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 Joana Escobar, General Manager and Chief Executive Officer of Liberty Costa Rica.

Good morning and welcome to Liberty Latin America's first quarter 2023 investor call. At this time, all participants are in recent online mode. To date, for more presentations, materials can be found on the Investor Sessions of Liberty Latin America's website at www.lla.com. Following today's formal presentations, instructions will be given for a question and answer session. As a reminder, this call is being recorded and will be able on the Investor Sessions of our website. Today's remarks may include forward-looking statements including the company's expectations with respect to its outlook and its future prospects, and other information and statements that are not historical facts. As your resource may differ material from those expressed or implied by these statements. For more information, please refer to the risk factors discussed in Liberty Latin America, 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 obligations to update any forward-looking statements or information to reflect any change in 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 measure, which can be found in the appendices to this presentation, which is accessible on the investor sections of our website. I would now like to turn the call over to our CEO, Mr. Vala Neir.

Thank you, Johanna. And 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 by reporting segment. Chris Noyes, our CFO, will then follow with a review of the company's financial performance. After that, we will get straight to your questions. As always, I'm joined by my executive team from across the region, and I will 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. Starting on slide four, and our highlight for the quarter, we continue to drive organic volume growth in Q1, adding 65,000 subscribers across high-speed fixed internet and mobile post speed. Internet additions were particularly strong in the quarter. led by improved performance in CNW Caribbean. The results reflect net additions in all of our reporting segments, providing a solid operational start to the year. The group reported adjusted EBITDA of $407 million in the quarter. This represented a rebase growth rate of 4%, which was in line with our expectations and keeps us on track to achieve our financial goals for the year. Moving to our integration activities in Puerto Rico, Panama, and Costa Rica. 2023 is a key year which will set us up to deliver significant value for stakeholders. Of note in the quarter, we begin to migrate prepaid customers to our newly built mobile platform in Puerto Rico. We are also moving quickly to consolidate our operations in Panama following the lifting of certain restrictions earlier this year. Finally, I'm pleased to announce that in line with our previously stated capital allocation strategy, the company has authorized an additional up to $200 million for share buybacks. We continue to hold the view that the most compelling capital returns are in our own company. Turning to slide five, I'll begin our operating review with CNW Caribbean. I'm pleased to say that economies in the regions are continuing to recover from the impacts of COVID-19. and this is reflected in our strong performance. On the left of the slide, we present our internet and mobile postpaid additions. Internet additions continued to build in the first quarter as we added 11,000 RGUs, representing a significantly improved performance compared to the prior year period. Jamaica drove this improvement following the successful launch of our yard and road promotions and FMC propositions. Investments in our networks have also driven increased market penetration. More than 80% of homes passed at CNW Caribbean are now giga ready, meaning that they are capable of delivering broadband speeds of one gigabit per second or more. In mobile, we delivered another solid performance with 20,000 postpaid subscriber additions, 33% higher than in the prior year quarter. We continue to drive penetrations of our FMC products and have exciting plans through 2023. In connection with our enhanced services and offers, we have implemented nominal fixed service and prepaid mobile price increases in select markets to reflect the added value being delivered to our customers. In most cases, these rate adjustments follow several years without any increase. Moving to the center of the slide and our revenue by product. The pie chart here depicts the well-diversified nature of CNW Caribbean's revenue, with B2B and consumer fixed the largest elements, followed by consumer mobile. We saw strong growth in mobile revenue during the quarter driven by subscriber additions over the past 12 months. However, this was more than offset by a decline in B2B revenue due to a strategic change that Chris will cover in his remarks. Without this, revenue would have grown by 2% in the quarter on a rebase basis. Moving to slide six in our CNW Panama segment. Starting on the left of the slide, Internet RGU additions in Panama showed healthy growth sequentially and consistent performance year over year. We launched DOCSIS 3.1 and combined with our extensive fiber to the home network, we offer speeds of one gigabit per second to more than 85% of home spares. We expect that these significant investments will underpin continued growth. In mobile, we remain focused on post-paid and maintain a stable subscriber base in the quarter. In prepaid, we are targeting improved ARPUs through the mix of packages we offer and a focus on higher value customers. We think ARPU increases in prepaid is long overdue in our markets. Moving to the center of the slide and our revenue by product. In Panama, our largest products by revenue are mobile and B2B. Fix is the smallest product area, but one of the fastest growing. In Q1, all our products in Panama showed growth, with FIX and B2B performing particularly strong as they grew 6% and 7% respectively. B2B typically starts the year slowly after the seasonal peak in Q4. However, growth in mobile services and customer contract rents in the period drove a positive year-over-year result. Despite a decline in prepaid customers, mobile revenue was also higher year-over-year. Finally, to our integration update outlined in the lower right of the slide, we remain focused on integrating the Claro Panama operations. Following the lifting of restrictions in January, we have made good initial progress as we work to combine customer-facing aspects of the business, such as stores, brands, and propositions. We are advancing the integration of our back office functions, and we are consolidating infrastructure and benefiting from associated savings, expanded coverage, and capacity. Next to slide seven, and Liberty, Puerto Rico, our largest single market. Starting on the left of the slide, our internet net additions were in line with the prior year period. We continue to invest in the expansion and upgrade of our networks in Puerto Rico and anticipate that this, together with our converged propositions, will drive sustained growth. We implemented price increases earlier this year and seen de minimis impact on churn levels as our network quality and propositions continue to resonate with customers. Turning to mobile, we held a post-bid base steady in the quarter, continuing to record low churn levels at around 1% a month. In prepaid, we lost subscribers, which was impacted by constraints we have until the integration is complete. Heavy subsidies, both to attract new customers and to retain existing customers, have led to lower ARPUs in the market. And we may look to introduce price increases to help offset this impact. Moving to the center of the slide, consumer mobile is our largest product in Puerto Rico, with just under 50% of our revenue. This is followed by a fixed business representing a third of the total, and B2B at 15%. Fixed revenue grew in the quarter. However, mobile was lower, post-paid subscriber growth was offset by ARPU and prepaid subscriber declines. B2B is a growth opportunity for us given our relatively underweight market share position. To differentiate our propositions, we are introducing exciting new products leveraging our leading network capabilities. As an example, we recently launched our all-based-on connectivity solution where a customer's network will run on fixed infrastructure by default However, if that stops working due to, for example, a power outage, our model will seamlessly switch to the mobile network to keep a customer connected. Finally, there are integration updates on the lower right of the slide. Integration is a significant focus for us in Puerto Rico, and we are now entering the latter stages of the process. Of note, our team is beginning to bring existing and new prepaid customers onto our networks and platforms. A key milestone will be when we start to migrate post-paid customers in the fall. Turning to slide eight and Liberty Costa Rica. Starting on the left of the slide, our internet subscriber base remains stable in the quarter with additions in line sequentially. In mobile, our market-leading business continued to grow, adding 13,000 post-paid subscribers in the quarter. The launch of our Liberty Total FMC bundle in March is expected to drive for ads and improved churn rates across internet and mobile. Moving to the center of the slide, consumer mobile is our largest product with close to 60% share of revenue. This is followed by our consumer fixed business representing just under a third, and then a small but fast growing B2B operations. Mobile and B2B drove revenue growth in Costa Rica year over year. We see potential for sustained growth in our B2B operations as we are currently underweight in this area and can leverage products propositions, and capabilities from other parts of LLA to differentiate our offering in Costa Rica. We also plan to take price increases and fix this quarter. We anticipate that the increased value of speed and better Wi-Fi will make the price increase go smoothly. Finally, to our integration update in the lower right of the slide. We anticipate 2023 will be the final year of integration activities related to Telefonica Costa Rica acquisition. We are on track to deliver synergies as anticipated with a full run rate level from the end of the year. Finally, to Slide 9 in our CNW network and LATAM segment. Starting with wholesale on the left-hand side, where we grew revenue by 4% in the quarter. Running through the highlights, our 80% of revenue and cash flow is denominated in U.S. dollars, making the business very stable and predictable. we have a unique mesh network across the region with multiple points of redundancy, including the lowest latency connectivity from Colombia to the U.S., enabling us to provide comprehensive connectivity solutions. We continue to increase our capabilities, recently moving to 400 gigabit wavelength technology for our U.S. terrestrial networks into connecting Latin America with key U.S. data hubs. In the center of the slide, you can see that wholesale accounts for most of their revenue within approximately 75% share. Although a smaller part of this reporting segment, our LATAM B2B business is one of the fastest growing areas across our group, with revenue up 12% in Q1. On the right of the slide, we provide some more color on this area. The chart here shows two different major product groups within our LATAM B2B business. The largest element remains connectivity, However, the highest growth area is value-added and managed services, which include cloud-based data center solutions, disaster recovery as a service, and cybersecurity solutions, among others. We expect the value-added services area to continue a strong growth trajectory, representing a larger share of B2B revenue over time as customers look to increase the sophistication of their IT platforms and products. 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?