Liberty Latin America Ltd
For the period ended Jun 30, 2024. Filed Aug 6, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 6, 2024
LILA$8.910.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-07.
0001712184-24-000153
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-06.
0001712184-24-000203
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 227 previous paragraphs and 245 current paragraphs.
131 unchanged; 78 reworded; 36 added; 16 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 36 previous and 57 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (36)
Current report
Hurricane Beryl
Current report
In July 2024, Hurricane Beryl impacted our Jamaica operation and certain smaller operations within C&W Caribbean, resulting in varying degrees of damage to homes, businesses and infrastructures in these markets. In connection with Hurricane Beryl, we expect to experience adverse impacts to revenue and RGUs, Adjusted OIBDA, long-lived asset impairments and property and equipment additions for the remainder of 2024. We currently estimate that Hurricane Beryl will negatively impact revenue and Adjusted OIBDA by between $10 million and $20 million for the remainder of 2024, primarily during the third quarter, based on certain factors, such as when power is fully restored to the impacted areas. We estimate that we will incur property and equipment additions of approximately $10 million to $20 million to replace infrastructure and equipment that has been damaged beyond repair or to enhance network resiliency.
Current report
Hurricane Beryl triggered the Weather Derivatives and we expect to receive net third-party proceeds of approximately $44 million that will be reflected as a derivative gain in our consolidated statement of operations. We are still in the process of assessing the impact of Hurricane Beryl on our homes passed and subscriber counts.
Current report
Costa Rica Transaction
Current report
On August 1, 2024, we announced that we entered into an agreement with Millicom to combine our respective operations in Costa Rica. Under the terms of the all-stock agreement, Liberty Latin America and our minority partner in Costa Rica will hold an approximate 86% interest and Millicom will hold an approximate 14% interest in the joint operations, with final ownership percentages to be confirmed at closing. The transaction is subject to customary closing conditions, including regulatory authorizations, and we expect the transaction to be completed during the second half of 2025.
Current report
(d)The increases are attributable to higher project-related revenue across various markets.
Current report
(a)The increases are primarily due to higher average broadband internet and video RGUs.
Current report
(b)The decreases are primarily due to lower ARPU from fixed-line telephony and video services, mainly driven by higher discounts.
Current report
(a)The increases are primarily attributable to (i) growth in managed services and (ii) higher B2B connectivity revenue.
Current report
(b)The decreases are primarily due to lower ARPU from fixed-line telephony and broadband internet services, mainly caused by retention-related discounts.
Current report
(c)The decreases are primarily due to declines in the average number of mobile subscribers, impacted by the migration of customers to our mobile network and network outages in 2024.
Current report
(e)The decreases are primarily attributable to lower revenue from mobile services, mainly driven by the termination of a government-sponsored program during the second quarter of 2024.
Current report
(a)The decreases are primarily due to the net effect of (i) lower average video RGUs and (ii) higher average fixed-line telephony RGUs.
Current report
(b)The decreases are primarily attributable to lower ARPU from video and fixed-line telephony services.
Current report
•Interconnect: The organic decreases are primarily due to lower rates resulting from the renegotiation of a contract.
Current report
•Equipment: The organic increases are mainly due the net effect of (i) higher B2B project-related equipment costs and (ii) lower handset costs.
Current report
•Equipment: The decreases are primarily attributable to lower volumes of handset sales.
Current report
•Interconnect: The decreases are mostly due to (i) lower interconnect costs associated with a transition service agreement that expired during 2024 and (ii) lower roaming costs, driven by decreased volumes.
Current report
•Interconnect: The organic decreases are primarily due to lower rates.
Current report
•Personnel and contract labor: The decreases are primarily due to the net effect of (i) higher capitalized labor, (ii) lower bonus-related expense, (iii) higher salaries and related personnel costs and (iv) lower headcount.
Current report
•Network-related: The organic increases are primarily due to the negative impact of an accrual release during the second quarter of 2023 related to leased line costs that resulted from the renegotiation of pole rental contracts.
Current report
•Service-related: The organic decreases are primarily due to declines in professional services associated with the renegotiation or termination of certain vendor contracts.
Current report
•Facility, provision, franchise and other: The organic increases are primarily due to (i) higher bad debt expense, (ii) the negative impact associated with a tax-related assessment received in one of our markets during the second quarter of 2024, and (iii) higher franchise fees.
Current report
•Personnel and contract labor: The decreases are primarily due to lower headcount levels following the execution of certain restructuring plans.
Current report
•Commercial: The increases are primarily due to higher marketing and commissions expense associated with efforts to obtain customers from a competitor following their exit from the market.
Current report
•Network-related: The increases are primarily due to higher maintenance and repair costs.
Current report
•Service-related: The increases are primarily due to higher outsourcing and software upgrade expenses.
Current report
•Facility, provision, franchise and other: The increases are primarily due to higher bad debt expense, mostly driven by adjustments for two large customers during 2024.
Current report
•Network-related: The decreases are primarily due to the termination of a transition service agreement during the first six months of 2024.
Current report
•Commercial: The increases are primarily due to higher call center and marketing costs.
Current report
•Facility, provision, franchise and other: The increases are primarily due to higher bad debt expense impacted by billing and collection issues experienced during and following the migration of customers to our mobile network and associated systems.
Current report
•Personnel and contract labor: The increases are primarily due to higher salaries and related personnel costs.
Current report
•Service-related: The decreases are primarily due to lower professional services costs.
Current report
•Facility, provision, franchise and other: The decreases are primarily due to insurance costs recognized during 2023 associated with (i) cable breaks that occurred during the first quarter of 2023, and (ii) business interruption claims submitted by our Liberty Puerto Rico business during the second quarter of 2023.
Current report
(b)The amounts include employee severance and termination costs related to reorganization activities, primarily at (i) Liberty Puerto Rico, C&W Caribbean and C&W Panama for the 2024 periods and (ii) C&W Caribbean, C&W Panama and Liberty Costa Rica for the 2023 periods.
Current report
(c)The 2024 amounts primarily include direct acquisition costs. The 2023 amount primarily relates to gains on asset dispositions.
Removed paragraphs (16)
Previous report
(d)The increase is attributable to (i) higher project-related revenue, and (ii) higher fixed and managed services, primarily due to broadband internet services-related growth.
Previous report
(a)The increase is primarily due to higher average broadband internet RGUs.
Previous report
(a)The increase is primarily attributable to the net effect of (i) higher B2B connectivity revenue, (ii) a decrease associated with sales-type leases on CPE installed on long-term customer solutions and (iii) growth in managed services.
Previous report
(b)The decrease is primarily due to a decline in the average number of mobile subscribers, which was only partially offset by higher ARPU from mobile services, primarily resulting from less low-cost plans and lower amortization of contract assets.
Previous report
(a)The decrease is primarily due to lower average video RGUs.
Previous report
•Interconnect: The organic decrease is primarily due to lower rates.
Previous report
•Equipment: The decrease is primarily attributable to lower handset sales volumes and unit costs.
Previous report
•Project-related and other: The organic decrease is primarily due to lower costs associated with sales-type leases on CPE installed on long-term customer solutions.
Previous report
•Network-related: The organic decrease is primarily due to lower leased line costs, partially offset by higher capacity charges associated with the use of Liberty Networks’ subsea network.
Previous report
•Service-related: The organic decrease is primarily due to a decrease in professional services associated with project-related costs.
Previous report
•Facility, provision, franchise and other: The organic increase is primarily due to higher bad debt expense and franchise fees.
Previous report
•Commercial: The decrease is primarily due to lower commissions expense resulting from the migration of dealers and distributors from Claro Panama to C&W Panama schemes following the Claro Panama Acquisition.
Previous report
•Commercial: The increase is primarily due to higher marketing costs.
Previous report
•Facility, provision, franchise and other: The increase is primarily due to higher bad debt expense.
Previous report
•Facility, provision, franchise and other: The decrease is primarily due to insurance costs recognized in 2023 associated with cable breaks in our Liberty Networks segment.
Previous report
(b)The 2023 amount primarily includes a gain on asset disposition.
Reworded paragraphs (78)
Previous wording
•Overview. This section provides a general description of our business and recent events.
Current wording
•Overview. This section provides a general description of our business and recent significant events.
Previous wording
•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three months ended March 31, 2024 and 2023.
Current wording
•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three and six months ended June 30, 2024 and 2023.
Previous wording
Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Quarterly Report on Form 10-Q are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 3. Quantitative and Qualitative Disclosures About Market Riskand Item 4. Controls and Procedures may contain forward-looking statements, including statements regarding: our business, products, foreign currency and finance strategies; our property and equipment additions; grants or renewals of licenses; subscriber growth and retention rates; changes in competitive, regulatory and economic factors; our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition; changes in our revenue, costs, or growth rates; debt levels; our liquidity and our ability to access the liquidity of our subsidiaries; interest rate risks; credit risks; internal control over financial reporting and remediation of material weaknesses; foreign currency risks; compliance with debt, financial and other covenants; our future projected sources and uses of cash; and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In addition to the risk factors described in Part I, Item 1A in our 2023 Form 10-K, the following are some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events:
Current wording
Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Quarterly Report on Form 10-Q are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 3. Quantitative and Qualitative Disclosures About Market Riskand Item 4. Controls and Procedures may contain forward-looking statements, including statements regarding: our business, products, foreign currency and finance strategies; our property and equipment additions; grants or renewals of licenses; subscriber growth and retention rates; changes in competitive, regulatory and economic factors; our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition; the transaction with Millicom to combine our respective Costa Rica operations; changes in our revenue, costs, or growth rates; debt levels; our liquidity and our ability to access the liquidity of our subsidiaries; interest rate risks; credit risks; internal control over financial reporting and remediation of material weaknesses; foreign currency risks; compliance with debt, financial and other covenants; our future projected sources and uses of cash; the impact of Hurricane Beryl on our business; and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In addition to the risk factors described in Part I, Item 1A in our 2023 Form 10-K, the following are some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events:
Previous wording
•our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions, such as with respect to the Puerto Rico and USVI Spectrum Acquisition;
Current wording
•our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions, such as with respect to the Puerto Rico and USVI Spectrum Acquisition and the transaction with Millicom to combine our respective Costa Rica operations;
Previous wording
At March 31, 2024, we (i) owned and operated fixed networks that passed 4,647,100 homes and served 3,978,100 RGUs, comprising 1,823,200 broadband internet subscribers, 1,219,200 fixed-line telephony subscribers and 935,700 video subscribers and (ii) served 7,907,400 mobile subscribers.
Current wording
At June 30, 2024, we (i) owned and operated fixed networks that passed 4,678,900 homes and served 3,997,400 RGUs, comprising 1,832,100 broadband internet subscribers, 1,229,500 fixed-line telephony subscribers and 935,800 video subscribers and (ii) served 7,912,300 mobile subscribers.
Previous wording
The comparability of our operating results during the three months ended March 31, 2024 and 2023 is affected by FX. As we use the term, “organic” changes exclude FX.
Current wording
The comparability of our operating results during the three and six months ended June 30, 2024 and 2023 is affected by FX. As we use the term, “organic” changes exclude FX.
Previous wording
The following table sets forth the organic and non-organic changes in the components of operating income or loss during the three months ended March 31, 2024, as compared to the corresponding period in 2023.
Current wording
The following tables set forth the organic and non-organic changes in the components of operating income or loss during the three and six months ended June 30, 2024, as compared to the corresponding periods in 2023.
Previous wording
As reflected in the table above, there was a decrease to our operating income for the three months ended March 31, 2024, as compared to the corresponding period in 2023. For further discussion and analysis of organic changes in revenue and operating costs and expenses, see Revenue, Programming and Other Direct Costs of Services, and Other Operating Costs sections below. For further discussion and analysis of changes in Depreciation and amortization, and Impairment, Restructuring and other operating items, net, see Results of Operations (below Adjusted OIBDA)sections below.
Current wording
As reflected in the table above, there were decreases to our operating income for the three and six months ended June 30, 2024, as compared to the corresponding periods in 2023. For further discussion and analysis of organic changes in revenue and operating costs and expenses, see Revenue, Programming and Other Direct Costs of Services, and Other Operating Costs sections below. For further discussion and analysis of changes in Depreciation and amortization, and Impairment, Restructuring and other operating items, net, see Results of Operations (below Adjusted OIBDA)sections below.
Previous wording
The following table sets forth the organic and non-organic changes in Adjusted OIBDA during the three months ended March 31, 2024, as compared to the corresponding period in 2023:
Current wording
The following tables set forth the organic and non-organic changes in Adjusted OIBDA during the three and six months ended June 30, 2024, as compared to the corresponding periods in 2023:
Previous wording
Adjusted OIBDA Margin is impacted by organic changes in revenue, programming and other direct costs of services and other operating costs and expenses. We incurred aggregate integration costs (i) during the three months ended March 31, 2024 of $14 million within our Liberty Puerto Rico segment, and (ii) during the three months ended March 31, 2023 of $5 million within our Liberty Puerto Rico, Liberty Costa Rica and C&W Panama segments.
Current wording
Adjusted OIBDA Margin is impacted by organic changes in revenue, programming and other direct costs of services and other operating costs and expenses. We incurred aggregate integration costs (i) during the three and six months ended June 30, 2024 of $3 million and $17 million, respectively, within our Liberty Puerto Rico segment, and (ii) during the three and six months ended June 30, 2023 of $5 million and $10 million, respectively, within our Liberty Puerto Rico, Liberty Costa Rica and C&W Panama segments.
Previous wording
While not specifically discussed in the below explanations of the changes in revenue, we experience significant competition in all of our markets. Competition has an adverse impact on our ability to increase or maintain our RGUs and/or ARPU.
Current wording
While not specifically discussed in the below explanations of the changes in revenue, we experience significant competition in all of our markets. Competition has an adverse impact on our ability to increase or maintain our (i) RGUs, (ii) ARPU and/or (iii) B2B revenue.
Previous wording
The following table sets forth the organic and non-organic changes in revenue by reportable segment during the three months ended March 31, 2024, as compared to the corresponding period in 2023.
Current wording
The following tables set forth the organic and non-organic changes in revenue by reportable segment during the three and six months ended June 30, 2024, as compared to the corresponding periods in 2023.
Previous wording
The details of the changes in C&W Caribbean’s revenue during the three months ended March 31, 2024, as compared to the corresponding period in 2023, are set forth below (in millions):
Current wording
The details of the changes in C&W Caribbean’s revenue during the three and six months ended June 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Previous wording
(a)The increase is primarily due to higher average broadband internet RGUs partially offset by lower average video RGUs.
Current wording
(a)The increases are primarily due to higher average broadband internet RGUs partially offset by lower average video RGUs.
Previous wording
(b)The increase is primarily due to the net impact of (i) higher ARPU from broadband internet services, mainly due to price increases, (ii) lower ARPU from fixed-line telephony services, mostly due to growth from fixed-mobile convergence efforts, and (iii) lower ARPU from video services.
Current wording
(b)The increases are primarily due to the net impact of (i) higher ARPU from broadband internet services, mainly due to price increases, (ii) lower ARPU from fixed-line telephony services, mostly due to growth from fixed-mobile convergence efforts, and (iii) lower ARPU from video services.
Previous wording
(c)The increase is primarily attributable to (i) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, and (ii) an increase in prepaid ARPU resulting from price increases implemented during the first and third quarters of 2023.
Current wording
(c)The increases are primarily attributable to the net impact of (i) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, (ii) increases in prepaid ARPU resulting from price increases implemented during the third quarter of 2023 and the first quarter of 2024, and (iii) lower average numbers of prepaid mobile subscribers.
Previous wording
The details of the changes in C&W Panama’s revenue during the three months ended March 31, 2024, as compared to the corresponding period in 2023, are set forth below (in millions):
Current wording
The details of the changes in C&W Panama’s revenue during the three and six months ended June 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Previous wording
(b)The decrease is primarily due to the net effect of (i) lower average numbers of prepaid mobile subscribers, due in part to churn related to the migration of customers to our network following the Claro Panama Acquisition, and (ii) higher ARPU from prepaid mobile services, mainly attributable to higher recharges per customer.
Current wording
(c)The changes are primarily due to the net effect of (i) lower average numbers of prepaid mobile subscribers, (ii) higher ARPU from prepaid mobile services. The decreases in prepaid mobile subscribers are driven by the net impact of churn related to the migration of customers to our network following the Claro Panama Acquisition, and the addition of customers to our base following the exit of a competitor from our market. During the three-month comparison, this decrease was more than offset by the increase in prepaid mobile ARPU, which was mainly attributable to higher recharges per customer.
Previous wording
(c)The increase is primarily due to revenue from government-related projects.
Current wording
(d)The increases are primarily due to revenue from government-related projects.
Previous wording
The details of the changes in Liberty Networks’ revenue during the three months ended March 31, 2024, as compared to the corresponding period in 2023, are set forth below (in millions):
Current wording
The details of the changes in Liberty Networks’ revenue during the three and six months ended June 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Previous wording
(b)The decrease is primarily due to the net effect of (i) lower amortized prepaid capacity and operating and maintenance revenue driven by the cancellation of prepaid capacity contracts in prior periods, (ii) a decrease in revenue associated with the recognition during the first quarter of 2023 of deferred revenue and penalties upon the termination or modification of prepaid capacity contracts and (iii) higher inter-segment revenue.
Current wording
(b)The decreases are primarily due to (i) lower amortized prepaid capacity and operating and maintenance revenue driven by the cancellation of prepaid capacity contracts in prior periods and (ii) net decreases in revenue associated with the recognition of deferred revenue and penalties upon the termination or modification of prepaid capacity contracts during the first and second quarters of 2023 and the second quarter of 2024.
Previous wording
The details of the changes in Liberty Puerto Rico’s revenue during the three months ended March 31, 2024, as compared to the corresponding period in 2023, are set forth below (in millions):
Current wording
The details of the changes in Liberty Puerto Rico’s revenue during the three and six months ended June 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Previous wording
(a)The increase is primarily attributable to the net effect of (i) higher average broadband internet RGUs and (ii) lower average video RGUs.
Current wording
(a)The increases are primarily attributable to the net effect of (i) higher average broadband internet RGUs and (ii) lower average video RGUs.
Previous wording
(c)The decrease is primarily driven by (i) lower equipment sales, due mostly to the migration of customers to our mobile network, and (ii) lower inbound roaming revenue.
Current wording
(d)The decreases are primarily driven by (i) lower equipment sales, due mostly to the migration of customers to our mobile network, and (ii) lower inbound roaming revenue.
Previous wording
(d)The decrease is driven by a decline in the rate of funding beginning in the second half of 2023 related to funds from the FCC that we use to expand and improve our fixed and mobile networks.
Current wording
(f)The decreases are driven by declines in the rate of funding, beginning in each of June 2023 and 2024, related to funds from the FCC that we use to expand and improve our fixed and mobile networks.
Previous wording
The details of the changes in Liberty Costa Rica’s revenue during the three months ended March 31, 2024, as compared to the corresponding period in 2023, are set forth below (in millions):
Current wording
The details of the changes in Liberty Costa Rica’s revenue during the three and six months ended June 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Previous wording
(c)The increase is primarily attributable to higher volumes of CPE sales.
Current wording
(c)The increases are primarily attributable to higher volumes of CPE sales.
Previous wording
(d)The increase is primarily due to the net effect of (i) higher average postpaid mobile subscribers, and (ii) lower prepaid and mobile ARPU.
Current wording
(d)The increases are primarily due to the net effect of (i) higher average postpaid mobile subscribers and (ii) lower prepaid mobile ARPU.
Previous wording
(e)The increase is primarily attributable to higher volumes of equipment sales.
Current wording
(e)The increase during the six-month comparison is primarily attributable to the net effect of (i) higher volumes of equipment sales, (ii) lower interconnect revenue driven by a reduction in rates and lower volumes of traffic and (iii) lower inbound roaming revenue. For the three-month comparison, the decrease in interconnect and roaming revenue offset an increase to equipment sales.
Previous wording
Consolidated. The following table sets forth the organic and non-organic changes in programming and other direct costs of services on a consolidated basis.
Current wording
Consolidated. The following tables set forth the organic and non-organic changes in programming and other direct costs of services on a consolidated basis.
Previous wording
C&W Caribbean. The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our C&W Caribbean segment.
Current wording
C&W Caribbean. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our C&W Caribbean segment.
Previous wording
•Programming and copyright: The organic decrease is mainly due to the renegotiation of certain content agreements.
Current wording
•Programming and copyright: The organic decreases are mainly due to the renegotiation of certain content agreements.
Previous wording
•Project-related and other: The organic increase is due to higher B2B project costs.
Current wording
•Project-related and other: The organic increases are due to higher B2B project costs across various markets.
Previous wording
C&W Panama. The following table sets forth the changes in programming and other direct costs of services for our C&W Panama segment.
Current wording
C&W Panama. The following tables set forth the changes in programming and other direct costs of services for our C&W Panama segment.
Previous wording
•Project-related and other: The increase is primarily due to higher costs associated with certain government-related projects.
Current wording
•Project-related and other: The increases are primarily due to higher costs associated with certain government-related projects.
Previous wording
Liberty Networks. The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Networks segment.
Current wording
Liberty Networks. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Networks segment.
Previous wording
•Interconnect: The organic increase is primarily due to higher backhaul expenses.
Current wording
•Interconnect: The organic increases are primarily due to higher backhaul expenses.
Previous wording
Liberty Puerto Rico. The following table sets forth the changes in programming and other direct costs of services for our Liberty Puerto Rico segment.
Current wording
Liberty Puerto Rico. The following tables set forth the changes in programming and other direct costs of services for our Liberty Puerto Rico segment.
Previous wording
•Equipment: The decrease is primarily due to the net effect of (i) lower handset sales due mostly to the migration of customers to our mobile network, (ii) equipment credits for handset purchases recognized during the first quarter of 2023 associated with handsets purchased prior to 2023 and (iii) an increase resulting from inventory adjustments related to the migration of mobile customers to our network.
Current wording
•Equipment: The decreases are primarily due to the net effect of (i) lower handset sales due mostly to the migration of customers to our mobile network, (ii) equipment credits for handset purchases recognized during the first and second quarters of 2023 associated with handsets purchased prior to 2023 and (iii) increases resulting from inventory adjustments during the first and second quarters of 2024 related to the migration of mobile customers to our network.
Previous wording
Liberty Costa Rica. The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Costa Rica segment.
Current wording
Liberty Costa Rica. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Costa Rica segment.
Showing the first 40 of 78 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
(b)The decrease is primarily attributable to lower ARPU from video services.
Previous report — wording carried elsewhere
acquisitions and other investment opportunities, (iv) the repurchase of debt securities, (v) tax payments or (vi) any funding requirements of our consolidated subsidiaries.