LILA - Earnings call transcript Q1 2018 | Liberty Latin America Ltd.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to the Liberty Latin America's First Quarter 2018 Investor Call. This call and the associated webcast are the property of Liberty Latin America and any redistribution, retransmission or rebroadcast of this call or webcast in any form without the expressed written consent of Liberty Latin America is strictly prohibited. At this time all participants are in a listen-only mode. Today's formal presentations materials can be found under the Investor Relations section of Liberty Global's Web site at www.lla.com.

Following today's formal presentation, instructions will be given for a question-and-answer session.

call recorded this May this reminder, XXXX. XX, a is on being date, As the the slides statements of X Page details statements. regarding Company's forward-looking Harbor Safe Today's growth the not Company's meaning with respect that within Litigation forward-looking are outlook historical Act other expectations presentation and information its Private statements future Reform including the and Securities the XXXX, of to may include prospects facts. of statements and expressed differ or certain involve that cause materially risks from to those by These forward-looking statements implied actual could statements. these results those risks Latin filed These its Exchange time-to-time America's XX-Q. filings detailed recently include from Commission, in with Forms most and From Liberty XX-K and the Securities including in is disclaims America forward-looking reflect in Latin the statements based. Liberty which to or change conditions such any obligation of on to statement update any any these expectations any its today's Also for securities of that stated note nothing constitutes an offer any call sale. on now would Mr. to I to over like call the turn Nair. Balan

Balan Nair

to I'm leadership quarter and during first Liberty the of Thank America's welcome them across from Q&A hear team by you, joined you from the region, some today. everybody Operator, may Latin and Today, my session call. results senior

For highlights I for to our you our QX. will start by agenda, taking

laid far. are the we your so will some to creation prepared make some year our then, how remarks providing get then for of vision February, cash financial growth top CFO Chris our performance company. line flow towards for sustainable Noyes, our we believe of in we questions. examples regarding straight And strategic the I will Before result the out which working in and free will

listed to. on net on in Both few year. that? customers, we highlights RGU exciting is the and X slides, growth. sustainable and more at looking an building OCF why X% improvements Starting with plans, the well which the separately VTR half year-over-year longer growth I in good still as say X% delivered solid True quarter we we and this in the expansion of housekeeping, these doubling operational on wireless quarter and generated to made to of our stages As creating Slide company in businesses products a we've point as be QX we've also and both second do quarter, with to cable product our continued year first network a and strong rebased to www.lla.com. for we drawn last for ads you than custom XXXX consistency innovative VTR site things, early we find the at in term platform as and A CNW look the perform the of Web our as respectively. our well key for a the can are are growth a although bringing and our start will on

Moving delivered to I'm Puerto the right continues with Rico, QX. team in our in recovery substantial, and direction very improvements our that to sequential the move pleased

performance through the in of that products our we've and presentation. their opportunity on examples believe highlight we XXXX the third that quarter what we a that done The new will cover is growth and some see. launched unlock later organic bundles we I'll number specific support for

and networks. on and in track of expansion us We is homes our XXX,XXX XXXX them driver of homes run putting with a further of in rate future quarter, the upgrade upgrade years. in Another growth our leaving build over organic the over added opportunity XX,XXX expected

very through closing Rica pipeline Costa while about a and acquisition our continue Finally, the we part disciplined we in the M&A remained with anticipate opportunity early in half, Cabletica work of the the excited approach. second active to

upon to report. network, X, work serve we Puerto some we restoration million of XXX,XXX in recovery Slide Rico XXXX confirm largely April this able good with homes. around X.X our and are and that into have we that we completed our can have not to indicated to would progress be Moving the another by quarter Starting of

last of chart we slide, hard gap. we neighborhoods, our back we needed. door where early the RGUs in strategy see compared hand we are showed year's good new visit With great As side using the in are in assistance work at our working and knock on and before provide base XXX,XXX the hurricanes. compared team have about laser billable customers products to areas the on in is to to now subscribers on Rico, coming technical from of every the to the are online, a visit. right to ground and network existing progress close subscribers, focused in penetration superior network competitors are XXX,XXX February At Puerto XXX,XXX our win now of we Thanks we which we you time, the data can last a a the increased leveraging that same retaining to

messaging offer speeds, is island Our a leap a broadband options box bundle. skinny various Spanish home to megabits and second video attractive from XXX to [indiscernible] across ranging per We bundle to connect a with connectivity compelling. enhancing English

in are results February, year and stop the the to you. same we recovering with each additions levels Our and have encouraging of gross want period March in April seen last

VOD in organic our enhance improving will volume such We which our of as through experience last line customer launch ARPU top new the overtime. are week just growth and committed interface products to the continue drive

we most advance compared to area our cable XX% are which is our of tune. are In is our BXB and quoted terms of customers, at capabilities we the to customers wires, figure of today online nearly as leverage stay operations, so an end all starting This the BXB where January.

dive million operational $XX this at around I provide of confirm differentiated improvements for the the into offer seen rate remain the in X, Slide I since sequential next unique translate our this QX networks and a On we In our on that financial the BXB XXXX growth consumers wanted into these detail, previously. for highlight region. we to products the and slide, and Chris cover platform run the to want we mentioned we will performance. end across to asset on of and highlight Finally that operations. but that base greater our couple OCF we've of page we will slides,

fixed of our you fiber-to-the-home. HSC network, of of and million at upgrades in at time. have invested over upgrading couple looking know, fixed now of of or homes strong over adding We we've over Firstly footprint past X.X a X-way LLA is comprised our as builds that the in new network XXX,XXX XX% homes significant years and

triple capable speed products risk. high low utilized these penetration a cable of addition, of wireless and media networks In plate we bundle, which cell technology, however across still is is at delivering particularly

we same the great For example, versus XX% XX% leveraging at this continue BXB VTR and on network focus to broadband penetration to drive fixed at time business. on

capital expansion on potential prioritize this we further leading to mobile and ones group. Our footprint Layered significant continue also will across top of footprint. and a build allocation the for fixed back are

strong quarter our the to customers. continue. data we position of growth a growth nearly of by QX, prior significant penetration residential Already period the markets. of mobile year the to without XX At double across have facilitate the market connectivity delivering of our robust set one out see our have were our the using and value today, the mobile subscribers end this opportunity this networks drive to high-speed to and We and existing BXB segments

deliver We reliable network and focus are and will our events. most striving to in be investments key the future our services fastest capital mobile a mobile of

This bandwidth our this potential. be both is fixed idea sub-sea positioned combination unique for are bandwidth address with us growing and To past competitors a capacity protected Finally, we slide, third you was over its asset, the and a we the an is give With standing telecom nimble as growth, and wireless in this on fantastic U.S. up on the significant networks almost and XX value our of XX% in compared the region. underpinning currently resilient assets the to to utilized year than markets. ring differentiated of right a robust propositions have more the our cables connecting given industry hand deliver In XX,XXX conclusion, for with highly by kilometers side less the evolves. over demand to our enabling of demand footprint of network connecting well

able any of without to leverage and this expand may offerings, cloud example, fix converge customers inorganically. residential operators have. to and organically capacity other wireless are offer based to constraints services we For the business to fully to and both intend We and our

number fantastic we X networks, on a bringing markets. innovative are Moving to products of on these and Slide building

the competition. half and be focused with revenue fixed our my I a our are Chilean which as of the performer slide First, ahead mentioned generates VTR staying at of line, we on business continues to nearly opening strong starting

enables During Replay access channels. this video as the experience our quarter, to XX days we boosts to seven programming the launched previous from features customers or TV, our close it

also expect in Chilean We app Horizon products of common Go other video and with coming our customers such our as exciting the more from markets. launch

the over on superior complimented we Puerto Box have customers the in broadband where great our Connect in superior internet now of which reaches Puerto one-third with have with XX% Box We network already In is of Connect product and Rico, same leading the of our enjoys Rico Chile. today. our product Wi-Fi, the the Wi-Fi over island, base

several VOD similar launch platform VTR are previously and way. new As noted, new we our also the innovations last on week to

improving are we bundles our the rollout started greater of our on propositions for the simplifying value Caribbean wireless, the delivering options. in and in cable the and focusing our April Lastly, and new customers

seeing ARPU to year. uplift we and also made well. bundles markets on bundles first new Barbados. to with and The introduce anticipate are customers progress during R&D good cases, the good Jamaica the should reduce through from some In the as both new existing We we front the this moving

we out enhanced TV experience digital ability an including that delivering the the platform to live EVO intuitive pause video we cloud launched DDR. QX, FLOW video pushed and to EPG, and upgrade customers an During a

FLOW On our of Caribbean FLOW X the channel one across SPORTS front, SPORTS launch popular compliment channels. we FLOW in exclusive a sports home March viewership Caribbean SPORTS premier in for to in the most by sports content X, the as existing the content a

Moving of most speed the on bottom independently and our left quality of markets. leader the terms across mobile investing the to and around in rated our generating revenue XX% of are and out We

shift streams. predictable to base more working also are revenue We the our

and are and data Bahamas the in deals combined base. prepaid Jamaica combo new driving our a voice of uptick plans example, in For

in with our Lastly leveraging a on combination are in offers. video mobile, we content mobile Caribbean

SPORTS in For FLOW first X quarter customers. mobile the our available made example, all of to we flow Caribbean

slide, to hand manage better to I our we top to on Moving you of are customer experience. with things side many and our one of base an wanted market the update that where the the across right provide doing the

in excellence of like to would Trinidad. attention to I our center Here your draw retention

can and and you from agents Trinidad churn with great As have in what our right the we can tools down voluntary to empower incentive we and graph, drive we see for is this achieve this a continued help example to customers. dissented to of structures scale In to train like excess had incentives in Jamaica of we similar Barbados to in our we a safe Bahamas, rate great and intend our larger Panama. rollout XX% value which and across With markets is business. QX, when February

services which networks. benefiting fixed of in up enterprise and mobile With BXB, over also to revenue, comprehensive of verticals. businesses combination suite great book customers our by our moving investments networks, to and are we Finally, preferred BXB made our we customers of this key have XX% sub-sea, the about solutions unique providing both for partner from makes our

digital retail example, and manage analytics, offering TV are unified for For hospitality include portfolio signage a communications to in hospitality. we Wi-Fi,

We the offer first are channels providers dish in DTV based of Caribbean to the sector. hospitality IT one

expanding out looking quarter. the I markets be live will I already Slide wrap-up laid On vision XX, at seven QX the in throughout strategic to lens We these by are to and XXXX. services wanted of last

the in earnings opportunities as team. and region. excited prospect early management America we the for growth the still the a but in our as But as new strive I'm are We unlock Caribbean Latin company significant as ever to

for continue look We to scale opportunities.

savings. driving Betzalel, and model we our changed consolidated our technology and my Officer, liberty teams back the are almost procurement fee, operating have in drive products, to leverage engineering Chief consolidated course also We office a personnel to with Operating combining

our relative technology. platforms, DOCSIS with partnering Global For leveraging innovations, that's platform, a we bring to Horizon Liberty and product the CPE X.X are scale

commercial We are My also also pace. mobile. hard management on our speeds to working optimize are team committed to fastest the

this Liberty look Latin provide I'm at digital to to coming we across launches you but have We have roadmap including to Noyes, leveraged product few greater moving I'll assets the predictable in to first us. world improve we've will for got and a Officer, and seen to in our should to our now the hard platform. services Chris expect only packages customers to context, teams, us. increases. terrestrial new could over robust this quarters Financial up sales better stream part through would not ways This the questions build can propositions customer customers America that. execution next strongly feel your exciting experience. for We our penetration leverage fixed and be our interact single grow to some and and is can the Chile QX with after the also new committed the while in in part mobile value our look this their and them, services customers creating as to to based positive meet create across moments our Chris performance forward results needs we we our to pricing, who high-speed plans on improve coming fantastic want with our the will to with to magical you. detail better with scale go of set continuing early conclude, pass how of working product region. operational a we combination of to some In are BXB, early for technology this move sub-sea that our we implementation a To efficiencies of years. Chief our I

Chris Noyes

Thank you, Balan.

left, during Slide and will I Moving RGUs subscriber Trinidad color their improvement great season, a a XX,XXX Puerto from provide of delivered reported the XX,XXX to XXXX. some aggregate QX to year-over-year Rico, XX,XXX they is last RGUs critical in start of which the on which notable Jamaica gained as back-to-school is ends C&W RGU of Tobago. top XXXX XXXX with results our VTR attrition on quarter best and selling we QX in remainder improvement which QX XX, an to RGUs, the XX,XXX delivered and we enter which XX,XXX during at of

RGU products, star with of broadband performer the undoubtedly was terms additions. In XX,XXX

While RGUs. declined X,XXX fixed by telephony

of best video VTR gained subscribers C&W to nearly a which were in RGUs offset video growth. Importantly although our years addition, a XX% its quarter gains improve loss of with largely LCPR respect X,XXX from XXXX X,XXX was consecutive added These by and which result XXXX in RGUs QX four is video video is LCPR XX,XXX. second a XX,XXX QX losses of

mobile, X,XXX they to we into added XX,XXX lost successfully base. subscribers to XXXX. Turning cable QX as subscribers continued VTR postpaid sell in their

However, subscribers. by loss C&W's were XX,XXX these than of more offset mobile additions

aggregate quarterly million which and in of represent As prior rebased X%. by XX quarters to experience continue expression $XXX impart and driven OCF revenue billion the which compared reflects improvement XXXX. X% mobile QX $XXX revenue reflect at We in the since an C&W, lowest consolidated as the as OCF of its quarterly the of expected to three the loss they summary a Bahamas declined modest results, of delivered financial provides Slide Hurricane in platform. impact our QX

have recovery our A QX and performance this in XXXX, in reflects OCF. step-up of increase right million OCF, increase where can at million see a for OCF to our Rico, the continuing a and improved and hand Looking in chart $XX majority revenue in each $XX you revenue revenue in million respectively. $XX of $XX relative Puerto by

efforts, totaled totaled of of by The compared representing to P&E the $XXX XX% which of million our in in million increase $XXX Moving restoration period revenue year the as left, bottom QX. to million $XX driven in was revenue. a entirely the XX% additions prior a quarter

adjusted cash a of result $XX insurance significant flow, XXXX. million to of incurred good generated that million, we This $XX expenditures QX was which million to terms compared an improvement negative past. net of free In given restoration, $XX of due capital amount in as a we the the was

remained sheet currency solid, have debt hedged due our or XXXX is later. our balance we XX% and about floating our of Finally, exposures. And rate it's substantially

be leverage our ratio QX OCF. Puerto to chart turn to As our QA continues a adversely net impacted over XXXX is versus by Rico times by but the half just declined highlights X.X

C&W we Slide reflecting and summarize positively C&W while since lesser our a Jamaican expenses three X% as segments. operating OCF, contributed, fees. of lower X% Starting our to revenue competition mobile a related left, growth year-on-year network reduction on of I residential specifically, million growth. million results driven decline as More experienced rebase in sub-sea $XXX flat QX was in XX, to we business to and respect rebased and Next rebase to each and revenue the best collection the rebase Panama. delivered our LatAm largely bad due roughly representing in our generated performance debt for of performance in With This extent well X% will Bahamas $XXX expenses including acquisition lower in by absolute the performance. operations with professional BXB delivered

or of hurricane over Our year $X totaled primarily was P&E XX,XXX newly and additions and revenue of million consistent approximately XX% prior the and Jamaica Panama built or spend. in million. with upgraded related This included $XX results premises

revenue posted X% to VTR million middle, rebase each growth. of the $XXX with to OCF million equating of $XXX an Moving

as a well was supported on across Our as of control. residential residential our fixed cost fixed per and on focus by rebase growth increases year-over-year volume BXB continued and mobile RGU ARPU expansion

XXXX QX revenue a terms from modest of improvement Our in P&E of XX% in additions QX in to reflecting XXXX. were $XX percentage million XX%

represents slide, our QX obviously we network. on a quarter. XXXX. over on as noted customers a as during right, million OCF, results improved million But prior versus XXXX returned to reported and QX revenue have delivered $XX homes the over significant X-way XX,XXX of we the which Importantly, LCPR added of Finishing $XX decline

additions P&E largely restoration of total $XX the Our quarter due our aggregate estimated to to $XXX during or over million our brings which recovery network our XX% of million spend. efforts, are spend rebuild

let the as net Before slide, a give $XX turning into me received cash the million you group In to a an we insurance next QX, update. quick of advance.

are currently later We advance supporting this on an focused summer. the towards with eye the claims second

on take operational renewed earlier, by and full year-end. our product build to of claims As as highlighted we expect previously until noted, Balan will To least focus part first experience and we begun have supported resolution innovation. recap, momentum, customer at a

Second; operational Rico. recovery financial we and steadfast remained in Puerto driving in

very progress today. have demonstrate As our results good we made

more have no doubt our this do remain business to We to return work but growth. in confident back ability to

a America. bringing only we scale team, we second of recognize and as questions. open Third Cabletica the flow the half expanded to of finally to our And shareholder into are are excited creating importance up ready to capitalizing group XXXX With operator, free in on guidance. not the operations of top but and on we our focusing the free cash management value reach line growth flow results, Fourth; on about improvement. our are central and our we are on cash deliver optimizing in year our for back within our track QX that the deliver efforts

Operator

you. from James first question take Instructions] Evercore Thank with ISI. We'll our [Operator Radcliffe

James Radcliffe

strategy change the past? may to so XXX,XXX you Panama, there that where taking left XX XX,XXX that still I on you your And thoughts Good on implies I the rebuild, is in question. and how about Puerto is periods footprint? if quarter Two could; footprint go Thanks. believe thought of morning. first of given Thanks build for about homes thinking said just secondly, get wouldn't your in last any for that Rico,

Balan Nair

supportive we to the it numbers and think that indicated period process Sure. when see actually very that. in the before Thanks, right, sense think go following it's we we we the But been get a as of makes of that a are we've through then what Rico, right well. law. effect becomes as when happens after kind what in On Panama, will and are morning. and we Puerto On that, that's trending the long country time signed we comes consolidation too - after I that's actually James. Good bill, the where now, going are long

James Radcliffe

you. Thank Great.

Operator

We of Royal will with take [indiscernible] from our next question Bank Canada.

Unidentified Analyst

line time [indiscernible] some have good companies we my are basically taking markets? than the cable, my Yes, in on some proving. have Thanks are When some C&Ws countries in company fixed into see still which growing footprint performing the for currently FTPH my the And company maybe the been Fixed to however In talking positive, second afternoon. question. their working FTPX are network regions and expecting [indiscernible] top of translate the also that growth. line I KPIs should Thanks. top they airports CWC. and and are pressure? starting focused having better region FTPH also other is point been see we deploy they is at KPIs rather see or the is regarding about of in deploying networks your in question to

Balan Nair

from Well, progress on are been the process. in positive first fixed our when that's Fixed some coming as networks, the see question top you seeing come of to - around on has we line. see, negative can some there network we now do around we operations some the and

number bundling that ways we and in we team we can to now on think, we on looking one right I a our more into be ways how at management a significantly - have mobile we packaging things the increase product. in place, a of tie new that want are value patient

standpoint, standpoint lot and of more that's very of transitioning And product if than fixed team from a slightly pressure mobile really our you have on unique and we we across to management line is our postpaid. on. on both our more prepaid from and pricing our working of and try a asset to of kind to look you We see lot fixed the effort what mobile top we region what leverage course and is have product have maybe performance improve will at a where a the mobile -

your correct. As observation far networks the concerned, on FPTH is are as

from cases had choice building and well go in our done in and of number that FPTH a like couple many as in a would you with you you if - are we've a of Greenfield, it's course, Of operations.

and very to are do would X-way capital prudent we on which with where really that, upgrading existing extensions so line HSC that we do we areas However, sense in focus would more has like X-way our expenditures plan to from our employers biggest area, would where cases of in purchase as have competitive existing using to well. large high-speed at nature that we broadband converting and and we already retail the looking existing [indiscernible] VDSL and the technology, do pair really the the

So the way network. are religious returns we the potential more the can we from look at about about we it, get and less architecture network the

Unidentified Analyst

Okay. Thank you.

Operator

move will to Quintana Jose next Scotiabank. We with

Andres Coello

at you. C&W difficult This impact a bit Carve-Out what sounded Andres some impact elaborate Thank think really little is million. it's acquisition, regarding the acquisition to I year, the understand that? have can during $XX I you the of of so the was first quarter Carve-Out on But please level, Coello. if doubts the it the

Balan Nair

Jose. Thank

can pass me who on Chris address let to that. Okay, well Noyes, it

Chris Noyes

impact. and of in Yes, numbers OCF, XXXX million the is that's QX if million added revenue, the LLA X.X terms you the the in in CWC - X.X

at And So is will release, that's the press calculate think the rebase description churn. of it's rebase there a you Page I how you if XX, look figures. our

Andres Coello

insurance you second thank the Okay, payments. regarding and question

can was just payment, you think much and receive received I $XX us do if advance you how know, already it when? an approximately you let expect know million, you to

Chris Noyes

basis, insurers and money of is was that's that our the $XX two cash tail we occurrences QX in million extent books through such of at the because QX in effect advance mentioned did network in of that as we is on as insurance the claim into working $XX that the third-party would external indicated we then, on end are was the so million $XX two, be I have the $XX claims each if which LLA. least mentioned million to terms case with our limit there times the related call, did of at of we XXX. to million proceeds a in of the And on that We receive so numbers. or call, the self agree insurers Yes,

through obviously XX of So still received working new we claim. are We've the capital.

angle it claims So we to charging least somewhere, at trying QX while a are are was so the we on side and BI facts to going were developed hopefully to to the take advance that's higher, overtime what But resolve. - -- when would expect later advanced, would in additional would I be would perhaps we some it than received. will summer just I have received, the we smaller exactly we but

Andres Coello

from so a will the $XX expecting approximately insurance? advance total received, there Right, you you form total insurance or in in third-party received million are third-party that including you later one was already

Chris Noyes

It's generally No, no. very complicated.

Andres Coello

Right.

Chris Noyes

go But be that we they will capital. third-party there working that still prove through assumption which of under million from a are -- if were limits two to $XXX would

Andres Coello

right. All

Chris Noyes

limit so Such claims. to that we'd support to receive XX, that would up be XX if can we

Andres Coello

I see.

Chris Noyes

necessarily wouldn't as their it we But more work we through but how that's pencil in it, will working numbers, I get I we are clarity would works. so through be, it

Andres Coello

clear. That's Okay.

Chris Noyes

that your question? answer Does

Andres Coello

you. Yes, thank

Operator

We Research. will Kevin Equity with Roe Roe take next our question from

Kevin Roe

or progressing subscriber your BTC, capture seen should mobility? as loss XXX,XXX faster in to Puerto switching ramp subs we In you. than we are in Rico, at is Thank your or XXX,XXX we've improvement and revenue the classify think to on non-billable market about you near the estimated, recovery pressure, an that stability how

Balan Nair

you On island. the for lowest cost structure of job, I'll at the in side commercially done island order. business. the see answer well on Okay, it as on the the me the the we tunnel end here the sustainable side and as the will encouraged get a ground, and see management competitor since that well our fixed the up new reverse both are good going question we've let team losses we a numbers on on We to we the very very the a showed and mobile first BTC, significantly, the good second started job by both forward? question. We that light think at on have as the that is

I the little, Officer. Puerto of ask I Kenigsztein, customers, doors, jump working we signs in positive are knocking on seeing in will some remaining here that So the Chief are up, Betzalel helping that? to showing get online, that. the add showing homes his we Naji to out are team to as management in some a well a laser-focused it's can home. But back On those drives the where non-billable hard second Operating remaining and we you Rico, working to and think Betzalel up your Betzalel, really through tend want to back you customers do anything the us them get race to and numbers get devices side. billable of for how

Betzalel Kenigsztein

you, of there I the we as The phase where power back But that and sure a way a were change, that and Balan. are into doing are knocking are were region we on lot making month back are potential it putting we customers first the Thank change on the in the in the are you customers. door back is at - automatically. of you collecting we and door-by-door, every a beginning connecting going said, presentation, the as coming said of coming every we think

connecting of every knocking neighborhood-by-neighborhood node-by-node, every process up team last and on cleaning door. the the door and with Now go and we

longer of we So for bit every collect we will systematic optimistic process very We across a be us going it. most are waiting reconnecting just that are the customer node-by-node still take back to connected. and those that customers but is

Balan Nair

Betzalel. Thanks, thanks. Okay,

Betzalel Kenigsztein

-- Balan And

Kevin Roe

update that quick any follow-up share, asset? I on any a have TSTT on Sorry, sale

Balan Nair

slight last Legal feel chance and the, on a progress, disposal met call deadline on we and the there working one with its his the item I focused extension really Legal a with high hard some on another we of that really met he that but there is think I of Chief John Winter will some I for has Team, now, there Council, we minister indicated, this it's my But the right Not and and visited on and get that task team asset. really. are he of are action is and

done going move government slower we've sometimes try something little think incentivizing just happen everything something so a in are here, we the We we than to to to make here, both with liked. them make can

Kevin Roe

you. thank Understood,

Operator

Research. Datta from hear Soomit will We Street Instructions] [Operator New next with

Soomit Datta

One the, great please. and to modeling so sub-sea year-over-year time think on unusual that or where sport I XX% a stay sales helpful update and they business the is which everything on the in growth very to going attempted basis first QX market them questions pricing is of there I was relatively around declare business of to disclosed it'll please. anything helpful, be it's or couple we an quarter, the of our the market. think you. business is you numbers, kind lot a going a And in just some cable they particular seeing from have you initiatives how where the a follow-up particularly home sort the be then, in digit as Are in first will high to very think of how and about the should in calm? anything on region think most maybe of secondly forward, about of lumpy or sort Hi, that Jamaica activities pressure quick Thank forward,

Balan Nair

that, in drop we that's space good networks competition there the on first the the further to know, some there at much you are not in as is for it's and one the new of opportunities submarine extending positive about networks actually into on business the even business vertical that looking the plans of only high of and a the asset and the cable that we try. actually assets about number as that are a locations, bear pretty the not we really quite business On we it and - business very question, but growth and

So, hidden company in first, play one of and certainly we that values out, perhaps multiples and the look of base want that you our overall think the I then asset would had if and appropriately. value to many high this separate if would that to we at

Chris Noyes

XXXX your could point growth is QX in on if thing add such consolidation fact not the you that around I positive was to And and a subsidy, again year in one in to out need this obviously it rebase the it's is on carve-out growth. back would last to that related so April, XXXX, but would sub-sea was I the question QX get year add that,

Soomit Datta

it. Got

clear. Okay, Thank you.

Balan Nair

Yes.

is competitor we've prices a in are peace In skill wireless your we win-win well. commercially islands, in one is area some I it's' have in - very came compete as is she we Inge that limit we our we we know, to of call where say that her team going right we market, a under area on that done it's are think some here operate there, in you is in operated we if you looking power brought to with businesses, last rationale well do lot running and for about this that think the have many that pricing, and other I leverage and think P&G our in on you our have and the set that at an the markets this line. where think the can see She where sales of back I and digit I the opportunity Smidts to the knowledge really of many has below question think we - really at on of we've of that business and in taken both line, we in and sky pretty came power price commercial leadership. have looking in we and space Betzalel who wanted are pricing declared I looking in you we the Inge area good us, not from as and above a on a where couple from the we our a bring us good go-to-market, of going reasons under areas because pricing cable the the actually feel Now really truly we cases, of and and test opportunity the be [indiscernible] some prices I will think for a where announce these as power

really we about good it. So feel

Soomit Datta

you. Thank Great.

Operator

Jason We from Bazinet question with our take Citi. will next

Jason Bazinet

of what definition questions, is the two had just I non-billable Rico? in RGUs in Puerto

Balan Nair

is, if connected so question the so the where we've customers argues network. already Okay,

actually the yet itself payment you customer network have the service. send We actually it, customer where we to able a get to the but on been do haven't -- up the back

it's feeling to. that's and still we that area to need an our referring our that stop customers is was and pushing what So Betzalel

CPE customer are have where maybe the - and network customers you back." will in service door in you you it is were and home on we trying I out, right in some going home, we line. destroyed the get the so back customers to teach We back the to these of their them, strength "Hey, or the and were computers that to to other now they the are and of on, these of some issues knocking Puerto don't shows rebuild team Rico the are mean, tell plug-in modem back us now get your need on some our help

Jason Bazinet

They could don't service, way have service, the the in There but can get customers the to it? but that think about not is they today the who service the they are customers were right past yet? get

Balan Nair

Yes, that's right.

Jason Bazinet

Okay.

Balan Nair

now. right existing they But customers are

to not them we billing that available because So makes start so periodically, that services customers that there was are sense. so spending hopefully and of

Jason Bazinet

sort I sort just results sort to network on sort terrestrial rest a a traditional on your the equity history robust of VTR think growth then, I long-term your of look in I about between of the rates the at you central networks clear point get of narrative. where you divergent and hand, in sort - a are function divergence, which that you the talk returns Once free spend Yes, or can where levered you flow of other terrestrial coax And is have of type to don't you have using given more suspected Global, Liberty of In the tandem? than being there people place. okay. terrestrial place generating But network have a question, think of cash you think words and a a do is liberty fixing of I both - vice you more would do flow. for buybacks priorities in that the or it your cash other important or versa upgrading or minute of

Balan Nair

once focus business by on management way the FCF think pointed measure you - strategy capital I if this generating become is FCF like focus cash a and get, a our it's more we is what an of operational a yield new allocation which I'd wise. and this now clearer the and we start on team. will from basis a to

generating looking a cash positive to on cash think working free back us investors get that flow I Let's start business our and are for.

fixed. in best We prefer of perhaps the wanting capital best will would mobile our range, three. the standpoint, invest we our you from the traditional we to differentiator Now comfortable still in LLA that levered range equity network companies We areas not aggressive it a are key is sell certainly would what in X that part Liberty speed, be possible at to focused or with. as X.X to be on in allocation would feel really as other something would to business low maybe do do possible the are. with the the or more networks, whether on which completely is two or see One we us have product network model X and

and look experience it this for customer specifically look digital when invest Second our an will investment. with better it at at as we that quality on and standpoint our the the that very interaction migration the well to customer and business, the do of as experience, does to customers we to experience make would the have we goes variable we from what that's customer

part attractive spaces, to opportunities there against If that's buyback any will the know what for and know and are we what would LRP are that. that we how we is that us our inorganic we internal is, IRR measure case third capital allocation our measure either The the is, allocation. buyback we will always what LRP of to our and from against we capital know and acquisition do

Jason Bazinet

Thank you

Operator

Matthew from Research. with Buckingham comes Harrigan question final Our

Matthew Harrigan

more you be major thank the network perspective, addressing there - CEO again Well, will possibilities have lower why the previous as of when is And actually have you little growth want secondly, price, you is? any sack to will something you That are like growth the hurricane anything Rico. market but seems like is much as hurricane the then, because in Jamaica? and don't enhancement in line know where have used picking why Jamaica, Balan fact architecture back it what would? and where or will demographic side recoveries gracefully everything feel getting or doing you you like kind would you I what CTO very just your the on thought on a flip as depending the I season said you. out on the had. job oriented or you streaming the I have and nice another soccer even market be of on We mean, was around we big great a football just doing it are dropped, Puerto if differently income

Balan Nair

it's much where trying. underground as gets the to is the think on what and as can would a the of Okay. Where of I we at everybody what and race own be, is into tell it try build to some answer in the of you the more can. backbone, who especially there of the we question more our but way, is and it's you take proof." race, are little my working have a trying that would a time, a it to mostly I'll do and Reality a first. plant spite we and back really feeder put no I'll this network in is our team looking of CTO just are asked us underground rebuild new it and Maybe in to situation to degree, and we and first home pro the and And customer know, we build ideal "Future it team had role on between else - from

competitor. nice our really get a build already time we could we we future would the proof customer gone but the with network by So to have

really the backup. doesn't, race. that this races, one is customers, non-billables, back on focused So of those and are Betzalel is right? especially getting is That was what two all the our first network There Naji touching

already possible the before to want as it architecture and what you bolt because far is do is to as getting possible back things race is attach with up and actually drop that on to to going back focused race as soon swap network you you you far stood sign you nodes, commercial and to second swap and us Hopefully, as you the just attach once need as your there. out to swap that possible customer. you are far instincts far Naji team a possible OTT, out the the the as but want gets you customer makes up, that's Second; when the the it's out on if end you, then this to to sense the his your up is as the that as right and a have second as race. really as new On question

and will on more rights and our on, be all can on making we video video steps the you our same in [indiscernible] of that. will IPO we a have rights, the One Inge is sure all see now innovated products of that working lot front and rights the Betzalel the be

that people cruise I customer where we get would target do with just products also is see in course are from lot broadband, think look customers. as providing with of programming, our trends ships that we happens here How but but and video resident of throwing us a so well. comments properties at And market get see on. jacket programming of off, residential, then, some certainly population with of my well earlier our the come, mobile will You fixed not in we some to what sports mobile well our in our a our you

So it helps well. full to require come more of us focused that, that it's product at our does Matthew. on that Betzalel as and on part we have and the to relook but that revamp is rights Hopefully,

Matthew Harrigan

Thank you.

Operator

for closing At this turn to call I the back to Nair Mr. would remarks. time, like Balan

Balan Nair

path it. well our The we end the taking management XX and by about of visiting want think here want and and this some keep been business at feel in the so touch been last The and time I to how more business. as I call. say and this look everybody we've joining feels and or we about really Thank extremely We you changes have everybody. we on here days operator and following on thanking bright that's join good in of on you to Well, operations team today. a us to I and spend do the for us making the see our us for good thank and positive call I it us really on to time a lot that's

quarter talk all you. I'll earnings to So on Thank again our second call. you

Operator

this Latin quarter Ladies call. XXXX concludes America's and first Liberty gentlemen, investor

today's the http://www.lla.com. available a Relations presentation Liberty be reminder, you of find will materials. There Web of a copy also a of call site As America's Latin at in Investor section replay the can

Liberty Latin America (LILA) 9 May 182018 Q1 Earnings call transcript