Liberty Latin America Ltd (LILAK) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen and thank you for standing by. Today's call is being recorded. I'll now turn to the call over to Sean Fitzgerald, VP of Tax of Liberty Latin America.

女士們、先生們，早安，謝謝你們的支持。今天的通話正在錄音。現在我將把電話轉給拉丁美洲自由稅務副總裁肖恩·菲茨杰拉德 (Sean Fitzgerald)。

Good morning and welcome to Liberty Latin America's first quarter 2025 investor call. At this time, all participants are in listen-only mode. Today's formal presentation materials can be found under the investor relations section of Liberty Latin America's website at www.lla.com. Following today's formal presentation, instructions will be given for a question-and-answer session.

早安，歡迎參加 Liberty Latin America 2025 年第一季投資者電話會議。此時，所有參與者都處於只聽模式。今天的正式簡報資料可以在 Liberty Latin America 網站 www.lla.com 的投資者關係部分找到。在今天的正式演講之後，將給予問答環節的說明。

As a reminder, this call is being recorded. Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical fact.

提醒一下，本次通話正在錄音。今天的言論可能包含前瞻性陳述，包括公司對其前景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。

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.

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

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

Liberty Latin America 不承擔更新任何前瞻性聲明或資訊以反映其預期或此類聲明或資訊所依據的條件的任何變更的義務。

In addition, on this call, we will refer to certain non-GAAP financial measures which are reconciled to the most comparable GAAP financial measures which can be found in the appendices to this presentation which is accessible under the investors section of our website.

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

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

現在我想將電話轉給我們的執行長巴蘭奈爾先生。

Thank you, Sean and welcome everyone to Liberty Latin America's first quarter 2025 results presentation. I'll begin with our group highlights and an overview of our operating results by Chris silo. Chris Noyes, our CFO, will then follow with a review of the company's financial performance.

謝謝，肖恩，歡迎大家參加 Liberty Latin America 2025 年第一季業績報告。我將首先介紹我們集團的亮點以及 Chris Silo 對我們的經營績效的概述。我們的財務長 Chris Noyes 將隨後回顧公司的財務表現。

After that, we will get straight to your questions. As always, I'm joined by my executive team from across our operations. 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.

之後，我們將直接回答您的問題。像往常一樣，我和我的來自各個業務部門的管理團隊一起參加了會議。我將邀請他們在我們準備好的發言之後的問答環節中根據需要做出貢獻。為了方便起見，我們都將使用投影片進行工作，您可以在我們的網站 www.lla.com 上找到這些投影片。

Starting at slide 4, highlights for the year. In the first quarter, we added 44,000 broadband and postpaid mobile subscribers in total. We saw notable progress on postpaid mobile in Costa Rica, as well as across our Caribbean operations.

從第 4 張投影片開始，展示今年的精彩內容。第一季度，我們共新增了44,000名寬頻和後付費行動用戶。我們看到哥斯達黎加以及加勒比地區後付費行動業務取得了顯著進展。

Our broadband and postpaid strategy remains underpinned by our fixed mobile convergence efforts across the group. In our most successful markets, FMC penetration is now over 30%. This is driving a lower churn and a more predictable revenue profile. We reported group adjusted OIBDA rebates growth of 8% year over year in Q1. This was driven by double digit growth in C&W Caribbean and C&W Panama, contributing to a very strong performance for C&W silo.

我們的寬頻和後付費策略仍然以整個集團的固定行動融合努力為基礎。在我們最成功的市場中，FMC 滲透率現已超過 30%。這將降低客戶流失率並實現更可預測的收入狀況。我們報告稱，第一季度集團調整後的 OIBDA 回扣年增 8%。這是由 C&W 加勒比地區和 C&W 巴拿馬的兩位數增長推動的，為 C&W 筒倉帶來了非常強勁的業績。

Our cost management efforts created a flywheel in driving margin expansion across the company. At the full year results, we discussed an outlook for lower capital intensity across the group in 25 and 26, and we are starting to see this coming through as well with lower PNE additions in Q1 than prior year period driving growth of adjusted or P&E editions of 20% year over year.

我們的成本管理工作為推動整個公司的利潤成長發揮了飛輪作用。在全年業績中，我們討論了 25 年和 26 年整個集團資本密集度降低的前景，我們也開始看到這種情況的出現，第一季度的 PNE 增加量低於去年同期，推動調整後或 P&E 版本的增長同比增長 20%。

Turning to slide 6. I'll begin our operating review with our cable and wireless credit silo, which had a very solid quarter. Our C&W credit sellers composed of C&W Caribbean, C&W Panama, and our Liberty Networks segment. Looking first at C&W Caribbean where we delivered good operating momentum and very strong financial execution.

翻到幻燈片 6。我將從我們的有線和無線信貸業務開始我們的營運回顧，本季表現非常穩健。我們的 C&W 信貸賣家包括 C&W Caribbean、C&W Panama 和我們的 Liberty Networks 部門。首先來看 C&W Caribbean，我們實現了良好的營運動能和非常強勁的財務執行力。

Starting on the left of the slide with our subscriber editions. Having been negatively impacted by Hurricane Beryl during the last two quarters of 24, primarily in Jamaica, in Q1 we saw a return to growth as we begin to add back fixed broadband RGUs.

從幻燈片左側開始是我們的訂閱者版本。在 24 年最後兩個季度受到颶風貝麗爾 (Beryl) 的負面影響（主要在牙買加）之後，我們在第一季度恢復了增長，因為我們開始重新增加固定寬頻 RGU。

In mobile, we continue to drive a positive post-pay performance in Q1, adding 15,000 subscribers. C&W Caribbean represents a proof point of the successful execution of our FMC strategy, with strong KPIs being delivered alongside a 4%-point increase in FMC penetration year over year to over 35%. We are also launching loyalty programs across the region with the goal of reducing churn by rewarding our long-term customers.

在行動領域，我們在第一季繼續保持積極的後付費業績，增加了 15,000 名用戶。C&W Caribbean 是我們 FMC 策略成功執行的證明，不僅實現了強勁的 KPI，而且 FMC 滲透率同比增長 4% 至 35% 以上。我們也在該地區推出忠誠度計劃，目的是透過獎勵長期客戶來減少客戶流失。

Moving to the center of the slide and our revenue by product. The pie chart depicts the well diversified nature of C&W Caribbean's revenue with consumer fix and B2B, the largest elements followed by consumer mobile.

移至幻燈片的中心並查看我們按產品劃分的收入。餅圖顯示了 C&W Caribbean 收入的多樣化性質，其中消費者修復和 B2B 是最大的組成部分，其次是消費者移動。

Across C&W Caribbean, market structures are constructive as we primarily compete in duopolies where operators are rational and focused on the customer. Year over year rebates revenue growth was muted in the quarter, partly due to lower B2B project revenue, but we continue to steadily grow our aggregate broadband and mobile service revenue with 3% year over year rebates increase in Q1.

在整個加勒比地區，市場結構是建設性的，因為我們主要在雙頭壟斷中競爭，其中運營商理性且專注於客戶。本季返利收入年增幅較小，部分原因是 B2B 專案收入較低，但我們的寬頻和行動服務總收入持續穩定成長，第一季返利年增 3%。

Our focus on productivity, network efficiencies. And cost of goods sold has increased operating leverage. Chris recovered the very strong cost management in the Caribbean, which led us to import a record adjusted OIBDA quarter.

我們專注於生產力和網路效率。銷售成本增加了營運槓桿。克里斯在加勒比地區恢復了非常強勁的成本管理，這使我們進口了創紀錄的調整後 OIBDA 季度。

Moving to slide 7 in our C&W Panama segment. Starting on the left of the slide, we continue to see fixed growth in the first quarter, adding not just broadband additions, but also video and voice. This has been supported by recent efforts to expand and upgrade our network with FTTH, which now represents 65% of our home's spares.

前往 C&W 巴拿馬部分的第 7 張投影片。從幻燈片左側開始，我們繼續看到第一季的固定成長，不僅增加了寬頻，還增加了視訊和語音。我們最近努力透過 FTTH 擴展和升級網絡，這為我們實現這一目標提供了支持，目前 FTTH 已占我們家庭備用網絡的 65%。

In mobile, we continue to grow our post-paid base as we drive prepaid to postpaid migration. Alongside Jamaica, Panama is another standout market for FMC where penetration has expanded by 4% points year over year to over 30%.

在行動領域，隨著我們推動預付費向後付費的遷移，我們的後付費用戶群不斷擴大。除牙買加外，巴拿馬是 FMC 的另一個突出市場，其滲透率年增 4 個百分點，達到 30% 以上。

Moving to the center of the slide and our revenue streams, which in aggregate, drove our top line 5% higher in the quarter on a rebate basis. C&W Panama was the fastest growing segment in our group this quarter in terms of revenue.

轉向幻燈片的中心和我們的收入流，總體而言，在回扣基礎上，本季度我們的營業額增長了 5％。就營收而言，C&W 巴拿馬是我們集團本季成長最快的部門。

Growth was driven by residential Mobile, which is up 16%, while Fix grew by 3%, both on a rebate basis year over year. Mobile growth benefited from a larger subscriber base and pricing actions we took throughout 2024, leveraging off the current market structure we saw consolidation from 4 to 2 players in the past few years and subsequent market repair.

成長主要由住宅行動業務推動，成長了 16%，而固定業務成長了 3%，兩者均以回扣計算年增。行動成長受益於更大的用戶群和我們在 2024 年採取的定價措施，利用當前的市場結構，我們在過去幾年中看到從 4 家公司整合到 2 家公司，隨後市場修復。

Moving to slide 8 and a third C&W credit silo segment, Liberty Networks. This continues to be a great business for us with exceptional US dollar free cash flow generation to provide some visibility of the underlying trends in the business. On the left side of the slide, we present revenue broken down by business lines.

前往投影片 8 和第三個 C&W 信用筒倉部分，Liberty Networks。這對我們來說仍然是一項偉大的業務，它擁有卓越的美元自由現金流，可以為業務的潛在趨勢提供一定的可見性。在幻燈片的左側，我們展示了按業務線細分的收入。

Wholesale had a very strong quarter with higher lease capacity and project revenue more than offsetting non-cash IRU declines. Adjusting for IRUs, rebate growth was 7% year over year. Enterprise continues to perform well, growing 4% year over year on a rebate basis, driven by growth in IT as a service and connectivity, especially in Colombia and the Dominican Republic.

批發業務本季表現非常強勁，租賃容量和專案收入增加，足以抵消非現金 IRU 的下降。經 IRU 調整後，回扣年增 7%。企業持續表現良好，以返利計算年增 4%，這得益於 IT 即服務和連接性的成長，尤其是在哥倫比亞和多明尼加共和國。

Meanwhile, we announced a contract with Subcom for the design, manufacture, and installation of the Manta subsea cable system. Its investments are within our CapEx envelope and provide opportunities for strong future revenue growth. Even with the P&E additions in the new fiber routes of Manta and Q1, our adjusted oil bidder less P&E margin is still at an exceptional 36%.

同時，我們宣布與Subcom簽訂合約，負責設計、製造和安裝Manta海底電纜系統。其投資在我們的資本支出範圍內，並為未來強勁的收入成長提供了機會。即使在 Manta 和 Q1 的新光纖路線中增加了 P&E，我們的調整後的石油投標者減去 P&E 利潤率仍然達到了驚人的 36%。

Turning to slide 10 in our next credit silo, Liberty Costa Rica. Starting on the left of the slide, we saw continued quarterly broadband editions in Q1, in what is our most competitive fixed market, which helped to partly offset our pro-pressures. We continue to future proof our network and with our recent investments, almost half of our network is now on FTTH.

翻到我們下一個信用庫 Liberty Costa Rica 的第 10 張投影片。從幻燈片左側開始，我們看到第一季的季度寬頻版本持續成長，這是我們最具競爭力的固定市場，這有助於部分抵消我們的支援壓力。我們將繼續為我們的網路提供面向未來的保障，透過我們最近的投資，我們幾乎一半的網路現在都已採用 FTTH。

In mobile, we were again successful in growing our base, adding 30,000 postpaid subscribers in the quarter. This was our most successful segment for postpaid ads in Q1. And once again, it's reflective of our focus on FMC which saw penetration growth 6% points year over year to almost 35%.

在行動領域，我們再次成功擴大了用戶群，本季增加了 3 萬名後付費用戶。這是我們第一季最成功的後付費廣告部分。這再次反映了我們對 FMC 的關注，FMC 的滲透率年增 6%，達到近 35%。

Moving to the center of the slide, consumer mobile remains the largest revenue category, representing over 60% share of our overall revenue in Costa Rica. This is followed by a consumer fixed business representing just under 30% and then a small but fast growing B2B operation.

移至幻燈片的中心，消費者移動仍然是最大的收入類別，占我們在哥斯達黎加總收入的 60% 以上。其次是消費者固定業務，佔比略低於 30%，然後是規模雖小但成長迅速的 B2B 業務。

Costa Rica is our most competitive fixed market with 5 nationwide players. While in Mobile, we compete against 2 other operators. We are taking the first step in consolidating the fixed market through our announced JV with Tigo.

哥斯大黎加是我們最具競爭力的固定市場，擁有 5 家全國性企業。在行動領域，我們與另外兩家業者競爭。我們正透過與 Tigo 宣布的合資企業邁出鞏固固定市場的第一步。

We still expect this to be close in the 2nd half of this year. Overall, I'm very pleased with our performance and future prospects in Costa Rica and expect the integration with Tigo to yield even more growth, opportunities, and rationalization of the market.

我們仍然預計這一目標將在今年下半年實現。總的來說，我對我們在哥斯達黎加的表現和未來前景非常滿意，並期待與 Tigo 的整合能夠帶來更多的成長、機會和市場合理化。

Next to slide 12 and our 3-credit silo, Liberty Puerto Rico. Starting on the left of the slide, in 1, we lost 3,000 fixed broadband customers, though some impact was anticipated following our annual price increase for the fixed base. It's typical to see a small churn response to pricing moves. However, this is expected to underpin future revenue performance.

在第 12 張投影片旁邊，是我們的 3 學分筒倉 Liberty Puerto Rico。從投影片左側開始，在 1 中，我們失去了 3,000 名固定寬頻客戶，儘管在我們每年提高固定基數價格後預計會產生一些影響。價格變動引起小規模的客戶流失反應是很常見的。然而，預計這將支撐未來的收入表現。

Turning to mobile, on postpaid, we continue to make progress in lowering churn. We have seen voluntary churn for every month over the last 6 months to almost half the level it was in November. Gross ads, however, were touch lighter in Q1 sequentially.

談到行動領域，在後付費方面，我們在降低客戶流失率方面繼續取得進展。我們發現，在過去 6 個月內，每個月的自願離職率都幾乎達到了 11 月的一半。然而，第一季的廣告總收入較上季有所下降。

Overall, progress in retaining the business to positive postpaid ads is slower than we would like. Though we remain focused on improving the trends in coming months as we refresh our customer value proposition and provide differentiated offering to customers.

整體而言，保留積極的後付費廣告業務的進展比我們所希望的要慢。儘管如此，我們仍將專注於在未來幾個月內改善趨勢，因為我們會更新客戶價值主張並為客戶提供差異化產品。

Across the group, we are focused on leveraging our capabilities with FMC solutions for our customers. And this is equally a goal for us in Puerto Rico, where we have a strong starting point to our best in class fixed and mobile networks.

在整個集團中，我們致力於利用我們的能力為客戶提供 FMC 解決方案。這對波多黎各來說同樣是一個目標，我們在這裡擁有一流的固定和行動網路的良好起點。

We are currently focusing amongst other things on new distribution channels, including our digital platform as an alternative source of incremental growth ads to accelerate the growth of our FMC proposition loop. In the center of the slide, we showed the revenue mix in Puerto Rico and our overall year over year top line rebates decline, which at 11%, continues to be a headwind for the overall group.

我們目前專注於新的分銷管道，包括我們的數位平台，作為增量成長廣告的替代來源，以加速我們的 FMC 命題循環的成長。在幻燈片的中央，我們展示了波多黎各的收入結構，以及我們整體的同比營業利潤回扣下降（11%），這對整個集團來說仍然是一個阻力。

To address the margin compression, we have begun a cost cutting exercise to reflect the lower revenue of the segment. This focus is on headquarters staff and minimizing the impact of our frontline team. We expect the second half of the year to reflect a lower cost structure and the beginning of positive growth in post-pay.

為了解決利潤率壓縮問題，我們已經開始削減成本，以反映該部門收入的下降。重點是總部員工並盡量減少我們第一線團隊的影響。我們預計下半年成本結構將有所下降，後付費業務將開始出現正成長。

We also expect to complete the boost migrations in the second half. With that, I'll pass you over to Chris Noyes, a Chief Financial Officer, who will talk you through our financial performance before we take your questions. Chris. .

我們也預計在下半年完成升級遷移。接下來，我將把電話交給財務長克里斯·諾伊斯 (Chris Noyes)，他將在我們回答您的問題之前向您介紹我們的財務表現。克里斯。。

Thanks. Balan, I'll now take you through our financial performance in greater detail starting on slide 14. Q1 revenue was 2% lower on a rebate basis at $1.1 billion. We saw positive momentum in C&W Panama, Liberty Costa Rica, and Liberty Networks, which was more than offset by a decline in Liberty Puerto Rico. In fact, our non-Puerto Rican operations, which account for over 70%. Of our consolidated revenue grew revenue by 2% year over year collectively on a rebate basis.

謝謝。Balan，從第 14 張投影片開始，我將向您更詳細地介紹我們的財務表現。以回饋計算，第一季營收下降 2%，為 11 億美元。我們看到 C&W Panama、Liberty Costa Rica 和 Liberty Networks 的積極勢頭，但這被 Liberty Puerto Rico 的下滑所抵消。事實上，我們的業務非波多黎各地區佔比超過 70%。我們的綜合收入以返利計算年增了 2%。

Turning to adjusted OIBDA, we reported a rebate increase of 8% to $407 million with three of our five operating segments posting year over year rebates growth, including Liberty Puerto Rico.

談到調整後的 OIBDA，我們報告回扣增加了 8%，達到 4.07 億美元，其中五個營運部門中有三個部門的回扣同比增長，其中包括 Liberty Puerto Rico。

Supporting our growth is operating leverage as Balin flagged. We have embarked upon a range of cost out activities across each of our operations, and this has positively impacted our consolidated adjusted OIBDA margin, which increased over 300 basis points compared to Q1 2024. In the third chart, we highlight an important metric for us, which is adjusted OIBDA P&E additions.

正如巴林所指出的，支持我們成長的是經營槓桿。我們在每項業務中開展了一系列成本削減活動，這對我們的合併調整後 OIBDA 利潤率產生了積極影響，與 2024 年第一季相比增加了 300 多個基點。在第三張圖表中，我們重點介紹了一個對我們來說很重要的指標，即調整後的 OIBDA P&E 增加值。

We increased this by $47 million to $286 million in Q1, or 26% of revenue as compared to 22% of revenue in last year's Q1. The year over year improvement is reflective of the higher adjusted OIBDA margin and lower P&E additions, which amounted to 11% of revenue in Q1. Moving to the last section, adjusted FCF before partner distributions was $46 million better, resulting in a negative $103 million for Q1 2025.

我們在第一季將這一數字增加了 4,700 萬美元，達到 2.86 億美元，佔營收的 26%，而去年第一季這一比例為 22%。同比成長反映了調整後的 OIBDA 利潤率上升和 P&E 增加值下降，P&E 增加值佔第一季營收的 11%。進入最後一部分，合作夥伴分配前的調整後自由現金流增加了 4,600 萬美元，導致 2025 年第一季的自由現金流為負 1.03 億美元。

Combined with third party distribution to our partners, our reported adjusted FCF was a negative of $133 million. Our first quarter results are always impacted by seasonal working capital movements in part due to the phasing of spend with our vendors.

加上我們合作夥伴的第三方分配，我們報告的調整後自由現金流為負 1.33 億美元。我們的第一季業績總是受到季節性營運資本變動的影響，部分原因是我們與供應商的支出分階段進行。

Slide 15 recaps our C&W credit silo results for Q1, which consists of C&W Caribbean, CWP, and Liberty Networks. Starting with C&W Caribbean, we reported $364 million of revenue in Q1 with flat rebase growth. This was a result of 5% growth in mobile offset by a reduction of 3% in B2B on a rebate basis. The main drivers of higher residential mobile revenue were higher ARPU, resulting from price increases and post-paid subscriber growth driven by our successful FMC strategy.

投影片 15 回顧了我們第一季的 C&W 信貸孤島結果，其中包括 C&W Caribbean、CWP 和 Liberty Networks。從 C&W Caribbean 開始，我們報告第一季營收為 3.64 億美元，基數成長持平。這是由於行動業務成長 5%，但 B2B 業務以返利方式減少 3% 所致。住宅行動收入增加的主要驅動力是 ARPU 的提高，這是由於價格上漲和我們成功的 FMC 策略推動的後付費用戶成長所致。

B2B revenue was mainly affected by lower project revenue. We posted a just an OIBDA of $173 million representing 16% rebates growth, largely fueled by reductions in indirect costs, especially with respect to facilities, staff, networks, and commercial costs. As a result, adjusted OIBDA margin improved by over 600 basis points year over year to 48%.

B2B收入主要受到專案收入下降的影響。我們公佈的 OIBDA 僅為 1.73 億美元，代表回扣增加了 16%，這主要得益於間接成本的降低，尤其是設施、員工、網路和商業成本的降低。因此，調整後的 OIBDA 利潤率年增了 600 多個基點，達到 48%。

Next, moving to cable wireless Panama. CWP generated $177 million of revenue and $65 million of adjusted OIBDA in Q1, reflecting 5% rebates revenue growth and 15% re-based adjusted OIBDA growth. Year over year rebate's top line growth was driven by 16% growth in mobile and a 3% increase in residential fix, largely as a result of subscriber-based expansion over the last 12 months.

接下來，轉向巴拿馬有線無線。CWP 在第一季創造了 1.77 億美元的收入和 6500 萬美元的調整後 OIBDA，反映了 5% 的回扣收入增長和 15% 的重新調整後 OIBDA 增長。年比返利收入的成長主要得益於行動業務 16% 的成長和住宅固定業務 3% 的成長，這主要是由於過去 12 個月內用戶數量的擴大。

This was in part offset by a 6% decline in B2B, primarily due to lower governmental projects. Adjusted OIBDA performance year over year was driven by the aforementioned revenue expansion and operating leverage. This led to an adjusted OIBDA margin expansion to.

這在一定程度上被 B2B 業務 6% 的下降所抵消，這主要是由於政府項目減少。調整後的 OIBDA 業績年增，這得益於上述營收擴張和營運槓桿。這導致調整後的 OIBDA 利潤率擴大至。

Turning to Liberty Networks, we generated $110 million in revenue and $58 million in adjusted OIBDA, resulting in rebate's growth of 3% in revenue and rebate's decline of 2% in adjusted OIBDA.

談到 Liberty Networks，我們創造了 1.1 億美元的收入和 5,800 萬美元的調整後 OIBDA，導致回扣收入成長 3%，而回扣調整後的 OIBDA 下降 2%。

Top line growth year over year was driven by higher revenue in both wholesale and enterprise business lines, while adjusted OIBDA was impacted by higher network maintenance expenses in part due to the cost associated with the cable cut and higher interconnect costs.

營業收入較去年同期成長的動力來自於批發和企業業務線收入的增加，而調整後的 OIBDA 則受到網路維護費用增加的影響，部分原因是與電纜切割相關的成本以及互連成本的增加。

Aggregating all three operating segments for the CNW credit silo, we generated $629 million in revenue and $296 million of adjust OIBDA in Q1 for the credit side. Importantly, these results reflect year over year rebates growth rates of 2% for revenue and an impressive 12% for adjusted OIBDA.

將 CNW 信貸部門的所有三個營運部門匯總起來，我們在第一季為信貸創造了 6.29 億美元的收入和 2.96 億美元的調整後 OIBDA。重要的是，這些結果反映了營收年比回扣成長率為 2%，調整後的 OIBDA 成長率高達 12%。

Mobile residential revenue declined by 16% on a rebate basis, driven by lower postpaid revenue post migration. On the other hand, prepaid revenue remains stable during the period. B2B revenue declined 22% on a rebate basis, driven by lower mobile service revenue due to a decrease in the subscriber base impacted by migration-related churn, ARPU declined, and the termination of the ECF program.

由於遷移後後付費收入下降，行動住宅收入按返利計算下降了 16%。另一方面，預付收入在此期間保持穩定。以返利計算，B2B 收入下降了 22%，原因是由於遷移相關的客戶流失、ARPU 下降以及 ECF 計劃終止導致用戶群減少，從而導致行動服務收入下降。

Adjusted OIBDA year over year as we reported $82 million which reflected a rebates increase of 16% as compared to Q1 2024. This improved adjusted oat performance was mainly driven by costs related to our integration and migration efforts recorded in Q1 2024 and lower equipment, labor, interconnect, and transition services costs in the current quarter.

調整後的 OIBDA 年比去年增長 8,200 萬美元，與 2024 年第一季相比，回扣增長了 16%。調整後燕麥業績的改善主要得益於 2024 年第一季記錄的與整合和遷移工作相關的成本，以及本季設備、人工、互連和過渡服務成本的降低。

Concluding with Costa Rica on the right, we delivered Q1 revenue of $158 million and adjusted OBADA of $59 million reflecting 2% rebates revenue growth and a 1% decline in rebates adjusted OIBDA. Fixed revenue was down 7% year over year on a rebate basis. With volume growth more than offset by lower ARU impacted by competition.

最後以右邊的哥斯大黎加為例，我們第一季的營收為 1.58 億美元，調整後的 OBADA 為 5,900 萬美元，反映了 2% 的回扣收入成長和 1% 的回扣調整後 OIBDA 下降。以回扣計算，固定收入較去年同期下降 7%。受競爭影響，銷售成長被 ARU 降低所抵銷。

Mobile residential revenue increased 6% on a rebate basis driven by post-paid volume and equipment sales growth, and B2B revenue was up 7% year over year on a rebate basis, mainly due to higher project revenue. Adjusted OIBDA declined slightly year over year due in part to higher equipment costs and an increase in bad debt.

受後付費量和設備銷售成長的推動，行動住宅收入在返利基礎上增長了 6%，B2B 收入在返利基礎上同比增長 7%，這主要得益於項目收入的增加。調整後的 OIBDA 年比略有下降，部分原因是設備成本上升和壞帳增加。

Turning to slide 17, at the end of Q1 on a consolidated basis, we had $8.2 billion of total debt with a net leverage of 4.6 times. Our fully swapped borrowing cost was 6.5% with a weighted average life of over five years. As of March 2025, we have roughly $600 million of cash on balance sheet and $800 million of availability under our revolving credit lines.

翻到第 17 張投影片，按合併後的數據，第一季末我們的總債務為 82 億美元，淨槓桿率為 4.6 倍。我們的完全掉期借款成本為 6.5%，加權平均期限超過五年。截至 2025 年 3 月，我們的資產負債表上有約 6 億美元現金，循環信貸額度下有 8 億美元可用資金。

Continuing to the bottom left of the slide, the three timely C&W refinancing over the last 9 months, which we highlighted on the Q4 earnings call, have significantly improved our maturity schedule with about 50% of our debt maturing in 2031 and beyond.

繼續查看幻燈片的左下角，我們在第四季度收益電話會議上強調了過去 9 個月內 C&W 進行的三次及時再融資，這顯著改善了我們的到期時間表，大約 50% 的債務將在 2031 年及以後到期。

As it pertains to Liberty Puerto Rico, which has debt due in 2027 to 2029, we would target refinancing in mid to late 2026 as we provide the business with time to improve its financial results. On the right hand of the slide, we highlight our financing principles, which have been an important element of LLA's corporate finance strategy since inception.

對於 Liberty Puerto Rico 而言，其債務將於 2027 年至 2029 年到期，我們計劃在 2026 年中後期進行再融資，以便為該公司提供時間來改善其財務表現。在投影片的右側，我們重點介紹了我們的融資原則，自成立以來，這些原則一直是 LLA 公司財務策略的重要組成部分。

Firstly, each credit pool is an independent ring-fenced capital structure with no cross guarantees or cross defaults. This approach enshrines the concept that each silo is self-standing and shields each of the credit pools from negative performance contamination from any of the other silos.

首先，每個信貸池都是獨立的、隔離的資本結構，不存在交叉擔保或交叉違約。這種方法體現了每個孤島都是獨立的概念，並保護每個信用池免受任何其他孤島的負面績效污染。

We aim to maintain sustainable amounts of leverage in our businesses, and we expect our silos to naturally delever through organic growth. Our medium-term leverage target is mid 3s for LLA on a consolidated basis. In addition, we like to run a long dated maturity profile and are always monitoring the markets to take advantage of the best issuance Windows possible, which we've been successful in accessing recently with cable and wireless.

我們的目標是在業務中保持可持續的槓桿率，並期望我們的業務能夠透過有機成長自然地降低槓桿率。我們的中期槓桿目標是，LLA 的合併槓桿率為 3 秒中段。此外，我們喜歡運行長期到期概況，並始終監控市場以利用最佳發行窗口，我們最近已通過有線和無線方式成功訪問該窗口。

We run a hedge balance sheet hedging both our floating rates and currency exposure when economically viable. And finally, we maintain a robust liquidity position with significant cash on balance sheet and committed revolving credit facility availability.

在經濟可行的情況下，我們會執行對沖資產負債表來對沖浮動利率和貨幣風險。最後，我們保持了強勁的流動性狀況，資產負債表上有大量現金，並承諾提供循環信貸額度。

With respect to our stock buyback program, we have not been active for the last three quarters and have roughly $240 million available under our authorization. We may look to be opportunistic as we return to our cash flow build cycle, which is always weighted to H2.

關於我們的股票回購計劃，過去三個季度我們一直沒有採取任何行動，根據我們的授權，我們大約有 2.4 億美元可用。當我們回到現金流建構週期時，我們可能會尋求機會，而該週期始終以 H2 為重點。

Moving to slide 18 and our conclusions, first, we had a very good start to the year with strong KPI performance on both postpaid mobile and broadband. This flowed through into robust financials which led to high single digit rebates adjusted OIBDA growth in the quarter. This was driven by standout performances in the C&W silo where we recorded double digit adjusted OIBDA.

轉到第 18 張投影片和我們的結論，首先，我們今年有一個非常好的開端，在後付費行動和寬頻方面都有強勁的 KPI 表現。這轉化為強勁的財務狀況，導致本季回扣調整後的 OIBDA 成長率達到個位數。這是由 C&W 筒倉的出色表現推動的，我們在該筒倉中記錄了兩位數的調整後 OIBDA。

This was all supported by continued initiatives to reduce P&E additions intensity, hoping to underpin and improve trends in cash flow. In Puerto Rico, we are behind schedule due to the challenging migration in 2024 and a slower start to our recovery than hoped for in 2025. This is the principal reason for our decision to withdraw our 3-year guidance from 2024 to 2026 for LLA today.

這一切都得益於持續降低 P&E 增加強度的舉措，希望能夠鞏固和改善現金流趨勢。在波多黎各，由於 2024 年移民問題嚴峻，且 2025 年經濟復甦速度低於預期，我們的計畫落後於原定計畫。這就是我們今天決定撤回 LLA 從 2024 年到 2026 年的三年期指導的主要原因。

Our other operating businesses are performing largely as expected, but collectively not able to overcompensate for the 2024 deficit and the slower recovery in Puerto Rico this year. Notwithstanding, in Puerto Rico, we are seeing steady improvements in churn and have new CVPs in the market and are leaning into FMC where we have seen such success across the group. We anticipate better postpaid mobile KPI trends in the second half of 2025.

我們其他營運業務的表現基本上符合預期，但總體而言無法彌補 2024 年的赤字和今年波多黎各復甦放緩的影響。儘管如此，在波多黎各，我們看到客戶流失率穩步改善，市場上出現了新的 CVP，並且傾向於 FMC，我們在整個集團中都看到了巨大的成功。我們預計 2025 年下半年後付費行動 KPI 趨勢將會更好。

Additionally, we are pursuing an aggressive reduction in costs, as Balin highlighted, and expect these to positively impact our run rate performance in age 2.

此外，正如巴林所強調的，我們正在積極削減成本，並希望這將對我們第二季的運行率表現產生積極影響。

Building upon the steps in Puerto Rico, we continue to be very constructive on the outlook for the group. We are maintaining a strong focus on cost out and P&E adds efficiency across all the credits. We are positioning LLA for significant year over year growth and adjusted OIBDA and adjusted FCF before partner distributions in 2025.

在波多黎各取得進展的基礎上，我們繼續對集團的前景持非常建設性的態度。我們高度重視成本支出，P&E 提高了所有信貸的效率。我們預計 LLA 將在 2025 年實現顯著的同比增長，並在合作夥伴分配之前實現調整後的 OIBDA 和調整後的 FCF。

And with that operator happy to take questions.

接線員很樂意回答問題。

(Operator Instructions)

（操作員指示）

Our first question is from Vitor Tomita of Goldman Sachs. Your line is now open. Please go ahead.

我們的第一個問題來自高盛的 Vitor Tomita。您的線路現已開通。請繼續。

Good morning all and thanks for taking our questions. The questions from our side. The first one is on Puerto Rico. If you could give us a bit more color on the competitive environments there, how aggressive competitors are being right now in terms of promotions and handsets, discounts in particular.

大家早安，感謝您回答我們的問題。來自我們這邊的問題。第一個是關於波多黎各的。如果您能向我們詳細介紹那裡的競爭環境，特別是競爭對手在促銷和手機折扣方面的力度有多大？

And our second question would be on CapEx. You previously provided the guidance of that was lowered to 14% CapEx in 2025 and 2026. Do you still expect that 14% CapEx cells, and could you give some more color on how that might be distributed across the regions?

我們的第二個問題是關於資本支出。您之前提供的指導是，2025 年和 2026 年資本支出將降至 14%。您是否仍預期 14% 的資本支出，您能否詳細說明這些支出在各個地區如何分配？

Thank you very much.

非常感謝。

Sure, thanks for the question. I'll answer your second question first on the CapEx.

當然，謝謝你的提問。我先回答你關於資本支出的第二個問題。

The CapEx of 14%, is something that we will hit in 25 and 26. And it is quite equally distributed across the business for many reasons. It wasn't just by luck that we that that's how it played out. It's the level of maturity in all of our businesses where we're doing our both our fiber to the home upgrade and our mobile upgrades are reaching to about the same point. So, we are very confident on that 14%.

我們將在 25 年和 26 年達到 14% 的資本支出。由於多種原因，它在整個企業中的分佈相當均勻。事情發生這樣的結果並非只是運氣使然。我們所有業務的成熟度水平都已達到大致相同的水平，我們的光纖到戶升級和行動升級都已達到大致相同的水平。所以，我們對這14%非常有信心。

On the competitive environment in Puerto Rico, essentially on the fixed side, we compete with Claro, and on the mobile, we compete with Claro and T-Mobile. And of all the three mobile operators here, clearly, T-Mobile is the most aggressive on their handset subsidies, and that's the case across mainland USA as well that the promotions here in Puerto Rico are similar.

在波多黎各的競爭環境中，基本上在固定方面，我們與 Claro 競爭，而在移動方面，我們與 Claro 和 T-Mobile 競爭。而在這三家行動電信商中，顯然 T-Mobile 在手機補貼方面是最積極的，美國本土的情況也是如此，波多黎各的促銷活動也類似。

Our view is that, and what we've seen is that they haven't gotten any more aggressive than what they've been. And as a matter of fact, I think with all the tariff issues, people may, dial it back a bit on subsidies, but we haven't seen that either. Right now, the subsidy issue is not what worries us at all. We're doing pretty well there. I think what we need to do is improve on both our customer service. And as well as our cost structure here in Puerto Rico, that's what we are focused on.

我們的觀點是，而且我們看到的是，他們並沒有變得比以前更激進。事實上，我認為，考慮到所有關稅問題，人們可能會減少一些補貼，但我們也沒有看到這種情況。目前，補貼問題根本不是我們擔心的問題。我們在那裡做得很好。我認為我們需要做的是改善我們的客戶服務。這也是我們在波多黎各的成本結構，也是我們關注的重點。

Clear, thank you very much.

清楚，非常感謝。

The next question is from Chris Hoare of New Street Research, your line is now open. Please go ahead.

下一個問題來自 New Street Research 的 Chris Hoare，您的熱線現已開放。請繼續。

Yeah, thank you and thanks for the opportunity as well. Can I just follow up on the CapEx question specifically in Puerto Rico?

是的，謝謝你，也謝謝你給我這個機會。我可以具體跟進波多黎各的資本支出問題嗎？

I think your CapEx there was down 30% on a year to year basis to sort of around 11% of service revenues, and I'm just wondering if that is a sustainable level for Puerto Rico going forward or whether it's going to trend back towards the kind of group average you talked about 14%, and then. Just following up on that, I appreciate you're still sort of year 15 months away from the refinancing in Puerto Rico, but I just wonder if you can say anything about whether or not you see the opportunity to use any of the assets within Puerto Rico to help build a stronger balance sheet as you head towards the refinancing.

我認為你們的資本支出年減了 30%，大約佔服務收入的 11%，我只是想知道這對波多黎各未來來說是否是一個可持續的水平，或者它是否會回到你所說的集團平均水平 14%，然後。順便問一下，我知道您距離波多黎各的再融資還有 15 個月的時間，但我只是想知道您是否可以談談，在進行再融資時，您是否認為有機會使用波多黎各的任何資產來幫助建立更強大的資產負債表。

Sure. On the first question on the CapEx, the way we report the segment CapEx, it's CapEx that's actually spent by the local operating team here in Puerto Rico. We do have CapEx spent for Puerto Rico at the group level. As an example, a digital platform that consume CapEx as well is spent at the corporate level but allocated to Puerto Rico. It's being done for Puerto Rico. There's some other stands that we also do at the corporate level, like some of the centralized platforms on like a wireless core network, etc.

當然。關於資本支出的第一個問題，我們報告分部資本支出的方式是，這是波多黎各當地營運團隊實際花費的資本支出。我們確實在集團層級為波多黎各花費了資本支出。例如，一個同樣消耗資本支出的數位平台是在公司層級花費的，但分配給了波多黎各。這項工作正在為波多黎各進行。我們在公司層級也開展了一些其他業務，例如無線核心網路上的一些集中式平台等。

That are allocated outside of Puerto Rico, but really, it's Puerto Rico CapEx. So, if I look at the overall cap for the year, Puerto Rico is trending closer to the mid to high 15% range. So, we're not underspending in Puerto Rico. We actually, we're actually doing a pretty good job here, I think, especially in the mobile network.

這些資金是在波多黎各以外分配的，但實際上，這是波多黎各的資本支出。因此，如果我看今年的整體上限，波多黎各的趨勢更接近 15% 的中高範圍。所以，我們在波多黎各的支出並沒有減少。我認為我們實際上在這方面做得相當不錯，特別是在行動網路方面。

As a matter of fact, as last year we bought the spectrum from Dish and we're firing that up this summer, and all that 600-megahertz spectrum gets put into the network and that also requires get so we're not shying away from that.

事實上，去年我們從 Dish 購買了頻譜，並將於今年夏天投入使用，所有 600 兆赫的頻譜都會投入網絡，這也是需要的，所以我們不會迴避這一點。

On your second question on the refinancing, I'm going to ask Chris to jump in here and give you some color.

關於再融資的第二個問題，我想請克里斯來解釋一下。

Yeah, I mean, I think as I mentioned, the focus in the business today is to improve the operations and the financial results. So, we're best positioned in 26 and mid to late 26 to, look to refinance the debt. Certainly, the work that we're doing in both mobile and the fixed business should help, crystallize value and improve the value of each of those Businesses

是的，我的意思是，正如我所提到的，今天業務的重點是改善營運和財務表現。因此，我們最好在 26 年以及 26 年中後期尋求債務再融資。當然，我們在行動和固定業務方面所做的工作應該有助於實現價值，並提高每個業務的價值

And I think that's the focus of the management team at this point.

我認為這是管理團隊目前的關注重點。

The next question comes from Michael Rollins of Citigroup. Michael, your line is now open. Please go ahead.

下一個問題來自花旗集團的麥可‧羅林斯。邁克爾，你的線路現已開通。請繼續。

Hi, good morning. Thank you for taking the question. This is Jose Herrera on Michael Rollins team.

嗨，早安。感謝您回答這個問題。這是邁克爾·羅林斯團隊的何塞·埃雷拉。

First question was within the prior multi-year guide provided, how much of that growth was coming from Puerto Rico relative to the rest of the asset portfolio, and then, secondly, if the Puerto Rico business needs additional funding, will, Liberty Latin America fund the business from the parent balance sheet or does Puerto Rico need to fund it within its own capital structure?

第一個問題是，在先前提供的多年期指南中，相對於其他資產組合，有多少成長來自波多黎各？其次，如果波多黎各業務需要額外資金，Liberty Latin America 是否會從母公司資產負債表中為該業務提供資金，還是波多黎各需要在自己的資本結構內為其提供資金？

Thank you.

謝謝。

Sure, on the free cash flow, we we're not breaking down the percentages for each segment in our business. Suffice to say, you can see from the operating results that the rest of Liberty Latin America is on fire and. And so if when we did the guidance a year ago, we did not anticipate some of the challenges in Puerto Rico and or at least to the extent that we actually experienced it.

當然，關於自由現金流，我們不會細分業務中每個部分的百分比。可以這麼說，從經營結果就可以看出，Liberty Latin America 的其他業務也表現火爆。因此，如果我們在一年前進行指導時沒有預見到波多黎各面臨的一些挑戰，或者至少沒有預見到我們實際經歷的一些挑戰。

And then when we got into the end of the year, we kind of indicated that, because we had a lot of buffers in our free cash flow beyond the billion dollars, but it got kind of eaten up over the year in 24. And when we got into the beginning of the year, as we looked at our budgets, etc.

然後，當我們進入年底時，我們有點表明，因為我們的自由現金流中有很多超過 10 億美元的緩衝，但它在 24 年內就被消耗殆盡了。當我們進入年初時，我們查看了預算等。

We were very close, so everything had to be priced to perfection, and we came out and said. What, we still think it's right there.

我們的關係非常密切，所以一切都必須定價完美，然後我們就說了。什麼，我們仍然認為它就在那裡。

But then at the at the first quarter started to progress, we looked at some of the numbers and we trajectory out the first quarter, the net a performance, and we go, everything needs to be priced to perfection and it's not working to perfection here in Puerto Rico, not right now.

但在第一季開始取得進展時，我們查看了一些數字，並預測了第一季的軌跡、淨表現，我們發現一切都需要完美定價，但目前在波多黎各，情況還不夠完美。

We're still pretty optimistic in the second half of turning around a lot of things, but clearly, having that information on where things at Puerto Rico, we decided, Let's pull the guidance, but I can tell you this, the rest of our business and even Puerto Rico over time, it's going to get, Puerto Rico it's going to get better, and the rest of the businesses are throwing off cash. You can see that in our numbers.

我們對下半年扭轉很多局面仍然非常樂觀，但顯然，在了解了波多黎各的情況後，我們決定撤回指導，但我可以告訴你，隨著時間的推移，我們其餘的業務，甚至波多黎各的業務，都會變得更好，其餘的業務都在產生現金。您可以從我們的數字中看到這一點。

And your second question around the capital structure. Listen, we have the silos for a reason. We paid up for the silos. And we're going to treat these all as separate credit silos. And the parent will decide, strictly on the capital allocation methodology that we have in the liberty Way, and then we'll make decisions on funding whether it's a credit silo or funding a buyback or funding anything based strictly on how we look at the different opportunities in front of us.

您的第二個問題是關於資本結構的。聽著，我們設立筒倉是有原因的。我們已為這些筒倉付了錢。我們將把這些都視為單獨的信用孤島。母公司將嚴格按照我們在自由方式中所採用的資本配置方法做出決定，然後我們將嚴格根據我們如何看待面前的不同機會來決定是否為信貸孤島、回購或任何項目提供資金。

And I know I'm being cryptic, but you should hang on to the fact that it is a separate credit silo, and we treat it as such.

我知道我說得有點神秘，但你應該明白，它是一個獨立的信用筒倉，我們也是這樣對待它的。

(Operator Instructions)

（操作員指示）

The next question is from Matthew Harrigan of the Benchmark Company. Matthew, your line is now open. Please go ahead.

下一個問題來自 Benchmark Company 的 Matthew Harrigan。馬修，你的線路現已開通。請繼續。

Thanks, Balan, and I think a number of years ago people were quite happy with how Puerto Rico was performing in the context of all the headlines on that. Migration and the debt issues and some of the political issues. And I know you can't just do an econometric model on a country and figure out where our telecom business is going to fare.

謝謝，巴蘭，我認為幾年前人們對波多黎各的表現相當滿意，因為當時所有的頭條新聞都是關於波多黎各的表現。移民、債務問題和一些政治問題。我知道，僅僅透過對一個國家建立計量經濟模型，是無法判斷我們的電信業務未來會如何發展的。

But when you look at, federal subsidies, given everything going on with the Trump administration and net migration on the positive side, Puerto Rico has a very nice manufacturing base. Relative to some other, obviously it's the territory rather than the state, but relative to other US states.

但是，當你看到聯邦補貼、川普政府的各項舉措以及積極的淨移民情況時，你會發現波多黎各擁有非常好的製造業基礎。相對於其他一些地區，顯然這是領土而不是州，但相對於其他美國州。

How helped or hindered are you by the macro outlook in Puerto Rico, and I suspect you're not going to give a Definitive number, but in any sense for what you're trying to motivate your operating guys to achieve on a monthly EDA level, aspirationally, even if it's not guidance, relative to where you were before.

波多黎各的宏觀前景對您有多大幫助或阻礙，我想您不會給出一個確切的數字，但無論如何，相對於您以前的水平，您都試圖激勵您的運營人員在每月的 EDA 水平上取得理想的成績，即使這不是指導。

Thank you.

謝謝。

Sure, thanks, Matt. Let's start with the Puerto Rico macros. It is actually a good market, competitively, like I said, two-player fixed, 3 player mobile, and very rational.

當然，謝謝，馬特。讓我們從波多黎各宏開始。正如我所說，這實際上是一個很好的市場，競爭激烈，雙人固定，三人移動，而且非常理性。

Value and value creation type focused competitors. So, you want to be in a market like that. It's all US dollars obviously, and if you look at the net population, it's health steady and its robust great functioning state of the United States, even though it's not only a state, so all that good.

注重價值和價值創造類型的競爭對手。所以，你想進入這樣的市場。顯然，這都是美元，如果你看看淨人口，你會發現美國是一個健康穩定、運作良好的國家，儘管它不僅僅是一個州，所以一切都很好。

Your question on, back 21, 22, by the way, the FCC, we had an AT&T when we bought this business, had a lot of FCC funding. And that slowly, declined over the last 2-3 years. It's part of the revenue declines; not all of our revenue declines happen because of mobile losses.

順便說一下，你的問題是，回到 21、22 頁，FCC，當我們收購這家公司時，我們有 AT&T，並且獲得了大量 FCC 資金。而在過去 2-3 年裡，這一數字逐漸下降。這是收入下降的一部分；我們的收入下降並非全部都是因為行動業務的損失。

There were a lot of FCC revenues that that declined as well, and we are really at this point not too dependent on any government subsidies, even though there are still some kinds of like the ARO in the United States. It's called Uniendo here in Puerto Rico. And so, we do have some a of type funding, but we're putting in capital into that those projects.

FCC 的收入也大幅下降，目前我們實際上並不太依賴任何政府補貼，儘管美國仍然存在一些類似 ARO 的補貼。在波多黎各，它被稱為 Uniendo。所以，我們確實有一些類型的資金，但我們正在將資金投入這些項目。

So, in many ways, great market, great macros, great competitive environment. We're not too dependent on the government here and the business is, it is what it is today. Now, what could it be? With that kind of a macro environment. And by the way, we have the best mobile network here. You go anywhere, we have the best coverage and like I said, we're going to fire up some 600-megahertz spectrum here in a couple of months.

因此，從很多方面來看，這都是一個偉大的市場、偉大的宏觀、偉大的競爭環境。我們並不太依賴這裡的政府，業務還是現在這個樣子。那麼，它會是什麼呢？在這樣的宏觀環境下。順便說一句，我們這裡擁有最好的行動網路。無論您去哪裡，我們都有最好的覆蓋範圍，而且就像我說過的，我們將在幾個月內在這裡啟動一些 600 兆赫的頻譜。

We will have even bigger, deeper penetration with that spectrum. We have the best fixed. We consistently win on a fixed network. It's 1 gigabit everywhere, highly competitive product. And in fact, we have, pretty much a split market, 50/50, 50/40, something like that with this and the other guys, but we have a 5 handle on our market share. In mobile, we're about 21% market share with a lot of upsides. When we bought the business, it was about 26%, so we lost some share. But remember, even at 26%, that's 74% of the island that we never served.

我們將在該頻譜上實現更大、更深的滲透。我們已經做好了最好的準備。我們在固定網路上始終保持勝利。這是無所不在的 1 千兆位，極具競爭力的產品。事實上，我們的市場基本上是分割的，這家公司和其他公司的市佔率是 50/50、50/40 之類的，但我們的市佔率是 5%。在行動領域，我們的市佔率約為 21%，並且具有很大的上升空間。當我們收購該業務時，其股份約為 26%，因此我們損失了一些份額。但請記住，即使是 26%，我們也從未服務過島嶼的 74%。

And we haven't even started our FMC here, so there's some upsides. And the reason we haven't done some of that is because we have some systems issues, and we needed to get our house in order before we can do some of these things, and the house is getting back in order. And so, you can see good macros, good competitive environment, we have a great network. We need to fix some internal issues, and then you'll start to see things return.

我們甚至還沒有在這裡啟動 FMC，所以還存在一些優勢。我們之所以沒有做這些事情，是因為我們有一些系統問題，我們需要先把家裡的事情整理好，然後才能做這些事情，現在家裡的事情正在恢復秩序。因此，您可以看到良好的宏觀、良好的競爭環境，我們擁有強大的網路。我們需要解決一些內部問題，然後你會看到事情恢復正常。

We have internal guide guidelines. I am very, they're very transparent internally with our colleagues here. As a matter of fact, now, if you're an employee in Puerto Rico, you get the sales every day, you'll see what we sold the day before. We've been, we're showing everybody the numbers.

我們有內部指導方針。我非常，他們對我們這裡的同事非常透明。事實上，現在，如果你是波多黎各的員工，你每天都會了解銷售情況，你就會看到我們前一天賣了多少錢。我們一直在向所有人展示這些數字。

And I have a target for the management team here on monthly EBITDA. And we are focused on that, and we are focused on getting the EBITDA at the right place, as Chris pointed out earlier, it's all operations, and if you get II at the right place, then by mid-26.

我為這裡的管理團隊設定了每月 EBITDA 的目標。我們專注於此，我們專注於讓 EBITDA 處於正確的位置，正如克里斯之前指出的那樣，這都是運營，如果你讓 II 處於正確的位置，那麼到 26 年中期。

You're sitting a lot better, given the, some of the questions earlier on our debt, and that's how we're looking at it, but like Chris said, this is an operational Problem to solve for.

考慮到之前關於我們債務的一些問題，你的處境要好得多，這就是我們看待它的方式，但就像克里斯所說的那樣，這是一個需要解決的操作問題。

Apart from the FCC subsidies, which is, it sounds like it's de mini or not that big a deal at this point, are you very concerned about the Trump administration withholding support, for the economy of the island, given how maverick Trump can be? I Honestly don't know how much federal support there is to Puerto Rico, not on an FCC basis, but in terms of just upholding the general economy.

除了聯邦通訊委員會的補助（這聽起來像是小事一樁，或目前不是什麼大事）之外，考慮到川普的特立獨行，您是否非常擔心川普政府停止對台灣經濟的支持？說實話，我不知道聯邦政府對波多黎各有多少支持，不是基於聯邦通訊委員會的支持，而是只是為了維護整體經濟。

We don't see it here, by the way, the governor of Puerto Rico is a strong Trump supporter. I'm going to be visiting with them here soon. Listen, there's a lot of things with the federal government that really I can't predict here, and I don't think anybody can.

順便說一句，我們在這裡沒有看到這一點，波多黎各州長是川普的堅定支持者。我很快就要來這裡拜訪他們。聽著，聯邦政府有很多事情我真的無法預測，而且我認為沒有人可以預測。

They'll do what they need to do, but I haven't heard anything officially or even in unofficially other than. Rumors in the media about them wanting or not wanting to help Puerto Rico. We don't see that on the ground. I'm here a lot and we don't see that. Nobody talks about it here on the ground either.

他們會做他們需要做的事情，但除此之外，我沒有聽到任何官方或非正式的消息。媒體上有關於他們是否願意幫助波多黎各的謠言。我們在實地沒有看到這種情況。我來這裡很多次了，但我們沒有看到這種情況。在當地也沒有人談論此事。

So TRY to make you play Treasury Secretary or whatever. Thanks.

因此，試著讓你扮演財政部長或其他什麼角色。謝謝。

The next question is from Leonardo Curtidor of Scotiabank. Leonardo, your line is now open. Please go ahead.

下一個問題來自豐業銀行的 Leonardo Curtidor。萊昂納多，你的線路現已開通。請繼續。

I thank you for taking my questions. I have two. The first, your compensation, was a 26% year over year at $34 million. Just wondering if you're expecting, SBC for the full year to trend in line with Q1 and if there will be some buybacks to accept the new shares.

感謝您回答我的問題。我有兩個。首先，您的薪酬年增 26%，達到 3,400 萬美元。只是想知道您是否預計 SBC 全年的趨勢將與第一季保持一致，以及是否會進行一些回購以接受新股。

Additionally, my second question, there was significant refinancing activity this quarters, and average bing costs were slightly up to 6.5% from 6.2%. You have an estimate on cash insurance expenses this year, considering that it was close to $620 million last year.

此外，我的第二個問題是，本季的再融資活動顯著，平均融資成本從 6.2% 略微上升至 6.5%。考慮到去年的現金保險費用接近 6.2 億美元，您對今年的現金保險費用有一個估算。

Thank you.

謝謝。

Yeah Good, yeah, on the interest, the weighted average is higher that reflects the refinancing, we did 3.3 billion of refinancing over the last, nine months, including a couple deals in Q1 on the cable wireless credit silo, so the average rate did tick up, so that would be as you think about, you know interest expense impact it would be higher on a year-by-year basis.

是的，很好，是的，就利息而言，加權平均值較高，這反映了再融資的影響，我們在過去 9 個月中進行了 33 億美元的再融資，其中包括第一季在有線無線信貸領域進行的幾筆交易，因此平均利率確實上升了，所以正如您所想，利息支出的影響會逐年上升。

But I would focus you as well to look at the swap portfolio so you know we are hedged, on the, on floating rate exposure and you can factor that in beyond just the, cash interest there's an offset. And then as it relates to, stock comp, we typically have, grants happening in the first half of the year and I mean what, how I would look at it is, continue to kind of, run it out, not just similar to prior years.

但我也會讓您專注於掉期投資組合，這樣您就知道我們對浮動利率風險進行了對沖，並且您可以將這一因素考慮在內，除了現金利息之外，還有一個抵消因素。然後，就股票補償而言，我們通常會在上半年進行授予，我的意思是，我的看法是，繼續將其用完，而不僅僅是與前幾年類似。

Okay. Yeah, the important part about the refinancing is really the tenor and. And, that Chris and the Treasury team have done a tremendous job. Pushing the wall out.

好的。是的，再融資的重要部分確實是期限。克里斯和財政部團隊做出了巨大的貢獻。把牆推開。

Today's question and answer to the session. I would like to hand back to Balan for any additional or closing remarks.

今天的問答環節。我想把發言權交還給 Balan，讓他做進一步的補充或結束語。

Thank you, operator, and thank you, everybody on the call. The business is doing really well. You can see from the numbers. Now, we did pull guidance, and I know there'll be a reaction to that, but I think it's, this is important for us that when we look at stuff.

謝謝接線員，也謝謝通話中的每個人。生意確實做得很好。你可以從數字中看到。現在，我們確實提出了指導意見，我知道對此會有反應，但我認為，當我們審視事物時，這對我們來說很重要。

And as soon as we know it, we want to make sure our credibility is also strong. And I know to a certain degree. There's been challenges in our Puerto Rico business and over the last year it was very hard for us internally to predict some of the trajectory of that business. But we're getting this is we're getting a strong handle on everything here and now we see things very clearly and we see a very clear path as well.

一旦我們知道這一點，我們就想確保我們的信譽同樣強大。我也在某種程度上知道。我們的波多黎各業務面臨挑戰，過去一年我們內部很難預測該業務的發展軌跡。但我們得到的是，我們對這裡的一切都有了很強的把握，現在我們對事情看得非常清楚，我們也看到了一條非常清晰的道路。

It is going to take time though. We have to be patient and in Puerto Rico it's going to take time, but you can see from the rest of our businesses, there was a time when Panama was not doing great though, cable and wireless, the Caribbean islands was not doing great.

但這需要時間。我們必須要有耐心，在波多黎各這需要時間，但你可以從我們的其他業務中看到，曾經有一段時間巴拿馬的表現並不好，有線和無線，加勒比海島嶼的表現也並不好。

Any one of our operations, and we focused on it and operating wise we fix it, and they become really strong flywheels. And I see the same thing here for Puerto Rico. Yes, we got into a jam, we're going to get out of this jam and we're going to really grow this business. And I I'm quite positive about that.

我們的任何一項操作，我們都專注於它，並透過操作明智地修復它，它們就會成為真正強大的飛輪。我在波多黎各也看到了同樣的情況。是的，我們陷入了困境，我們要擺脫困境，我們要真正發展這項業務。我對此非常肯定。

So with that, I want to thank you again for your support and we'll talk to you the next quarter.

因此，我想再次感謝您的支持，我們將在下個季度與您交談。

Ladies and gentlemen, this concludes the Liberty Latin America's first quarter 2025 investor call. As a reminder, a replay of the call will be available in the investor relations section of Liberty Latin America's website at www.lla.com. There you can also find a copy of today's presentation materials.

女士們、先生們，Liberty Latin America 2025 年第一季投資者電話會議到此結束。提醒一下，此次電話會議的重播將在 Liberty Latin America 網站 www.lla.com 的投資者關係部分提供。您還可以在那裡找到今天的演示材料的副本。