Liberty Latin America Ltd (LILAK) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded. I will now turn the call over to Bill Brierly, Head of Compliance and Ethics, Liberty Latin America.

早安，女士們先生們，感謝你們的支持。今天的通話正在錄音。我現在會把電話轉給 Liberty Latin America 合規與道德主管 Bill Brierly。

Good morning, and welcome to Liberty Latin America's third-quarter 2024 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. (Event Instructions) As a reminder, this call is being recorded.

早安，歡迎參加 Liberty Latin America 2024 年第三季投資者電話會議。（活動說明） 今天的正式簡報資料可在 Liberty Latin America 網站 www.lla.com 的投資者關係部分找到。 （活動說明）溫馨提示，本次通話正在錄音中。

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. Actual results may differ materially from those expressed or implied by these statements. For more information, please refer to the risk factors discussed in Liberty Latin America's most recently filed annual report on Form 10-K and quarterly report on Form 10-Q, along with the associated press release.

今天的言論可能包含前瞻性陳述，包括公司對其前景和未來成長前景的預期以及其他非歷史事實的資訊和陳述。實際結果可能與這些陳述明示或暗示的結果有重大差異。欲了解更多信息，請參閱 Liberty Latin America 最近提交的 10-K 表年度報告和 10-Q 表季度報告以及相關新聞稿中討論的風險因素。

Liberty Latin America disclaims any obligation to update any forward-looking statements or information to reflect any change in its expectations or in the conditions on which any such statement or information is based. In addition, on this call, we will refer to certain non-GAAP financial measures, which are reconciled to the most comparable GAAP financial measures, which can be found in the appendices to this presentation, which is accessible under the Investors section of our website. I would now like to turn the call over to our CEO, Mr. Balan Nair.

自由拉丁美洲不承擔更新任何前瞻性陳述或資訊以反映其期望或任何此類陳述或資訊所依據的條件的任何變更的義務。此外，在這次電話會議上，我們將參考某些非公認會計原則財務指標，這些指標與最具可比性的公認會計原則財務指標一致，這些指標可以在本簡報的附錄中找到，可以在我們網站的投資者部分訪問。我現在想將電話轉給我們的執行長巴蘭·奈爾先生。

Thank you, Bill, and welcome, everybody to Liberty Latin America's third-quarter results presentation. I'll begin with our group highlights and an overview of our operating results by reporting segment. Chris Noyes, our CFO, will then follow with a review of the company's financial performance. After that, we will get straight to your questions.

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

As always, I'm joined by my executive team from across the region, 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.

像往常一樣，來自整個地區的管理團隊也加入了我的行列，我將邀請他們在我們準備好的發言後的問答過程中根據需要做出貢獻。作為內務管理的一點，我們都將透過投影片進行工作，您可以在我們的網站 www.lla.com 上找到投影片。

Starting on slide 4 and our highlights, we have added over 50,000 high-speed broadband and postpaid mobile subscribers year to date. This figure was a robust 225,000 adds, excluding Puerto Rico, where we have begun to recover following our complex migration project. I'll share further color on our progress later in the presentation.

從幻燈片 4 和我們的重點內容開始，我們今年迄今增加了 50,000 多名高速寬頻和後付費行動用戶。這個數字是一個強勁的 225,000 名新增人數，不包括波多黎各，我們在複雜的遷移項目之後已經開始恢復。我將在稍後的演示中進一步分享我們的進展。

We also experienced some negative net adds in Cable & Wireless Caribbean during the quarter as a result of Hurricane Beryl. We reported adjusted OIBDA of $1.2 billion year to date. This includes rebased growth in C&W Caribbean, C&W Panama, and Liberty Costa Rica. We expect adjusted OIBDA performance to accelerate in Q4, driven by B2B and anticipated improved results in our Puerto Rican operations. We successfully refinanced $1 billion of our Cable & Wireless credit silo senior notes last month. The issuance was significantly oversubscribed, reflecting the silo's strength.

由於颶風貝裡爾的影響，我們在本季的加勒比海大東電報公司也經歷了一些負淨成長。我們報告稱，今年迄今調整後的 OIBDA 為 12 億美元。這包括 C&W 加勒比地區、C&W 巴拿馬和 Liberty 哥斯達黎加的重新增長。我們預計，在 B2B 和波多黎各業務預期業績改善的推動下，調整後的 OIBDA 業績將在第四季度加速。上個月，我們成功為大東電報局信用倉優先票據的 10 億美元進行了再融資。此次發行獲得了大幅超額認購，反映了筒倉的實力。

Finally, we continue to explore inorganic ways to drive shareholder value and are excited to provide more details regarding an investment that we've been cultivating in Peru. This is a large and growing market where we have built significant fiber footprint and see potential to create value. We are also pleased to announce the addition of Sparkle to our new pan-regional subsea system.

最後，我們繼續探索推動股東價值的無機方法，並很高興提供更多關於我們在秘魯一直在培養的投資的細節。這是一個龐大且不斷成長的市場，我們已經在其中建立了重要的光纖足跡，並看到了創造價值的潛力。我們也很高興地宣布 Sparkle 添加到我們新的泛區域海底系統。

Turning to slide 5, I'll begin our operating review with C&W Caribbean. On the left of the slide, we present our Internet and mobile postpaid additions. Q3 broadband adds were negatively affected by Hurricane Beryl, which impacted our operations in Jamaica, Grenada, St. Vincent and the Grenadines in early July. Adjusting for this event, we would have added 3,000 broadband RGUs in the quarter.

轉向幻燈片 5，我將開始與 C&W 加勒比海公司進行營運審查。在幻燈片的左側，我們展示了我們的網路和行動後付費附加功能。第三季寬頻新增量受到颶風 Beryl 的負面影響，7 月初影響了我們在牙買加、格林納達、聖文森和格林納丁斯的業務。對此事件進行調整後，我們將在本季增加 3,000 個寬頻 RGU。

We anticipate further impacts to net adds in Q4, but are working hard to minimize them. Postpaid mobile adds, although positive, were lower sequentially and year over year as Beryl impacted sales efforts. There was, however, an increase in prepaid adds as customers wanted to ensure access to mobile networks in the event of any outages, particularly in Jamaica.

我們預計第四季度淨增量將受到進一步影響，但正在努力將其最小化。後付費行動增加雖然是正面的，但由於 Beryl 影響了銷售工作，季比和年比均有所下降。然而，由於客戶希望確保在發生任何中斷時仍能存取行動網絡，預付附加費增加，特別是在牙買加。

Moving to the center of the slide, we generated 2% rebased revenue growth year to date, driven by our continued consumer momentum, particularly in mobile. Finally, I want to recognize our colleagues in C&W for delivering adjusted OIBDA growth, both sequentially and year over year in Q3 despite the challenges they faced in the quarter.

轉向幻燈片的中心，在我們持續的消費勢頭（尤其是行動領域）的推動下，我們今年迄今實現了 2% 的重新調整後的收入成長。最後，我要感謝 C&W 的同事，儘管他們在本季度面臨挑戰，但他們在第三季度實現了調整後的 OIBDA 連續成長和同比增長。

Moving to slide 6 and our C&W Panama segment, starting on the left of the slide, we continue to drive penetration of our fixed footprint and delivered another solid quarter of Internet subscriber adds and robust revenue growth. Our fixed network provides high-speed connectivity across more than 95% of our homes passed with the majority of those homes passed via FTTH infrastructure.

轉向幻燈片 6 和我們的 C&W 巴拿馬部門，從幻燈片左側開始，我們繼續推動固定足跡的滲透，並實現了又一個穩定的季度互聯網用戶增加和強勁的收入增長。我們的固定網路為 95% 以上的家庭提供高速連接，其中大多數家庭透過 FTTH 基礎設施連接。

In mobile, we continue to grow our postpaid base, however, returned to a more normalized rate of adds following an exceptional second quarter driven by Digicel's exit from the market. We mentioned our successful 5G trials during our last earnings presentation. And last month, we became the first operator to launch 5G in Panama, highlighting our technology leadership in the market.

在行動領域，我們繼續擴大後付費基礎，但是，在 Digicel 退出市場的推動下，第二季度表現異常出色，之後又回到了更正常化的成長速度。我們在上次收益報告中提到了我們成功的 5G 試驗。上個月，我們成為巴拿馬第一家推出 5G 的營運商，凸顯了我們在市場上的技術領先地位。

Moving to the center of the slide, we have driven 3% top-line growth year to date with positive contributions coming from all our product areas. Overall, we continue to build momentum in Panama and anticipate continued growth.

轉到幻燈片的中心，我們所有產品領域都做出了積極貢獻，今年迄今為止，我們的收入成長了 3%。總體而言，我們繼續在巴拿馬建立勢頭並預計持續增長。

Turning to slide 7 and Liberty Costa Rica, starting on the left of the slide, we delivered another quarter of solid broadband subscriber adds against a challenging competitive backdrop in Costa Rica. We continue to work towards completing our agreed combination with Millicom, which we anticipate will close by the end of 2025.

轉向幻燈片 7 和自由哥斯達黎加，從幻燈片左側開始，在哥斯達黎加充滿挑戰的競爭背景下，我們又增加了四分之一的寬頻用戶。我們將繼續努力完成與 Millicom 商定的合併，預計將於 2025 年底完成。

In mobile, we reported another strong quarter. We moved above the milestone of 1 million subscribers, with net postpaid adds higher both year over year and sequentially. Over the last 12 months, we've now added over 125,000 postpaid subs in the market, representing an almost 15% growth in our base. Moving to the center of the slide, we reported healthy rebased revenue growth of 5% year to date led by mobile.

在行動領域，我們報告了另一個強勁的季度。我們已經突破了 100 萬訂戶這一里程碑，後付費淨增量同比和環比均有所上升。在過去 12 個月中，我們在市場上新增了超過 125,000 個後付費訂閱者，這意味著我們的訂閱者數量增加了近 15%。轉向幻燈片的中心，我們報告稱，今年迄今為止，在行動業務的帶動下，重新調整後的收入實現了 5% 的健康成長。

Next, to slide 8 and Liberty Networks, on the left of the slide, we present year-to-date revenue for the current and prior year periods. Enterprise continues to be our fastest area of growth in this segment, and was 8% higher on a rebased basis.

接下來，在幻燈片 8 和 Liberty Networks 中，我們在幻燈片左側展示了當前和去年期間的年初至今收入。企業仍然是我們在該細分市場中成長最快的領域，並且在重新設定的基礎上成長了 8%。

As in prior quarters, for Liberty Networks and the wholesale business specifically, we highlight the $17 million year-over-year impact of non-cash IRU declines. Despite this headwind from lower IRU and non-cash revenues, our underlying wholesale business continued to demonstrate resilience, growing modestly.

與前幾季一樣，特別是對於 Liberty Networks 和批發業務，我們強調非現金 IRU 下降帶來的 1700 萬美元的同比影響。儘管 IRU 和非現金收入下降的不利影響，我們的基礎批發業務繼續表現出韌性，並溫和成長。

Overall, we are building a business with a strong foundation of recurring revenue, which underpins our future prospects. The metrics shown beneath the bars reflect the unique cash conversion characteristics in Liberty Networks. This is an infrastructure business with growing cash OIBDA and over 40% OFCF conversion of revenue. Given these characteristics, Liberty Networks has a very attractive financial profile, and we have spoken previously about the opportunities to invest further in this segment.

總體而言，我們正在建立一個具有堅實的經常性收入基礎的業務，這支撐了我們的未來前景。條形下方所示的指標反映了 Liberty Networks 獨特的現金轉換特徵。這是一項基礎設施業務，現金 OIBDA 不斷成長，OCFF 收入轉換率超過 40%。鑑於這些特徵，Liberty Networks 擁有非常有吸引力的財務狀況，我們之前已經談到進一步投資該領域的機會。

On the right side of the slide, we highlight an investment that will create a new pan-regional subsea cable system. We're excited to share that in addition to Gold Data, we will partner with Sparkle, a wholly-owned subsidiary of Telecom Italia on this project. This will enhance the system's value given Sparkle's extensive presence in the region.

在投影片的右側，我們重點介紹了一項將創建新的泛區域海底電纜系統的投資。我們很高興地告訴大家，除了 Gold Data 之外，我們還將與義大利電信的全資子公司 Sparkle 合作進行此專案。鑑於 Sparkle 在該地區的廣泛業務，這將提高系統的價值。

Other highlights of the new system will be its size spanning over 5,500 kilometers, low latency with six new access points connecting major data hubs. New routes, the landing in Veracruz and Apalachee creates vital routes between Mexico and the United States, integrating and enhancing our powerful mesh infrastructure and ensuring we are future-proof ready. We are building a system that will serve the incredible growth in demand from hyper-scalers and the rise in traffic requirements related to the ongoing shift to the cloud and AI innovations from the USA to Latin America and the Caribbean.

新系統的其他亮點包括其覆蓋範圍超過 5,500 公里的規模、低延遲以及連接主要資料中心的六個新接入點。新航線，在韋拉克魯斯和阿巴拉奇的登陸創造了墨西哥和美國之間的重要航線，整合和增強了我們強大的網狀基礎設施，並確保我們做好了面向未來的準備。我們正在建立一個系統，該系統將滿足超大規模需求的驚人增長，以及與從美國到拉丁美洲和加勒比地區持續向雲端和人工智慧創新的轉變相關的流量需求的增長。

Turning to slide 9 and Liberty Puerto Rico, starting on the left of the slide, we reported a stable quarter of Internet subscriber adds adjusting for the impact of ACP-related churn. As previously indicated, we managed to keep most ACP subscribers through targeted retention offers. However, there has been some impact with 6,000 subscribers lost in Q3 and adds to the 4,000 who left during the first half.

轉向投影片 9 和 Liberty Puerto Rico，從投影片左側開始，我們報告了穩定的四分之一網路訂戶增加量，以調整與 ACP 相關的客戶流失的影響。如前所述，我們成功地透過有針對性的保留優惠留住了大多數 ACP 訂戶。然而，第三季失去了 6,000 名訂戶，上半年流失了 4,000 名訂戶，這也造成了一些影響。

Adjusting for this impact, we would have had net broadband subscriber adds in the quarter. We continue to invest in strengthening our leading fixed business in Puerto Rico and aim to have approximately 200,000 fiber-to-the-homes passed by the end of the year, representing over 15% of our total footprint.

調整此影響後，本季寬頻用戶淨增加。我們繼續投資加強我們在波多黎各領先的固定業務，目標是到今年年底擁有約 20 萬個光纖到戶，占我們總足跡的 15% 以上。

In mobile, our postpaid base was lower during the third quarter, partly driven by a migration adjustment of approximately 20,000 lines. We have begun to see some encouraging signs now that the migration is complete.

在行動領域，第三季我們的後付費基數較低，部分原因是大約 20,000 條線路的遷移調整。遷移完成後，我們已經開始看到一些令人鼓舞的跡象。

I'll talk to these green shoots on the following slide, but of note, we've now launched our new converged commercial proposition called LOOP. Owning leading fixed and mobile platforms is a core differentiating feature for Liberty Puerto Rico, and our strategy is centered on leveraging this as we have done successfully in other parts of LLA.

我將在下面的幻燈片中討論這些萌芽，但值得注意的是，我們現在推出了名為 LOOP 的新融合商業主張。擁有領先的固定和行動平台是 Liberty Puerto Rico 的核心差異化特徵，我們的策略集中於利用這一點，正如我們在 LLA 的其他部分所取得的成功一樣。

In prepaid, we had more success with a second consecutive quarter of net adds in Q3. This momentum should be further bolstered by the addition of EchoStar's Boost subscribers following the close of that transaction in early September.

在預付費方面，我們取得了更大的成功，第三季連續第二季實現淨成長。9 月初交易結束後，EchoStar Boost 用戶的增加應該會進一步增強這一勢頭。

In the center of the slide, we show the revenue mix by product in Puerto Rico and a year-to-date decline of 12%. Chris will cover the financial performance in greater detail within his section.

在幻燈片的中間，我們顯示了波多黎各按產品劃分的收入組合，今年迄今下降了 12%。克里斯將在他的部分中更詳細地介紹財務表現。

Moving to slide 10, we wanted to share some of the early indicators that we feel represent signs of our mobile operations turning around. Starting with the left chart and our average sales per month, here, we can see the drop-off in sales as we started to focus our efforts on migration in 2023 and into the first half of this year.

前往投影片 10，我們想分享一些我們認為代表我們行動業務好轉跡象的早期指標。從左圖和我們的每月平均銷售額開始，我們可以看到銷售額的下降，因為我們開始將精力集中在 2023 年和今年上半年的遷移上。

This impact was the result of our sales force needing to spend more time managing migration-related queries, thereby having less time to sell while navigating some customer experience challenges. Encouragingly, Q3 2024 showed significant improvements across postpaid and prepaid, with prepaid now back above 2022 levels. In October, we saw postpaid sales eclipsing 2022 levels as well, which is very encouraging.

造成這種影響的原因是我們的銷售人員需要花費更多時間來管理與遷移相關的查詢，從而在應對一些客戶體驗挑戰的同時進行銷售的時間更少。令人鼓舞的是，2024 年第三季後付費和預付費領域出現了顯著改善，預付費現已恢復到 2022 年水準以上。10 月份，我們看到後付費銷售額也超過了 2022 年的水平，這是非常令人鼓舞的。

In the center of the slide, we show our NPS progression, which is a leading performance indicator that we track closely. We are now above pre-migration levels and significantly better than the low points at the turn of the year for both postpaid and prepaid. Importantly, we have seen a significant increase in promoters with our postpaid promoter percentage in October, three times above the December low.

在幻燈片的中間，我們展示了 NPS 進度，這是我們密切追蹤的領先績效指標。現在，後付費和預付費的水平都高於遷移前的水平，並且明顯優於年初的低點。重要的是，我們看到 10 月後付費促銷員比例顯著增加，是 12 月低點的三倍。

Lastly, on the right of the slide, the customer sentiment, this metric has more than doubled from pre-migration levels, reflecting the work we have been doing to improve customer experience. The complexity of this integration stems from the carve-out nature of this transaction with AT&T where we needed to build a whole new network and a whole new billing stack.

最後，在投影片右側，客戶情緒，該指標比遷移前的水平增加了一倍多，反映了我們為改善客戶體驗所做的工作。這種整合的複雜性源自於與 AT&T 的交易的剝離性質，我們需要建立一個全新的網路和一個全新的計費堆疊。

This, coupled with migrating from a legacy platform within a large corporation, brought many unanticipated problems. However, as with our other acquisitions, we are now through the technical phase and positioned to improve our commercial execution.

再加上從大公司內的遺留平台遷移，帶來了許多意想不到的問題。然而，與我們的其他收購一樣，我們現在已進入技術階段，並準備好提高我們的商業執行力。

Having said that, the larger-than-expected churn has delayed our recovery to pre-migration EBITDA. To get there, we will cut costs as required, and with improving NPS and improved platforms, we will recapture market share. The commercial recovery will require investments in 2025, which we are planning for.

話雖如此，超出預期的客戶流失延遲了我們恢復到遷移前 EBITDA 的時間。為了實現這一目標，我們將根據需要削減成本，並透過改進 NPS 和改進平台，重新奪回市場份額。商業復甦將需要在 2025 年進行投資，這是我們的計劃。

Leveraging our FMC capabilities, combined with achieving targeted cost savings, sets us up for future adjusted OIBDA expansion. We remain confident of our longer-term plans and the opportunity to grow in Puerto Rico.

利用我們的 FMC 能力，結合實現目標成本節約，為我們未來調整後的 OIBDA 擴張做好準備。我們對我們的長期計劃和在波多黎各的發展機會仍然充滿信心。

On slide 11, we highlight our track record of organic and inorganic growth across C&W Caribbean, C&W Panama, and Liberty Costa Rica segments. Firstly, taking C&W Caribbean on the left of the slide as an example of strong operational execution, in the period shown from full-year 2020 to the last 12 months, we have achieved an adjusted OIBDA CAGR of over 30%.

在幻燈片 11 中，我們重點介紹了 C&W 加勒比海地區、C&W 巴拿馬地區和 Liberty 哥斯達黎加地區的有機和無機增長記錄。首先，以幻燈片左側的C&W加勒比海為例，其營運執行力強勁，從2020年全年到過去12個月，我們實現了調整後的OIBDA複合年增長率超過30%。

This has been driven by the effective creation and implementation of converged product offerings, which has resulted in over 350,000 broadband and postpaid mobile net adds. We have also focused on driving cost efficiencies, achieving an eight-percentage point improvement in OFCF margin over the period.

這是由融合產品的有效創建和實施所推動的，從而增加了超過 350,000 個寬頻和後付費行動網路。我們也致力於提高成本效率，在此期間 OFCF 利潤率提高了 8 個百分點。

Moving to C&W Panama in the center of the slide and the significant financial benefits of the acquisition in 2022 of Claro's mobile business, this is an example of a successful integration. By the middle of this year, we had migrated customers to a common platform and adjusted significant cost synergies.

幻燈片中心是 C&W 巴拿馬，以及 2022 年收購 Claro 行動業務帶來的巨大財務收益，這是成功整合的一個例子。到今年年中，我們已將客戶遷移到一個通用平台，並調整了顯著的成本綜效。

The business we acquired from Claro had minimal adjusted OIBDA when we closed the acquisition. And so the growth shown here reflects synergies we achieved through integration.

當我們完成收購時，我們從 Claro 收購的業務對 OIBDA 進行了最小調整。因此，這裡顯示的成長反映了我們透過整合實現的協同效應。

OFCF is expected to improve further in Q4 and rise above 2020 levels as a percentage of revenue. We also see this as an exciting organic story for coming periods given the constructive market structure and our underweight position in the fixed market.

OFCF 預計將在第四季度進一步改善，佔收入的比例將超過 2020 年的水平。考慮到建設性的市場結構和我們在固定市場的減持部位，我們也認為這是未來一段時間令人興奮的有機故事。

Finally, to Liberty Costa Rica on the right of the slide, we initially entered the Costa Rican market through our acquisition of a controlling stake in Cabletica in 2018. Through the acquisition of Telefonica's mobile operations in 2021, we created a leading converged operator.

最後，幻燈片右側的 Liberty Costa Rica，我們最初透過 2018 年收購 Cabletica 的控股權進入哥斯大黎加市場。透過 2021 年收購 Telefonica 的行動業務，我們創建了一家領先的融合營運商。

This is another example of a successful integration, which we completed during 2023. At the time of acquisition, the Telefonica business was generating approximately $70 million to $80 million of adjusted OIBDA a year. And so we've driven significant additional value through synergies. We have continued to grow the mobile operations at a tremendous pace, surpassing 1 million postpaid subscribers and launching 5G earlier this year to further cement our position at the forefront of the market.

這是我們在 2023 年完成的另一個成功整合的例子。收購時，Telefonica 業務每年產生約 7,000 萬至 8,000 萬美元的調整後 OIBDA。因此，我們透過協同效應推動了巨大的附加價值。我們繼續以驚人的速度發展行動業務，後付費用戶數量已超過 100 萬，並在今年稍早推出了 5G，進一步鞏固了我們在市場前沿的地位。

Our track record shows that we have successfully integrated and grown operations. The nature of our Puerto Rico acquisition is much more complex compared to the transactions noted on this slide, which is the primary reason why it has taken longer than we had anticipated to achieve our targets. However, our experience and track record gives us confidence that we will begin to see improved results in Puerto Rico as we have in other markets.

我們的業績記錄顯示我們已經成功整合和發展業務。與本投影片中提到的交易相比，我們波多黎各收購的性質要複雜得多，這是實現目標所需時間比我們預期更長的主要原因。然而，我們的經驗和業績記錄讓我們有信心，我們將開始看到波多黎各的業績有所改善，就像我們在其他市場一樣。

Finally, to slide 12 and an exciting inorganic move we have made in Peru, we began investing in a greenfield fiber-to-the-home business alongside a local partner in 2021, and through an aggressive bill, now pass approximately 3 million homes in the market with fiber. Peru has significant growth potential, given its low Internet penetration at around 40%, and it provides exposure to a market much larger than those in our current footprint.

最後，幻燈片12 是我們在秘魯採取的一項令人興奮的無機舉措，我們於2021 年開始與當地合作夥伴一起投資新建光纖到戶業務，並通過一項積極的法案，目前已為秘魯約300 萬戶家庭提供服務。秘魯的網路普及率較低，僅為 40% 左右，因此具有巨大的成長潛力，而且它提供的市場規模遠大於我們目前所涉足的市場。

WOW has been very successful driving penetration in its footprint, which is mostly outside Lima. In a short period, WOW achieved an approximate 15% broadband market share nationally and 25% in the provinces outside Lima.

WOW 非常成功地推動了其足跡的滲透，其中大部分位於利馬以外。在短時間內，WOW 獲得了全國約 15% 的寬頻市場份額，在利馬以外的省份獲得了 25% 的份額。

With 34 million people and 10 million homes in total, Peru presents a large market opportunity. It is more than six times the size of our largest consolidated market. In line with the region, also has a young demographic with a population median age of 34.

秘魯擁有 3,400 萬人口和 1,000 萬套住房，蘊藏著巨大的市場機會。它是我們最大的綜合市場規模的六倍多。與該地區一致，人口結構年輕，人口中位數年齡為 34 歲。

Finally, we are creating a leading business and brand. This was exemplified as WOW was awarded LATAM Fiber Operator of the Year in the 2024 Fiber Connect LATAM Awards. We are excited about this investment. 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.

最後，我們正在創建領先的業務和品牌。WOW 在 2024 年 Fiber Connect LATAM 獎中榮獲「年度拉丁美洲光纖營運商」就是例證。我們對這項投資感到興奮。接下來，我會將您轉交給我們的財務長 Chris Noyes，他將先向您介紹我們的財務業績，然後再回答您的問題。克里斯.

Thanks, Balan. I'll now take you through our financial results, starting with our group revenue and adjusted OIBDA performance on slide 14. Sequentially, reported revenue was 3% lower at $1.1 billion and adjusted OIBDA grew by 4% to $403 million in the third quarter.

謝謝，巴蘭。現在，我將向您介紹我們的財務業績，首先是幻燈片 14 上的集團收入和調整後的 OIBDA 業績。第三季報告營收下降 3%，至 11 億美元，調整後的 OIBDA 成長 4%，至 4.03 億美元。

The sequential decline in reported revenue from Q2 was driven by lower revenue in Cable & Wireless, partly due to the impact of Hurricane Beryl in the quarter and in Panama and Liberty Networks related to lower project revenue and less IRU accelerations, respectively. Adjusted OIBDA growth was driven by improvement in Puerto Rico and Panama.

第二季報告營收季減是由於有線和無線業務收入下降所致，部分原因是本季颶風 Beryl 的影響，以及巴拿馬和 Liberty Networks 專案收入下降和 IRU 加速減少的影響。調整後的 OIBDA 成長是由波多黎各和巴拿馬的改善所推動的。

Turning to year over year, revenue was 4% lower on a rebased basis and adjusted OIBDA declined by 6%. Revenue performance was primarily driven by an organic reduction in Liberty Puerto Rico, partly offset by organic growth in Liberty Costa Rica. With respect to adjusted OIBDA, organic growth in Panama and C&W Caribbean was more than offset by reductions in Liberty Puerto Rico.

與去年同期相比，重新調整後的基礎上，營收下降了 4%，調整後的 OIBDA 下降了 6%。營收表現主要是由 Liberty Puerto Rico 的有機減少所推動的，但部分被 Liberty Costa Rica 的有機成長所抵消。就調整後的 OIBDA 而言，巴拿馬和 C&W 加勒比地區的有機成長被 Liberty Puerto Rico 的減少所抵消。

Moving to slide 15 and our P&E additions and adjusted FCF results for the third quarter, on the left of the slide, we incurred P&E additions of $171 million in Q3 or 16% of revenue. This compares to $187 million or 17% of revenue in the prior year period. During Q3, we built or upgraded nearly 135,000 homes and launched 5G services in Panama.

轉向幻燈片 15，以及我們第三季的 P&E 增加和調整後的 FCF 結果，在幻燈片左側，我們在第三季度產生了 1.71 億美元的 P&E 增加，佔收入的 16%。相比之下，去年同期營收為 1.87 億美元，佔營收的 17%。第三季度，我們在巴拿馬新建或升級了近135,000套房屋，並推出了5G服務。

On the right, we reported adjusted FCF before partner distributions of $77 million, Distributions to our partners totaled $12 million in the quarter with $10 million in Panama, and $2 million in Costa Rica. Adjusted FCF after these distributions was $66 million in Q3.

在右側，我們報告了調整後的合作夥伴分配前的自由現金流為 7700 萬美元，本季向合作夥伴的分配​​總額為 1200 萬美元，其中巴拿馬為 1000 萬美元，哥斯達黎加為 200 萬美元。第三季這些分配後的調整後自由現金流為 6,600 萬美元。

This result compares to adjusted FCF of $33 million for Q3 2023. Looking to the fourth quarter, we should deliver our strongest cash flow performance of the year, driven by improved adjusted OIBDA as well as seasonally positive working capital.

相較之下，2023 年第三季調整後的自由現金流為 3,300 萬美元。展望第四季度，在調整後的 OIBDA 改善以及季節性積極的營運資本的推動下，我們應該會實現今年最強勁的現金流表現。

Slide 16 recaps our segment results, starting with C&W Caribbean, we reported $360 million of revenue in Q3, flat year over year on a rebased basis. 7% growth in mobile was offset by declines of 3% and 2% in fixed and B2B, respectively, on a rebased basis.

投影片 16 回顧了我們的部門業績，從 C&W 加勒比海開始，我們報告第三季的收入為 3.6 億美元，在重新調整的基礎上與去年同期持平。行動業務 7% 的成長被固定業務和 B2B 業務分別下降 3% 和 2% 的下降所抵消。

Mobile performance was driven by an organic increase of over 50,000 postpaid subscribers year over year as we increased penetration of our fixed mobile convergence propositions and higher prepaid ARPU following price increases. Hurricane Beryl drove the reduction in fixed revenue and B2B.

隨著我們固定行動融合方案的滲透率提高以及價格上漲後預付費 ARPU 的提高，行動效能受到超過 50,000 名後付費用戶逐年自然成長的推動。颶風 Beryl 導致固定收入和 B2B 收入減少。

We posted adjusted OIBDA of $158 million, representing 5% rebased growth, a very good result given the storm adversely impacted adjusted OIBDA in the quarter. Management's focus on reducing operating costs is contributing to its adjusted OIBDA expansion. Our adjusted OIBDA margin improved by over 200 basis points year over year to 44%.

我們發布的調整後 OIBDA 為 1.58 億美元，代表了 5% 的重新基準成長，考慮到風暴對本季度調整後 OIBDA 產生了不利影響，這是一個非常好的結果。管理層對降低營運成本的關注有助於其調整後的 OIBDA 擴張。我們調整後的 OIBDA 利潤率年增了 200 多個基點，達到 44%。

Next, moving to Cable & Wireless Panama, CWP generated $188 million of revenue, declining 1% year over year. Top-line growth of 9% in mobile and 5% in fixed was more than offset by a decrease of 13% in B2B revenue.

接下來，轉向巴拿馬大東電報局，CWP 創造了 1.88 億美元的收入，年減 1%。行動業務收入成長 9%，固定業務收入成長 5%，但 B2B 收入下降 13% 足以抵銷這一成長。

Growth in fixed was driven by broadband RGU additions and mobile fueled by increases in ARPU and handset sales. B2B revenue declined due to lower revenue from government-related projects, some of which we anticipate will be executed in the fourth quarter. We posted $69 million of adjusted OIBDA in Q3, representing 17% year-on-year growth, driven by phasing of project-related costs and synergies from the Claro Panama acquisition.

固定業務的成長是由寬頻 RGU 的增加所推動的，行動業務的成長是由 ARPU 和手機銷售的成長所推動的。由於政府相關項目的收入減少，B2B 收入下降，我們預計其中一些項目將在第四季度執行。我們在第三季公佈了 6,900 萬美元的調整後 OIBDA，年成長 17%，這主要得益於專案相關成本的分階段以及 Claro 巴拿馬收購帶來的協同效應。

Turning to Liberty Networks, we generated $110 million in revenue and $59 million in adjusted OIBDA, resulting in rebased declines of 2% and 8%, respectively. Top-line performance was driven by a reduction of $4 million in non-cash IRU revenue, primarily due to lower amortization year over year, partly offset by higher enterprise revenue from continued growth in managed services and B2B connectivity. Rebased adjusted OIBDA was impacted by the non-cash IRU-related revenue decline in the quarter and higher bad debt expense driven by one large customer.

談到 Liberty Networks，我們創造了 1.1 億美元的營收和 5,900 萬美元的調整後 OIBDA，導致重新基準值分別下降 2% 和 8%。頂線業績是由非現金 IRU 收入減少 400 萬美元推動的，這主要是由於攤銷同比下降，但部分被託管服務和 B2B 連接持續增長帶來的企業收入增加所抵消。重新調整後的 OIBDA 受到本季非現金 IRU 相關收入下降以及一個大客戶推動的壞帳費用增加的影響。

Second from the right, Liberty Puerto Rico. Q3 revenue was $308 million, reflecting a 13% rebased decline year over year. Residential fixed revenue was down 4% on a rebased basis. The decline was driven by lower ARPU following retention-related discounts and the impact of credits issued to customers following Hurricane Ernesto, which impacted Puerto Rico in August 2024.

右數第二個，自由波多黎各。第三季營收為 3.08 億美元，經調整後較去年同期下降 13%。在重新調整後的基礎上，住宅固定收入下降了 4%。這一下降的原因是，與保留相關的折扣導致每位用戶平均收入 (ARPU) 下降，以及 2024 年 8 月影響波多黎各的颶風埃內斯託之後向客戶發放的積分的影響。

Mobile revenue declined by 22% on a rebased basis. This was driven by our lower mobile subscriber base, following disruption related to the migration of customers, and lower equipment sales related to reduced volumes for the iPhone 16 launch in September 2024 compared to the iPhone 15 in the previous year. B2B revenue declined 5% on a rebased basis, primarily reflecting the cancellation of the FCC's Emergency Connectivity Fund, which led to a reduction of 74,000 mobile postpaid subs over the past year in addition to migration-related churn.

在重新調整後的基礎上，行動收入下降了 22%。這是由於客戶遷移造成的干擾導致我們的行動用戶基數下降，以及與前一年的 iPhone 15 相比，2024 年 9 月推出的 iPhone 16 銷量減少導致設備銷量下降。B2B 收入在重新調整的基礎上下降了 5%，主要反映了 FCC 緊急連接基金的取消，該基金導致過去一年移動後付費用戶減少 74,000 名，此外還有與移民相關的流失。

We reported $88 million of adjusted OIBDA during the quarter, representing a rebased decline of 24% as compared to Q3 2023. Negative performance year on year was mainly driven by lower revenue, partly offset by direct cost reductions related to lower handset sales.

我們報告本季調整後的 OIBDA 為 8,800 萬美元，與 2023 年第三季相比，調整後的 OIBDA 下降了 24%。年比業績下滑主要是因為收入下降，但部分被手機銷售下降導致的直接成本削減所抵銷。

On a sequential basis, adjusted OIBDA improved by 24%, driven by lower indirect costs, including lower bad debt, reduced TSA costs, and the benefits of our H1 reorganization. Concluding with Costa Rica on the far right, we delivered Q3 revenue of $146 million and adjusted OIBDA of $51 million, reflecting 5% rebased revenue growth and a 1% rebased decline in adjusted OIBDA.

環比而言，調整後的 OIBDA 提高了 24%，這得益於間接成本的降低，包括壞帳的降低、TSA 成本的降低以及上半年重組的好處。最後以最右邊的哥斯大黎加為例，我們第三季的營收為 1.46 億美元，調整後的 OIBDA 為 5,100 萬美元，反映了重新調整後的營收成長 5% 和調整後的 OIBDA 下降了 1%。

We delivered positive performance across all three business lines in the quarter. Adjusted OIBDA decreased slightly as a result of higher bad debt expense in light of increasing equipment sales and higher tower and labor expenses on a year-over-year basis.

本季我們在所有三個業務領域都取得了積極的業績。調整後的 OIBDA 略有下降，因為設備銷售增加以及塔架和人工費用比去年同期增加，壞帳費用增加。

Slide 17 lays out our last three quarters in Puerto Rico in terms of both revenue and adjusted OIBDA. For revenue, Q3 reported revenue was stable relative to Q2, and I wanted to call out a few items. Residential fixed revenue was $123 million in Q3 or about 40% of the $308 million total.

幻燈片 17 列出了我們在波多黎各的最後三個季度的收入和調整後的 OIBDA。就收入而言，第三季報告的收入相對於第二季穩定，我想指出一些項目。第三季住宅固定收入為 1.23 億美元，約佔 3.08 億美元總營收的 40%。

Relative to Q2, fixed declined $3 million due in part to a $1 million credit we gave customers for Hurricane Ernesto and the impact of lower ARPUs. Similar to fixed revenue, residential mobile revenue was $125 million in Q3 or 40% of the total.

與第二季相比，固定業務下降了 300 萬美元，部分原因是我們為客戶提供了颶風埃內斯托 100 萬美元的信貸以及 ARPU 下降的影響。與固定收入類似，第三季住宅移動收入為 1.25 億美元，佔總收入的 40%。

The $3 million increase in Q3 was driven by the inclusion of the acquired Boost subscribers in September. Excluding that, mobile revenue was broadly flat with higher roaming revenue offsetting slightly lower postpaid and equipment revenue. The remaining $60 million or 20% of revenue consists of B2B and other and was flat to Q2 levels. Our FCC revenue declined sequentially by $1 million.

第三季 300 萬美元的成長是由於 9 月收購的 Boost 用戶的加入所致。除此之外，行動收入基本上持平，漫遊收入的增加抵消了後付費和設備收入的小幅下降。剩餘的 6000 萬美元或 20% 的收入來自 B2B 和其他收入，與第二季度的水平持平。我們的 FCC 收入連續下降了 100 萬美元。

Turning to adjusted OIBDA, the sequential improvement was $17 million from Q2, consistent with our quarterly decline in operating expenses. Impacting the $88 million, we still have elevated bad debt as we work through the last components of the migration and billing and collection processes, especially with B2B customers.

就調整後的 OIBDA 而言，環比第二季改善了 1,700 萬美元，這與我們營運費用的季度下降一致。在我們完成遷移以及計費和收款流程的最後組成部分（尤其是 B2B 客戶）的過程中，我們的壞帳仍然很高，這影響了 8,800 萬美元。

Compared to Q2, bad debt was $6 million improved, but still about $5 million higher than what would we consider a more normalized baseline. Additionally, we had $3 million of TSA and integration-related expenses in the quarter, which dropped significantly from the prior quarter.

與第二季相比，壞帳減少了 600 萬美元，但仍比我們認為更正常化的基準高出約 500 萬美元。此外，本季我們還有 300 萬美元的 TSA 和整合相關費用，比上一季大幅下降。

Turning to slide 18, at the end of Q3 on a consolidated basis, we had $8.2 billion of total debt, $600 million of cash, and $700 million of availability under our revolving credit lines. We had gross leverage of 5.2 times and net leverage of 4.8 times, a modest improvement from Q2, driven by Q3 adjusted OIBDA.

轉向投影片 18，在第三季末，我們的綜合債務總額為 82 億美元，現金為 6 億美元，循環信貸額度下的可用資金為 7 億美元。在第三季調整後的 OIBDA 的推動下，我們的總槓桿率為 5.2 倍，淨槓桿率為 4.8 倍，較第二季略有改善。

Following the quarter end in October, we refinanced more than 50% of our outstanding Cable & Wireless 2027 bonds with a new senior secured notes issuance, which was well received by the market, as Balan highlighted earlier. We raised $1 billion at a 7.125% coupon maturing in October 2032.

在 10 月季度末之後，我們透過發行新的優先擔保票據對超過 50% 的未償還 Cable & Wireless 2027 債券進行了再融資，正如 Balan 早些時候強調的那樣，這受到了市場的好評。我們以 7.125% 的票息籌集了 10 億美元，將於 2032 年 10 月到期。

The net proceeds were used to redeem in full $495 million of our 2027 senior secured notes and in part, $485 million of our $1.2 billion 2027 senior notes. As a result, we extended our weighted average life at LLA to over four years and only a roughly 10 basis point increase to our weighted average cost of debt as of September 2024. We actively monitor credit market conditions and would expect to refinance the remaining 2027 Cable & Wireless bonds within the next 12 months, further improving our capital structure.

所得款項淨額用於全額贖回 4.95 億美元的 2027 年優先擔保票據，以及部分贖回 12 億美元的 2027 年優先票據中的 4.85 億美元。因此，我們將 LLA 的加權平均壽命延長至四年以上，截至 2024 年 9 月，我們的加權平均債務成本僅增加了約 10 個基點。我們積極監控信貸市場狀況，並預計在未來 12 個月內為剩餘的 2027 年 Cable & Wireless 債券進行再融資，進一步改善我們的資本結構。

Moving to the final slide and our closing remarks, operational momentum is building in many of our operations. Year-over-year subscriber growth, coupled with seasonal strength in both B2B and mobile, should underpin our Q4 financial performance.

轉到最後一張投影片和我們的結束語，我們的許多業務正在形成營運勢頭。用戶年增，加上 B2B 和行動領域的季節性強勁，應該會支撐我們第四季的財務表現。

In Puerto Rico, clearly, the pace of recovery has been much slower and tougher than we had previously anticipated. Our consumer value propositions that became available this fall are attractively positioned. We are focused on regaining commercial momentum in the coming quarters, and we expect to see improved adjusted OIBDA performance in Q4.

顯然，波多黎各的復甦步伐比我們之前預期的要慢得多，也要艱難得多。我們於今年秋季推出的消費者價值主張定位頗具吸引力。我們的重點是在未來幾季重新獲得商業動力，我們預計第四季度調整後的 OIBDA 業績將有所改善。

Finally, in terms of capital deployment, we had a very active quarter with two items accounting for about $240 million of cash use. We repaid our remaining outstanding convertible bond of $140 million and funded the roughly $100 million initial installment of the EchoStar transaction in Puerto Rico and the USVI. And as Balan mentioned, we are excited about our Peruvian opportunity and have been investing to support the build-out of this fiber-rich business.

最後，在資本部署方面，我們度過了一個非常活躍的季度，其中兩個項目的現金使用量約為 2.4 億美元。我們償還了剩餘的 1.4 億美元未償還可轉換債券，並為波多黎各和美屬維京群島的 EchoStar 交易的大約 1 億美元的首期付款提供了資金。正如巴蘭所提到的，我們對秘魯的機會感到興奮，並一直在投資支持這項富含纖維的業務的建設。

Overall, for LLA, we are driving to have our strongest quarter of the year in the fourth quarter and look forward to sharing with everyone our results next February. With that, operator, please open it up for questions.

總體而言，對於 LLA 來說，我們正在努力在第四季度實現今年最強勁的季度，並期待明年 2 月與大家分享我們的業績。那麼，操作員，請打開它來提問。

(Operator Instructions) Vitor Tomita, Goldman Sachs.

（操作員指令）Vitor Tomita，高盛。

Hello. Can you hear me?

你好。你聽得到我嗎？

Yes, we can.

是的，我們可以。

Okay, perfect. So my question is related to capital allocation. I would ask if you would be open to injecting capital from the group to support the Puerto Rico operation in the event that it needs such support in the future given the slower-than-expected recovery in there.

好的，完美。所以我的問題與資本配置有關。我想問一下，鑑於波多黎各的復甦速度慢於預期，如果未來需要這種支持，您是否願意從該集團注入資金來支持波多黎各業務。

Also, already asking a follow-up related to capital allocation, though not really related to Puerto Rico, the Peruvian business has reached a relevant market share in a fairly short time, became a fairly relevant operator in there. Could you give more color on your strategy for that business and on how much capital has been allocated to Peru over the last three years to build that investment? Thank you.

此外，已經要求與資本分配相關的後續行動，儘管與波多黎各沒有真正的關係，但秘魯業務在相當短的時間內就達到了相關的市場份額，成為那裡相當相關的運營商。您能否詳細介紹一下該業務的策略以及過去三年向秘魯分配了多少資金來進行這項投資？謝謝。

Sure. On the Puerto Rico -- and I'll ask Chris to jump in here in a bit as well. Our intent in Puerto Rico is to operate our way there on the cash side. We are implementing cost cuts. We are working really hard on the revenue line and very targeted commercial acquisitions. We don't anticipate at this point of having to support Puerto Rico from any other stack. Before I jump into my Peru answer, maybe, Chris, do you want to add to that?

當然。關於波多黎各——我稍後也會請克里斯插話。我們在波多黎各的目的是在現金方面開展我們的業務。我們正在實施成本削減。我們正在非常努力地致力於收入線和非常有針對性的商業收購。我們預計目前不需要從任何其他堆疊支援波多黎各。在我開始回答秘魯問題之前，克里斯，你想補充嗎？

No. I mean, I think that's accurate. We keep a close watch on the liquidity, and we've been able to manage, I think, quite well just with the additional spend that we had in the first half of the year. The one thing we did do in Puerto Rico in Q3 is we did a handset securitization and we've done several of those. Now that we're off the AT&T stack, we can continue to manage working capital in a more effective way in that business.

不。我的意思是，我認為這是準確的。我們密切關注流動性，我認為，我們已經能夠很好地管理上半年的額外支出。第三季我們在波多黎各所做的一件事是我們進行了手機證券化，並且我們已經完成了其中的幾項。現在我們脫離了 AT&T 堆棧，我們可以繼續以更有效的方式管理該業務的營運資金。

Thanks, Chris. And on Peru, yeah, so we've been at it now for about three years. And the total equity that we bought -- the total cash that we've put into the business is about $100 million. And clearly, our partners have also contributed some.

謝謝，克里斯。在秘魯，是的，我們已經這樣做了大約三年。我們購買的總股本－我們投入該業務的總現金約為 1 億美元。顯然，我們的合作夥伴也做出了一些貢獻。

And the bill has been fast. We put in a very, very entrepreneurial team there. We are working with some really interesting technologies there that drive our cost a lot lower on a per bill -- per home pass basis. And we purposefully targeted outside of Lima. And the reason for that being the very low penetration of broadband, less competition for sure, less investments in those areas. And clearly, we've been -- I think that strategy is paying off quite well. We're very excited about that investment and the future prospects in Peru.

而且帳單很快。我們在那裡組建了一支非常非常有創業精神的團隊。我們正在那裡使用一些非常有趣的技術，這些技術可以使我們的每張帳單（每張家庭通行證）的成本大大降低。我們有目的地瞄準利馬以外的地區。原因是寬頻普及率非常低，競爭肯定較少，這些領域的投資也較少。顯然，我們一直——我認為這項策略取得了很好的回報。我們對秘魯的這項投資和未來前景感到非常興奮。

Very clear. Thank you both very much.

非常清楚。非常感謝你們倆。

(Operator Instructions) Roberta Versiani, Citigroup.

（操作員指示）Roberta Versiani，花旗集團。

Thank you. I just wanted to understand how Liberty is looking at opportunities in offering converged bundles in the current market, and if you could share metrics on how convergence could impact operational and financial performance going forward. And second one would be, if I may, on -- if you can share any updates on how far along you are in the main markets at upgrading 5G -- upgrading to 5G and to 4G and how these upgrades could expand addressable market or impact subs and revenues? Thank you.

謝謝。我只是想了解 Liberty 如何尋找在當前市場上提供融合捆綁包的機會，以及您是否可以分享有關融合如何影響未來營運和財務績效的指標。第二個問題是，如果可以的話，您是否可以分享有關升級到 5G 和 4G 的主要市場進展情況的任何最新信息，以及這些升級如何擴大潛在市場或影響潛艇和收入？謝謝。

Sure. And I'll ask maybe Inge to help me on the converged part as well to give some more color because we've been a lot more advanced in the Liberty Caribbean area. Even though I must say on the convergence -- I'll say two things. One, the reason we made the AT&T acquisition, the Telefonica acquisition in Costa Rica, and other acquisitions that we've made even in Curaçao and strengthening it in Panama with the Claro acquisition, is to have a converged bundle. And the idea is that we would have a very high-speed 4G, 5G mobile network with a very high-speed fiber-to-the-home or DOCSIS 3.1 network. That is our play, and it is working really well.

當然。我可能會請英格在融合部分幫助我，並提供更多的色彩，因為我們在自由加勒比地區已經更加先進。儘管我必須說關於融合——我會說兩件事。第一，我們收購 AT&T、在哥斯達黎加收購 Telefonica 以及我們在庫拉索進行的其他收購以及通過收購 Claro 來加強在巴拿馬的收購，都是為了擁有一個融合的捆綁包。我們的想法是，我們將擁有一個非常高速的 4G、5G 行動網絡，以及一個非常高速的光纖到戶或 DOCSIS 3.1 網路。這就是我們的玩法，而且效果非常好。

And in the case of Puerto Rico, as I indicated earlier, we've launched this thing called Liberty Loop that Eduardo, our General Manager, has championed together with his team, where we are bundling both our high-speed broadband and our mobile, very high-speed 5G mobile network there. And of course, the same thing applies in Costa Rica, in Panama, and Liberty Caribbean.

就波多黎各而言，正如我之前指出的，我們推出了名為 Liberty Loop 的項目，我們的總經理 Eduardo 和他的團隊共同倡導了這一項目，我們將高速寬頻和行動裝置捆綁在一起，那裡有非常高速的5G 行動網路。當然，同樣的情況也適用於哥斯大黎加、巴拿馬和自由加勒比海。

I'm going to answer your question on 5G, then I'm going to ask Inge to give you a little bit more color on the success we've been having and how we sell it. And you'll find it very interesting because we've approached it in Liberty Caribbean through our digital channels.

我將回答您關於 5G 的問題，然後請 Inge 為您提供更多關於我們所取得的成功以及我們如何銷售它的資訊。您會發現它非常有趣，因為我們已經透過數位管道在自由加勒比海地區接觸到了它。

So on upgrading 5G, we are upgrading -- we've certainly got 5G in Puerto Rico. We've launched it in Costa Rica, Panama, and now in Cayman as well. We are very judicious about where we make our 5G investments. It is a function of when the market is ready, meaning do we have enough handsets in the market that can support 5G, and also where we stand in that market.

因此，在升級 5G 方面，我們正在升級——波多黎各肯定已經有了 5G。我們已經在哥斯達黎加、巴拿馬推出了它，現在也在開曼推出了它。我們對於 5G 投資的方向非常明智。它取決於市場何時準備就緒，這意味著市場上是否有足夠的手機可以支援 5G，以及我們在該市場的地位。

Clearly, in Costa Rica and Panama, we are the leaders in mobile, both in volume, in value, as well as in technology, and we continue to invest there. In some of the markets where we think that 4G is sufficient, we're going to be very, very careful with our capital spend and make sure that we don't spend too far ahead of where the consumers are ready. Having said that, Inge, can you jump in and talk a little bit about your success in FMC?

顯然，在哥斯達黎加和巴拿馬，我們在行動領域處於領先地位，無論是數量、價值還是技術，我們都會繼續在那裡投資。在一些我們認為 4G 已經足夠的市場中，我們將非常非常謹慎地對待我們的資本支出，並確保我們不會在消費者準備好的地方進行過多的支出。話雖如此，Inge，您能談談您在 FMC 的成功嗎？

Yes, Balan. Good morning, everybody. Good morning, Roberta. Yeah, so we've been in the last three, four years within the Caribbean. The whole region, we've been really pursuing converged offers, which we adapt in every single market because every single market, of course, is different.

是的，巴蘭。大家早安。早安，羅伯塔。是的，過去三、四年我們一直在加勒比海地區。在整個地區，我們一直在真正追求融合的產品，我們在每個市場都採用這種產品，因為每個市場當然都是不同的。

We are today more or less averagely reaching a percentage of 25%, so we can still go and we will do that. And we really look at the consumer segments, and then we adapt our offering. Like, for example, Jamaica, we really have a converged offer between data and postpaid, and it's really, really -- it's called Ya'ad & Road, and it's been executed over the last three years, and it's really working for us.

今天我們的平均比例或多或少達到了 25%，所以我們仍然可以去，我們也會這麼做。我們真正專注於消費者群體，然後調整我們的產品。例如，像牙買加，我們確實在數據和後付費之間提供了融合的服務，它真的，真的- 它被稱為Ya'ad & Road，它已經在過去三年中執行，它確實對我們有用。

Similar, for example, in Cayman, we launched a converged offer, including 5G. It's called Flow Mania. And so country by country, we go converged offerings and we adapt it. Sometimes we do fixed mobile conversion, sometimes we do mobile fixed conversion. And we really start from the consumer, and from the consumer out, we go and adapt our go-to-market. And it's been really working for us.

類似的，例如在開曼，我們推出了融合產品，包括5G。這就是所謂的「流動狂熱」。因此，我們逐一國家提供融合產品並進行調整。有時我們會進行固定移動轉化，有時我們會進行移動固定轉化。我們確實從消費者出發，從消費者出發，我們去調整我們的市場走向。這對我們來說確實很有效。

Thank you, Inge.

謝謝你，英格。

Thank you so much.

太感謝了。

(Operator Instructions) Mathieu Robilliard, Barclays.

（操作員指示）Mathieu Robilliard，巴克萊銀行。

Yes, good morning and thank you for the presentation. I had a follow-up question on Puerto Rico. So when I look at the slide deck from the Q2 and the slide deck from Q3 and trying to understand how things have developed, I think at the Q2 time you had identified sort of migration-related costs of around $28 million in the second quarter, and it led you to an EBITDA of $71 million.

是的，早上好，謝謝您的演講。我有一個關於波多黎各的後續問題。因此，當我查看第二季度的幻燈片和第三季度的幻燈片並試圖了解事情的發展情況時，我認為在第二季度，您已經確定了第二季度大約 2800 萬美元的遷移相關成本，它使您的EBITDA 達到7100 萬美元。

In Q3, the revenues have not really moved, but the EBITDA has grown by about $17 million. So it suggests that if the revenues don't really move, you only have $11 million of costs to take away in order to improve the EBITDA. But then in order to reach the $45 million target, which I understand is not anymore actual, you really need a big acceleration in the top line.

第三季度，營收並沒有真正變化，但 EBITDA 成長了約 1700 萬美元。因此，這表明，如果收入沒有真正變化，那麼您只需削減 1,100 萬美元的成本即可提高 EBITDA。但為了達到 4,500 萬美元的目標（據我所知，這個目標已不再實際），你確實需要大幅加速營收。

And so, I guess, my question really is, how confident can we be that you accelerate that top line also because it seems that the market has become a bit more competitive? I realize NPS and customer sentiment has improved, but at least in my experience, it takes years before these things can translate into financials. Thank you.

所以，我想，我真正的問題是，我們對你加速收入成長的信心有多大，因為市場似乎變得更具競爭力了？我意識到 NPS 和客戶情緒有所改善，但至少根據我的經驗，這些東西需要數年時間才能轉化為財務狀況。謝謝。

Good morning, Mathieu. And let me see if I answered this right. Your math is correct. And the way we are going to approach our recovery in EBITDA comes from a number of different areas. I indicated that we are -- in addition to some of the synergies we've done from the transaction, given the reduction in revenue, we are also tackling another round of cost cutting in the island.

早上好，馬修。讓我看看我的回答是否正確。你的數學是正確的。我們實作 EBITDA 復甦的方法來自多個不同領域。我表示，鑑於收入減少，除了我們從交易中產生的一些協同效應之外，我們還在島上解決另一輪成本削減問題。

And the way we approach the cost cutting is certainly on areas that are non-growth related. And so anything and any cost that doesn't touch our growth, we are scrutinizing together with my finance team and my operating team, the combination, it's going through every line item. And we've identified some costs that we're going to build -- cost cutting that we're going to build into our 2025 budget.

我們削減成本的方式肯定是針對與成長無關的領域。因此，任何不影響我們成長的事情和成本，我們都會與我的財務團隊和營運團隊一起仔細審查，這將貫穿每個專案。我們已經確定了一些我們將要建立的成本——我們將把這些成本削減納入 2025 年的預算中。

Secondly, as you pointed out, clearly, just taking costs out will not get us there. We do have to invest into growth. We anticipate, as you saw in the numbers we shared, we are now selling already at the pre-2022 levels, and which means that our sales is coming in.

其次，正如您所指出的，顯然，僅僅削減成本並不能讓我們實現這一目標。我們確實必須投資於成長。正如您在我們分享的數字中看到的那樣，我們預計我們現在的銷售量已經達到 2022 年之前的水平，這意味著我們的銷售額正在增加。

Now, two things we have to manage, too: one, the cost of that sale. And in the mobile world, clearly, in the postpaid mobile world, the first year of sales and acquisition has very low EBITDA contribution. So the way we've been approaching this is we want to grow maximally on sales in '25, but it will show up only in '26. To a certain degree, that's why the $45 million has moved down.

現在，我們還必須管理兩件事：一是銷售成本。顯然，在行動領域，在後付費行動領域，第一年的銷售和收購對 EBITDA 的貢獻非常低。因此，我們一直在實現這一目標的方式是，我們希望在 25 年實現銷售額的最大成長，但它只會在 26 年出現。在某種程度上，這就是 4500 萬美元下降的原因。

Secondly, on the sales front, we are also focusing a lot more on B2B, non-mobile B2B, and we are looking at a number of different opportunities there. Our B2B business is about $200 million. That will grow a lot more. And so, there are a number of projects that we're working on with a number of partners as well to look at growth in our B2B space.

其次，在銷售方面，我們也更加關注 B2B、非行動 B2B，我們正在那裡尋找許多不同的機會。我們的 B2B 業務約為 2 億美元。那會增長很多。因此，我們正在與許多合作夥伴合作進行許多項目，以實現 B2B 領域的成長。

And then our fixed business, which has been steady as she goes, that's a really good business where we have very good share and a very, very good product. And the combination of that fixed and mobile, which we've never been able to do throughout the last three years when we had the systems with AT&T, we were never able to converge these products.

然後我們的固定業務，隨著她的發展一直穩定，這是一項非常好的業務，我們擁有非常好的份額和非常非常好的產品。過去三年來，當我們與 AT&T 合作使用系統時，我們從未能夠做到固定和移動的結合，因此我們永遠無法整合這些產品。

We are now looking at every of our mobile subs to see if they have broadband, and every of our broadband subs to see if they have mobile. And that is what we call Liberty Loop, which we are now putting in place, a number of really exciting commercial initiatives for our customers, but also for our sales teams to incent them to sell this product. So there's a lot of different moving parts here on how we want to get back on the EBITDA that I think my management team and I feel is appropriate for this business.

我們現在正在檢查每個行動用戶是否有寬頻，以及每個寬頻用戶是否有行動。這就是我們所謂的 Liberty Loop，我們現在正在實施一些真正令人興奮的商業計劃，不僅為我們的客戶提供服務，也為我們的銷售團隊激勵他們銷售該產品。因此，關於我們希望如何收回 EBITDA，有許多不同的變更因素，我和我的管理團隊都認為這些因素適合這項業務。

That's very helpful, thank you. If I can follow-up, obviously, you will have the EchoStar subscriber base at some point in 2025. I mean, if I put that in the context of the difficult integration with AT&T, I mean, are there things that you learned? Or do you feel that in any case, it's a much easier transition than what happened with AT&T? I realize you had to operate on their system. But I mean, could you give a bit of color as to how you're looking into that upcoming integration?

這非常有幫助，謝謝。如果我可以跟進，顯然，您將在 2025 年的某個時候擁有 EchoStar 訂閱者群。我的意思是，如果我把它放在與 AT&T 的艱難整合的背景下，我的意思是，你學到了什麼嗎？或者您認為無論如何，這比 AT&T 的轉型要容易得多？我知道你必須在他們的系統上運作。但我的意思是，您能否透露一下您如何看待即將到來的整合？

Okay, I'll give you three specific points why this is going to be a lot more smoother. One, we already have a network now. We didn't have a mobile network when we bought AT&T, and we had to stand it up, and get it operational, and scale while we were migrating. That's done. So we have the network we can migrate to.

好的，我將向您提供三個具體要點，說明為什麼這會變得更加順利。第一，我們現在已經有一個網路了。當我們收購 AT&T 時，我們還沒有行動網絡，我們必須在遷移過程中建立它，使其正常運作並擴展。這樣就完成了。這樣我們就有了可以遷移到的網路。

Second, we have an IT stack now that we didn't have when we bought the AT&T business. We had an IT stack, but it was a fixed network IT stack. Both the mobile network and the IT stack, if you recall, I mean, we actually have that in our business. When we did this migration or this acquisition as part of the conditions on the acquisition, we were not able to use our existing IT stack and mobile networks that did not sit in Puerto Rico because this is an American business.

其次，我們現在擁有了收購 AT&T 業務時所沒有的 IT 堆疊。我們有一個 IT 堆疊，但它是一個固定網路 IT 堆疊。如果你還記得的話，我的意思是，我們的業務中實際上有行動網路和 IT 堆疊。當我們進行此遷移或此收購作為收購條件的一部分時，我們無法使用不在波多黎各的現有 IT 堆疊和行動網絡，因為這是美國企業。

At that point, we had to change our strategy and build everything from scratch because the AT&T business was within the United States. Or else, it would have moved a lot more smoother, if we didn't have to build a whole new IT stack and mobile network. And then the third reason is this is all prepaid. So there's more complexity in lots of billing that we experienced with the postpaid migration from AT&T.

那時，我們必須改變策略並從頭開始建立一切，因為 AT&T 業務位於美國境內。否則，如果我們不必建立全新的 IT 堆疊和行動網絡，它的運作將會更加順暢。第三個原因是這都是預付費的。因此，我們在從 AT&T 進行後付費遷移時經歷了許多計費方面的複雜性。

So those three things makes it a lot easier. But to be sure as well, we do have some things that we are working on because there are a number of handsets that worked on the DISH network. It's actually the T-Mobile network that may not work in our Ericsson network. So in that sense, our technical teams are going to work very closely, and the handset compatibility is probably the only thing I am really concerned about in that migration.

所以這三件事讓事情變得容易多了。但同樣可以肯定的是，我們確實正在做一些事情，因為有許多手機可以在 DISH 網路上運行。實際上，T-Mobile 網路可能無法在我們的愛立信網路中使用。因此，從這個意義上說，我們的技術團隊將非常密切地合作，而手機相容性可能是我在遷移中唯一真正關心的事情。

Thanks, very useful. Thank you.

謝謝，非常有用。謝謝。

Matthew Harrigan, The Benchmark Company.

馬修·哈里根，基準公司。

Thank you. There's an assumption in the currency markets that Trump's election implies a strong dollar. At least that's certainly what Trump very vocally prefers. Can you talk about -- I mean, you had -- I think at one point, you were well above 70% on the US dollar composition or de facto pegged to the dollar.

謝謝。貨幣市場有一種假設，認為川普當選意味著美元走強。至少這肯定是川普口頭上更喜歡的。你能談談——我的意思是，你曾經——我認為在某一時刻，你的美元構成遠高於 70%，或者事實上與美元掛鉤。

Can you talk about -- update us on that, and also any implications in your capital structures for that? And then, any operating implications? Obviously, Jamaica, I don't think Jamaica is pegged. So presumably, you have a good tourism bump there and then you have the countervailing effect on the translation. But how are you thinking about your business if we did have a significantly stronger dollar? Thank you.

您能否向我們介紹最新情況，以及您的資本結構對此有何影響？那麼，有什麼營運影響嗎？顯然，牙買加，我不認為牙買加是固定的。因此，據推測，那裡的旅遊業蓬勃發展，然後對翻譯產生了抵消作用。但如果美元確實大幅走強，您會如何看待您的業務？謝謝。

Hey, Matthew. We haven't put, like, lots of analysis behind this. I'll say a few things. Most -- as you pointed out, we're already in the 70s, high-70s on US dollars. So our exposure is a lot less. We don't have Chilean pesos and stuff like that, right, where it's very volatile.

嘿，馬修。我們還沒有對此進行大量分析。我會說幾件事。大多數——正如您所指出的，我們已經處於 70 年代，美元匯率處於 70 年代後期。所以我們的曝光度就少了很多。我們沒有智利比索之類的東西，對吧，因為它的波動非常大。

But having said that, Chris Noyes and our treasury team has hedged -- we not only hedge the cost, but we also hedge the currency on -- and most of where we operate, that's sufficient liquidity to do that. There are a couple of exceptions, but it's not needle moving to us.

但話雖如此，克里斯·諾耶斯和我們的財務團隊已經對沖了——我們不僅對沖成本，而且還對沖貨幣——而且我們經營的大部分地方都有足夠的流動性來做到這一點。有一些例外，但這對我們來說並不重要。

And so on the currency side, the only thing I would say, with the new elections is that the President-elect had publicly indicated that he is going to try to look at a weaker US dollar going forward. How he does it? Who knows, but that, of course, is -- could be helpful.

因此，在貨幣方面，我唯一要說的是，在新的選舉中，當選總統公開表示，他將嘗試考慮未來美元走弱。他是怎麼做到的？誰知道呢，但這當然是有幫助的。

What could not be helpful is high tariffs. because we do import a lot of equipment and equipment from Asia, especially for CPE. There's equipment on handsets, there's equipment on -- network equipment. That, I think, is wait and see, and we'll learn more. We're not adjusting any of our internal budgets to reflect any of this, but it's one that we are going to be watching closely. Chris, do you want to add anything?

高關稅無濟於事。因為我們確實從亞洲進口了許多設備和設備，尤其是CPE。手機上有設備，網路設備上有設備。我認為，還是拭目以待吧，我們會了解更多。我們不會調整任何內部預算來反映這一點，但我們將密切關注這一點。克里斯，你想補充什麼嗎？

Yeah, I would say, Matt, when you look at our portfolio of operating assets, it's really -- Jamaica and Costa Rica are the two that float for us. Most of our other businesses are US dollar or US dollar peg-linked, et cetera. So we have just a little bit of exposure there. The Costa Rica has been particularly stable and has actually been strengthened over the last two years. And similarly, Jamaica has been quite a nice currency over the last five years, hasn't depreciated much. So I think we feel really good from the mix of assets that we have, and we do hedge from a forward perspective when we do have mismatches. And then, where we can, we'll hedge components of the debt payment.

是的，我想說，馬特，當你看看我們的營運資產組合時，你會發現，牙買加和哥斯達黎加確實是我們浮動的兩個資產。我們的大多數其他業務都是美元或與美元掛鉤的，等等。所以我們在那裡只有一點點的曝光。哥斯達黎加特別穩定，並且在過去兩年中實際上得到了加強。同樣，牙買加在過去五年中一直是一種相當不錯的貨幣，沒有貶值太多。因此，我認為我們對我們擁有的資產組合感覺非常好，當我們確實存在不匹配時，我們會從前瞻性角度進行對沖。然後，在可能的情況下，我們將對沖債務支付的組成部分。

Thanks, Chris.

謝謝，克里斯。

Yeah, thanks, Matt.

是的，謝謝，馬特。

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

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

Thank you, operator. And maybe I'll say a couple of things before we close. One, clearly, we were all surprised here in the management team on the performance in Puerto Rico between the last quarter and this quarter. There were a number of reasons for that surprise, some with the post-migration, customers that came over was not what we thought it was. And we learned a lot during that period. Rest assured this management team is focused on recovering those losses.

謝謝你，接線生。也許在我們結束之前我會說幾句話。首先，顯然，我們管理團隊都對上季和本季在波多黎各的表現感到驚訝。造成這種驚訝的原因有很多，其中一些是在遷移後，過來的客戶並不是我們想像的那樣。在那段時間我們學到了很多。請放心，該管理團隊致力於挽回這些損失。

The future, I think, in Puerto Rico is really bright. Some have asked me if I had to do that transaction all over again, would I have done it? I would. Clearly, in the migration, we would -- we are a lot smarter about when you buy something from a very large corporation where their billing systems are legacy and the way they run it and it's very different than how we would run the business, there are lots of complexities that we did not anticipate. But I can tell you this, we've learned a lot, and we are going to fix a lot of the problems. We are already seeing the green shoots. We're going to solve this with top-line growth and cost cutting. And then we'll get out of the woods.

我認為波多黎各的未來非常光明。有人問我，如果我必須重新進行交易，我會這樣做嗎？我會的。顯然，在遷移過程中，我們會——當你從一家非常大的公司購買東西時，我們會更聰明，他們的計費系統是遺留的，他們運行它的方式與我們運行業務的方式非常不同，那裡有很多我們沒有預料到的複雜性。但我可以告訴你，我們學到了很多東西，我們將解決很多問題。我們已經看到萌芽了。我們將透過營收成長和成本削減來解決這個問題。然後我們就會走出樹林。

The remaining part of our business, you can see all the hard work that we did is paying off. A lot of complex transactions there as well, buying something from Claro and integrating it in Panama, buying something from Telefonica and integrating it in Costa Rica, the cost cutting that my management team has done in Liberty Caribbean, the opportunities of investments in both Peru. And I can tell you, I'm really excited about our subsea network and our General Manager that runs it, this new network that we are building that will create huge opportunities in '27.

我們業務的其餘部分，你可以看到我們所做的所有努力都得到了回報。那裡還有很多複雜的交易，從Claro 購買一些東西並將其整合到巴拿馬，從Telefonica 購買一些東西並將其整合到哥斯達黎加，我的管理團隊在Liberty 加勒比海地區所做的成本削減，在秘魯和秘魯的投資機會。我可以告訴你，我對我們的海底網路和營運該網路的總經理感到非常興奮，我們正在建造的這個新網路將在 27 年創造巨大的機會。

So we are planting the seeds for future growth. We've already improved a lot of our operations and growing them. We have one operation right now that's challenged, and we're going to fix it and get through it, and we're going to grow that as well. From that sense, I can tell you, we are really excited and bullish about the future. And I thank you for your support.

因此，我們正在為未來的成長播下種子。我們已經改進並發展了很多業務。我們現在有一項業務面臨挑戰，我們將解決它並度過難關，我們也將發展它。從這個意義上說，我可以告訴你，我們對未來感到非常興奮和樂觀。我感謝您的支持。

Thank you. Ladies and gentlemen, this concludes Liberty Latin America's third-quarter 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. Thank you. You may now disconnect your lines.

謝謝。女士們先生們，Liberty Latin America 的 2024 年第三季投資者電話會議到此結束。請注意，電話會議的重播將在 Liberty Latin America 網站 www.lla.com 的投資者關係部分提供。在那裡，您還可以找到今天演示材料的副本。謝謝。現在您可以斷開線路。