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    Vitor Tomita • Goldman Sachs

    Vitor Tomita's questions to Liberty Latin America Ltd (LILA) leadership

    Vitor Tomita's questions to Liberty Latin America Ltd (LILA) leadership • Q2 2025

    Question

    Vitor Tomita inquired about the B2B headwinds in Panama, asking for more detail on whether they related to private or government projects and if collection issues persisted. He also asked about the drivers behind Panama's significant margin improvement.

    Answer

    CEO Balan Nair explained the B2B headwind was primarily due to a tough comparison to a very strong Q2 2024 and the phasing of revenue recognition for government projects, which is expected to improve in Q3. Rocío Lorenzo, SVP & GM of C&W Panama, added that the recurring B2B business remains strong, and the margin expansion was driven by a better revenue mix and significant streamlining of both labor and non-labor operating expenses.

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    Vitor Tomita's questions to Liberty Latin America Ltd (LILA) leadership • Q1 2025

    Question

    Vitor Tomita inquired about the competitive environment in Puerto Rico, specifically regarding promotions and handset discounts, and asked for confirmation on the company's 14% CapEx-to-sales guidance for 2025-2026 and its regional distribution.

    Answer

    CEO Balan Nair confirmed the 14% CapEx target for 2025 and 2026 is firm and will be distributed quite equally across the business. Regarding Puerto Rico, he noted that while T-Mobile is the most aggressive competitor on handset subsidies, the environment has not intensified. Nair emphasized that Liberty Latin America's focus is on improving its customer service and cost structure rather than competing on subsidies.

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    Vitor Tomita's questions to Liberty Latin America Ltd (LILA) leadership • Q3 2024

    Question

    Vitor Tomita of BTG Pactual asked about Liberty Latin America's capital allocation strategy, specifically questioning if the parent company would inject capital into the struggling Puerto Rico operation and requesting more details on the strategy and capital invested in its Peruvian fiber business, WOW.

    Answer

    CEO Balan Nair stated that the intention is for the Puerto Rico operation to fund its own recovery through cost cuts and targeted revenue growth, without needing capital from other parts of the company. CFO Christopher Noyes affirmed this, noting effective liquidity management, including a recent handset securitization. Regarding Peru, CEO Balan Nair explained that the company has invested approximately $100 million in equity over three years, focusing on low-penetration markets outside of Lima to drive growth.

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    Vitor Tomita's questions to Liberty Latin America Ltd (LILA) leadership • Q2 2024

    Question

    Vitor Tomita inquired about Liberty Latin America's operations in Puerto Rico, seeking more detail on the retention discounts for former ACP subscribers and the specific drivers behind the expected second-half EBITDA improvement.

    Answer

    CEO Balan Nair and an executive named Eduardo explained that ACP subscriber retention was very high (over 92%) with a minimal overall ARPU impact of about 4%. They clarified that significant subscriber losses were driven by the separate ECF program sunset, not ACP. For the second-half EBITDA improvement in Puerto Rico, Balan Nair detailed that it would be driven by the cessation of one-off migration costs and TSA payments, cost savings from a completed 300-person headcount reduction, and top-line growth from new commercial campaigns launching later in the year.

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    Vitor Tomita's questions to Tim SA (TIMB) leadership

    Vitor Tomita's questions to Tim SA (TIMB) leadership • Q2 2025

    Question

    Vitor Tomita of Goldman Sachs requested more color on mobile revenue drivers like roaming and inter-operator agreements, and asked for details on the new RFQ partnership for building 1,000 new towers.

    Answer

    CEO Alberto Griselli clarified that mobile revenue growth is supported by B2B IoT progress and new streams like mobile advertising, which help offset the loss of prior partnership revenue. CFO Andrea Palma Marques explained the new tower initiative is a strategic alternative for cases where negotiations fail or for new coverage in remote areas. Mr. Griselli framed it as a 'make vs. buy' option to give TIMB more leverage in controlling infrastructure costs.

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    Vitor Tomita's questions to Tim SA (TIMB) leadership • Q1 2025

    Question

    Vitor Tomita asked if the postpaid ARPU could see further improvement in Q2, given the price increase was only implemented in March. He also questioned whether the strong Q1 performance might lead to an upward revision of the full-year revenue guidance.

    Answer

    CEO Alberto Griselli affirmed TIMB's commitment to its existing full-year guidance of roughly 5% revenue growth. On ARPU, he noted that its trajectory depends on a balance between accretive factors like price adjustments and dilutive ones like prepaid-to-control migrations. He also confirmed that front-book price adjustments are planned for the coming months, which could provide a future boost.

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    Vitor Tomita's questions to Tim SA (TIMB) leadership • Q4 2024

    Question

    Vitor Tomita from Goldman Sachs asked for the key drivers of the guided EBITDA margin expansion, given current high profitability and inflation. He also questioned the recent trend of receivables growing faster than revenue.

    Answer

    CFO Andrea Viegas stated that margin expansion will be driven by continued productivity gains through a zero-based budgeting approach, process digitalization, and renegotiation of inflation-linked contracts. Regarding receivables, she explained the increase is a function of normal business dynamics, seasonality, and the different payment cycles of the growing B2B and IoT segments.

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    Vitor Tomita's questions to Tim SA (TIMB) leadership • Q2 2024

    Question

    Vitor Tomita from Goldman Sachs Group, Inc. asked if TIM's AI initiatives could be significant enough to support an upside to long-term EBITDA guidance and requested more details on the company's changing 'make-versus-buy' approach.

    Answer

    CEO Alberto Griselli detailed a pragmatic AI strategy, with use cases in customer care and network maintenance moving to full rollout, which could yield double-digit cost reductions if proven successful at scale. CFO Andrea Viegas clarified that the 'make-versus-buy' strategy involves evaluating the outsourcing of functions like network maintenance and administrative tasks to enhance productivity.

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    Vitor Tomita's questions to Telefonica Brasil SA (VIV) leadership

    Vitor Tomita's questions to Telefonica Brasil SA (VIV) leadership • Q2 2025

    Question

    Vitor Tomita from Goldman Sachs asked for an update on the operational progress of the concession migration, including copper removal and asset sales, and inquired about the integration and performance of the acquired IPNET and VITIT operations.

    Answer

    CEO Christian Gebara clarified that the BRL 4.5 billion in asset sales from the concession migration has not yet begun in an accelerated way, with only BRL 5 million realized in Q2, and that the main impact will be seen in 2026-2027. Regarding acquisitions, he stated that IPNET and VITIT are fully integrated and performing well, with IPNET contributing over BRL 65 million in revenue in Q2, helping to accelerate Vivo's B2B digital services business.

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    Vitor Tomita's questions to Telefonica Brasil SA (VIV) leadership • Q1 2025

    Question

    Vitor Tomita asked about the initial customer reception to the migration from concession-based services to newer technologies and sought an update on the growth strategy for the fiber segment, including the expansion of homes passed.

    Answer

    Executive Christian Gebara reported that pilot programs for migrating customers from copper to fiber have been very successful, utilizing an industrialized model to ensure a smooth transition. On fiber strategy, he confirmed Vivo continues to expand its network at an accelerated pace, building over 500,000 new homes passed in Q1, while simultaneously evaluating M&A opportunities that meet its strict quality and financial criteria.

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    Vitor Tomita's questions to Telefonica Brasil SA (VIV) leadership • Q4 2024

    Question

    Vitor Tomita from Goldman Sachs Group, Inc. asked about the drivers of increased commercial costs and whether this spending level is the new norm, as well as the reasons for the sequential decline in fiber ARPU.

    Answer

    Executive Christian Gebara attributed the fiber ARPU dip to promotional pricing in new areas and Vivo Total bundling, but highlighted strong underlying performance with 12.4% revenue growth and record-low churn. Executive David Sanchez-Friera clarified that the Q4 commercial cost increase is not a new run rate, suggesting the 5.8% growth over 12 months is more representative, and noted Q4 costs were elevated by investments preparing for the concession migration.

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    Vitor Tomita's questions to Telefonica Brasil SA (VIV) leadership • Q2 2024

    Question

    Vitor Tomita requested an update on ARPU and recharge trends in the prepaid segment and asked for Vivo's current perspective on M&A strategy for both broadband and B2B services.

    Answer

    Executive Christian Gebara reported strong prepaid performance with 4.9% YoY revenue growth, driven by innovative offers and successful migrations to hybrid plans. On M&A, he stated Vivo is actively looking at opportunities. For broadband, any deal must meet strict criteria on price and quality. For B2B, he confirmed openness to further acquisitions similar to IPNET, as well as venture investments or partnerships across cloud, IoT, and cybersecurity to leverage Vivo's extensive customer base and channels.

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    Vitor Tomita's questions to America Movil SAB de CV (AMX) leadership

    Vitor Tomita's questions to America Movil SAB de CV (AMX) leadership • Q2 2025

    Question

    Vitor Tomita requested more color on the acceleration in Mexico's broadband net additions and whether the current commercial intensity would continue. He also asked about a litigation provision in Colombia, its margin impact, and the risk of further provisions.

    Answer

    CFO Carlos García Moreno Elizondo explained that Mexico's broadband growth was driven by an expanded sales force, stronger retention efforts, a high rate of fiber connectivity (91% of base), and the successful bundling of streaming platforms. CEO Daniel Hajj Aboumrad clarified that the Colombia provision relates to a lost content case affecting the entire industry. The amount is booked, payments are scheduled through year-end, and the case is considered closed with no possibility of reversal.

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    Vitor Tomita's questions to America Movil SAB de CV (AMX) leadership • Q2 2025

    Question

    Vitor Tomita asked for more color on the acceleration in Mexico's broadband net adds and whether the current commercial intensity would continue. He also requested details on the litigation provision booked in Colombia and if there was a risk of further provisions.

    Answer

    Management explained that Mexico's broadband growth was driven by an increased sales force, better retention, a high percentage of customers on fiber (91%), and the bundling of streaming platforms, with good figures expected to continue. Regarding the Colombia provision, CEO Daniel Hajj Aboumrad stated it relates to a lost content case affecting the entire industry. The case is closed, the amount is booked, and payments will be made through year-end, so no reversal is possible.

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    Vitor Tomita's questions to America Movil SAB de CV (AMX) leadership • Q1 2025

    Question

    Vitor Tomita sought more visibility on the behavior of Mexican prepaid customers who are reducing spending and asked for an update on the competitive environment for broadband in Mexico.

    Answer

    CEO Daniel Hajj Aboumrad explained that prepaid customers are delaying their recharges, which reduces ARPU. Executive Carlos Jose Garcia Moreno Elizondo added this behavior aligns with the broader decline in domestic consumption. Regarding broadband, Daniel Hajj Aboumrad stated the company will remain aggressive, leveraging its expanding fiber network, which now serves 90% of its customers, to offer competitive speeds and prices.

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    Vitor Tomita's questions to America Movil SAB de CV (AMX) leadership • Q4 2024

    Question

    Vitor Tomita questioned the prepaid revenue trends in Mexico, seeking details on user recharge behavior, and asked for an update on the competitive environment for prepaid services from both major operators and MVNOs.

    Answer

    CEO Daniel Hajj Aboumrad explained that while the competitive landscape in Mexico has been stable for the past few years, a slowdown in the national economy is the primary factor affecting prepaid recharges. He noted that the company's strategy includes migrating high-value prepaid customers to postpaid plans, supported by their superior 5G network, which continues to perform well.

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    Vitor Tomita's questions to Ci&T Inc (CINT) leadership

    Vitor Tomita's questions to Ci&T Inc (CINT) leadership • Q1 2025

    Question

    Vitor Tomita inquired about the current client sentiment regarding IT investments in the U.S. and Brazil amid global macro shifts, and requested more details on the SG&A efficiency initiatives that contributed to the quarter's margin expansion.

    Answer

    Founder & CEO Cesar Gon stated that the demand environment remains stable, creating opportunities to replace competitors with CI&T's AI-driven solutions, and highlighted a 30% year-over-year increase in the commercial pipeline. CFO Stanley Rodrigues added that margin improvement was driven by maintaining cost levels as the business grew and the non-recurrence of restructuring costs from the prior year.

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    Vitor Tomita's questions to Ci&T Inc (CINT) leadership • Q4 2024

    Question

    Vitor Tomita followed up on cash deployment, asking if the Q4 selling expense level is a good guide for 2025 or if further investment in customer acquisition is planned. He also requested more color on the trend in capacity utilization rates.

    Answer

    CEO Cesar Gon confirmed that CI&T will continue to increase investment in its sales structure, which has been paying off with a stronger pipeline, while also benefiting from AI efficiencies and G&A dilution. President Bruno Guicardi addressed utilization, stating that he expects it to remain at a strong level between 85% and 89% in 2025, consistent with Q4 2024 levels and subject to normal seasonal oscillations.

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    Vitor Tomita's questions to Ci&T Inc (CINT) leadership • Q3 2024

    Question

    Vitor Tomita from Goldman Sachs asked for more detail on the primary factors driving the quarter's margin improvement and the raised guidance, as well as for an assessment of the commercial environment and client sentiment in the U.S. both before and after the recent elections.

    Answer

    CFO Stanley Rodrigues attributed the margin strength to diligent cost management creating operating leverage as revenue grows, which supported the raised EBITDA guidance. Founder and CEO Cesar Gon described the U.S. demand environment as slightly improved with more stable budgets, noting that Q3 saw the highest bookings of the year and a record pipeline, suggesting a positive outlook.

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    Vitor Tomita's questions to TIMS3 leadership

    Vitor Tomita's questions to TIMS3 leadership • Q4 2024

    Question

    Vitor Tomita from Goldman Sachs questioned the drivers for further EBITDA margin expansion given current high levels and inflationary pressures. He also asked for an explanation of why receivables have been increasing faster than revenue.

    Answer

    CFO Andrea Viegas stated that continued margin expansion will be driven by productivity gains from a zero-based budgeting approach, process digitalization, and renegotiation of inflation-linked contracts. Regarding receivables, she explained the increase is a function of business dynamics, including seasonality and the growth of the B2B and IoT segments, which have different payment cycles than the consumer mobile business.

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    Vitor Tomita's questions to TIMS3.SA leadership

    Vitor Tomita's questions to TIMS3.SA leadership • Q2 2024

    Question

    Vitor Tomita of Goldman Sachs questioned whether TIM's AI initiatives could be significant enough to support an upside to long-term EBITDA guidance and asked for more details on the company's changing 'make-versus-buy' approach.

    Answer

    CEO Alberto Griselli detailed a pragmatic AI rollout for customer care and network maintenance, noting it could lead to double-digit cost reductions if proven successful at scale, but it's too early to change guidance. CFO Andrea Viegas clarified the 'make or buy' strategy involves studying the potential outsourcing of functions like network maintenance and administrative tasks to enhance productivity.

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