questions, and then I'm going to ask Chris to jump in as well when I'm done. On the guidance, as Chris pointed out, there's two things. One, this whole migration thing. We may end up spending more on handsets. We're going to be very flexible on it. Right now, the reason we're not changing guidance, we think we're going to hit it. But there is a few things and we thought we are at like just keep everybody a heads up.

當然。我將回答這些問題，然後我會在回答完後請克里斯也加入進來。正如克里斯指出的，關於指導，有兩件事。一，整個遷移的事情。我們最終可能會在手機上花費更多。我們將對此非常靈活。現在，我們不改變指導的原因是，我們認為我們會實現目標。但有一些事情我們認為我們只是讓每個人保持警惕。

One, the equipment and two as Chris highlighted, in Panama, we have a very large B2B customer that at the end, a lot of your bills gets paid in the month of November and December. And we see light at the end of the tunnel, but we thought maybe we should highlight that. If that doesn't come in, it will come in, in January. It's just a timing issue. And then Chris will give you more color on that.

一是設備，二是克里斯強調的，在巴拿馬，我們有一個非常大的 B2B 客戶，最終，您的許多帳單會在 11 月和 12 月得到支付。我們看到了隧道盡頭的曙光，但我們認為也許我們應該強調這一點。如果沒有出現，它會在一月出現。這只是一個時間問題。然後克里斯會給你更多的資訊。

In Panama, the business itself, the B2B business, that's where a lot of the growth, our B2B business there, it's about 2/3 monthly recurring and 1/3 nonrecurring revenue. And a lot of the nonrecurring revenue comes in, in the third and fourth quarter. A lot of government contracts, large enterprise contracts, and we closed those deals usually in the second half of the year and then we write it the following year. And every year, it's kind of like the same cadence that way. And -- but we feel fairly confident. It's about a $300 million business to B2B. I don't know if we break that segment, I'll tell you, it's about a $300 million B2B business. It's about $100 million of [NRR] and our sales team there led by actually one of our best salesperson. And we -- that team delivers every year.

在巴拿馬，業務本身，B2B 業務，是大量成長的地方，我們在那裡的 B2B 業務，大約有 2/3 的每月經常性收入和 1/3 的非經常性收入。許多非經常性收入來自第三和第四季。很多政府合同，大企業合同，我們通常在下半年完成這些交易，然後在第二年再寫。每年，這都有點像同樣的節奏。而且——但我們相當有信心。對於 B2B 來說，這大約是一項價值 3 億美元的業務。我不知道我們是否會打破這個細分市場，我告訴你，這是一個價值 3 億美元的 B2B 業務。這大約是 [NRR] 1 億美元，我們的銷售團隊實際上是由我們最好的銷售人員之一領導的。我們──那個團隊每年都會交付成果。

So I'm not that worried about the variability of that business on the B2B segment. On the protest, it is what it is in Panama. It has impacted us a bit. Our shops have been closed -- one of our key shops have been closed. A number of our other shops the foot traffic have dropped quite a bit. And as you know, in these regions, a lot of our sales happens at the retail level, and it happens at the door-to-door level as well.

因此，我並不擔心該業務在 B2B 領域的變化。巴拿馬的抗議活動就是這樣。它對我們產生了一些影響。我們的商店已經關閉——我們的一家主要商店已經關閉。我們的許多其他商店的人流都下降了很多。如您所知，在這些地區，我們的許多銷售都發生在零售層面，也發生在挨家挨戶層面。

So a lot of these protests have kind of ramped in a little bit. But I did check on our sales. We go through our sales numbers every week. And sales -- while it slowed down, our backlog installs have been increasing. So as soon as this protest is done, the installs gets out there and we should recover. So it's a temporary blip with the protest. I don't expect much of a hit to us financially. With that, I'll pass to Chris.

因此，許多抗議活動都略有加劇。但我確實檢查了我們的銷售情況。我們每週都會查看銷售數據。雖然銷售放緩，但我們的積壓安裝量一直在增加。因此，一旦這次抗議完成，安裝就會開始，我們應該會恢復。所以這只是抗議活動的暫時現象。我預計我們的財務不會受到太大打擊。接下來，我會把時間轉給克里斯。

Yes. Maybe just a little bit of color as to the potential headwind we would see, in particular around the delay in the migration, there's kind of two key points. One is the inventory since we have both our new stack, which is getting up and running and then we have the AT&T platform. We basically have double handset inventory than one would normally carry going into the holiday season. And then second, we have obviously monthly TSA costs and additional costs related to the migration.

是的。也許對於我們會看到的潛在阻力有一點色彩，特別是在遷移延遲方面，有兩個關鍵點。一是庫存，因為我們擁有正在啟動並運行的新堆疊，然後我們還有 AT&T 平台。我們的手機庫存基本上是假期期間通常庫存的兩倍。其次，我們顯然還有每月 TSA 費用以及與遷移相關的額外費用。

I mean I would say just conceptually, the headwind around that would be greater than sort of $30 million on the free cash flow side. But we are working hard driving our businesses across the group to continue to produce and strive to meet our target that we had given at the start of the year.

我的意思是，我只是從概念上說，自由現金流方面的阻力將大於 3000 萬美元。但我們正在努力推動整個集團的業務繼續生產，並努力實現年初設定的目標。

Our next question goes to Soomit Datta of New Street Research.

我們的下一個問題是向新街研究公司 (New Street Research) 的蘇米特·達塔 (Soomit Datta) 提出的。

Yes, a couple, please. And then also -- I don't think we got an answer on the Puerto Rico mobile competition. I'd be interested if you could set back on that. So I mean, that was a previous question. But just first of all, on -- just thinking about free cash flow, looking into next year, I think, Balan, you mentioned the $70 million of synergies in Puerto Rico is still intact. But as we look forward, should we think about those synergies layering in from here as well as some of the kind of extra costs we've seen at the moment falling away? So is the uplift kind of 70 million plus a little bit more?

是的，請一對。然後，我認為我們還沒有得到有關波多黎各移動競賽的答案。如果你能退一步，我很有興趣。所以我的意思是，這是之前的問題。但首先，僅考慮自由現金流，展望明年，我認為，巴蘭，您提到波多黎各的 7000 萬美元協同效應仍然完好無損。但當我們展望未來時，我們是否應該考慮從這裡開始的協同效應以及我們目前看到的一些額外成本正在消失？那麼7000萬的漲幅是不是有點多了？

And then secondly, as well kind of looping into the same theme, how much of the synergies are now coming through in Panama? So how much more can we think about coming in from that market as well. Just trying to get a feel for what sort of cash flow uplift we can think about on a run rate basis once this integration process is completed, please? That's the first question. I'll maybe come back in a second.

其次，同樣是循環到同一主題，巴拿馬現在有多少協同效應？那我們還可以考慮從這個市場進入多少。只是想了解一下，一旦整合過程完成，我們可以在運行率的基礎上考慮什麼樣的現金流提升？這是第一個問題。我也許一會兒就回來。

Sure. I'll come back to the PR mobile. But on the free cash flow, I don't anticipate us changing our synergy guidance on Puerto Rico. It would be about $70 million annualized. Clearly, next year because of the bleed in cost we'll probably not see the full $70 million next year. In Panama, the incremental synergies is not that significant anymore going forward. So you'll see the synergies that we've captured a lot this year. And next year, there's an incremental -- I'm going to try the number like $5 million or so, probably that won't exceed $10 million next year, over and above what we've captured this year. That's the number in the top of my head from my last reviews.

當然。我會回到公關手機。但在自由現金流方面，我預計我們不會改變對波多黎各的協同指導。年化金額約 7000 萬美元。顯然，由於成本的流失，明年我們可能看不到 7,000 萬美元的全部資金。在巴拿馬，增量綜效未來不再那麼重要。所以你會看到我們今年獲得的許多協同效應。明年，會有一個增量——我將嘗試大約 500 萬美元左右的數字，明年可能不會超過 1000 萬美元，超過我們今年捕獲的數字。這是我上次評論中想到的數字。

On Puerto Rico Mobile?

在波多黎各移動上？

Yes, that was the question.

是的，這就是問題所在。

So we actually feel pretty good about it. We spent -- there's two things that happened there. At the end of last year, when T-Mobile really went aggressive on their subsidies. I mean, they were offering iPhone 14, AirPods. They were paying $600 million to -- sorry, $600 to buyout contract. We have matched it through the end of last year -- and of course, Chris and I were not very happy with the free cash flow implications of matching that.

所以我們實際上對此感覺很好。我們在那裡發生了兩件事。去年年底，T-Mobile真正加大了補貼力道。我的意思是，他們提供 iPhone 14、AirPods。他們支付了 6 億美元——抱歉，是 600 美元買斷合約。我們已經在去年年底進行了配對——當然，克里斯和我對匹配的自由現金流影響不太滿意。

So in the first half of this year, we kind of slowed down the subsidies. And subsequently, you can see that our net adds became flat. It's just the right flat, just slightly south but kind of [noise] . So you can say it's just flat. And then what happened in the second half of this year is we did a number of changes in our executive team in Puerto Rico on the product side. And so we've been looking at it through a new lens. And with the iPhone 15, we've come back into the subsidy game quite aggressively both on the iPhones as well as non-Apple devices as well. And my sense is, next year, you're going to see postpaid do better. You're going to see prepaid do better as well.

所以今年上半年我們放慢了補助速度。隨後，您可以看到我們的淨添加量變得持平。這是一個合適的公寓，稍微偏南一點，但有點[噪音]。所以你可以說它只是平的。今年下半年發生的事情是，我們在波多黎各的執行團隊在產品方面做了一些改變。因此，我們一直在透過新的視角來看待它。隨著 iPhone 15 的推出，我們在 iPhone 和非蘋果設備上都非常積極地重新投入補貼遊戲。我的感覺是，明年，你會看到後付費做得更好。您也會看到預付費做得更好。

We just launched a new prepaid promotion that I think will capture attention. It's a 4 by 20 plan, and you get 4 lines, $20 each. It's very aggressive. And the reason we couldn't do some of these things before is we didn't have our own IT stack. So I did indicate earlier that in January, we'll have our own postpaid, where we will exclusively sell on our own postpaid stack, but on the prepaid side, we stood that up already. So as of last week, we can just do whatever promotions we want. And so we're going to get aggressive in the prepaid. And as you look at our mobile business and the number of -- and the lines that we've lost, most of it is on the prepaid side. So this will now short the prepaid with the Boost transaction with DISH, which we should call sometime next year. That will give us more channels on the prepaid. So we feel like the prepaid will get back to a good place.

我們剛剛推出了一項新的預付費促銷活動，我認為它會引起人們的注意。這是一個 4 x 20 的計劃，你有 4 條線路，每條 20 美元。它非常具有侵略性。我們以前無法做其中一些事情的原因是我們沒有自己的 IT 堆疊。所以我早些時候確實指出，在一月份，我們將擁有自己的後付費，我們將專門在我們自己的後付費堆疊上銷售，但在預付費方面，我們已經站起來了。所以從上週開始，我們就可以做任何我們想做的促銷活動。因此，我們將在預付費領域採取積極行動。當你看看我們的行動業務以及我們失去的線路數量和線路時，你會發現其中大部分是預付費方面的。因此，現在將透過 DISH 的 Boost 交易做空預付費，我們應該在明年某個時候呼叫它。這將為我們提供更多的預付費頻道。所以我們覺得預付費將回到一個好的地方。

And then on the postpaid side, we're back in the subsidy gain. The returns are actually quite good on that. We've kind of structured it in a way that I think works really well for us. So we'll get back into the [catcher] business. And you should look at us in '24 and '25 after we have our own stack running on our own network that we will be the attacker in Puerto Rico. And that's our mobile play going forward.

然後在後付費方面，我們又回到了補貼收益。回報實際上相當不錯。我們以一種我認為非常適合我們的方式構建了它。所以我們將回到[捕手]業務。你應該看看我們在 24 和 25 年的情況，當我們在自己的網路上運行自己的堆疊時，我們將成為波多黎各的攻擊者。這就是我們未來的行動遊戲。

Just a quick follow-up -- just on the tower deal, that's a great deal, which has just been announced. Could you give any -- you said it was a great free cash flow multiple. Any kind of steer as to what the multiple will be? What sort of free cash flow will kind of fall out as a result of that transaction. And I just wondered, are there more towers to come? Or is there potentially sort of other infrastructure you're looking to monetize at this time as well?

只是一個快速的後續行動 - 就塔樓交易而言，這是一項很棒的交易，剛剛宣布。你能給出任何 - 你說這是一個很好的自由現金流倍數。關於倍數是多少有什麼指導嗎？該交易會導致什麼樣的自由現金流下降。我只是想知道，還會有更多的塔樓出現嗎？或者您目前還希望透過其他基礎設施獲利？

I'll answer the last question first. No, we're not looking at any other infrastructure to monetize at this point. Of course, you know we will be very opportunistic. But that's not what we're looking at. Just our deal is, we kind of like bundled up a lot of the towers that we thought we should put in [investor] days and any more towers, what we thought we should transact. We've included in this whole cohort. And we feel really good about it.

我先回答最後一個問題。不，我們目前沒有考慮任何其他基礎設施來貨幣化。當然，你知道我們會非常機會主義。但這不是我們所關注的。我們的協議是，我們有點像捆綁了許多我們認為應該在[投資者]天內放置的塔樓以及更多我們認為應該進行交易的塔樓。我們已將其納入整個隊列中。我們對此感覺非常好。

I'm glad you asked the question because the press release went out right before the call. Literally, we were closing the final points on the deal until like 5 this morning, 5:30, and then about 6:00 still getting some governance issues resolved. And that's why it was very late on the press release coming out. But we are really excited Soomit about it.

我很高興你問這個問題，因為新聞稿就在電話會議之前發布了。從字面上看，直到今天早上 5 點 5:30 左右，我們才完成了交易的最後一點，然後大約 6:00 仍在解決一些治理問題。這就是為什麼新聞稿發布得很晚的原因。但我們對此感到非常興奮。

You asked about the multiple. We agreed with the -- sorry, with the buyer that we wouldn't talk too much about the multiples. But you can imagine, it's highly accretive. It's very, very happy with it. The headline price is that the EBITDA -- Chris, John, can I talk about the -- No. Okay. Just checking with my general counsel. Yes, we probably won't say the EBITDA hit on it, but you can clearly imagine it's not that significant. Yes, we're excited about it, Soomit. That tower deal is a good one.

你問的是倍數。我們同意——抱歉，買家同意我們不會談論太多倍數。但你可以想像，它的增值能力非常強。它對此非常非常滿意。主要價格是 EBITDA——克里斯、約翰，我可以談談——不。好的。只是和我的總法律顧問核實一下。是的，我們可能不會說 EBITDA 對它產生了影響，但你可以清楚地想像它並沒有那麼重要。是的，我們對此感到興奮，Soomit。那座塔的交易是一筆不錯的交易。

And our next question goes to Matthew Harrigan of Benchmark.

我們的下一個問題是問 Benchmark 的 Matthew Harrigan。

Speaking of good ones, per megahertz pop price on the second transaction with this seems really good, especially for that quality of spectrum. I know it would be a discount to the U.S., but you really -- if you take out the 120,000 mobile customers, you're also getting -- it looks like it was just a really good deal for you. Can you elaborate a little bit more on the pricing and the input for Puerto Rico relative to the -- relative to the States?

說到好的，第二次交易的每兆赫流行價格似乎非常好，特別是對於頻譜品質而言。我知道這對美國來說會是一個折扣，但你真的 - 如果你除去 120,000 名行動客戶，你也會得到 - 看起來這對你來說真的是一筆非常划算的交易。您能否詳細說明一下波多黎各相對於美國的定價和投資？

Sure. Puerto Rico always straight in the auctions. There's a slight discount against Mainland for a couple of reasons. One, the potential buy is, they're limited. Two, it's kind of a captive market. And so it's always traded at a slight discount because it's easy to build a lot more towers there as opposed to just relying on spectrum.

當然。波多黎各在拍賣中總是直線。由於幾個原因，與大陸相比有輕微折扣。第一，潛在的購買力是有限的。第二，這是一個壟斷市場。因此它的交易價格總是略有折扣，因為在那裡建造更多的塔比僅僅依賴頻譜更容易。

Now having said that, the team has done a tremendously good job. I think it's a win-win for both us and DISH on that. It's quite accretive for them, accretive for us. It's accretive for them because they don't have to build out in Puerto Rico. We are going to take on the build-out obligations over there in Puerto Rico. And so it saves them a lot of CapEx that they can focus in Mainland. Our General Counsel was at the SEC yesterday at the Justice Department and did a tremendous job explaining the rationale for the deal together with the executives from DISH and so we feel positive about it. I think it's a good deal for DISH.

話雖如此，團隊做得非常好。我認為這對我們和 DISH 來說都是雙贏的。這對他們來說非常有幫助，對我們來說也是如此。這對他們來說是有利的，因為他們不必在波多黎各擴建。我們將承擔波多黎各那邊的擴建義務。因此，這為他們節省了大量的資本支出，讓他們可以專注於大陸。我們的總法律顧問昨天在司法部的 SEC 與 DISH 的高管一起解釋了該交易的理由，因此我們對此感到積極。我認為這對 DISH 來說是一筆划算的交易。

It's certainly a good one for us as well. It shows two things. One, our confidence in Puerto Rico. And secondly, T-Mobile is the huge and longest company, 30x our size, that we're going to go up head-to-head with those -- with them day in, day out. We are all in, in Puerto Rico in Mobile.

這對我們來說當然也是一件好事。它表明了兩件事。第一，我們對波多黎各的信心。其次，T-Mobile 是一家規模最大、歷史最悠久的公司，規模是我們的 30 倍，我們將與這些公司日復一日地進行正面交鋒。我們都在波多黎各的莫比爾。

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

謝謝。今天的問答環節到此結束。我想請巴蘭·奈爾（Balan Nair）發表補充或結束語。

Thank you, operator. You can clearly see, I'm very happy with the -- with our earnings results for this quarter. And I think the growth that you see here, it's really good. I think fourth quarter is looking pretty good as well. And then next year, as we go into next year, we will go in with a base of OIBDA and revenue that I think we can build nicely on as well. The business is in a good place.

謝謝你，接線生。您可以清楚地看到，我對本季的獲利結果非常滿意。我認為你在這裡看到的增長非常好。我認為第四季看起來也不錯。然後明年，當我們進入明年時，我們將以 OIBDA 和收入為基礎，我認為我們也可以在此基礎上取得良好的進展。生意處於一個很好的位置。

I know there will be a lot of concerns about Puerto Rico, and it's a phase. We'll get to the migrations. The network has stood up. It's running really well. The IT stack has stood up. We need to finish the migration. We get off the cost in a year, nobody will remember about the migration and all that. And this is fundamentally a really strong, good business. The fixed network is growing really well. Prepaid business is going to grow. Postpaid business, I think our plans are really good. The Spectrum acquisition we just made. The prepaid business we just bought, I think we're going to put Puerto Rico in a good place. So between that in a good place, our C&W business operating really well.

我知道會有很多關於波多黎各的擔憂，這是一個階段。我們將開始遷移。網路站起來了。它運行得非常好。 IT 堆疊已經站起來。我們需要完成遷移。我們在一年內就擺脫了成本，沒有人會記得遷移之類的事情。從根本上來說，這是一項非常強大、良好的業務。固定網路發展得非常好。預付費業務將會成長。後付費業務，我認為我們的計劃非常好。我們剛完成了 Spectrum 收購。我們剛剛購買的預付費業務，我認為我們將使波多黎各處於一個好的位置。因此，在一個好的地方，我們的 C&W 業務運作得非常好。

Panama on to big and better things. Costa Rica is doing really well. Liberty Networks is doing really well. I think we've got a good franchise here, and I'm really excited about it. So thank you so much for all your support, and have a great day.

巴拿馬致力於偉大和更好的事情。哥斯達黎加做得非常好。 Liberty Networks 做得非常好。我認為我們在這裡擁有很好的特許經營權，我對此感到非常興奮。非常感謝您的支持，祝您有美好的一天。

Thank you. Ladies and gentlemen, this concludes Liberty Latin America's Third 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. Thank you all for joining. You may now disconnect your lines.

謝謝。女士們、先生們，Liberty Latin America 的 2023 年第三季投資者電話會議到此結束。請注意，電話會議的重播將在 Liberty Latin America 網站 www.lla.com 的投資者關係部分提供。您還可以在那裡找到今天演示材料的副本。感謝大家的加入。現在您可以斷開線路。