Liberty Latin America Ltd (LILAK) 2025 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'll now turn the call over to Jenny Chan, VP of Controls Transformation of Liberty Latin America.

女士們、先生們，早安，感謝你們的耐心等待。今天的通話將會被錄音。現在我將把電話交給 Liberty Latin America 的控制轉型副總裁 Jenny Chan。

Good morning and welcome to Liberty Latin America's 3rd quarter 2025 investor call. At this time, all participants are in listen-only mode. Today's formal presentation material can be found under the investor relations session of Liberty Latin America's website at www.lla.com.

早安，歡迎參加 Liberty Latin America 2025 年第三季投資者電話會議。目前，所有參與者均處於只聽模式。今天的正式簡報資料可在 Liberty Latin America 網站 www.lla.com 的投資者關係欄位下找到。

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

今天的正式報告結束後，將進行問答環節。再次提醒，本次通話正在錄音。今天的發言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 recent file 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聲明中明示或暗示的結果有重大差異。有關更多信息，請參閱 Liberty Latin America 最新提交的 10-K 表格年度報告和 10-Q 表格季度報告以及美聯社發布的報告，其中討論了風險因素。

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

Liberty Latin America 聲明，沒有義務更新任何前瞻性聲明或信息，以反映其預期或任何此類聲明或信息所依據的條件的任何變化。

In addition, on this call, we will refer to certain non-GAAP financial measures which are reconciled to the most comparable GAAP financial measures which can be found in the appendices to the presentation, which is accessible under the investor's session of our website. I would now like to turn the call over to our CEO, Mr. Balan Nair.

此外，在本次電話會議中，我們將提及一些非GAAP財務指標，這些指標已與最可比較的GAAP財務指標進行了核對，相關核對結果可在演示文稿的附錄中找到，該演示文稿可在我們網站的投資者關係部分訪問。現在我謹將電話轉交給我們的執行長巴蘭‧奈爾先生。

Thank you, Jenny, and welcome everyone to Liberty Latin America's 3rd quarter 2025 results presentation. I will be running through our group highlights and an overview of our operating results by credit silo before Chris Noyes, our CFO reviews the company's financial performance. We'll then get straight to your questions.

謝謝 Jenny，歡迎大家參加 Liberty Latin America 2025 年第三季業績發表會。在財務長 Chris Noyes 審查公司財務表現之前，我將簡要介紹我們集團的亮點以及按信貸類別劃分的經營業績概述。接下來我們會直接回答您的問題。

But before we get into the details, Let me start by taking a moment to recognize the hardship of our employees, customers, partners, communities, governments who bore the brunt of Hurricane Melissa in the Caribbean, especially in Jamaica. Their resilience is nothing short of amazing.

但在我們深入細節之前，請允許我先花一點時間來表達我們對加勒比海地區（特別是牙買加）遭受颶風梅麗莎重創的員工、客戶、合作夥伴、社區和政府的感激之情。他們的韌性簡直令人驚嘆。

Our commitment to this region is strong, and we will help with the recovery through our humanitarian and infrastructure rebuild. I will cover this in more detail in my commentary on Liberty Caribbean. As always, I'm joined by my executive team from across our operations, and I will invite them to contribute as needed during the Q&A following our prepared remarks.

我們對該地區的承諾堅定不移，我們將透過人道主義援助和基礎設施重建來幫助該地區恢復。我將在對“自由加勒比”的評論中更詳細地介紹這一點。像往常一樣，我的執行團隊成員來自公司的各個營運部門，我將在準備好的發言之後的問答環節中，根據需要邀請他們發言。

As a point of housekeeping, we will both be working from slides, which you can find on our website at www.lla.com. Starting on Slide 4 and our highlights, our core business performed very well in Q3. We added over 100,000 postpaid net ads across the group, notably driven by Costa Rica and supported by fixed mobile convergence efforts and continuing prepaid to postpaid migration.

為了方便起見，我們將使用幻燈片進行演示，您可以在我們的網站 www.lla.com 上找到這些幻燈片。從第 4 張投影片開始，我們將重點介紹我們核心業務在第三季的表現非常出色。我們集團新增了超過 10 萬個後付費淨廣告位，這主要得益於哥斯大黎加的推動，以及固定行動融合努力和持續的預付費向後付費遷移。

This was the strongest quarter of postpaid additions across the group in 3 years. We reported $1.1 billion of revenue in Q3. This represented a return to year over year growth driven by better trends in B2B as we had anticipated. This in turn came about through a combination of better momentum on enterprise and government-related contracts, as well as the easing of tough year over year coms on B2B, which we faced in the first half of the year.

這是該集團近三年來後付費用戶新增數量最多的季度。第三季營收為11億美元。這標誌著在B2B業務好轉的推動下，公司恢復了同比成長，正如我們預期的那樣。這得益於企業和政府相關合約的良好勢頭，以及我們在今年上半年面臨的 B2B 業務同比溝通困難局面的緩解。

Residential revenue grew year over year this quarter, as we continue to focus on innovative customer value propositions across the markets. We posted adjusted OEBITDA of $433 million reflecting a rebase year over year growth of 7% in the third quarter. This included rebate growth across all of our segments, including Puerto Rico. This performance was driven by good execution and cost initiatives, as well as strong customer base management.

本季住宅收入年增，我們持續專注於在各市場提供創新的客戶價值主張。第三季調整後 OEBITDA 為 4.33 億美元，以重新基準計算年增 7%。這包括我們所有業務板塊（包括波多黎各）的返利成長。這一業績得益於良好的執行力、成本控制措施以及強大的客戶基礎管理。

We maintain our focus on lowering capital intensity. These efforts led to a 22% expansion in adjusted OEBITDA, less P&E additions year over year, bringing us to a margin of 26%. Today, and despite some recovery to this year, we continue to believe our share price does not fully reflect the intrinsic value of our underlying businesses.

我們將繼續致力於降低資本密集度。這些努力使調整後的 OEBITDA 年增 22%（扣除固定資產增加部分），利潤率達到 26%。儘管今年以來有所回升，但我們仍然認為，我們的股價並未完全反映我們基礎業務的內在價值。

We remain focused on delivering organic growth and cash flow generation, which we believe is critical for share price appreciation. Additionally, as previously discussed, we continue to look across our array of assets in the group and evaluate opportunities to close the embedded discount in our stock price.

我們將繼續專注於實現內生成長和現金流創造，我們認為這對股價上漲至關重要。此外，如同先前討論過的，我們將繼續審視集團旗下所有資產，並評估各種機會，以消除股價中存在的折價。

Turning to slide 6, I'll begin our operating review with the cable and wireless credit silo, which had another very solid quarter. This silo includes Liberty Caribbean, CNW Panama, and our Liberty Network's segment. Starting with Liberty Caribbean, we reported another strong quarter. On the left of the slide, we present our mobile KPIs.

接下來請看第 6 張投影片，我將從有線和無線信貸業務開始我們的營運回顧，這項業務又迎來了一個非常穩健的季度。這個部門包括 Liberty Caribbean、CNW Panama 和我們的 Liberty Network 部門。首先是Liberty Caribbean，我們報告了另一個強勁的季度業績。在投影片的左側，我們展示了我們的行動端關鍵績效指標。

Postpaid mobile editions remain strong, with mobile output showing a healthy expansion on a year over year and sequential basis. Moving to the center of the slide to a fixed KPIs, the broadband subscriber base remained flat in Q3, with gains in Jamaica offset by declines mainly in Trinidad.

後付費行動版市場依然強勁，行動版銷量較去年同期均呈現健康成長。從滑行到固定 KPI 的中間部分來看，第三季寬頻用戶數量保持平穩，牙買加的成長被特立尼達的下降所抵消。

Other highlights include the launch of 5G in Barbados, becoming the second market in our Liberty Caribbean segment to offer 5G alongside Cayman. Now turning to Hurricane Melissa. Damage is significant in the rest of the country, while the major economic hub of Kingston in the more populated east has been much less impacted.

其他亮點包括在巴貝多推出 5G，使其成為繼開曼群島之後，我們 Liberty Caribbean 業務板塊中第二個提供 5G 服務的市場。現在轉向颶風梅麗莎。該國其他地區損失慘重，而位於人口較多的東部的主要經濟中心金斯頓受到的影響則小得多。

The situation remains very dynamic and impacted by the speed of power restoration on the island. Our latest data suggests that. We are very thankful that 100% of our staff is marked as safe. Secondly, mobile traffic on our network is back to 80% of pre-hurricane levels.

目前局勢仍瞬息萬變，並受到島上電力恢復速度的影響。我們最新的數據顯示：我們非常欣慰地看到，我們所有員工都100%被判定為安全。其次，我們網路上的行動流量已恢復到颶風前水準的 80%。

In our fixed network, over 40% of our overall customers are online, while in the major metro areas, we are over 80%. On the power side, over 50% of Jamaica's power service customers have power. And 14 out of 15 of our own and operated stores are open now, and are supplemented by 17 stores on wheels, two of which are dedicated to just our B2B customers.

在我們的固定網路中，超過 40% 的客戶在線，而在主要都會區，這一比例超過 80%。電力方面，牙買加超過 50% 的電力服務用戶已通電。我們自營的 15 家門市中，目前已有 14 家開業，此外還有 17 家行動門市，其中兩家專門服務我們的 B2B 客戶。

Jamaica is a key part of Liberty Caribbean, a region we have operated in for over 150 years. We will be working tirelessly to repair and rebuild our infrastructure, leveraging the vast experience of the local and central teams, while continuing to bring in partners like PTI on the towers, JPS and powers, and others to quickly stand our services back up.

牙買加是 Liberty Caribbean 的重要組成部分，我們在該地區已運營超過 150 年。我們將不遺餘力地修復和重建基礎設施，充分利用本地和中央團隊的豐富經驗，同時繼續引入 PTI（負責鐵塔）、JPS（負責電力）等合作夥伴，以及其他合作夥伴，以迅速恢復我們的服務。

During the hurricane's approach, we went live with a satellite partnership with starling direct to sell in Jamaica to offer emergency direct to cell connectivity for our mobile customers. Displayed a key role in helping customers stay connected in areas where the mobile network has been down, and we have seen more than 140,000 unique users successfully attached to this D2C technology.

在颶風來襲期間，我們與 Starling Direct 合作，在牙買加開展衛星銷售業務，為我們的行動客戶提供緊急直接連接到手機的服務。在行動網路中斷的地區，該技術在幫助客戶保持聯繫方面發揮了關鍵作用，我們已經看到超過 14 萬名獨立用戶成功連接了這項 D2C 技術。

As recovery efforts continue, we are beginning to see customers returning to our mobile network. While it's too early to assess the full impact of the hurricane, we would remind investors that we maintain parametric insurance across the Caribbean. One of its advantages over traditional indemnity insurance is that it pays out quickly.

隨著復甦工作的持續，我們開始看到客戶重返我們的行動網路。雖然現在評估颶風的全面影響還為時過早，但我們想提醒投資者，我們在整個加勒比地區都持有參數保險。與傳統賠償保險相比，它的優點之一是賠償速度快。

Which facilitates a more rapid repair and rebuild. Chris will provide more perspective on this in his section. Moving to slide 7 in our CNW Panama segment. Starting on the left of the slide, we continue to deliver postpaid net ads as customers migrate from prepaid.

這樣可以加快維修和重建速度。克里斯將在他的章節中對此提供更多見解。接下來是CNW巴拿馬部分的第七張幻燈片。從投影片的左側開始，隨著客戶從預付費遷移到後付費，我們將繼續投放後付費網路廣告。

While this is a deliberate strategy, we are also pleased to report a return to prepaid growth after 2 consecutive quarters of decline driven by lower churn and a higher proportion of rejoining costs. Moving to the center of the slide, we delivered another solid 25% of internet subscriber editions.

雖然這是我們刻意制定的策略，但我們也很高興地報告，在經歷了連續兩個季度的下滑之後，預付費業務恢復成長，這主要得益於較低的客戶流失率和較高的重新加入成本比例。來到投影片的中間部分，我們又實現了網路訂閱用戶數量穩定成長 25%。

The more significant shift this quarter came from the B2B space. We have previously highlighted recent wins with government-related and in the enterprise space, and these deals are now beginning to flow through revenue. B2B revenue this quarter expended 33% on a sequential basis and 14% on a year over year basis.

本季更顯著的變化來自B2B領域。我們先前重點介紹了近期在政府相關領域和企業領域的成功，這些交易現在開始轉化為收入。本季 B2B 營收季減 33%，年減 14%。

Next, to slide 8, and our final segment within the CNW credit silent, Liberty Networks. On the left of the slide, we present our Q3 year over year revenue evolution. Our strong performance in wholesale reflects the strength of our core operations and the growing demand for bandwidth across the region.

接下來，請看第 8 張幻燈片，也是 CNW 片尾字幕中的最後一部分，Liberty Networks。在幻燈片的左側，我們展示了我們第三季同比收入變化。我們在批發業務方面的強勁表現反映了我們核心業務的實力以及該地區對頻寬日益增長的需求。

Enterprise remains a key growth engine with continued momentum in IT as a service and connectivity solutions, particularly in Colombia and the Dominican Republic. These services are helping us build a strong base of monthly recurring revenue, which supports long-term stability and positions as well for the future.

企業仍然是重要的成長引擎，IT 即服務和連接解決方案持續保持成長勢頭，尤其是在哥倫比亞和多明尼加共和國。這些服務幫助我們建立了穩固的每月經常性收入基礎，這有助於長期穩定發展，並為未來奠定基礎。

From an operational perspective, in August, Liberty Networks announced a major milestone with the launch of MAYA 1.2, an enhanced system spanning 2,386 kilometers that doubles the capacity of the existing subsea cable, MAYA 1, and will continue to deliver critical capacity.

從營運角度來看，Liberty Networks 在 8 月宣布了 MAYA 1.2 的推出，這是一個重要的里程碑。 MAYA 1.2 是一個增強系統，全長 2,386 公里，容量是現有海底電纜 MAYA 1 的兩倍，並將繼續提供關鍵容量。

This strategic upgrade represents a long-term investment in regional infrastructure, strengthening international connectivity and digital resilience throughout the Caribbean and Central America. This investment will also clear the way for the installation of MA, the new pan-regional subsea cable system. We remain on track and excited about monetizing this assets in the coming years.

此次策略升級代表對區域基礎設施的長期投資，旨在加強加勒比海和中美洲的國際互聯互通和數位韌性。這項投資也將為安裝新的泛區域海底電纜系統 MA 掃清障礙。我們仍按計劃推進，並對未來幾年內實現這些資產的變現充滿信心。

Turning to Slide 10 and Liberty Costa Rica. Starting on the left of the slide. The main driver of our top-line continues to be postpaid mobile segment. Through the first 9 months of the year, we have added almost 130,000 postpaid subscribers, representing a 13% expansion on the Q4 2024 base with a particularly strong Q3 performance.

翻到第 10 張投影片，主題是「自由哥斯大黎加」。從幻燈片的左側開始。我們營收成長的主要驅動力仍然是後付費行動業務。今年前 9 個月，我們新增了近 13 萬後付費用戶，比 2024 年第四季的用戶基數成長了 13%，其中第三季表現尤為強勁。

One of the drivers is our successful commercial strategy of migrating prepaid subscribers to postpaid, and the good take-up in our plan is Libres offering. This is a lower-end postpaid plan, but it's nevertheless accreted. Prepaid to postpaid migration is supported for po and helping to offset broader competitive tensions.

其中一個驅動因素是我們成功地將預付費用戶遷移到後付費的商業策略，而我們計劃中 Libres 套餐的良好反響也印證了這一點。這是低端後付費套餐，但仍有積分累積。支持預付費用戶向後付費用戶遷移，有助於緩解更廣泛的競爭緊張局勢。

Having now acquired the 5G spectrum, we were awarded earlier this year. We look forward to further strengthening our mobile leadership in Costa Rica through the deployment of a standalone 5G mobile network in partnership with Ericsson.

我們現在已經獲得了今年早些時候授予的 5G 頻譜。我們期待透過與愛立信合作部署獨立的 5G 行動網絡，進一步加強我們在哥斯達黎加的行動領域領先地位。

Moving to the center of the slide. On the broadband side, we continue to do a solid job maintaining our subscriber base, despite a competitive market. We continue to work on strengthening our commercial offering in the market. Early in Q3, we launched an offer for new and existing customers to have access to the most popular over the top platforms included in their home plan.

移動到滑梯中心。在寬頻方面，儘管市場競爭激烈，但我們仍然在維護用戶基礎方面做得非常出色。我們將繼續努力加強我們在市場上的商業產品和服務。第三季初，我們推出了一項優惠活動，讓新舊客戶都能在其家庭套餐中存取最受歡迎的 OTT 平台。

This bold and meaningful value proposition, unique for the Costa Rican market, is anchored by a new brand claim. You want it, you got it. As we have highlighted in our 10, the regulator in Costa Rica, SUTEL, has issued a resolution prohibiting our proposed transaction with Millicom.

這一大膽而意義深遠的價值主張，在哥斯大黎加市場獨一無二，並以全新的品牌口號為支撐。你想要的，就能得到。正如我們在第 10 點中所強調的那樣，哥斯達黎加監管機構 SUTEL 已發布決議，禁止我們與 Millicom 進行擬議的交易。

This outcome was surprising, given we have worked closely with the regulator over a number of months to design the appropriate remedies to address any competitive market concerns.

鑑於我們與監管機構密切合作數月，制定了適當的補救措施來解決任何市場競爭問題，這一結果令人驚訝。

We have filed an appeal and would expect a response shortly. In the event of appeal is denied, we intend to drive cost savings in our operation that we held off pending the combination with Tigo. We are starting to lay the foundation for that as we speak.

我們已提起上訴，預計很快就會得到回應。如果上訴被駁回，我們將加快營運成本的節約，此前我們為了與 Tigo 合併而暫停了這項節約計畫。我們現在就開始為此奠定基礎。

Moving to slide 12, in our 3 credit silo, Liberty Puerto Rico. Starting on the left of the slide, mobile performance showed greater stability with postpaid losses lower compared to Q2, with churn tracking in the right direction, commercial efforts in the 3rd quarter focused on the launch of our new postpaid value proposition, Liberty Mix.

接下來是第 12 張投影片，在我們的 3 學分課程中，自由波多黎各。從投影片的左側開始，行動裝置表現更加穩定，後付費用戶的損失比第二季有所下降，用戶流失率也朝著正確的方向發展。第三季的商業努力集中在推出我們新的後付費價值主張 Liberty Mix 上。

Early results have been supportive. Momentum and growth ads have picked up modestly through Q3 with an improving port in port out ratio. Perhaps more significant at this stage has been the support to gross ads are with the higher tiering subscriber plan leading to a 40% increase in September versus the month prior to launch.

初步結果令人鼓舞。第三季度，動能和成長廣告略有回升，連接埠輸入埠輸出比率也有所改善。或許現階段更重要的是，高階訂閱計畫的廣告收入支持使得 9 月的廣告收入比上線前一個月增加了 40%。

On the fixed side, we continue to see some competitive pressure impacting our sub-base, though our pool is sequentially stable and up on a year over year basis following price increases earlier this year. We launch a new commercial campaign on a fixed offer with a central theme of reliability with three distinct components.

在固定資產方面，我們繼續看到一些競爭壓力影響著我們的子資產基礎，儘管在今年早些時候提價之後，我們的資產池保持穩定，並且同比有所增長。我們推出一項新的商業活動，以「可靠性」為中心主題，包含三個不同的組成部分，並提供固定的優惠。

Firstly, recognizing that many homes in Puerto Rico have generators, given the frequent power outages on the island, we launch a product that allows a fixed service to be up and running during these power outages by defaulting to the mobile network.

首先，考慮到波多黎各許多家庭都有發電機，鑑於該島經常停電，我們推出了一款產品，該產品允許固定服務在停電期間透過預設使用行動網路來保持運作。

We also offer new software in our devices that drives a stronger Wi-Fi experience in the home. Confident in the reliability of our network, we are also incorporating a 30-day network guarantee for costs. As we look out over the coming months, we will continue to ramp up commercial assets on our fixed mobile conversions offer, Liberty Loop, given FMC penetration across a number of markets in the LLA group, we know that Puerto Rico is a laggard at just 23%, of which only 10% are real FMC customers who have converged products and are receiving a financial or experience benefit from them.

我們還在設備中提供了新的軟體，以增強家庭 Wi-Fi 體驗。我們對網路的可靠性充滿信心，因此也提供 30 天的網路費用保障。展望未來幾個月，我們將繼續增加對固定行動轉換服務 Liberty Loop 的商業投入。鑑於 FMC 在 LLA 集團多個市場的滲透率，我們知道波多黎各的滲透率僅為 23%，落後於其他地區，其中只有 10% 是真正的 FMC 客戶，他們擁有融合產品並從中獲得經濟或體驗上的好處。

Our focus on FMC is increasing, and we expect this to be a good driver into 2026. 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.

我們對FMC的關注度正在不斷提高，我們預計這將成為2026年的一個良好驅動力。接下來，我將把發言權交給我們的財務長克里斯·諾伊斯，他將在回答您的問題之前，向您介紹我們的財務表現。克里斯。

Thanks, Bal. I'll now take you through our Q3 financial results starting on slide 4. We posted revenue of $1.1 billion and adjusted OEBITDA of $433 million reflecting rebates growth of 1% for revenue and 7% for adjusted OEBITDA year over year. All of our operating businesses reported year over year we based growth on both revenue and adjusted OEBITDA with the exception of a decline in revenue at Liberty Puerto Rico.

謝謝你，巴爾。接下來，我將從第 4 張投影片開始，帶大家了解我們的第三季財務表現。我們公佈的營收為 11 億美元，調整後的 OEBITDA 為 4.33 億美元，反映出返利將營收年增 1%，調整後的 OEBITDA 較去年同期成長 7%。我們所有營運業務的表現均較去年同期成長，成長基於收入和調整後的 OEBITDA，但 Liberty Puerto Rico 的營收出現下降。

Sequentially, as compared to Q2, LLA's reported revenue increased 2% and adjusted OEBITDA increased 4%, a solid uplift which sets momentum into Q4. Reflecting both lower capital intensity with P&E additions at 13% of revenue in Q3. And continued adjusted OEBITDA expansion, LLA posted adjusted OEBITDA P&E editions of $284 million in Q3, a 22% improvement year over year.

與第二季度相比，LLA 報告的收入增長了 2%，調整後的 OEBITDA 增長了 4%，這是一個穩健的增長，為第四季度奠定了良好的勢頭。反映出資本密集度降低，第三季固定資產新增支出佔收入的 13%。經調整後的 OEBITDA 持續擴張，LLA 第三季經調整後的 OEBITDA P&E 為 2.84 億美元，較去年同期成長 22%。

Although we were up year over year on adjusted OEBITDA P&E editions, our reported adjusted FCF before partner distributions was $16 million in Q3, a decline year over year. Our cash flow performance in Q3 continues to be challenged on collections principally from our government customers, some of which we anticipate to receive in Q4. In addition, our prior quarter benefited by approximately $90 million due to the positive impact of handset monetization during the quarter and the proceeds from the hurricane barrel weather derivative payout.

儘管我們經過調整後的 OEBITDA P&E 版本年增，但我們報告的第三季經調整後的 FCF（扣除合夥人分配前）為 1,600 萬美元，年減。第三季度，我們的現金流量表現持續受到挑戰，主要原因是政府客戶的收款問題，我們預計其中一部分款項將在第四季度收到。此外，由於上一季手機貨幣化帶來的正面影響以及颶風桶天氣衍生性商品股利的收益，我們上一季受益約 9,000 萬美元。

As mentioned previously and consistent with prior years, we expect robust free cash flow performance in Q4, even with the impact from Hurricane Melissa, which should be mitigated in part by proceeds from our parametric insurance program.

如前所述，與往年一樣，我們預計第四季度自由現金流表現強勁，即使受到颶風梅麗莎的影響，而我們的參數保險計劃的收益應該可以部分緩解這種影響。

Slide 15 recaps our Q3 results for the C&W credit silo, which consists of Liberty Caribbean, CWP, and Liberty Networks. Starting with Liberty Caribbean, in Q3, we reported $369 million in revenue with 3% growth year over year on a rebate basis.

第 15 張投影片回顧了我們 C&W 信貸業務的第三季業績，該業務包括 Liberty Caribbean、CWP 和 Liberty Networks。從 Liberty Caribbean 開始，我們在第三季報告了 3.69 億美元的收入，按返利計算年增 3%。

This result reflects year over year rebate growth of 5% in residential fixed, while both residential mobile and B2B increased by 2%. Revenue performance was supported by continued growth in FMC as evidenced by the postpaid additions over the last year, selected price increases across geographies and products, and a favorable comparison to the storm impacted Q3 2024.

這一結果反映出住宅固定保險的返利年增了 5%，而住宅行動保險和 B2B 保險的返利均增加了 2%。FMC 的持續成長支撐了營收表現，這體現在過去一年後付費用戶的增加、部分地區和產品的漲價，以及與受風暴影響的 2024 年第三季相比的有利局面。

Adjusted OEBITDA came in at $173 million representing 10% rebase growth year over year. Besides revenue contribution, a key driver of the strong Q3 rebase growth was lower operating costs, reflecting the continued impact of Liberty Caribbean's comprehensive efficiency and savings program and relatively flat direct costs on a higher revenue base.

調整後的 OEBITDA 為 1.73 億美元，較去年同期成長 10%。除了營收貢獻外，第三季強勁的重新基準成長的關鍵驅動因素是營運成本降低，這反映了 Liberty Caribbean 全面的效率和節約計畫的持續影響，以及相對平穩的直接成本在更高的收入基礎上的持續成長。

For Q3, Liberty Caribbean's ingested Ovida margin improved nearly 300 basis points year over year, reaching 47%. Building upon balance points relating to Hurricane Melissa, we are in the early stages of assessing the operational, financial, and economic impact of the storm. There are a number of dependencies, including the timing of the return of power to parts of Jamaica, which will influence our ability to provide service to customers.

第三季度，Liberty Caribbean 的 Ovida 利潤率年增了近 300 個基點，達到 47%。基於與颶風梅麗莎相關的平衡點，我們目前正處於評估這場風暴對營運、財務和經濟影響的早期階段。有許多因素會影響我們為客戶提供服務的能力，包括牙買加部分地區何時恢復供電。

We anticipate adverse impacts to RGU's revenue and adjust the OEBITDA in Q4. As a point of reference, Jamaica generated about $108 million of revenue in Q3, which is less than 10% of LLA revenue. Next, moving to cable and wireless Panama, CWP delivered $199 million of revenue and $72 million of adjusted OEBITDA with year over year rebates growth of 6% and 4% respectively.

我們預計 RGU 的營收將受到不利影響，因此將在第四季度調整 OEBITDA。作為參考，牙買加第三季創造了約 1.08 億美元的收入，不到 LLA 收入的 10%。接下來，CWP 轉向巴拿馬的有線和無線業務，實現了 1.99 億美元的收入和 7,200 萬美元的調整後 OEBITDA，年比返利分別增長了 6% 和 4%。

The top-line increase was driven by 14% higher B2B revenue year over year, which reflects the solid pipeline we had at Q2, and we continue to see good B2B momentum into year end. Adjusted OEBITDA growth reflected the lower margin B2B project revenue, while we also realized improvement in network and labor costs over last year's Q3.

營收成長主要得益於 B2B 營收年增 14%，這反映了我們在第二季度擁有的穩健的業務管道，而且我們預計 B2B 業務在年底前仍將保持良好的成長勢頭。調整後的 OEBITDA 成長反映了 B2B 專案營收利潤率較低，同時，與去年第三季相比，我們的網路和勞動成本也有所改善。

Turning to Liberty Networks, we generated $117 million in revenue and $65 million in adjusted OEBITDA with a year over year rebate increase of 6% and 10% respectively. The rebate growth rates are our strongest in about 2 years. Each of our two business segments experienced solid year over year revenue growth, with 5% rebates for wholesale, driven by subsidy capacity revenue and 6% rebates for enterprise, reflecting continued growth in managed services and higher B2B connectivity.

再來看 Liberty Networks，我們創造了 1.17 億美元的營收和 6,500 萬美元的調整後 OEBITDA，與去年相比，返利分別成長了 6% 和 10%。返利成長率是我們近兩年來最強勁的水平。我們的兩個業務部門均實現了穩健的同比增長，批發業務的返利為 5%，主要得益於補貼容量收入；企業業務的返利為 6%，反映了管理服務的持續增長和 B2B 連接性的提高。

Our adjusted OEBITDA growth reflects the positive impact of the revenue increase as well as lower bad debt year over year. Aggregating all three operating segments within the C&W credit silo, we generated $662 million in revenue, reflecting a year over year rebased increase of 4% and $309 million in adjusted OEBITDA, resulting in 8% year over year rebased growth.

我們調整後的 OEBITDA 成長反映了收入成長的正面影響以及壞帳同比下降。將 C&W 信貸業務的所有三個營運部門合併計算，我們創造了 6.62 億美元的收入，年增 4%（按重新基準計算）；調整後的 OEBITDA 為 3.09 億美元，年增 8%（按重新基準計算）。

Moving to slide 16 and the Q3 results for our two credit silos, Liberty Puerto Rico and Liberty Costa Rica. On the left, Liberty, Puerto Rico. Q3 revenue was $298 million with a 5% year over year rebates decline. The primary drivers of this decline are a 7% rebate decrease in mobile residential revenue. And a 16% decrease in B2B, both of which primarily relate to subscriber losses stemming from the mobile network migration completed last year.

接下來是第 16 張投影片，展示了我們兩個信貸業務部門 Liberty Puerto Rico 和 Liberty Costa Rica 的第三季業績。左邊是波多黎各的自由城。第三季營收為 2.98 億美元，回饋年減 5%。導致這一下滑的主要原因是移動住宅收入的返利減少了 7%。B2B 業務下降了 16%，這主要與去年完成的行動網路遷移導致的用戶流失有關。

Adjusted OIDA of $96 million in Q3 reflects 7% rebates growth. Mitigating the revenue decline over the last year, a key factor behind the year over year adjusted OIA growth this quarter is a comprehensive cost reduction plan the business has undertaken in order to right size and streamline its operations given the lower revenue and subscriber base. Additionally, the business also benefited from lower bad debt expense year over year.

第三季經調整的 OIDA 為 9,600 萬美元，反映了 7% 的退稅成長。為緩解過去一年的收入下滑，本季度經調整後的 OIA 同比增長的關鍵因素是公司為應對收入和用戶基礎下降而採取的全面成本削減計劃，以調整和精簡其運營規模。此外，該公司還受益於壞帳支出逐年下降。

Concluding with Costa Rica on the right, we delivered Q3 revenue of $155 million and adjusted OIA of $56 million representing a 3% rebase revenue growth and 7% rebate adjusted OEBITDA growth year over year. Performance was driven by our residential mobile business, which grew 7% on a rebate basis year over year and was fueled by higher postpaid volumes and strong equipment sales.

最後以哥斯大黎加為例，我們實現了第三季 1.55 億美元的營收和 5,600 萬美元的調整後 OIA，這分別代表了 3% 的重新基準營收成長和 7% 的返利調整後 OEBITDA 同比成長。業績成長主要得益於我們的住宅行動業務，該業務按返利計算年增 7%，這主要得益於後付費用戶數量的成長和強勁的設備銷售。

In addition, the operating team has been focused on controlling costs, which supported margins this quarter and is in the process of working through a more comprehensive plan for 2026. Next to slide 17 in our Q3 balance sheet metrics for LLA, we had $8.4 billion of total debt, $600 million of cash, and $900 million of borrowing capacity at September 30th, of which our Puerto Rican group accounted for $2.9 billion of debt, around $120 million of cash, and roughly $170 million of borrowing capacity.

此外，營運團隊一直專注於控製成本，這支撐了本季的利潤率，並且正在製定更全面的 2026 年計畫。在 LLA 第三季資產負債表指標的第 17 張投影片旁邊，截至 9 月 30 日，我們的總債務為 84 億美元，現金為 6 億美元，借款能力為 9 億美元，其中波多黎各集團的債務為 29 億美元，現金約為 1.2 億美元，借款能力約為 1.7 億美元。

On an LLA consolidated basis, we posted net leverage of 4.6 times, a slight improvement from Q2, helped by the higher adjusted OITA in Q3 from across our operations. If we exclude Puerto Rico from the leverage calculation, our net leverage would fall about a turn to the mid 3s. With respect to Puerto Rico, there are two balance sheet developments to highlight.

以 LLA 合併基礎計算，我們的淨槓桿率為 4.6 倍，較第二季略有改善，這得益於第三季我們各項業務調整後的 OITA 增加。如果我們從槓桿計算中排除波多黎各，我們的淨槓桿將下降約一個單位，到 3 倍中段。關於波多黎各，有兩項資產負債表方面的變動值得關注。

One, the Puerto Rican business successfully raised a $250 million secured financing, of which $200 million was borrowed during Q3 via an unrestricted subsidiary approach. This provided the business with near-term liquidity to continue investing in operations, and more than half of the proceeds were used to repay a significant portion of its fully drawn RCF.

第一，波多黎各業務成功籌集了 2.5 億美元的擔保融資，其中 2 億美元是在第三季透過非限制性子公司借來的。這為公司提供了近期流動性，使其能夠繼續投資運營，並且超過一半的收益用於償還其已全部提取的循環信貸額度的很大一部分。

Second, as highlighted in early August, the liability management process is underway, and the business is actively engaging with its various stakeholders. As you can appreciate, given the ongoing discussions with stakeholders in the business, we are not in a position to provide further updates at this stage as regards both the expected outcome and the timing thereof.

其次，如同 8 月初所強調的，負債管理流程正在進行中，公司正積極與各利害關係人溝通。正如您所理解的，鑑於目前正與公司利害關係人進行討論，我們現階段無法提供有關預期結果及其時間安排的進一步更新。

Turning to how we protect our assets from NACAT events, we use a robust parametric program across our CMW and LPR credit silos. Our weather derivative was triggered and should help us mitigate losses from property damage, business interruption, and other impacts from Hurricane Melissa. We expect to receive $81 million in third-party proceeds before year end.

至於我們如何保護資產免受 NACAT 事件的影響，我們在 CMW 和 LPR 信用體系中使用了強大的參數化程序。我們的天氣衍生品已被觸發，應該可以幫助我們減輕颶風梅麗莎造成的財產損失、業務中斷和其他影響。我們預計在年底前收到8,100萬美元的第三方收益。

Moving to slide 18 and to wrap up our prepared remarks. As a recap, Q3 was a very good quarter at the operating level with top-line expansion and improved adjusted OEBITDA. No doubt it will take time to recover from Hurricane Melissa in Jamaica, but I do know our employees are resilient and up to the task. We remain focused on getting key communications up for our customers and are encouraged by the quick progression in lighting up service since the event.

接下來請看第 18 張投影片，並總結我們準備好的發言。綜上所述，第三季在營運層面表現非常出色，營收成長，調整後 OEBITDA 也得到改善。毫無疑問，牙買加需要時間才能從颶風梅麗莎的災後重建中恢復過來，但我知道我們的員工適應能力很強，能夠勝任這項工作。我們仍然專注於為客戶建立關鍵的溝通管道，並且對自事件發生以來照明服務快速恢復的進展感到鼓舞。

As I highlighted on the last slide, the payout from our parametric program will be invaluable to our Jamaican recovery and should go a ways to mitigating the overall financial impact. As we look to finish the year, several important points to reiterate. One, our commercial plans remain robust on both B2B and residential, and we will be focused on the seasonally strong holiday selling season across many of our markets.

正如我在上一張投影片中所強調的那樣，我們參數化計畫的收益對牙買加的復甦至關重要，並且應該能在一定程度上減輕整體的財務影響。值此年末之際，有幾點重要事項需要重申。第一，我們的商業計劃在 B2B 和住宅領域都保持強勁勢頭，我們將專注於許多市場季節性強勁的假日銷售季。

Two, our cost reduction and efficiency programs across LLA continue to deliver, which will support and underpin our adjusted OIA and cash flow as we move into 2026. And 3, cash flow is expected to be strong in Q4, and we continue to work hard across all of our businesses to deliver on that objective.

第二，LLA 的成本削減和效率提升計劃繼續取得成效，這將支持和鞏固我們調整後的 OIA 和現金流，直至 2026 年。第三，預計第四季現金流將保持強勁，我們將繼續在所有業務領域努力實現這一目標。

And finally, we at LLA remain focused on improving value for our shareholders as we fundamentally believe the share price doesn't reflect the value of our businesses. We are focused on organically growing the business, pursuing strategic initiatives, and optimizing capital allocation. These three components will be helpful in unlocking incremental shareholder value. With that operator, please open it up for questions.

最後，LLA 始終致力於提升股東價值，因為我們堅信股價並未反映我們業務的價值。我們專注於業務的有機成長、推進策略舉措和優化資本配置。這三個要素將有助於釋放股東價值的增量。請透過該操作員開啟提問功能。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Milenna Okamura, Goldman Sachs.

米蓮娜岡村，高盛。

Hi y'all, thank you for taking my questions. The first one is on timing and progress of your cost cutting initiatives. Are they expected to be mostly done by Q4 benefiting 2026 as well, or is it more gradual process throughout the next year? And are there any specific regions or coastlines where you expect this to be particularly relevant?

大家好，感謝你們回答我的問題。第一個問題是關於成本削減計劃的時機和進度。這些工作預計大部分將在第四季完成，並惠及 2026 年，還是會在接下來的一年中逐步完成？您認為這種情況會在某些特定地區或海岸線上特別突出嗎？

And the third question sorry is if you could give us more color on margin drivers for Liberty Networks you mentioned about that reduction but was that the main driver for the margin expansion or there were other factors that support it? Thank you.

第三個問題，不好意思，您能否更詳細地介紹Liberty Networks的利潤率驅動因素？您提到了利潤率下降，但這是否是利潤率擴張的主要驅動因素，還是有其他因素支撐？謝謝。

Thank you for the question. So, let me talk about our cost cutting. We embarked on this about. Literally about 20 months ago, and you're starting to see the benefits drop right now, certainly this year, and we anticipated to follow through in 2026 as well. Our cost cutting continues until the end of this year and into the first half of next year as well.

謝謝你的提問。那麼，讓我來談談我們的成本削減措施。我們開始著手處理這件事。大約 20 個月前，我們開始看到這些好處逐漸減少，尤其是在今年，我們預計這種情況在 2026 年也會持續下去。我們的成本削減措施將持續到今年年底，並延續到明年上半年。

And there's a number of things that we look at clearly, cost of goods sold, the way we do COGS, there's a number of line items in there that we've focused on. We've also focused on other OpEx costs including co leases, and of course we also focused on labor. That makes sense. We've, taken, a very sharp look at the labor in our business.

我們專注於很多方面，例如銷售成本，以及我們計算銷售成本的方式，其中有許多項目是我們重點關注的。我們也關注了其他營運支出成本，包括合作租賃，當然，我們也關注了勞動成本。這很有道理。我們已經對公司內部的勞動力問題進行了非常深入的檢視。

So, my sense is that in 2026 there will be more opportunities, and especially in the first half, but You can see it's also focused on revenue and that's the other part of where we look at our margin expansion. Now, on Liberty Networks margin drivers, there's a number of things that drove some of the margin expansion as we get off a lot of IRUs, acceleration, there's a lot of work that we've been doing that has improved, as you pointed out, and. (technical difficulty)

因此，我的感覺是，2026 年會有更多機會，尤其是在上半年，但你也可以看到，它也專注於收入，這也是我們關注利潤率擴張的另一個面向。現在，關於 Liberty Networks 的利潤驅動因素，有很多因素推動了利潤擴張，例如我們擺脫了很多 IRU，加速了，正如您所指出的，我們做了很多工作，這些工作都得到了改進。（技術難題）

Apologies ladies and gentlemen, we have lost connection to the management team's line. Please be on pause until we resume the call. Perfect, thank you, please proceed.

各位女士、先生，非常抱歉，我們與管理團隊的線路失去了連線。請稍等片刻，通話將繼續進行。好的，謝謝，請繼續。

I'm sorry, I think we lost our connection. I'm not sure at what point, or where we dropped. Do you know where we dropped?

抱歉，我們好像斷線了。我不確定我們是在什麼時候，或是在哪裡掉隊的。你知道我們降落在哪裡嗎？

(multiple speakers) but Liberty Networks. I would do again.

（多位發言者）但自由網絡。我會再做一次。

Oh, okay, yeah, on the Liberty Networks I think we were talking about margins, on both sides of the OCF and OFCF level and then OCF level, as you pointed out that that's improved. There's a lot of things that we've done that and we've also got more and more to monthly recurring revenue and taken off a lot of, coming to an end a lot of IOU acceleration and then of course at an OSCF level, expenditure on Project Manta is starting to grow and, the numbers are very likely to be we remain very bullish, on this segment.

哦，好的，是的，關於 Liberty Networks，我想我們當時在討論利潤率，包括 OCF 和 OFCF 層面的利潤率，以及 OCF 層面的利潤率，正如你指出的那樣，利潤率已經有所改善。我們已經做了很多事情，我們也獲得了越來越多的月度經常性收入，並取消了很多 IOU 加速計劃，當然，在 OSCF 層面，Manta 項目的支出開始增長，而且這些數字很可能表明我們對這一領域仍然非常樂觀。

Okay, thank you.

好的，謝謝。

Ernesto Gonzalez, Morgan Stanley.

埃內斯托·岡薩雷斯，摩根士丹利。

Hi, thank you for taking our questions. So it's two from our end. The first one is on Puerto Rico. Could you please talk about room for additional margin expansion in the unit, and also on your cash uses outside of Puerto Rico. Any details that you can share on priorities across the leveraging buybacks, dividends, and also any details on timing are greatly appreciated. Thank you.

您好，感謝您回答我們的問題。所以從我們這邊算起，還有兩個。第一個在波多黎各。請您談談該部門利潤率進一步提升的空間，以及您在波多黎各以外的現金用途。如果您能分享有關槓桿回購、分紅等方面的優先事項以及時間安排方面的任何細節，我們將不勝感激。謝謝。

Okay. On the first part, I, you'll continue to see margin expansion in Puerto Rico as we continue to recover the business. This year, our focus in Puerto Rico has been on the cost side, a significant focus on both the OpEx line, CapEx line, cost of goods line, every single line item in that business was scrutinized. We are running it, I think, very efficiently.

好的。第一部分，隨著業務的持續復甦，波多黎各的利潤率將繼續擴大。今年，我們在波多黎各的重點放在成本方面，尤其關注營運支出、資本支出和商品成本，該業務的每個項目都經過了仔細審查。我認為我們運作得非常有效率。

The second stage of our margin expansion that comes from revenue growth. And you can start seeing already, the numbers are coming in, even though we didn't post a revenue growth number this quarter. I anticipate next year, we'll start to see some positive updates from a lot of the hardware that's going in this year. Systems have improved, our processes have improved, our store process have improved, our sales teams, productivity has improved. In addition to that, we've started the launch of our FMC.

利潤率擴張的第二階段源自於營收成長。即使本季我們沒有公佈營收成長數據，但你已經可以看到，相關數據已經陸續公佈了。我預計明年，我們將看到今年推出的許多硬體帶來一些正面的更新。系統得到了改進，我們的流程得到了改進，我們的門市流程得到了改進，我們的銷售團隊的生產力也提高了。除此之外，我們已經開始推出我們的FMC。

And there are questions as to why have we waited so long for FMC? Well, there were a lot of things that we have to do to fix, especially on our IT systems. We continue to have two different billing systems and fixed and mobile, but we had to do a lot of work on the mobile side, and now we're able to completely link it. This is our lowest FMC penetration in all of LLA and we see some really bright future.

還有一個問題：為什麼我們等了這麼久才等到FMC？嗯，有很多事情我們需要解決，尤其是在我們的IT系統方面。我們仍然有兩種不同的計費系統，固定電話和行動電話，但我們在行動方面做了很多工作，現在我們已經能夠將其完全連接起來。這是我們在LLA所有地區中FMC滲透率最低的一次，我們看到了非常光明的未來。

And in addition to that, our channels are also improving and we've got lower cost channels coming in 2026 as we embark on more digital sales. So there's a lot of really positive things that have happened to improve the margins. Now, your second question, I think you were talking about a cash position in LLA in general outside of Puerto Rico. I didn't quite catch your question.

除此之外，我們的通路也不斷改進，隨著我們進行更多數位化銷售，我們將在 2026 年推出成本更低的通路。因此，有很多非常積極的事情發生，提高了利潤率。現在，關於你的第二個問題，我想你指的是LLA在波多黎各以外的現金部位。我沒完全聽懂你的問題。

Sorry, it was on your uses of cash. So, what do you expect to do across, using the cash you're generating or you will generate, for leveraging buybacks, dividends, and also any details on timing.

抱歉，這是關於你如何使用現金的問題。那麼，您打算如何利用您正在產生或將要產生的現金進行槓桿回購、分紅，以及任何有關時間表的細節？

Okay, great question. Well, of course, our capital allocation strategy we revisited constantly. You'll see a lot of our cash generation comes in towards the back end of the year and in 4th quarter, as Chris pointed out, we are very confident in our 4th quarter cash generation, and together with our board will determine the traditional ways of looking at the capital allocation, whether it's stock buyback, paying down a debt. Or even considering, issuing a dividend, or everything is on the table as we look at the deployment of that cash.

好的，問得好。當然，我們一直在重新審視我們的資本配置策略。你會發現我們的大部分現金流都集中在年底和第四季度，正如克里斯指出的那樣，我們對第四季度的現金流非常有信心，並將與董事會一起決定傳統的資本配置方式，無論是股票回購還是償還債務。甚至考慮發放股息，或者說，在考慮如何運用這筆現金時，一切都有可能。

David Lopez, New Street Research.

David Lopez，新街研究公司。

Hi, thank you for the opportunity. A couple of questions, please. On Puerto Rico and the fixed, business, I was wondering if you can comment on competition. I think you mentioned, a bit more competition this quarter. Is it coming from traditional cable or, fiber, or is it fixed wireless access, who is getting more traction?

您好，謝謝您給我這個機會。請問幾個問題。關於波多黎各和固定業務，我想知道您能否談談競爭情況。正如你之前提到的，這一季的競爭會更加激烈。究竟是傳統有線電視、光纖還是固定無線存取方式，哪種方式比較受歡迎？

And the second question is on, Jamaica. I don't know if you can, maybe tell us what's the proportion of the network that needs to be rebuilt and the proportion of the network that needs to be repaired, and, if you can give a bit more color on the deal with Starlink that you mentioned in the press release. Thank you. Not that you have into partnership with.

第二個問題是，牙買加。我不知道您是否可以告訴我們，需要重建的網路比例是多少，需要修復的網路比例是多少，另外，如果您能更詳細地說明一下您在新聞稿中提到的與 Starlink 的交易，那就太好了。謝謝。並非你與對方建立了合作關係。

Okay, I'll start with the Puerto Rico part, a fixed business there last year, oh no, sorry, last year, this year, earlier this year, we took a price increase, and we saw you and bump up, post the price increase. And in addition to that, of course, competitive pressures have increased in the, in Puerto Rico. Our sense is that for the most part. Our trend, by the way, still remains quite low, but the trend that we're seeing, we are mostly going to other fixed operators. They're not going to fix wireless.

好的，我先說說波多黎各那部分，去年，哦不，抱歉，是去年，今年，今年早些時候，我們提高了價格，我們看到了你們，並在價格上漲後進行了調整。當然，除此之外，波多黎各的競爭壓力也日益增加。我們的感覺是，在大多數情況下是這樣。順便說一句，我們的趨勢仍然很低，但我們看到的趨勢是，我們大多轉向了其他固定營運商。他們不會修復無線網路問題的。

That's where our product is actually very competitive, both from a price standpoint and from a speed standpoint, we are actually doing really well. And here's why we're excited about our fixed business going forward. We've launched a number of new products that we've revised our pricing. Like I said, with our FMC bundle, but we've also launched a couple of new products.

我們的產品在這方面真的很有競爭力，無論從價格或速度來看，我們都做得非常好。這就是我們對未來固定資產業務充滿信心的原因。我們推出了一系列新產品，並調整了價格。正如我之前所說，我們有 FMC 套裝，但我們也推出了一些新產品。

One of them is always on product, we call it coupon in Puerto Rico. And that was one of our disadvantage, beginning of this year, with a lot of power outages in Puerto Rico, where competitive with fiber would probably not experienced the outage, if they have generators at home. Yet in the HFC plan you would see an outage, but with this new coupon product, it would, the customer doesn't miss a beat at all, and we're quite excited about that.

其中一種總是以產品形式出現，在波多黎各我們稱之為優惠券。今年年初，波多黎各發生了許多停電，這是我們的一個劣勢。如果波多黎各的居民家裡有發電機，那麼與光纖網路競爭的商家可能不會受到停電的影響。然而，在 HFC 計畫中，你會看到服務中斷，但有了這款新的優惠券產品，就不會出現這種情況，客戶完全不會受到影響，我們對此感到非常興奮。

In addition to it, we've also improved our Wi-Fi in the home with the software upgrade that is now makes us really one of, if not the best Wi-Fi in the home. So, we feel really good between our FMC, our new products are always on product, high reliability. And that's why we've also launched a 30-day money back guarantee to customers, new customers that come into our network.

除此之外，我們也透過軟體升級改進了家中的 Wi-Fi，現在我們的 Wi-Fi 品質即使不是最好的，也絕對是最好的之一。所以，我們對我們的FMC（柔性製造中心）非常滿意，我們的新產品始終保持著很高的可靠性。因此，我們也為加入我們網路的新客戶推出了 30 天退款保證。

So that's on the Puerto Rico fix. In Jamaica, we're still studying it. There's a number of things that we're looking at, right, and quite a bit of outages right now is because of power, or the lack of it. And as of today, the Jamaica Power Company, JPS is about 50% back on in Jamaica. To our network, specifically, it's more closer in the 40s, the mid-40s to our network where GPS has power to.

以上就是關於波多黎各的報道。在牙買加，我們仍在研究這個問題。我們正在調查很多問題，對吧？目前很多停電都是因為電力供應不足所造成的。截至今日，牙買加電力公司（JPS）在牙買加的供電已恢復約 50%。具體來說，對於我們的網路而言，它更接近 40 多度，或者說 40 多度，也就是 GPS 訊號覆蓋範圍的範圍內。

So, as the power comes back, you'll see our network recovered. Now, having said that, the hurricane did go to the west part of the island, quite seriously and has damaged a number of our towers. But as you recall, we have, we did a deal with the Phoenix tower, where with that deal, PTI is responsible for the rebuild, and they've been great partners. They put people on the ground, and they are rebuilding those towers on our behalf.

所以，隨著電力恢復，您將會看到我們的網路恢復正常。不過話說回來，颶風確實襲擊了島嶼西部，而且破壞力相當大，損壞了我們的一些信號塔。但您可能還記得，我們​​與鳳凰大廈達成了一項協議，根據該協議，PTI 負責重建，他們一直是很好的合作夥伴。他們派人到現場，正在代表我們重建那些大樓。

So there will be some work, but there's more to come. I think we're still in the early days of evaluating, both the network damage, as well as what is really done because of power. And as power comes back, I think you'll see our network come back up as well. Oh yeah, that was the 3rd question I'm startling.

所以會有一些工作要做，但還有更多工作等著我們。我認為我們仍處於評估的早期階段，既包括網路損害，也包括電力真正造成的後果。隨著電力恢復，我想我們的網路也會恢復運作。哦，對了，這是我遇到的第三個讓我感到驚訝的問題。

Let me say it this way, they have been great partners, and the product that we launched, we did it in literally like 72 hours, which is the PTC product, and this was actually very well received by our customers. So the way it works is when you do not have access to our cell power.

這麼說吧，他們一直是很棒的合作夥伴，我們推出的產品，也就是 PTC 產品，我們只用了 72 小時就完成了，而且這款產品實際上受到了客戶的熱烈歡迎。所以它的工作原理是，當您無法使用我們的電池電源時。

And so, you don't have network access in your mobile phone, you can do text and very low bandwidth data like WhatsApp, low bandwidth WhatsApp, through starling, and this kept a lot of our customers with full connectivity. So, we felt really good about the product. The second part of what we're using Sterling for is, B2B customers we fired up starling as a backup to our fixed product.

因此，即使您的手機沒有網路接入，您也可以透過 Starling 進行簡訊和使用低頻寬數據，例如 WhatsApp，這使得我們的許多客戶能夠保持完全的連接。所以，我們對這款產品非常滿意。我們使用 Sterling 的第二個用途是，對於 B2B 客戶，我們啟動了 Sterling 作為我們固定產品的備用方案。

So, where a fixed product is down, startling comes up. Now where there's no power into the to that business, then it doesn't matter what the method of connectivity is. But for the most part, we are already building up a lot of our B2B or fixed network, because most of our B2B customers are in Kingston, and that's coming up.

所以，當固定產品下降時，突如其來的產品就會出現。如果企業沒有電力供應，那麼連接方式如何就無關緊要了。但就目前而言，我們已經在建立大量的 B2B 或固定網絡，因為我們的大多數 B2B 客戶都在金斯頓，而金斯頓即將迎來發展。

The second concentration of B2B customers is in Mobay. Up north, northwest, and in that area, power is still out. There's a lot of challenges there, but we're slowly rebuilding that part as well. And Sterling has been a really good part of us.

B2B客戶的第二大集中區域是蒙特哥灣。北部、西北及週邊地區仍停電。那裡有很多挑戰，但我們也在慢慢重建那部分。史特林一直是我們團隊中非常重要的一員。

Very clear. Thank you.

非常清楚。謝謝。

Matthew Harrigan, Benchmark Company.

馬修·哈里根，基準公司。

Thank you. We all know it's dangerous to draw inferences from the US, mobile market, looking at your markets, people can't run out and buy an iPhone 17 Pro on a whim, and conversely, favorably, you have a lot more penetration upside, particularly on postpaid. But two things in the US market, T-Mobile is really doing well because they have such a high switching.

謝謝。我們都知道從美國行動市場得出的推論是危險的，看看你們的市場，人們不可能一時興起就去買一部 iPhone 17 Pro，相反，有利的是，你們的市場滲透率還有很大的提升空間，尤其是在後付費市場。但美國市場有兩個原因，T-Mobile 之所以表現如此出色，是因為他們的用戶轉換率非常高。

Share because they have a better network and in fact if you run the numbers, the whole industry can slow down a lot and they can still grow nicely on account of the superior switching share and then the cable operators of course have FMC advantages with the MBNO that they have with Verizon and you arguably could be positioned, for both of that, as you get these good. Postpaid numbers in the Caribbean markets in particular, but would you say that's a factor?

因為他們擁有更好的網絡，所以可以分享份額。事實上，如果你計算一下數據，整個產業可能會大幅放緩，但他們仍然可以憑藉卓越的交換份額實現良好成長。當然，有線電視營運商在與 Verizon 的 MBNO 合作方面也擁有 FMC 優勢。可以說，如果你能獲得這些優勢，你就可以在這兩方面都佔有有利地位。尤其是在加勒比海市場，後付費號碼的情況比較普遍，但您認為這是影響因素嗎？

Would you say that, even though people aren't buying the highest price point phones, that there's some device innovation that's a factor because clearly, you're putting up really nice postpaid numbers. And then on the parametric insurance.

您認為，即使人們沒有購買最高價位的手機，但設備創新也是影響因素嗎？因為很明顯，你們的後付費用戶數量非常可觀。然後是關於參數保險。

Because Melissa just had those record wind speeds and all that, and I know it's very precise and exactly where the where the speeds were recorded and all that, but it feels like you could get quite a disparity between the damage incurred and the payout, and it also feels like the insurance companies have to constantly appraise, their approach in doing that because it feels like you could get some.

因為梅麗莎颶風剛剛帶來了破紀錄的風速等等，我知道風速的記錄非常精確，確切地點也都有記錄，但感覺損失和賠償金額之間可能會有很大的差距，保險公司也需要不斷評估他們的做法，因為感覺可能會出現一些問題。

Quirky results, bad and good for you or the insurance companies, depending where you get the wind speeds and where you get the actual damage, because I'm sure you know at this point how fickle, damage and both for life and property can be from a hurricane.

結果難以預料，對你或保險公司來說可能是好事也可能是壞事，這取決於你在哪裡測得風速，以及實際損失在哪裡發生，因為我相信你現在應該知道，颶風造成的損失，無論是生命還是財產，都難以預料。

Thanks, and congratulations on the progress, and I'm very sorry in Jamaica. I've been there a number of times. It's a beautiful country.

謝謝，恭喜你們的進展，我對牙買加的遭遇深感抱歉。我去過那裡好幾次了。這是一個美麗的國家。

Matthew, thanks for your comments. I agree with the first part of your comment, that, as we get more and more postpaid, there's a lot of stability in that revenue, and that's why we've been focusing a lot on that. And you get out of the lot of the washing machine of the prepaid business, even though we do love the prepaid business as well. And in most of our markets, so you'll see our cost is not as high because it's not an equipment-driven market. So, it's really a great business for us postpaid.

馬修，謝謝你的評論。我同意你評論的第一部分，隨著後付費用戶越來越多，這部分收入也越來越穩定，所以我們一直非常關注這部分收入。這樣你就能擺脫預付費業務的束縛，儘管我們也確實很喜歡預付費業務。而且在我們的大多數市場中，你會發現我們的成本並不高，因為這不是一個以設備為主的市場。所以，對於我們這些後付費用戶來說，這真是一項很棒的事業。

On insurance, I'm going to let Chris comment, but I'll tell you, Chris and his team did a tremendous job. This is, there's some luck involved clearly because of the path of the hurricane, but the way the hurricane parametric insurance was designed with this, the concentric rings, it was very thoughtful. And in this case, the path of the hurricane triggered the west side ring.

關於保險方面，我打算讓克里斯來評論，但我可以告訴你，克里斯和他的團隊做得非常出色。也就是說，這其中顯然包含一些運氣成分，因為颶風的路徑不同，但颶風參數保險的設計方式，即同心圓環，考慮得非常周全。在這種情況下，颶風的路徑引發了西側環流。

And it triggered one of the other layers of the concentric rings from Kingston as well. We feel really good about this, and one of the great things that Chris did as well is that the payout is quick. So the NPV on this insurance is really good. But I'll ask Chris to give you a bit more color. Yeah.

它也觸發了金斯頓同心圓環的其他層之一。我們對此感到非常滿意，克里斯做得非常出色的一點是，付款速度很快。所以這份保險的淨現值非常好。但我會請克里斯再給你補充一些細節。是的。

Nice to hear from you, Matt. I mean, I think as we, as we look at the parametric, I mean, it's highly analytical and studied over, hundreds of years of storms, and we focus on where the value in our business resides so that it is protected so if it does go over an urban center. You know that there is a, recovery to help mitigate the damage on both BI and property, but it is, it's always evolving each year, continue to get smarter on trying to figure out the best ways to protect risk, for our business and, we have decade plus of knowledge here of continuing to evolve this, particular, parametric program.

很高興收到你的來信，馬特。我的意思是，我認為，當我們審視參數時，我的意思是，它是經過數百年風暴的高度分析和研究的，我們關注我們業務價值所在之處，以便保護它，即使風暴襲擊城市中心。您知道，有一種恢復方法可以幫助減輕商業智慧和財產損失，但它每年都在不斷發展，我們不斷努力尋找保護業務風險的最佳方法，並且我們在這裡擁有十多年的經驗，可以不斷改進這個特定的參數化程序。

Thank you.

謝謝。

Thank you. We have no further questions, so that will conclude today's question-and-answer session. I'd like to hand the call back over to Balan Nair for any additional or closing remarks.

謝謝。我們沒有其他問題了，今天的問答環節到此結束。我謹將電話交還給巴蘭·奈爾，請他作補充或總結發言。

Thank you, operator and thank you, everybody on the call for your support. We are very pleased with our results this quarter, and we see it continuing in this trend. All our initiative initiatives are kicking in, and as you can see, it's starting to yield very nicely. We feel the future is really bright here in LLA. Thank you very much again for your support.

謝謝接線員，也謝謝所有參與通話的人的支持。我們對本季的業績非常滿意，並預計這一趨勢將持續下去。我們所有的措施都開始奏效，正如你所看到的，它們已經開始取得非常好的成效。我們覺得LLA的未來一片光明。再次非常感謝您的支持。

Ladies and gentlemen, this concludes Liberty Latin America's third 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 年第三季投資者電話會議到此結束。提醒各位，本次電話會議的錄音回放將在Liberty Latin America網站www.lla.com的投資者關係版塊提供。您也可以在那裡找到今天演示材料的副本。