Good morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded. I will 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, its 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 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, Eduardo. And welcome everyone to Liberty Latin America's fourth quarter results presentation. I'll begin with a 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 4 and our highlights for the year. We consistently grew our high speed internet and postpaid 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 regions 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 rebased growth performance since 2019 and was driven by double-digit growth in C&W Caribbean, Panama, and Costa Rica. We grew despite the shortfall in Puerto Rico. We continued to also allocate capital for buyback programs with $300 million between stock and convertible purchases in the year. We anticipate that convertible bonds 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 a new mobile core and IT platform. I'll provide more details later in the presentation. But the key message here…

Thanks, Balan. On this slide, we highlight both our consolidated Q4 and full year 2023 results versus the prior year. Q4 is the first quarter where we didn't comp against VTR, which was deconsolidated at the start of Q4 2022. We reported revenue of $1.16 billion in Q4 and $4.5 billion for 2023, reflecting a 1% rebased decline in Q4 and flat full year rebased growth. As a reminder, we discontinued a legacy non-core B2B voice transit arrangement in C&W at the start of 2023, which depressed this year's quarterly revenue by $10 million and full year revenue by $40 million, adversely impacting our rebased growth rates by about 1%. Our best rebased revenue growth performers on a full-year basis were C&W Panama, Liberty Costa Rica and Liberty Networks. We delivered adjusted OIBDA of $432 million in Q4 and $1.7 billion for the full year. For both periods, rebased adjusted OIBDA growth was 6% year-over-year, with double digit performances in Liberty Costa Rica, C&W Panama and C&W Caribbean. We achieved our 2023 adjusted OIBDA guidance and a 37.7% margin, which improved over 100 basis points as compared to 2022. For both reported revenue and adjusted OIBDA, our Q4 results showed sequential improvement to Q3 in absolute terms. Slide 13 recaps our segment results and I will focus on Q4 specifically. Starting with C&W Caribbean, we reported $366 million of revenue in Q4, reflecting flat year-over-year rebased growth. And adjusting for the aforementioned transit revenue, rebased growth would have expanded to 3%. Specifically, we achieved rebased residential, mobile and fixed revenue growth of 5% and 3%, respectively, over the prior-year quarter, helped in large part by 70,000, postpaid and 27,000 broadband additions since the beginning of 2023. Adjusted OIBDA expanded significantly in Q4 to $116 million for 16% rebased growth. The…

[Operator Instructions]. Our first question today is from the line of Soomit Datta of New Street Research.

A couple from me. Chris, just going back to your presentation, there were a few numbers in there – I'm not sure if they're on the slide deck – particularly regarding Puerto Rico. Do you mind just again kind of maybe talking through the cadence for 2024? You mentioned Q1 is going to be the tougher quarter and then you come out of that. Maybe if you could just – either just recap on some of those numbers or just, again, talk about some of the parameters around integration costs, EBITDA to the degree you can, maybe just walk through the year again in a bit more detail would be a great starting point, please.  Christopher Noyes: I think a couple things to point out. With the migration, we're at the tail end. So there's a significant amount of sort of costs right at the end as we move customers on both B2C and B2B. So as we look at the quarter and compare back to Q4, you do have customers that have incompatible handsets and things like that. So we will incur additional COGS running through the numbers in the quarter, as well as, I would say, a somewhat heavy set of integration costs, some of what you saw in Q4, but it'll be pretty heavy as we go February, March, April, and then start tailing off. As I look at the OCF or the adjusted OIBDA number, and we look back over history, it should be the most compressed to date. And then, as we start tailing out in Q2, the TSA will wind off. So it starts ratcheting down, so that by the end of June, it will be off. The overall TSA expense last year in 2023 was $90 million. I would expect it down 75% or so in 2024, which is all through to June. So, that's when you start seeing the pickup as that bleeds off as you get into Q3, Q4.

Just maybe as a follow-up then. If you could maybe just, again, similar kind of question, maybe talk through the cadence of the free cash flow guide in any more detail you can. I guess, one can assume the free cash flow for 2024 will be the lower end and I think that will build. But are there any other kind of puts and takes we should be thinking about? And specifically also, just on the refinancing, maybe you could just talk through that again? What are you assuming in terms of refinancing? When might that happen? How are you looking at the rates, et cetera, et cetera? That will be great.  Christopher Noyes: A couple of things. I think we feel – pre-tower transaction, we feel really good about our free cash flow trajectory in 2024. The net impact which I did flag, we do have transaction related taxes that will run through the numbers, circa $45 million. So that wasn't obviously in 2023. And as we look at the vendor financing and debt stack in our jointly owned business in Panama, we do receive about $90 million of net proceeds in that business. And so, we're thinking of repaying very high kind of vendor financing debt, which is 2x our current long term debt in that business, which is at 4.25%. So, economically, it would make sense to repay some of that, which is a negative on the reported free cash flow. So from a phasing perspective, 2024 would be the low versus $25.6 million. We should build as the synergies and value capture in Puerto Rico as well as the other things we're doing across group delivering on the adjusted OIBDA growth. In terms of financing assumptions, we have 2027 to 2029 maturities of debt. We did assume we would be refinancing/terming out some of our debt during the 2025 – call it, 2024 to 2026 time period. Obviously, rates are higher today than they were several years back. So we've factored in much higher costs. Hopefully, we're being conservative and we have some upside on that in terms of as we look at our numbers. We're pretty prudent as we think about the sort of our cash flow trajectory. So I'm hopeful that we'll surprise over time.

Our next question today is from the line of Vitor Tomita of Goldman Sachs.

The question from our side would be on Puerto Rico. Could you give me some more color on how the competitive situation is developing in Puerto Rico aside from the customer migration disruptions that affected Q4?

Puerto Rico has been kind of an interesting market since early last year when our primary competitor there on the mobile side, T Mobile, became extremely aggressive on subsidies. And we've kind of zigged zagged around matching them. And you'll see that as we got into the second half of last year, we started doing a lot more handset subsidies. And in that case, I think we started to see some positive traction back again on the gross adds side. But as we turned to this year, I think our biggest focus right now is in the migration. And during the migration, lot of our stores, both our retail channel, our stores, and our call center channels as well, all of them, we've kind of like just refocused them on helping our customers with the migration. And so, the plan is, as we come out of the migration, which is really anticipated around – towards the latter half of April, and then starting in May, you're going to see us getting very aggressive back into the market on the gross adds side. And the one thing we have that T Mo doesn't have, of course, it's a great company and all, is that on the island, we're local and we have FMC, which we didn't have, by the way, during the – when we were relying on the AT&T systems. So once we migrate everything over, I think we'll have a pretty good product proposition.

[Operator Instructions]. And our next question today is from the line of Matthew Harrigan of Benchmark Company.

Clearly, you've had some dispersion in the economic performance across your market. Cable & Wireless, I have to believe, economies are pretty good given the level of tourism right now. I know people have been concerned, even apart from competitive issues in Puerto Rico, on the long term macro outlook. But you talked about having broadband pricing increases at or in the vicinity of inflation. And there were some markets – I know the UK, all the entrants over there have had very material price increases. In some instances, you had realized ARPU, but this was pulled down as people downgraded some of their tiers. Is there anything that gives you concern on pricing? Are you quite confident you can pull off those price increases and is there anything really across your broad territories makes you concerned about the enterprise business, if you do get some economic softness?

I think when it comes to price increases, we're going to be very opportunistic, yet also realistic. And there's a couple of three different factors that drive that, of course. Different markets, it's going to be a very different outcome. So you look at one, the consumers' propensity to be able to absorb price increases. Secondly, look at where your competitor is at and what the expected response or what did they do first? Thirdly, you've got to look at this on product line. We have prepaid/postpaid, we have fixed broadband, video. Clearly, some products, you can take price increases on. And some products, you just – it's just not that smart to do it. And then lastly, we also look at inflation in each one of these markets, and so you try to moderate yourself. As Chris alluded to in his comments earlier, we are looking at using a number of different tools to help us with this to not only maximize that price increase opportunities, but also to maximize it with minimal amount of churn and minimal amount of calls coming into our retention desk. And so, we're going to be very situational on price increases. But, clearly, I think this industry, everybody in the telecom space, I think, are kind of like minded that, for the longest time, we've held back on price increases. I think some of the costs, we've really absorbed in our businesses. I think our consumers also understand, to some degree, that some of that costs will come back because it comes back to them in other things, whether it's food, energy, etc. But telecoms have remained relatively flat. So, I think you'll see some price increases across the board. And that's what I'm hearing also from some of the other folks, whether it's in North America, in Europe or in Asia, everybody's looking at it that way.

And there's nothing that concerns you right now in the enterprise business in terms of its interlace with the economies?

On the enterprise, it's kind of interesting because we have – it's enterprise to the large enterprises to our government, and clearly, the SME, medium enterprise and SOHO. And each one of them will have different reaction to this. I can tell you, for sure, on the government side, all governments in our region are under a lot of pressure. I don't think you're going to see much price increases in that segment. In that segment, we are focused on more volume, we're focused on more new products. But we're not going back and taking a look at increasing their prices on the back book. On large enterprises, I think there's opportunity for us, for sure, especially in some of the new services that we intend on coming up with. And so, I see opportunity. The, certainly, in the SOHO space, there's opportunities as well. And once again, it's situational and by country. So some countries, I think there's more opportunities than others.

Our next question today is from the line of Gabriel Vaz de Lima of Morgan Stanley.

Just wanted to get your thoughts in terms of what are the trends you're seeing for first quarter, anything you can share with us will be super helpful.

I've got to be careful how I say this because there's no further guidance beyond the guidance that we've provided. I can see that January sales are coming in well. But that's also – we'll be cautiously optimistic because we want to get through the migration – and we want to get through the migration of our customers in Puerto Rico and get that behind us. And then we'll look at the second half more clearly. But January sales are coming in right around to slightly better than budget. [indiscernible]. One month does not make a trend.

Next question today is from the line of Michael Rollins of Citigroup.

First, I was just curious if you can unpack a bit more of what's happening in Liberty Networks in terms of the financial performance in the fourth quarter and how that might progress on a go-forward basis. And then secondly, and just taking a step back, where is Liberty Latin America on the journey of optimizing the assets that you hold and operate? And is there anything of significance that's kind of left to do or important to do that investors should be mindful of?

I think as Chris pointed out, the delivery networks revenue stream is kind of very interesting. We do have a number of non-cash revenues that come in that's kind of – it's very lumpy, whether it's IRU acceleration or one-off IRU sales. And so, when we came into December of last year, fourth quarter, there were a number of contracts that we were looking at with some really some of the hyperscalars as an example, that, for one reason or another, it was phased out into the second quarter. They were not as much cash impacting, but they certainly revenue that we would have booked in the fourth quarter. So from a revenue lines perspective, you'll see some lumpiness in a lot of these one-off, what we call, NRR, non-recurring revenue opportunities. Now, one thing that Ray and I and a number of folks have been focused on on this business is moving a lot more to the MRR type revenue streams. And you can see that in the bottom line as well. So, therefore, when you look at the year-over-year growth, it is somewhat impacted, but when you look at the cash flow growth, it's less impacted. And you'll see in 2024, one of the things Ray is working on – two things I'm really excited about is, one, the way we're migrating a lot of our revenues into longer term and really cash generating revenues, which we have done up, but now we're going to focus, double down even more on those. And secondly, you saw from my comments earlier today and press releases that we've put out last year on new routes that we're building, we really see a lot of opportunity in this segment where we're going to invest in more routes, demand for traffic is…

That's our large customer in Venezuela. And I think you had a second question, which was on the footprint. Is that correct?

Yeah, exactly. Where Liberty Latin America is in terms of optimizing the assets that you hold and operate and if there's anything that you feel is left to do of significance that we all should be mindful of?

I think we'd actually quite opportunistic in the space. There's two really business segments in Liberty Networks. That's the wholesale business where we have subsea landing points in a number of countries. And I just alluded to the fact that we're building even more so coming out of Colombia, into Mexico, and then back to Miami, with drops in Panama, et cetera. So we'll get more landing sites for subsea business and more – a bigger mesh, I guess, you can say. But in addition to that, we also have another segment within this unit that is focused on enterprise B2B. And we are in Central America, we are in Colombia, we are in Dominican Republic. And I must tell you, I'm actually quite excited about a number of these areas. And one of the things that Ray and Chris and I are going to be looking at is perhaps different ways on expanding our footprint in some of these markets [indiscernible] actually quite positive. The numbers are pretty small right now, but we're going to relook at a lot of our investments. And I think there's a huge opportunity. I'm particularly excited about El Salvador, Guatemala, Honduras and these countries. I think there's something there, but you'll see that play out in 2024.

Thank you. That will conclude today's question-and-answer session. I'd now like to hand back to Balan Nair for any additional or closing remarks.

Thank you, operator. And to everybody who saw our guidance, we've moved from a one year guidance to a three year guidance. And I think that gives you a little bit more visibility mid-term to our business. And I want to emphasize one of the things that Chris said, especially on the free cash flow. I think I said greater than $1 billion. I think we are quite optimistic about the future. And now I do want to thank all of you for your support. Have a great day.

Ladies and gentlemen, this concludes Liberty Latin America's full year 2023 investor call. As a reminder, a replay of the call will be available in the Investor Relations section of the Liberty Latin America's website at www.lla.com. There, you can also find a copy of today's presentation materials.