Q3 2024 Millicom International Cellular SA Earnings Call Transcript
Key Points
- Millicom International Cellular SA (TIGO) reported a record equity free cash flow of $271 million in Q3 2024, surpassing previous quarters.
- The company achieved strong customer growth with nearly 300,000 postpaid net additions and 70,000 home net additions, marking the strongest net additions since 2021.
- Service revenue growth was driven by a 4% increase in the mobile business, supported by prepaid price increases and customer migration from prepaid to postpaid.
- Millicom's restructuring efforts have led to significant cost reductions and improved operational efficiency, contributing to a leaner and more cash-generative company.
- The company announced strategic transactions in Colombia, Costa Rica, and a tower transaction in Central America, expected to enhance returns in the coming years.
- Millicom faced currency headwinds in Colombia and Paraguay, impacting overall financial performance.
- The company incurred $73 million in restructuring and other one-off charges in Q3 2024, including severance payments and insurance costs.
- Increased competitive pressure was noted in Guatemala, particularly in regions where Millicom previously had a stronghold.
- The home business in Colombia experienced a double-digit decline in service revenue, although signs of recovery were noted.
- Millicom's operations in Bolivia are challenged by a difficult currency situation, leading to conservative capital deployment in the region.
Hello, everyone and welcome to our third quarter. 2024 results call. This event is being recorded. Our speakers today will be our CEO Marcelo Benitez and our CFO Bart Van Haren. The slides for today's presentation are available on our website along with the earnings release and our financial statements.
Now please turn to slide 2 for the safe harbor disclosure. We will be making forward-looking statements which involve risks and uncertainties and could have a material impact on our results. On slide 3, we define the non ifrs metrics that we will reference throughout the presentation and you can find reconciliation tables in the back of our earnings release and on our website with those disclaimers out of the way. Let me turn the call over to our CEO Macero Benitez.
Thanks Michelle and hello, everyone. I appreciate you all being here to review the company's performance in the third
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