Liberty Latin America Ltd (LILA) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen. And thank you for standing by. Today's call is being recorded.

女士們、先生們，早安。感謝您的支持。今天的通話正在錄音。

I'll now turn the call over to Asad Nabi, VP, IT, Business Partner, Liberty Latin America.

現在我將電話轉給 Liberty Latin America 的 IT 副總裁兼業務夥伴 Asad Nabi。

Good morning and welcome to Liberty Latin America's full year 2024 investor call. At this time, all participants are in listen-only mode. Today's formal presentation materials can be found under the investor relations section of Liberty Latin America's website at www.lla.com.

早安，歡迎參加 Liberty Latin America 2024 年全年投資者電話會議。此時，所有參與者都處於只聽模式。今天的正式簡報資料可以在 Liberty Latin America 網站 www.lla.com 的投資者關係部分找到。

Following today's formal presentation, instructions will be given for a question-and-answer session. As a reminder, this call is being recorded. Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlook, and future growth prospects, and other information and statements that are not historical fact.

今天的正式演講結束後，將提供問答環節的說明。提醒一下，本次通話正在錄音。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、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, along with the associated press release.

實際結果可能與這些陳述所表達或暗示的結果有重大差異。欲了解更多信息，請參閱 Liberty Latin America 最近提交的 10-K 表年度報告中討論的風險因素以及相關新聞稿。

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

Liberty Latin America 不承擔更新任何前瞻性聲明或資訊以反映其預期變化或此類聲明或資訊所依據的條件變化的義務。

In addition, on this call, we will refer to certain non-gap 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 investor section of our website.

此外，在本次電話會議上，我們將參考某些非缺口財務指標，這些指標與最具可比性的 GAAP 財務指標相協調，可在本簡報的附錄中找到，可在我們網站的投資者部分下存取。

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

現在我想將電話轉給我們的執行長巴蘭奈爾先生。

Thank you, Asad. And welcome everybody to Liberty Latin America's fourth quarter and year-end 2024 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'll get straight to your questions.

謝謝你，阿薩德。歡迎大家參加 Liberty Latin America 第四季和 2024 年年終業績報告。我將首先介紹我們集團的亮點以及按報告分部劃分的經營業績概述。我們的財務長 Chris Noyes 將隨後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 our operations, 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，來自我們整個營運部門的執行團隊也將與我一起參加此次會議，我將邀請他們在我們準備好的發言之後的問答環節中根據需要發表意見。為了方便起見，我們都將使用投影片進行工作，您可以在我們的網站 www.lla.com 上找到這些投影片。

Starting on slide 4 and our highlights for the year. We grew our fixed and mobile bases throughout the year, adding nearly 100,000 subscribers in total. Broadband and postpaid performance was particularly robust, with over 260,000 adds in 2024, excluding Puerto Rico. This represents an increase of 9% and shows the potential for volume growth in our region.

從幻燈片 4 開始，展示我們今年的亮點。我們的固定和行動基地台全年都有所成長，總共增加了近10萬名用戶。寬頻和後付費表現特別強勁，2024 年新增用戶將超過 26 萬個（波多黎各除外）。這意味著成長了 9%，顯示出我們地區產量具有成長的潛力。

We reported adjusted OIBDA of $1.6 billion in the year, and this was driven by strong year over year rebased growth in C&W Caribbean and Costa Rica and double-digit rebased growth in C&W Panama.

我們報告稱，今年調整後的 OIBDA 為 16 億美元，這得益於 C&W 加勒比地區和哥斯達黎加的同比強勁增長以及 C&W 巴拿馬的兩位數增長。

After a challenging 2024, we are committed to making progress in rebuilding Puerto Rico over the coming quarters. We continued investing in our networks with approximately 400,000 homes passed or upgraded to fiber-to-the-home. 97% of our fixed footprint is now gigabit-ready, exceeding the target we previously set.

在經歷了充滿挑戰的 2024 年後，我們致力於在未來幾季推進波多黎各的重建。我們繼續投資於我們的網絡，大約有 400,000 個家庭接入或升級為光纖到戶。我們 97% 的固定覆蓋範圍現在已實現千兆就緒，超過了我們先前設定的目標。

Finally, we have been making important strides to futureproof our capital structure. In the past six months we have successfully refinanced $3.3 billion of C&W debt. Over 75% of the silo debt is now maturing in 2032 and beyond, in line with our financing principle of maintaining a long-dated capital structure.

最後，我們已經取得了重要進展，以確保我們的資本結構未來發展。在過去的六個月中，我們成功地為 33 億美元的 C&W 債務進行了再融資。目前，超過 75% 的筒倉債務將在 2032 年及以後到期，這符合我們維持長期資本結構的融資原則。

Turning to slide 5, I'll begin our operating review with C&W Caribbean, where we delivered operating momentum in mobile post bait and strong financial execution. Starting on the left of the slide with our subscriber adds. Full year 2024 broadband ads were negatively impacted by Hurricane Beryl, primarily in Jamaica.

轉到幻燈片 5，我將開始對 C＆W Caribbean 進行營運審查，我們在行動郵政誘餌方面實現了營運勢頭，並實現了強勁的財務執行。從投影片左側開始顯示我們的訂閱者所新增的內容。2024 年全年寬頻廣告受到颶風貝麗爾的負面影響，主要影響地區是牙買加。

In Q3, we saw the immediate impact of the storm with 16,000 broadband losses. And in Q4, we lost a further 11,000 broadband RGUs, mainly related to the disconnection of non-paying customers. Adjusting for this event, we would have added 7,000 broadband subscribers in Q4, and 18,000 for the year. In mobile, our positive postpaid performance continued in Q4, with 43,000 net adds in 2024. Our post-paid base increased by 14% year-over-year, driven by Jamaica.

在第三季度，我們直接感受到了風暴的影響，有 16,000 條寬頻線路中斷。在第四季度，我們又損失了 11,000 個寬頻 RGU，主要原因是未付費客戶的斷線。考慮到這一事件，我們將在第四季度增加 7,000 名寬頻用戶，全年增加 18,000 名。在行動領域，我們的後付費用戶在第四季持續保持良好的表現，2024 年淨增加 43,000 戶。在牙買加的推動下，我們的後付費用戶基數年增了 14%。

Moving to the center of the slide and our revenue by product. The pie chart depicts the world diversified nature of C&W Caribbean's revenue with B2B and consumer fixed, the largest elements, followed by consumer mobile. In our Caribbean markets, the operating environment is constructive as we primarily compete in duopolies where we are often the leading player.

移至幻燈片的中心並按產品劃分我們的收入。餅圖展示了 C&W Caribbean 收入的全球多樣化性質，其中 B2B 和消費者固定是最大的組成部分，其次是消費者移動。在我們的加勒比海市場，經營環境是良好的，因為我們主要在雙頭壟斷市場中競爭，我們經常處於領先地位。

Rebased revenue grew 2% year-over-year, driven by double-digit growth in post-paid revenue and supported by successful price increases in fixed and mobile across our main markets. Overall, 2024 was a strong operational year for C&W Caribbean, with cost efficiencies driving nearly 200 basis points of margin expansion. As Chris will come on to, we expect operational leverage to continue to be a focused and driver of adjusted OIBDA growth in 2025.

重新調整後的營收年增 2%，這得益於後付費收入的兩位數成長以及主要市場固定和行動價格的成功上漲。整體而言，2024 年是 C&W Caribbean 營運強勁的一年，成本效率推動利潤率擴大近 200 個基點。正如克里斯所說，我們預計營運槓桿將繼續成為 2025 年調整後 OIBDA 成長的重點和驅動力。

Moving to slide 6 in our C&W Panama segment. Starting on the left of the slide, we continued our broadband momentum in 2024, adding 23,000 subscribers, which was 10% higher year-over-year. We have been investing in our network, expanding and upgrading with FTTH home passings, and I'm pleased to say that only 2% of our footprint is now covered by copper, with most of this to be decommissioned by the end of this year.

移至 C&W 巴拿馬部分的第 6 張投影片。從投影片的左側開始，我們在 2024 年延續了寬頻發展勢頭，增加了 23,000 名用戶，年增 10%。我們一直在投資我們的網絡，透過 FTTH 入戶進行擴展和升級，我很高興地說，現在我們的覆蓋範圍內只有 2％ 是銅線覆蓋，其中大部分將在今年年底前退役。

In Mobile, we had a record year reporting 78,000 postpaid adds driven by a successful acquisition campaign following the exit of a competitor and increase in FMC penetration and a focus on pre-paid to post-paid migration.

在行動領域，我們創下了 78,000 個後付費用戶新增量的記錄，這得益於競爭對手退出後的成功收購活動、FMC 滲透率的提高以及對預付費到後付費遷移的關注。

Moving to the center of the slide and our revenue streams, which in aggregate drove our top line 3% higher in the year. Growth was driven by Mobile and Fixed products which were up by 7% and 4% respectively. Mobile growth benefited from a larger subscriber base and pricing actions we took throughout the year.

轉向幻燈片的中心和我們的收入來源，總體而言，今年我們的營業額增長了 3％。成長主要由行動和固定產品推動，分別成長了 7% 和 4%。行動業務的成長得益於更大的用戶群和我們全年採取的定價措施。

In Fixed, performance was driven by double digit growth in broadband revenue following higher volume from a successful commercial strategy, including a focus on triple play plans which now represent nearly 60% of our customer base. After the exit of a competitor in 2024, the market structure became primarily a duopoly in both Fixed and Mobile with Tigo.

在固定業務方面，業績表現主要得益於寬頻收入實現兩位數成長，這得益於我們實施成功的商業策略，包括重點關註三網融合計劃，該計劃目前占我們客戶群的近60%。2024 年競爭對手退出後，市場結構主要變為 Tigo 在固定和移動領域的雙頭壟斷。

We are number one in mobile and the challenge in Fixed where we see great potential. Finally, we posted double-digit adjusted OIBDA rebased growth year-on-year driven by cost efficiencies, and the full year benefit of synergies from the Claro Panama acquisition.

我們在行動領域處於領先地位，並且面臨著固定電話領域的巨大潛力。最後，我們公佈了經調整後的 OIBDA 年成長兩位數，這得益於成本效率的提高以及收購 Claro Panama 帶來的全年協同效應。

Turning to slide 7 and Liberty Costa Rica. Starting on the left of the slide, we saw consistent quarterly broadband ads throughout the year in what is our most competitive fixed market.

前往投影片 7 和 Liberty Costa Rica。從幻燈片的左側開始，我們看到，在競爭最激烈的固定市場中，全年都有一致的季度寬頻廣告。

We continue to expand our footprint, adding over 170,000 fiber-to-the-home homes passed in 2024, and taking our total network to 830,000 homes passed. We now have 45% of our network on FTTH, more than double the 20% of a year ago and exceeding the 40% target communicated last year.

我們將繼續擴大覆蓋範圍，預計到 2024 年將新增超過 170,000 個光纖到戶家庭，使我們的總網路覆蓋家庭數量達到 830,000 個。目前，我們的網路已實現 45% 的 FTTH 覆蓋，比一年前的 20% 增長了一倍多，也超過了去年提出的 40% 的目標。

In Mobile, we once again successful growing our base. We added 114,000 postpaid subscribers in the year for 31% year-over-year increase. We also secured a total of 570 megahertz of spectrum across four different bands in an auction completed earlier this year. We are pleased with the results. If you were awarded the amount of incremental spectrum that we were asking, which will enable us to enhance and grow our 5G networks and increasing capacity and speeds.

在行動領域，我們再次成功擴大了我們的基礎。我們全年新增了114,000名後付費用戶，較去年同期成長31％。我們也在今年稍早完成的拍賣中獲得了四個不同頻段總計 570 兆赫的頻譜。我們對結果很滿意。如果您獲得了我們所要求的增量頻譜量，這將使我們能夠增強和發展我們的 5G 網絡，並提高容量和速度。

Moving to the center of the slide. Consumer mobile remains the largest product with 60% share of revenue. This is followed by a consumer fixed business, representing just under 30% and then a small but fast-growing B2B operations. Costa Rica is our most competitive fixed market with five nationwide players, while in mobile we compete against two other operators. Overall, I am very pleased with our performance and future growth prospects in Costa Rica as we wait for approval of our proposed merger with Tigo, which we expect to close towards the end of the year.

移至幻燈片的中心。消費移動仍然是最大的產品，佔收入的 60%。其次是消費者固定業務，佔比略低於 30%，然後是規模雖小但成長迅速的 B2B 業務。哥斯達黎加是我們最具競爭力的固定電話市場，有五家全國性營運商，而在行動市場，我們與另外兩家營運商競爭。總體而言，我對我們在哥斯達黎加的業績和未來成長前景感到非常滿意，目前我們正等待與 Tigo 的合併提案的批准，預計該合併提案將於今年年底完成。

Moving to slide 8 in our Liberty Networks segment. This continues to be a great business for us with exceptional free cash flow generation. To provide some visibility of the underlying trends in the business on the left side of the slide, we present revenue broken down by lines of business.

前往 Liberty Networks 部分的幻燈片 8。這對我們來說仍然是一項偉大的業務，具有卓越的自由現金流產生能力。為了讓幻燈片左側的業務基本趨勢更加清晰，我們按業務線細分了收入。

Enterprise has been the faster grower, up 9% year over year, driven by growth in IT as a service and connectivity, especially in Colombia, Dominican Republic, and Honduras. Wholesale reported figures continue to be challenged by the impact of non-cash IRU declines totaling $18 million year-over-year. This headwind is progressively reducing as IRUs are replaced by least capacity sales.

企業業務成長速度更快，年增 9%，這得益於 IT 服務和連結性的成長，尤其是在哥倫比亞、多明尼加共和國和宏都拉斯。批發報告數據繼續受到非現金 IRU 年減總計 1800 萬美元的影響。隨著 IRU 被最低容量銷售所取代，這種不利因素正在逐步減少。

Full year rebased revenue declined by 2%, but excluding the impact by our use, it would have been up by 2%. Lastly, we are finalizing contract terms to commence the construction of Manta, our subsea cable system project in collaboration with Sparkle, owned by Telecom Italia, and Gold Data.

全年重新調整後的收入下降了 2%，但除去我們使用的影響，收入將增加 2%。最後，我們正在敲定合約條款，開始與義大利電信旗下的 Sparkle 和 Gold Data 合作建造 Manta 海底電纜系統專案。

Next to slide 9 and Liberty Puerto Rico. Starting on the left of the slide. In Q4, we added 5,000 fixed RGUs with broadband mostly flat. Adjusting for the impact of the discontinuation of ACP, we would have delivered and increased 7,000 broadband RGUs this year. Earlier this year, we also put through an annual pricing increase for a fixed base, which should underpin revenue performance.

在第 9 張幻燈片和 Liberty Puerto Rico 旁邊。從幻燈片的左側開始。第四季度，我們增加了 5,000 個固定 RGU，寬頻基本持平。考慮到 ACP 停產的影響，我們今年將交付並增加 7,000 個寬頻 RGU。今年早些時候，我們還實施了固定基數的年度價格上調，這將支撐收入表現。

Our business continues to invest in products and infrastructure with 55,000 homes passed or upgraded to FTTH in the year. We also made material progress towards making our network gigabit ready. At the end of 2024, over 90% of our HFC homes were on DOCSIS 3.1, more than a 30%-point increase compared to the previous year.

我們繼續在產品和基礎設施方面進行投資，今年已有 55,000 戶家庭實現或升級至 FTTH。我們也在網路千兆化方面取得了實質進展。到 2024 年底，我們 90% 以上的 HFC 家庭都已採用 DOCSIS 3.1，比前一年增加了 30% 以上。

Overall, our network is now capable of delivering speeds of 1 gigabit per second or more on 95% of our footprint. As a testament to the strength of our network, Ookla recently confirmed Liberty as having Puerto Rico's fastest network.

總體而言，我們的網路現在能夠在 95％ 的覆蓋範圍內提供每秒 1 千兆位元或更高的速度。為了證明我們網路的實力，Ookla 最近確認 Liberty 擁有波多黎各最快的網路。

Turning to mobile, we had a challenging year in postpaid, with ECF disconnections exacerbating losses caused by the migration. In pre-paid, our momentum continued in Q4 with the third consecutive quarter of net ads. As we integrate the EchoStar distribution network in the coming months, we aim to build on this trend in a segment where there is significant opportunity.

談到行動業務，我們在後付費領域度過了充滿挑戰的一年，ECF 斷線加劇了遷移造成的損失。在預付費方面，我們的動能在第四季延續，連續第三個季度實現淨廣告。隨著我們在未來幾個月整合 EchoStar 分銷網絡，我們旨在在具有巨大機會的領域中延續這一趨勢。

For postpaid performance has been improving and Q4 losses more than half sequentially. We also observed improvements in other key operating indicators such as NPS which I will cover in the next slide. However, there is more work to do here, and we are focused on returning to net ads as quickly as possible. In the center of the slide, we show the revenue mix in Puerto Rico and our overall topline decline versus 2023, mainly driven by the subscriber reduction we experienced over the course of the year.

後付費業績一直在改善，第四季季減超過一半。我們也觀察到其他關鍵營運指標（例如 NPS）的改善，我將在下一張投影片中介紹。然而，這裡還有更多工作要做，我們專注於盡快恢復網路廣告。在幻燈片的中央，我們展示了波多黎各的收入結構以及與 2023 年相比的整體收入下降，這主要是由於我們在一年內經歷的用戶減少所致。

On slide 10, we wanted to show postpaid net ads and mobile NPS evolution over the past three years. On the left side of the slide, we break down activity into gross ads and disconnects. Gross ads have been relatively stable over the past three years, showing the underlying strength of our product offering. This includes the migration related disruptions in 2024 when our sales force was redeployed to focus on customer care.

在投影片 10 上，我們想要展示過去三年的後付費網路廣告和行動 NPS 的發展。在投影片的左側，我們將活動細分為總廣告和斷開連線。過去三年來，廣告總收入相對穩定，顯示出我們產品的潛在實力。這包括 2024 年與遷移相關的中斷，當時我們的銷售人員被重新部署以專注於客戶服務。

Looking forward, we see an opportunity to offer bespoke and converge offerings to drive additions. Conversely, churn increased materially during the migration period, driven primarily by billing issues as we move to new IT platforms, as well as the termination of the ECF program.

展望未來，我們看到了提供客製化和融合產品以推動成長的機會。相反，在遷移期間，客戶流失率大幅增加，主要原因是我們遷移到新的 IT 平台時出現的計費問題，以及 ECF 計畫的終止。

In the past two quarters, we have seen our efforts to improve this metric drive lower disconnects, and a reversal of the negative trend, a key component we strive for net adds. On the right of the slide, we show NPS progression, which is a leading performance metric we monitor closely. The graph depicts the evolution of this metrics since the beginning of Q1 2022 when our NPS was at similar levels as of today.

在過去兩個季度中，我們看到我們為改善這項指標所做的努力推動了斷開連接的減少，並扭轉了負面趨勢，這是我們努力實現淨增的關鍵因素。在幻燈片的右側，我們展示了 NPS 進展，這是我們密切監控的主要績效指標。這張圖表描繪了自 2022 年第一季初以來該指標的變化情況，當時我們的 NPS 與今天處於相似的水平。

Following Hurricane Fiona and Q3 '22, we recorded an improvement in the score as our customers recognized the reliability of our networks and our efforts to support our local communities in a time of crisis. During the migration, we then observed a marked deterioration of NPS related to technical or billing issues. Finally, as we discussed during our Q3 call, we are now getting back to pre-migration levels and 50 points better compared to the migration lows.

在颶風菲奧娜和 2022 年第三季度之後，我們的評分有所提高，因為我們的客戶認識到了我們網絡的可靠性以及我們在危機時期為當地社區提供支持的努力。在遷移過程中，我們觀察到與技術或計費問題相關的 NPS 明顯惡化。最後，正如我們在第三季電話會議上討論的那樣，我們現在正在恢復到遷移前的水平，並且比遷移低點高出 50 點。

Undeniably, 2024 is a very challenging year for us in Puerto Rico. And with hindsight, we underestimated how difficult the migration and recovery would be. However, our business still has a unique combination of leading mobile and fixed infrastructure. And we are determined to rebuild this business in 2025.

不可否認，2024 年對我們波多黎各來說是非常具有挑戰性的一年。事後看來，我們低估了遷移和復原的難度。然而，我們的業務仍然擁有領先的移動和固定基礎設施的獨特組合。我們決心在 2025 年重建這項業務。

Our strategy is simple. We are going back to basics. We're going to grow the top line leveraging our best-in-class networks and FMC capabilities and focusing on customer care and churn reduction. We're going to recover margin, exercising cost controls through efficiency initiatives, and we're going to preserve liquidity, reducing capital intensity as our fixed network is well invested and futureproof with 95% of our footprint being gigabit ready and our mobile network continues to be the most reliable on the island.

我們的策略很簡單。我們正在回歸本源。我們將利用我們一流的網路和 FMC 功能並專注於客戶服務和減少客戶流失，從而增加營業收入。我們將恢復利潤，透過效率措施進行成本控制，並將保持流動性，降低資本密集度，因為我們的固定網路投資良好且面向未來，我們 95% 的覆蓋範圍都已準備好千兆，我們的行動網路仍然是島上最可靠的。

Moving to slide 11, and an overview of our infrastructure assets. On the left of the slide, you can see that across our consumer markets 97% of our networks can support very high speed through either HFC or fiber-to-the-home. We continue to build fiber and migrate our customers from copper to fiber technology. Over the past year alone, our fiber-to-the-home proportion has increased by 9% points as we expanded our footprint and upgraded our copper plan.

前往第 11 張投影片，概述我們的基礎設施資產。在投影片的左側，您可以看到，在我們的消費市場中，97％的網路可以透過 HFC 或光纖到戶支援非常高的速度。我們將繼續建造光纖，並將我們的客戶從銅遷移到光纖技術。僅在過去的一年裡，隨著我們擴大覆蓋範圍併升級銅線計劃，我們的光纖到戶比例增加了 9%。

Upgrading our networks is key focus for us, as you can see in the center of the slide. We are committed to getting virtually all our network to gigabit readiness, capable of delivering speeds of 1 gigabit per second and above. Having begun our journey with 7% of our network at this standard in 2018, we advanced in 2024 and anticipated further progress this year.

升級我們的網路是我們的重點工作，正如您在投影片的中央所看到的。我們致力於使幾乎所有網路都達到千兆位元水平，能夠提供每秒 1 千兆位元及以上的速度。我們的網路於 2018 年開啟了 7% 的覆蓋率，並於 2024 年取得了進步，預計今年將取得更大進步。

On the right of the slide, we show fixed and mobile network information by market. Notably, we are 100% fiber in Barbados, and the majority of our footprint is FTTH in Panama, Jamaica, and the Bahamas, with great strides made in Costa Rica, where we ended the year with 45% fiber, more than double where we were a year ago.

在幻燈片的右側，我們展示了按市場劃分的固定和行動網路資訊。值得注意的是，我們在巴貝多實現了 100% 光纖覆蓋，在巴拿馬、牙買加和巴哈馬，我們的大部分覆蓋範圍是 FTTH，我們在哥斯達黎加也取得了巨大進步，到去年年底，我們在哥斯達黎加的光纖覆蓋率為 45%，是一年前水平的兩倍多。

During 2024, we also launched 5G and three more markets for a total of five, with all the remaining ones operating on LTE. Overall, I'm proud to say that we have some of the best in-class networks across the regions as recognized by the loyalty of customers as well as the external parties.

2024 年，我們還推出了 5G 和另外 3 個市場，總共 5 個市場，其餘所有市場均採用 LTE 營運。總的來說，我很自豪地說，我們擁有跨地區最好的同類網絡，並得到了客戶和外部各方的忠誠認可。

BTC in the Bahamas secured award from Ookla for the Best Fixed Network, Fastest Fixed Network, Best Fixed Gaming Experience, and Best Mobile Video Experience. Mass Mobile in Panama won the Fastest Fixed and Mobile Networks according to Ookla. Liberty Puerto Rico was named the island's Fastest Fixed Network by for the eighth consecutive year and the most reliable mobile network by Global Wireless Solutions for the 17th consecutive year.

巴哈馬 BTC 榮獲 Ookla 頒發的最佳固定網路獎、最快固定網路獎、最佳固定遊戲體驗獎和最佳行動視訊體驗獎。根據 Ookla 的調查，巴拿馬的 Mass Mobile 贏得了最快的固定和行動網路。Liberty Puerto Rico 連續八年被 Global Wireless Solutions 評為島上最快的固定網絡，並連續十七年被 Global Wireless Solutions 評為最可靠的行動網絡。

Finally, to slide 12 and our strategic focus areas, recognizing the progress made in 2024 and focus areas for 2025 driving towards longer term shareholder value creation. These priorities are split across three pillars and consistent with those we have previously identified.

最後，第 12 張投影片介紹了我們的策略重點領域，我們認識到 2024 年取得的進展以及 2025 年的重點領域，旨在推動長期股東價值創造。這些優先事項分為三大支柱，與我們先前確定的優先事項一致。

First, Network and IT. We are investing in leading infrastructure to support our customers in the region as I covered on the previous slide. We will continue to do this while at the same time having an opportunity to reduce our capital intensity as Chris will cover in his section.

第一，網路與IT。正如我在上一張幻燈片中提到的，我們正在投資領先的基礎設施來支援該地區的客戶。我們將繼續這樣做，同時有機會降低我們的資本密集度，正如克里斯將在他的部分中介紹的那樣。

Second, our commercial strategy. We saw traction across our converged offices, closing the year with over 30% FMC penetration in Panama, Jamaica, and Costa Rica, which represents an increase of between 6% points and 8% points year-over-year.

第二，我們的商業策略。我們看到了融合辦公室的蓬勃發展，年底，巴拿馬、牙買加和哥斯達黎加的 FMC 普及率超過 30%，同比增長 6 個百分點至 8 個百分點。

In 2025 we will focus on driving penetrations through refresh converged offerings. In 2024, we successfully completed price increases in both Fixed and Mobile process our main markets, which return in line of below expectations. This will provide a lever to drive topline future in future years.

2025 年，我們將專注於透過更新融合產品來推動滲透。2024年，我們成功完成了主要市場固定和行動業務的價格上漲，回報低於預期。這將為未來幾年的營收成長提供槓桿。

We believe that delivering a strong digital platform is vital to meeting our customers, where they want to interact with us, improving the customer journey and the driver of cost efficiencies. In 2024, we achieved 25% digital sales across the group, exceeding our goal for the year, and our target is to approach the 30s in 2025.

我們相信，提供強大的數位平台對於滿足客戶需求、與他們互動、改善客戶旅程和提高成本效率至關重要。2024年，我們全集團的數位銷售額實現了25%，超過了我們今年的目標，我們的目標是在2025年接近30%。

I also want to know that we continue to see significant opportunity to grow our B2B business in the region, including through targeting specific segments such as hospitality, where we can leverage our leading infrastructure and balance sheet strength.

我還想知道，我們是否繼續看到在該地區發展 B2B 業務的巨大機遇，包括透過瞄準酒店業等特定領域，我們可以在這些領域利用我們領先的基礎設施和資產負債表實力。

Third and finally, operational and capital allocation. In 2024, we reinforce our mobile operations in Puerto Rico by completing the acquisition of Spectrum and subscribers from EchoStar. We started the process of future-proofing our capital structure at C&W which we have now completed. We invested over $300 million in our equity through the redemption of the remainder of our convertible note and stock purchases.

第三，也是最後一點，營運和資本配置。2024 年，我們完成對 Spectrum 和 EchoStar 用戶的收購，加強了我們在波多黎各的行動業務。我們已開始對 C&W 的資本結構進行未來防護，目前流程已完成。我們透過贖回剩餘的可轉換債券和股票購買，向我們的股權投資了超過 3 億美元。

In 2025, our operational priority will be rebuilding Liberty Puerto Rico. In addition, we believe we have a substantial margin of opportunity across our business and are working on several cost reduction initiatives to increase operational leverage as Chris will cover in more detail in his sections. This was a success story in 2024 and will provide further tailwinds in the coming years.

2025 年，我們的營運重點是重建自由波多黎各。此外，我們相信我們的業務擁有巨大的機會空間，並且正在進行多項成本削減舉措以提高營運槓桿，Chris 將在他的章節中更詳細地介紹。這是 2024 年的一個成功故事，並將在未來幾年提供進一步的推動力。

Finally, we are excited about our opportunities in Peru. The business finished the year with over 3.1 million homes passed and approximately 0.5 million internet RGUs. According to the latest data from the regulator, Wow is the fastest-growing broadband provider in Peru.

最後，我們對在秘魯的機會感到非常興奮。截至今年底，該公司業務已覆蓋超過 310 萬戶家庭，網路 RGU 數量約為 50 萬。根據監管機構的最新數據，Wow 是秘魯成長最快的寬頻供應商。

Overall, we appreciate the overhang Liberty Puerto Rico has created. And it is on us to demonstrate value. But I tell you, we still believe that the true worth of our company is not reflected in the current stock price.

整體而言，我們很欣賞 Liberty Puerto Rico 所創造的懸殊效應。我們必須展現自己的價值。但我告訴你，我們仍然相信我們公司的真正價值並未反映在目前的股價中。

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

說完這些，我將把您的問題交給財務長克里斯·諾伊斯 (Chris Noyes)，他將在我們回答您的問題之前向您介紹我們的財務表現。

Chris?

克里斯？

Thanks, Balan. I will start by running through our key metrics focusing on Q4 performance. Sequentially, Q4 revenue improved $61 million to $1.15 billion as compared to Q3, with each of our operating segments delivering increases.

謝謝，巴蘭。我將首先介紹我們專注於第四季業績的關鍵指標。與第三季相比，第四季的營收增加了 6,100 萬美元，達到 11.5 億美元，我們每個營運部門都實現了成長。

While CWP and Liberty Costa Rica accounted for the largest moves on the back of B2B. In addition, both C&W Caribbean and Liberty Puerto Rico were up sequentially. Year-over-year, Q4 revenue was 2% lower on a rebased basis as organic growth in Liberty Costa Rica, C&W Caribbean and C&W Panama, was more than offset by declines in Liberty Puerto Rico and Liberty Networks. At the bottom of the slide, Q4 adjusted OIBDA of $427 million increased 6% sequentially on a reported basis and was lowered by 2% on a year-over-year rebased basis.

而 CWP 和 Liberty Costa Rica 則在 B2B 的支持下佔據了最大的份額。此外，C&W Caribbean 和 Liberty Puerto Rico 股價均較上季上漲。與去年同期相比，第四季度營收按重新調整後的基礎下降了 2%，因為 Liberty Costa Rica、C&W Caribbean 和 C&W Panama 的有機成長被 Liberty Puerto Rico 和 Liberty Networks 的下滑所抵消。在投影片底部，第四季調整後的 OIBDA 為 4.27 億美元，按報告基礎較上季成長 6%，以年比重新調整基礎下降 2%。

Slide 15 recaps our segment results for Q4. Starting with C&W Caribbean, we've reported $371 million of revenue in Q4, reflecting 2% year-over-year rebased growth. The primary driver of our top line performance was residential Mobile, which grew 7% year-over-year, helped in large part by the continued growth in our postpaid base with 43,000 postpaid editions, since the beginning of 2024 and higher ARPU following price increases, primarily in Jamaica.

投影片 15 回顧了我們第四季的分部業績。從 C&W Caribbean 開始，我們報告第四季度的營收為 3.71 億美元，年增 2%。我們營收表現的主要驅動力是住宅行動業務，年增 7%，這在很大程度上得益於我們的後付費用戶基數持續增長，自 2024 年初以來已擁有 43,000 個後付費版本，並且隨著價格上漲（主要是在牙買加），ARPU 也隨之增加。

Adjusted OIBDA expanded in Q4 to $168 million for 6% rebased growth. Sequentially adjusted OIBDA grew by 7% on a reported basis. For revenue adjusted OIBDA and P&E additions in Q4, we estimate that the business was impacted by the aftermath of Hurricane Beryl to the tune of $5 million, $6 million, and $9 million respectively.

調整後的 OIBDA 在第四季度擴大至 1.68 億美元，成長率為 6%。經報告，經連續調整的 OIBDA 成長了 7%。對於第四季營收調整後的 OIBDA 和 P&E 增加價值，我們估計業務受到颶風貝麗爾餘波的影響分別達 500 萬美元、600 萬美元和 900 萬美元。

Next, moving to cable and wireless Panama. CWP generated $209 million of revenue representing 1% year-over-year rebased growth. Mobile residential revenue was up by 20%, primarily driven by subscription and enhanced equipment growth following the addition of 78,000 postpaid subscribers over the last 12 months and improved pre-paid ARPU as our products and promotions led to increased recharge activity.

接下來，轉向巴拿馬有線和無線連接。CWP 創造了 2.09 億美元的收入，比去年同期成長 1%。行動住宅收入成長了 20%，主要得益於過去 12 個月內增加了 78,000 名後付費用戶之後訂閱量和設備數量的增長，以及我們的產品和促銷活動導致充值活動增加而導致的預付費 ARPU 提高。

Mobile residential revenue growth was partly offset by a 13% decrease in B2B revenue driven by lower revenue from government-related projects, some of which we anticipate will come through in 2025. We posted $79 million of adjusted OIBDA in Q4 for 19% year-on-year rebased growth driven by product mix and synergies from the Claro Panama acquisition. Adjusted OIBDA was 16% higher sequentially on a reported basis.

行動住宅收入的成長部分被 B2B 收入下降 13% 所抵消，原因是政府相關項目的收入減少，我們預計其中一些項目將在 2025 年實現。我們在第四季度實現了 7,900 萬美元的調整後 OIBDA，年成長 19%，這主要得益於產品組合和收購 Claro Panama 帶來的協同效應。根據報告，調整後的 OIBDA 比上一季成長 16%。

Turning to Liberty Networks, we generated $110 million in revenue and $61 million in adjusted OIBDA in Q4, resulting in a rebased decline of 2% for revenue and flat adjusted OIBDA performance. Top line was driven by lower wholesale network revenue as compared to the prior year period when we won a significant new contract. This was partly offset by higher enterprise revenue due primarily to continued growth in managed services and B2B connectivity. Sequentially, adjusted OIBDA growth was 3% on a reported basis.

談到 Liberty Networks，我們在第四季度創造了 1.1 億美元的營收和 6,100 萬美元的調整後 OIBDA，導致營收下降 2%，調整後 OIBDA 業績持平。與去年同期我們贏得重要新合約時相比，批發網路收入下降是導致營業收入下降的原因。這在一定程度上被企業收入的增加所抵消，這主要歸因於託管服務和 B2B 連接的持續增長。以報告計算，調整後的 OIBDA 成長率為 3%。

Second from the right, Liberty Puerto Rico, Q4 revenue was $317 million, reflecting a 13% rebased decline year-over-year. Residential fixed revenue declined by 2% year over year, primarily due to lower ARPU caused by retention-related discounts. Residential mobile revenue was 20% lower compared to the prior year period. This was driven by a reduction in mobile subscribers and ARPU year-over-year, impacted by disruption related to the migration of customers to our mobile network and lower equipment sales due to promotional activity.

右邊第二位是Liberty Puerto Rico，第四季營收為3.17億美元，年減13%。住宅固定收入較去年同期下降 2%，主要由於留存相關折扣導致 ARPU 下降。住宅移動收入比去年同期下降了 20%。這是由於行動用戶數和 ARPU 年減所致，受到客戶遷移到我們的行動網路所帶來的干擾以及促銷活動導致的設備銷售下降的影響。

B2B revenue declined by 21% year-over-year, primarily reflecting the cancellation of the FCC's emergency connectivity fund, which led to a reduction of 61,000 mobile postpaid subs over the past year, as well as a reduction in subscribers related to migration challenges and associated credits issued for billing adjustments.

B2B營收年減21%，主要反映了FCC取消了緊急連接基金，導致過去一年行動後付費用戶減少了61,000戶，以及與遷移挑戰相關的用戶減少以及與帳單調整相關的信用額度發放。

We reported $80 million in adjusted OIBDA during the quarter, representing a rebased decline of 24% as compared to Q4 2023. The performance was driven by the impact of our revenue decline and increased bad debt charges, partly offset by lower other operating costs and expenses due to the termination of our TSA with AT&T following migration and lower staff costs due to efficiency programs.

我們報告本季調整後的 OIBDA 為 8,000 萬美元，與 2023 年第四季相比下降了 24%。業績成長主要受到收入下降和壞帳費用增加的影響，但因遷移後我們與 AT&T 的 TSA 終止以及效率計劃帶來的員工成本降低，其他營運成本和費用的降低部分抵消了這一影響。

Sequentially, adjusted OIBDA declined 9% or $8 million on a reported basis. We had expected a sequential increase in adjusted OIBDA in Q4. However, we had a $10 million increase in bad debt in Q4 to further reserve for receivables for migrated customers that had previously churned, including a higher-than-normal default rate on equipment installment receivables.

經報告，調整後的 OIBDA 連續下降 9%，即 800 萬美元。我們預計第四季度調整後的 OIBDA 將環比成長。然而，第四季度我們的壞帳增加了 1000 萬美元，以進一步為先前流失的遷移客戶的應收帳款預留資金，其中包括高於正常水平的設備分期付款應收帳款違約率。

Additionally, we provided incremental credits to customers in the quarter related primarily to billing corrections post migration. Concluding with Costa Rica on the far right, we delivered Q4 revenue of $168 million and adjusted OIBDA of $67 million reflecting 9% rebased revenue growth and 11% rebased growth in adjusted OIBDA. The year-over-year rebased performance was mainly driven by higher mobile revenue, primarily due to postpaid subscriber growth. Adjusted OIBDA grew by 32% sequentially on a reported basis.

此外，我們在本季度向客戶提供了增量信用，主要與遷移後的帳單更正有關。最後以最右邊的哥斯大黎加為例，我們第四季的營收為 1.68 億美元，調整後的 OIBDA 為 6,700 萬美元，反映了 9% 的重新調整營收成長和 11% 的重新調整 OIBDA 成長。年比重新調整後的業績主要得益於行動收入的增加，這主要得益於後付費用戶的成長。經報告，調整後的 OIBDA 環比成長 32%。

Turning to slide 16, we incurred P&E additions of $725 million or 16% of revenue in line with our annual target. During 2024, we passed or upgraded approximately 400,000 homes, including more than 90,000 in Q4. In addition, we launched 5G across several markets during the year. In terms of spend by category, CPE represented 22% and new build upgrade and capacity accounted for 22% and 14% of fiscal year 2024 total spend, respectively.

轉到第 16 張投影片，我們增加了 7.25 億美元的 P&E，佔營收的 16%，符合我們的年度目標。2024 年，我們改造或升級了約 40 萬套房屋，其中第四季改造或升級了 9 萬多套。此外，我們今年在多個市場推出了 5G。依類別劃分的支出方面，CPE 佔 2024 財年總支出的 22%，新建升等和容量分別佔 22% 和 14%。

As it pertains to P&E additions across the group, we are focused on bringing annual overall spend down to 14% over the next few years, as we benefit in part from lower infrastructure deployment. Looking at adjusted FCF before partner distributions, we delivered a robust Q4 of $196 million, bringing our full year to $116 million. Our annual result was constrained by Puerto Rico performance and taxes related to the tower transaction. However, we are well positioned at LLA for significant adjusted FCF acceleration over the next two years.

就整個集團的 P&E 增加而言，我們致力於在未來幾年內將年度總支出降至 14%，因為我們將在一定程度上受益於較低的基礎設施部署。從合作夥伴分配前的調整後自由現金流來看，我們第四季業績表現強勁，達到 1.96 億美元，全年業績達到 1.16 億美元。我們的年度業績受到波多黎各業績和與塔交易相關的稅收的限制。然而，在未來兩年內，我們在 LLA 方面處於有利地位，可以實現顯著的調整後 FCF 加速。

Moving to slide 17, we've been focused on improving our margins across our operations through revenue growth together with cost saving initiatives and CapEx discipline. We wanted to highlight two of our best performing operations in 2024, C&W Caribbean and CWP, both of which are poised for further improvement in 2025.

轉到第 17 張投影片，我們一直致力於透過收入成長以及成本節約措施和資本支出紀律來提高整個營運的利潤率。我們希望重點介紹 2024 年表現最好的兩個業務，即 C&W Caribbean 和 CWP，這兩個業務都有望在 2025 年進一步改善。

First, in C&W Caribbean, we increased our adjusted OIBDA and adjusted OIBDA less SP&E addition margins by 180 basis points to 43.3% and 260 basis points to 27.8%, respectively. On adjusted OIBDA, we reduced our direct and indirect operating costs by $7 million year-over-year in part due to renegotiation of vendor contracts, automation initiatives, and sales channel transformation. We also improved our P&E additions to revenue by 90 basis points to 15.5%, and we see it going lower in 2025.

首先，在 C&W 加勒比海地區，我們將調整後的 OIBDA 和調整後的 OIBDA 減去 SP&E 附加利潤率分別提高了 180 個基點至 43.3% 和 260 個基點至 27.8%。在調整後的 OIBDA 中，我們的直接和間接營運成本比去年同期減少了 700 萬美元，部分原因是重新談判了供應商合約、自動化計劃和銷售管道轉型。我們也將本益比對營收的貢獻提高了 90 個基點，達到 15.5%，我們預計到 2025 年這一比例會更低。

Second in Cable & Wireless Panama, adjusted OIBDA margin increased by 470 basis points during 2024, driven by revenue expansion, together with $21 million of lower direct and indirect costs, primarily from synergies it obtained after the Claro Panama acquisition combined with labor cost reduction.

位居第二的是 Cable & Wireless Panama，2024 年調整後的 OIBDA 利潤率增加了 470 個基點，這得益於收入擴大，加上直接和間接成本降低 2100 萬美元，這主要得益於收購 Claro Panama 後獲得的協同效應以及勞動力成本降低。

Additionally, our adjusted OIBDA less P&E editions margin was up 670 basis points in 2024 as compared to 2023, helped in part by P&E additions as a percent of revenue, lowered by 200 basis points year-over-year.

此外，與 2023 年相比，2024 年我們的調整後 OIBDA 減去 P&E 版本利潤率上漲了 670 個基點，部分原因是 P&E 增加值佔收入的百分比同比下降了 200 個基點。

Across our operating segments we believe achieving greater than 30% adjusted OIBDA less P/E additions as a percent of revenue is a worthy operating objective over time with the exceptions of our Networks business, which is already over 40%.

我們認為，在我們的所有營運部門中，實現調整後 OIBDA 減去本益比後的增加值佔收入的百分比超過 30% 是一個值得長期追求的營運目標，但網路業務除外，該業務的佔比已經超過 40%。

Turning to slide 18, adjusted for the recent C&W transactions, we finished 2024 with $8.2 billion of debt and roughly $700 million of cash. With adjusted OIBDA and adjusted FCF, expanding in Q4, our LLA net leverage sequentially decreased from 4.8 times at Q3 to 4.5 times at Q4. A primary focus of ours over the past six months has been to significantly term out our largest credit silo, which is C&W.

轉到第 18 張投影片，根據最近的 C&W 交易進行調整後，到 2024 年，我們的債務為 82 億美元，現金約為 7 億美元。隨著調整後的 OIBDA 和調整後的 FCF 在第四季度擴大，我們的 LLA 淨槓桿率從第三季的 4.8 倍連續下降到第四季的 4.5 倍。在過去六個月中，我們的主要工作重點是徹底解決我們最大的信貸孤島，即 C&W。

As a reminder, the stand-alone silo consists of three of our operating segments: the Caribbean, Panama, and Networks. We completed three transactions: $1 billion in senior secure notes during Q4; and $1.5 billion in term loans; and $755 million in senior notes post year-end.

提醒一下，獨立的筒倉由我們的三個營運部門組成：加勒比地區、巴拿馬地區和網路地區。我們完成了三筆交易：第四季的 10 億美元優先擔保票據；以及 15 億美元定期貸款；以及年底後的 7.55 億美元優先票據。

The C&W credit silo's maturity profiles pre- and post- refinancings are highlighted in the two charts and clearly show the significant improvement in weighted average life. For the silo, we now have an approximate weighted average life of 6.5 years with more than 75% of our silo debt maturing in 2032 and beyond. Not shown, but adjusting for the refinancing. LLA on a consolidated basis has close to 70% of its debt to 2029 and beyond.

兩張圖表重點展示了 C&W 信用倉在再融資前後的到期情況，清楚地顯示了加權平均壽命的顯著改善。對於筒倉，我們現在的加權平均壽命約為 6.5 年，超過 75％ 的筒倉債務將在 2032 年及以後到期。未顯示，但已根據再融資進行調整。以合併資料計算，LLA 的債務中有近 70% 會拖欠至 2029 年及以後。

Moving to the final slide and our closing remarks. As Balan highlighted, subscriber losses in Puerto Rico have begun to moderate. We are strengthening our CVPs and further improving our retention efforts on postpaid mobile. Our fixed and pre-paid business lines have been moving in the right direction.

進入最後一張投影片並致我們的結束語。正如巴蘭所強調的，波多黎各的用戶流失已經開始緩和。我們正在加強我們的 CVP，並進一步加強我們在後付費移動方面的保留工作。我們的固定和預付費業務線一直朝著正確的方向發展。

Obviously, we still have work to do on improving operations in Puerto Rico, and it is a significant focus of both local and LLA management. We are actively engaged in driving OpEx lower through efficiency gains, and expect our efforts to build throughout the year. This is a key component combined with subscriber performance to enable us to return to adjusted OIBDA growth in the near-term.

顯然，我們在改善波多黎各的營運方面還有很多工作要做，這也是當地和 LLA 管理層關注的重點。我們積極致力於透過提高效率來降低營運成本，並期望我們的努力能夠在全年得以加強。這是與用戶表現相結合的關鍵因素，使我們能夠在短期內恢復調整後的 OIBDA 成長。

Beyond Puerto Rico, our other operations are executing well. We continue to build subscriber volumes through our FMC plans and other strategies that target both broadband and postpaid volumes. As I highlighted, we believe our Caribbean and Central American businesses have significant opportunity to further drive margin expansion as our efforts in 2024 will carry over in 205, and we continue to find ways to improve our service delivery and customer journeys.

除了波多黎各之外，我們其他的業務也進展順利。我們將繼續透過 FMC 計劃和其他針對寬頻和後付費用戶的策略來擴大用戶數量。正如我所強調的那樣，我們相信我們的加勒比海和中美洲業務具有進一步推動利潤率擴大的巨大機會，因為我們在 2024 年的努力將延續到 205 年，並​​且我們將繼續尋找改善我們的服務交付和客戶旅程的方法。

Additionally, we believe the completion of the Tigo Costa Rica transaction will be quite value accretive, given the synergy opportunity. As we flagged earlier, our Peruvian investment has gained considerable scale quickly and certainly presents us with a range of attractive strategic and operating options.

此外，考慮到協同效應的機會，我們相信 Tigo Costa Rica 交易的完成將帶來相當大的增值。正如我們之前提到的，我們在秘魯的投資已經迅速獲得了相當大的規模，並且無疑為我們提供了一系列有吸引力的策略和營運選擇。

To recap, 2024 is a tough year for us given the PR migration, but our other businesses performed well, demonstrating resilience and growth. Key for us in 2025 is to drive both adjusted OIBDA and FCF growth across the company, as well as continue to reduce our leverage levels through adjusted OIBDA expansion.

總而言之，考慮到 PR 遷移，2024 年對我們來說是艱難的一年，但我們的其他業務表現良好，展現出韌性和成長。2025 年對我們來說，關鍵是推動整個公司的調整後 OIBDA 和 FCF 成長，並透過調整後的 OIBDA 擴張繼續降低我們的槓桿率。

We remain focused on achieving our previously announced three-year guidance targets on adjusted OIBDA and adjusted FCF, before partner distributions. And as noted earlier, we'll look to drive capital intensity lower. With right quarters to go, we're obviously behind where we hope to be after year one given Puerto Rico. So driving outperformance in other businesses and returning Puerto Rico to sustained growth are critical.

我們仍將專注於實現先前宣布的調整後 OIBDA 和調整後 FCF（在合作夥伴分配之前）的三年指導目標。正如之前提到的，我們將努力降低資本密集度。鑑於還剩下幾個季度，我們顯然已經落後於我們希望在波多黎各實現的第一年之後所取得的成績。因此，推動其他業務的優異表現以及讓波多黎各恢復持續成長至關重要。

Notwithstanding that LLA, we feel very good about our 2025 prospects overall and have good momentum carrying into the year.

儘管存在 LLA，但我們對 2025 年的前景總體非常樂觀，並將在今年延續良好的勢頭。

With that operator, please open it up for questions.

請與那位接線生聯繫，以便回答問題。

(Operator Instructions) Our first question will be from the line of Michael Rollins with Citigroup. Please go ahead. Your line is open.

（操作員指示）我們的第一個問題來自花旗集團的邁克爾羅林斯。請繼續。您的線路已開通。

Thanks, and good morning. A couple questions on Puerto Rico. The first, you mentioned the bad debt picked up in the fourth quarter, and curious, does that infer that churn could be worse in the first quarter before it gets better, as that bad debt could just churn into some disconnect risk?

謝謝，早安。關於波多黎各的幾個問題。首先，您提到第四季度壞帳有所增加，很好奇，這是否意味著第一季的流失情況可能會更糟，然後才有所好轉，因為壞帳可能會轉化為一些脫節風險？

And then within that if you're able just to share -- if you have some visibility, I think, you did mention you're expecting trends to get better you know what you are seeing in the details of the analytics on your customers that are encouraging in terms of you know where that performance may be going?

然後在此範圍內，如果您能夠分享 - 如果您有一些可見性，我想，您確實提到過您預計趨勢會變得更好，您知道您在客戶分析細節方面看到的是令人鼓舞的，您知道這種表現可能會走向何方嗎？

And then just secondly also on Puerto Rico you previously described, I believe, a monthly EBITDA target of $45 million. Curious if you could give us an update on whether that's still the target that Liberty is pursuing. And what's the trend to get there, whether it's in the first quarter or over the course of '25?

其次，正如您之前描述的，我相信波多黎各的月度 EBITDA 目標為 4500 萬美元。我很好奇您是否可以告訴我們這是否仍然是 Liberty 正在追求的目標。那麼達到這一目標的趨勢是什麼樣的呢，無論是在第一季度，還是在整個 25 年？

Thank you.

謝謝。

Sure. Good morning, everybody. Thanks. Good questions. On the bad debt issue was really catch-up. We did record the churn first quarter, second quarter, you saw the numbers, and there was an element in the bet that that we had to catch up relative, not so much the subscriber movements, but as much as to the acceleration of our equipment installation plan and -- sorry, installment plans.

當然。大家早安。謝謝。好問題。在壞帳問題上確實迎頭趕上。我們確實記錄了第一季和第二季的用戶流失率，你們也看到了這些數字，而且有一個因素是我們必須迎頭趕上，這不僅關係到用戶流動，還關係到我們設備安裝計劃的加速——抱歉，是分期付款計劃。

And those EIP catch-up happens because when a customer disconnects, the handset that they owe us on leftist and our ability to collect them, as it turns out, was quite challenging. And so, there was a bunch of hands that really catch-up, which is what happened. We think we've got that mostly under control, but it's something that was a leakage that happened to us.

而這些 EIP 追趕之所以發生，是因為當客戶斷開連線時，他們欠我們的手機就剩下了，而我們收回它們的能力，事實證明，是相當具有挑戰性的。因此，有許多人真的追上了，這就是發生的事情。我們認為我們已經基本控制住了這個問題，但這是我們遇到的洩漏。

Two ways that we are trying to fix that, of course, clearly one with the collection agencies and the credit ratings, and two -- a better way in a process when somebody ports out from our base. So a lot of the bad debt issues but not so much whether we did capture the right amount of churn, it's just the right amount of leakage was not captured.

當然，我們正嘗試透過兩種方式來解決這個問題，顯然，一是透過收款機構和信用評級，二是當有人從我們的基地轉移出去時，採用更好的處理方式。因此，存在著許多壞帳問題，但這並不是我們是否捕獲了正確的客戶流失量，而是沒有捕獲到正確的洩漏量。

Secondly, on green shoots, you saw the numbers on NPS. NPS is kind of a leading indicator. Usually, it's a couple of months before it actually shows up operating wise, but the trends are very positive. One of the leading problems for us in our customer dissatisfaction was not so much just the technology in our IT systems, but some of the processes that we had in actually capturing the right billing amount for our customers.

其次，在綠芽上，您看到了 NPS 的數字。NPS 是一種領先指標。通常需要幾個月的時間才能真正體現出營運效果，但趨勢非常積極。對我們來說，客戶不滿意的主要原因之一不僅是我們的 IT 系統的技術，還包括我們在為客戶實際獲取正確帳單金額時所採用的一些流程。

There were a lot of credits going back and forth. When we migrated customers from AT&T, there were a lot of failures in the in the way the data was transferred to us. In our systems, we didn't capture some of the discounts that our customers been enjoying in the prior billing systems.

有很多功勞來來回回。當我們從 AT&T 遷移客戶時，資料傳輸給我們的方式出現了很多故障。在我們的系統中，我們沒有捕捉到客戶在先前的計費系統中享受的一些折扣。

So, in the new billing system, some of the codes or the discounts were not there. It's not so much a technology issue, it was a data transfer issue. When we did the migration, and we're capturing, catching up on that as well. You're fixing a lot of the billing issues, we've seen the NPS improve.

因此，在新的計費系統中，有些代碼或折扣並不存在。這不是技術問題，而是資料傳輸問題。當我們進行遷移時，我們也在捕捉並追趕這一進程。您正在解決許多計費問題，我們已經看到 NPS 有所改善。

You saw me talk about our coverage in Puerto Rico, we have the best network. And may I highlight, when you look at the NPS numbers, you saw that the big jump in '23. And a big part of that is really coming in -- sorry, 22, a big part of that is coming from the hurricane recovery, which shows two things.

您看到我談論了我們在波多黎各的覆蓋範圍，我們擁有最好的網路。我想強調的是，當您查看 NPS 數字時，您會看到 23 年出現了大幅增長。其中很大一部分實際上是——抱歉，22，很大一部分來自颶風後的恢復，這說明了兩件事。

One, our commitment to the island. But two, our network was actually one of the best networks because we have batteries everywhere. During the hurricanes, we were the ones that's up and our network continues to be the best network. And we just need to capture that the best fixed network, the best mobile network. We've got to fix a lot of the basics. And then we go out with a good proposition for our customers, so we're seeing some green shoots there as well.

第一，我們對這個島嶼的承諾。其次，我們的網路其實是最好的網路之一，因為我們到處都有電池。在颶風期間，我們的網路始終保持正常運行，我們的網路繼續保持最佳狀態。我們只需要佔領最好的固定網絡，最好的行動網絡。我們必須解決很多基本問題。然後我們向客戶提出了很好的建議，因此我們也看到了一些復甦的跡象。

Now to your last question on the 45 million on EBITDA. I think in the last call I indicated, there's a lot of things that we need to fix in Puerto Rico, a lot of the back-office systems. I just talked about the customer experience as well. So, there's a number of moving parts here, and which is why I said. What, I'm not going to give any more guidance on it.

現在回答您關於 EBITDA 4500 萬的最後一個問題。我認為在上次通話中我提到過，我們需要在波多黎各修復很多問題，包括很多後台系統。我剛才也談到了客戶體驗。所以，這裡有許多活動部件，這就是我所說的。什麼，我不會再對此提供任何指導。

But since you asked me, I'll tell you that our target is to get to a 4 handle back again on EBITDA. You clearly saw we didn't do that in the fourth quarter, but the target is to get back into a full handle, and the team is quite focused on that.

但既然你問我，我會告訴你，我們的目標是讓 EBITDA 再次回到 4 個百分點。你清楚地看到我們在第四節沒有做到這一點，但我們的目標是重新回到完全控制狀態，而且全隊對此非常專注。

Our next question will be from the line of Vitor Tomita with Goldman Sachs. Please go ahead. Your line is now open.

我們的下一個問題來自高盛的 Vitor Tomita。請繼續。您的線路現已開通。

Hello, good morning, all. And thanks for taking our questions. Two quick questions. The first one is on the CapEx guidance. If you could give us a little more color on the rationale for it to reduce CapEx cells to a level that is lower than most telcos globally or in the region. Just to confirm my understanding is that the goal is to approach 13% in 2025 and 2026 to average out 14% in the three-year guidance period but correct me if I got this wrong.

大家好，早安。感謝您回答我們的問題。兩個簡單的問題。第一個是關於資本支出指導。如果您可以給我們更詳細地解釋將資本支出減少到低於全球或該地區大多數電信公司的水平的理由。只是為了確認我的理解，目標是在 2025 年和 2026 年接近 13%，在三年指導期內平均達到 14%，但如果我錯了，請糾正我。

Have you been able to achieve a plan the network improvement? Less cash than expected, or is it mostly driven by reprioritizing projects that you had planned? And should we see this as a more temporary reduction over the last few years to build that cash flow? Or do you see this level of sustainable in the longer run?

您是否已經能夠制定網路改進計劃？現金比預期的少，還是主要是因為重新調整了您計劃的項目的優先順序？我們是否應該將此視為過去幾年為建立現金流而進行的暫時性減幅？或者從長遠來看您認為這種水平是可持續的嗎？

And our second question would be on Puerto Rico. You discussed a bit that that that impact related to equipment installment sales, mostly related to past sales in the context of the migration. And also, the earnings release cites some billing adjustments into B2B clients, that were also relevant to B2B revenue reduction in the quarter. Can you give some more color on how relevant those were for Q4, since those are effects that I believe, maybe -- might not have to expect in Q1.

我們的第二個問題是關於波多黎各的。您討論了一下與設備分期付款銷售相關的影響，主要與遷移背景下的過去銷售有關。此外，收益報告還提到了對 B2B 客戶的一些帳單調整，這也與本季 B2B 收入減少有關。您能否進一步說明這些與第四季的相關性，因為我認為這些影響在第一季可能不太可能出現。

Thank you very much.

非常感謝。

Sure. On the first one on the CapEx guidance, I think what we plan on doing and what we meant to say is that it's going to drop to 14%. And we may get to 13% in '26, but I, but my goal is to do 14% -- 14%, that's the plan. And the reason we could drop by two points is one, a lot of our bills and upgrades and primarily the upgrades from our copper plan. It is complete. We just have some stragglers left, but it's mostly complete. This is like a six-year project.

當然。關於資本支出指引的第一個問題，我認為我們計劃要做的和我們想說的是它將下降到 14%。我們可能在 26 年達到 13%，但我的目標是達到 14%——14%，這是計畫。我們之所以會下降兩個點，是因為我們的許多帳單和升級，主要是銅線計劃的升級。它是完整的。我們只剩下一些零散的人，但大部分已經完成了。這就像一個六年的計畫。

Secondly, we've expanded our mobile networks as well. When we took over this business, we were literally less than 50% LTE. So we've upgraded LTE and we've upgraded to 5G in our key markets. I don't expect us to do many other 5G upgrades in the next 24 months, partly because in a lot of these other locations. Even the handsets are not even 5G. It's like 60%, 70% of the handsets are not 5G.

其次，我們也擴展了我們的行動網路。當我們接手這項業務時，我們的 LTE 實際上還不到 50%。因此，我們升級了 LTE，並在主要市場升級到了 5G。我預計我們不會在未來 24 個月內進行太多其他 5G 升級，部分原因是在許多其他地方。連手機都還不是5G。好像60%到70%的手機都不是5G的。

As a matter of fact, we still have a whole bunch of 3G handsets in those areas, so it makes no sense for us to do a 5G upgrade. So, for where I want to upgrade my mobile network, my fixed network, we've done it. Now, listen, when we did the fiber-to-the-home upgrades, the strategy was very clear. It's to upgrade from a copper twisted plan, twisted copper plant. Not from our HFC, even though we've done some of that in Puerto Rico and Costa Rica. And but going forward, I think we have a great network already.

事實上，這些地區仍然有大量 3G 手機，因此進行 5​​G 升級毫無意義。所以，對於我想要升級的行動網路和固定網絡，我們已經做到了。現在，聽著，當我們進行光纖到府升級時，策略非常明確。這是從銅絞線計劃到銅絞線工廠的升級。不是來自我們的 HFC，儘管我們在波多黎各和哥斯達黎加已經做了一些。但展望未來，我認為我們已經擁有一個很好的網路。

The second part is where the CapEx helps us as well is our CPE. Our cost of CPE continues to drop, and our focus right now is on mobile. You'll see and you saw in our numbers, our growth is in postpaid, and that's a lot less capital intensive. So, when we look at our numbers, 14% will be -- this is going to be a good year in investments and running the business with that number.

第二部分是 CapEx 幫助我們的地方，也是我們的 CPE。我們的 CPE 成本持續下降，目前我們的重點是行動裝置。您會在我們的數據中看到，我們的成長來自於後付費，而這方面的資本密集程度則低得多。因此，當我們查看我們的數字時，14% 將是——以這個數字來看，今年將是投資和業務運營的好年頭。

And, of course, clearly, it also is going to contribute to the free cash flow guidance. Now, on your question on the EIP in Puerto Rico and the B2B bad debt, I think more what you would -- the way you should think about this on the B2B side, it's mostly on credit.

當然，顯然它也將有助於自由現金流指引。現在，關於您關於波多黎各的 EIP 和 B2B 壞帳的問題，我更想問的是——您應該從 B2B 方面來考慮這個問題，這主要涉及信貸。

So for some of our large customers, we give them credits during the period. And this is in reflection of some of the, errors in our billing systems, but for the most part, most of the credits are all tapering off. So I don't expect to see big adjustments in the first quarter.

因此，對於我們的一些大客戶，我們會在此期間給予他們信用。這反映了我們的計費系統中的一些錯誤，但大多數情況下，大多數信用都在逐漸減少。所以我預計第一季不會出現大幅的調整。

And we feel, I think, on a good trajectory for the next four quarters, there may be still a little bit of noise, but not to the extent that you saw in 2024, and any adjustments like that. And then we're going to try to wean off a lot of the credits that we've been giving out to fix some of the setbacks we had in our billing systems.

我認為，我們認為未來四個季度的發展軌跡良好，可能仍會出現一些噪音，但不會達到 2024 年那樣的程度，也不會出現類似的調整。然後，我們將嘗試減少我們一直以來提供的大量信用，以解決我們的計費系統中存在的一些問題。

And then on the EIP, I think we've got a lot of work going on in our teams. We just recently, just this last week loaded up again to the credit agencies, loads of customers that have taken our handsets and not paid us for it. So, what is going on that front and '24, I think we're going to -- going into 2025 with a lot better operating principles than we did in '24.

關於 EIP，我認為我們的團隊已經進行了大量工作。就在最近，就在上週，我們再次向信用機構提出了索賠要求，許多客戶拿走了我們的手機卻沒有向我們付款。那麼，在這方面發生了什麼？ 我認為，我們將——在進入 2025 年時，採取比 24 年更好的營運原則。

Our next question will be from the line of Andres Coello with Scotiabank. Please go ahead. Your line is open.

我們的下一個問題來自加拿大豐業銀行的 Andres Coello。請繼續。您的線路已開通。

Thank you. So, there's been a number of press articles mentioning LLA as in a number of M&A transactions in the region. I think that there was an article saying that you could sell your Puerto Rico business to Verizon. And there were other articles saying that that you could buy the Telefonica businesses in Argentina and Peru. So, I'm wondering, what are your thoughts on M&A for this year? Thank you.

謝謝。因此，許多媒體文章都提到 LLA 以及該地區的許多併購交易。我認為有一篇文章說你可以將你的波多黎各業務出售給 Verizon。還有其他文章稱，你可以收購西班牙電信在阿根廷和秘魯的業務。那麼，我想知道，您對今年的併購有何看法？謝謝。

Thank you, Andres. On the Puerto Rico rumors, we came out and said we don't confirm or deny. Listen, if you were going to do something, I would have said something on this call, there's nothing going on there. We are focused on fixing the business and staging a really nice comeback in Puerto Rico. That is our plan.

謝謝你，安德烈斯。對於波多黎各的謠言，我們表示不證實也不否認。聽著，如果你要做什麼，我會在這通通話中說的，那裡什麼事也沒發生。我們正致力於修復業務並在波多黎各實現真正漂亮的復甦。這就是我們的計劃。

Clearly, if you look at our EBITDA right now, it's suboptimal for me to trade that asset at this point. We are going to fix it, we're going to grow that EBITDA, and I think it's going to be a great asset for anybody.

顯然，如果您現在看看我們的 EBITDA，您會發現此時交易該資產對我來說並不是最理想的選擇。我們會解決這個問題，我們會提高 EBITDA，我認為這對任何人來說都是一筆巨大的財富。

Now, on the Telefonica front, clearly in all the issues, just to reassure everybody on this call. The Telefonica Peru asset has a lot of tax liabilities. It's an insolvency right now. It's not one that is of any interest to us.

現在，在西班牙電信方面，我們已經清楚地了解了所有問題，只是為了在這次通話中讓每個人都放心。Telefonica Peru 的資產有大量稅務負債。它現在已經破產了。我們對此不感興趣。

And the second one, Argentina, listen. You can't put any debt in Argentina and it's all going to be in US dollars, and you can't hedge it. So, clearly in a level equity model that doesn't work for us. So, hopefully that kind of answers the question.

第二個國家是阿根廷，聽著。你不能在阿根廷承擔任何債務，而且所有債務都將以美元計價，而且你無法對其進行對沖。因此，顯然水平公平模型對我們來說不起作用。因此，希望這能夠回答這個問題。

Understood. Thank you.

明白了。謝謝。

Our next question will be from the line of Matthew Harrigan with The Benchmark Company. Please go ahead. Your line is open.

我們的下一個問題來自 The Benchmark Company 的 Matthew Harrigan。請繼續。您的線路已開通。

Thank you. Notwithstanding that the more moderate approach in the CapEx side, you've got a fair amount of FTTH in place. And I know it's early, but can you talk empirically about what you think are the benefits on a long-term pricing and the functionality of the network and the cost improvements that you see? I mean, I assuming a more durable, reliable networks clearly over a period of time.

謝謝。儘管在資本支出方面採取了更溫和的方法，但您已經部署了相當數量的 FTTH。我知道現在還為時過早，但您能否根據經驗談談您認為的長期定價、網路功能和成本改進方面的好處？我的意思是，我假設在一段時間內網路會更加持久、更加可靠。

And then how much does it cost to actually connect customers, relative to what you have on the traditional HFC topology? Thank you.

那麼，相對於傳統的 HFC 拓撲，實際連接客戶的成本是多少？謝謝。

Two things on pricing, I would say pricing is really in many ways, not related to the network. It's really related to how many people operate in that market. And where we had challenges in pricing, I can go back to Chile. It had nothing to do with our network or anybody else had fiber-to-the-home. Remember, we competed with three other fiber-to-the-home networks for years, and we were fine. It's when the fifth and sixth operators showed up and started playing the price game. That's when we had problems.

關於定價有兩點，我想說定價在很多方面確實與網路無關。這確實與有多少人在該市場運作有關。當我們在定價方面遇到挑戰時，我可以回到智利。這與我們的網路或其他任何人的光纖到府網路無關。請記住，我們與其他三家光纖到戶網路競爭多年，而且我們表現得很好。這時，第五和第六家業者出現並開始玩價格遊戲。那時我們就遇到問題了。

Now, back to our business today, in Panama, it's a duopoly. In Puerto Rico, it's a duopoly on the fixed network. In most of all the Caribbean, it's a duopoly. In Costa Rica, I indicated earlier, we have a lot of fixed operators there, but we started the consolidation process with Tigo and us coming together.

現在，回到我們今天的業務，在巴拿馬，這是一個雙頭壟斷的局面。在波多黎各，固定網路呈現雙頭壟斷。在加勒比海的大部分地區，都是雙頭壟斷的。我之前提到過，在哥斯達黎加，我們在那裡有很多固定運營商，但我們與 Tigo 的合併開啟了整合過程。

I hope that this starts a away for consolidation in Costa Rica. That's how, we stabilize pricing, and then you get pricing power. It's the number of competitors, not so much the network.

我希望這能為哥斯達黎加的整合開闢一條道路。這就是我們穩定價格，然後你就獲得定價權的方法。問題在於競爭對手的數量，而不是網路。

Having said that, we also have the best network. So, I think we're in a very good position. And one thing that I am very happy with, our strategy over the last four years have been on volume, not on price. So, we actually do have a nice positive price arbitrage against our competitors.

話雖如此，我們也擁有最好的網路。所以我認為我們處於非常有利的地位。令我非常高興的是，過去四年來，我們的策略是注重數量，而不是價格。因此，我們實際上與競爭對手相比擁有良好的積極價格套利。

In most markets, we do have pricing power now, and we do actually have room between us and our competitors. And we fully intend to take advantage of it. We've talked about price increases already. So we focus a lot on volume, and then now we're putting into volume and price. I think that strategy is working, and you can see really the tailwinds that came into '24 and now coming into '25.

在大多數市場中，我們現在確實擁有定價權，而且我們與競爭對手之間確實有空間。我們打算充分利用它。我們已經討論過價格上漲的問題了。因此，我們非常關注數量，現在我們開始考慮數量和價格。我認為這項策略正在發揮作用，而且你確實可以看到2024年和2025年的順風勢頭。

This is the flywheel that we were looking for and it is working. So, I feel really good about pricing going forward and the market structures everywhere we operate.

這就是我們所尋找的飛輪並且它正在運轉。因此，我對未來的定價以及我們經營所在地的市場結構感到非常滿意。

Your second question was on connecting and the cost to connect. Clearly in HFC, the cost to connect is a lot lower, only because it's a plant that we own, and we already have dropped to most homes. The cost to get a new customer and fiber-to-the-home is a little bit higher right now because it's a newer network, and when a customer calls us for service, more often than not, we have to pull a drop to the home. So, it's a drop.

您的第二個問題是關於連接和連接成本。顯然，在 HFC 中，連接成本要低得多，只是因為它是我們擁有的工廠，我們已經將它連接到大多數家庭。目前獲取新客戶和光纖到府的成本要高一些，因為這是一個較新的網絡，而且當客戶致電我們尋求服務時，我們往往需要將線路鋪設到戶。因此，這只是一滴。

One interesting data point for you would be, Matt -- would be that the cost of CPE. In fiber-to-the-home actually now a lot less than it is in HFC. Who would have thought? And so, it's the cost of drop and then now the CPE, and the CPE is much lower cost. There are reasons for that. We can get into, with Broadcom and the chips and all that.

馬特，對你來說一個有趣的數據點是——那就是 CPE 的成本。實際上，光纖到戶比 HFC 少很多。誰會想到呢？因此，這是下降的成本，然後是現在的 CPE，而 CPE 的成本要低得多。這是有原因的。我們可以進入這個市場，包括博通和晶片等等。

But we are now sitting a lot better and it's a much more competitive market in the, in fiber-to-the-home with our vendors. So, we've got the cost really well on fiber-to-the-home. And like I said, it's cheaper on HFC because there's no jobs.

但現在我們的情況好多了，我們與供應商在光纖到府領域的市場競爭也更加激烈了。所以，我們在光纖到府方面已經很好地掌握了成本。而且就像我說的，由於沒有工作崗位，所以 HFC 更便宜。

Thanks, Balan. I'm glad you realized it's not a good time to sell the Puerto Rican operation.

謝謝，巴蘭。我很高興你意識到現在不是出售波多黎各業務的好時機。

Have a great year.

祝你新年快樂。

(Operator Instructions) Our next question will be from the line of Mathieu Robilliard with Barclays. Please go ahead, your line is open.

(操作員指示)我們的下一個問題來自巴克萊銀行的 Mathieu Robilliard。請繼續，您的線路已開通。

Good morning and thank you for the presentation. I had two questions. One is around Puerto Rico, but not about all the questions I've been asked before, but really about the EchoStar integration. How is it going?

早上好，感謝您的演講。我有兩個問題。一個是關於波多黎各的，但不是有關我之前被問到的所有問題，而是關於 EchoStar 整合的問題。最近好嗎？

I think at the Q3 call you had flagged that you may have to face some interoperability issues between the handsets of the customers that you acquired and your technology, if you can clarify that and how it's going?

我認為在第三季電話會議上您曾提到，您可能會面臨您所獲得客戶的手機與您的技術之間的一些互通性問題，您能否澄清這一點以及進展如何？

And then just a very quick one on guidance. I realize you reiterated guidance, but can you confirm that the ranges and the numbers that you've put in your Q4 2023 presentation are still valid, because maybe I missed it, but I haven't seen it anywhere in the 2024 docs.

然後只是一個非常快速的指導。我知道您重申了指導意見，但您能否確認您在 2023 年第四季度簡報中輸入的範圍和數字仍然有效，因為也許我錯過了，但我在 2024 年的文檔中沒有在任何地方看到它。

Thank you.

謝謝。

Sure. I think, let me answer your second question first. As Chris indicated, we are reconfirming our guidance on free cash flow. If you recall, we had originally guided to greater than $1 billion in free cash flow. What we're saying it's going to be about $1 billion.

當然。我想，讓我先回答你的第二個問題。正如克里斯所指出的，我們正在重新確認對自由現金流的指導。如果你還記得的話，我們最初預期的自由現金流將超過 10 億美元。我們的預期是，這個數字將會達到約 10 億美元。

The difference is, Like Chris said, '24 was a challenging year for us in Puerto Rico. Now, I'll tell you, when I put a guidance out, we don't just put the $1 billion out, we actually have buffers against the $1 billion. And I must say that the challenges in Puerto Rico in 2024 pretty much ate up most of my buffers. But the path to a $1 billion in free cash flow is still clear to us.

不同之處在於，就像克里斯所說的，『24 年對我們波多黎各來說是充滿挑戰的一年。現在，我告訴你，當我發布指導意見時，我們不會只拿出 10 億美元，我們實際上還有針對這 10 億美元的緩衝。我必須說，2024 年波多黎各的挑戰幾乎耗盡了我的大部分緩衝。但實現 10 億美元自由現金流的道路對我們來說仍然清晰可見。

The other parts of the guidance, the EBITDA was supposed to be in the mid-single digit, mid-to-high-single digit. We're going to be around the hoop there on those numbers. You'll see, '25 performance and '26 performance. It will come in around that guidance. And finally on CapEx, as Chris indicated, we're going to drop our CapEx.

在該指引的其他部分，EBITDA 應該處於中等個位數、中等至高個位數。我們將圍繞這些數字展開討論。您會看到，'25 表現和 '26 表現。它將圍繞該指導方針進行。最後，關於資本支出，正如克里斯所說，我們將降低資本支出。

We originally were planning on 16%. We did spend a little north of 16% in 2024. We expect to spend 14% in '25, and probably come in around 14% in 26 as well. And that's kind of where it's going to lay out in the guidance.

我們最初的計劃是 16%。我們在 2024 年的支出確實略高於 16%。我們預計25年支出14%，在26年可能也會支出14%左右。這就是指南中要闡述的內容。

On Puerto Rico in the EchoStar integration. I'll tell you, Eduardo, our lead in Puerto Rico, a general manager, he's got a full handle on this. Remember, he came to us from TracFone, where he did a huge prepaid migration between TracFone and Verizon. And he's assembled a team that helped him do that migration in Puerto Rico. Because remember the EchoStar migration here from Boost, it's all prepaid.

關於波多黎各的 EchoStar 整合。我告訴你，愛德華多，我們在波多黎各的領導，一位總經理，他完全掌握了這一點。記住，他來自 TracFone，在 TracFone 和 Verizon 之間進行了大規模的預付費遷移。他組建了一支團隊幫助他在波多黎各完成移民。因為記得這裡的 EchoStar 遷移是從 Boost 進行的，都是預付費的。

Prepaid is a lot easier to migrate than postpaid. That's why when you look at our Puerto Rico migration from AT&T, a prepaid business, our NPS has remained high. Those customers have come in, we're actually growing that business. It was the postpaid that we ran into issues. So, in the EchoStar integration, I feel a lot more confidence because one is prepaid, and two, I have Eduardo there and the team that he's built around it.

預付費比後付費更容易遷移。這就是為什麼當你看到我們從 AT&T（一家預付費業務）遷移到波多黎各時，我們的 NPS 仍然保持很高的水平。這些客戶已經進來了，我們實際上正在發展業務。我們遇到的問題是後付費。因此，在 EchoStar 整合方面，我感到更加有信心，因為一是預付費，二是有 Eduardo 和他圍繞它組成的團隊。

The issue in handset interoperability remains. There will be handset interoperability. We have budgeted in our plans a migration of handsets. People would come into our stores or as people upgrade or change plans, they would get a new handset, and that is in our budget already. So -- and we do have a good plan on how we would do that operationally for our customers.

手機互通性問題仍然存在。將會實現手機間的互通性。我們的計劃中已經為手機遷移預留了預算。人們會來到我們的商店，或者當人們升級或改變計劃時，他們會購買一部新手機，而這已經在我們的預算之內了。所以 — 我們確實有一個很好的計劃，關於如何為我們的客戶提供更好的營運。

As you can see right now, most of our customers that come in on prepaid when they upgrade, we put them on our platform as opposed to the existing platform. If you've already started to work, and a lot more work will happen in the second and third quarters this year. We expect to get it all mostly completed in the fourth quarter of this year.

正如您現在所看到的，我們的大多數預付費客戶在升級時，都會將他們放在我們的平台上，而不是現有的平台上。如果你已經開始工作了，那麼今年第二季和第三季將會有更多的工作發生。我們預計今年第四季將基本完成所有工作。

Hopefully that answers your question.

希望這能回答你的問題。

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

今天的問答環節到此結束。我想把發言權交還給巴蘭·奈爾，請他做進一步的補充或結束語。

Yeah, well, a few things I want to say. Thank you so much, operator.

是的，嗯，我想說幾件事。非常感謝，接線生。

Firstly, you saw that we have a lot of challenges in Puerto Rico. It is a cloud on not only, how the business performs and our equity, but also I guess on the management team, a lot of us take this very seriously. This is something we know we've let you down on in 2024.

首先，您看到我們在波多黎各面臨許多挑戰。這不僅為業務表現和我們的股權帶來了陰影，而且我想對於管理團隊來說，很多人都非常重視這一點。我們知道，2024 年我們讓您失望了。

I am focused 100% in 2025 to fix a lot of the challenges we had in 204. We've built a strong team. We've made a number of changes in the fourth quarter and earlier this year as well in the team to put us on a different trajectory in 2025. But I must also point out to you, we have a great business.

我將全心全意地致力於 2025 年，以解決我們在 204 年遇到的許多挑戰。我們已經建立了一支強大的團隊。我們在第四季和今年稍早對團隊做出了一些調整，以便讓我們在 2025 年走上不同的發展軌跡。但我還必須指出，我們的業務非常棒。

The cloud on Puerto Rico has somehow distorted the fact that the rest of our business are killing it. Puerto Costa Rica, Panama, the Caribbean islands, or subsea networks business, a lot of those businesses, if you remember when we started this journey. We're not where they are today.

波多黎各的陰雲在某種程度上扭曲了我們其他業務正在失敗的事實。波多黎各哥斯達黎加、巴拿馬、加勒比海群島或海底網路業務，很多這樣的業務，如果你還記得我們開始這段旅程的時候的話。我們還沒有達到他們今天的水平。

Panama missed their budget every year for like five years in a row. We've turned that business around. It is a strong business. We fix the market structure, put in great management. It is running really well. It's a good flywheel. Costa Rica, who would have thought? We integrated a whole business there from Telefonica smoothly without much disruption to our customers.

巴拿馬已連續五年未能達成預算目標。我們已經扭轉了這個局面。這是一項強大的業務。我們完善市場結構，加大管理力道。它運行得非常好。這是一個很好的飛輪。哥斯大黎加，誰能想到呢？我們順利地整合了西班牙電信的整個業務，沒有給我們的客戶帶來太大的干擾。

It is now a good growth, highly competitive market, we're growing a fixed business, and we were number 3 in mobile in Costa Rica, and we are now number 1.

現在，市場成長良好，競爭激烈，我們正在發展固定業務，我們在哥斯達黎加的行動業務中排名第三，現在我們排名第一。

We know how to operate businesses. The Caribbean islands, this was one that from way back when we bought this, has never achieved its full potential, but today it is more than exceeded the potential that we even thought for it. Our management team that's doing a great job. The flywheel is great.

我們知道如何經營企業。加勒比海群島，自從我們買下它以來，就沒有發揮出它的全部潛力，但今天它已經遠遠超出了我們想像的潛力。我們的管理團隊表現優異。飛輪很棒。

And if you look at the string of competitors that compete with this, many of them have challenges, some of them gone bankrupt, some of them are no longer in business. We are strong, we know what we're doing. We had a hiccup in Puerto Rico, we're going to fix it. And '25 is when we are -- going to show you that we will fix it. And I am eternally optimistic about this business.

如果你看看與此競爭的眾多競爭對手，你會發現他們中的許多都面臨著挑戰​​，有的破產了，有的不再營業了。我們很強大，我們知道自己在做什麼。我們在波多黎各遇到了一個小問題，我們會解決這個問題。到 25 號的時候，我們就會向你們證明我們能解決這個問題。我對這項事業永遠抱持樂觀的態度。

The rest of our business is going great. I just need to fix Puerto Rico, and I tell you, this business will do very well.

我們其餘的業務都進展順利。我只需要解決好波多黎各的問題，我告訴你，這項業務一定會做得很好。

So, I thank you for your support and your patience with this. This management team is going to work really hard for you. Thank you.

因此，我感謝您對此的支持和耐心。這個管理團隊將會為您努力工作。謝謝。

Ladies and gentlemen, this concludes Liberty Latin America's full year 2024 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.

女士們、先生們，Liberty Latin America 2024 年全年投資者電話會議到此結束。提醒一下，此次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的演示材料的副本。