Good morning and welcome to Liberty Latin America's third quarter 2025 investor call. At this time, all participants are in listen-only mode. Today's formal presentation materials can be found under the Investor Relations section of Liberty Latin America's website at www.LLA.com. Following today's formal presentation, instruction will be given for a question-and-answer session. As a reminder, this call is being recorded. Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlook and future growth prospects, and other information and statements that are not historic 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 recent final annual report on Form 10-K and quarterly report on Form 10-Q, 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 condition 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 the 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, Jenny. Welcome everyone to Liberty Latin America's third quarter 2025 results presentation. I will be running through our group highlights and an overview of our operating results by credit silo before Chris Noyes, our CFO, reviews the company's financial performance. We'll then get straight to your questions. Before we get into the details, let me start by taking a moment to recognize the hardship of our employees, customers, partners, communities, and governments who bore the brunt of Hurricane Melissa in the Caribbean, especially in Jamaica. Their resilience is nothing short of amazing. Our commitment to this region is strong, and we will help with the recovery through our humanitarian and infrastructure rebuild. I will cover this in more detail in my commentary on Liberty Caribbean. As always, I'm joined by my executive team from across our operations, 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 four and our highlights, our core business performed very well in Q3. We added over 100,000 postpaid net adds across the group, notably driven by Costa Rica and supported by fixed mobile convergence efforts and continuing prepaid to postpaid migration. This was the strongest quarter of postpaid additions across the group in three years. We reported $1.1 billion of revenue in Q3. This represented a return to year-over-year growth driven by better trends in B2B as we had anticipated. This in turn came about through a combination of better momentum on enterprise and government-related contracts, as well as the easing of tough year-over-year comps on B2B which we faced in the first half of the year. Residential revenue grew year-over-year this quarter as we continued to focus on innovative customer value propositions across the markets. We posted Adjusted EBITDA of $433 million, reflecting a rebase year-over-year growth of 7% in the third quarter. This included rebase growth across all of our segments, including Puerto Rico. This performance was driven by good execution on cost initiatives, as well as strong customer base management. We maintained our focus on lowering capital intensity. These efforts led to a 22% expansion in Adjusted EBITDA/p&e additions year-over-year, bringing us to a margin of 26% today. Despite some recovery through this year, we continue to believe our share price does not fully reflect the intrinsic value of our underlying businesses. We remain focused on delivering organic growth and cash flow generation, which we believe is critical for share price appreciation. Additionally, as previously discussed, we continue to look across our array of assets in the group and evaluate opportunities to close the embedded discount in our stock price. Turning to slide six, I will begin our operating review with the Cable & Wireless credit silo, which had another very solid quarter. This silo includes Liberty Caribbean, C&W Panama, and our Liberty Networks segment. Starting with Liberty Caribbean, we reported another strong quarter. On the left of the slide, we present our mobile KPIs. Postpaid mobile additions remained strong, with mobile output showing a healthy expansion on a year-over-year and sequential basis. Moving to the center of the slide to our fixed KPIs, the broadband subscriber base remained flat in Q3, with gains in Jamaica offset by declines mainly in Trinidad. Other highlights include the launch of 5G in Barbados, becoming the second market in our Liberty Caribbean segment to offer 5G alongside cable. Now, turning to Hurricane Melissa. Damage is significant in the rest of the country, while the major economic hub of Kingston in the more populated east has been much less impacted. The situation remains very dynamic and impacted by the speed of power restoration on the island. Our latest data suggests that. We are very thankful that 100% of our staff is marked as safe. Secondly, mobile traffic on our network is back to 80% of pre-hurricane levels. In our fixed network, over 40% of our overall customers are online, while in the major metro areas, we are at over 80%. On the power side, over 50% of Jamaica's power service customers have power. Fourteen out of fifteen of our own and operated stores are open now and are supplemented by 17 stores on wheels, two of which are dedicated to just our B2B customers. Jamaica is a key part of Liberty Caribbean, a region we have operated in for over 150 years. We will be working tirelessly to repair and rebuild our infrastructure, leveraging the vast experience of the local and central teams while continuing to bring in partners like PTI on the towers, JPS on power, and others to quickly stand our services back up. During the hurricane's approach, we went live with a satellite partnership with Starlink Direct-to-Cell in Jamaica to offer emergency Direct-to-Cell connectivity for our mobile customers. This played a key role in helping customers stay connected in areas where the mobile network has been down, and we have seen more than 140,000 unique users successfully attached to this D2C technology. As recovery efforts continue, we are beginning to see customers returning to our mobile network. While it is too early to assess the full impact of the hurricane, we would remind investors that we maintain parametric insurance across the Caribbean. One of its advantages over traditional indemnity insurance is that it pays out quickly, which facilitates a more rapid repair and rebuild. Chris will provide more perspective on this in his section. Moving to slide seven and our C&W Panama segment. Starting on the left of the slide, we continue to deliver postpaid net adds as customers migrate from prepaid. While this is a deliberate strategy, we are also pleased to report a return to prepaid growth after two consecutive quarters of decline driven by lower churn and a higher proportion of rejoining customers. Moving to the center of the slide, we delivered another solid quarter of internet subscriber additions. A more significant shift this quarter came from the B2B space. We had previously highlighted recent wins with government-related and in the enterprise space, and these deals are now beginning to flow through revenue. B2B revenue this quarter expanded 33% on a sequential basis and 14% on a year-over-year basis. Next, to slide eight and our final segment within the CNW credit silo, Liberty Networks. On the left of the slide, we present our Q3 year-over-year revenue evolution. Our strong performance in wholesale reflects the strength of our core operations and the growing demand for bandwidth across the region. Enterprise remains a key growth engine with continued momentum in IT as a service and connectivity solutions, particularly in Colombia and the Dominican Republic. These services are helping us build a strong base of monthly recurring revenue, which supports long-term stability and positions us well for the future. From an operational perspective, in August, Liberty Networks announced a major milestone with the launch of MAIA 1.2, an enhanced system spanning 2,386 km that doubles the capacity of the existing subsea cable MAIA 1 and will continue to deliver critical capacity. This strategic upgrade represents a long-term investment in regional infrastructure, strengthening international connectivity and digital resilience throughout the Caribbean and Central America. This investment will also clear the way for the installation of MANTA, the new pan-regional subsea cable system. We remain on track and excited about monetizing this asset in the coming years. Turning to slide 10 and Liberty Costa Rica. Starting on the left of the slide, the main driver of our top line continues to be the postpaid mobile segment. Through the first nine months of the year, we have added almost 130,000 postpaid subscribers, representing a 13% expansion on the Q4 2024 base with a particularly strong Q3 performance. One of the drivers is our successful commercial strategy of migrating prepaid subscribers to postpaid and the good take-up in our Planis Libres offering. This is a lower-end postpaid plan, but it is nevertheless accretive. Prepaid to postpaid migration is supportive for our pool and churn, helping to offset broader competitive tensions. Having now acquired the 5G spectrum we were awarded earlier this year, we look forward to further strengthening our mobile leadership in Costa Rica through the deployment of our standalone 5G mobile network in partnership with Ericsson. Moving to the center of the slide, on the broadband side, we continue to do a solid job maintaining our subscriber base despite a competitive market. We continue to work on strengthening our commercial offering in the market. Early in Q3, we launched an offer for new and existing customers to have access to the most popular over-the-top platforms included in their home plan. This bold and meaningful value proposition, unique for the Costa Rican market, is anchored by a new brand claim, "You want it, you got it." As we have highlighted in our 10Q, the regulator in Costa Rica, Sutel, has issued a resolution prohibiting our proposed transaction with Millicom. This outcome was surprising given we had worked closely with the regulator over a number of months to design the appropriate remedies to address any competitive market concerns. We have filed an appeal and would expect a response shortly. In the event our appeal is denied, we intend to drive cost savings in our operation that we held off pending the combination with TECO. We are starting to lay the foundation for that as we speak. Moving to slide 12 in our third credit silo, Liberty Puerto Rico. Starting on the left of the slide, mobile performance showed greater stability with postpaid losses lower compared to Q2, with churn tracking in the right direction. Commercial efforts in the third quarter focused on the launch of our new postpaid value proposition, Liberty Mix. Early results have been supportive. Momentum on gross ads have picked up modestly through Q3 with an improving port-in-port-out ratio. Perhaps more significant at this stage has been the support to gross ads ARPU, with the higher tiering subscriber plan leading to a 40% increase in September versus the month prior to launch. On the fixed side, we continue to see some competitive pressure impacting our sub base, though ARPU is sequentially stable and up on a year-over-year basis following price increases earlier this year. We launched a new commercial campaign on our fixed offer with a central theme of reliability with three distinct components. Firstly, recognizing that many homes in Puerto Rico have generators given the frequent power outages on the island, we launched a product that allows our fixed service to be up and running during these power outages by defaulting to the mobile network. We also offer new software in our devices that provides a stronger Wi-Fi experience in the home. Confident in the reliability of our network, we are also incorporating a 30-day network guarantee for customers. As we look out over the coming months, we will continue to ramp up commercial efforts on our fixed mobile conversions offer, Liberty Loop. Given FMC penetration across a number of markets in the LLA group, we know that Puerto Rico is a laggard at just 23%, of which only 10% are real FMC customers who have converged products and are receiving a financial or experience benefit from them. Our focus on FMC is increasing, and we expect this to be a good driver into 2026. With that, I'll pass you over to Chris Noyes, our Chief Financial Officer, who will take you through our financial performance before we move on to your questions. Chris. Thanks, Bal. I'll now take you through our Q3 financial results starting on slide 14. We posted revenue of $1.1 billion and Adjusted EBITDA of $433 million, reflecting rebase growth of 1% for revenue and 7% for Adjusted EBITDA year-over-year. All of our operating businesses reported year-over-year rebase growth on both revenue and Adjusted EBITDA, with the exception of a decline in revenue at Liberty Puerto Rico. Sequentially, as compared to Q2, LLA's reported revenue increased 2% and Adjusted EBITDA increased 4%, a solid uplift which sets momentum into Q4. Reflecting both lower capital intensity with P&E additions at 13% of revenue in Q3 and continued Adjusted EBITDA expansion, LLA posted Adjusted EBITDA less P&E additions of $284 million in Q3, a 22% improvement year-over-year. Although we were up year-over-year on Adjusted EBITDA less P&E additions, our reported adjusted FCF before partner distributions was $16 million in Q3, a decline year-over-year. Our cash flow performance in Q3 continues to be challenged on collections, principally from our government customers, some of which we anticipate to receive in Q4. In addition, our prior year quarter benefited by approximately $90 million due to the positive impact of handset monetization during the quarter and the proceeds from the hurricane-barrel weather derivative payout. As mentioned previously and consistent with prior years, we expect robust free cash flow performance in Q4, even with the impact from Hurricane Melissa, which should be mitigated in part by proceeds from our parametric insurance program. Slide 15 recaps our Q3 results for the CNW credit silo, which consists of Liberty Caribbean, C&W Panama, and Liberty Networks. Starting with Liberty Caribbean, in Q3, we reported $369 million in revenue with 3% growth year-over-year on a rebase basis. This result reflects year-over-year rebase growth of 5% in residential fixed, while both residential mobile and B2B increased by 2%. Revenue performance was supported by continued growth in FMC, as evidenced by the postpaid additions over the last year, selected price increases across geographies and products, and a favorable comparison to the storm-impacted Q3 2024. Adjusted EBITDA came in at $173 million, representing 10% rebase growth year-over-year. Besides revenue contribution, a key driver of the strong Q3 rebase growth was lower operating costs, reflecting the continued impact of Liberty Caribbean's comprehensive efficiency and savings program and relatively flat direct costs on a higher revenue base. For Q3, Liberty Caribbean's Adjusted EBITDA margin improved nearly 300 basis points year-over-year, reaching 47%. Building upon Balan's points relating to Hurricane Melissa, we are in the early stages of assessing the operational, financial, and economic impact of the storm. There are a number of dependencies, including the timing of the return of power to parts of Jamaica, which will influence our ability to provide service to customers. We anticipate adverse impacts to RGUs, revenue, and Adjusted EBITDA in Q4. As a point of reference, Jamaica generated about $108 million of revenue in Q3, which is less than 10% of LLA revenue. Next, moving to Cable & Wireless Panama, CWP delivered $199 million of revenue and $72 million of Adjusted EBITDA with year-over-year rebase growth of 6% and 4%, respectively. The top line increase was driven by 14% higher B2B revenue year-over-year, which reflects the solid pipeline we had at Q2, and we continue to see good B2B momentum into year-end. Adjusted EBITDA growth reflected the lower margin B2B project revenue, while we also realized improvement in network and labor costs over last year's Q3. Turning to Liberty Networks, we generated $117 million in revenue and $65 million in Adjusted EBITDA with a year-over-year rebase increase of 6% and 10%, respectively. The rebase growth rates are our strongest in about two years. Each of our two business segments experienced solid year-over-year revenue growth with 5% rebase for wholesale driven by subsea capacity revenue and 6% rebase for enterprise, reflecting continued growth in managed services and higher B2B connectivity. Our Adjusted EBITDA growth reflects the positive impact of the revenue increase as well as lower bad debt year-over-year. Aggregating all three operating segments within the CNW credit silo, we generated $662 million in revenue, reflecting a year-over-year rebase increase of 4% and $309 million in Adjusted EBITDA, resulting in 8% year-over-year rebase growth. Moving to slide 16 and the Q3 results for our two credit silos, Liberty Puerto Rico and Liberty Costa Rica. On the left, Liberty Puerto Rico. Q3 revenue was $298 million with a 5% year-over-year rebase decline. The primary drivers of this decline are a 7% rebase decrease in mobile residential revenue and a 16% decrease in B2B, both of which primarily relate to subscriber losses stemming from the mobile network migration completed last year. Adjusted EBITDA of $96 million in Q3 reflects 7% rebase growth. Mitigating the revenue decline over the last year, a key factor behind the year-over-year Adjusted EBITDA growth this quarter is the comprehensive cost reduction plan the business has undertaken in order to right-size and streamline its operations given the lower revenue and subscriber base. Additionally, the business also benefited from lower bad debt expense year-over-year. Concluding with Costa Rica on the right, we delivered Q3 revenue of $155 million and Adjusted EBITDA of $56 million. Representing a 3% rebase revenue growth and 7% rebase Adjusted EBITDA growth year-over-year. Performance was driven by our residential mobile business, which grew 7% on a rebase basis year-over-year and was fueled by higher postpaid volumes and strong equipment sales. In addition, the operating team has been focused on controlling costs, which supported margins this quarter and is in the process of working through a more comprehensive plan for 2026. Next to slide 17 and our Q3 balance sheet metrics for LLA, we had $8.4 billion of total debt, $600 million of cash, and $900 million of borrowing capacity at September 30, of which our Puerto Rican group accounted for $2.9 billion of debt, around $120 million of cash, and roughly $170 million of borrowing capacity. On a LLA consolidated basis, we posted net leverage of 4.6 times, a slight improvement from Q2, helped by the higher Adjusted EBITDA in Q3 from across our operations. If we exclude Puerto Rico from the leverage calculation, our net leverage would fall about a turn to the mid-threes. With respect to Puerto Rico, there are two balance sheet developments to highlight. One, the Puerto Rican business successfully raised a $250 million secured financing, of which $200 million was borrowed during Q3 via an unrestricted subsidiary approach. This provided the business with near-term liquidity to continue investing in operations, and more than half of the proceeds were used to repay a significant portion of its fully drawn RCF. Second, as highlighted in early August, the liability management process is underway, and the business is actively engaging with its various stakeholders. As you can appreciate, given the ongoing discussions with stakeholders in the business, we are not in a position to provide further updates at this stage as regards both the expected outcome and the timing thereof. Turning to how we protect our assets from NatCAT events, we use a robust parametric program across our CNW and LPR credit silos. Our weather drift was triggered and should help us mitigate losses from property damage, business interruption, and other impacts from Hurricane Melissa. We expect to receive $81 million in third-party proceeds before year-end. Moving to slide 18 and to wrap up our prepared remarks. As a recap, Q3 was a very good quarter at the operating level with top line expansion and improved Adjusted EBITDA. No doubt it will take time to recover from Hurricane Melissa in Jamaica, but I do know our employees are resilient and up to the task. We remain focused on getting key communications up for our customers and are encouraged by the quick progression in lighting up service since the event. As I highlighted on the last slide, the payout from our parametric program will be invaluable to our Jamaican recovery and should go a ways to mitigating the overall financial impact. As we look to finish the year, several important points to reiterate. One, our commercial plans remain robust on both B2B and residential, and we will be focused on the seasonally strong holiday selling season across many of our markets. Two, our cost reduction and efficiency programs across LLA continue to deliver, which will support and underpin our Adjusted EBITDA and cash flow as we move into 2026. Three, cash flow is expected to be strong in Q4, and we continue to work hard across all of our businesses to deliver on that objective. Finally, we at LLA remain focused on improving value for our shareholders as we fundamentally believe the share price does not reflect the value of our businesses. We are focused on organically growing the business, pursuing strategic initiatives, and optimizing capital allocation. These three components will be helpful in unlocking incremental shareholder value. With that, operator, please open it up for questions. Thank you. The question-and-answer session will be conducted electronically. If you'd like to ask a question regarding the company's operations, please do so by pressing Star followed by One to ask a question or Star Zero for operator assistance. In order to accommodate everyone, we request that you ask only one question with one follow-up if needed. If you're using a speakerphone, please make sure your 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 signal for questions. Our first question of today comes from Milenna Okamura of Goldman Sachs. Milenna, your line is open. Please go ahead. Hi, y'all. Thank you for taking my questions. The first one is on timing and progress of your cost-cutting initiatives. Are they expected to be mostly done by Q4, benefiting 2026 as well, or is it a more gradual process throughout the next year? Are there any specific regions or cost lines where you expect this to be particularly relevant? The third question, sorry, is if you could give us more color on margin drivers for Liberty Networks. You mentioned a bad debt reduction, but was that the main driver for the margin extension, or were there other factors that supported? Thank you. Thank you for the question. Let me talk about our cost-cutting. We embarked on this literally about 20 months ago, and we're starting to see the benefits drop right now, certainly this year. We anticipated it to follow through in 2026 as well. Our cost-cutting continues through the end of this year and into the first half of next year as well. There are a number of things that we look at clearly. Across a good soil, the way we do costs, there are a number of line items in there that we focused on. We also focused on other OpEx costs, including power usage. Of course, we also focused on labor. It makes sense. We've taken a very sharp look at the labor in our business. My sense is that in 2026, there will be more opportunities, especially in the first half. You are going to see us also focused on revenue. That is the other part of where we look at our margin expansion. Now, on Liberty Networks' margin drivers, there are a number of things that draw some of the margin expansion. As we get off a lot of our IRUs, acceleration, there is a lot of work that we have been doing. That debt has improved, as you pointed out. Apologies, ladies and gentlemen. We have lost connection to the management team's line. Please be on pause until we resume the call. Perfect. Thank you. Please proceed. Perfect. I'm sorry. I think we lost our connection. I'm not sure at what point or where we dropped. Do you know where we dropped? Okay. Hopefully, that answers your question. You were about to say Liberty Networks, but leave it to Networks. I will do it again. Oh, okay. Yeah. On the Liberty Networks, I think we were talking about margins on both sides of the OCF and OFCF level. At an OCF level, as you pointed out, that debt has improved. There's a lot of things that we've done there, and we've also gone more and more to monthly recurring revenue and taken off a lot of and coming to an end to a lot of our IRU acceleration. Of course, at an OFCF level, expenditure on Project MANTA is starting to grow. The numbers are where we like it to be. We remain very bullish on this segment. Okay. Thank you. Thank you. Our next question of today comes from Ernesto González of Morgan Stanley. Ernesto, please go ahead. Hi. Thank you for taking our questions. It's two from our end. The first one is on Puerto Rico. Could you please talk about room for additional margin expansion in the unit and also on your cash uses outside of Puerto Rico? Any details that you can share on priorities across the leveraging, buybacks, dividends, and also any details on timing are greatly appreciated. Thank you. Okay. On the first part, you'll continue to see margin expansion in Puerto Rico as we continue to recover the business. This year, our focus in Puerto Rico has been on the cost side. A significant focus on both the OpEx line, CapEx line, cost of goods line. Every single line item in that business was scrutinized, and we are running it, I think, very efficiently. The second stage of our margin expansion there comes from revenue growth. You can start seeing already. The numbers are coming in. Even though we did not post a revenue growth number this quarter, I anticipate next year we will start to see some positive updates from a lot of the hard work that is going in this year. Systems have improved. Our processes have improved. Our store process has improved. Our sales team's productivity has improved. In addition to that, we have started the launch of our FMC. The question is as to why have we waited so long for our FMC? There were a lot of things that we had to do to fix, especially on our IT systems. We continue to have two different billing systems, fixed and mobile, but we had to do a lot of work on the mobile side. Now we are able to completely link it. This is our lowest FMC penetration in all of LLA, and we see some really bright future. In addition to that, our channels are also improving, and we have got lower-cost channels coming in in 2026 as we embark on more digital sales. There are a lot of really positive things that have happened that improve the margins. Now, your second question, I think you were talking about our cash position in LLA in general outside of Puerto Rico. I did not quite catch your question. Sorry. It was on your uses of cash. So what do you expect to do across. Using the cash you are generating or you will generate for leveraging, buybacks, dividends, and also any details on timing? Okay. Great question. Of course, our capital allocation strategy, we revisit it constantly. You will see a lot of our cash generation comes into its back end of the year and fourth quarter, as Chris pointed out. We are very confident on our fourth-quarter cash generation. Together with our board, we will determine the traditional ways of looking at capital allocation, whether it is stock buyback, being down on debt, or even considering issuing a dividend. Everything is on the table as we look at the deployment of that cash. Thank you. Thank you. Our next question comes from David Lopes of New Street Research. David, your line is open. Please go ahead. Hi. Thank you for the opportunity. A couple of questions, please. On Puerto Rico, on the fixed business, I was wondering if you can comment on competition. I think you mentioned a bit more competition this quarter. Is it coming from traditional cable or fiber, or is it fixed wireless access who is getting more traction? The second question is on Jamaica. I do not know if you can maybe tell us what is the proportion of the network that needs to be rebuilt and the proportion of the network that needs to be repaired. If you can give a bit more color on the deal with Starlink that you mentioned in the press release. Thank you. Not the deal, the partnership with Star. Okay. I'll start with the Puerto Rico part. Our fixed business. This year, earlier this year, we took a price increase, and we saw a churn bump up post the price increase. In addition to that, of course, competitive pressures have increased in Puerto Rico. Our sense is that, for the most part, our churn, by the way, still remains quite low. The churn that we're seeing is mostly going to other fixed operators. They're not going to fixed wireless. That's where the churn—our product is actually very competitive both from a price standpoint and from a speed standpoint. We are actually doing really well. Here's why we're excited about our fixed business going forward. We've launched a number of new products there. We've revised our pricing, like I said, with our FMC bundle. We've also launched a couple of new products. One of it is our always-on product. We call it Keep On in Puerto Rico. That was one of our disadvantages beginning of this year. We had a lot of power outages in Puerto Rico where a competitor with fiber would probably not experience the outage if they have generators at home. Yet in the HFC plant, you would see an outage. With this new Keep On product, the customer does not miss a beat at all. We're quite excited about that. In addition to it, we've also improved our Wi-Fi in the home with a software upgrade that now makes us really one of the, if not the best Wi-Fi in the home. We feel really good between our FMC, our new products, our always-on product, high reliability. That is why we've also launched a 30-day money-back guarantee to new customers that come into our network. That is on the Puerto Rico fix. In Jamaica, we're still studying it. There are a number of things that we're looking at, right? Quite a bit of our outages right now is because of power or the lack of it. As of today, the Jamaica Power Company, JPS, is about 50% back on in Jamaica. To our network specifically, it is more closer in the mid-40s to our network where JPS has power to. As the power comes back, you'll see our network recover. Now, having said that, the hurricane did go through the west part of the island quite seriously and has damaged a number of our towers. As you recall, we did a deal with Phoenix Tower where, with that deal, PTI is responsible for the rebuild. They have been great partners. They've put people on the ground, and they are rebuilding those towers on our behalf. There will be some work, but there's more to come. I think we're still in the early days of evaluating both the network damage as well as what is really down because of power. As power comes back, I think you'll see our network come back up as well. Oh, yeah. That was the third question on Starlink. Let me say it this way. They have been great partners. The product that we launched, we did it in literally like 72 hours, which is their D2C product. This was actually very, very well received by our customers. The way it works is when you do not have access to our cell power, and so you do not have network access in your mobile phone, you can do text and very low-bandwidth data like WhatsApp, low-bandwidth WhatsApp through Starlink. This kept a lot of our customers with full connectivity. We felt really good about the product. The second part of what we are using Starlink for is B2B customers. We fired up Starlink as a backup to our fixed product. Where our fixed product is down, Starlink comes up. Now, where there is no power into their business, then it does not matter what the method of connectivity is. For the most part, we are already building up a lot of our B2B, our fixed network, because most of our B2B customers are in Kingston, and that's coming up. The second concentration of B2B customers is in Mobay, up north, northwest. In that area, power is still out. There are a lot of challenges there. We are slowly rebuilding that part as well. Starlink has been a really, really good partner of ours. Very clear. Thank you. Thank you. Our next question comes from Matthew Harrigan of The Benchmark Company. Matthew, your line is open. Please proceed. Thank you. We all know it's dangerous to draw inferences from the U.S. in the mobile market. Looking at your markets, people can't run out and buy an iPhone 17 Pro on a whim. Conversely, favorably, you have a lot more penetration upside, particularly on postpaid. Two things in the U.S. market. T-Mobile's really doing well because they have such a high switching share because they have a better network. In fact, if you run the numbers, the whole industry can slow down a lot, and they can still grow nicely on account of the superior switching share. The cable operators, of course, have FMC advantages with the MVNO that they have with Verizon. You arguably could be positioned for both of that as you get these good postpaid numbers in the Caribbean markets in particular. Would you say that's a factor? Would you say that even though people aren't buying the highest price point phones, that there's some device innovation that's a factor because clearly you're putting up really nice postpaid numbers? On the parametric insurance, because. Melissa just had those record wind speeds and all that, and I know it is very precise and exactly where the speeds were recorded and all that, but it feels like you could get quite a disparity between the damage incurred and the payout. It also feels like the insurance companies have to constantly appraise their approach in doing that because it feels like you could get some quirky results, bad and good for you or the insurance companies, depending on where you get the wind speeds and where you get the actual damage. I am sure you know at this point how fickle damage, both for life and property, can be from a hurricane. Thanks and congratulations on the progress. I am very sorry in Jamaica. I have been there a number of times. It is a beautiful country. Matthew, thanks for your comment. I agree with the first part of your comment. Whereas we get more and more postpaid, there is a lot of stability in that revenue. That is why we've been focusing a lot on that. You get out of a lot of the washing machine of the prepaid business, even though we do love the prepaid business as well. In most of our markets, you'll see our cost is not as high because it's not an equipment-driven market. It is really a great business for us on postpaid. On insurance, I'm going to let Chris comment, but I'll tell you, Chris and his team did a tremendous job. There is some luck involved clearly because of the path of the hurricane. The way the hurricane parametric insurance was designed with the concentric rings, it was very thoughtful. In this case. The path of the hurricane triggered the west side ring, and it triggered one of the outer layers of the concentric rings from Kingston as well. We feel really good about this. One of the great things that Chris did as well is that the payout is quick. The NPV on this insurance is really good. I'll ask Chris to give you a bit more color. Yeah. Nice to hear from you, Matt. I mean, I think as we look at the parametric, I mean, it's highly, highly analytical and studied over hundreds of years of storms. We focus on where the value in our business resides so that it is protected. If it does go over a urban center, there is a recovery to help mitigate the damage on both BI and property. It's always evolving each year. We continue to get smarter on trying to figure out the best ways to protect risk for our business. And we have a decade-plus of knowledge here of continuing to evolve this particular parametric program. Thanks, Chris. Thank you. Thanks, Matt. Thank you. We have no further questions. That will conclude today's question-and-answer session. I'd like to hand the call back over to Balan Nair for any additional or closing remarks. Thank you, operator. And thank you, everybody on the call, for your support. We are very pleased with our results this quarter, and we see it continuing in the strength. All our initiatives are kicking in. As you can see, it's starting to yield very nicely. We feel the future is really bright here in LLA. Thank you very much again for your support. Ladies and gentlemen, this concludes Liberty Latin America's third quarter 2025 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.