Liberty Latin America Ltd.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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.
Mar 31, 2025 · Filed May 7, 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-Q
Period ended 2024-09-30; filed 2024-11-06.
0001712184-24-000254
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001712184-25-000094
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 254 previous paragraphs and 242 current paragraphs.
124 unchanged; 82 reworded; 34 added; 48 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 57 previous and 36 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 (34)
Current report
In April 2025, the U.S. government announced new and increased tariffs on imported goods from numerous countries. The amounts and effective dates for the tariffs have shifted multiple times and may continue to do so. The tariffs, and the potential responses by other countries to these tariffs increase global economic uncertainty, and may significantly impact the price of certain goods, including mobile handsets, that we acquire in Liberty Puerto Rico. While these developments have not had a material impact on our financial condition or results of operations to date, due to their evolving nature, we cannot predict with certainty the ultimate impacts they may have on our business and results in the future, but those impacts could be material.
Current report
Transactions
Current report
Costa Rica Transactions
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 four annual installments. We paid $95 million on the closing date, September 3, 2024, and will pay $72 million, $45 million and $40 million on September 3 of 2025, 2026 and 2027, respectively.
Current report
(a)The decrease is due to lower average video, fixed-line telephony and broadband internet RGUs.
Current report
(c)The decrease is mainly due to lower interconnect revenue attributable to a decline in traffic resulting from the expansion of certain competitors in our markets.
Current report
(e)The decrease is mainly attributable to lower project-related revenue, primarily in our Cayman Islands market.
Current report
(e)The decrease is primarily due to (i) lower revenue from government-related projects and (ii) lower revenue from mobile services.
Current report
(a)The decrease is primarily attributable to lower average video and broadband internet RGUs.
Current report
(d)The increase is primarily driven by the net effect of (i) an increase in equipment sales and (ii) lower inbound roaming revenue due to lower traffic.
Current report
(a)The increase is primarily due to higher average broadband internet and video RGUs.
Current report
(b)The decrease is primarily attributable to lower ARPU from video services, and, to a lesser extent, lower fixed-line telephony services.
Current report
(d)The increase is primarily attributable to the net effect of (i) higher equipment sales, mainly driven by higher unit prices, (ii) a decrease in interconnect revenue, driven by lower domestic rates, and (iii) higher inbound roaming revenue.
Current report
(e)The increase is primarily due to higher project revenue.
Current report
•Equipment: The increase is primarily attributable to (i) higher volumes of handset sales to residential and B2B customers, and (ii) higher unit prices on handset sales to residential customers.
Current report
•Project-related and other: The decrease is primarily due to lower government-related projects.
Current report
•Interconnect: The organic decrease is primarily due to (i) lower rates resulting from contract negotiations and (ii) lower volumes.
Current report
•Interconnect: The organic decrease is primarily driven by (i) lower volumes of local traffic and (ii) a decrease in roaming.
Current report
•Equipment: The organic increase is primarily due to higher handset costs driven by sales growth and increased unit costs.
Current report
•Project-related and other: The organic increase is directly related to the non-recurring B2B projects.
Current report
•Personnel and contract labor: The organic decrease is primarily due to lower headcount.
Current report
•Network-related: The organic decrease is primarily due to (i) cost savings initiatives, such as renegotiating contract terms, and (ii) lower power costs in Jamaica driven by a decrease in consumption and rates.
Current report
•Commercial: The organic decrease is primarily driven by cost saving initiatives, including renegotiation of contracts and system improvements.
Current report
•Facility, provision, franchise and other: The organic decrease is primarily due to (i) lower facility-related costs associated with cost savings initiatives, (ii) lower bad-debt expense and (iii) a decline in travel-related costs.
Current report
•Personnel and contract labor: The decrease is primarily due to (i) a decrease in headcount and (ii) lower commissions.
Current report
•Commercial: The increase is primarily due to higher marketing and third-party commissions expense.
Current report
•Facility, provision, franchise and other: The decrease is primarily due to lower bad debt expense.
Current report
•Network-related: The organic increase is primarily related to higher repair and maintenance costs.
Current report
•Commercial: The organic decrease is primarily driven by lower marketing costs.
Current report
•Facility, provision, franchise and other: The organic decrease is primarily driven by (i) a decrease due to the substantial termination of a transition services agreement during the first half of 2024 and (ii) lower lease expense for spectrum following the LPR Acquisition.
Current report
•Facility, provision, franchise and other: The organic increase is mainly due to (i) higher bad debt expense, (ii) an increase in fines and penalties and (iii) higher lease costs associated with new and existing towers.
Current report
•Service-related: The increase is primarily due to the higher professional services costs.
Current report
Our interest expense increased $2 million during the three months ended March 31, 2025, as compared to the corresponding period in 2024. The increase is primarily attributable to (i) an increase in our average debt balance and weighted-average interest rate and (ii) the accretion of the net present value discount associated with our deferred payment obligation for the LPR Acquisition.
Removed paragraphs (48)
Previous report
Hurricane Beryl
Previous 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 the third quarter of 2024, we experienced adverse impacts to revenue and RGUs, Adjusted OIBDA, and property and equipment additions, which we expect will continue during the fourth quarter of 2024. Specifically, during the third quarter of 2024, Hurricane Beryl had a negative impact on revenue and Adjusted OIBDA of approximately $5 million and $8 million, respectively, which includes the positive impact from the hurricane on prepaid revenue. In addition, we incurred property and equipment additions of approximately $7 million to replace infrastructure and equipment 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 the third quarter of 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. Hurricane Beryl did not have a material impact on our homes passed count.
Previous report
During the fourth quarter of 2024, we expect to continue to see adverse impacts from Hurricane Beryl on our impacted businesses. Currently, we estimate that Hurricane Beryl will negatively impact revenue and Adjusted OIBDA during the fourth quarter by between $5 million and $10 million, mainly driven by subscriber losses. We also expect to incur additional property and equipment additions of approximately $10 million to $15 million. Together with the third quarter impacts, we expect that the aggregate impact from Hurricane Beryl during 2024 for revenue and Adjusted OIBDA will be between $10 million and $20 million and toward the high end of our expected range of $10 million to $20 million for property and equipment additions.
Previous report
Hurricane Beryl triggered a claim pursuant to the Weather Derivatives, which resulted in net proceeds of $44 million during the third quarter of 2024. The proceeds associated with this claim are reflected as a derivative gain in our condensed consolidated statement of operations and as a cash inflow related to operating activities in our condensed consolidated statement of cash flows.
Previous report
Costa Rica Transaction
Previous report
(a)The changes are primarily due to the net effect of higher average broadband internet RGUs and lower average video RGUs. During the three-month comparison, the impact of lower average video RGUs was greater than the impact of higher average broadband internet RGUs.
Previous report
(d)The increase during the nine-month comparison is mainly attributable to higher project-related revenue across various markets. The decrease during the three-month comparison is mainly driven by a decrease in fixed and managed services, mostly due to impacts related to Hurricane Beryl.
Previous report
(a)The increases are primarily due to higher average broadband internet RGUs.
Previous report
(e)The increase during the nine-month comparison is primarily due to (i) higher revenue from government-related projects and (ii) higher revenue from fixed and managed services, primarily broadband internet services. During the three-month comparison, the increase in revenue from fixed and managed services was more than offset by a decrease in revenue from government-related projects, mainly driven by the phasing of projects that were previously approved but for which delivery and installation have not yet occurred.
Previous report
(b)The decreases are primarily due to lower ARPU from broadband internet, video and fixed-line telephony services, mainly caused by the net effect of retention-related discounts that more than offset price increases during the third quarter of 2024. The decreases also include the impact of credits issued to customers following Hurricane Ernesto, which impacted Puerto Rico in August 2024.
Previous report
(d)The decreases are primarily driven by (i) lower equipment sales, which for the nine-month comparison includes the impact of the migration of customers to our mobile network during the first half of 2024, and (ii) lower inbound roaming revenue.
Previous report
(a)For the three-month comparison, the increase is due to higher average RGUs across all products. For the nine-month comparison, an increase driven by higher average fixed-line telephony and broadband internet RGUs was fully offset by a decrease associated with lower average video RGUs.
Previous report
(b)The decreases are due to lower ARPU across all fixed products, the largest of which is from video services. The decreases are mainly due to market competition leading to customer retention efforts and higher financed equipment sales.
Previous report
(c)The increases are primarily attributable to higher volumes of CPE sales.
Previous report
(e)The increase during the nine-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, a decrease in interconnect and roaming revenue was almost entirely offset by an increase in equipment sales.
Previous report
•Programming and copyright: The organic decreases are mainly due to the renegotiation of certain content agreements.
Previous report
•Equipment: The organic changes are mainly due the net effect of (i) higher B2B project-related equipment costs and (ii) lower handset costs. During the three-month comparison, the impact of lower handset costs more than offset the impact of higher B2B project-related equipment costs.
Previous report
•Project-related and other: The organic increases are due to higher B2B project costs across various markets.
Previous report
•Interconnect: The decreases are primarily due to lower volumes of traffic.
Previous report
•Equipment: The increases are primarily attributable to higher volumes of handset sales to residential customers. For the nine-month comparison, this increase was partially offset by a decrease in costs driven by lower volumes of handset sales to B2B customers. During the three-month comparison, this increase was also attributable to higher volumes of handset sales to B2B customers at a higher unit cost.
Previous report
•Project-related and other: The increase during the nine-month comparison is primarily due to higher costs associated with certain government-related projects. During the three-month comparison, lower costs resulted from the phasing of projects that were previously approved but for which delivery and installation have not yet occurred.
Previous report
•Project-related and other: The organic decreases are primarily due to a higher mix of contracts recognized on a net basis.
Previous report
•Programming and copyright: The organic decreases are primarily due to the net effect of (i) lower average number of subscribers and (ii) rate increases.
Previous report
•Interconnect: The organic decreases are mostly due to lower interconnect costs associated with a transition service agreement that expired during 2024.
Previous report
•Project-related and other: The organic increases are primarily due to higher costs associated with portability and identity protection services.
Previous report
•Interconnect: The organic decreases are primarily due to lower (i) rates, (ii) volumes of long-distance and international traffic, and (iii) commission costs associated with prepaid mobile distributors.
Previous report
•Equipment: The organic increases are primarily due to the net effect of (i) higher CPE costs associated with sales growth, (ii) higher handset costs associated with increased unit costs and (iii) the positive impact of FX associated with non-CRC denominated handset costs.
Previous report
•Personnel and contract labor: The organic changes are primarily due to the net effect of (i) higher salaries and related personnel costs, (ii) higher capitalized labor, (iii) higher bonus-related expense, and (iv) lower headcount.
Previous report
•Network-related: The organic changes are primarily due to lower power costs driven by a decrease in consumption and rates. During the nine-month comparison, this decrease was offset by 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.
Previous report
•Service-related: The organic decreases are primarily due to declines in professional services associated with the renegotiation or termination of certain vendor contracts.
Previous report
•Facility, provision, franchise and other: The organic decrease during the three-month comparison is primarily due to the net effect of (i) Hurricane Beryl-related restoration costs, (ii) lower bad debt expense impacted by the recovery of amounts from a large customer, and (iii) lower facilities costs associated with the Tower Transactions. The increase during the nine-month comparison is primarily due to the net effect of (i) the negative impact associated with a tax-related assessment received in one of our markets during the second quarter of 2024, (ii) higher bad debt expense, (iii) Hurricane Beryl-related restoration costs, (iv) lower facilities costs associated with the Tower Transactions, and (v) higher franchise fees.
Previous report
•Personnel and contract labor: The decrease during the nine month comparison is primarily due to lower headcount levels following the execution of certain restructuring plans.
Previous 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.
Previous report
•Facility, provision, franchise and other: The decreases are primarily due to (i) lower facilities costs, mainly from synergies attained following the Claro Panama Acquisition and (ii) lower bad debt expense.
Previous report
•Network-related: The increases are primarily due to higher maintenance costs.
Previous report
•Service-related: The increases are primarily due to higher outsourcing and software upgrade expenses.
Previous 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 the second and third quarters of 2024.
Previous report
•Personnel and contract labor: The organic increase for the nine-month comparison is primarily due to the net effect of (i) increases resulting from the receipt of payroll tax credits during the first and second quarters of 2023 awarded to businesses that continued to pay employees or that experienced significant declines in gross receipts during the COVID-19 pandemic, (ii) higher salaries and related personnel costs, (iii) higher severance-related expenses and (iv) lower bonus-related expenses.
Previous report
•Commercial: The organic increase for the nine-month comparison is primarily due to higher call center costs.
Previous report
•Facility, provision, franchise and other: The organic changes are primarily due to the net effect of (i) 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, (ii) increased collection costs and (iii) decreases due to the substantial termination of a transition services agreement during the first half of 2024.
Showing the first 40 of 48 passages. Open the source sections for the rest.
Reworded paragraphs (82)
Previous wording
•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three and nine months ended September 30, 2024 and 2023.
Current wording
•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three months ended March 31, 2025 and 2024.
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; 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:
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; changes to international trade and tariff policies and related impacts; the recovery by our Puerto Rico operations; 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; 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 2024 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
•the impact of 5G and wireless technologies on broadband internet;
Current wording
•the impact of 5G and wireless technologies;
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 transaction with Millicom to combine our respective Costa Rica operations;
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 transaction with Millicom in Costa Rica;
Previous wording
•our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire, such as with respect to the AT&T Acquisition and the transaction with Millicom to combine our respective Costa Rica operations;
Current wording
•our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire, such as with respect to the transaction with Millicom in Costa Rica;
Previous wording
•changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S. or in other countries in which we operate and the results of any tax audits or tax disputes;
Current wording
•changes in laws or treaties relating to taxation, or the interpretation thereof, in the countries in which we operate and the results of any tax audits or tax disputes;
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 September 30, 2024, we (i) owned and operated fixed networks that passed 4,713,000 homes and served 3,986,100 RGUs, comprising 1,824,500 broadband internet subscribers, 1,232,700 fixed-line telephony subscribers and 928,900 video subscribers and (ii) served 7,989,300 mobile subscribers.
Current wording
At March 31, 2025, we (i) owned and operated fixed networks that passed 4,770,500 homes and served 4,007,900 RGUs, comprising 1,835,500 broadband internet subscribers, 1,250,300 fixed-line telephony subscribers and 922,100 video subscribers and (ii) served 6,728,500 mobile subscribers.
Previous wording
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 $82 million, comprising CRC 22 billion ($42 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 wording
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 the equity of Liberty Costa Rica for aggregate cash consideration of approximately $84 million, comprising CRC 22 billion ($44 million) and $40 million, with 62.5% of the purchase price due upon closing and the remaining 37.5% due on January 29, 2027.
Previous wording
The comparability of our operating results during the three and nine months ended September 30, 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.
Current wording
The comparability of our operating results during the three months ended March 31, 2025 and 2024 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 the LPR Acquisition, which was completed 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.
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 following tables set forth the organic and non-organic changes in the components of operating income or loss during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023.
Current 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, 2025, as compared to the corresponding period in 2024.
Previous wording
As reflected in the tables above, we reported operating losses for the three and nine months ended September 30, 2024, as compared to operating income for 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.
Current wording
As reflected in the table above, there was an increase to our operating income for the three months ended March 31, 2025, as compared the corresponding period in 2024. 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
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 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.
Previous wording
A reconciliation of total operating income (loss), the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below.
Current wording
A reconciliation of total operating income, the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below.
Previous wording
The following tables set forth the organic and non-organic changes in Adjusted OIBDA during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023:
Current wording
The following table sets forth the organic and non-organic changes in Adjusted OIBDA during the three months ended March 31, 2025, as compared to the corresponding period in 2024:
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 and nine months ended September 30, 2024 of $1 million and $17 million, respectively, within our Liberty Puerto Rico segment, and (ii) during the three and nine months ended September 30, 2023 of $3 million and $13 million, respectively, 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 during the three months ended March 31, 2024 of $14 million within our Liberty Puerto Rico segment.
Previous wording
The following tables set forth the organic and non-organic changes in revenue by reportable segment during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023.
Current wording
The following table sets forth the organic and non-organic changes in revenue by reportable segment during the three months ended March 31, 2025, as compared to the corresponding period in 2024.
Previous wording
The details of the changes in C&W Caribbean’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Current wording
The details of the changes in C&W Caribbean’s revenue during the three months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):
Previous wording
(b)The changes 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 Hurricane Beryl-related rebates and fixed-mobile convergence efforts, and (iii) lower ARPU from video services. During the three-month comparison, the impact of lower ARPU from fixed-line telephony services and video services more than offset the impact of higher ARPU from broadband internet services.
Current wording
(b)The increase is primarily due to higher ARPU from broadband internet services, mainly due to price increases in certain markets.
Previous 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.
Current wording
(d)The increase is primarily attributable to the net effect of (i) an increase in prepaid mobile ARPU mainly resulting from price increases in Jamaica during the first quarter of 2024 and 2025, (ii) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, and (iii) lower average number of prepaid mobile subscribers due in part to fixed-mobile convergence efforts and churn associated with price increases.
Previous wording
The details of the changes in C&W Panama’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Current wording
The details of the changes in C&W Panama’s revenue during the three months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):
Previous wording
(a)The increases are primarily attributable to the net effect of (i) higher average broadband internet and fixed-line telephony RGUs and (ii) lower average video RGUs.
Current wording
(a)The increase is primarily due to the net effect of (i) higher average broadband internet RGUs and (ii) lower average video RGUs driven by the shutdown of our DTH business during the first quarter of 2025.
Previous wording
(b)The decreases are primarily due to lower ARPU from fixed-line telephony and video services, mainly driven by higher discounts and the migration of customers to lower ARPU plans.
Current wording
(b)The decrease is primarily due to lower ARPU from fixed-line telephony and video services, mainly driven by higher discounts and the migration of customers to lower ARPU plans.
Previous wording
(c)The increases are 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 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. The increases in prepaid mobile ARPU are primarily due to higher ARPU packages offered to customers.
Current wording
(c)The increase is primarily due to the (i) higher average postpaid mobile subscribers, driven in part by the addition of customers to our base following the exit of a competitor from our market, and (ii) an increase in prepaid mobile ARPU resulting from higher ARPU packages offered to customers.
Previous wording
(d)The increases are primarily due to higher volumes of handset sales.
Current wording
(d)The increase is primarily due to higher volumes of handset sales at higher unit prices.
Previous wording
The details of the changes in Liberty Networks’ revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Current wording
The details of the changes in Liberty Networks’ revenue during the three months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):
Previous wording
(a)The increases are primarily attributable to the net effect of (i) growth in managed services, (ii) higher B2B connectivity revenue, and (iii) decreases 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.
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) lower revenue associated with sales-type leases on CPE.
Previous 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, second and third quarters of 2023 and the second quarter of 2024.
Current wording
(b)The increase is primarily due to the net effect of (i) higher lease capacity and inter-segment revenue, (ii) an increase in nonrecurring revenue, driven mostly by equipment and capacity restoration projects, and (iii) lower amortized prepaid capacity and operating and maintenance revenue driven by the cancellation of prepaid capacity contracts in prior periods.
Previous wording
The details of the changes in Liberty Puerto Rico’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Current wording
The details of the changes in Liberty Puerto Rico’s revenue during the three months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):
Previous wording
(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 challenges in 2024.
Current wording
(c)The decrease is primarily due to the negative impacts from the migration of customers to our mobile network and network challenges in 2024, which caused a decline in the average number of postpaid mobile subscribers and lower postpaid mobile ARPU.
Previous wording
(e)The decreases are 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.
Current wording
(e)The decrease is primarily attributable to lower revenue from mobile services due mostly to (i) the negative impacts from the migration of customers to our mobile network in 2024, which caused declines in the average number of mobile subscribers and lower mobile ARPU and (ii) the termination of a government-sponsored program during the second quarter of 2024.
Previous 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.
Current wording
(f)The decrease is primarily driven by the net impact of (i) a decline in the rate of funding beginning in June 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
The details of the changes in Liberty Costa Rica’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Current wording
The details of the changes in Liberty Costa Rica’s revenue during the three months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):
Previous wording
(d)The increases are primarily due to the net effect of (i) higher average postpaid mobile subscribers and (ii) lower prepaid mobile ARPU.
Current wording
(c)The increase is primarily due to the net effect of (i) higher average postpaid mobile subscribers and (ii) lower prepaid and postpaid 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, B2B 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, project-related costs and other direct costs related to our operations.
Previous 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.
Current 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.
Previous 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.
Current 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.
Previous wording
•Interconnect: The organic decreases are primarily due to lower rates resulting from the renegotiation of a contract.
Current wording
•Interconnect: The organic decrease is primarily due to (i) lower rates resulting from the renegotiation of a contract, and (ii) lower rates and volumes across most of our markets.
Previous 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.
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.
Showing the first 40 of 82 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
(b)The decrease is primarily due to lower ARPU from broadband internet services.
Current report — wording carried from elsewhere
acquisitions and other investment opportunities, (iv) the repurchase of debt securities, (v) tax payments or (vi) any funding requirements of our consolidated subsidiaries, including with respect to Liberty Puerto Rico.