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 Rocio Lorenzo, Chief Customer Officer of Liberty Latin America.

Good morning, and welcome to Liberty Latin America's Second Quarter 2022 Investor Call. At this time, all participants are in listen-only mode. Today's formal presentation materials can be found under the Investors 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 the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical facts. 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 and the quarterly report on Form 10-Q most recently filed with the SEC, along with the associated press release. Liberty Latin America disclaims any 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, Rocio, and welcome, everybody to Liberty Latin America's Second Quarter Results Presentation. I'll begin with our group highlights and an overview of our operating results. Chris Noyes, our CFO, will then follow with a review of the company's financial performance. After that, we'll 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 quarter, each of which we'll pick up in further detail during the presentation. Revenue was up by 1% on a rebased basis, which was in line with our first quarter performance. Our Q2 performance was driven by a 6% year-over-year rebased growth in C&W and Panama and Liberty Costa Rica, which was up 10% year-over-year on a rebased basis. Our fixed Internet subscriber base grew by 9,000 in the second quarter as we reported record adds in Costa Rica and an important return to growth in C&W driven by Jamaica. In mobile, we continue to see exciting results from our commercial focus on postpaid, and Q2 was the second consecutive quarter which we delivered more than 100,000 net postpaid additions. On July 1, we completed our acquisition of Claro Panama. We are encouraged by our initial steps in integrating the business, even though we will only combine our commercial activities early next year. Having said that, we are confident we can achieve our plan for the combined operations in the market. Finally, we further accelerated our buyback activity with $63 million of shares repurchased in the second quarter. This is our most…

Thanks, Balan. Similar to the first quarter, we generated revenue of $1.22 billion, reflecting an approximately $45 million increase or 4% reported growth as compared to $1.17 billion of revenue for the Q2 2021 period. Positive contributions from Costa Rica, including the impact from the Telefonica acquisition and strong organic growth in C&W Caribbean & Networks and C&W Panama helped to fuel our revenue expansion year-over-year. Partially offsetting this growth, foreign currency depreciation versus the U.S. dollar in the quarter reduced our reported revenue by over $30 million, with the largest impact attributable to the weakening Chilean peso as the average rate fell by roughly 18% quarter-over-quarter and an organic top line reduction in Chile stemming from continuing high competitive intensity. On a rebased basis for the quarter, we once again delivered modest rebased growth of 1%. Moving to adjusted OIBDA. We improved sequentially from $440 million in Q1 2022 to $464 million in Q2, which was comparable to last year's reported figure. Our Q2 result reflects a rebased decline of 2% over Q2 2021 as our double-digit rebased increase in C&W Caribbean & Networks and 4% growth in Costa Rica was more than offset by declines in Chile, Puerto Rico and Panama. Integration costs totaled $7 million across LLA and negatively impacted our rebased growth rate by about 1 percentage point on a year-over-year basis. Turning to the third quadrant. Our P&E additions were $192 million in Q2 or 16% of revenue as compared to $215 million or 18% of revenue last year. About half of our quarterly spend was attributable to CPE and new building upgrade. In particular, we added 162,000 new build and/or upgraded homes in Q2, bringing our year-to-date total to nearly 330,000. We incurred about $10 million of integration CapEx in the quarter and including…

[Operator Instructions]. The first question comes from Soomit Datta from New Street Research. Please go ahead.

First of all, just please, on free cash flow from Claro Panama. So you've highlighted the impact this year. Could you give us a kind of sense as to the direction of travel there over the next year or 2? You've talked about reaching synergies, I think, full run rate in 2024, if I'm not wrong, but I just wanted to check was that kind of at the end of the year, beginning of the year. How will that sort of negative drag ease over the next year or 2 would be helpful. That's the first question, please.

Yes, as we mentioned, the synergies should drop in, in 2024, probably the second part of '24. Number of things that we are working on their kind of indicated the commercial integration happens early next year. A lot of network consolidation. We have -- between us, each of us have a significant amount of towers that we're going to consolidate, we're going to consolidate spectrum. We're going to reallocate the spectrum. Stores closing, there's a lot of activity. The usual stuff that we would do after we make an acquisition, the synergy numbers that we have with the transaction in the mid low single digits, and we are committed to that. But there is some costs that we're going to incur this year and certainly some part of next year as well as we integrate the businesses. But the team is an experienced team. We've done this many times, and we'll do it again here.

Yes. Okay. That's great. Maybe a quick follow-up, please. Just on -- you talked about the buyback. The run rate has been pretty significant in the first half and in Q2. I think you've got $107 million left on the authorization. How are you thinking about the pacing into the second half of the year?

Well, we're very opportunistic. We have a grid that we are very disciplined to on our buyback. There's been a number of things, I think, Chris and I would like to see in the second half of the year how the economy goes, some of the macro impacts. We're going to be very disciplined, very prudent and very careful with our cash. And -- but we do have a grid, we are buying, and we will continue to buy, but we'll also balance that against how the economy is going. There's lot to learn still.

The next question comes from Kevin Roe from Roe Equity Research. Please go ahead.

A couple of questions on C&W, please, Balan. Jamaica, it was nice to see that returning to broadband. Subscriber growth, could you give us some more color on the drivers of positive sub growth in Internet, maybe an update on the competitive landscape? And do you expect this positive trend to continue in H2? And the second C&W question is more general on the health of the consumer sort of a real-time snapshot given inflationary pressures everywhere. Are you seeing any changes in bad debt, prepaid top-ups, days outstanding on billing, et cetera?

Sure. Kevin. And I'll ask Inge to jump in here in a second as well. Jamaica, in the first quarter and maybe even a couple of months in the second quarter, we had some headwinds there. It's really a tale of 3 markets in Jamaica. We have our copper network, we have our HFC network, and we have our new fiber-to-the-home network on the fixed side. And clearly, we've been growing the fiber network and then we have some leakage on the copper network. And then on HFC, which has been a reliable growth for us as well, kind of spotted in the first quarter. Inge and her team revamped our commercial offerings, and we're starting to see, and you can see in our numbers, it's mostly driven towards the second part of the second quarter. And we, by the way, seeing the same trend already coming into the third quarter. So the trend is positive in Jamaica, and it's a duopoly market, a very good competitor that we're up against. And -- but nevertheless, we're doing really well there. On the -- in general, in the islands, as far as affordability, we just did a study and did a lot of really detailed analytical work on our consumers. And we don't see at this point, an affordability issue for our customers. And -- but we are constantly monitoring that. Inflation is up, unemployment is also up in these markets. But we sell a product that everybody wants, and we've done some surveys, and it's one of the last things people would give up. So we feel pretty good about that. And maybe I'll ask Inge to provide a little bit more color and closer to the ground. Inge?

Yes. Well, Jamaica, so indeed, we -- I think what turned the trend was our propositions, which are really catered towards the right segments on the right network, and that is starting to really work for us. And as Balan said, we continue the trend. And from a competitive point of view, we are competitive both on the mobile side as well as on the fixed side. So I do expect that with the new propositions and the way we run the business there, we will be able to really continue the results put down. And then overall Cable & Wireless, I think it's like Balan said, it's a matter of having the right proposition, which we are having. So we really upgraded them across the whole Caribbean region. We upgraded our speeds, making sure that everybody has the right products at the right speed because we do think that [indiscernible]. So we do believe that with the right proposition, the upgrades of our speeds, and we will continue to deliver on the right consumer trends there.

The next question comes from Matthew Harrigan from Benchmark. Please go ahead.

You know better than anyone how silly it can be an overlay developed market trends on emerging markets, but there's just a constant refrain in the U.S. and Europe on low move activity and how it's really affecting the gross additions on broadband and some other businesses, even though you've got very favorable churn. Can you comment on whether you're seeing that in any of the markets? And do you think you will get a spring back? Or is this just largely irrelevant to most of the markets? I mean as in Puerto Rico, probably has some U.S. type behavior. And then secondly, you've had so much political change across the region over the last year. Is there anything you find disconcerting? Are you just very -- I know you're very local, you're able to micromanage things as -- as things move along. I know you've got some exposure in Colombia and certainly, you're waiting to see what happens in Chile with the deal approval?

Matthew, good question. On the moves as far as that impacting churn, unlike Europe and the United States, in our case, voluntary churn is less driven by moves and mostly driven by pricing. People do jump around and shop at the best deals. And that's why we have kind of an elevated churn. I mean it's one of the things about the region that we've been working pretty hard on because you have high gross adds and then you have high churn. So you're kind of like recycling customers between you and your competitor. And so there are a number of initiatives we've put in place. We started work on this early this year. We'll start to see some of the fruits of that labor probably in the fourth quarter to first quarter next year. That kind of tamps it down a little bit. We tried that in Chile as well. We tried the forever pricing to help with our churn. We saw some positive responses to them. But churn activity in our region is very different than North America and Europe. And it is slightly more elevated than those other regions. On the political front, we keep very close track. It does impacted, but not significantly. Perhaps if we were doing a transaction, political situations, of course, both on the buyer and the seller side, you'd look at that very closely. But from a day-to-day operations, our teams are completely focused on the customer. And while we monitor all the regulatory issues in front of us, at this point, we don't see any headwinds from a regulatory standpoint. And that's a testament to the team that we have here under our General Counsel and our regulatory teams, they are completely on top of it. They spend a lot of time with regulators, with government officials. We're quite proactive. Our local general managers, we encourage and we co-op them into also spending time with regulators and with government officials. And I can say with confidence across the board, we do have very good relationships. It's a very transparent, honest relationship with government officials, and we provide a service that they value as well. And we do it in a way, I think that's very friendly to communities. So I think we're going to be fine on that front, regardless of all the recent election outcomes.

This concludes today's question-and-answer session. I'd like to hand back to Balan Nair for any additional or closing remarks.

Thank you, operator. And of course, thank you to everybody on the call. Clearly, you've seen our second quarter numbers, our first quarter numbers. The first half is just okay. And if you look at the guidance reiterated by Chris, the second half is a bigger half for us, the whole team is committed to that. There's a lot of good things that will happen certainly in the fourth quarter on the working capital front, on the commercial front. And the team is really committed to it. And -- but I think if I look at our business, really, the growth is in the future. Free cash flow story, we've been committed to that from the beginning, we said this business is run on free cash flow. And as Chris pointed out in his closing remarks as well, that the free cash flow story for this company over the next few years is going to be quite positive. And some of the math we can clearly do just from even just the integration. So we feel really good. We thank you for your support, and we'll be talking to you again in 90 days.

Ladies and gentlemen, this concludes Liberty Latin America's Second Quarter 2022 Investor Call. As a reminder, a replay of the call will be available in the Investor Relations section of Liberty Latin America's website at www.lla.com. There, you can also find a copy of today's presentation materials.