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 Stephen Price, Country Manager of Jamaica.

Good morning, and welcome to Liberty Latin America's second quarter 2023 investor call. At this time, all participants are in listen mode only. 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 Investors section of our website. Today's remarks may include forward-looking statements, including a 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 report on Form 10-K and the Quartler 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, Stephen, and welcome everyone to Liberty Latin America's second 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 am 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 highlights for the second quarter. We continued our operational momentum with another solid quarter in broadband and mobile postpaid, adding 52,000 subscribers to our base. Another quarter of solid performance in cable and wireless Caribbean, especially Jamaica, and in cable and wireless Panama. The positive results are driven by our focus on FMC with a two percentage point increase in penetration in both Jamaica and Panama in the first half of the year. We are the leading grower in fixed RGUs and one of the top in broadband growth among LATAM and North American operators. We have also made substantial progress with our GigaNet initiative. 77% of our home suppliers are currently gig-ready, a 9 percentage point increase versus Q422. And the goal is to reach 80% of the base by the end of this year. We've reported adjusted OEBDA of $445 million in the quarter for the group, representing a 4% year-over-year increase. This is underpinned by 1% year-over-year rebase revenue growth, adjusting for the discontinuation of the slightly negative margin transit business as discussed last quarter. Sequentially, our Q2 adjusted OEBDA grew by 10%, reflecting positive financial momentum. These are some of the best numbers among telecom operators for the quarter. In addition, our OEBDA margin is now at 40% with operating leverage as shown by the revenue and OEBDA growth. We made significant steps forward in our equity buyback, repurchasing $132 million across our equity and convertible bond in the quarter. Since the beginning of the year, We have repurchased 82 million of shares and reduced the convert outstanding amount by a quarter with a balance currently below 300 million. Finally, our integration work has continued to move forward with Costa Rica now close to finalized and Panama and Puerto Rico progressing well. In Puerto Rico, a new 5G mobile core and IT stack are operational. We have already migrated 35,000 prepaid customers, representing a quarter of the base, and we have started migrating the first postpaid customers. We are working with leading global suppliers such as Salesforce and Ericsson to create cutting edge infrastructure for the market. Turning to slide five. I'll begin our operating review with Cable and Wireless Caribbean. The solid rebound of tourism in our islands continued in Q2, continuing the trend we observed in Q1 and supporting this segment's performance. On the left of the slide, we display our internet and mobile postpaid additions. Internet additions of 7,000 compared positively year over year, representing an increase of nearly 70%. The main contributor was Jamaica. However, Bahamas is the fastest growing market in percentage terms with 7% subscriber growth sequentially and 15% since the beginning of the year. The good performance in mobile with 16,000 post-bate ads this quarter was mainly driven by Jamaica where our continued focus on FMC and post-bate product is bearing fruit. Across fixed and mobile, we implemented strategic price increases in several markets, which have landed as planned with no material impact to churn. Moving to the center of the slide and our revenue by product. The pie chart here depicts the well-diversified nature of cable and wireless Caribbean's revenue, with B2B and consumer fixed the largest elements, followed by consumer mobile. We reported sequential growth in both mobile and fixed subscription revenue driven by both volume and ARPU. Year-over-year rebase revenue growth was flattening the quarter, adjusting for the discontinuation of the transit business. This would have been 280 basis points higher. Organic growth was driven by higher mobile and fixed subscription revenue, benefiting from increased FMC penetration. Moving to slide six. and our CNW Panama segment, starting on the left of the slide. Internet RGU ads were in line with Q1 and 75% higher versus the prior year. Our subscriber base is up 6% since the beginning of the year, supporting financial momentum. In mobile, our strategy of focusing on post-paid and high-value prepaid is yielding positive results As we delivered a modest increase in our post-paid base and prepaid losses were lowered sequentially and year over year. 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. Following the positive momentum in Q1, both Fix and B2B recorded strong rebase revenue growth in the second quarter. posting rebase increases of 8% and 7% year over year respectively. Growth in fixed revenue was supported by higher broadband ARPU, driven by customers contracting higher speed plans and higher tier bundles. We are also making good progress decommissioning our copper network in Panama and are on track to have this completed by the end of next year. In mobile, We saw improved recharge levels and usage for prepaid and lower acquisition and retention discounts in postpaid. Finally, to our integration update outlined in the lower right of the slide. We are making good progress with the integration of cloud of Panama's operations. The focus in Q2 was defining and implementing our client migration strategy and planning on network integration to modernize infrastructure and expand capacity and coverage. Given our progress with these initiatives, we are on track to deliver a synergy objective, which also underpins growth in the second half. Next, to slide seven, and Liberty Puerto Rico, our largest single market. Starting on the left of the slide. We reported another quarter of internet ads as our March price increases landed while we churned stable at about 1%. This is a testament to our strong customer service and network reliability underpinned by our investments in fiber to the home. Since Q2 last year, we increased our fiber homes by 70%. In addition, we successfully launched our 1 gigabit Speed across majority of our HFC footprint using DOCSIS 3.1. The take rate and upgrades have exceeded our expectations. Turning to mobile. Sequentially, our post-paid base stayed relatively flat, while we experienced a similar level of losses in prepaid. We are in a transitional phase. We plan to revamp our prepaid strategy and launch customer-centric post-paid customer value propositions as soon as migrations are completed. In this regard, with the help of our commercial partners, we are working hard to build beach-spoke platforms that will enable us to be more effective in the market through custom FMC bundles and offerings tailored specifically for the Puerto Rico and USVI market. 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 our fixed business representing a third of the total and B2B at 16%. In Q2, fixed revenue was up 5% year over year, driven by the steady growth in our broadband base. Mobile subscription revenue remained flat sequentially, however, was lower year over year. Finally, to our integration updates on the lower right of the slide. We are continuing to migrate our prepaid customers to our new platforms. On the post-paid side, we have just started to bring across our first batches of customers, and the migration rate will ramp up in the coming weeks and months. We are working closely with partners, including AT&T and Apple, and expect to finalize the integration by end of the year. However, the process is clearly complex, and we are proceeding with customer experience being our first and foremost priority. Turning to slide 8 and Liberty, Costa Rica. Starting on the left of the slide, our fixed subscriber base remained broadly flat in Q2 with a small increase in churn following a price increase in May. In mobile, we recorded strong postpaid additions in the quarter driven by our prepaid to postpaid migration strategy. According to the latest report by the regulator, in 2022, we reconfirmed our leadership with over 46% of market share with post-paid market share increasing 5 percentage points versus 2021. 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 over 30%, and then a small but fast-growing B2B operations. Finally, to our integration update in the lower right of the slide, integration activities continue to be on track. We expect to roll off the PSA and hit our run rate synergy target of 15 million by the end of the year. Finally, to slide nine in our Liberty Networks segment. Starting from the left-hand side of the slide, I am pleased to announce that in Q2, we successfully completed our rebranding from CNW Networks to Liberty Networks, a single brand across wholesale and enterprise, providing greater scale and consistency on messaging across multiple segments. The new brand with its fresh look conveys customer centricity, innovation, reliability, and performance, which are the foundations of our competitive edge and growth potential. We are driving this segment in the region and held our inaugural Lynx Leadership Event in Mexico earlier this year. With our top 100 customers, industry and global thought leaders where we discuss hot topics such as the impact of AI in LATAM and the Caribbean, FinTech, and technology disruption. Running through the wholesale and enterprise highlights on the right-hand side of the slide. Wholesale, accounting for three-quarters of the segment's revenue, delivered 3% growth in the first half, mainly driven by capacity increases and upselling our existing customers and new capacity sales. Steady growth, mostly U.S. dollar-denominated revenue, and low CapEx requirements underpins high cash flow conversion. Our unique multi-ring infrastructure remains a differentiating factor in relation to other networks in the region and a synonym for reliability. On the bottom right, Enterprise, representing the remaining quarter of revenue, posted a 13% increase driven by high demand for our connectivity, active churn management, and cross and upselling of value-added services. Following our rebranding, we anticipate our solid pipeline to convert to new customers in the months to come. Overall, Q2 was another solid quarter from a commercial and operational perspective, and we expect more progress in the second half of the year as we move towards finalization of our integration projects and drive greater free cash flow generation. We also plan to continue delivering value to our shareholders through our equity buyback program. 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?