Millicom International Cellular S.A. (NASDAQ:TIGO) Q3 2022 Results Conference Call October 27, 2022 8:00 AM ET

Company Participants

Sarah Inmon - IR

Mauricio Ramos - CEO

Sheldon Bruha - CFO

Conference Call Participants

Stefan Gauffin - DNB

Marcelo Santos - JPMorgan

Soomit Datta - New Street Research

Lucas Chavez - UBS

Sarah Inmon

Hello, everyone. Thanks for connecting to our video conference to discuss our Third Quarter 2022 Results. Before we begin, please take a moment to review the Safe-Harbor disclosure on slide two of the presentation, which is available on our website along with the earnings release.

During the presentation, we will be referencing non-IFRS measures, and we define these on slide three. And we provide reconciliation tables to the nearest IFRS metric in the earnings release, as well as on our website.

I will now turn the call over to our CEO Mauricio Ramos for his prepared remarks. Mauricio?

Mauricio Ramos

Good morning and good afternoon, everyone. Thank you for joining us today. The key message is that, we are on-track to meet our organic OCF growth target of approximately 10% for this year to generate solid equity free-cash flow in 2022, in-line with our budget for the year, to invest about $1 billion in CapEx this year, which is also consistent with our long-term target and we're also on-track on our key projects to highlight and crystallize value for our infrastructure and fintech arms, and on-track on reducing our net debt, with net debt down this quarter despite the tougher macro. And we're on-track also on our social and ESG initiatives with meaningful external recognitions that I will address later today.

So, the macro-environment is indeed much tougher, and yet we remain not totally, but very broadly on-track. And this is because: one, we enter this period of increased macro volatility from a position of immense strength. Our networks have been modernized and expanded, that increased our customer-base with sustained or larger market shares. Our SangreTigo culture is at its strongest point ever and our brand positioning has strengthened as a result in just about all of our markets. And two, because our business and, particularly its cash flow is extremely resilient, we showed that to you in [indiscernible] during the pandemic. And despite the weakened macro long-term demand for our products is still very much there and broadband penetrations are still very low. And three, because we do volatility and challenging environments quite well, we continue to invest wisely through those circumstances and always we take on the opportunity to become more-and-more efficient.