Liberty Latin America Ltd. (LILA) 2026 Q1 法說會逐字稿

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

各位女士、先生，早安，感謝各位撥冗等候。今天的電話會議將被錄音。

I'll now turn the call over to Mauricio Romero, VP of AI and Analytics, Liberty Latin America.

接下來我將把電話會議交給 Liberty Latin America 人工智慧與分析副總裁 Mauricio Romero。

Good morning, and welcome to Liberty Latin America's First Quarter 2026 Investor Call. (Event Instructions) Today's formal presentation materials can be found under the Investor Relations section of Liberty Latin America's website at www.lla.com. Following today's formal presentation, instructions will be given for a question and answer session. As a reminder, this call is being recorded.

早安，歡迎參加 Liberty Latin America 2026 年第一季投資人電話會議。(活動指引) 今天的正式簡報資料可於 Liberty Latin America 網站 www.lla.com 的投資人關係（Investor Relations）專區取得。完成今天的正式簡報後，將提供問答環節的指引。提醒各位，本次電話會議將被錄音。

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 facts. Actual results may differ materially from those expressed or implied by these statements.

今天的發言可能包含前瞻性陳述，包括公司對其展望與未來成長前景的預期，以及其他非歷史事實的資訊與陳述。實際結果可能與這些陳述所明示或暗示者存在重大差異。

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 quarterly report on Form 10-Q, along with the associated press release. Liberty Latin America disclaim 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.

更多資訊請參閱 Liberty Latin America 最近提交的 Form 10-K 年度報告與 Form 10-Q 季度報告中所討論的風險因素，以及相關新聞稿。Liberty Latin America 不承擔更新任何前瞻性陳述或資訊之義務，以反映其預期的任何變化或任何此類陳述或資訊所依據之條件的變化。

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 Investor section of our website.

此外，在本次電話會議中，我們將提及若干非 GAAP 財務衡量指標；其與最可比的 GAAP 財務衡量指標之調節表可於本簡報的附錄中找到，而本簡報可在我們網站的投資人（Investor）專區取得。

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

現在我想把電話會議交給我們的執行長 Balan Nair 先生。

Thank you, Mauricio, and welcome, everyone, to Liberty Latin America's First Quarter 2026 Results Presentation. I will be running through our group highlights and an overview of our operating results before Chris Noyes, our CFO, reviews the company's financial performance. We'll then get straight to your questions.

謝謝你，Mauricio，也歡迎各位參加 Liberty Latin America 2026 年第一季業績簡報。我將先說明本集團的重點摘要與營運成果概覽，之後由我們的財務長 Chris Noyes 檢視公司的財務表現。接著我們將直接進入各位的提問。

As always, I'm joined by my executive team from across our operations, and I'll 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.

一如往常，我的各營運單位高階主管團隊也一同出席；在我們的準備發言結束後的問答環節，我會視需要邀請他們補充說明。例行事項提醒：我們將依投影片進行，投影片可於我們的網站 www.lla.com 取得。

Starting on Slide 4 and our highlights. Our business started 2026 with a very solid performance. We added 50,000 mobile postpaid subscribers with all segments across the group contributing. Growth continues to be supported by fixed mobile convergence efforts and continuing prepaid to postpaid migration.

從第 4 頁投影片與重點摘要開始。我們的業務在 2026 年開局表現相當穩健。我們新增了 50,000 名行動後付費用戶，集團各個業務區塊皆有貢獻。成長持續受固定與行動匯流（FMC）推動，以及預付費向後付費的持續移轉所支持。

We reported $405 million of adjusted OIBDA in Q1 2026. This result came in ahead of our own expectations with Jamaica and Liberty Caribbean contributing significantly to this beat. While year-over-year momentum in adjusted OIBDA doesn't appear as strong as prior quarters, this reflected the combination of: one, a full quarter of impact from Hurricane Melissa; and two, phasing on B2B, including the timing of projects, revenues and costs at Liberty Networks. We anticipate diminishing year-over-year headwinds and revenue growth throughout the remainder of the year.

我們在 2026 年第一季錄得調整後 OIBDA 為 4.05 億美元。此結果優於我們自身預期，其中牙買加與 Liberty Caribbean 對超預期表現貢獻顯著。雖然調整後 OIBDA 的年增動能看起來不如前幾季強勁，但這反映了以下因素的組合：第一，颶風 Melissa 影響的完整一季；第二，B2B 業務的時點差異（phasing），包括 Liberty Networks 專案、收入與成本的認列時點。我們預期年增逆風將逐步減弱，且全年剩餘期間收入將持續成長。

In addition, we reported Q1 adjusted free cash flow before distributions to noncontrolling interest, which was approximately $40 million higher than Q1 last year. This was a great result given the hurricane impact. In Jamaica, our business is recovering more quickly than we had anticipated. The drivers include the speed of homes being reconnected to the residential fixed business and ongoing strength in mobile, building from our performance through the hurricane where our direct-to-sell connectivity helped grow affinity with customers on the island.

此外，我們公布第一季在分配予非控股權益之前的調整後自由現金流，較去年第一季約高出 4,000 萬美元。考量颶風影響，這是一項非常好的成果。在牙買加，我們的業務復原速度快於先前預期。驅動因素包括：住宅固網業務的住戶復線速度，以及行動業務持續強勁；我們在颶風期間透過直接到府/到點（direct-to-sell）的連線支援，提升了島上客戶的好感與黏著度，並在此基礎上延續表現。

Turning to our capital structure. We have significant new developments to highlight. Today, we are announcing the intention to distribute $500 million notional amount of preferred equity in the form of a dividend, providing a rate of 9%. This will effectively divide our equity into an instrument with an attractive return and a more geared common equity. This move reflects our increasing confidence in LLA's future adjusted free cash flow profile as well as our desire to return cash to shareholders.

接著談我們的資本結構。我們有幾項重要新進展要重點說明。今天我們宣布，擬以股利形式配發名目金額 5 億美元的特別股權（preferred equity），提供 9% 的報酬率。此舉將實質上把我們的股權拆分為一項具吸引力報酬的工具，以及槓桿程度更高的普通股權。這項措施反映我們對 LLA 未來調整後自由現金流輪廓的信心提升，以及我們回饋股東現金的意願。

On that latter point, we have also been active in the market repurchasing shares this quarter for the first time since the first half of 2024. We will continue to be opportunistic with regards to future share repurchase, noting we have approximately $185 million of authorization remaining on our buyback program.

就後者而言，我們本季也在市場上積極回購股份，這是自 2024 年上半年以來首次。我們將持續把握未來股份回購的機會；目前我們的庫藏股計畫尚餘約 1.85 億美元的核准額度。

Finally, I'd like to mention the joint press release published yesterday by GCI Liberty and ourselves. GCI has announced it has acquired Searchlight's approximate 6% stake in LLA at an April 1 closing market price of $8.63 per share. We would like to thank Eric Zinterhofer and his team for their support over the years and welcome GCI as shareholders. For those unfamiliar with GCI, this is the Alaskan Communications business, formerly part of Liberty Broadband, which was spun out last year.

最後，我想提及昨日由 GCI Liberty 與我們共同發布的聯合新聞稿。GCI 宣布已以 4 月 1 日收盤市價每股 8.63 美元，收購 Searchlight 在 LLA 約 6% 的持股。我們感謝 Eric Zinterhofer 及其團隊多年來的支持，並歡迎 GCI 成為股東。若各位對 GCI 不熟悉，這是阿拉斯加的通訊業務，先前隸屬 Liberty Broadband，並於去年分拆。

Importantly, our Director Emeritus, Dr. John Malone, has over 50% of the voting shares of GCI and hard control. This means that alongside his 7% direct and indirect equity in LLA, GCI Liberty, which John controls, owns another 6% of our stock, representing significant support for our company. We appreciate John's increased commitment to LLA and look forward to continuing our relationship over the coming years.

重要的是，我們的榮譽董事（Director Emeritus）John Malone 博士持有 GCI 超過 50% 的表決權股份，並具實質控制權。這表示，除他在 LLA 直接與間接持有 7% 的股權外，由 John 控制的 GCI Liberty 另持有我們 6% 的股份，代表對本公司的重大支持。我們感謝 John 對 LLA 承諾的提升，並期待未來數年持續深化合作關係。

Turning now to our operations. On Slide 5, we review our Liberty Caribbean segment, which reflects this quarter a full impact of Hurricane Melissa in Jamaica, which represented an underlying negative impact of $12 million at the revenue level in Q1. On the left of the slide, we show how despite the hurricane, Liberty Caribbean's postpaid performance has continued unabated during this difficult period, adding another 15,000 postpaid subscribers, of which 11,000 was delivered in Jamaica in the first quarter and with a healthy contribution from our smaller South Caribbean markets.

接著看我們的營運表現。在第 5 頁投影片，我們回顧 Liberty Caribbean 業務區塊；本季反映了颶風 Melissa 在牙買加的完整影響，於 2026 年第一季在收入層面造成約 1,200 萬美元的基礎負面影響。在投影片左側，我們顯示即使面對颶風，Liberty Caribbean 的後付費表現仍在這段艱難期間持續不受影響，新增 15,000 名後付費用戶，其中第一季有 11,000 名來自牙買加，且我們較小的南加勒比市場亦有健康的貢獻。

Early in 2025, we stepped up the investments in our network in Jamaica, including bolstering our spectrum position. In addition, in the aftermath of the hurricane, we have reinforced customer trust helped by our direct-to- sell support and were ultimately recognized by Ookla as the fastest mobile network on the island in the second half of 2025. We are pleased with this result and we'll continue to build on this platform through 2026.

在 2025 年初，我們加大了在牙買加網路的投資，包括強化我們的頻譜配置。此外，在颶風過後，我們在直接到府/到點（direct-to-sell）支援的協助下強化了客戶信任，並最終在 2025 年下半年獲 Ookla 認證為島上最快的行動網路。我們對此成果感到滿意，並將在 2026 年持續以此平台為基礎再接再厲。

Mobile still remains a largely prepaid market in Jamaica. And as expected, we saw a seasonal drop in prepaid subs this quarter versus a stronger Q4 period, but took an opportunity to increase price and registered strong prepaid revenue growth year-over-year. Our fixed business, both residential and B2B, felt the brunt of the hurricane, but we are pleased to return to positive residential fixed broadband subscriber adds this quarter.

行動通訊在牙買加仍然主要是預付費市場。如預期所見，本季預付費用戶數相較於較強勁的第四季出現季節性下滑，但我們把握機會調升價格，並錄得預付費營收年增強勁成長。我們的固網業務（住宅與B2B）首當其衝受到颶風影響，但我們很高興本季住宅固網寬頻用戶新增數已回到正成長。

Moving to the middle of the slide. At the top, we are showing Jamaica's revenue evolution over the last few quarters. Our mobile business performed well post hurricane. On the other hand, while the restoration of the fixed network is taking some time, we see a quicker recovery than we had previously anticipated. At the bottom, we present the evolution of revenue-generating customers.

接著看投影片中間部分。上方顯示牙買加過去幾季的營收變化。我們的行動業務在颶風過後表現良好。另一方面，雖然固網網路的修復仍需一些時間，但我們看到復原速度比先前預期更快。下方則呈現帶來營收的客戶數變化。

Through Q4, driven by Hurricane Melissa, we witnessed a drop in revenue-generating residential customers of over 110,000 or approximately one third of the customer base. In the first quarter, we have added back 30,000 such customers. Looking forward, we are now more optimistic on the pace of further reconnections.

截至第四季，在颶風Melissa的影響下，我們看到帶來營收的住宅客戶數減少超過110,000戶，約占客戶基礎的三分之一。第一季我們已回補新增30,000戶此類客戶。展望未來，我們對於後續重新接通的速度更為樂觀。

At year-end, we had taken out 60,000 customers and 133,000 homes passed from our fixed count, suggesting at that time that reconnection of these customers was unlikely in the near term. However, as power has come back to the island and following our updated network mapping, we are now increasingly optimistic in being able to reconnect a healthy number of these customers in 2026.

在年底時，我們已將60,000名客戶與133,000戶可覆蓋住家自固網統計中剔除，當時意味著這些客戶在短期內不太可能重新接通。然而，隨著島上電力逐步恢復，並在我們更新網路測繪之後，我們對於在2026年能重新接通其中相當數量的客戶愈發樂觀。

In terms of outlook for Jamaica, we suggested at our full year 2025 results an ambition to return to run-rate Jamaican adjusted OIBDA by year-end and for a negative FCF impact in 2026 of up to $100 million. We are now increasingly confident that we will land on the right side of these aspirations, especially on free cash flow.

就牙買加的展望而言，我們在2025全年業績時提出目標：在年底前讓牙買加調整後OIBDA回到常態化水準，並預期2026年自由現金流（FCF）可能受到最多1億美元的負面影響。目前我們愈來愈有信心能達成這些目標，尤其是在自由現金流方面。

On Slide 6, we review Cable & Wireless Panama, where after a strong performance in Q4, Q1 tends to be a seasonally quieter quarter for the B2B. This gives me an opportunity to talk about some of the great initiatives underway in the residential business. On mobile, we continue to see postpaid as a strong driver, reporting a 10% year-over-year subscriber growth. This performance is built on customer value management focus using data analytics to drive upsell and cross-sell opportunities. FMC continues to steadily increase, now running at over 40%. Postpaid churn is running at historically low levels.

在投影片6，我們回顧Cable & Wireless Panama；在第四季表現強勁之後，第一季對B2B而言通常是季節性較淡的一季。這也讓我有機會談談住宅業務正在推進的一些很棒的計畫。在行動業務方面，我們持續看到後付費是強勁的成長動能，年增10%的用戶成長。此表現建立在以數據分析為基礎的客戶價值管理，推動加購與交叉銷售機會。FMC持續穩步提升，目前已超過40%。後付費流失率處於歷史低檔。

On the prepaid side, our momentum is also good, although we felt the pinch in Q1 as the regulator pushed back on certain price increases. Notwithstanding this, we are seeing strong adoption of our loyalty program and solid growth in our value-added service offerings, including cash advances, trivia and gaming.

在預付費方面，我們的動能也不錯，但第一季因監管機關對部分漲價措施提出反對而感受到壓力。儘管如此，我們看到忠誠計畫採用率強勁，以及加值服務（包括現金預支、益智問答與遊戲）穩健成長。

On the fixed side, we have continued to grow fixed broadband subscribers as well as total RGUs, which grew 7% year-over-year in Q1. We are aiming to keep the momentum rolling through 2026, looking to use the FIFA World Cup and the Panamanian National team's qualification and presence as a catalyst.

在固網方面，我們持續增加固網寬頻用戶以及總RGU，第一季RGU年增7%。我們目標在2026年持續延續這股動能，並希望以FIFA世界盃以及巴拿馬國家隊的晉級與參賽作為催化劑。

Early offers include campaigns with 65-inch Samsung TVs provided on a non-subsidized finance basis. Over the coming weeks and months, we have a number of other product launches in the hopper which will showcase the quality of our network. On B2B, we see a healthy pipeline and remind investors we tend to see revenues weigh towards the back end of the year.

早期方案包括以非補貼分期融資方式提供65吋三星電視的行銷活動。在接下來數週與數月，我們還有多項其他產品即將推出，將展現我們網路的品質。在B2B方面，我們看到健康的商機管線，並提醒投資人，我們的營收通常偏向在年底較後段入帳。

Turning to Slide 7 to Liberty Networks. As we show on the left, we see continued healthy underlying demand for sub-sea capacity in our wholesale business, driving rebased revenue growth of 9% year-over-year in Q1, with demand from international and regional carriers, and hyperscalers expected to continue at a healthy clip over the coming months and years.

接著看投影片7的Liberty Networks。如左側所示，我們在批發業務中看到對海底電纜容量的基本需求持續健康，帶動第一季重編基礎（rebased）營收年增9%；來自國際與區域電信商以及超大規模雲端業者（hyperscalers）的需求，預期在未來數月與數年仍將以健康速度持續。

We are running two key projects today. Manta, which is in build phase through 2027, where we see elevated CapEx and working capital through to go-live, from which time CapEx will drop to a very low run-rate levels and we will start to book revenue with high margins, OIBDA, and free cash flow.

目前我們正在推進兩個關鍵專案。Manta專案將在2027年前處於建置階段，我們預期在上線前資本支出（CapEx）與營運資金水準較高；自上線起，CapEx將降至非常低的常態水準，並開始以高毛利入帳營收、OIBDA與自由現金流。

El Salvador is our second significant project within this segment, where we are kicking off milestones which determine revenue and cost. Both of these items are lumpy, with revenue contributing positively in Q4 2025, while there was a significant cost allocation this quarter which negatively impacted our Q1 reported year-over-year adjusted OIBDA performance. On an underlying basis, excluding El Salvador, we saw an improvement in year-over-year revenue and adjusted OIBDA momentum at Liberty Networks in Q1 versus Q4.

薩爾瓦多是本分部的第二個重要專案，我們正啟動一些里程碑，這些里程碑將決定營收與成本。這兩者皆具不均勻（lumpy）的特性：營收將在2025年第四季帶來正向貢獻；而本季有一筆顯著的成本分攤，對我們第一季揭露的調整後OIBDA年增表現造成負面影響。以基本面來看，排除薩爾瓦多因素後，Liberty Networks在第一季相較第四季的營收與調整後OIBDA年增動能有所改善。

Turning to Slide 8 and Liberty Costa Rica, which operates in our most competitive fixed market with five national players and additional regional players further compounding pressure. In this context, we are pleased to be maintaining a broadly stable fixed residential subscriber base, though there is inevitable pressure on fixed ARPU given the downward pressures on front-book pricing over the last 12 months. Notwithstanding this ARPU weakness, total residential fixed revenue declined this quarter, primarily reflected a lower share of CPE being sold under our buy-to-own model and instead being rented.

接著看投影片8的Liberty Costa Rica；該市場是我們競爭最激烈的固網市場，有五家全國性業者，另有區域性業者進一步加劇競爭壓力。在此背景下，我們很高興能維持大致穩定的住宅固網用戶基礎；不過，由於過去12個月新客（front-book）定價持續下行，固網ARPU不可避免承受壓力。儘管ARPU走弱，本季住宅固網總營收仍下滑，主要反映以買斷（buy-to-own）模式銷售的CPE占比降低，轉而以租賃方式提供。

We continue to generate solid volumes on postpaid, which helped drive 2% residential mobile revenue growth in Q1 year-over-year. We are however seeing signs of more elevated competition in the early stages of this year. In this climate, we need to continue to differentiate and innovate. On the former, we aim to focus ever more so on FMC, given the majority of fixed providers we compete against can't provide such a service.

我們在後付費仍持續創造穩健的量體，帶動第一季住宅行動營收年增2%。然而，我們也在今年初期看到競爭升溫的跡象。在此環境下，我們必須持續差異化並推動創新。在差異化方面，我們將更加聚焦FMC，因為我們多數固網競爭對手無法提供此類服務。

On innovation, we are delighted to announce that Liberty Costa Rica and Starlink have signed an agreement to offer, for the first time in Costa Rica, a direct-to-cell service. This will be branded Liberty Starlink, and we are working on launching this in the second half of 2026.

在創新方面，我們很高興宣布Liberty Costa Rica與Starlink已簽署協議，將在哥斯大黎加首次提供直連手機（direct-to-cell）服務。該服務將以Liberty Starlink為品牌，我們正著手於2026年下半年推出。

It will allow both consumers and corporate clients to connect to data that delivers voice, video, and messaging through apps as well as text messaging from places where mobile coverage does not currently exist, such as rural, mountainous, or maritime areas, and even national parks. We aim to leverage this product to cement our strong position in the Costa Rican mobile market. Finally, we are highly focused on cost reduction initiatives in Costa Rica in 2026.

此服務將讓消費者與企業客戶在目前尚無行動覆蓋的地點（例如鄉村、山區或海域，甚至國家公園）也能連接數據，透過App提供語音、影音與訊息服務，並支援簡訊。我們希望運用此產品鞏固我們在哥斯大黎加行動市場的強勢地位。最後，我們在2026年將高度聚焦哥斯大黎加的成本降低計畫。

Turning to Slide 9 and Liberty Puerto Rico. On the mobile side, we have made strong progress, registering positive postpaid additions for the second consecutive quarter, supported by recent CVPs such as Liberty SIMple, a subsidy-free postpaid SIM offer. We would highlight that Q1 is traditionally a seasonally quiet quarter, and without the contribution which our postpaid base received in a commercially more active Q4 from the Boost migration.

接著看第 9 張投影片與 Liberty Puerto Rico。在行動業務方面，我們已取得強勁進展，連續第二個季度錄得後付費用戶淨增，這得益於近期的 CVP（客戶價值主張），例如 Liberty SIMple——一項不含補貼的後付費 SIM 方案。我們要特別指出，第一季傳統上屬於季節性較淡的季度；若沒有我們後付費用戶基礎在商業活動更活躍的第四季因 Boost 遷移所帶來的貢獻，情況亦是如此。

In the center of the slide at the top, we show how our mobile NPS has improved since the migration and how it has been back into positive territory over the last 12 months. If NPS is a positive forward-looking indicator, the chart below shows how far we have already come. This shows the port-in, port-out ratio for postpaid mobile, with the latest data suggesting we have finally returned to greater than 1 in April. This means we are currently growing postpaid market share in Puerto Rico.

在投影片上方中央，我們展示了自遷移以來行動 NPS 如何改善，並在過去 12 個月回到正值區間。如果 NPS 是一項正向的前瞻性指標，下方圖表則顯示我們已經走了多遠。該圖表顯示後付費行動的攜入、攜出比率，最新數據顯示我們在 4 月終於回到大於 1。這表示我們目前正在波多黎各擴大後付費市場份額。

While there remains a lot to focus on mobile, our attention has also pivoted to residential fixed, where we are seeing a significant and positive shift in momentum in 2026. Towards the end of 2025, we really re-engage on fixed, launching a number of initiatives which played on the network strength of Liberty Puerto Rico, which resonated well with our fixed customers.

雖然行動業務仍有許多需要聚焦之處，我們的注意力也轉向住宅固網；在 2026 年，我們看到動能出現顯著且正向的轉變。在 2025 年底，我們確實重新投入固網業務，推出多項舉措，強調 Liberty Puerto Rico 的網路優勢，並與我們的固網客戶產生良好共鳴。

We also made significant improvements in channel productivity and in our door to door commercial activity. Since then, we have seen a significant improvement in our NPS scores on fixed, combined with a return to lower churn, close to pre-mobile migration levels. Month-over-month through year-to-date 2026, we have been seeing net fixed broadband subscriber losses diminish, and in the last couple of weeks have seen these net losses disappear almost entirely. We need to keep razor focus on our commercial offer and be mindful of competition in the market, but appear to be on a firmer footing here as we look out to the rest of 2026.

我們也在通路生產力以及到府（door-to-door）的商業活動方面做出重大改善。自那之後，我們看到固網 NPS 分數顯著提升，同時流失率回落，接近行動遷移前的水準。在 2026 年截至目前的逐月表現中，我們看到固網寬頻用戶的淨流失持續收斂，而在最近幾週，這些淨流失幾乎完全消失。我們需要對商業方案保持高度聚焦，並留意市場競爭，但展望 2026 年剩餘時間，我們在此似乎已站穩更堅實的基礎。

Across Puerto Rico, while we are very pleased with the recent improvement in operational trends in the business, we continue to have liquidity requirements in the business. As we have made clear for some time, this liquidity needs will continue to be met by Liberty Puerto Rico through its assets.

在波多黎各整體而言，儘管我們對近期業務營運趨勢的改善感到非常滿意，但我們仍有流動性需求。正如我們一段時間以來所明確表示，這些流動性需求將持續由 Liberty Puerto Rico 透過其資產來滿足。

And 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，我把時間交給我們的財務長 Chris Noyes，他將在我們進入提問之前，帶大家回顧財務表現。Chris？

Thanks, Balan. I will recap our first quarter results, which were ahead of our own internal targets. Consistent with last year, we delivered revenue of $1.1 billion, reflecting a 1% rebased decline. Our relatively flat performance was due to several specific factors, including a full quarter impact of Hurricane Melissa on our Liberty Caribbean business, a change in our Costa Rican fixed residential business model for equipment and phasing of B2B projects, principally in CWP. A highlight of the quarter was performance in Liberty Networks, which led LLA.

謝謝，Balan。我將回顧我們第一季的業績，表現優於我們內部目標。與去年一致，我們實現營收 11 億美元，按重述基準（rebased）計算下降 1%。我們相對持平的表現源於幾項特定因素，包括颶風 Melissa 對 Liberty Caribbean 業務的整季影響、我們在哥斯大黎加住宅固網業務中設備相關的商業模式變更，以及 B2B 專案的時程安排（主要在 CWP）。本季亮點之一是 Liberty Networks 的表現，領先 LLA。

In terms of adjusted OIBDA, we posted $405 million in Q1, which like revenue, reflects a rebased decline of 1%. The top line headwinds, as noted, were the principal drivers of this performance, including the impact from Hurricane Melissa. Additionally, we recognized costs in Liberty Networks for the El Salvador Subsea build of $7 million, which did not have corresponding revenue in the quarter. Liberty Puerto Rico meanwhile posted strong adjusted OIBDA growth of over 10% year-over-year.

就調整後 OIBDA 而言，我們第一季為 4.05 億美元，與營收相同，按重述基準反映下降 1%。如前所述，營收端的不利因素是此表現的主要驅動因素，包括颶風 Melissa 的影響。此外，我們在 Liberty Networks 認列了薩爾瓦多海底電纜建設（Subsea build）相關成本 700 萬美元，而本季並無相對應的收入。同時，Liberty Puerto Rico 的調整後 OIBDA 年增超過 10%，成長強勁。

Turning to Slide 12 for the C&W credit silo results. Starting on the left, LC reported $355 million in revenue and $163 million in adjusted OIBDA. As anticipated during our fiscal year 2025 call, both metrics declined year-over-year primarily as a result of the $12 million gross negative effect in revenue from the hurricane with an impact of over $8 million in fixed customer revenue and around $4 million in B2B fixed revenue.

接著看第 12 張投影片，C&W 信用分倉（credit silo）的業績。從左側開始，LC 的營收為 3.55 億美元，調整後 OIBDA 為 1.63 億美元。如我們在 2025 財年電話會議中所預期，兩項指標皆較去年同期下滑，主要原因是颶風對營收造成 1,200 萬美元的總負面影響，其中對固網客戶營收的影響超過 800 萬美元，對 B2B 固網營收的影響約 400 萬美元。

This was partially offset by the recovery of B2B revenue in Q1 '26 for services provided to certain customers in Q4 '25 that were initially believed to be uncertain of collection. For Jamaica, a solid mobile performance continues to support the business while an increase in the anticipated pace of reconnections should bring us closer to pre-hurricane levels on fixed before year-end.

這部分下滑，部分被 2026 年第一季 B2B 營收的回收所抵銷；該回收來自於 2025 年第四季向部分客戶提供的服務，當時原先認為其款項回收存在不確定性。就牙買加而言，穩健的行動業務表現持續支撐整體業務，而預期復接（reconnections）速度的提升，應可使我們在年底前讓固網更接近颶風前水準。

Next, moving to CWP. In Q1, both CWP revenue and adjusted OIBDA decreased 1% year-over-year on a rebased basis, reporting $176 million of revenue and $64 million of adjusted OIBDA. Positive top line performance in both fixed and mobile sustained by subscriber additions was more than offset by B2B, mainly impacted by price renegotiations of some government-related contracts in what is a seasonally much slower quarter. Additionally, operating costs are modestly higher year-over-year and sequentially. However, management has plans in place to help control rising costs.

接下來看 CWP。第一季，CWP 的營收與調整後 OIBDA 按重述基準皆年減 1%，分別為 1.76 億美元營收與 6,400 萬美元調整後 OIBDA。固網與行動在用戶增加帶動下的正向營收表現，已被 B2B 所抵銷；B2B 主要受到部分政府相關合約價格重新談判的影響，而第一季在季節性上也是明顯較慢的季度。此外，營運成本較去年同期及前一季均略有上升。不過，管理團隊已制定計畫以協助控制上升的成本。

Turning to Liberty Networks. LN generated $121 million in revenue, resulting in rebased growth of 7%, while adjusted OIBDA declined by 5% year-over-year on a rebased basis to $55 million. Q1 revenue was fueled by the sustained expansion of our wholesale business through strong capacity sales, while adjusted OIBDA was impacted by timing of direct costs related to our El Salvador project.

接著看 Liberty Networks。LN 產生 1.21 億美元營收，按重述基準成長 7%；而調整後 OIBDA 按重述基準年減 5% 至 5,500 萬美元。第一季營收受惠於我們批發業務的持續擴張，強勁的容量銷售帶來動能；而調整後 OIBDA 則受到與薩爾瓦多專案相關的直接成本時點影響。

Aggregating all three operating segments within the C&W credit silo for Q1, we reported $631 million in revenue, resulting in flat year-over-year rebased growth and $282 million in adjusted OIBDA or a 5% year-over-year rebased decrease, mainly driven by the hurricane impact and the aforementioned El Salvador project.

將 C&W 信用分倉內三個營運分部於第一季合併計算，我們營收為 6.31 億美元，按重述基準年增持平；調整後 OIBDA 為 2.82 億美元，按重述基準年減 5%，主要由颶風影響及前述薩爾瓦多專案所致。

Rounding out our other two credit silos, Liberty Costa Rica and Liberty Puerto Rico. On the left, we highlight LCR. We delivered Q1 revenue of $158 million and adjusted OIBDA of $57 million, representing year-over-year rebased declines of 4% and 8%, respectively. Residential mobile growth was more than offset by lower residential fixed and B2B revenue.

最後看另外兩個信用分倉：Liberty Costa Rica 與 Liberty Puerto Rico。左側我們重點說明 LCR。第一季營收為 1.58 億美元，調整後 OIBDA 為 5,700 萬美元，按重述基準分別年減 4% 與 8%。住宅行動成長被住宅固網與 B2B 營收下滑所抵銷。

The decline in residential fixed revenue was driven in part by ARPU pressure impacting subscription revenue and lower sales of equipment sold under our buy-to-own model, which affects non-subscription revenue. To support financial performance, we have also embarked on a comprehensive cost-out program, which is in its early days, but should be hitting its stride as we get into H2.

住宅固網營收下滑，部分原因是 ARPU 壓力影響訂閱收入，以及在我們買斷自有（buy-to-own）模式下銷售的設備減少，進而影響非訂閱收入。為支撐財務表現，我們也已啟動一項全面性的成本削減（cost-out）計畫；目前仍在初期階段，但隨著進入下半年（H2），應可逐步發揮成效。

Concluding with Puerto Rico on the right, LPR posted Q1 revenue of $296 million, which reflects a 1% decline. Revenue is continuing to stabilize as mobile and B2B recovery is underway, while the residential fixed business has been hampered by modest increase in churn over the past year.

最後以右側的波多黎各作結，LPR 公布第一季營收為 2.96 億美元，反映下滑 1%。隨著行動與 B2B 業務復甦進行中，營收持續趨於穩定；然而，住宅固網業務因過去一年用戶流失率（churn）小幅上升而受到影響。

Turning to adjusted OIBDA. We grew 12% to $91 million. The strong performance is largely a result of the continued efforts to improve LPR's cost base over the year, which includes lower labor and bad debt costs.

接著看調整後 OIBDA。我們成長 12% 至 9,100 萬美元。強勁表現主要來自我們全年持續改善 LPR 成本結構的努力，包括較低的人力與壞帳成本。

Turning to LLA's adjusted OIBDA less P&E additions and adjusted FCF on Slide 14. Building upon our adjusted OIBDA performance, we invested $111 million or 10% of revenue in P&E additions in the quarter, which represents an 8% reduction compared to last year. Typically, Q1 tends to be a seasonally low quarter for us, and thus, we expect our spend to pick up over the rest of the year.

接著看第 14 頁投影片上的 LLA「調整後 OIBDA 扣除 P&E 新增」以及調整後自由現金流（FCF）。在調整後 OIBDA 表現的基礎上，本季我們在 P&E 新增方面投資 1.11 億美元，約占營收 10%，較去年減少 8%。通常第一季對我們而言是季節性較低的季度，因此我們預期今年其餘時間的支出將會回升。

Importantly, roughly $12 million of our spend in Q1 was associated with the Jamaican recovery. And as Balan noted, we are hyper-focused on bringing back even more fixed residential connectivity to our footprint. The chart on the left depicts an important metric for us, which is adjusted OIBDA less P&E additions. For Q1, we delivered $294 million, reflecting an improvement of 3% year-over-year and a margin of 27% of revenue. The absolute figure was adversely impacted by Hurricane Melissa or about $20 million on a net basis.

重要的是，我們第一季約 1,200 萬美元的支出與牙買加復原相關。如同 Balan 所提到的，我們高度聚焦於在我們的覆蓋範圍內恢復更多住宅固網連線。左側圖表呈現對我們而言一項重要指標，即「調整後 OIBDA 扣除 P&E 新增」。第一季我們達到 2.94 億美元，年增 3%，利潤率為營收的 27%。該絕對金額受到颶風 Melissa 的不利影響，淨額約 2,000 萬美元。

Moving to the right side of the slide, we significantly improved our adjusted free cash flow before partner distributions, delivering negative $64 million in the quarter, which is $40 million better year-over-year. This result was driven by a combination of stronger cash flow from operating activities, and the lower capital spend just noted.

再看投影片右側，我們在合作夥伴分配前的調整後自由現金流顯著改善，本季為負 6,400 萬美元，較去年同期改善 4,000 萬美元。此結果來自營運活動帶來的較強現金流，以及前述較低的資本支出共同推動。

As seen in prior years, Q1 working capital is always constrained, reflecting a partial unwind from the seasonally strong Q4. As a reminder, our adjusted FCF will be highly weighted to later in the year. On an LTM basis through March 31, our adjusted FCF before partner distributions increased to $190 million from $150 million for fiscal 2025.

如同過往年度所見，第一季營運資金一向較為吃緊，反映自季節性強勁的第四季部分回轉。提醒一下，我們的調整後 FCF 將高度集中在下半年。以截至 3 月 31 日的最近十二個月（LTM）計算，我們在合作夥伴分配前的調整後 FCF 由 2025 財年的 1.5 億美元增加至 1.9 億美元。

Next to Slide 15 and a quick review of our capital structure. On a consolidated basis, LLA had total debt of $8.4 billion and $1.5 billion of liquidity, consisting of just under $700 million in cash and almost $800 million in availability under our committed credit lines. Q1 2026 consolidated net leverage was 4.5 times. And if we exclude LPR leverage, LLA leverage would decline into the mid-threes.

接著到第 15 頁投影片，快速回顧我們的資本結構。在合併基礎上，LLA 總債務為 84 億美元，流動性為 15 億美元，其中包括略低於 7 億美元的現金，以及在已承諾信用額度下近 8 億美元的可用額度。2026 年第一季合併淨槓桿為 4.5 倍。若排除 LPR 的槓桿，LLA 槓桿將下降至 3 倍中段水準。

The middle of the slide summarizes our two credit silos of C&W and LCR. We have total debt of $5 billion in covenant leverage of 3.7 times at C&W and total debt of $510 million and covenant leverage of 2 times at LCR. Over 75% of borrowings are due in 2031 and beyond. During the quarter, we reduced our outstanding LCR bonds by 10% as we exercise the 103 call that we had.

投影片中段總結了我們兩個信用融資架構（credit silos）：C&W 與 LCR。C&W 的總債務為 50 億美元，契約槓桿（covenant leverage）為 3.7 倍；LCR 的總債務為 5.10 億美元，契約槓桿為 2 倍。超過 75% 的借款到期日在 2031 年及以後。本季我們行使既有的 103 赎回權（call），將未償 LCR 債券減少 10%。

On the right is our Liberty Puerto Rico credit silo, which has $3 billion of total debt and reported borrowing group net leverage of 8x, while covenant leverage of the restricted subsidiaries was 14 times. During the quarter and as noted on the year-end call, LPR borrowed the remaining $50 million available under its unrestricted subsidiary facility, bringing its total unrestricted subsidiary borrowing proceeds to $250 million. This borrowing strengthened LPR's liquidity position.

右側為 Liberty Puerto Rico 的信用融資架構，總債務為 30 億美元，揭露的借款群組淨槓桿為 8 倍；而受限子公司（restricted subsidiaries）的契約槓桿為 14 倍。本季如同年終電話會議所提，LPR 在其非受限子公司融資工具下借入剩餘可用的 5,000 萬美元，使其非受限子公司借款所得合計達 2.5 億美元。此筆借款強化了 LPR 的流動性部位。

The business continues to benefit from substantial flexibility in its credit documents, and we expect LPR to continue to utilize its assets to raise third-party capital to the extent that it is needed. In terms of the liability management exercise that has been ongoing since the summer, LPR is continuing to evaluate its options to maximize value, and this may or may not include direct engagement with its lenders and bondholders. We will provide further updates with respect to this process when we determine it is appropriate.

該業務持續受惠於其信貸文件中相當大的彈性；我們預期 LPR 將在需要時持續運用其資產以籌措第三方資金。就自去年夏天以來持續進行的負債管理作業而言，LPR 仍在評估各種選項以最大化價值，其中可能包含、也可能不包含與其放款人及債券持有人直接接觸。當我們認為適當時，將就此流程提供進一步更新。

Turning to Slide 16 and building upon Balan's highlights at the start of the presentation and our increasing confidence in our underlying businesses, including our cash flow potential. We announced today the intent to dividend 9% cash pay preferred stock with a notional amount of $500 million to our equity shareholders. We are working to be able to complete this distribution before the end of Q2. This structure accomplishes several objectives, providing our shareholders with an attractive cash pay security and a regearing of our equity. LLA is obviously leaning into the levered equity model. This is backed by our conviction on future FCF generation. Over time, we believe the combination of the preferred stock and a skinnier common equity will positively impact overall value to our shareholders.

接著看第 16 頁投影片，延續 Balan 在簡報開場的重點，以及我們對基礎業務（包括現金流潛力）日益提升的信心。我們今日宣布，擬向股權股東以股利方式配發票面金額 5 億美元、現金股息率 9% 的優先股。我們正努力在第二季結束前完成此項配發。此結構達成多項目標：為股東提供具吸引力的現金付息證券，並重新調整（regearing）我們的股權結構。LLA 顯然正更倚重槓桿股權（levered equity）模式。這背後是我們對未來 FCF 產生能力的信念。隨時間推進，我們相信優先股與更精簡的普通股權結構相結合，將對股東整體價值帶來正面影響。

Moving to Slide 17 and our closing remarks. First, on the surface, our revenue and adjusted OIBDA were flattish, but relative to our plan, we overperformed, helped in part by a better-than-expected recovery in Jamaica and importantly, our adjusted FCF was substantially better to start the year. We are setting the stage for what we expect to be a robust finish to 2026 in the fourth quarter. Second, a significant focus remains on Jamaica, and we are encouraged by the efforts of our management team. Still lots of work to do, particularly around the fixed network, but we believe our business and brand will come out of this unfortunate event even stronger.

接著到第 17 頁投影片與結語。首先，表面上我們的營收與調整後 OIBDA 大致持平，但相較於計畫，我們表現優於預期，部分受惠於牙買加復原優於預期；更重要的是，我們的調整後 FCF 在年初即顯著優於去年。我們正在為 2026 年第四季我們預期的強勁收官奠定基礎。第二，我們仍將重點放在牙買加，且對管理團隊的努力感到鼓舞。仍有大量工作要做，特別是在固網方面，但我們相信我們的業務與品牌將在這起不幸事件後變得更加強韌。

Third, we are excited about the preferred distribution that we discussed on the prior slide as we provide our shareholders with a consistent capital return. As we think about our equity, it was great that we could be back in the market repurchasing in Q1. As of quarter end, we had $184 million remaining under our Board authorization and LLA will be opportunistic in the forthcoming quarters.

第三，我們對前一頁所討論的優先股配發感到振奮，因為這將為股東提供一致的資本回饋。就我們的股權而言，我們很高興能在第一季重返市場進行庫藏股回購。截至季末，在董事會授權下我們仍有 1.84 億美元的剩餘額度，LLA 將在未來幾季把握機會、伺機而動。

And finally, I hope that you all saw our joint press release with GCI Liberty yesterday. GCI Liberty, which is majority controlled by Dr. Malone, announced that it purchased 12 million shares in LLA for $107 million from Searchlight Capital. GCI Liberty now owns about 6% of LLA's equity. Separately, Dr. Malone owns roughly 7% of LLA's equity. From our perspective, this incremental investment in LLA demonstrates substantial confidence in our business, our growth prospects and our cash flow generation potential.

最後，希望各位都看到我們昨天與 GCI Liberty 的聯合新聞稿。由 Malone 博士控股的 GCI Liberty 宣布，已向 Searchlight Capital 以 1.07 億美元買入 LLA 1,200 萬股。GCI Liberty 目前持有約 6% 的 LLA 股權。另外，Malone 博士個人約持有 7% 的 LLA 股權。就我們的觀點而言，這筆對 LLA 的新增投資展現了對我們業務、成長前景以及現金流產生潛力的高度信心。

With that, operator, we will open it up for questions.

那麼，接線員，我們現在開放提問。

Thank you. The question-and-answer session will be conducted electronically. (Operator Instructions)

謝謝。問答環節將以電子方式進行。(接線員指示)

Matthew Harrigan, Benchmark Stone X.

Matthew Harrigan，Benchmark Stone X。

Thank you. Congratulations on the results and the dividend, usual facile financial engineering from yourself and presumably some Dr. Malone input. I was curious, we had a couple of companies, Xfinity in the US and VodafoneZiggo JV really found issues on the front book, back book issue and really have to rectify their pricing. You called that out on Costa Rica. Is that a phenomenon in some of your other markets as well? And how can you provide further value?

謝謝。恭喜本次業績與股利，一如既往是你們（以及推測有 Malone 博士的建議）所做的熟練財務工程。我想請教的是，我們看到幾家公司——美國的 Xfinity 以及 VodafoneZiggo 合資企業——在新客（front book）與存量（back book）之間出現問題，並且確實必須修正其定價。你們在哥斯大黎加也提到這點。這種現象在你們其他市場也存在嗎？以及你們如何能提供更多價值？

I mean the Ookla ratings and everything are quite positive to make sure that people are getting better price value rather than have to adjust your pricing on kind of a step function manner, which can be pretty disruptive. Thank you.

我的意思是，Ookla 評等等各項指標都相當正面，能確保用戶獲得更好的價格/價值，而不是必須以階梯式的大幅調價來修正定價，那可能相當具破壞性。謝謝。

Thank you, Matthew. One thing that's really good about LLA is that we actually have been very disciplined in managing our front book pricing. And the one place where we actually had lots of price increases and a very high front book was in Chile a while back. And we learned a lot from that experience as well. But I think between 2019 and 2024, we did not take any price increases anywhere. And as a result, our front book is very competitive.

謝謝你，Matthew。LLA 有一點做得非常好：我們在管理新客（front book）定價方面其實一直非常自律。而我們曾經在一段時間前於智利大幅調價、且新客（front book）價格非常高。我們也從那次經驗學到很多。但我認為在 2019 到 2024 年之間，我們在任何地方都沒有調漲價格。因此，我們的新客（front book）定價非常具競爭力。

Costa Rica is slightly -- it's just an aberration. As a matter of fact, even in Costa Rica, we are -- our front book is extremely competitive. We are not the highest price in Costa Rica. The company that's really being impacted by the price challenges there is the incumbent. And what we've been trying to do there is mostly in our retention desk. And certainly, if you look at our back book in Costa Rica, the back book is very solid.

哥斯大黎加有點——那只是個例外。事實上，即使在哥斯大黎加，我們——我們的新客（front book）定價也極具競爭力。我們不是哥斯大黎加價格最高的。真正受到那裡定價挑戰影響的是既有業者（incumbent）。而我們在那裡主要著力於留存團隊（retention desk）。當然，如果你看我們在哥斯大黎加的存量（back book），存量（back book）非常穩健。

So we feel pretty good about where our pricing is. Now we'll be very competitive. And one of the things we've learned as well, hanging on to market share is extremely important. And therefore, you see we'll play the ARPU game to hang on to market share. And in Costa Rica specifically, we actually grew fixed broadband. We actually grew our business ever so slightly, but nevertheless, in a highly competitive market, we're doing fine. Now eventually, the market will restore. And so having good market share is always going to be the better outcome.

所以我們對目前的定價位置感到相當有信心。我們會保持高度競爭力。而我們也學到的一點是：守住市占率極其重要。因此，你會看到我們會為了守住市占率而去玩 ARPU 的策略。而在哥斯大黎加，我們其實固定寬頻用戶是成長的。我們的業務也有些微成長；但即便如此，在高度競爭的市場中，我們表現得不錯。最終市場會回歸正常。因此，擁有良好的市占率永遠會是更好的結果。

Thanks, Balan. Thanks, Chris.

謝謝，Balan。謝謝，Chris。

David Lopez, New Street Research.

David Lopez，New Street Research。

Hi, thanks for the opportunity and congrats on the results. I had a question on the cost structure. I was wondering if the rise in energy costs we are seeing currently has any impact on your cost structure and if you can comment on that a bit, please?

嗨，謝謝提供提問機會，也恭喜本次業績。我有一個關於成本結構的問題。我想請問，我們目前看到的能源成本上升，是否會對你們的成本結構造成影響？能否請你們稍作評論？

We are very focused on our cost. You can see we have actually a pretty healthy EBITDA margin in the business and more importantly, a very healthy operating free cash flow margin. We expect that there is still opportunity to increase both those metrics. And our business over the last 24 months have gone through a lot of cost reduction, but it doesn't end. This year, we also have some pretty good cost improvements, and that will continue to '27 and '28.

我們非常專注於成本。你可以看到，我們的業務 EBITDA 利潤率其實相當健康，更重要的是，營運自由現金流利潤率也非常健康。我們預期這兩項指標仍有提升空間。過去 24 個月，我們的業務已經歷大量的成本削減，但這不會停止。今年我們也會有相當不錯的成本改善，而且會持續到 2027 與 2028 年。

And by the way, we are really leaning in on AI. And we expect a lot of further cost improvements in our business through our complete embracement of AI technology, which already, by the way, on the front line, we've implemented it in our back office. We are working to implement it. And we've recently appointed an individual in our company to fully lead our AI transformation. We expect some pretty good returns.

另外，我們也正大力投入 AI。我們預期，透過全面擁抱 AI 技術，能在業務上帶來更多進一步的成本改善；順帶一提，在第一線我們已經在後台（back office）導入了。我們正在推進落地。而且我們最近也在公司內任命了一位主管，全面領導我們的 AI 轉型。我們預期會有相當不錯的回報。

I would add around the energy point, we continue to focus on, it's only about roughly 2% of revenue overall energy costs. So a couple of things to, I think, take note. One is the network is fiber or HFC, it's not cable -- it's not copper. That obviously uses a lot of energy.

我再補充能源這點：我們仍持續關注；整體能源成本大約只占營收約 2%。所以我認為有幾點值得注意。第一，我們的網路是光纖或 HFC，不是——不是銅纜。銅纜顯然會消耗大量能源。

So over time, our move to improve the network topology has reduced energy costs. So we'll continue to be quite agile to the extent energy increases in the region, particularly in the islands. So we have a number of kind of mitigating strategies to reduce cost to the extent that energy moves up.

因此，隨著時間推進，我們為改善網路拓撲所做的轉型已降低能源成本。所以若區域內能源上漲，特別是在島嶼市場，我們會持續保持相當敏捷的應對。因此，若能源價格走高，我們有多種緩解策略來降低成本。

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。我想把時間交還給 Balan Nair，請他做任何補充或結語。

Well, thank you, operator. Well, you can clearly see, we are excited about this morning's announcement. And from what we announced, you can also draw the conclusion that we have significant confidence in our business and future free cash flow growth prospects. We are also very excited about Dr. Malone's increased investment in LLA. Overall, the future is bright, and thank you for your support.

好的，謝謝你，接線員。各位可以清楚看到，我們對今天早上的公告感到振奮。從我們所宣布的內容，你們也可以得出結論：我們對自身業務以及未來自由現金流成長前景具有高度信心。我們也對 Malone 博士增加對 LLA 的投資感到非常興奮。整體而言，未來一片光明，感謝各位的支持。

Ladies and gentlemen, this concludes Liberty Latin America's first quarter 2026 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 find a copy of today's presentation materials. Thank you for joining. You may now disconnect.

各位女士先生，Liberty Latin America 2026 年第一季投資人電話會議到此結束。提醒各位，本次會議的重播將於 Liberty Latin America 官網 www.lla.com 的投資人關係（Investor Relations）專區提供；你也可在該處找到今日簡報資料的副本。感謝各位參與。您現在可以掛線。