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 Mike Oliver, VP, Global Financial Reporting of Liberty Latin America.

Good morning, and welcome to Liberty Latin America's first quarter 2022 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 quarterly report on Form 10-Q most recently 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 any such statement or information is based. In addition, on this call, we will refer to certain non-GAAP financial measures, which are reconciled to the most comparable GAAP financial measures, which can be found in the appendices to this presentation which is accessible under the Investors section of our website. I would now like to turn the call over to our CEO, Mr. Balan Nair.

Thank you, Mike. Let's welcome everybody to Liberty Latin America's first quarter results presentation. I'll begin with our group highlights and an overview of our operating results. Chris Noyes, our CFO, will then follow with a review of the company's financial performance. After that, we will get straight to your questions. As always, I am joined by my executive team from across the region. I also have our new CTO, Amir Hussain, joining us for this call. I will get him and the rest of the ET involved 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. Starting on slide four. And now highlights for the quarter. Revenue was up by 1% on a rebase basis. This was a solid start to the year for the group, driven by strong performances in Costa Rica and CNW, which grew by 9% and 5% respectively, and also robust subscription revenues growth in Puerto Rico. In mobile, we are seeing strong results from our commercial focus on post-bates and delivered a record 121,000 ads in the quarter, significantly higher year over year. We are on track with our integration of previously acquired operations in Puerto Rico and Costa Rica, and this remains an important driver of our future free cash flow growth with over 85 million in synergies anticipated once these businesses are fully integrated. The transactions in Panama and Chile which we expect to drive further value, continue to progress towards completion in line with previous expected timelines. Finally, we have accelerated our buyback activity with over $55 million of shares repurchased in the first quarter, which is our most active quarter to date. Turning to slide five in our broadband internet subscriber ads by market. We are focusing on Internet subscribers here as this is the key driver of our fixed consumer proposition. Starting with CNW in the upper left of the slide, we have a slight negative net ad for the quarter driven by a channel focus on post-paid mobile and churning out bad credit customers. We anticipate our net ads to return in future quarters. Year over year, first quarter financial performance was driven by growth of our base over the past 12 months, so you can see that in the chart. Moving across in the center of the slide and Liberty, Puerto Rico, this continues to be one of our best performing operations. And we delivered a good quarter with 8,000 broadband RGU ads consistent with the last two quarters performance. For this right on the top row to Costa Rica, where we have seen consistent growth in additions and added 9,000 broadband subs in Q1, 50% higher year over year. Moving to the lower left and CNW Panama, we had a strong quarter with 9,000 broadband ads, 80% up on the prior year period. We have continued to invest in our fiber networks in Panama, and it was our second largest market for new build and upgrade activity behind Chile in the quarter. Finally, VTR saw a reduced level of broadband losses in Q1 sequentially, as our commercial activities had some positive impact. However, the market continues to be intensely competitive. We remain focused on stabilizing our subscriber base in Chile, and I'll cover our strategy here in more depth later in the presentation. Overall, the group generated broadband ads improving on Q4 level. Moving to slide six in our mobile performance, we have highlighted post-paid ads as this is our focus and a driver of growth in recurring revenue. starting in the top left of the slide and CNW. Our distribution channel initiatives have continued to drive strong performance with 50% growth in ads year over year and 25% growth sequentially. We expect this momentum to continue through the rest of the year. Turning to Puerto Rico, we had a particularly strong first quarter, adding 39,000 postpaid customers. This was driven by a government initiative incentivizing mobile data access for teachers and students. Excluding these impact additions, we were broadly in line with prior quarters. Moving to the right of the slide in Costa Rica, this is our largest mobile operation in terms of subscribers and was acquired during the third quarter last year. In Q1, we added 44,000 post-paid subs here as we continued to grow our overall customer base and migrate subscribers from prepaid. On the bottom left of the slide, we present Panama's mobile subscriber performance. Building on a strong performance in Q4, we added 28,000 postpaid subscribers in the first quarter, driving 25% year-over-year postpaid revenue growth. In aggregate, we are building momentum and delivered a record quarter for postpaid ads, adding 121,000 subscribers. which was nearly double our Q4 performance. We are improving our post-paid to prepaid mix and growing our recurring mobile revenue. Next is slide seven and our B2B operations. Starting on the left of the slide, we delivered 4% revenue growth in Q1. This was driven by growth in B2B service revenue, particularly in CNW where we won some significant contracts as well as delivering growth in fixed and mobile subscription services. In the rest of the slide, we've outlined some of the products we offer across our B2B customers, starting with SMB in the center. This is a segment which currently represents less than 20% of B2B revenue, but where we've identified that we are underweight and can generate increased penetration. As with all our customers, we aim to combine leading products with fantastic service, in this case 24 by 7 support. And from a product perspective, we have created packages that leverage our full-service communications capabilities with smart solutions layered on top, according to customer needs. On the right of the slide, we present the solutions we deliver to satisfy the needs of larger enterprises and government customers, ranging from essential connectivity to security, collaboration, and IT infrastructure products. Finally, to slide eight. where we provide updates on the Chile market as well as important integrations taking place in Puerto Rico and Costa Rica. Starting on the left of the slide with Chile. As we've mentioned previously, this is an extremely competitive market with multiple operators. Our focus here is to compete aggressively to win and retain customers. Consistent with this approach, we launched a new range of plans called Phoenix in March, a key month of the year including back-to-school campaigns. With these plans, we introduced significantly lower price points for our products with a focus on our broadband offering, which carried the lead discount. As a result, we recorded our highest ever number of gross ads in March, adding 100,000 RGUs. Even though I must say, churn remained a challenge given the competitive intensity. We also saw strong traction across our HFC footprint with the offers. Further highlighting that price is a key decision factor for customers. From an inorganic perspective, we are progressing with approvals for the JV with Claro in Chile and anticipate closing the transaction in the second half. The combination is expected to drive significant annual synergies of over $180 million, as well as consolidation in the markets. On the right of the slide, we wanted to provide an update on the integration activity in Puerto Rico and Costa Rica. The key takeaway here is that both are on track. In Puerto Rico, we are entering an important phase as we look to start migrating customers to our new mobile core towards the end of the year. We anticipate completing all aspects of the integration at the end of next year, and so we'll see the full benefit of over $70 million in synergies during 2024. In Costa Rica, we are progressing similar work streams, however, slightly earlier in the process, given the acquisition completed more recently. Again, we anticipate seeing the full benefit of over $15 million in synergies during 2024. Across both transactions, we expect to deliver somewhere in the region of $90 million of synergies once integration activity is completed. Overall, We have had a steady start to the year and anticipate building operational and financial momentum through 2022. Our inorganic moves should drive additional growth in the coming years, particularly for free cash flow as synergies are achieved. With that, I'll pass you over to Chris Noyes, our Chief Financial Officer, who will talk you through our financial performance before we take your questions. Chris?