Liberty Latin America Ltd.
For the period ended Jun 30, 2025. Filed Aug 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.
Jun 30, 2025 · Filed Aug 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 2025-03-31; filed 2025-05-07.
0001712184-25-000094
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001712184-25-000137
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 242 previous paragraphs and 248 current paragraphs.
137 unchanged; 89 reworded; 22 added; 15 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 36 previous and 57 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Liberty Caribbean. Liberty Caribbean’s revenue by major category is set forth below:
Current report
The details of the changes in Liberty Caribbean’s revenue during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Current report
(e)The increases are primarily due to higher volumes of handset sales and inbound roaming.
Current report
(a)The increases are primarily due to the net effect of higher average broadband internet RGUs.
Current report
(e)The decreases are primarily attributable to lower project-related revenue, including delays in certain 2025 projects.
Current report
(a)The decreases are primarily attributable to lower average broadband internet RGUs, driven in part by the termination of a government-sponsored program during the second quarter of 2024, and to a lessor extent, lower average video RGUs.
Current report
Liberty Caribbean. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Caribbean segment.
Current report
•Programming and copyright: The organic decreases are mainly due to (i) lower video subscribers and (ii) the lower rates resulting from the renegotiation of certain content agreements.
Current report
•Equipment: The organic decreases are mainly due to (i) lower handset costs and (ii) lower B2B project-related equipment costs.
Current report
•Project-related and other: The organic increases are due to in large part to higher costs associated with incentives to customers in an effort to drive fixed-mobile convergence.
Current report
•Programming and copyright: The organic decreases primarily relate to the net effect of (i) lower subscriber counts and customers moving to lower cost product offerings and (ii) higher costs associated with rate increases.
Current report
•Interconnect: The organic decrease for the six-month comparison is primarily due to (i) lower costs due to the expiration of the transition service agreement in 2024 and (ii) lower volumes of traffic and better negotiated rates.
Current report
•Equipment: The organic increases are primarily attributable to higher unit costs and volumes of handset sales to residential customers.
Current report
Liberty Caribbean. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Caribbean segment.
Current report
•Personnel and contract labor: The organic decreases are primarily due to lower headcount.
Current report
•Personnel and contract labor: The decreases are primarily due to (i) lower headcount levels following the execution of certain restructuring plans and (ii) lower commissions.
Current report
•Network-related: The decreases are mainly driven by lower power costs.
Current report
•Personnel and contract labor: The organic increases are primarily related to higher salary and bonus-related expenses.
Current report
•Facility, provision, franchise and other: The organic decreases are primarily due to higher bad debt expense during the 2024 periods impacted by billing and collection issues experienced during and following the migration of customers to our mobile network and associated systems.
Current report
(a)During the second quarter of 2025, we recorded an impairment of $494 million on spectrum license intangible assets in Liberty Puerto Rico. For additional information regarding this impairment, see notes 3 and 7 to our condensed consolidated financial statements.
Current report
(c)Amounts primarily include direct acquisition costs and gains on asset dispositions.
Current report
On July 4, 2025, the OBBBA was enacted. The OBBBA restores, or makes permanent, certain expiring business tax provisions from the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, IRC Section 174 expensing for U.S.-based research, and the EBITDA-based business interest expense limitation under IRC Section 163(j). While we continue to analyze the effects of the OBBBA on our consolidated financial statements, we do not expect the OBBBA to have a material impact to income tax benefit or expense on our financial statements. We anticipate that OBBBA will allow for a deferral of cash taxes paid to future years.
Removed paragraphs (15)
Previous report
C&W Caribbean. C&W Caribbean’s revenue by major category is set forth below:
Previous report
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 report
(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 report
(e)The decrease is primarily due to (i) lower revenue from government-related projects and (ii) lower revenue from mobile services.
Previous report
(a)The decrease is primarily attributable to lower average video and broadband internet RGUs.
Previous report
(e)The increase is primarily due to higher project revenue.
Previous report
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 report
•Interconnect: The organic decrease is primarily due to (i) lower rates resulting from contract negotiations and (ii) lower volumes.
Previous report
•Equipment: The organic increase is primarily due to higher handset costs driven by sales growth and increased unit costs.
Previous report
•Project-related and other: The organic increase is directly related to the non-recurring B2B projects.
Previous report
C&W Caribbean. The following table sets forth the organic and non-organic changes in other operating costs and expenses for our C&W Caribbean segment.
Previous report
•Personnel and contract labor: The organic decrease is primarily due to lower headcount.
Previous report
•Personnel and contract labor: The decrease is primarily due to (i) a decrease in headcount and (ii) lower commissions.
Previous report
•Commercial: The increase is primarily due to higher marketing and third-party commissions expense.
Previous 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.
Reworded paragraphs (89)
Previous wording
•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three months ended March 31, 2025 and 2024.
Current wording
•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three and six months ended June 30, 2025 and 2024.
Previous wording
i. over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and C&W Panama;
Current wording
(ii)over 20 countries across Latin America and the Caribbean through two of our reportable segments, Liberty Caribbean and C&W Panama;
Previous wording
ii. Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and
Current wording
(iii)Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and
Previous wording
iii. Costa Rica, through our reportable segment Liberty Costa Rica.
Current wording
(iv)Costa Rica, through our reportable segment Liberty Costa Rica.
Previous 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.
Current wording
At June 30, 2025, we (i) owned and operated fixed networks that passed 4,795,900 homes and served 3,979,400 RGUs, comprising 1,807,300 broadband internet subscribers, 1,253,900 fixed-line telephony subscribers and 918,200 video subscribers and (ii) served 6,643,600 mobile subscribers.
Previous wording
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 wording
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 first quarter of 2026.
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 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.
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 $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.
Previous wording
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 wording
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 $72 million, $45 million and $40 million will become due on September 3 of 2025, 2026 and 2027, respectively.
Previous 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.
Current wording
The comparability of our operating results during the three and six months ended June 30, 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
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.
Current wording
The following tables set forth the organic and non-organic changes in the components of operating income or loss during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024.
Previous 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.
Current wording
As reflected in the tables above, we reported operating losses for the three and six months ended June 30, 2025, as compared to operating income for the corresponding periods 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
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:
Current wording
The following tables set forth the organic and non-organic changes in Adjusted OIBDA during the three and six months ended June 30, 2025, as compared to the corresponding periods 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 during the three months ended March 31, 2024 of $14 million within our Liberty Puerto Rico segment.
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 and six months ended June 30, 2024 of $3 million and $17 million, respectively, within our Liberty Puerto Rico segment.
Previous wording
The following table sets forth the organic and non-organic changes in revenue by reportable segment during the three months ended March 31, 2025, as compared to the corresponding period in 2024.
Current wording
The following tables set forth the organic and non-organic changes in revenue by reportable segment during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024.
Previous wording
(a)The decrease is due to lower average video, fixed-line telephony and broadband internet RGUs.
Current wording
(a)The decreases are due to lower average video, fixed-line telephony and broadband internet RGUs.
Previous wording
(b)The increase is primarily due to higher ARPU from broadband internet services, mainly due to price increases in certain markets.
Current wording
(b)The increases are primarily due to higher ARPU from broadband internet services, mainly due to price increases in certain markets.
Previous wording
(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 wording
(c)The decreases are mainly due to lower interconnect revenue attributable to the expansion of certain competitors in our markets.
Previous 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.
Current wording
(d)The increases are 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
(e)The decrease is mainly attributable to lower project-related revenue, primarily in our Cayman Islands market.
Current wording
(f)The decreases are mainly attributable to the net impact of (i) lower project-related revenue, primarily in our Bahamas and Cayman Islands markets, and (ii) increases in revenue from mobile services due to strong performance in some of our markets.
Previous 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):
Current wording
The details of the changes in C&W Panama’s revenue during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024, are set forth below::
Previous 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.
Current wording
(b)The decreases are primarily due to lower ARPU from fixed-line telephony and video services, mainly due to (i) higher discounts driven by competitive market conditions and (ii) the migration of customers to lower ARPU plans.
Previous 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.
Current wording
(c)The increases are primarily due to the net effect of (i) higher average postpaid and prepaid mobile subscribers, driven in part by the addition of customers to our base following the exit of a competitor from our market during the first quarter of 2024, and (ii) for the six-month comparison, an increase in prepaid mobile ARPU resulting from higher ARPU packages offered to customers. During the three-month comparison, ARPU was negatively impacted by nation-wide protests.
Previous wording
(d)The increase is primarily due to higher volumes of handset sales at higher unit prices.
Current wording
(d)The increases are 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 months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):
Current wording
The details of the changes in Liberty Networks’ revenue during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Previous 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.
Current wording
(a)The changes are primarily attributable to the net effect of (i) lower revenue associated with sales-type leases on CPE, (ii) growth in managed services and (iii) higher B2B connectivity revenue.
Previous 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.
Current wording
(b)The decreases are primarily due to the net effect of (i) lower revenue associated with the recognition of deferred revenue and penalties upon the termination of a prepaid capacity contract during the second quarter of 2024, (ii) higher lease capacity and inter-segment revenue, (iii) lower amortized prepaid capacity and operating and maintenance revenue driven by the cancellation of prepaid capacity contracts in prior periods and (iv) an increase in nonrecurring revenue, driven mostly by equipment and capacity restoration projects.
Previous 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):
Current wording
The details of the changes in Liberty Puerto Rico’s revenue during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Previous wording
(b)The decrease is primarily due to lower ARPU from broadband internet services.
Current wording
(b)The increases are primarily due to higher ARPU from broadband internet and video services, mainly due to price increases.
Previous 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.
Current wording
(c)The decreases are 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, for the six-month comparison, lower postpaid mobile ARPU.
Previous wording
(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 wording
(d)The increases are primarily driven by (i) equipment sales and (ii) inbound roaming revenue.
Previous 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.
Current wording
(e)The decreases are 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) for the six-month comparison, the termination of a government-sponsored program at the start of the second quarter of 2024.
Previous 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.
Current wording
(f)The decreases are primarily driven by the net impact of (i) declines 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 months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):
Current wording
The details of the changes in Liberty Costa Rica’s revenue during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Previous wording
(a)The increase is primarily due to higher average broadband internet and video RGUs.
Current wording
(a)The increases are primarily due to higher average broadband internet and video RGUs.
Previous wording
(b)The decrease is primarily attributable to lower ARPU from video services, and, to a lesser extent, lower fixed-line telephony services.
Current wording
(b)The decreases are primarily attributable to lower ARPU from video services and, to a lesser extent, lower broadband internet.
Previous 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.
Current wording
(c)The increases are primarily due to the net effect of (i) higher average postpaid mobile subscribers and (ii) lower prepaid and postpaid mobile ARPU.
Previous wording
(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 wording
(d)The increases are primarily attributable to the net effect of (i) higher equipment sales, mainly driven by higher volumes, and (ii) a decrease in interconnect revenue, driven by lower local traffic.
Previous wording
Consolidated. The following table sets forth the organic and non-organic changes in programming and other direct costs of services on a consolidated basis.
Current wording
Consolidated. The following tables set forth the organic and non-organic changes in programming and other direct costs of services on a consolidated basis.
Previous wording
•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.
Current wording
•Interconnect: The organic decreases are primarily due to (i) lower rates, including the renegotiation of a contract, and (ii) lower overall volumes of traffic.
Previous wording
C&W Panama. The following table sets forth the changes in programming and other direct costs of services for our C&W Panama segment.
Current wording
C&W Panama. The following tables set forth the changes in programming and other direct costs of services for our C&W Panama segment.
Showing the first 40 of 89 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
acquisitions and other investment opportunities, (iv) the repurchase of debt securities, (v) tax payments or (vi) any funding requirements of our consolidated subsidiaries, including with respect to Liberty Puerto Rico.