Liberty Latin America Reports Q2 and H1 2025 Results
Continued expansion in broadband and postpaid mobile subscribers
H1 operating loss of
Cost efficiencies across LLA to support ongoing Adj. OIBDA momentum
Intention to drive shareholder value through separation of Liberty Puerto Rico
CEO Balan Nair commented, “Our second quarter results built upon Q1 momentum, as we delivered continued growth in both fixed and postpaid mobile subscribers. We added approximately 45,000 net organic broadband and postpaid additions across Liberty Caribbean, C&W Panama and Liberty Costa Rica, taking H1 additions to just over 100,000 for these operating segments.”
“Our cost reduction activities across the Group have enabled us to benefit from considerable operating leverage. This is reflected in LLA reporting
“Today, at LLA, we believe our share price is not reflective of our growth potential or the value of our underlying businesses. In order to unlock this value for our shareholders, we intend to separate Liberty Puerto Rico from LLA, which could take one of many forms, including a spin-off. It is critical that Liberty Puerto Rico has a strong and sustainable capital structure going forward and we are working hard to achieve that desired outcome. With respect to Liberty Puerto Rico’s liquidity, we expect that the business will utilize its own assets to raise any required incremental capital. We look forward to providing updates as we execute our plans.”
“Following separation, our two remaining credit silos at LLA, which consist of Cable & Wireless (Liberty Caribbean, Liberty Networks & C&W Panama) and Liberty Costa Rica, benefit from strong investments in fixed and mobile infrastructure. They have competitive positions in attractive markets and a unique subsea and terrestrial fiber network spanning the
Business Highlights
-
Liberty
Caribbean : another record Adjusted OIBDA quarter- Strong postpaid mobile adds; selective price increases in fixed
-
Adjusted OIBDA margin up 480 basis points YoY to
47% on strong cost reduction
-
C&W Panama: strong performance in mobile
- Continued momentum on postpaid mobile and broadband additions
- YoY growth impacted by tough B2B comparison; phasing weighted towards H2
-
Liberty Networks: sequential expansion in revenue and Adjusted OIBDA
- YoY revenue and Adjusted OIBDA headwinds from non-cash IRU accelerations
- Subsea cable system investments to support future recurring revenue
-
Liberty
Puerto Rico : mobile stabilizing, fixed revenue sequentially stable- Positive trend in postpaid mobile churn; CVP launch in July to support momentum
- Strong focus on operating cost and capital spend reduction
-
Liberty
Costa Rica : strength in mobile offsetting competitive challenges in fixed- Mobile revenue growth supported by continued prepaid-to-postpaid migration
- Stable fixed customer base despite competition
Financial and Operating Highlights
Financial Highlights |
|
Q2 2025 |
|
Q2 2024 |
|
YoY Increase / (Decline) |
|
YoY Rebased Increase / (Decline)1 |
|
H1 2025 |
|
H1 2024 |
|
YoY Increase / (Decline) |
|
YoY Rebased Increase /(Decline)1 |
||||||||||||
(USD in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue |
|
$ |
1,087 |
|
|
$ |
1,118 |
|
|
(3 |
%) |
|
(3 |
%) |
|
$ |
2,170 |
|
|
$ |
2,217 |
|
|
(2 |
%) |
|
(3 |
%) |
Operating income (loss) |
|
$ |
(333 |
) |
|
$ |
111 |
|
|
(401 |
%) |
|
|
|
$ |
(205 |
) |
|
$ |
204 |
|
|
(201 |
%) |
|
|
||
Adjusted OIBDA2 |
|
$ |
415 |
|
|
$ |
389 |
|
|
7 |
% |
|
7 |
% |
|
$ |
822 |
|
|
$ |
763 |
|
|
8 |
% |
|
8 |
% |
Property & equipment additions |
|
$ |
150 |
|
|
$ |
180 |
|
|
(16 |
%) |
|
|
|
$ |
271 |
|
|
$ |
315 |
|
|
(14 |
%) |
|
|
||
As a percentage of revenue |
|
|
14 |
% |
|
|
16 |
% |
|
|
|
|
|
|
12 |
% |
|
|
14 |
% |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted FCF before distributions to noncontrolling interest owners |
|
$ |
(41 |
) |
|
$ |
(7 |
) |
|
|
|
|
|
$ |
(145 |
) |
|
$ |
(157 |
) |
|
|
|
|
||||
Distributions to noncontrolling interest owners |
|
|
— |
|
|
|
(11 |
) |
|
|
|
|
|
|
(29 |
) |
|
|
(11 |
) |
|
|
|
|
||||
Adjusted FCF3 |
|
$ |
(41 |
) |
|
$ |
(18 |
) |
|
|
|
|
|
$ |
(174 |
) |
|
$ |
(168 |
) |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by operating activities |
|
$ |
141 |
|
|
$ |
157 |
|
|
|
|
|
|
$ |
166 |
|
|
$ |
180 |
|
|
|
|
|
||||
Cash used by investing activities |
|
$ |
(152 |
) |
|
$ |
(166 |
) |
|
|
|
|
|
$ |
(247 |
) |
|
$ |
(282 |
) |
|
|
|
|
||||
Cash used by financing activities |
|
$ |
(36 |
) |
|
$ |
(55 |
) |
|
|
|
|
|
$ |
(32 |
) |
|
$ |
(281 |
) |
|
|
|
|
Amounts may not recalculate due to rounding.
- Rebased growth rates are a non-GAAP measure. The indicated growth rates are rebased for the estimated impacts of FX, an acquisition and a disposal. See Non-GAAP Reconciliations section.
- Consolidated Adjusted OIBDA is a non-GAAP measure. For the definition of Adjusted OIBDA and required reconciliations, see Non-GAAP Reconciliations section.
- Adjusted Free Cash Flow (“Adjusted FCF”) is a non-GAAP measure. For the definition of Adjusted FCF and required reconciliations, see Non-GAAP Reconciliations section.
Operating Highlights1 |
|
Q2 2025 |
|
Q1 20252 |
||
Total customers |
|
1,904,600 |
|
|
1,907,200 |
|
Organic customer additions (losses) |
|
(2,600 |
) |
|
1,300 |
|
Fixed RGUs |
|
3,979,400 |
|
|
3,961,900 |
|
Organic RGU additions |
|
17,500 |
|
|
19,100 |
|
Organic internet additions |
|
1,700 |
|
|
6,600 |
|
Mobile subscribers |
|
6,643,600 |
|
|
6,728,500 |
|
Organic mobile losses |
|
(84,900 |
) |
|
(16,800 |
) |
Organic postpaid additions |
|
25,600 |
|
|
36,400 |
|
- See Glossary for the definition of RGUs and mobile subscribers. Organic figures exclude RGUs and mobile subscribers of acquired entities at the date of acquisition and other non-organic adjustments, but include the impact of changes in RGUs and mobile subscribers from the date of acquisition. All subscriber / RGU additions or losses refer to net organic changes, unless otherwise noted.
- Refer to the quarterly subscriber variance table for discussion about non-organic adjustments in Q2 2025 at Liberty Puerto Rico. The Q1 2025 fixed customers, RGUs balance and organic changes presented in this table have been adjusted for comparability purposes.
Revenue Highlights
The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:
|
Three months ended |
|
Increase/(decrease) |
|
Six months ended |
|
Increase/(decrease) |
||||||||||||||||||||
|
June 30, |
|
|
June 30, |
|
||||||||||||||||||||||
|
2025 |
|
2024 |
|
% |
|
Rebased % |
|
2025 |
|
2024 |
|
% |
|
Rebased % |
||||||||||||
|
in millions, except % amounts |
||||||||||||||||||||||||||
Liberty |
$ |
366.3 |
|
|
$ |
368.3 |
|
|
(1 |
) |
|
— |
|
|
$ |
730.2 |
|
|
$ |
732.5 |
|
|
— |
|
|
— |
|
C&W Panama |
|
177.3 |
|
|
|
197.2 |
|
|
(10 |
) |
|
(10 |
) |
|
|
354.3 |
|
|
|
366.4 |
|
|
(3 |
) |
|
(3 |
) |
Liberty Networks |
|
114.6 |
|
|
|
119.1 |
|
|
(4 |
) |
|
(3 |
) |
|
|
225.0 |
|
|
|
227.6 |
|
|
(1 |
) |
|
— |
|
Liberty |
|
301.3 |
|
|
|
308.6 |
|
|
(2 |
) |
|
(5 |
) |
|
|
599.7 |
|
|
|
635.8 |
|
|
(6 |
) |
|
(8 |
) |
Liberty |
|
151.3 |
|
|
|
147.2 |
|
|
3 |
|
|
1 |
|
|
|
309.5 |
|
|
|
299.5 |
|
|
3 |
|
|
2 |
|
Corporate |
|
3.8 |
|
|
|
5.9 |
|
|
(36 |
) |
|
(36 |
) |
|
|
7.7 |
|
|
|
11.0 |
|
|
(30 |
) |
|
(30 |
) |
Eliminations |
|
(27.9 |
) |
|
|
(28.3 |
) |
|
N.M. |
|
N.M. |
|
|
(56.2 |
) |
|
|
(55.4 |
) |
|
N.M. |
|
N.M. |
||||
Total |
$ |
1,086.7 |
|
|
$ |
1,118.0 |
|
|
(3 |
) |
|
(3 |
) |
|
$ |
2,170.2 |
|
|
$ |
2,217.4 |
|
|
(2 |
) |
|
(3 |
) |
N.M. – Not Meaningful.
-
Reported revenue for the three and six months ended June 30, 2025 was
3% and2% lower as compared to the corresponding prior-year periods, respectively.- Reported revenue in Q2 and H1 2025 was lower primarily driven by a reduction in all segments besides Liberty Costa Rica.
Q2 2025 Revenue Growth – Segment Highlights
-
Liberty
Caribbean : revenue declined1% and was flat year-over-year on a reported and rebased basis, respectively.-
Mobile residential revenue increased by
5% on a reported basis and6% on a rebased basis, year-over-year. Performance was mainly driven by higher prepaid ARPU following price increases, primarily inJamaica , and 41,000 net organic postpaid subscriber additions over the last twelve months. -
Fixed residential revenue declined by
2% on a reported basis and1% on a rebased basis, year-over-year, driven by lower volumes mainly due to the impact of Hurricane Beryl in Q3 2024 and a drop in non-subscription revenue, which more than offset the increase in ARPU. -
B2B revenue was
3% lower on both a reported and rebased basis, year-over-year. The rebased decline was mainly driven by higher project revenue in the previous year’s period, which more than offset a strong performance in mobile services in a number of markets.
-
Mobile residential revenue increased by
-
C&W Panama: revenue declined by
10% on a reported and rebased basis, year-over-year.-
Mobile residential revenue grew by
6% on both a reported and rebased basis, year-over-year, fueled by the net effect of (i) subscription revenue growth following the net organic addition of 26,000 postpaid subscribers over the last twelve months, (ii) higher equipment sales, driven by growth in both volume and unit pricing and (iii) the negative impact of nationwide protests principally impacting the prepaid business. -
Fixed residential revenue was flat on a reported basis and up
2% on a rebased basis, year-over-year, driven by broadband RGU net organic additions supported by continuous commercial momentum and churn management initiatives. -
B2B revenue fell by
30% on both a reported and rebased basis, year-over-year, primarily reflecting an exceptionally strong project revenue performance in the prior-year period, along with reduced contributions this year due to delays in project approvals.
-
Mobile residential revenue grew by
-
Liberty Networks: revenue declined by
4% and3% year-over-year on a reported and rebased basis, respectively. The rebased decrease was mainly attributable to lower Wholesale revenue, reflecting a higher level of non-cash IRU revenue acceleration in the same quarter last year, partially offset by new lease capacity sales. In Enterprise, gains in IT-as-a-Service and connectivity revenue were more than offset by a reduction in project-related revenue. -
Liberty
Puerto Rico : revenue was2% and5% lower on a reported and rebased basis, respectively, year-over-year. The rebased comparison includes the acquisition of EchoStar'sPuerto Rico and USVI prepaid mobile customer base on September 3, 2024, which contributed approximately of revenue in each of the current and corresponding prior-year quarters.$9 million -
Residential fixed revenue declined by
1% on both a reported and rebased basis, year-over-year, primarily due to higher ARPU from price increases implemented in February 2025 more than offset by a reduction in the subscriber base, including the impact related to the end of the ACP program. -
Residential mobile revenue was
4% higher and3% lower compared to the prior-year period on a reported and rebased basis, respectively. The rebased decline was largely driven by a reduction in postpaid mobile subscribers, year-over-year, impacted by disruption related to the migration of customers to our mobile network. Prepaid revenue remained stable over the period while non-subscription revenue saw an increase. -
B2B revenue declined by
18% year-over-year on both a reported and rebased basis, reflecting (i) lower service revenue resulting from a smaller subscriber base impacted by migration challenges and (ii) reduced mobile ARPU.
-
Residential fixed revenue declined by
Sequentially in
-
Liberty
Costa Rica : revenue grew by3% on a reported basis and1% on a rebased basis, year-over-year. Rebased growth was driven by higher mobile revenue, primarily due to postpaid subscriber growth and higher mobile equipment sales, as well as an increase in fixed non-subscription revenue, which more than offset continued ARPU headwinds on residential fixed subscription revenue.
Operating Income (Loss)
-
We reported operating income (loss) of
and$(333) million for the three months ended June 30, 2025 and 2024, respectively, and$111 million and$(205) million for the six months ended June 30, 2025 and 2024, respectively.$204 million -
We experienced operating losses during the three and six months ended June 30, 2025, as compared with operating income for the corresponding periods in 2024, primarily due to a
impairment associated with spectrum license intangible assets at Liberty Puerto Rico. The impacts of this impairment during the three and six months ended June 30, 2025 were partially offset by increases in Adjusted OIBDA.$494 million
-
We experienced operating losses during the three and six months ended June 30, 2025, as compared with operating income for the corresponding periods in 2024, primarily due to a
Adjusted OIBDA Highlights
The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:
|
Three months ended |
|
Increase (decrease) |
|
Six months ended |
|
Increase (decrease) |
||||||||||||||||||||
|
June 30, |
|
|
June 30, |
|
||||||||||||||||||||||
|
2025 |
|
2024 |
|
% |
|
Rebased % |
|
2025 |
|
2024 |
|
% |
|
Rebased % |
||||||||||||
|
in millions, except % amounts |
||||||||||||||||||||||||||
Liberty |
$ |
173.8 |
|
|
$ |
157.0 |
|
|
11 |
|
|
11 |
|
|
$ |
347.1 |
|
|
$ |
307.6 |
|
|
13 |
|
|
13 |
|
C&W Panama |
|
68.6 |
|
|
|
64.8 |
|
|
6 |
|
|
6 |
|
|
|
133.2 |
|
|
|
121.6 |
|
|
10 |
|
|
10 |
|
Liberty Networks |
|
60.8 |
|
|
|
63.1 |
|
|
(4 |
) |
|
(3 |
) |
|
|
118.7 |
|
|
|
122.3 |
|
|
(3 |
) |
|
(3 |
) |
Liberty |
|
87.0 |
|
|
|
71.1 |
|
|
22 |
|
|
21 |
|
|
|
168.5 |
|
|
|
140.2 |
|
|
20 |
|
|
18 |
|
Liberty |
|
54.0 |
|
|
|
53.4 |
|
|
1 |
|
|
— |
|
|
|
112.9 |
|
|
|
111.7 |
|
|
1 |
|
|
(1 |
) |
Corporate |
|
(29.2 |
) |
|
|
(20.3 |
) |
|
(44 |
) |
|
(44 |
) |
|
|
(58.8 |
) |
|
|
(40.1 |
) |
|
(47 |
) |
|
(47 |
) |
Total |
$ |
415.0 |
|
|
$ |
389.1 |
|
|
7 |
|
|
7 |
|
|
$ |
821.6 |
|
|
$ |
763.3 |
|
|
8 |
|
|
8 |
|
Operating income (loss) margin |
|
(30.6 |
)% |
|
9.9 |
% |
|
(9.4 |
)% |
|
9.2 |
% |
|||||||||||||||
Adjusted OIBDA margin |
|
38.2 |
% |
|
34.8 |
% |
|
37.9 |
% |
|
34.4 |
% |
-
Reported Adjusted OIBDA for the three and six months ended June 30, 2025 increased by
7% and8% , respectively, as compared to the corresponding prior-year periods.- Reported Adjusted OIBDA increased in Q2 and H1 2025 driven by growth across Liberty Caribbean, Liberty Puerto Rico and C&W Panama.
- Ongoing commitment to cost efficiency, notably in Liberty Caribbean.
Q2 2025 Adjusted OIBDA Growth – Segment Highlights
-
Liberty
Caribbean : Adjusted OIBDA rose by11% on both a reported and rebased basis, year-over-year. Our Adjusted OIBDA margin improved by 480 basis points year-over-year to47% , reflecting (i) lower equipment cost, (ii) a tax-related assessment in the prior-year period and (iii) continued progress on cost efficiencies, particularly in network and commercial expenses. -
C&W Panama: Adjusted OIBDA increased by
6% on both a reported and rebased basis, year-over-year, leading to a margin expansion of 580 basis points to39% , mainly driven by less lower margin project revenue and lower operating expenses. -
Liberty Networks: Adjusted OIBDA decreased by
4% on a reported basis and3% on a rebased basis, year-over-year, primarily due to lower revenue from non-cash IRUs, partially offset by reduced bad debt expense. -
Liberty
Puerto Rico : Adjusted OIBDA increased by22% and21% on a reported and rebased basis, respectively, year-over-year, despite the aforementioned rebased revenue decline. The positive performance was supported by (i) lower bad debt expense (ii) the phasing out of prior-period costs related to the transition services agreement with AT&T following migration and the integration and (iii) reduced staff and marketing costs in the period. Sequentially, Adjusted OIBDA was up7% on a reported basis driven by the previously mentioned revenue growth and lower FTEs following workforce reorganization, along with reduced professional services costs. -
Liberty
Costa Rica : Adjusted OIBDA grew by1% on a reported basis and was flat on a rebased basis, year-over-year. The flat rebased performance resulted from the revenue increase being offset by higher handset and bad debt expenses.
Net Loss Attributable to Shareholders
-
Net loss attributable to shareholders was
and$(423) million for the three and six months ended June 30, 2025, respectively, and$(560) million for each of the three and six months ended June 30, 2024.$(43) million
Property & Equipment Additions and Capital Expenditures
The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net.
|
Three months ended |
|
Six months ended |
|||||||||||||
|
June 30, |
|
June 30, |
|||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
USD in millions |
|||||||||||||||
Customer Premises Equipment |
$ |
38.1 |
|
$ |
46.0 |
|
$ |
81.0 |
|
$ |
87.3 |
|
||||
New Build & Upgrade |
|
20.9 |
|
|
43.7 |
|
|
39.9 |
|
|
67.7 |
|
||||
Capacity |
|
23.8 |
|
|
26.1 |
|
|
44.0 |
|
|
49.6 |
|
||||
Baseline |
|
58.8 |
|
|
52.1 |
|
|
91.7 |
|
|
90.0 |
|
||||
Product & Enablers |
|
8.6 |
|
|
11.7 |
|
|
13.9 |
|
|
19.9 |
|
||||
Property & equipment additions |
|
150.2 |
|
|
179.6 |
|
|
270.5 |
|
|
314.5 |
|
||||
Assets acquired under capital-related vendor financing arrangements |
|
(17.8 |
) |
|
(38.1 |
) |
|
(55.4 |
) |
|
(72.1 |
) |
||||
Changes in current liabilities related to capital expenditures and other |
|
6.9 |
|
|
(1.0 |
) |
|
20.9 |
|
|
7.8 |
|
||||
Capital expenditures, net |
$ |
139.3 |
|
$ |
140.5 |
|
$ |
236.0 |
|
$ |
250.2 |
|
||||
Property & equipment additions as % of revenue |
|
13.8 |
% |
|
16.1 |
% |
|
12.5 |
% |
|
14.2 |
% |
||||
Property & Equipment Additions: |
|
|
|
|
||||||||||||
Liberty |
$ |
48.0 |
|
$ |
55.1 |
|
$ |
85.5 |
|
$ |
99.4 |
|
||||
C&W Panama |
|
20.6 |
|
|
31.4 |
|
|
35.3 |
|
|
48.0 |
|
||||
Liberty Networks |
|
20.1 |
|
|
14.6 |
|
|
38.5 |
|
|
26.4 |
|
||||
Liberty |
|
37.5 |
|
|
48.9 |
|
|
66.1 |
|
|
89.9 |
|
||||
Liberty |
|
17.3 |
|
|
20.9 |
|
|
32.5 |
|
|
32.0 |
|
||||
Corporate |
|
6.7 |
|
|
8.7 |
|
|
12.6 |
|
|
18.8 |
|
||||
Property & equipment additions |
$ |
150.2 |
|
$ |
179.6 |
|
$ |
270.5 |
|
$ |
314.5 |
|
||||
Property & Equipment Additions as a Percentage of Revenue by Reportable Segment: |
|
|
|
|
||||||||||||
Liberty |
|
13.1 |
% |
|
15.0 |
% |
|
11.7 |
% |
|
13.6 |
% |
||||
C&W Panama |
|
11.6 |
% |
|
15.9 |
% |
|
10.0 |
% |
|
13.1 |
% |
||||
Liberty Networks |
|
17.5 |
% |
|
12.3 |
% |
|
17.1 |
% |
|
11.6 |
% |
||||
Liberty |
|
12.4 |
% |
|
15.8 |
% |
|
11.0 |
% |
|
14.1 |
% |
||||
Liberty |
|
11.4 |
% |
|
14.2 |
% |
|
10.5 |
% |
|
10.7 |
% |
||||
New Build and Homes Upgraded by Reportable Segment1: |
|
|
|
|
||||||||||||
Liberty |
|
14,100 |
|
|
41,400 |
|
|
36,300 |
|
|
63,800 |
|
||||
C&W Panama |
|
17,200 |
|
|
13,100 |
|
|
39,500 |
|
|
30,400 |
|
||||
Liberty |
|
900 |
|
|
15,600 |
|
|
1,700 |
|
|
29,400 |
|
||||
Liberty |
|
30,000 |
|
|
23,800 |
|
|
60,000 |
|
|
42,900 |
|
||||
Total |
|
62,200 |
|
|
93,900 |
|
|
137,500 |
|
|
166,500 |
|
- Table excludes Liberty Networks as that reportable segment only provides B2B-related services.
Operating Income (Loss) less Property and Equipment Additions
-
Operating income (loss) less property and equipment additions was
and$(483) million for the three months ended June 30, 2025 and 2024, respectively, and$(69) million and$(475) million for the six months ended June 30, 2025 and 2024, respectively. The declines in the 2025 periods reflect the impairment during the second quarter of 2025 associated with spectrum license intangible assets at Liberty Puerto Rico.$(111) million
Adjusted OIBDA less Property & Equipment Additions
The following table presents (i) Adjusted OIBDA less property and equipment additions for each of our reportable segments and Liberty Latin America for the periods indicated and (ii) the percentage change from period-to-period.
|
Three months ended |
|
Increase/(decrease) |
|
Six months ended |
|
Increase/(decrease) |
||||||||||
|
June 30, |
|
|
June 30, |
|
||||||||||||
|
2025 |
|
2024 |
|
% |
|
2025 |
|
2024 |
|
% |
||||||
|
in millions, except % amounts |
||||||||||||||||
Liberty |
$ |
125.8 |
|
$ |
101.9 |
|
23 |
|
|
$ |
261.6 |
|
$ |
208.2 |
|
26 |
|
C&W Panama |
|
48.0 |
|
|
33.4 |
|
44 |
|
|
|
97.9 |
|
|
73.6 |
|
33 |
|
Liberty Networks |
|
40.7 |
|
|
48.5 |
|
(16 |
) |
|
|
80.2 |
|
|
95.9 |
|
(16 |
) |
Liberty |
|
49.5 |
|
|
22.2 |
|
123 |
|
|
|
102.4 |
|
|
50.3 |
|
104 |
|
Liberty |
|
36.7 |
|
|
32.5 |
|
13 |
|
|
|
80.4 |
|
|
79.7 |
|
1 |
|
Liberty Latin America1 |
|
264.8 |
|
|
209.5 |
|
26 |
|
|
|
551.1 |
|
|
448.8 |
|
23 |
|
- Adjusted OIBDA less property and equipment additions for Liberty Latin America on a consolidated basis is a non-GAAP measure. Note that the sum of the reportable segments will not agree to the total for Liberty Latin America as we do not disclose amounts associated with our Corporate operations or intersegment eliminations. For the definition of Adjusted OIBDA less property and equipment additions and required reconciliations, see Non-GAAP Reconciliations section.
Summary of Debt, Finance Lease Obligations and Cash & Cash Equivalents
The following table details the
|
Debt |
|
Finance lease obligations |
|
Debt and finance lease obligations |
|
Cash, cash equivalents and restricted cash related to debt |
||||||
|
in millions |
||||||||||||
|
|
|
|
|
|
|
|
||||||
Liberty Latin America1 |
$ |
2.0 |
|
$ |
— |
|
$ |
2.0 |
|
|
$ |
50.5 |
|
C&W2 |
|
4,994.0 |
|
|
— |
|
|
4,994.0 |
|
|
|
429.3 |
|
Liberty |
|
2,747.4 |
|
|
4.1 |
|
|
2,751.5 |
|
|
|
35.1 |
|
Liberty |
|
485.0 |
|
|
— |
|
|
485.0 |
|
|
|
12.5 |
|
Total |
$ |
8,228.4 |
|
$ |
4.1 |
|
$ |
8,232.5 |
|
|
$ |
527.4 |
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
Consolidated Leverage and Liquidity Information: |
|
June 30,
|
|
March 31,
|
|||||||||
|
|
|
|
|
|
|
|
||||||
Consolidated debt and finance lease obligations to operating income (loss) ratio |
|
(20.1)x |
|
16.1x |
|||||||||
Consolidated net debt and finance lease obligations to operating income (loss) ratio |
|
(18.8)x |
|
15.0x |
|||||||||
Consolidated gross leverage ratio4 |
|
5.0x |
|
4.9x |
|||||||||
Consolidated net leverage ratio4 |
|
4.7x |
|
4.6x |
|||||||||
Weighted average debt tenor5 |
|
4.9 years |
|
5.1 years |
|||||||||
Fully-swapped borrowing costs |
|
|
|
|
|||||||||
Unused borrowing capacity (in millions)6 |
|
|
|
|
- Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.
- Represents the C&W borrowing group, including the Liberty Caribbean, Liberty Networks and C&W Panama reportable segments.
-
Cash amount includes restricted cash that serves as collateral against certain letters of credit associated with the funding received from the FCC to continue to expand and improve our fixed network in
Puerto Rico . - Consolidated leverage ratios are non-GAAP measures. For additional information, including definitions of our consolidated leverage ratios and required reconciliations, see Non-GAAP Reconciliations section.
- For purposes of calculating our weighted average tenor, total debt excludes vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations.
- At June 30, 2025, the full amount of unused borrowing capacity under our subsidiaries' revolving credit facilities was available to be borrowed, both before and after completion of the June 30, 2025 compliance reporting requirements.
Residential Fixed ARPU per Customer Relationship
The following table provides residential fixed ARPU per customer relationship for the indicated periods:
|
Three months ended |
|
|
|
FX-Neutral1 |
||||||
|
June 30, 2025 |
|
March 31, 2025 |
|
% Change |
|
% Change |
||||
Reportable Segment: |
|
|
|
|
|
|
|
||||
Liberty |
$ |
50.84 |
|
$ |
50.71 |
|
— |
% |
|
1 |
% |
C&W Panama |
$ |
37.25 |
|
$ |
37.92 |
|
(2 |
%) |
|
(2 |
%) |
Liberty |
$ |
78.63 |
|
$ |
77.02 |
|
2 |
% |
|
2 |
% |
Liberty |
$ |
39.07 |
|
$ |
40.96 |
|
(5 |
%) |
|
(4 |
%) |
Cable & Wireless Borrowing Group |
$ |
47.47 |
|
$ |
47.58 |
|
— |
% |
|
— |
% |
Residential Mobile ARPU
The following table provides residential ARPU per mobile subscriber for the indicated periods:
|
Three months ended |
|
|
|
FX-Neutral1 |
||||||
|
June 30, 2025 |
|
March 31, 2025 |
|
% Change |
|
% Change |
||||
|
|
|
|
|
|
|
|
||||
Reportable Segment: |
|
|
|
|
|
|
|
||||
Liberty |
$ |
15.62 |
|
$ |
15.19 |
|
3 |
% |
|
3 |
% |
C&W Panama |
$ |
12.15 |
|
$ |
12.13 |
|
— |
% |
|
— |
% |
Liberty |
$ |
36.72 |
|
$ |
36.22 |
|
1 |
% |
|
1 |
% |
Liberty |
$ |
11.35 |
|
$ |
11.39 |
|
— |
% |
|
— |
% |
Cable & Wireless Borrowing Group |
$ |
13.87 |
|
$ |
13.66 |
|
2 |
% |
|
2 |
% |
- The FX-Neutral change represents the percentage change on a sequential basis adjusted for FX impacts and is calculated by adjusting the current-period figures to reflect translation at the foreign currency rates used to translate the prior quarter amounts.
-
The ARPU per customer relationship amounts in Costa Rican colones for the three months ended June 30, 2025 and March 31, 2025 were
CRC 19,794 andCRC 20,684 , respectively. -
The mobile ARPU amounts in Costa Rican colones for the three months ended June 30, 2025 and March 31, 2025 were
CRC 5,748 andCRC 5,750 , respectively.
Forward-Looking Statements and Disclaimer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance, growth expectations; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; the recovery by our
About Liberty Latin America
Liberty Latin America is a leading communications company operating in over 20 countries across
Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B).
For more information, please visit www.lla.com.
Additional Information | Cable & Wireless Borrowing Group
The following tables reflect preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with
|
Three months ended |
|
|
|
|
||||||||
|
June 30, |
|
Change |
|
Rebased change1 |
||||||||
|
2025 |
|
2024 |
|
|
||||||||
|
in millions, except % amounts |
||||||||||||
Revenue |
$ |
635.8 |
|
|
$ |
662.3 |
|
|
(4 |
%) |
|
(3 |
%) |
|
|
|
|
|
|
|
|
||||||
Operating income |
$ |
138.8 |
|
|
$ |
98.0 |
|
|
42 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted OIBDA |
$ |
303.1 |
|
|
$ |
284.4 |
|
|
7 |
% |
|
7 |
% |
|
|
|
|
|
|
|
|
||||||
Property & equipment additions |
$ |
88.7 |
|
|
$ |
101.1 |
|
|
(12 |
%) |
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating income as a percentage of revenue |
|
21.8 |
% |
|
|
14.8 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Adjusted OIBDA as a percentage of revenue |
|
47.7 |
% |
|
|
42.9 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Proportionate Adjusted OIBDA |
$ |
251.8 |
|
|
$ |
236.1 |
|
|
|
|
|
|
Six months ended |
|
|
|
|
||||||||
|
June 30, |
|
Change |
|
Rebased change1 |
||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
||||
|
in millions, except % amounts |
||||||||||||
Revenue |
$ |
1,264.6 |
|
|
$ |
1,282.6 |
|
|
(1 |
%) |
|
(1 |
%) |
|
|
|
|
|
|
|
|
||||||
Operating income |
$ |
262.3 |
|
|
$ |
178.4 |
|
|
47 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted OIBDA |
$ |
599.0 |
|
|
$ |
551.1 |
|
|
9 |
% |
|
9 |
% |
|
|
|
|
|
|
|
|
||||||
Property & equipment additions |
$ |
159.3 |
|
|
$ |
173.8 |
|
|
(8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating income as a percentage of revenue |
|
20.7 |
% |
|
|
13.9 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Adjusted OIBDA as a percentage of revenue |
|
47.4 |
% |
|
|
43.0 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Proportionate Adjusted OIBDA |
$ |
498.5 |
|
|
$ |
459.3 |
|
|
|
|
|
1. Indicated growth rates are rebased for the estimated impacts of a disposal and FX.
The following table details the
|
|
|
June 30, |
|
March 31, |
|||||
|
Facility Amount |
|
2025 |
|
2025 |
|||||
|
in millions |
|||||||||
Credit Facilities: |
|
|
|
|
|
|||||
Revolving Credit Facility due 2027 (Adjusted Term SOFR + |
$ |
156.0 |
|
$ |
24.1 |
|
|
$ |
14.9 |
|
Revolving Credit Facility due 2029 (Term SOFR + |
$ |
460.0 |
|
|
70.9 |
|
|
|
44.1 |
|
Term Loan Facility B-6 due 2029 (Adjusted Term SOFR + |
$ |
590.0 |
|
|
590.0 |
|
|
|
590.0 |
|
Term Loan Facility B-7 due 2032 (Adjusted Term SOFR + |
$ |
1,530.0 |
|
|
1,530.0 |
|
|
|
1,530.0 |
|
Total Senior Secured Credit Facilities |
|
|
2,215.0 |
|
|
|
2,179.0 |
|
||
|
$ |
435.0 |
|
|
435.0 |
|
|
|
435.0 |
|
Regional and other debt |
|
|
92.4 |
|
|
|
122.5 |
|
||
Total Credit Facilities |
|
|
2,742.4 |
|
|
|
2,736.5 |
|
||
Notes: |
|
|
|
|
|
|||||
|
$ |
1,000.0 |
|
|
1,000.0 |
|
|
|
1,000.0 |
|
|
$ |
755.0 |
|
|
755.0 |
|
|
|
755.0 |
|
Total Notes |
|
|
1,755.0 |
|
|
|
1,755.0 |
|
||
Vendor financing and Tower Transactions |
|
|
496.6 |
|
|
|
510.4 |
|
||
Total third-party debt |
|
|
4,994.0 |
|
|
|
5,001.9 |
|
||
Less: premiums, discounts and deferred financing costs, net |
|
|
(46.8 |
) |
|
|
(49.0 |
) |
||
Total carrying amount of third-party debt |
|
|
4,947.2 |
|
|
|
4,952.9 |
|
||
Less: cash and cash equivalents |
|
|
(429.3 |
) |
|
|
(482.6 |
) |
||
Net carrying amount of third-party debt |
|
$ |
4,517.9 |
|
|
$ |
4,470.3 |
|
-
At June 30, 2025, our third-party total and proportionate net debt was
and$4.5 billion , respectively, our Fully-swapped Borrowing Cost was$4.2 billion 6.3% , and the average tenor of our debt obligations (excluding vendor financing and debt related to the Tower Transactions) was approximately 6.0 years. -
Our portion of Adjusted OIBDA, after deducting the noncontrolling interests' share, (“Proportionate Adjusted OIBDA”) was
for Q2 2025.$252 million - C&W's Covenant Proportionate Net Leverage Ratio was 3.9x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with C&W's Credit Agreement.
-
At June 30, 2025, we had maximum undrawn commitments of
, including$584 million under our regional facilities. At June 30, 2025, the full amount of unused borrowing capacity under our credit facilities (including regional facilities) was available to be borrowed, both before and after completion of the June 30, 2025 compliance reporting requirements.$79 million
Liberty
The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with
|
Three months ended |
|
|
|
|
||||||||
|
June 30, |
|
Change |
|
Rebased change1 |
||||||||
|
2025 |
|
2024 |
|
|
||||||||
|
in millions, except % amounts |
||||||||||||
Revenue |
$ |
301.3 |
|
|
$ |
308.6 |
|
|
(2 |
)% |
|
(5 |
)% |
|
|
|
|
|
|
|
|
||||||
Operating loss |
$ |
(474.8 |
) |
|
$ |
(19.1 |
) |
|
N.M. |
|
|
||
|
|
|
|
|
|
|
|
||||||
Adjusted OIBDA |
$ |
87.0 |
|
|
$ |
71.1 |
|
|
22 |
% |
|
21 |
% |
|
|
|
|
|
|
|
|
||||||
Property & equipment additions |
$ |
37.5 |
|
|
$ |
48.9 |
|
|
(23 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating loss as a percentage of revenue |
|
(157.6 |
)% |
|
|
(6.2 |
)% |
|
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Adjusted OIBDA as a percentage of revenue |
|
28.9 |
% |
|
|
23.0 |
% |
|
|
|
|
|
Six months ended |
|
|
|
|
||||||||
|
June 30, |
|
Change |
|
Rebased change1 |
||||||||
|
2025 |
|
2024 |
|
|
||||||||
|
in millions, except % amounts |
||||||||||||
Revenue |
$ |
599.7 |
|
|
$ |
635.8 |
|
|
(6 |
)% |
|
(8 |
)% |
|
|
|
|
|
|
|
|
||||||
Operating loss |
$ |
(471.0 |
) |
|
$ |
(28.5 |
) |
|
N.M. |
|
|
||
|
|
|
|
|
|
|
|
||||||
Adjusted OIBDA |
$ |
168.5 |
|
|
$ |
140.2 |
|
|
20 |
% |
|
18 |
% |
|
|
|
|
|
|
|
|
||||||
Property & equipment additions |
$ |
66.1 |
|
|
$ |
89.9 |
|
|
(26 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating loss as a percentage of revenue |
|
(78.5 |
)% |
|
|
(4.5 |
)% |
|
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Adjusted OIBDA as a percentage of revenue |
|
28.1 |
% |
|
|
22.1 |
% |
|
|
|
|
N.M. – Not Meaningful.
1. Indicated growth rates are rebased for the estimated impacts of an acquisition.
The following table details the nominal amount outstanding of Liberty Puerto Rico's third-party debt, finance lease obligations and cash and cash equivalents:
|
|
|
June 30, |
|
March 31, |
|||||
|
Facility amount |
|
2025 |
|
2025 |
|||||
|
in millions |
|||||||||
|
|
|
|
|
|
|||||
Credit Facilities: |
|
|
|
|
|
|||||
Revolving Credit Facility due 2027 (Adjusted Term SOFR + |
$ |
172.5 |
|
$ |
57.0 |
|
|
$ |
50.0 |
|
Term Loan Facility due 2028 (Adjusted Term SOFR + |
$ |
620.0 |
|
|
620.0 |
|
|
|
620.0 |
|
Total Senior Secured Credit Facilities |
|
|
677.0 |
|
|
|
670.0 |
|
||
Notes: |
|
|
|
|
|
|||||
|
$ |
1,161.0 |
|
|
1,161.0 |
|
|
|
1,161.0 |
|
|
$ |
820.0 |
|
|
820.0 |
|
|
|
820.0 |
|
Total Notes |
|
|
1,981.0 |
|
|
|
1,981.0 |
|
||
Vendor financing, Tower Transactions and other |
|
|
89.4 |
|
|
|
105.1 |
|
||
Finance lease obligations |
|
|
4.1 |
|
|
|
4.3 |
|
||
Total debt and finance lease obligations |
|
|
2,751.5 |
|
|
|
2,760.4 |
|
||
Less: premiums and deferred financing costs, net |
|
|
(14.3 |
) |
|
|
(15.6 |
) |
||
Total carrying amount of debt |
|
|
2,737.2 |
|
|
|
2,744.8 |
|
||
Less: cash, cash equivalents and restricted cash related to debt1 |
|
|
(35.1 |
) |
|
|
(37.7 |
) |
||
Net carrying amount of debt |
|
$ |
2,702.1 |
|
|
$ |
2,707.1 |
|
-
Cash amounts include restricted cash that serves as collateral against certain letters of credit associated with funding received from the FCC to continue to expand and improve our fixed network in
Puerto Rico .
-
At June 30, 2025, our Fully-swapped Borrowing Cost was
6.2% and the average tenor of our debt (excluding vendor financing, debt related to the Tower Transactions and other debt) was approximately 3.0 years.
- LPR's Covenant Consolidated Net Leverage Ratio was 7.9x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LPR’s Group Credit Agreement.
-
At June 30, 2025, we had maximum undrawn commitments of
. At June 30, 2025, the full amount of unused borrowing capacity under our revolving credit facility was available to be borrowed, both before and after completion of the June 30, 2025 compliance reporting requirements.$116 million
Liberty Costa Rica Borrowing Group
The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with
|
Three months ended |
|
|
|||||
|
June 30, |
|
Change |
|||||
|
2025 |
|
2024 |
|
||||
|
CRC in billions, except % amounts |
|||||||
|
|
|
|
|
|
|||
Revenue |
76.7 |
|
|
75.6 |
|
|
1 |
% |
|
|
|
|
|
|
|||
Operating income |
12.9 |
|
|
14.2 |
|
|
(9 |
%) |
|
|
|
|
|
|
|||
Adjusted OIBDA |
27.4 |
|
|
27.4 |
|
|
— |
% |
|
|
|
|
|
|
|||
Property & equipment additions |
8.8 |
|
|
10.7 |
|
|
(18 |
%) |
|
|
|
|
|
|
|||
Operating income as a percentage of revenue |
16.8 |
% |
|
18.8 |
% |
|
|
|
|
|
|
|
|
|
|||
Adjusted OIBDA as a percentage of revenue |
35.7 |
% |
|
36.2 |
% |
|
|
|
Six months ended |
|
|
|||||
|
June 30, |
|
Change |
|||||
|
2025 |
|
2024 |
|
||||
|
CRC in billions, except % amounts |
|||||||
Revenue |
156.5 |
|
|
153.9 |
|
|
2 |
% |
|
|
|
|
|
|
|||
Operating income |
28.6 |
|
|
31.6 |
|
|
(9 |
%) |
|
|
|
|
|
|
|||
Adjusted OIBDA |
57.1 |
|
|
57.4 |
|
|
(1 |
%) |
|
|
|
|
|
|
|||
Property & equipment additions |
16.5 |
|
|
16.4 |
|
|
1 |
% |
|
|
|
|
|
|
|||
Operating income as a percentage of revenue |
18.3 |
% |
|
20.5 |
% |
|
|
|
|
|
|
|
|
|
|||
Adjusted OIBDA as a percentage of revenue |
36.5 |
% |
|
37.3 |
% |
|
|
The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Liberty Costa Rica's third-party debt and cash and cash equivalents:
|
June 30, |
|
March 31, |
|||||
|
2025 |
|
2025 |
|||||
|
Borrowing currency in millions |
|
CRC equivalent outstanding in billions |
|||||
|
|
|
|
|
|
|
||
Revolving Credit Facility due 2028 (Term SOFR + |
$ |
60.0 |
|
17.7 |
|
|
17.5 |
|
|
$ |
50.0 |
|
25.3 |
|
|
25.1 |
|
|
$ |
400.0 |
|
202.2 |
|
|
200.5 |
|
Total debt |
|
245.2 |
|
|
243.1 |
|
||
Less: deferred financing costs |
|
(5.8 |
) |
|
(6.0 |
) |
||
Total carrying amount of debt |
|
239.4 |
|
|
237.1 |
|
||
Less: cash and cash equivalents |
|
(6.2 |
) |
|
(3.5 |
) |
||
Net carrying amount of debt |
|
233.2 |
|
|
233.6 |
|
||
Exchange rate (CRC to $) |
|
505.5 |
|
|
501.3 |
|
-
From July 15, 2028 and thereafter, the interest rate is subject to increase by
0.125% per annum for each of the two Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027.
-
At June 30, 2025, our Fully-swapped Borrowing Cost was
10.7% and the average tenor of our debt was approximately 5.1 years.
- LCR's Covenant Consolidated Net Leverage Ratio was 2.1x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LCR’s Credit Agreement.
-
At June 30, 2025, we had maximum undrawn commitments of
($25 million CRC 12.6 billion ). At June 30, 2025, the full amount of unused borrowing capacity under our revolving credit facility was available to be borrowed, both before and after completion of the June 30, 2025 compliance reporting requirements.
Subscriber Table
|
Consolidated Operating Data — June 30, 2025 |
|||||||||||||||||
|
Homes Passed |
|
Fixed-line Customer Relationships |
|
Video RGUs |
|
Internet RGUs |
|
Telephony RGUs |
|
Total RGUs |
|
|
Prepaid |
|
Postpaid |
|
Total Mobile Subscribers |
|
|
|
|
|
||||||||||||||
Liberty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
768,000 |
|
343,900 |
|
118,700 |
|
333,600 |
|
329,300 |
|
781,600 |
|
|
985,300 |
|
142,900 |
|
1,128,200 |
The |
125,700 |
|
30,800 |
|
7,800 |
|
26,600 |
|
29,700 |
|
64,100 |
|
|
132,900 |
|
24,900 |
|
157,800 |
|
341,700 |
|
136,900 |
|
91,800 |
|
121,500 |
|
86,900 |
|
300,200 |
|
|
— |
|
— |
|
— |
|
140,400 |
|
85,500 |
|
38,000 |
|
80,100 |
|
66,300 |
|
184,400 |
|
|
73,900 |
|
57,700 |
|
131,600 |
Other |
389,500 |
|
213,100 |
|
67,100 |
|
194,400 |
|
101,500 |
|
363,000 |
|
|
301,500 |
|
150,900 |
|
452,400 |
Total Liberty Caribbean |
1,765,300 |
|
810,200 |
|
323,400 |
|
756,200 |
|
613,700 |
|
1,693,300 |
|
|
1,493,600 |
|
376,400 |
|
1,870,000 |
C&W Panama |
979,600 |
|
270,700 |
|
172,400 |
|
264,500 |
|
251,100 |
|
688,000 |
|
|
1,507,400 |
|
433,900 |
|
1,941,300 |
Total C&W |
2,744,900 |
|
1,080,900 |
|
495,800 |
|
1,020,700 |
|
864,800 |
|
2,381,300 |
|
|
3,001,000 |
|
810,300 |
|
3,811,300 |
Liberty |
1,193,000 |
|
530,700 |
|
218,800 |
|
504,700 |
|
283,300 |
|
1,006,800 |
|
|
180,600 |
|
521,700 |
|
702,300 |
Liberty |
858,000 |
|
293,000 |
|
203,600 |
|
281,900 |
|
105,800 |
|
591,300 |
|
|
1,063,800 |
|
1,066,200 |
|
2,130,000 |
Total |
4,795,900 |
|
1,904,600 |
|
918,200 |
|
1,807,300 |
|
1,253,900 |
|
3,979,400 |
|
|
4,245,400 |
|
2,398,200 |
|
6,643,600 |
- Our homes passed in Liberty Costa Rica include 54,000 homes on a third-party network that provides us long-term access.
Quarterly Subscriber Variance
|
Fixed and Mobile Subscriber Variance Table — June 30, 2025 vs March 31, 2025 |
|||||||||||||||||
|
Homes Passed |
|
Fixed-line Customer Relationships |
|
Video RGUs |
|
Internet RGUs |
|
Telephony RGUs |
|
Total RGUs |
|
|
Prepaid |
|
Postpaid |
|
Total Mobile Subscribers |
|
|
|
|
|
||||||||||||||
Liberty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800 |
|
2,000 |
|
(1,600) |
|
2,600 |
|
2,800 |
|
3,800 |
|
|
(73,500) |
|
7,900 |
|
(65,600) |
The |
— |
|
(700) |
|
(200) |
|
(100) |
|
(800) |
|
(1,100) |
|
|
(700) |
|
(300) |
|
(1,000) |
|
— |
|
(2,100) |
|
(1,400) |
|
(1,900) |
|
(500) |
|
(3,800) |
|
|
— |
|
— |
|
— |
|
— |
|
(100) |
|
(200) |
|
100 |
|
(500) |
|
(600) |
|
|
(2,500) |
|
1,300 |
|
(1,200) |
Other |
700 |
|
(400) |
|
(1,000) |
|
— |
|
(900) |
|
(1,900) |
|
|
(9,000) |
|
3,100 |
|
(5,900) |
Total Liberty Caribbean |
1,500 |
|
(1,300) |
|
(4,400) |
|
700 |
|
100 |
|
(3,600) |
|
|
(85,700) |
|
12,000 |
|
(73,700) |
C&W Panama |
13,200 |
|
6,500 |
|
8,100 |
|
6,700 |
|
6,100 |
|
20,900 |
|
|
(21,400) |
|
6,600 |
|
(14,800) |
Total C&W |
14,700 |
|
5,200 |
|
3,700 |
|
7,400 |
|
6,200 |
|
17,300 |
|
|
(107,100) |
|
18,600 |
|
(88,500) |
Liberty |
600 |
|
(8,100) |
|
(2,600) |
|
(6,600) |
|
2,300 |
|
(6,900) |
|
|
(5,500) |
|
(9,900) |
|
(15,400) |
Liberty |
10,100 |
|
300 |
|
2,100 |
|
900 |
|
4,100 |
|
7,100 |
|
|
2,100 |
|
16,900 |
|
19,000 |
Total Organic Change |
25,400 |
|
(2,600) |
|
3,200 |
|
1,700 |
|
12,600 |
|
17,500 |
|
|
(110,500) |
|
25,600 |
|
(84,900) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2025 Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liberty |
— |
|
(31,300) |
|
(7,100) |
|
(29,900) |
|
(9,000) |
|
(46,000) |
|
|
— |
|
— |
|
— |
Total Q2 2025 Adjustments: |
— |
|
(31,300) |
|
(7,100) |
|
(29,900) |
|
(9,000) |
|
(46,000) |
|
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net additions (losses) |
25,400 |
|
(33,900) |
|
(3,900) |
|
(28,200) |
|
3,600 |
|
(28,500) |
|
|
(110,500) |
|
25,600 |
|
(84,900) |
- Represents adjustments resulting from a historical database cleanup which did not have an impact on our consolidated financial statements.
Glossary
Adjusted OIBDA - Operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and Other Operating Items. Other Operating Items includes (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.
Adjusted OIBDA Margin – Calculated by dividing Adjusted OIBDA by total revenue for the applicable period.
ARPU – Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized.
Consolidated Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) to annualized operating income from the most recent two consecutive fiscal quarters.
Consolidated Net Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) less cash, cash equivalents and restricted cash related to debt to annualized operating income from the most recent two consecutive fiscal quarters.
Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit (“EBU”) adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships.
FMC penetration – Calculated as Fixed Customer Relationships with a postpaid product as a percentage of total Fixed Customer Relationships, including both customers who have converged products and are receiving a financial or experience benefit from them and customers who have a postpaid product outside of an FMC bundle and are not receiving a financial or experience benefit from it.
Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations, debt related to the Tower Transactions and other debt), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs.
Homes Passed – Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results.
Internet (Broadband) RGU – A home, residential multiple dwelling unit or commercial unit that receives internet services over our network.
Leverage – Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt outstanding, including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations, net of projected derivative principal-related cash payments (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt less cash, cash equivalents and restricted cash related to debt. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements.
Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module (“SIM”) cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts.
NPS – Net promoter score.
Property and Equipment Addition Categories
- Customer Premises Equipment: Includes capitalizable equipment and labor, materials and other costs directly associated with the installation of such CPE;
- New Build & Upgrade: Includes capitalizable costs of network equipment, materials, labor and other costs directly associated with entering a new service area and upgrading our existing network;
- Capacity: Includes capitalizable costs for network capacity required for growth and services expansions from both existing and new customers. This category covers Core and Access parts of the network and includes, for example, fiber node splits, upstream/downstream spectrum upgrades and optical equipment additions in our international backbone connections;
- Baseline: Includes capitalizable costs of equipment, materials, labor and other costs directly associated with maintaining and supporting the business. Relates to areas such as network improvement, property and facilities, technical sites, information technology systems and fleet; and
- Product & Enablers: Discretionary capitalizable costs that include investments (i) required to support, maintain, launch or innovate in new customer products, and (ii) in infrastructure, which drive operational efficiency over the long term.
Proportionate Net Leverage Ratio (C&W) – Calculated in accordance with C&W's Credit Agreement, taking into account the ratio of outstanding indebtedness (subject to certain exclusions) less cash and cash equivalents to EBITDA (subject to certain adjustments) for the last two quarters annualized, with both indebtedness and EBITDA reduced proportionately to remove any noncontrolling interests' share of the C&W group.
Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in
SOHO – Small office/home office customers.
Telephony RGU – A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers.
Tower Transactions – Transactions entered into during 2023 associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct over the next 4 years.
Video RGU – A home, residential multiple dwelling unit or commercial unit that receives our video service over our network, primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU.
Additional General Notes
Most of our operations provide telephony, broadband internet, mobile data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers.” To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.
Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in
While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber and homes passed counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews.
Non-GAAP Reconciliations
We include certain financial measures in this press release that are considered non-GAAP measures, including (i) Adjusted OIBDA and Adjusted OIBDA Margin, each on a consolidated basis, (ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased Adjusted OIBDA growth rates, (iv) consolidated leverage ratios, and (v) Adjusted OIBDA less property and equipment additions on a conslidated basis. The following sections set forth reconciliations of the nearest GAAP measure to our non-GAAP measures, as well as information on how and why management of the Company believes such information is useful to an investor.
Adjusted OIBDA
On a consolidated basis, Adjusted OIBDA is a non-
Adjusted OIBDA Less Property and Equipment Additions
We define Adjusted OIBDA less P&E Additions, which is a non-GAAP measure, as Adjusted OIBDA less P&E Additions on an accrual basis. Adjusted OIBDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted OIBDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted OIBDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted OIBDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not substitute for,
A reconciliation of our operating income or loss to total Adjusted OIBDA, and Adjusted OIBDA less property and equipment additions is presented in the following table:
|
Three months ended |
Six months ended |
||||||||||||||
|
June 30, |
June 30, |
||||||||||||||
|
2025 |
2024 |
2025 |
2024 |
||||||||||||
|
in millions |
|||||||||||||||
Operating income (loss) |
$ |
(333.0 |
) |
$ |
110.8 |
|
$ |
(204.9 |
) |
$ |
203.6 |
|
||||
Share-based compensation and other Employee Incentive Plan-related expense1 |
|
13.3 |
|
|
16.0 |
|
|
47.3 |
|
|
43.0 |
|
||||
Depreciation and amortization |
|
217.5 |
|
|
236.7 |
|
|
446.3 |
|
|
484.5 |
|
||||
Impairment, restructuring and other operating items, net |
|
517.2 |
|
|
25.6 |
|
|
532.9 |
|
|
32.2 |
|
||||
Adjusted OIBDA |
$ |
415.0 |
|
$ |
389.1 |
|
$ |
821.6 |
|
$ |
763.3 |
|
||||
Less: Property and equipment additions |
|
150.2 |
|
|
179.6 |
|
|
270.5 |
|
|
314.5 |
|
||||
Adjusted OIBDA less property and equipment additions |
$ |
264.8 |
|
$ |
209.5 |
|
$ |
551.1 |
|
$ |
448.8 |
|
||||
Operating income (loss) margin2 |
|
(30.6 |
)% |
|
9.9 |
% |
|
(9.4 |
)% |
|
9.2 |
% |
||||
|
|
|
|
|
||||||||||||
Adjusted OIBDA margin3 |
|
38.2 |
% |
|
34.8 |
% |
|
37.9 |
% |
|
34.4 |
% |
- Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee.
- Calculated by dividing operating income or (loss) by total revenue for the applicable period.
- Calculated by dividing Adjusted OIBDA by total revenue for the applicable period.
Adjusted Free Cash Flow Definition and Reconciliation
We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, (iii) proceeds received in connection with handset receivables securitization, (iv) insurance recoveries related to damaged and destroyed property and equipment and (v) certain net interest payments or receipts incurred or received, including associated derivative instrument payments and receipts, in advance of a significant acquisition, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, (d) repayments made associated with a handset receivables securitization, and (e) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for,
The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period:
|
Three months ended |
|
Six months ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
in millions |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities |
$ |
141.2 |
|
|
$ |
156.9 |
|
|
$ |
165.8 |
|
|
$ |
180.2 |
|
Cash payments for direct acquisition and disposition costs |
|
3.6 |
|
|
|
2.5 |
|
|
|
4.0 |
|
|
|
3.3 |
|
Expenses financed by an intermediary1 |
|
46.2 |
|
|
|
48.6 |
|
|
|
80.8 |
|
|
|
80.8 |
|
Capital expenditures, net |
|
(139.3 |
) |
|
|
(140.5 |
) |
|
|
(236.0 |
) |
|
|
(250.2 |
) |
Principal payments on amounts financed by vendors and intermediaries |
|
(86.5 |
) |
|
|
(74.3 |
) |
|
|
(145.8 |
) |
|
|
(152.0 |
) |
Principal payments on finance leases |
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(0.5 |
) |
|
|
(0.5 |
) |
Repayments of handset receivables securitization, net |
|
(6.2 |
) |
|
|
— |
|
|
|
(13.0 |
) |
|
|
(18.4 |
) |
Adjusted FCF before distributions to noncontrolling interest owners |
|
(41.3 |
) |
|
|
(7.1 |
) |
|
|
(144.7 |
) |
|
|
(156.8 |
) |
Distributions to noncontrolling interest owners |
|
— |
|
|
|
(10.7 |
) |
|
|
(29.1 |
) |
|
|
(10.7 |
) |
Adjusted FCF |
$ |
(41.3 |
) |
|
$ |
(17.8 |
) |
|
$ |
(173.8 |
) |
|
$ |
(167.5 |
) |
- For purposes of our consolidated statements of cash flows, expenses financed by an intermediary, including value-added taxes, are treated as operating cash outflows and financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we add back the operating cash outflows when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary.
Rebase Information
Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired, disposed or transferred businesses, as applicable, to the same extent they are included in the current year. The businesses that were acquired or disposed of impacting the comparative periods are as follows:
-
LPR Acquisition (acquisition of spectrum and prepaid subscribers in
Puerto Rico and USVI from EchoStar), which was completed on September 3, 2024; and - C&W Panama DTH, which was shutdown on January 15, 2025.
In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year period.
We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), as adjusted for the estimated effects of (a) any significant differences between
The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate.
In the tables set forth below:
- reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and
- rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure.
The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations.
|
Three months ended June 30, 2024 |
|||||||||||||||||||||||||||||||
|
Liberty |
|
C&W Panama |
|
Liberty Networks |
|
Liberty |
|
Liberty |
|
Corporate |
|
Intersegment eliminations |
|
Total |
|||||||||||||||||
|
In millions |
|||||||||||||||||||||||||||||||
Revenue – Reported |
$ |
368.3 |
|
$ |
197.2 |
|
$ |
119.1 |
|
$ |
308.6 |
|
$ |
147.2 |
|
$ |
5.9 |
|
$ |
(28.3 |
) |
$ |
1,118.0 |
|
||||||||
Rebase adjustment: |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Acquisition |
|
— |
|
|
— |
|
|
— |
|
|
9.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
9.4 |
|
||||||||
Disposition |
|
— |
|
|
(1.0 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.0 |
) |
||||||||
Foreign currency |
|
(1.8 |
) |
|
— |
|
|
(1.5 |
) |
|
— |
|
|
2.1 |
|
|
— |
|
|
0.1 |
|
|
(1.1 |
) |
||||||||
Revenue – Rebased |
$ |
366.5 |
|
$ |
196.2 |
|
$ |
117.6 |
|
$ |
318.0 |
|
$ |
149.3 |
|
$ |
5.9 |
|
$ |
(28.2 |
) |
$ |
1,125.3 |
|
||||||||
Reported percentage change |
|
(1 |
)% |
|
(10 |
)% |
|
(4 |
)% |
|
(2 |
)% |
|
3 |
% |
|
(36 |
)% |
N.M. |
|
(3 |
)% |
||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Rebased percentage change |
|
— |
% |
|
(10 |
)% |
|
(3 |
)% |
|
(5 |
)% |
|
1 |
% |
|
(36 |
)% |
N.M. |
|
(3 |
)% |
N.M. – Not Meaningful.
|
Six months ended June 30, 2024 |
||||||||||||||||||||||||||||||
|
Liberty |
|
C&W Panama |
|
Liberty Networks |
|
Liberty |
|
Liberty |
|
Corporate |
|
Intersegment eliminations |
|
Total |
||||||||||||||||
|
In millions |
||||||||||||||||||||||||||||||
Revenue – Reported |
$ |
732.5 |
|
|
$ |
366.4 |
|
|
$ |
227.6 |
|
|
$ |
635.8 |
|
|
$ |
299.5 |
|
|
$ |
11.0 |
|
|
$ |
(55.4 |
) |
|
$ |
2,217.4 |
|
Rebase adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Acquisition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.9 |
|
Disposition |
|
— |
|
|
|
(2.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2.1 |
) |
Foreign currency |
|
(3.2 |
) |
|
|
— |
|
|
|
(2.8 |
) |
|
|
— |
|
|
|
4.8 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
(1.1 |
) |
Revenue – Rebased |
$ |
729.3 |
|
|
$ |
364.3 |
|
|
$ |
224.8 |
|
|
$ |
654.7 |
|
|
$ |
304.3 |
|
|
$ |
11.0 |
|
|
$ |
(55.3 |
) |
|
$ |
2,233.1 |
|
Reported percentage change |
|
— |
% |
|
|
(3 |
)% |
|
|
(1 |
)% |
|
|
(6 |
)% |
|
|
3 |
% |
|
|
(30 |
)% |
|
N.M. |
|
|
(2 |
)% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Rebased percentage change |
|
— |
% |
|
|
(3 |
)% |
|
|
— |
% |
|
|
(8 |
)% |
|
|
2 |
% |
|
|
(30 |
)% |
|
N.M. |
|
|
(3 |
)% |
N.M. – Not Meaningful.
The following tables set forth the reconciliation from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations.
|
Three months ended June 30, 2024 |
|||||||||||||||||||||||||||
|
Liberty |
C&W Panama |
Liberty Networks |
Liberty |
Liberty |
Corporate |
Total |
|||||||||||||||||||||
|
In millions |
|||||||||||||||||||||||||||
Adjusted OIBDA – Reported |
$ |
157.0 |
|
$ |
64.8 |
|
$ |
63.1 |
|
$ |
71.1 |
|
$ |
53.4 |
|
$ |
(20.3 |
) |
$ |
389.1 |
|
|||||||
Rebase adjustment: |
|
|
|
|
|
|
|
|||||||||||||||||||||
Acquisition |
|
— |
|
|
— |
|
|
— |
|
|
1.1 |
|
|
— |
|
|
— |
|
|
1.1 |
|
|||||||
Disposition |
|
— |
|
|
(0.2 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.2 |
) |
|||||||
Foreign currency |
|
(1.0 |
) |
|
— |
|
|
(0.2 |
) |
|
— |
|
|
0.7 |
|
|
— |
|
|
(0.5 |
) |
|||||||
Adjusted OIBDA – Rebased |
$ |
156.0 |
|
$ |
64.6 |
|
$ |
62.9 |
|
$ |
72.2 |
|
$ |
54.1 |
|
$ |
(20.3 |
) |
$ |
389.5 |
|
|||||||
Reported percentage change |
|
11 |
% |
|
6 |
% |
|
(4 |
)% |
|
22 |
% |
|
1 |
% |
|
(44 |
)% |
|
7 |
% |
|||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Rebased percentage change |
|
11 |
% |
|
6 |
% |
|
(3 |
)% |
|
21 |
% |
|
— |
% |
|
(44 |
)% |
|
7 |
% |
|
Six months ended June 30, 2024 |
|||||||||||||||||||||||||||
|
Liberty |
|
C&W Panama |
|
Liberty Networks |
|
Liberty |
|
Liberty |
|
Corporate |
|
Total |
|||||||||||||||
|
In millions |
|||||||||||||||||||||||||||
Adjusted OIBDA – Reported |
$ |
307.6 |
|
$ |
121.6 |
|
$ |
122.3 |
|
$ |
140.2 |
|
$ |
111.7 |
|
$ |
(40.1 |
) |
$ |
763.3 |
|
|||||||
Rebase adjustment: |
|
|
|
|
|
|
|
|||||||||||||||||||||
Acquisition |
|
— |
|
|
— |
|
|
— |
|
|
2.2 |
|
|
— |
|
|
— |
|
|
2.2 |
|
|||||||
Disposition |
|
— |
|
|
(0.9 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.9 |
) |
|||||||
Foreign currency |
|
(1.6 |
) |
|
— |
|
|
(0.4 |
) |
|
— |
|
|
1.8 |
|
|
— |
|
|
(0.2 |
) |
|||||||
Adjusted OIBDA – Rebased |
$ |
306.0 |
|
$ |
120.7 |
|
$ |
121.9 |
|
$ |
142.4 |
|
$ |
113.5 |
|
$ |
(40.1 |
) |
$ |
764.4 |
|
|||||||
Reported percentage change |
|
13 |
% |
|
10 |
% |
|
(3 |
)% |
|
20 |
% |
|
1 |
% |
|
(47 |
)% |
|
8 |
% |
|||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Rebased percentage change |
|
13 |
% |
|
10 |
% |
|
(3 |
)% |
|
18 |
% |
|
(1 |
)% |
|
(47 |
)% |
|
8 |
% |
The following tables set forth the reconciliation from reported revenue by product for our Liberty Caribbean segment to rebased revenue by product and related change calculations.
|
Three months ended June 30, 2024 |
||||||||||||||||||
|
Residential fixed revenue |
|
Residential mobile revenue |
|
Total residential revenue |
|
B2B revenue |
|
Total revenue |
||||||||||
|
In millions |
||||||||||||||||||
Revenue by product – Reported |
$ |
130.8 |
|
|
$ |
104.1 |
|
|
$ |
234.9 |
|
|
$ |
133.4 |
|
|
$ |
368.3 |
|
Rebase adjustment: |
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency |
|
(0.6 |
) |
|
|
(0.6 |
) |
|
|
(1.2 |
) |
|
|
(0.6 |
) |
|
|
(1.8 |
) |
Revenue by product – Rebased |
$ |
130.2 |
|
|
$ |
103.5 |
|
|
$ |
233.7 |
|
|
$ |
132.8 |
|
|
$ |
366.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported percentage change |
|
(2 |
)% |
|
|
5 |
% |
|
|
1 |
% |
|
|
(3 |
)% |
|
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Rebased percentage change |
|
(1 |
)% |
|
|
6 |
% |
|
|
2 |
% |
|
|
(3 |
)% |
|
|
— |
% |
|
Six months ended June 30, 2024 |
||||||||||||||||||
|
Residential fixed revenue |
|
Residential mobile revenue |
|
Total residential revenue |
|
B2B revenue |
|
Total revenue |
||||||||||
|
In millions |
||||||||||||||||||
Revenue by product – Reported |
$ |
260.3 |
|
|
$ |
210.1 |
|
|
$ |
470.4 |
|
|
$ |
262.1 |
|
|
$ |
732.5 |
|
Rebase adjustment: |
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency |
|
(1.1 |
) |
|
|
(1.1 |
) |
|
|
(2.2 |
) |
|
|
(1.0 |
) |
|
|
(3.2 |
) |
Revenue by product – Rebased |
$ |
259.2 |
|
|
$ |
209.0 |
|
|
$ |
468.2 |
|
|
$ |
261.1 |
|
|
$ |
729.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported percentage change |
|
(1 |
)% |
|
|
4 |
% |
|
|
1 |
% |
|
|
(3 |
)% |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Rebased percentage change |
|
(1 |
)% |
|
|
5 |
% |
|
|
2 |
% |
|
|
(3 |
)% |
|
|
— |
% |
The following tables set forth the reconciliation from reported revenue by product for our C&W Panama segment to rebased revenue by product and related change calculations.
|
Three months ended March 31, 2024 |
||||||||||||||||||
|
Residential fixed revenue |
|
Residential mobile revenue |
|
Total residential revenue |
|
B2B revenue |
|
Total revenue |
||||||||||
|
In millions |
||||||||||||||||||
Revenue by product – Reported |
$ |
31.3 |
|
|
$ |
82.2 |
|
|
$ |
113.5 |
|
|
$ |
83.7 |
|
|
$ |
197.2 |
|
Rebase adjustment: |
|
|
|
|
|
|
|
|
|
||||||||||
Disposition |
|
(1.0 |
) |
|
|
— |
|
|
|
(1.0 |
) |
|
|
— |
|
|
|
(1.0 |
) |
Revenue by product – Rebased |
$ |
30.3 |
|
|
$ |
82.2 |
|
|
$ |
112.5 |
|
|
$ |
83.7 |
|
|
$ |
196.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported percentage change |
|
— |
% |
|
|
6 |
% |
|
|
4 |
% |
|
|
(30 |
)% |
|
|
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Rebased percentage change |
|
2 |
% |
|
|
6 |
% |
|
|
5 |
% |
|
|
(30 |
)% |
|
|
(10 |
)% |
|
Six months ended June 30, 2024 |
||||||||||||||||||
|
Residential fixed revenue |
|
Residential mobile revenue |
|
Total residential revenue |
|
B2B revenue |
|
Total revenue |
||||||||||
|
In millions |
||||||||||||||||||
Revenue by product – Reported |
$ |
62.9 |
|
|
$ |
156.7 |
|
|
$ |
219.6 |
|
|
$ |
146.8 |
|
|
$ |
366.4 |
|
Rebase adjustment: |
|
|
|
|
|
|
|
|
|
||||||||||
Disposal |
|
(2.1 |
) |
|
|
— |
|
|
|
(2.1 |
) |
|
|
— |
|
|
|
(2.1 |
) |
Revenue by product – Rebased |
$ |
60.8 |
|
|
$ |
156.7 |
|
|
$ |
217.5 |
|
|
$ |
146.8 |
|
|
$ |
364.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported percentage change |
|
(1 |
)% |
|
|
11 |
% |
|
|
7 |
% |
|
|
(19 |
)% |
|
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Rebased percentage change |
|
3 |
% |
|
|
11 |
% |
|
|
8 |
% |
|
|
(19 |
)% |
|
|
(3 |
)% |
The following tables set forth the reconciliation from reported revenue by product for our Liberty Puerto Rico segment to rebased revenue by product and related change calculations.
|
Three months ended June 30, 2024 |
||||||||||||||||||||||
|
Residential fixed revenue |
|
Residential mobile revenue |
|
Total residential revenue |
|
B2B revenue |
|
Other revenue |
|
Total revenue |
||||||||||||
|
In millions |
||||||||||||||||||||||
Revenue by product – Reported |
$ |
126.1 |
|
|
$ |
122.6 |
|
|
$ |
248.7 |
|
|
$ |
52.6 |
|
|
$ |
7.3 |
|
|
$ |
308.6 |
|
Rebase adjustment: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquisition |
|
— |
|
|
|
9.4 |
|
|
|
9.4 |
|
|
|
— |
|
|
|
— |
|
|
|
9.4 |
|
Revenue by product – Rebased |
$ |
126.1 |
|
|
$ |
132.0 |
|
|
$ |
258.1 |
|
|
$ |
52.6 |
|
|
$ |
7.3 |
|
|
$ |
318.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reported percentage change |
|
(1 |
)% |
|
|
4 |
% |
|
|
2 |
% |
|
|
(18 |
)% |
|
|
(22 |
)% |
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rebased percentage change |
|
(1 |
)% |
|
|
(3 |
)% |
|
|
(2 |
)% |
|
|
(18 |
)% |
|
|
(22 |
)% |
|
|
(5 |
)% |
|
Six months ended June 30, 2024 |
||||||||||||||||||||||
|
Residential fixed revenue |
|
Residential mobile revenue |
|
Total residential revenue |
|
B2B revenue |
|
Other revenue |
|
Total revenue |
||||||||||||
|
In millions |
||||||||||||||||||||||
Revenue by product – Reported |
$ |
251.2 |
|
|
$ |
260.6 |
|
|
$ |
511.8 |
|
|
$ |
108.6 |
|
|
$ |
15.4 |
|
|
$ |
635.8 |
|
Rebase adjustment: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquisition |
|
— |
|
|
|
18.9 |
|
|
|
18.9 |
|
|
|
— |
|
|
|
— |
|
|
|
18.9 |
|
Revenue by product – Rebased |
$ |
251.2 |
|
|
$ |
279.5 |
|
|
$ |
530.7 |
|
|
$ |
108.6 |
|
|
$ |
15.4 |
|
|
$ |
654.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reported percentage change |
|
(1 |
)% |
|
|
(3 |
)% |
|
|
(2 |
)% |
|
|
(20 |
)% |
|
|
(20 |
)% |
|
|
(6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rebased percentage change |
|
(1 |
)% |
|
|
(10 |
)% |
|
|
(6 |
)% |
|
|
(20 |
)% |
|
|
(20 |
)% |
|
|
(8 |
)% |
Non-GAAP Reconciliation for Consolidated Leverage Ratios
We have set forth below our consolidated leverage and net leverage ratios. Our consolidated leverage and net leverage ratios (Consolidated Leverage Ratios), each a non-GAAP measure, are defined as (i) the principal amount of debt and finance lease obligations less cash and cash equivalents and restricted cash related to debt divided by (ii) last two quarters of annualized Adjusted OIBDA. We generally use Adjusted OIBDA for the last two quarters annualized when calculating our Consolidated Leverage Ratios to maintain as much consistency as possible with the calculations established by our debt covenants included in the credit facilities or bond indentures for our respective borrowing groups, which are predominantly determined on a last two quarters annualized basis. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with
|
June 30,
|
|
March 31,
|
|||
|
in millions, except leverage ratios |
|||||
|
|
|
|
|||
Total debt and finance lease obligations |
$ |
8,159.9 |
|
|
$ |
8,173.0 |
Discounts, premiums and deferred financing costs, net |
|
72.6 |
|
|
|
76.5 |
Adjusted total debt and finance lease obligations |
|
8,232.5 |
|
|
|
8,249.5 |
Less: |
|
|
|
|||
Cash and cash equivalents |
|
514.4 |
|
|
|
575.5 |
Restricted cash related to debt1 |
|
13.0 |
|
|
|
13.0 |
Net debt and finance lease obligations |
$ |
7,705.1 |
|
|
$ |
7,661.0 |
|
|
|
|
|||
Operating income (loss)2: |
|
|
|
|||
Operating income for the three months ended December 31, 2024 |
|
N/A |
|
|
$ |
127.7 |
Operating income for the three months ended March 31, 2025 |
$ |
128.1 |
|
|
|
128.1 |
Operating loss for the three months ended June 30, 2025 |
|
(333.0 |
) |
|
|
N/A |
Operating income (loss) – last two quarters |
$ |
(204.9 |
) |
|
$ |
255.8 |
Annualized operating income (loss) – last two quarters annualized |
$ |
(409.8 |
) |
|
$ |
511.6 |
Adjusted OIBDA3: |
|
|
|
|||
Adjusted OIBDA for the three months ended December 31, 2024 |
|
N/A |
|
|
$ |
427.3 |
Adjusted OIBDA for the three months ended March 31, 2025 |
$ |
406.6 |
|
|
|
406.6 |
Adjusted OIBDA for the three months ended June 30, 2025 |
|
415.0 |
|
|
|
N/A |
Adjusted OIBDA – last two quarters |
$ |
821.6 |
|
|
$ |
833.9 |
Annualized Adjusted OIBDA – last two quarters annualized |
$ |
1,643.2 |
|
|
$ |
1,667.8 |
|
|
|
|
|||
Consolidated debt and finance lease obligations to operating income (loss) ratio |
(20.1) x |
|
16.1 x |
|||
Consolidated net debt and finance lease obligations to operating income (loss) ratio |
(18.8) x |
|
15.0 x |
|||
Consolidated leverage ratio |
5.0 x |
|
4.9 x |
|||
Consolidated net leverage ratio |
4.7 x |
|
4.6 x |
N/A – Not Applicable.
-
Amount relates to restricted cash at Liberty Puerto Rico that serves as collateral against certain letters of credit associated with the funding received from the FCC to continue to expand and improve our fixed network in
Puerto Rico . -
Operating income or loss is the closest
U.S. GAAP measure to Adjusted OIBDA, as discussed in Adjusted OIBDA above. Accordingly, we have presented consolidated debt and finance lease obligations to operating income (loss) and consolidated net debt and finance lease obligations to operating income (loss) as the most directly comparable financial ratios to our non-GAAP consolidated leverage and consolidated net leverage ratios. -
Adjusted OIBDA is a non-GAAP measure. See Adjusted OIBDA above for reconciliation of Adjusted OIBDA to the nearest
U.S. GAAP measure for the three months ended June 30, 2025. A reconciliation of our operating income to Adjusted OIBDA for the three months ended March 31, 2025 and December 31, 2024 is presented in the following table:
|
Three months ended |
|||||
|
March 31, 2025 |
|
December 31, 2024 |
|||
|
in millions |
|||||
|
|
|
|
|||
Operating income |
$ |
128.1 |
|
$ |
127.7 |
|
Share-based compensation and other Employee Incentive Plan-related expense |
|
34.0 |
|
|
25.1 |
|
Depreciation and amortization |
|
228.8 |
|
|
238.4 |
|
Impairment, restructuring and other operating items, net |
|
15.7 |
|
|
36.1 |
|
Adjusted OIBDA |
$ |
406.6 |
|
$ |
427.3 |
Non-GAAP Reconciliations for Our Borrowing Groups
The financial statements of each of our borrowing groups are prepared in accordance with
Adjusted OIBDA for our borrowing groups is defined as operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, related-party fees and allocations, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the noncontrolling interests' share of Adjusted OIBDA. We believe these measures at the borrowing group level are useful to investors because they are one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. These measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other
A reconciliation of C&W's operating income to Adjusted OIBDA and Proportionate Adjusted OIBDA is presented in the following table:
|
Three months ended |
|
Six months ended |
||||||||
|
June 30, |
|
June 30, |
||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
|
in millions |
||||||||||
Operating income |
$ |
138.8 |
|
$ |
98.0 |
|
$ |
262.3 |
|
$ |
178.4 |
Share-based compensation and other Employee Incentive Plan-related expense |
|
4.4 |
|
|
6.5 |
|
|
12.6 |
|
|
14.4 |
Depreciation and amortization |
|
119.0 |
|
|
143.0 |
|
|
252.1 |
|
|
296.5 |
Related-party fees and allocations |
|
29.1 |
|
|
26.8 |
|
|
53.9 |
|
|
48.0 |
Impairment, restructuring and other operating items, net |
|
11.8 |
|
|
10.1 |
|
|
18.1 |
|
|
13.8 |
Adjusted OIBDA |
|
303.1 |
|
|
284.4 |
|
|
599.0 |
|
|
551.1 |
Less: Noncontrolling interests' share of Adjusted OIBDA |
|
51.3 |
|
|
48.3 |
|
|
100.5 |
|
|
91.8 |
Proportionate Adjusted OIBDA |
$ |
251.8 |
|
$ |
236.1 |
|
$ |
498.5 |
|
$ |
459.3 |
A reconciliation of Liberty Puerto Rico's operating income (loss) to Adjusted OIBDA is presented in the following table:
|
Three months ended |
|
Six months ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
in millions |
||||||||||||||
Operating income (loss) |
$ |
(474.8 |
) |
|
$ |
(19.1 |
) |
|
$ |
(471.0 |
) |
|
$ |
(28.5 |
) |
Share-based compensation and other Employee Incentive Plan-related expense |
|
1.0 |
|
|
|
1.9 |
|
|
|
2.6 |
|
|
|
4.4 |
|
Depreciation and amortization |
|
62.6 |
|
|
|
62.0 |
|
|
|
122.8 |
|
|
|
124.8 |
|
Related-party fees and allocations |
|
13.4 |
|
|
|
13.4 |
|
|
|
25.6 |
|
|
|
26.0 |
|
Impairment, restructuring and other operating items, net |
|
484.8 |
|
|
|
12.9 |
|
|
|
488.5 |
|
|
|
13.5 |
|
Adjusted OIBDA |
$ |
87.0 |
|
|
$ |
71.1 |
|
|
$ |
168.5 |
|
|
$ |
140.2 |
|
A reconciliation of Liberty Costa Rica's operating income to Adjusted OIBDA is presented in the following table:
|
Three months ended |
|
Six months ended |
|||||
|
June 30, |
|
June 30, |
|||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
CRC in billions |
|||||||
Operating income |
12.9 |
|
|
14.2 |
|
28.6 |
|
31.6 |
Share-based compensation and other Employee Incentive Plan-related expense |
0.4 |
|
|
0.4 |
|
0.6 |
|
0.4 |
Depreciation and amortization |
13.6 |
|
|
12.3 |
|
26.9 |
|
24.5 |
Related-party fees and allocations |
0.6 |
|
|
0.4 |
|
0.9 |
|
0.7 |
Impairment, restructuring and other operating items, net |
(0.1 |
) |
|
0.1 |
|
0.1 |
|
0.2 |
Adjusted OIBDA |
27.4 |
|
|
27.4 |
|
57.1 |
|
57.4 |
The following table sets forth the reconciliations from reported revenue for our C&W borrowing group to rebased revenue and related change calculations:
|
Three months ended
|
|
Six months ended
|
||||
|
in millions |
||||||
Revenue – Reported |
$ |
662.3 |
|
|
$ |
1,282.6 |
|
Rebase adjustment: |
|
|
|
||||
Disposal |
|
(1.0 |
) |
|
|
(2.1 |
) |
Foreign currency |
|
(3.3 |
) |
|
|
(6.0 |
) |
Revenue – Rebased |
$ |
658.0 |
|
|
$ |
1,274.5 |
|
Reported percentage change |
|
(4 |
)% |
|
(1 |
)% |
|
Rebased percentage change |
|
(3 |
)% |
|
(1 |
)% |
The following table sets forth the reconciliation from Adjusted OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and related change calculations:
|
Three months ended
|
|
Six months ended
|
||||
|
in millions |
||||||
Adjusted OIBDA – Reported |
$ |
284.4 |
|
|
$ |
551.1 |
|
Rebase adjustment: |
|
|
|
||||
Disposal |
|
(0.2 |
) |
|
|
(0.9 |
) |
Foreign currency |
|
(1.4 |
) |
|
|
(2.2 |
) |
Adjusted OIBDA – Rebased |
$ |
282.8 |
|
|
$ |
548.0 |
|
Reported percentage change |
|
7 |
% |
|
9 |
% |
|
Rebased percentage change |
|
7 |
% |
|
9 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250807096179/en/
Investor Relations
Soomit Datta ir@lla.com
Corporate Communications
Michael Coakley llacommunications@lla.com
Source: Liberty Latin America Ltd.