Liberty Latin America Ltd.

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 Vinod Karup, Interim Chief Technology Officer of Liberty Latin America.

Good morning, and welcome to Liberty Latin America's third quarter 2021 investor call. At this time, all participants are in listen-only mode. Today's formal presentation materials can be found under the investor section of Liberty Latin America's website at www.lla.com. Following today's formal presentation, instructions will be given for a question and answer session. As a reminder, this call is being recorded and will be available under the investor section of our website. Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlook and future growth prospects, and other information and statements that are not historical fact. Actual results may differ materially from those expressed or implied by these statements. For more information, please refer to the risk factors discussed in Liberty Latin America's most recently filed annual report on Form 10-K and the most recent Form 8-K filed with the SEC, along with the associated press release. 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 such statements or information is based. In addition, on this call, we will refer to certain non-GAAP financial measures which are reconciled to the most comparable GAAP financial measures, which can be found in the appendices to this presentation, which is accessible under the Investors section of our website. I would now like to turn this call over to our CEO, Mr. Balamay.

Thank you, Vinod, and welcome everybody to Liberty Latin America's results presentation for the third quarter of 2021. I'll begin with our group highlights and operating results before handing over to Chris Noyes, our CFO, who will provide a review of the company's financial performance. After that, we will get straight to your questions. As always, I'm joined by my executive team from across the region. I'll get them involved as needed during Q&A, following up 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. Starting on slide four and our highlights, we delivered 84,000 fixed RGU ads in Q3. representing our strongest quarter of the year so far. This continued our momentum from the first half, and we've now added nearly a quarter of a million RGUs year-to-date. CNW Panama and CNW Caribbean and Networks drove the majority of additions. In mobile, we had another strong quarter, adding 74,000 new subscribers, about half of which were post-paid, We also saw good initial contributions from our mobile operations in Costa Rica, which we acquired from Telefonica on August 9th. As we've previously highlighted, new build and upgrade plans are a core element of our growth strategy, and we continue to build aggressively in the third quarter, taking our year-to-date homes added or upgraded to approximately 600,000. About 99% of these ads have been through fiber to the home technology. Free cash flow is our key focus, and we delivered a strong performance in the quarter with year-to-date adjusted free cash flow now at $149 million to the end of September. We are clearly on track to exceed our guidance of $200 million this year, and Chris will cover this further in his section. Finally, we have made some important inorganic announcements with the acquisition of America Mobile's Panama operations and a 50-50 joint venture with America Mobile in Chile, both of which are expected to close next year. These transactions will enable us to improve our networks and customer propositions, including delivering converged solutions in Chile, whilst also generating significant synergies and value for our stakeholders. Turning to slide five in our fixed consumer business. On the left of the slide, we present our quarterly RGU ads since Q1 2020. This shows the initial impacts of COVID-19 and our recovery since then with consistent additions through this year, culminating in Q3 strong performance. In terms of our markets, CNW Panama was the main driver for the group's third quarter results, adding 30,000 RGUs, which was more than Panama had contributed in the entire first half of 2021. We have invested in our networks and products in Panama and are pleased to see operating results coming true. CNW Caribbean and networks also delivered another strong quarter with 25,000 net ads, led by Jamaica, which has now added 100,000 RGUs over the last 12 months. Puerto Rico and Costa Rica continued to grow their subscriber bases in Q3, led by broadband RGUs, which contributed over two-thirds of their combined total ads. Chile remains intensely competitive. However, we have reported another quarter of stable subscriber numbers and are excited about the potential for a joint venture with America Mobile, which I will cover later in the presentation. On the right of the slide, we have shown our new build and upgrade progress over the same period. we remain committed to investing in our networks and product offerings to deliver greater access to high-speed connectivity solutions for our customers and have already built or upgraded 50% more homes in the first three quarters of 2021 than we did through all of 2020. Importantly, nearly all of our bills is now fiber to the home and we continue to plan on deploying this technology for the rest of our bills. Moving to slide six and our mobile performance, again, we have presented quarterly evolutions from the beginning of 2020. In the upper part of the slide, the chart shows the significant impact of mobility restrictions on our operations in the first half of 2020 and our subsequent recovery. In Q3, we included for the first time the mobile operations which we acquired from Telefonica in Costa Rica. We are in the early phases of integrating our businesses in Costa Rica and are pleased with what we have seen today from what is now our largest mobile operations in terms of subscribers. In the period during the quarter under our ownership, Costa Rica contributed 37,000 mobile subscribers. Of our other markets, CNW Caribbean and Networks and CNW Panama were again the largest contributors to the group's results, delivering 24,000 net ads each. In aggregate, we added 74,000 mobile subscribers in the quarter with a blended ARPU of $15 across our base. On the bottom of the slide, we present our post-paid ads over the same period. We have been successful in building momentum in postpaid through targeted promotions, including our nascent Converge offerings. Costa Rica and Puerto Rico are our largest postpaid markets, and they led the group in Q3 with 15,000 and 40,000 ads, respectively. CNW Caribbean and Networks and CNW Panama have also been steadily growing their postpaid basis, adding 16,000 postpaid subscribers in aggregate during the quarter. next to slide seven, and our B2B operations. In the bar charts, we break out the performance for CNW Caribbean and Networks, CNW Panama, and Liberty Puerto Rico over the past two years. These segments include the majority of our B2B operations, representing over 95% of total B2B revenue in the third quarter. On the far left, we show CNW Caribbean and Networks revenue with the subsidy components split out. The subsea business has been consistent throughout the period and slightly higher in the latest quarter. This speaks to its resilience, which is further reinforced by its U.S. dollar rating. The non-subsea B2B operations in CNW Caribbean and networks were impacted more severely by COVID-19, but are steadily recovering and off their lows. Next to CNW Panama or MassMobile in the center. Panama was one of our most severely impacted markets in 2020 and early 2021, but the segment is now back to pre-COVID revenue levels, and we are looking for further progression from here. Finally, delivery Puerto Rico. This chart shows the scale of B2B operations we acquired in the AT&T transaction, as the Q3 2021 figure includes B2B operations we acquired net to the B2B asset we disposed. With our converged propositions, we believe this can be a growth driver for Puerto Rico. On the right of the slide, we have broken out our B2B customer segments and provided an indication of their respective sizes. Finally, to slide eight, and a review of the inorganic progress we have made. Before going through some of the details, I want to share how excited we are about these transactions. We've always said the best M&A are in-country transactions, where they solve for product gaps or improve existing offerings, clear generation of synergies, create scale to strengthen our market positioning and propositions, and most importantly, ability to drive meaningful free cash flow growth. Moving to a bit more detail, on the left of the slide, we've outlined the rationale for our announced 50-50 joint venture with American Mobile in Chile. Through this transaction, we will combine a strong fixed operator with a strong mobile operator. This new company will have scale to provide all communications needs to both consumers and businesses. We plan on investing in more fiber to the home, increase 5G coverage, strengthen our B2B propositions, increase our digital channels, and possibly partnering with other operators on our network. the combined business plan to generate significant synergies of over $180 million. And we feel that this transaction makes sense for Chile, where the combined company will only be the third largest provider behind Intel and Telefonica, and hopefully a catalyst for more consolidation in that market. We expect the transaction will close in the second half of 2022, and I've also noted some key elements of the structure on the slide. Tending to the right of the slide, we also announced the acquisition of American Mobile's Panama operations. This transaction will consolidate the market from four to three players. This will create a healthy situation for all three remaining players. It will also bring scale to CWP on both consumer and B2B propositions and distribution. It improves network coverage and customer experience. And, as with the Chile transaction, we expect to generate significant synergies. Note that this acquisition will be funded at the asset level in Panama. In addition to these announced transactions, we were pleased to complete the acquisition of Telefonica Costa Rica operations in August. Integrating this mobile business with our fixed operations at Cabletica will enable us to create compelling product offerings for our customers, as well as drive synergy benefits. We are also making progress with the integration of our Puerto Rico operations, where we are one year into a three-year plan and recently completed an important milestone as we rebranded fixed and mobile operations to Liberty. Overall, as we approach the year end, we are focused on delivering our guidance targets and establishing a platform for sustained organic growth across our operations. We are also working diligently to integrate operations we have acquired as well as to close the transactions announced. We remain confident that together, these actions will create additional value and position us to deliver adjusted free cash flow growth in the coming years. With that, I'll pass you over to Chris Noyce, our Chief Financial Officer, who will talk you through our financial performance before we take your questions. Chris?