Q2 2023 Liberty Latin America Ltd Earnings Call
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 Steven price country manager of Jamaica.
Good morning, and welcome to Liberty Latin America's second quarter 2023 Investor call.
At this time, all participants are in listen mode only.
Today's formal presentation materials can be found under the investors section of Liberty Latin America's website at Ww dock and Lilly Dot com.
Following today's formal presentation instructions will be given for question and answer session.
As a reminder, this call is being recorded and will be available on 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 all the 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 reports 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.
Any forward looking statements or information to reflect any change in its expectations or in the conditions on which any such statements or information as east.
In addition on <unk>.
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 investor section of our website.
I would now like to turn the call over to our CEO Mr. Ballan there.
Thank you Steven and welcome everyone to Liberty Latin America's second quarter results presentation.
I'll begin with the group highlights and an overview of our operating results by reporting segment Chris.
Chris Noyes, our CFO will then follow with a review of the company's financial performance.
After that we will get straight to your questions as always I am joined by my executive team from across the region and I will invite them to contribute as needed during the Q&A. Following our prepared remarks as a point of housekeeping.
We will both be working from slides, which you can find on our website at www Dot <unk> Dot com.
Starting on slide four.
Highlights for the second quarter.
We continued our operational momentum with another solid quarter in broadband and mobile postpaid, adding 52000 subscribers to our base.
Another quarter of solid performance in cable and wireless Caribbean, especially Jamaica and in cable <unk> wireless Panama.
Positive results are driven by our focus on FMC with a two percentage point increase in penetration and both Jamaica and Panama in the first half of the year.
We are the leading growing fixed Archie used and one of the top and broadband growth among Latam and North American operators.
We have also made substantial progress with our <unk> initiatives.
77% of our homes pass are currently get ready a nine percentage point increase versus Q4 'twenty.
And the goal is to reach 80% of <unk> by the end of this year.
We reported adjusted OIBDA of $445 million in the quarter for the group, representing a 4% year over year increase.
This is underpinned by 1% year over year Rebased revenue growth adjusting for the discontinuation of the slightly negative margin transient business as discussed last quarter.
Sequentially, our Q2, adjusted OIBDA grew by 10%, reflecting positive financial momentum.
These are some of the best numbers among telecom operators for the quarter.
In addition, our oil.
OIBDA margin is now at 40% with operating leverage as shown by the revenue and EBITDA growth.
We made significant steps forward in our equity buyback.
Repurchasing $132 million across our equity and convertible bonds in the quarter.
Since the beginning of the year, we have repurchased $82 million of shares and reduce the convert outstanding amount by quarter with the balance currently below $300 million.
Finally, our integration work has continued to move forward with Costa Rica, now close to finalize and Panama in Puerto Rico progressing well.
In Puerto Rico, our new <unk> mobile core and Ikea stack operational.
We have already migrated 35000 prepaid customers, representing a quarter of debase.
Started migrating to postpaid customers.
We are working with leading global supplies, such as Salesforce and Ericsson to create cutting edge infrastructure for the market.
Turning to slide five.
I'll begin our operating review with cable and wireless Caribbean.
The solid rebound of tourism in our islands continued in Q2, continuing the trend we observed in Q1 and supporting this segment's performance.
On the left of slide we display our internet and mobile postpaid additions.
Internet additions of 7000 compared positively year over year, representing an increase of nearly 70%.
The main contributor was Jamaica.
However, bahama system fastest growing market in percentage terms with 7% subscriber growth sequentially and 15% since the beginning of the year.
The good performance in mobile with 16000 postpaid adds this quarter was mainly driven by Jamaica <unk> continued focus on FMC and plus b product is bearing fruit.
Across fixed and mobile we implemented strategic price increases in several markets, which have landed this plan with no material impact in June .
Moving to the center of the slide and our revenue by product.
The Pie chart here depicts the well diversified nature of cable and wireless Caribbean revenue with <unk>.
<unk> and consumer fixed the largest elements followed by consumer mobile.
We reported sequential growth in both mobile and fixed subscription revenue driven by both volume and <unk>.
Year over year Rebased revenue growth was flat in the quarter adjusting for the discontinuation of the transit business. This would have been 280 basis points higher.
Organic growth was driven by higher mobile and fixed subscription revenue benefiting from increased FMC penetration.
Moving to slide six and I'll see NW Panamax segment.
Starting on the left of the slide.
Internet argue adds were in line with Q1, and 75% higher versus the prior year.
Our subscriber base is up 6% since the beginning of the year supporting financial momentum.
In mobile our strategy of focusing on postpaid and high value prepaid is yielding positive results as we delivered a modest increase in our postpaid and prepaid losses were lower sequentially and year over year.
Moving to the center of the slide and our revenue by product.
In Panama, our largest product by revenue are mobile and BBB.
<unk> is the smallest product area one of the fastest growing.
Following the positive momentum in Q1, both fixed and <unk> recorded strong rebased revenue growth in the second quarter.
<unk> rebased increases of 8% and 7% year over year, respectively.
Growth in fixed revenue was supported by higher broadband <unk> driven by customers contracting highest speed plans and highest tier bundles.
We are also making good progress decommissioning, our copper network in Panama and on track to have this completed by the end of next year.
In mobile we saw improved recharged levels and usage for prepaid and lower acquisition and retention discounts in Boston.
Finally to our integration update outlined in the lower right of this slide.
We are making good progress with the integration of cloud our Panama operations.
The focus in Q2 was defining and implementing our client migration strategy and planning on network integration to modernize infrastructure and expand capacity and coverage.
Given our progress with these initiatives we are on track to deliver synergy objectives, which also underpins the growth in the second half.
Next to slide seven.
And Liberty, Puerto Rico largest single market.
Starting on the left of this slide.
<unk> reported another quarter of Internet ads as a March price increases landed low churn stable at about 1%.
This is a testament to our strong customer service and network reliability underpinned by our investments in fiber to the home.
Since Q2 last year, we increased our fiber homes by 70%.
In addition, we successfully launch I was one gigabit speed across majority of our HFC footprint using DOCSIS treat outline that.
The take rate and upgrades have exceeded our expectations.
Turning to mobile sequentially, our postpaid base relatively flat, while we experienced a similar level of losses in prepaid.
We are in a transitional phase.
We plan to revamp our prepaid strategy and launch customer centric postpaid customer value propositions as soon as migrations are completed.
In this regard with the help of our commercial partners. We are working hard to build beautiful platform enabled us to be more effective in the market through custom FMC bundles and offering tailored specifically for the Puerto Rico and USPI market.
Moving to the incentives on slide <unk>.
Consumer mobile is our largest product in Puerto Rico.
With just under 50% of our revenue.
This is followed by our fixed business, representing a third of the total and <unk> at 16%.
In Q2 fixed revenue was up 5% year over year, driven by the steady growth in our broadband base.
Mobile subscription revenue remained flat sequentially, however was lower year over year.
Finally, Dr integration updates on the lower right to slide <unk>.
We are continuing to migrate our prepaid customers to our new platforms on the postpaid side. We have just started to bring across our first batches of customers and the migration rate will ramp up in the coming weeks and months.
We are working closely with partners, including AT&T, and Apple and expect to find links to integration by the end of the year.
However, the process is clearly complex and we are proceeding with customer experience being a first and foremost priority.
Turning to slide eight and Liberty Costa Rica.
Starting on the left of the slide our.
Our fixed subscriber base remained broadly flat in Q2 with a small increase in churn following a price increase in may.
In mobile we recorded strong postpaid additions in the quarter driven by our prepaid to postpaid migration strategy.
According to the latest report by Deregulated in 2022, we reconfirm, our leadership with a 46% of market share.
Postpaid market share increasing five percentage points versus 2021.
Moving to the incentive to slide <unk>.
<unk> mobile is our largest product close to 60% share of revenue.
This is followed by a consumer fixed business, representing just over 30% and then a small but fast growing <unk> operations.
Finally to our integration update in the lower right of the slide.
Integration activities continue to be on track we.
Back to roll off the TSA and hit our run rate synergy target of $15 million by the end of the year.
Finally to slide nine and our Liberty networks segment.
Starting from the left hand side of the slide.
I am pleased to announce that in Q2, we successfully completed a rebranding from <unk> networks to Liberty networks, a single brand across wholesale and enterprise, providing greater scale and consistency of messaging across multiple segments.
The new brand, it's fresh look convinced customers Centricity innovation reliability and performance, which at the foundation of our competitive edge and growth potential.
We are driving this segment in the region and Hello inaugural links leadership event in Mexico earlier this year.
With our top 100 customers industry and global thought leaders, maybe discussed hot topics such as the impact of AI in Latam in the Caribbean Fintech and technology disruption.
Running through the wholesale to enterprise highlights on the right hand side of the slide.
Wholesale accounting for three quarters of this segment's revenue delivered 3% growth in the first half mainly driven by capacity increases and upselling, our existing customers and new capacity sales.
Steady growth, mostly U S dollar denominated revenue and low capex requirements underpins high cash flow conversion.
Our unique multi ring infrastructure remains a differentiating factor in relation to other networks in the region and a synonym for reliability.
On the bottom right enterprise, representing the remaining quarter of revenue posted a 13% increase driven by higher demand for our connectivity active churn management and cross and Upselling of value added services.
Following our rebranding we anticipate a solid pipeline to convert new customers in the months to come.
Overall.
Q2 was another solid quarter from our commercial and operational perspective.
And we expect more progress in the second half of the year as we move towards Finalization of our integration projects and drive greater free cash flow generation.
We also plan to continue delivering value to our shareholders through our equity buyback program.
With that.
I'll pass you over to Chris Noyes, Our Chief Financial Officer, who will talk you through our financial performance before we take your questions Chris.
Chris.
Thanks, Alan I'll now take you through our financial performance in greater detail, starting with our sequential performance on the left hand side of slide 11 sequentially on a reported basis in U S dollars, our revenue grew by 2% and adjusted OIBDA by 10% in the second quarter as compared to Q.
One with our Panamanian business feeling this step up as we have had good operating momentum and integration progress as we look to improved eight two performance all of our segments contributed to sequential adjusted OIBDA growth.
Moving to year over year performance on the right hand side of the slide as a reminder, we consolidated our Chilean business at the start of Q4 2022. So our reported results in 2023 do not include the operating results of ETR.
Additionally, our 2023 results include the results of Claro, Panama, but do not include them in Q2 2022, as we began consolidation in last year's Q3.
So a number of moving pieces, but overall, a solid performance with stable revenue and 4% Rebased growth on adjusted OIBDA as mentioned last quarter <unk> Caribbean reported revenue was impacted by a business decision to discontinue our legacy noncore <unk> voice transit arrangement in Q1, 2023, which was.
Accounting for about $10 million of quarterly revenue and we will have a similar impact in each of Q3 and Q4 until we start lapping the move next year.
Adjusting for this Q2 'twenty three revenue would have grown by 1% on a rebased basis year over year for.
For the full year 2023, we continue to target mid to high single digit Rebased adjusted OIBDA growth for alloy.
Slide 12 highlights our segment results beginning on the left with <unk> Caribbean, We reported $356 million of revenue in Q2, reflecting flat performance and $146 million of adjusted OIBDA, resulting in an 8% rebased growth.
Adjusting for the transit impact in the prior year period revenue would have been 3% higher on a rebased basis. Our primary driver of growth was through residential mobile with service revenue expansion led by our postpaid efforts and higher inbound roaming.
Our strong adjusted OIBDA Rebased growth was largely fueled by lower direct costs, including programming and improved operating leverage across many of our islands. We finished the quarter with a margin over 41% more than 300 basis points higher than the prior year quarter.
Moving to cable and wireless Panama CW P contributed $181 million of revenue and $59 million of adjusted OIBDA in Q2, reflecting 4% Rebased revenue growth and 42% Rebased adjusted OIBDA growth Rebased top line growth was driven by residential fixed <unk>.
Adjusted OIBDA grew strongly in Q2, as we captured value from the Claro Panama integration.
Turning to the Middle column Liberty networks, we generated $119 million of revenue or 5% rebased growth and $72 million and adjusted OIBDA for a 2% Rebased decline.
Year over year Rebased revenue growth within our wholesale operations was driven by a significant customer that is recognized on a cash basis, while we reported strong growth across enterprise related connectivity and managed services as Alan highlighted.
Adjusted OIBDA experienced a rebased decline year over year as costs increased due in part to higher software licenses and lower capitalized costs importantly.
Importantly, our adjusted OIBDA margin was above 60% for the quarter and our operating and free cash flow margin stood at a very robust 50% of revenue.
Second from the right Liberty, Puerto Rico, Q2 revenue was $352 million, reflecting a year over year Rebased decline of 3% residential fixed continued to be robust delivering growth on the back of volume gains over the past 12 months and price increases implemented in March residential mobile decreased year over year.
Driven by lower <unk>, lower roaming revenue reduced equipment sales of subsea levels were lowered and a decline in prepaid subscribers.
Sequentially, our mobile service revenue and <unk> continued to be stable, while total mobile revenue was impacted by lower equipment sales due in part to a reduction in subsidies as seasonality factors.
Adjusted OIBDA increased from Q1, as we delivered $141 million in the second quarter, which reflected a rebased decline of 3% as compared to Q2 2022 seven.
Several factors contributed to this year over year decline, including the aforementioned decline in mobile service revenue and higher operating costs.
The next two quarters are a critical period for us from an integration and migration perspective, as we look to cut over from AT&T and we anticipate increased costs around the migration to <unk> as the bulk of the consumer activities is expected to occur over the next several months.
Wrapping up with Costa Rica in the far right. We delivered Q2 revenue of $135 million and adjusted OIBDA of $50 million, reflecting a rebased revenue decline of 1% and Rebased adjusted OIBDA growth of 10% revenue performance was impacted by declines in <unk> caused by increased retention discounts and <unk>.
Clients and higher Arco plans adjusted OIBDA expanded significantly year over year benefiting from lower integration spend and the year over year strengthening of the Costa Rican colon to U S. Dollar as we have certain cost denominated in U S dollars.
Slide 13 highlights our results for <unk> additions and adjusted FCS and reiterate our 2023 Fcs outlook.
In the second quarter, we incurred $192 million of peony additions or 17% of revenue, we built and our upgraded 94000 homes in the quarter led by activity in the Caribbean and Panama, taking our half year figure to over 180000.
As part of our upgraded Newbuild program. We are also decommissioning copper plant and are on track to complete this by the end of next year.
During the quarter, we incurred about $8 million of integration Capex, mainly in Panama, and Puerto Rico, and expect integration capex to remain elevated throughout <unk>.
Finally year to date, our Capex as a percentage of revenue was 15% and we remain on track to deliver our 2023 target of 16% of revenue.
In terms of adjusted free cash flow, we posted $31 million in the quarter or $72 million before distributions to our partners in certain markets, where we do not own 100% of local businesses, our $41 million of distributions went to our government partners in Panama and Bahamas.
Our Q2 cash flow represents an improvement from Q1, and we expect this to continue in the second half as we progress towards meeting our full year guidance of approximately $300 million per pre distributions. Our 2023 cash flows will continue to be heavily weighted to Q4 as has been typical for us over the last years.
Given strong Q4, adjusted OIBDA performance and favorable working capital swings.
Turning to slide 14 at the end of Q2 on a consolidated basis, we had $8 billion of total debt over $600 million of cash and $1 billion of availability under our revolving credit lines important to note that 95% of our debt stack is due in 2027 or beyond and 96%.
<unk> has fixed interest rates.
The long maturity and fixed interest features of our balance sheet, coupled with significant liquidity, resulting in a robust capital structure for the group in terms of leverage we have made good progress reducing levels in the first half through principally adjusted OIBDA growth, we have reduced our net consolidated leverage from four six times at year end.
243 times at June 30, while also aggressively continuing to repurchase our equity.
Continued adjusted EBITDA growth and free cash flow expansion should further improve our net leverage ratio over the coming quarters.
In the bottom right of the slide it shows our equity and convertible repurchase activity over time in each one we repurchased a combined $181 million as Bob highlighted earlier. This includes $132 million in Q2 and $50 million in Q1, our convert purchases in Q2.
Facilitated by $69 million in three year borrowings at a compelling six 5% fixed rate and we applied the proceeds to repurchase the convert at attractive discounts to par.
Since quarter end, we have been able to further reduce the outstanding balance to below $300 million.
Moving to the final slide and our closing remarks, we continue to add subscribers in key focus areas of broadband Internet and postpaid mobile while also building our <unk> business in the second quarter selective strategic price increases have been executed in our markets and together with volume growth should form a good foundation for <unk>.
Further top line progression integration execution continues to be a primary focus for both our corporate and local operating teams. We are reaching a key period across a number of projects as we seek to deliver our value capture goals and look forward to reporting further progress in the next earnings call.
Turning to capital allocation, we significantly increased equity activity in the second quarter as the market pricing of both our equity and convertible notes provided us with what we thought were highly accretive opportunities to deploy our excess capital. We will continue to evaluate these opportunities as we progress in <unk> and <unk>.
Finally, we remain confident in delivering on our adjusted OIBDA Capex adjusted free cash flow targets for 2023 with that operator, please open it up for questions.
Thank you.
<unk> and answer session will be conducted electronically if you would like to ask a question regarding the company's operations. Please do so progressing the style extra risky followed by the digit one on your Touchtone telephone.
If you were using a speaker phone. Please make sure. The mute function is turned off to allow your signal to reach our equipment, we'll pause for just a moment to give everyone an opportunity to cyclical questions.
The first question today comes from <unk> <unk> from Goldman Sachs. Your line is open. Please go ahead.
Hello, Good morning, all and thanks for taking my questions two questions from our side. The first one is on Puerto Rico. The earnings release cites a reduction in handset subsidy levels.
That seems to have been a significant factor in our results over there could you give me some color on that strategic shifts on handset subsidies and any drivers for it.
Second question would be regarding your adjusted free cash flow. If you could give us just a bit more color on seasonality in particular, when it comes to the working capital seasonality and drivers benefiting Q4. Thank you.
Good morning.
Thanks for the question.
So the first one on Puerto Rico and I'll ask.
Nike to jump in here as well who runs.
Our operations there.
As we got towards the end of last year, there was significant promotional activity on handsets and handset subsidies, mostly in the mainland USA, which kind of bled into Puerto Rico as well.
We've been kind of experimenting with subsidies in.
In the first half of the year, you can probably see from our numbers that we've kind of reduced the subsidy levels.
And.
And that promotional activity actually to a certain demographic and mostly around retention.
And now we have looked at the results we've been playing around with it we've been studying and analyzing it.
Our plans in the second half of the year, it's going to be slightly different than the first half of the year as we kind of fine tune the subsidy levels, but as you can also see from the mainland.
The AT&T, Verizon and <unk> results for the second quarter, it would seem like the subsidy levels.
Starting to decline a little bit.
But to some ridiculous levels towards the end of last year.
So we're going to be more nimble on it and 19, maybe if you want to add any more comments to that.
Good morning, Thank you Bob.
The only comment I will Doug Parker optimizing.
The pool of subsidy, we have shifted a lot of the promotion to our higher end plan.
Im providing less promotion to the lower end, so that strategic move allows us to be able to manage.
The subsidies.
Because you mentioned approaching as we enter it's too dynamic will change.
Before the end of the year for sure.
Thanks, and then on the free cash flow thing.
Chris to jump in here as well, but usually in the second half there's a lot of reversal in the working capital because the first half.
Vendors and you've got a lot of.
That hits you in the first half that kind of reverses itself in the second half, Chris maybe you want to give us a little bit a couple of other factors.
Certainly adjusted OIBDA tends to be fairly strong in the last quarter of the year.
Interest expense for us.
Is the lowest in Q2 and Q4.
And in addition, a number of our key collections of large accounts also tend to happen later in the year.
And I would say the fourth point kind of mirroring what Don said capex tends to be weighted.
Kind of towards the end of the year, so that rolls into the first part of.
Of the year when it when trade working capital unwind so.
This would be the factors, but if you look back over the years Q4 for US has been really the sort of the cash generative quarter.
For for several years.
Thanks, Chris.
Very clear thank you.
Yes.
The next question comes from <unk> <unk> from New Street Research. Your line is open. Please go ahead.
Yes, hi, guys. Thanks for the question just a couple from me. Please first of all on Chile.
Can you confirm that.
Speaking no cash contribution into the JV this quarter. It doesn't appear that is the case.
And so of the recently announced.
Funding round, which I think was around 600 million U S model should we assume nothing is coming from Liberty and is there anything.
More broadly we can infer about.
The future equity ownership of the JV that would be the first question. Please and then secondly on Panama really good profitability as you as you highlighted.
How much of that was if you like synergy in the context of the $70 million.
Tysons, which we've got for that market on a on a full run rate basis, how much have we seen so far.
Is that running ahead of expectations.
And.
How much more can we see it come through in the second half of this year. Thank you very much.
Okay.
Thanks.
In Chile.
B disclosure, we can confirm that we did not put any cash in that and you can see from the other reporting that we did.
Most of the contributions in the fall months it can take in but.
<unk>.
And that at some point later.
We will be sitting down with our partners on that but the equity ownership with that business remained 50 50, and we are quite involved in that business.
On the on the Panama, but if you look at some of the savings this year.
What we just reported.
Synergies played a big role in it, but it's not more than $55, 60% and the rest of the business from efficiencies that came out that we worked really hard on and Thats, where the margin expansion came from but synergies will contribute to it and they will continue to contribute 2024.
<unk> become even larger as we finish the store closures that full network migration, we are actually doing that.
Customer migration in the next 10 days or so.
And so a lot more activities happening and we've got more to harvest there, but but one of the good news in that expansion in margins. It's really also really good work by our operating teams on the ground.
Okay, great. So it sounds like the sort of incremental savings ahead of the guided two synergies.
Yes.
Okay. That's great. Thank you.
The next question comes from Andres Coello from Scotiabank. Your line is open. Please go ahead.
Yes. Thank you just a follow up on the question on Chile, So what I understood from that from the press release is that.
Between you and America mobile there will be a 600 million cash injection.
And that will take 50% of that so there is something.
Different to that.
<unk> contributed 200 million to VCR.
So the contribution is from that other releases that $600 million. Additionally, that's been put into the business.
I think if you look at our numbers that was just published you can probably come to the conclusion that we.
We did not but.
Sure.
And I think the way to look at it as debt.
This contribution is not an equity contribution, but the debt piece of paper.
And so that gives.
Everybody a chance to take a look at that business study and understand that contribute to it.
Especially.
On the operating side.
And I suspect in the next couple of years.
<unk>.
Be more definitive on where things stand.
Okay. Thank you.
As a reminder, that star followed by one on your telephone keypad to ask a question.
The next question comes from Matthew Harrigan from Benchmark Matthew Your line is please go ahead.
Thank you.
Any questions were answered, but your sister company over in Europe has created about three 3 billion plus a value an adventure side I know Latin America is not exactly a hotbed.
For new venture activity and new preferred.
Yes.
There are some things that weren't an incubator in house, but nonetheless, it appears that the sales force there I know, it's all of these as one of the top Pcs in Mexico. I think there are a number three or number four and clearly you have a lot of infrastructure that.
Various TMT initiatives.
I looked at from and I know, it's small, but I thought it was an interesting point.
In advance.
Sure Hey.
Thank you.
Let me see if I can answer this in a way that makes sense rehab me in a couple of very small venture investments mostly to support our startup startups that could be beneficial to us. So we've made.
Investments in.
Alternative energy made investments in fixed wireless access.
But they are relatively small it's not a core part of our story now is this a growth driver for us, it's really where.
Where we think thats interesting technologies that can be used to now region.
Need to support them and Mitchell and provide some funding for them to finish the development, we would consider that.
We don't look at this.
A separate.
Business unit.
Sure.
Gross driver our business is in communications it is in fixed broadband and mobile and <unk>.
And then tried to stay very close to what we are really good at.
And needless to say content is probably the last bucket.
Using <unk> because that really would be a considerable departure from leveraging your existing infrastructure I assume.
I think that would be a very very good assumption.
Okay. Thanks.
Thanks, Paul appreciate it.
You bet.
That will conclude today's question and answer session I would like to hand back to Alan <unk> for any additional or closing remarks.
Thank you operator, and thanks, everybody for taking the time. This morning on our call you can see we are making progress.
I suspect.
As you look at over the last few years.
The Topsy turvy.
Neighborhood.
I think we're on a good path now in the second half should be even more exciting than the first half. So thank you so much for your support.
Great day.
Ladies and gentlemen, this concludes Liberty Latin America's second quarter 2023, Invesco as a reminder, a replay of the call will be available in the Investor Relations section of Liberty Latin America's website at Www Dot.
<unk> Dot com.
You can also find a copy of today's presentation materials you may now disconnect your lines.
Okay.