Liberty Latin America Ltd.

Good morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded. I'll turn the call over to Eduardo Diaz-Corona, Senior Vice President and General Manager of Liberty Puerto Rico.

Good morning, and welcome to Liberty Latin America's full year 2023 investor call. At this time, all participants are in listen-only mode. Today's formal presentation materials can be found under the investor relations 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. 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, 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 the 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, Eduardo. and welcome everyone to Liberty Latin America's fourth 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 highlights for the year. We consistently grew our high-speed internet and post-paid mobile bases through the year, adding 186,000 subscribers in total. This represents an overall increase of 5% in our base and is evidence of the volume growth potential in our region we have previously discussed. Broadband performance was particularly robust with growth across our reporting segments. We reported adjusted OIBDA of $1.7 billion in the year, representing a 6% year-over-year increase. This is our best rebase growth performance since 2019 and was driven by double-digit growth in CNW Caribbean, Panama, and Costa Rica. We grew despite the shortfall in Puerto Rico. We continue to also allocate capital for our buyback programs with $300 million between stock and convertible purchases in the year. We anticipate that the convertible bond will represent the majority of our buyback this year with $220 million currently outstanding and due in July. Finally, we are making progress with our key business integration activity in Puerto Rico. with over 80% of our customers now successfully moved to our new mobile core and IT platform. I'll provide more details later in the presentation, but the key message here is that we are on track with the timeline we communicated when we last updated the market in November. Turning to slide five, I'll begin our operating review with CNW Caribbean, where we saw good momentum throughout the year, consistently adding subscribers and positioning the business to continue its growth profile in 2024. Starting on the left of the slide with our subscriber additions, we delivered nearly 100,000 additional subscribers across internet and mobile post space in the year. This represented a 9% uplift in ads year over year and was driven by growth of over 30% in Jamaica. Our FMC strategy continues to drive performance in these two product lines growing volumes and improving our churn levels. We intend on taking price increases this year consistent with inflation. We will be tactical and thoughtful about it to optimize price increases versus churn and retention givebacks. Moving to the center of the slide and our revenue by product. The pie chart depicts the well diversified nature of CNW Caribbean's revenue with B2B and consumer fixed the largest elements followed by consumer mobile. Revenue was flat year-over-year as underlying growth was offset by the discontinuation of transit business, which we have mentioned throughout the year. Adjusting for this, our rebase growth rate for the year would have been nearly 300 basis points higher. Overall, 2023 was a good operational year for CNW Caribbean, and as Chris will come on to, this helped drive strong double-digit adjusted OEBIDA growth. Moving to slide six in our CNW Panama segment. Starting on the left of the slide, we continued our broadband momentum in 2023, adding 29,000 subscribers, which was 12% higher year over year. We are continuing to invest in our network, expanding and upgrading with FTTH home passings, and I'm pleased to say that only 6% of our footprint is now covered by copper. Our focus is to remove this substantially by the end of 2024. In mobile, we reported modest postpaid losses driven by retail disruption during some protests in the quarter. Looking ahead, we have focused on prepaid to postpaid migration, increasing the use of our digital channels, improving the effectiveness of our campaigns, and achieving better retention. Similar strategy to the one which has brought us success in neighboring Costa Rica. Moving to the center of the slide and our revenue streams which in aggregate drove our top line 5% higher in the year. Growth was driven by B2B and fixed products which were up by 12% and 7% respectively. B2B had a strong year following a number of high profile contract wins and growth in underlying recurring revenue. Our fixed performance was supported by higher volume from our successful commercial strategy, including a focus on triple play plans, which now represents over half of our customer base. In mobile, revenue was broadly flat, and as mentioned, we are focusing on a strategy to drive growth in 2024. We plan on moving our prepaid pricing up through a thoughtful value ladder. This and adjustments to post-paid pricing is expected to drive mobile revenue growth this year. Finally, to our integration update in the lower right of the slide, we have made good progress with our plans and achieved 70 million of total run rate synergies by the end of 2023, of which approximately 20 million related to CapEx, providing a tailwind for the business into 2024. The main outstanding area is to complete the migration of acquired customers. To date, we have successfully brought across 100% of the prepaid base, and we plan to have all customers across in the first half of the year. Note that this is not expected to be as challenging as in Puerto Rico, given our existing mobile platforms and capabilities in Panama. Next, to slide seven, and Liberty Puerto Rico. Starting on the left of the slide. we delivered a robust year of in-net additions, growing our subscriber base by 4%. Our business has continued to invest in products and infrastructure with over 50,000 new fiber-to-the-home passed or upgraded to fiber-to-the-home in the year, an increase of over 20%. We now have 150,000 fiber-to-the-home, or 13% of our network, with FTTH, while the majority of HFC is at DOCSIS 3.1. Turning to mobile, we have had a challenging year, particularly in the fourth quarter as we accelerated our migration efforts. I would highlight a couple of points here. Firstly, we have been impacted by the withdrawal of ECF funding for schools in Puerto Rico. This is a program funded by the Department of Education. This drove 13,000 subscriber losses in Q4 2023 and we anticipate a further 50,000 headwind in Q1 2024. Our pool for these customers is less than half our average across the base. Secondly, I mentioned our new prepaid offers during the last call, and these have started to show positive results. Overall, however, sales have been challenged as we have repurposed our in-store customer-facing colleagues to focus on migration activities. This will reverse once we are through the migration, with our sales force primed to re-vector towards thriving volume growth. We also plan to bolster this unit with our proposed acquisition of Boost customers from DISH networks later this year. These actions should help drive an anticipated inflection in the second half, as I'll come on to. In the center of the slide, we showed the revenue mix in Puerto Rico and our overall 3% top line decline in the year. This was driven by growth in our fixed consumer and B2B operations being more than offset by mobile challenges. we plan to reverse the mobile trend in the second half of 2024 when we are done with the migrations and our stores plus call center channels can get back to selling. Finally, to our integration update. We have made significant progress with migration activities since we last updated the market in November and have now moved over 800,000 customers to our network and billing platform. This represents nearly all of our prepaid base and over 90% of our postpaid and over 40% of our B2B customers. We have stopped selling new consumers on the AT&T IT stack and this is a major step in our integration. We continue to anticipate completing the project in April and ending the TSAs in June. This will drive volatility in the first half. However, we anticipate achieving monthly adjusted or EBITDA above 45 million at some point in the second half of the year. Clearly, Puerto Rico is a tale of two halves. We will get through the migration and exit the TSAs by the end of June. And then we will redirect our teams to sell utilizing the flexibility of our new systems. Turning to slide eight and Liberty Costa Rica. Starting on the left of the slide, we saw a stable end to the year for broadband subscriber base in what is our most competitive fixed market. We continue to expand our footprint, adding over 40,000 fiber-to-the-home homes in the year, taking our total network to 750,000 homes past. We now have 20% of our network on FTTH, and we expect that to be about 40% by the end of this year. In mobile, we grew net ads again, reporting our strongest quarter of the year in Q4 and taking the year's post-paid subscriber ads to 87,000. FMC continues to be a key commercial factor driving this growth. We have also launched our first 5G trials and are prepared to be at the forefront of this development when spectrum is allocated by the regulator. Moving to the center of the slide. consumer mobile remains our largest product with close to 60% share of revenue. This is followed by a consumer fixed business representing just nearly 30%, and then a small but fast-growing B2B operations. Finally, our integration activities are now substantially complete with some smaller TSA-supported activities anticipated to be migrated this year. Moving to slide nine in our Liberty Network segment, This continues to be a great business for us with exceptional free cash flow generation, but there is some volatility from quarter to quarter driven by non-recurring and often non-cash factors. To provide some visibility of the underlying trends in the business, on the left side of the slide we present the third party monthly recurring revenue for December in each of the last three years. Here you can see that the business grew at a healthy top-line CAGR of 8% over the period. Enterprise has been the fastest grower, up 9% relative to 7% in wholesale, driven by increased volume market share as we drove sales of our value-added services. Lastly, in December, we announced a collaboration with Goldata to connect key data center locations in Corredaro, Mexico, with the U.S. This will open up a new subsea route from Veras Cruz in Mexico to Apalachee Bay in the Florida Panhandle and from Cancun to North Miami. Liberty Networks will interconnect with the new system, providing an additional route for the increasing Colombia and Panama traffic and increasing capacity on an existing route, CFX, which provides the lowest latency route to the U.S. today. Finally, to slide 10. and our strategic focus areas as we look to 2024 and longer-term shareholder value creation. These priorities are split across three pillars and consistent with those we have previously identified. First, networks and IT. We have progressed our strategy to create a giga-ready network, adding or upgrading 350,000 homes in 2023. And in 2024, we plan to add another 350,000 to 400,000 homes. Over 80% of our network is now capable of receiving one gig speeds, and we are targeting approximately 95% by the end of this year. As previously mentioned, the new mobile core in Puerto Rico is now fully operational. And we are strengthening our 5G position in Puerto Rico, specifically through the announced acquisition of Spectrum Dapp, while preparing for 5G launches in other markets with trials. Second, a commercial approach. We continue to focus on reducing churn. This is a material value driver for us commercially and a KPI for our management team. Our push to drive FMC adoption is aligned with this and we continue to see good traction with our office. Delivering a strong digital platform is vital to meeting our customers where they want to interact with us, improving the customer journey and also an important area where we can drive cost efficiency. In 2023 we achieved 18% digital sales across the group and the target is to get into the low 20s in 2024. Product development includes investment across our portfolio, but specifically in the high-growth B2B segment and driving eSIM enablement. Lastly, in this area, customer care is always a key focus with Quick Connect for installation proving popular and our self-care app adoption increasing. Third and finally, capital allocation. We completed the monetization of our tower assets in five or six markets with Bahamas to complete in the coming months. We also continue to work towards getting the required approvals for the DISH spectrum and mobile subscribers in Puerto Rico and USVI later this year. We continue to see a lot of value in our stock and have a buyback program in place. This year, our focus will be on redeeming the residual $220 million of outstanding convertible notes, but we will also look to continue repurchasing stock, but particularly at the current level. Our balance sheet remains in great shape with a long-dated maturity profile, and through adjusted orbital growth, we anticipate our leverage will naturally de-lever towards 3.5 in the coming years. Finally, as always, we will continue to consider inorganic opportunities, which can drive additional stakeholder value, including opportunities to combine and rationalize infrastructure assets. 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?