Liberty Latin America Ltd
For the period ended Dec 31, 2024. Filed Feb 19, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 19, 2025
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-K
Period ended 2023-12-31; filed 2024-02-22.
0001712184-24-000030
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-19.
0001712184-25-000031
Item 7. 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 223 previous paragraphs and 225 current paragraphs.
111 unchanged; 55 reworded; 58 added; 54 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 34 previous and 34 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 (58)
Current report
Transactions and Events
Current report
Hurricane Beryl
Current report
In July 2024, Hurricane Beryl impacted our Jamaica operations 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, during 2024, we experienced adverse impacts to revenue and RGUs, Adjusted OIBDA, and property and equipment additions. Specifically, during 2024, Hurricane Beryl had a negative impact on revenue and Adjusted OIBDA of approximately $11 million and $14 million, respectively, which includes the positive impact from the hurricane on prepaid revenue. In addition, we incurred property and equipment additions of approximately $16 million to replace infrastructure and equipment
Current report
II-3 that has been damaged beyond repair or to enhance network resiliency. We did not recognize any material impairments in connection with Hurricane Beryl. As a result of the hurricane, during 2024, we estimate that we lost approximately 33,000 RGUs, comprising 16,000 broadband internet subscribers, 15,000 fixed-line telephony subscribers, and 2,000 video subscribers. We also saw a positive impact from the hurricane to our prepaid mobile subscribers.
Current report
Hurricane Beryl triggered a payment pursuant to coverage under our Weather Derivatives, which resulted in net proceeds of $44 million during 2024. The payment is reflected as a derivative gain in our consolidated statement of operations and as a cash inflow related to operating activities in our consolidated statement of cash flows.
Current report
Costa Rica Transactions
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
During August 2024, we also entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire on January 30, 2026 shares representing 8.5% of equity of Liberty Costa Rica for aggregate cash consideration of approximately $83 million, comprising CRC 22 billion ($43 million) and $40 million, with 62.5% of the purchase price due upon closing and the remaining 37.5% due on January 29, 2027.
Current report
LPR Acquisition
Current report
During November 2023, we entered into an agreement with EchoStar to acquire EchoStar’s prepaid business and spectrum assets in Puerto Rico and USVI in exchange for cash and international roaming credits. The aggregate cash consideration of $256 million will be paid in 4 annual installments, the first of which commenced on the closing date, September 3, 2024, and the remainder of which will be paid on the anniversary of the closing date over the next three years. On September 3, 2024, we paid the first installment of $95 million, which is reflected as cash paid for an acquisition in our consolidated statement of cash flows.
Current report
Tower Transactions
Current report
(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 fixed-mobile convergence efforts, and (iii) lower ARPU from video services.
Current report
(d)The increase is mainly attributable to the net effect of (i) higher project-related revenue across various markets and (ii) an increase in fixed and managed services, despite negative impacts related to Hurricane Beryl.
Current report
(b)The decrease is primarily due to lower ARPU from fixed-line telephony and video services, mainly driven by higher discounts and other customer retention efforts, and the migration of customers to lower ARPU plans.
Current report
(c)The increase is primarily due to the net effect of (i) higher ARPU from prepaid mobile services, (ii) lower average numbers of prepaid mobile subscribers, and (iii) higher average numbers of postpaid mobile subscribers. The decrease in prepaid mobile subscribers is mainly driven by the impact of churn related to the migration of customers to our network following the Claro Panama Acquisition. This decrease was partially offset by the addition of customers to our base following the exit of a competitor from our market, which positively impacted both our prepaid and postpaid base. The increase in prepaid mobile ARPU is primarily due to higher ARPU packages offered to customers.
Current report
(c)The decrease is primarily due to a decline in the average number of mobile subscribers impacted by the migration of customers to our mobile network and network challenges in 2024 and lower postpaid mobile ARPU.
Current report
(d)The decrease is primarily driven by lower equipment sales, including the impact of the migration of customers to our mobile network during the first half of 2024.
Current report
(e)The decrease is primarily attributable to lower revenue from mobile services, mainly driven by lower average customers due to (i) the termination of a government-sponsored program during the second quarter of 2024 and (ii) the migration of customers to our mobile network, including credits issued for billing adjustments.
Current report
(a)The increase is primarily due to the net effect of (i) increases in the average number of broadband internet and fixed-line telephony RGUs and (ii) a decrease in the average number of video RGUs.
Current report
(b)The decrease is due to lower ARPU across all fixed products, the largest of which is from video services. The decrease is mainly due to market competition leading to customer retention efforts and higher financed equipment sales.
Current report
(e)The increase is primarily attributable to the net effect of (i) higher volumes of equipment sales at higher unit prices, and (ii) lower interconnect revenue driven by a reduction in rates and lower volumes of traffic.
Current report
(f)The increase is primarily due to higher project-related revenue and growth in managed services.
Current report
•Interconnect: The organic decrease is primarily due to lower rates resulting from the renegotiation of a contract.
Current report
•Equipment: The organic increase is primarily due to the net effect of (i) higher B2B project-related equipment costs and (ii) lower handset costs.
Current report
•Project-related and other: The organic increase is primarily due to higher B2B project costs, primarily in the Bahamas.
Current report
•Interconnect: The decrease is primarily due to lower volumes of traffic.
Current report
•Equipment: The increase is primarily attributable to (i) higher volumes of handset sales, mostly to B2B customers, and (ii) higher unit costs associated with handset sales to residential customers.
Current report
•Interconnect: The organic decrease is primarily due to (i) lower backhaul expenses and (ii) lower inter-segment costs.
Current report
•Project-related and other: The organic decrease is primarily due to a higher mix of contracts recognized on a net basis.
Current report
•Programming and copyright: The organic decrease is primarily due to the net effect of (i) lower average number of subscribers and (ii) rate increases.
Current report
•Interconnect: The organic decrease is mostly due to lower interconnect costs associated with a transition service agreement that expired during 2024.
Current report
•Equipment: The organic decrease is primarily due to the net effect of (i) lower handset sales, which includes the impact of the migration of customers to our mobile network during the first half of 2024, (ii) equipment credits for handset purchases recognized during the first half of 2023 associated with handsets purchased prior to 2023 and (iii) increases resulting from inventory adjustments during 2024 related to the migration of mobile customers to our network.
Current report
•Project-related and other: The organic increase is primarily due to higher costs associated with portability and identity protection services.
Current report
•Project-related and other: The organic increase is primarily due to higher project-related costs.
Current report
•Network-related: The organic decrease is primarily due the net effect of (i) lower power costs driven by a decrease in consumption and rates, (ii) lower costs driven by a reduction in outsourced contracts, and (iii) higher maintenance costs. In addition, this decrease was offset by the negative impact of an accrual release during 2023 related to leased line costs that resulted from the renegotiation of pole rental contracts.
Current report
•Service-related: The organic decrease is primarily due to declines in professional services associated with the renegotiation or termination of certain vendor contracts.
Current report
•Commercial: The organic decrease is primarily due to lower (i) call center costs, and (ii) marketing expenses.
Current report
•Facility, provision, franchise and other: The organic increase is primarily due to the net effect of (i) higher bad debt expense across various markets that was partially offset by the recovery of amounts from a large customer, (ii) lower facilities costs associated with the Tower Transactions, (iii) higher costs associated with Hurricane Beryl-related
Current report
II-16 restoration efforts, and (iv) higher franchise fees. In addition, the organic increase includes the negative impact associated with a tax-related assessment received in one of our markets during 2024.
Current report
•Personnel and contract labor: The decrease is primarily due to lower headcount levels following the execution of certain restructuring plans.
Showing the first 40 of 58 passages. Open the source sections for the rest.
Removed paragraphs (54)
Previous report
Transactions
Previous report
Puerto Rico and USVI Spectrum Acquisition. During November 2023, we entered into an asset purchase agreement and a license purchase agreement with Dish Network to acquire Dish Network spectrum assets in Puerto Rico and USVI and prepaid mobile subscribers in those markets in exchange for cash and international roaming credits. The aggregate purchase price of $256 million will be paid in four annual installments commencing on the closing date, subject to post-closing adjustments. The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close during 2024.
Previous report
Chile JV. In October 2022, we completed the formation of the Chile JV by contributing the Chile JV Entities into the Chile JV. Subsequent to the formation of the Chile JV, we began accounting for our 50% interest in the Chile JV as an equity method investment. Prior to the formation of the Chile JV, VTR was a wholly owned subsidiary. As such, our consolidated statement of operations and cash flows for 2022 include VTR through the closing of the formation of the Chile JV.
Previous report
Competition and Other External Factors
Previous report
We are experiencing significant competition from other telecommunications operators and other communication service providers in all of our markets. The significant competition we are experiencing, together with macroeconomic factors, has adversely impacted our revenue, RGUs and/or ARPU in a number of our markets. For additional information regarding the revenue impact of changes in the RGUs and ARPU of our reportable segments, see discussion below.
Previous report
On January 1, 2023, the B2B Costa Rican operations within our Liberty Networks segment was sold to our Liberty Costa Rica segment. This sale did not have a significant impact on the financial results of our Liberty Networks or Liberty Costa Rica segments.
Previous report
(c)The decrease is primarily attributable to (i) lower interconnect revenue and (ii) a decrease associated with lower sports content revenue.
Previous report
(e)The increase is primarily attributable to an increase in inbound roaming driven by higher volumes of traffic.
Previous report
(a)The increase is primarily due to higher average broadband internet and video RGUs.
Previous report
(c)The decrease is primary due to the net effect of (i) lower handset revenue, (ii) higher inbound roaming, and (iii) lower interconnect revenue, primarily due to lower traffic.
Previous report
(b)The increase is primarily due to (i) higher ARPU from video services, as rate increases were only partly offset by customer downgrades to lower ARPU plans and (ii) the impact of credits issued to customers during 2022 as a result of (a) Hurricane Fiona and (b) power outages.
Previous report
(c)The increase is primarily due to higher inventory sales.
Previous report
(d)The decrease is primarily due to (i) lower ARPU from mobile services, primarily resulting from (a) a higher number of low-cost and discounted plans and (b) higher contract asset amortization, and (ii) a lower average number of mobile subscribers.
Previous report
(e)The decrease is primarily driven by (i) lower inbound roaming revenue, including the impact of changing to a fixed contract for part of our inbound roaming traffic and (ii) lower equipment revenue driven by decreased sales in the fourth quarter of 2023.
Previous report
(f)The increase is primarily due to the impact of credits issued to customers during the third quarter of 2022 as a result of Hurricane Fiona and higher revenue from new customers and fixed services.
Previous report
(b)The decrease is primarily attributable to lower ARPU from video services and, to a lesser extent, broadband internet services, and telephony services. This decrease is in part due to (i) higher retention discounts, and (ii) declines in higher ARPU plans.
Previous report
(e)The increase is primarily attributable to (i) higher revenue from fixed services, which includes upfront revenue recognition associated with certain projects entered into during 2023, and (ii) higher revenue from mobile services. In addition, the increase is due to the B2B operations within our Liberty Networks segment that was acquired by the Liberty Costa Rica segment in January 2023.
Previous report
•Interconnect: The organic decrease is primarily due to the discontinuation of a non-core transit services arrangement at C&W Jamaica as of January 1, 2023.
Previous report
•Other: The organic decrease is primarily due to lower (i) B2B connectivity costs and (ii) managed service costs.
Previous report
•Equipment: The organic decrease is primarily due to lower volumes of mobile handsets.
Previous report
•Interconnect: The organic increase is primarily due to (i) higher inter-segment costs and (ii) higher backhaul costs associated with increases in connectivity revenue.
Previous report
•Other: The organic increase is primarily due to (i) lower amounts of capitalizable costs associated with licenses, as part of a migration into contracts with shorter terms and more cloud-based arrangements, (ii) higher costs associated with sales-type leases on CPE installed on long-term customer solutions and (iii) increases in costs associated with software licenses.
Previous report
•Programming and copyright: The increase is primarily due to the net effect of higher programming rates and lower average subscribers.
Previous report
•Interconnect: The increase is primarily due to higher roaming costs, including the impact of changing to a fixed contract for part of our inbound roaming traffic.
Previous report
•Equipment: The decrease is primarily due to (i) lower handset sales due to changes in our subsidy programs, (ii) equipment credits for handset purchases that we began receiving in 2023, including an amount recognized during the first half of 2023 associated with handsets purchased prior to 2023, and (iii)lower equipment-related integration costs associated with the AT&T Acquisition.
Previous report
•Other: The organic increase is primarily due to higher costs associated with certain B2B projects.
Previous report
II-16
Previous report
•Network-related: The organic decrease is primarily due to declines associated with lower (i) truck rolls, (ii) system power costs and (iii) maintenance costs. These declines were partially offset by higher capacity charges associated with the use of Liberty Networks’ subsea network. In addition, the decrease is impacted by lower leased line costs resulting from the renegotiation of pole rental contracts during 2023.
Previous report
•Service-related: The organic increase is primarily due to increases in professional services in connection with customer value propositions within certain of our markets.
Previous report
•Facility, provision, franchise and other: The organic increase is primarily due to the net effect of (i) lower bad debt provisions driven by improved collections, (ii) higher travel-related expenses and (iii) higher franchise fees, including
Previous report
II-17 the negative impact of an accrual release during the first quarter of 2022 related to a favorable court ruling associated with an industry levy on franchise fees.
Previous report
•Network-related: The organic decrease is primarily due to the net effect of (i) lower system power and maintenance costs and (ii) higher capacity charges associated with the use of Liberty Networks’ subsea network.
Previous report
•Commercial: The organic decrease is primarily due to (i) lower third-party sales commissions, mainly resulting from integration-related activities, and (ii) lower marketing costs.
Previous report
•Facility, provision, franchise and other: The organic decrease is primarily due to (i) lower office and facility-related costs, mainly resulting from integration efforts and (ii) lower bad debt expense, mostly driven by factoring of certain receivables.
Previous report
•Personnel and contract labor: The organic increase is primarily due to higher salary-related expenses.
Previous report
•Network-related: The organic increase is primarily related to higher repair and maintenance costs.
Previous report
•Facility, provision, franchise and other: The organic increase is primarily due to higher bank and tax-related fees.
Previous report
•Network-related: The increase is primarily due to the net effect of (i) an increase in maintenance costs and (ii) a decline resulting from costs associated with Hurricane Fiona incurred during 2022.
Previous report
•Service-related: The increase is primarily due to higher (i) professional services charges, including (a) the impact of certain accrual adjustments during 2022 and (b) an increase in service-related integration costs, (ii) IT-related services, including higher software license costs, and (iii) fees charged from our corporate operations.
Previous report
•Commercial: The increase is primarily driven by higher marketing costs.
Showing the first 40 of 54 passages. Open the source sections for the rest.
Reworded paragraphs (55)
Previous wording
B. through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region.
Current wording
B. through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect over 30 markets in that region.
Previous wording
At December 31, 2023, we (i) owned and operated fixed networks that passed 4,620,400 homes and served 3,933,400 RGUs comprising 1,801,400 broadband internet subscribers, 933,700 video subscribers and 1,198,300 fixed-line telephony subscribers, and (ii) served 7,977,400 mobile subscribers.
Current wording
At December 31, 2024, we (i) owned and operated fixed networks that passed 4,735,700 homes and served 3,987,600 RGUs comprising 1,828,200 broadband internet subscribers, 921,900 video subscribers and 1,237,500 fixed-line telephony subscribers, and (ii) served 8,054,300 mobile subscribers.
Previous wording
Tower Transactions. During November 2023, we entered into an agreement with Phoenix Tower International to monetize approximately 1,300 mobile tower sites across Panama, Jamaica, The Bahamas, Puerto Rico, Barbados, and the British Virgin Islands. As of December 31, 2023, we completed these transactions across most markets, which resulted in the receipt of approximately $244 million, which is recorded as debt in our consolidated financial statements. The transaction provides arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and Phoenix Tower International over the next five years.
Current wording
During November 2023, we entered into an agreement with Phoenix Tower International to monetize approximately 1,300 mobile tower sites across Panama, Jamaica, The Bahamas, Puerto Rico, Barbados, and the British Virgin Islands. We completed these transactions across most markets during 2023. During 2024 and 2023, we received proceeds of $9 million and $244 million, respectively, related to the Tower Transactions, which is recorded as debt in our consolidated financial statements. The transaction provides arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and Phoenix Tower International over the next four years.
Previous wording
The comparability of our operating results during 2023 and 2022 is affected by an acquisition, a disposition and FX. As we use the term, “organic” changes exclude FX and the impacts of acquisitions and disposals, each as further discussed below.
Current wording
The comparability of our operating results during 2024 and 2023 is affected by an acquisition and FX. As we use the term, “organic” changes exclude FX and the impact of an acquisition.
Previous wording
In the following discussion, we quantify the estimated impacts on the operating results of the periods under comparison that are attributable to acquisitions and disposals. We (i) acquired América Móvil’s operations in Panama during July 2022 and (ii) in connection with the formation of the Chile JV, disposed of the Chile JV Entities during October 2022. With respect to acquisitions, organic changes exclude the operating results of an acquired entity during the first 12 months following the date of acquisition. With respect to disposals, the prior-year operating results of disposed entities are excluded from organic changes to the same extent that those operations are not included in the current year.
Current wording
In the following discussion, we quantify the estimated impacts on the operating results of the periods under comparison that are attributable to the LPR Acquisition, which closed on September 3, 2024. With respect to acquisitions, organic changes exclude the operating results of an acquired entity during the first 12 months following the date of acquisition.
Previous wording
The changes to our operating income during 2023, as compared to 2022, as reflected in the table above, are primarily due to (i) decreases associated with impairment, restructuring and other operating items, net, (ii) the disposition of the Chile JV Entities and (iii) organic changes. For further discussion and analysis of organic changes in revenue and costs, see Revenue, Programming and Other Direct Costs of Services, and Other Operating Costs sections below.
Current wording
As reflected in the table above, we reported an operating loss during 2024, as compared to operating income during 2023. For further discussion and analysis of organic changes in revenue and costs, 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
On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is 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. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss.
Current wording
On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is 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. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss.
Previous wording
A reconciliation of total operating income, the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below for the periods indicated.
Current wording
A reconciliation of total operating income (loss), the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below for the periods indicated.
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. Within our Liberty Puerto Rico, Liberty Costa Rica and C&W Panama segments, we incurred aggregate integration costs of $26 million during each of 2023 and 2022.
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 2024 of $17 million within our Liberty Puerto Rico segment, and (ii) during 2023, of $26 million 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
(a)The decrease is primarily due to the net impact of (i) lower average video RGUs and (ii) higher average fixed-line telephony RGUs.
Current wording
(a)The decrease is primarily due to the net effect of (i) lower average video and fixed-line telephony RGUs and (ii) higher average broadband internet RGUs.
Previous wording
(b)The decrease is primarily due to the net effect of (i) lower average numbers of prepaid mobile subscribers, (ii) higher ARPU from prepaid mobile services, mainly attributable to higher recharges per customer, and (iii) higher average numbers of postpaid mobile subscribers.
Current wording
(c)The increase is 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) an increase 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
•Equipment: The organic increase is primarily due to the net effect of (i) higher inventory write-offs and (ii) lower volumes of handset sales.
Current wording
(d)The increase is primarily due to higher volumes of handset sales.
Previous wording
(f)The decrease is attributable to the net effect of (i) the discontinuation of a non-core transit services arrangement at C&W Jamaica, (ii) higher fixed and managed services, primarily due to broadband internet services-related growth, and (iii) an increase in revenue associated with non-recurring projects.
Current wording
(e)The decrease is primarily due to the net effect of (i) lower revenue from government-related projects and (ii) higher revenue from fixed and managed services, primarily broadband internet services.
Previous wording
(a)The increase is primarily attributable to the net effect of (i) higher B2B connectivity revenue, (ii) a decrease attributable to our B2B operations that were sold to the Liberty Costa Rica segment in January 2023, (iii) growth in managed services and (iv) an increase associated with sales-type leases on CPE installed on long-term customer solutions.
Current wording
(a)The increase is primarily attributable to the net effect of (i) growth in managed services, (ii) higher B2B connectivity revenue, and (iii) a decrease associated with sales-type leases on CPE installed on long-term customer solutions, due mostly to a higher mix of contracts recognized on a net basis.
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 of deferred revenue and penalties upon the termination or modification of prepaid capacity contracts, (iii) higher inter-segment revenue and (iv) an increase in non-recurring revenue related to a sales-type lease.
Current wording
(b)The decrease is primarily due to (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 non-recurring revenue related to a sales-type lease recognized during 2023 and (iii) a net decrease in revenue associated with the recognition of deferred revenue and penalties upon the termination or modification of prepaid capacity contracts during 2023 and 2024.
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 increase is primarily attributable to the net effect of (i) higher average broadband internet and fixed-line telephony RGUs and (ii) lower average video RGUs.
Previous wording
(b)The decrease is primarily due to the net impact of higher ARPU from broadband internet services more than offset by lower ARPU from video and fixed-line telephony services.
Current wording
(b)The decrease is primarily due to lower ARPU from broadband internet, fixed-line telephony and video services, mainly caused by the net effect of retention-related discounts that more than offset price increases during the third quarter of 2024.
Previous wording
(g)The decrease is primarily attributable to funds received from the FCC, which we receive in relationship to expanding and improving our fixed and mobile networks, related to (i) the impact from amounts we recognized during the third quarter of 2022 in USVI and (ii) a decline in the rate of funding beginning in the second half of 2023.
Current wording
(f)The decrease is primarily driven by the net impact of (i) 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, and (ii) a grant from the NTIA to fund network infrastructure to remote and underserved communities.
Previous wording
(d)The increase is primarily due to the net effect of (i) higher average postpaid mobile subscribers, (ii) lower prepaid and postpaid mobile ARPU and (iii) higher average prepaid mobile subscribers.
Current wording
(d)The increase is primarily due to the net effect of (i) higher average postpaid mobile subscribers and (ii) lower prepaid mobile ARPU.
Previous wording
Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, project-related costs and other direct costs related to our operations. Programming and copyright costs, which represent a significant portion of our operating costs, may increase in future periods as a result of (i) higher costs associated with the expansion of our digital video content, including rights associated with ancillary product offerings and rights that provide for the broadcast of live sporting events, (ii) rate increases or (iii) growth in the number of our video subscribers.
Current wording
Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, B2B project-related costs and other direct costs related to our operations.
Previous wording
•Programming and copyright: The organic decrease is due in part to the net impact of (i) a decrease resulting from the renegotiation of certain content agreements, and (ii) the negative impact associated with the reassessment of a content-related accrual during 2022.
Current wording
•Programming and copyright: The organic decrease is mainly due to (i) the impact of the renegotiation of certain content agreements, and (ii) lower video RGUs.
Previous wording
C&W Panama. The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our C&W Panama segment.
Current 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.
Previous wording
•Other: The organic increase is primarily due to higher costs associated with certain government-related projects.
Current wording
•Project-related and other: The decrease is primarily due to lower costs associated with certain government-related projects.
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 table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Puerto Rico segment.
Previous wording
•Programming and copyright: The organic decrease is primarily due the net effect of (i) the positive impact of FX associated with non-CRC denominated contracts, (ii) higher content-related costs, and (iii) lower programming costs associated with declines in video RGUs.
Current wording
•Programming and copyright: The organic increase is due to the net effect of (i) higher programming costs associated with an increase in video RGUs, and (ii) higher content costs driven by pricing.
Previous wording
•Interconnect: The organic decrease is primarily due to (i) lower volumes of local and international traffic and (ii) the positive impact of FX on non-CRC denominated contracts.
Current wording
•Interconnect: The organic decrease is primarily due to lower (i) rates, (ii) volumes of long-distance and international traffic, and (iii) commission costs associated with prepaid mobile distributors.
Previous wording
•Equipment: The organic increase is primarily due to the net effect of (i) higher CPE and handset costs associated with sales growth and (ii) the positive impact of FX associated with non-CRC denominated handset costs.
Current wording
•Equipment: The organic increase is primarily due to the net effect of (i) higher CPE costs associated with sales growth, and (ii) higher handset costs associated with increased unit costs.
Previous wording
•Share-based compensation expense that relates to (i) equity awards issued to our employees and Directors and (ii) certain bonus-related expenses that are paid in the form of equity.
Current wording
•Share-based compensation and other Employee Incentive Plan-related expense that relates to (i) equity awards issued to our employees and Directors, (ii) certain bonus-related expenses that are paid in the form of equity and (iii) our LTVP, whether settled in common shares or cash.
Previous wording
For additional information regarding our share-based compensation, see Results of Operations (below Adjusted OIBDA)discussion and analysis below.
Current wording
For additional information regarding our share-based compensation and other Employee Incentive Plan-related expense, see Results of Operations (below Adjusted OIBDA)discussion and analysis below.
Previous wording
C&W Panama. The following table sets forth the organic and non-organic changes in other operating costs and expenses for our C&W Panama segment.
Current wording
C&W Panama. The following table sets forth the changes in other operating costs and expenses for our C&W Panama segment.
Previous wording
Liberty Puerto Rico. The following table sets forth the changes in other operating costs and expenses for our Liberty Puerto Rico segment.
Current wording
Liberty Puerto Rico. The following table sets forth the organic and non-organic changes in other operating costs and expenses for our Liberty Puerto Rico segment.
Previous wording
•Personnel and contract labor: The decrease is primarily driven by the net effect of (i) a decline resulting from the receipt of a payroll tax credits during 2023 awarded to businesses that continued to pay employees or that experienced significant declines in gross receipts during the COVID-19 pandemic and (ii) higher amortization of deferred commissions in connection with the AT&T Acquisition.
Current wording
•Personnel and contract labor: The organic increase is primarily driven by the net effect of (i) an increase resulting from the receipt of payroll tax credits during 2023 that were not received during 2024, and which tax credits were awarded to businesses that continued to pay employees or that experienced significant declines in gross receipts during the COVID-19 pandemic, and (ii) lower salaries and related personnel costs, driven by a reduction in headcount associated with restructuring plans.
Previous wording
•Personnel and contract labor: The organic decrease is primarily due to the net effect of (i) lower costs resulting from increases in capitalized labor, and (ii) salary increases.
Current wording
•Personnel and contract labor: The organic decrease is primarily due to (i) lower salaries and related personnel costs driven by a reduction in headcount associated with restructuring plans, and (ii) an increase in capitalized labor.
Previous wording
•Facility, provision, franchise and other: The increase is primarily due to insurance costs recognized in 2023 associated with cable breaks and business interruption claims submitted by our Liberty Puerto Rico business.
Current wording
•Facility, provision, franchise and other: The decrease is 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.
Previous wording
Share-based compensation expense (included in other operating costs and expenses)
Current wording
Share-based compensation and other Employee Incentive Plan-related expense (included in other operating costs and expenses)
Previous wording
Share-based compensation expense remained relatively flat during 2023, as compared to 2022.
Current wording
Share-based compensation and other Employee Incentive Plan-related expense remained relatively flat during 2024, as compared to 2023.
Previous wording
Our depreciation and amortization expense increased $98 million or 11% during 2023, as compared to 2022, primarily due to the net effect of (i) an increase in property and equipment additions, primarily associated with baseline related additions, the installation of CPE and the expansion and upgrade of our networks and other capital initiatives, (ii) a decrease associated with certain assets becoming fully depreciated, (iii) a decrease associated with customer relationship assets becoming fully amortized in Liberty Puerto Rico and (iv) an increase at C&W Panama resulting from the Claro Panama Acquisition.
Current wording
Our depreciation and amortization expense decreased $40 million or 4% during 2024, as compared to 2023, primarily due to the net effect of (i) a decrease associated with customer relationship assets becoming fully amortized in C&W Panama, (ii) a decrease associated with certain assets becoming fully depreciated and (iii) an increase from property and equipment additions, primarily associated with baseline-related additions, the expansion and upgrade of our networks and other capital initiatives and the installation of CPE.
Previous wording
(a)The 2023 amount primarily relates to the impairment of certain operating lease right-of-use assets, predominantly related to decommissioned tower leases at C&W Panama. The 2022 amount primarily consists of goodwill impairment charges associated with certain reporting units within the C&W Caribbean segment.
Current wording
(a)The 2024 amount primarily relates to an impairment of goodwill recorded at Liberty Puerto Rico, as further described in note 8 to our consolidated financial statements. The 2023 amount primarily relates to the impairment of certain operating lease right-of-use assets, predominantly related to decommissioned tower leases at C&W Panama.
Previous wording
(b)The amounts include employee severance and termination costs related to reorganization activities, primarily at C&W Caribbean and C&W Panama.
Current wording
(b)The amounts include employee severance and termination costs related to reorganization activities at (i) C&W Panama and Liberty Puerto Rico for 2024, and (ii) C&W Caribbean and C&W Panama for 2023.
Showing the first 40 of 55 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
(a)The increase is primarily due to higher average broadband internet RGUs.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
(d)The increase is primarily attributable to higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts.
Previous report — wording carried elsewhere
(d)The increase is primarily due to revenue from government-related projects.
Previous report — wording carried elsewhere
(a)The increase is primarily attributable to higher average broadband internet RGUs.