Liberty Latin America Ltd.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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, 2026 · Filed May 7, 2026
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 2025-09-30; filed 2025-11-05.
0001712184-25-000179
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001712184-26-000079
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 256 previous paragraphs and 230 current paragraphs.
124 unchanged; 77 reworded; 25 added; 55 removed; 0 previous and 4 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 (25)
Current report
In late October 2025, the island of Jamaica was impacted by Hurricane Melissa with significant damage to homes, businesses and infrastructure, particularly in the southwest of the island, and moderate damage in the northwest. The capital city, Kingston, and other urban areas in the east were less impacted. As of March 31, 2026, we still have approximately 50,000 RGUs, which is comprised of 25,000 broadband internet, 19,000 fixed-line telephony, and 6,000 video subscribers, that continue to be offline and are expected to be back online in the near term. This is an improvement of approximately 36,000 RGUs as compared to the approximately 86,000 RGUs that were not receiving service as of December 31, 2025.
Current report
As a result of the impact of Hurricane Melissa, we incurred lower revenue during the first quarter of 2026 and expect to incur lower revenue during the remainder of 2026 relative to 2025 pre-hurricane period. This decrease is predominantly due to lower fixed connectivity that has been offline for a period of time together with the impact of subscriber losses. We continue to work hard to restore connectivity, but there can be no guarantee as to the cadence of future reconnections or the pace and magnitude of future revenue recovery. In addition, we expect to continue to incur additional property and equipment additions as we restore damaged networks.
Current report
For the first quarter of 2026, Hurricane Melissa had negative impacts to (i) revenue of approximately $12 million and (ii)Adjusted OIBDA of approximately $13 million. These totals exclude a benefit of approximately $6 million of revenue for services rendered to customers immediately following the hurricane that was believed to be uncertain of collection in 2025. Additionally, we incurred incremental property and equipment additions of approximately $12 million as a result of Hurricane Melissa.
Current report
(c)The decrease is primarily due to (i) lower volumes and rates of inbound roaming, and (ii) lower handset sales in several of our markets.
Current report
(d)The increase is mainly due to the net effect of (i) a benefit of approximately $6 million of revenue recorded during the first quarter of 2026 for services rendered to customers immediately following Hurricane Melissa that was believed to be uncertain of collection in 2025, and (ii) lower fixed subscription revenue, also related to Hurricane Melissa.
Current report
(d)The decrease is mainly due to a decline in rates during the first quarter of 2026 related to data services provided to government-related agencies.
Current report
(d)The increase is primarily due to (i) higher inbound roaming revenue, mainly driven by higher volume, and (ii) higher handset sales, mainly driven by the fulfillment of 2025 orders during the first quarter of 2026.
Current report
(c)The decrease is primarily due to lower CPE sales from our "buy-to-own" sales model.
Current report
(f)The decrease is primarily attributable to (i) lower B2B service revenue, predominantly due to churn, and (ii) lower project-related revenue.
Current report
•Project-related and other: The organic increase is mainly due to (i) incremental costs associated with achieving certain milestones related to a subsea cable project and (ii) higher equipment sales.
Current report
•Interconnect: The decrease is primarily due to the net impact of (i) a decline in mobile network costs resulting from the expiration of a contract, and (ii) an increase in roaming costs, driven by higher volume.
Current report
•Equipment: The organic decrease is primarily attributable to lower equipment sales.
Current report
•Project-related and other: The organic decrease is due to lower costs associated with non-recurring B2B projects.
Current report
•Personnel and contract labor-related: The organic increase is primarily due to an increase in salary-related costs.
Current report
•Network-related: The organic increase is primarily due to an increase in various costs in Jamaica as a result of on-going recovery efforts related to Hurricane Melissa.
Current report
•Personnel and contract labor-related: The organic increase is primarily due to higher performance bonuses.
Current report
•Network-related: The organic decrease is primarily due to lower repairs and maintenance related costs.
Current report
•Service-related: The organic increase is primarily due to higher professional services costs.
Current report
•Facility, provision, franchise and other: The organic increase is driven by the aggregation of several immaterial amounts.
Current report
•Personnel and contract labor-related: The decrease is primarily due to (i) lower salaries, driven by a decrease in headcount resulting from restructuring plans during 2025, and (ii) lower insurance costs.
Current report
•Service-related: The decrease is primarily due to the net effect of (i) lower professional services costs due to a transition service agreement that was terminated during the first quarter of 2026, and (ii) higher IT software and hardware costs.
Current report
•Facility, provision, franchise and other: The decrease is primarily due to (i) lower bad debt expense, and (ii) lower electricity costs, mainly driven by facility closures.
Current report
•Service-related: The organic increase is primarily attributable to (i) higher professional service costs and (ii) higher technology-related expenses, predominantly related to software licenses.
Current report
•Service-related: The decrease is primarily due to lower professional services costs.
Current report
Operating Activities. The increase in cash provided by operating activities is primarily due to the net effect of (i) an increase resulting from lower working capital-related payments, including lower payments for taxes, and (ii) a decrease due to a decline in cash inflows from derivatives.
Removed paragraphs (55)
Previous 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.
Previous report
In October 2025, Hurricane Melissa primarily impacted our Jamaican operations, and to a much lesser extent certain other operations within Liberty Caribbean, resulting in varying degrees of damage to homes, businesses and infrastructures in these markets. In connection with Hurricane Melissa, we anticipate adverse impacts to revenue and RGUs, Adjusted OIBDA, long-lived asset impairments and property and equipment additions for the remainder of 2025. We are currently unable to estimate how much Hurricane Melissa will impact these measures for the rest of 2025 or for 2026 periods. The impacts will be based on certain factors, such as when power is fully restored to the impacted areas.
Previous report
Hurricane Melissa triggered the Weather Derivatives and we expect to receive net third-party proceeds during the fourth quarter of 2025. We are still in the process of assessing the impact of Hurricane Melissa on our homes passed and subscriber counts.
Previous report
Transactions
Previous report
Costa Rica Transactions
Previous 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.
Previous report
On September 11, 2025, SUTEL, the Costa Rican telecommunications regulator, issued a resolution prohibiting the transaction, determining that the potential negative effects could not be mitigated by the commitments proposed by the parties, nor by any additional conditions that SUTEL could establish. This outcome was unexpected, as the parties had worked closely with SUTEL’s staff throughout the review process to design remedies that they strongly believe addressed any potential competition concerns identified by the regulator. On October 22, 2025, the parties filed an appeal seeking to overturn SUTEL’s decision and requesting a new assessment of the proposed remedies. A response from SUTEL is expected by mid-November 2025.
Previous 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 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 report
LPR Acquisition
Previous 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 is due in four annual installments. We paid $95 million on the closing date, September 3, 2024, $72 million is currently due, and $45 million and $40 million will become due on September 3 of 2026 and 2027, respectively.
Previous report
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 report
(b)The increases are primarily due to higher ARPU on broadband internet services due to the impact of Hurricane Beryl-related credits in the prior year and price increases in certain markets.
Previous report
(c)The decrease for the nine-month comparison is mainly due to lower interconnect revenue attributable to lower traffic on our networks.
Previous report
(e)The increases are primarily due to higher volumes of handset sales and inbound roaming.
Previous report
(f)The increase for the three-month comparison is mainly due to (i) higher project-related revenue in some of our markets and (ii) increase in revenue from managed services, mostly related to growth in broadband internet that was partially offset by a decline in fixed-line telephony. The decrease for the nine-month comparison is mainly attributable to the net impact of (i) lower project-related revenue, primarily in our Bahamas and Cayman Islands markets, (ii) increase in revenue from managed services, mostly related to growth in broadband internet that was partially offset by a decline in fixed-line telephony, and (iii) increase in revenue from mobile services due to strong performance in some of our markets.
Previous report
(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 report
(c)The increases are primarily due to 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.
Previous report
(d)The increases are primarily due to higher volumes of handset sales at higher unit prices.
Previous report
(e)The increase for the three-month comparison is mainly due to higher revenue from government-related projects. The decrease in the nine-month comparison is primarily attributable to lower project-related revenue, including delays in certain 2025 projects. Additionally, the three and nine-month comparisons were negatively impacted by lower revenue from fixed and managed services, primarily related to lower out-of-plan usage on fixed B2B voice customers.
Previous report
(a)The increases are primarily attributable to the net effect of (i) growth in managed services, (ii) higher B2B connectivity revenue and (iii) for the nine-month comparison, lower revenue associated with sales-type leases on CPE.
Previous report
(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 lower postpaid mobile ARPU.
Previous report
(d)The increases are primarily driven by higher equipment sales and inbound roaming revenue.
Previous report
(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 nine-month comparison, the termination of a government-sponsored program at the start of the second quarter of 2024.
Previous report
(c)The increase is primarily attributable to higher volumes of CPE sales.
Previous report
•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 report
•Equipment: The organic decreases are mainly due to (i) lower handset costs and (ii) lower B2B equipment costs.
Previous report
•Project-related and other: The organic increases are due in large part to higher costs associated with incentives to customers in an effort to drive fixed-mobile convergence.
Previous report
•Equipment: For the nine-month comparison, the increase is primarily attributable to higher volumes of handset sales to residential and B2B customers.
Previous report
•Project-related and other: The increase for the three-month comparison is primarily related to government projects, whereas the decrease for the nine-month comparison reflects a lower level of government-related projects activity.
Previous report
•Interconnect: The organic increases are primarily due to higher backhaul expenses.
Previous report
•Project-related and other: The organic increases are primarily due to growth in managed services costs and higher licensing fees.
Previous report
•Interconnect: The organic decreases are primarily due to lower roaming and mobile network costs due to lower volume and better negotiated rates, and for the nine-month comparison, the expiration of the transition service agreement in 2024.
Previous report
•Interconnect: The organic decreases are primarily driven by (i) lower volumes of traffic and (ii) for the nine-month comparison, a decrease in roaming.
Previous report
•Equipment: The organic increases are primarily attributable to (i) higher handset unit costs and (ii) for the nine-month comparison, a higher volume of handset sales.
Previous report
•Personnel and contract labor: The organic decreases are primarily due to lower headcount cost.
Previous report
•Network-related: The organic decreases are primarily due to (i) cost savings initiatives, including the renegotiation of certain contract terms, and (ii) lower power costs, mainly in Jamaica, driven by decreases in consumption and rates.
Previous report
•Commercial: The organic decreases are primarily driven by (i) cost saving initiatives, including system improvements and the renegotiation of certain contracts, and (ii) lower marketing costs.
Previous report
•Facility, provision, franchise and other: The organic increase for the three-month comparison is mainly due to the net effect of (i) an increase of bad debt expense (ii) the positive impact to the comparison associated with the Hurricane Beryl-related restoration cost in 2024 and (iii) positive impact associated to a favorable adjustment on a tax-related assessment at one of our markets during the third quarter of 2025. The organic decrease for the nine-month comparison is primarily due to (i) an increase of bad debt expense, (ii) the positive impact to the comparisons associated an unfavorable adjustment on a tax-related assessment at one of our markets during the second quarter of 2024, (iii) lower facility-related costs driven by cost savings initiatives, and (iv) the positive impact to the comparison associated with the Hurricane Beryl-related restoration cost incurred during 2024.
Previous 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.
Previous report
•Network-related:For the three-month comparison, the decrease is primarily due to lower maintenance costs and for the nine-month comparison the decrease is primarily due to lower power-related utility costs.
Showing the first 40 of 55 passages. Open the source sections for the rest.
Reworded paragraphs (77)
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, 2025 and 2024.
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, 2026 and 2025.
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; 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; the impact of Hurricane Melissa on our business and operations; 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:
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 Risk, Item 4. Controls and Procedures and Part II, Item 1. Legal Proceedingsmay 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; the impact of Hurricane Melissa on our business; changes in competitive, regulatory and economic factors; the recovery by our Puerto Rico operations; changes in our revenue, costs, or growth rates; debt levels; our liquidity and our ability to access the liquidity of our subsidiaries; credit risks; interest rate 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 outcome of pending litigation; 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 2025 Form 10-K, the following are some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events:
Previous wording
•our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions, such as with respect to the transaction with Millicom in Costa Rica;
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;
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 transaction with Millicom in Costa Rica;
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;
Previous 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;
Current 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;
Previous wording
•the outcome of any pending or threatened litigation;
Current wording
•the outcome of any pending or threatened litigation, such as the financing transaction litigation described in Part II, Item 1. Legal Proceedings;
Previous wording
The broadband distribution and mobile service industries are changing rapidly and, therefore, the forward-looking statements of expectations, plans and intent in this Quarterly Report on Form 10-Q are subject to a significant degree of risk. These forward-looking statements and the above described risks, uncertainties and other factors speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statement.
Current wording
The communications, entertainment and enterprise solutions sectors are characterized by rapid, constant evolution and, therefore, the forward-looking statements of expectations, plans and intent in this Quarterly Report on Form 10-Q are subject to a significant degree of risk. These forward-looking statements and the above described risks, uncertainties and other factors speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law. Readers are cautioned not to place undue reliance on any forward-looking statement.
Previous wording
At September 30, 2025, we (i) owned and operated fixed networks that passed 4,812,600 homes and served 3,978,800 RGUs, comprising 1,807,900 broadband internet subscribers, 1,255,100 fixed-line telephony subscribers and 915,800 video subscribers and (ii) served 6,682,700 mobile subscribers.
Current wording
At March 31, 2026, we (i) owned and operated fixed networks that passed 4,748,900 homes and served 3,848,500 RGUs, comprising 1,748,300 broadband internet subscribers, 1,197,100 fixed-line telephony subscribers and 903,100 video subscribers and (ii) served 6,809,100 mobile subscribers.
Previous wording
The comparability of our operating results during the three and nine months ended September 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.
Current wording
The comparability of our operating results during the three months ended March 31, 2026 and 2025 is affected by FX. As we use the term, “organic” changes exclude FX.
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, 2025, as compared to the corresponding periods in 2024.
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, 2026, as compared to the corresponding period in 2025.
Previous wording
As reflected in the tables above, we reported operating income (loss) for the three months ended September 30, 2025 and 2024, respectively. We reported operating losses for the nine months ended September 30, 2025 and 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 table above, there was an increase to our operating income for the three months ended March 31, 2026 as compared with the corresponding period in 2025. 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, 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.
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 (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, 2025, as compared to the corresponding periods in 2024:
Current wording
The following table sets forth the organic and non-organic changes in Adjusted OIBDA during the three months ended March 31, 2026, as compared to the corresponding period in 2025:
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 and nine months ended September 30, 2024 of $1 million and $17 million, respectively, 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.
Previous wording
Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of RGUs or mobile subscribers during the period and (ii) changes in ARPU. Changes in ARPU can be attributable to (i) changes in prices, (ii) changes in bundling or promotional discounts, (iii) changes in the tier of services selected, (iv) variances in subscriber usage patterns and (v) the overall mix of fixed and mobile products during the period. In the following discussion, we discuss ARPU changes in terms of the net impact of the above factors on the ARPU that is derived from our video, broadband internet, fixed-line telephony and mobile products.
Current wording
Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of RGUs or mobile subscribers during the period and (ii) changes in ARPU. Changes in ARPU can generally be attributable to (i) changes in prices, (ii) changes in bundling or promotional discounts, (iii) changes in the tier of services selected, (iv) variances in subscriber usage patterns and (v) the overall mix of fixed and mobile products during the period. In the following discussion, we discuss ARPU changes in terms of the net impact of the above factors on the ARPU that is derived from our video, broadband internet, fixed-line telephony and mobile products.
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, 2025, as compared to the corresponding periods in 2024.
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, 2026, as compared to the corresponding period in 2025.
Previous wording
The details of the changes in Liberty Caribbean’s revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Current wording
The details of the changes in Liberty Caribbean’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):
Previous wording
(a)The decreases are due to lower average video and fixed-line telephony RGUs.
Current wording
(a)The decrease is attributable to lower average broadband internet, video and fixed-line telephony RGUs, primarily due to the impact of Hurricane Melissa.
Previous wording
(d)The increase for the nine-month comparison 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
(b)The increase is primarily attributable to the net effect of (i) higher prepaid mobile ARPU, mainly resulting from price increases in Jamaica during the third quarter of 2025 and the first quarter of 2026, (ii) higher average number of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, and (iii) lower average number of prepaid mobile subscribers mainly driven by prepaid to postpaid migration 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, 2025, as compared to the corresponding periods in 2024, are set forth below:
Current wording
The details of the changes in C&W Panama’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):
Previous wording
(a)The increases are primarily due to the effect of higher average broadband internet RGUs.
Current wording
(a)The increase is due to the effect of higher average broadband internet and video RGUs.
Previous wording
(b)The decreases are primarily attributable to lower ARPU from video services and, to a lesser extent, from broadband internet and fixed-line telephony services.
Current wording
(b)The decrease is primarily due to lower ARPU from video and fixed-line telephony services.
Previous wording
The details of the changes in Liberty Networks’ revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Current wording
The details of the changes in Liberty Networks’ revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):
Previous wording
(b)The increases are primarily due to the net effect of (i) higher sub-sea capacity revenue, (ii) for the nine-month comparison, 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, (iii) an increase in equipment sales, and (iv) lower revenue from prepaid capacity arrangements driven by the cancellation of prepaid capacity contracts in prior periods.
Current wording
(a)The increase is primarily due to the net effect of (i) higher subsea capacity revenue, (ii) an increase in equipment sales and (iii) lower revenue from prepaid capacity arrangements driven by the cancellation of prepaid capacity contracts in the prior periods.
Previous wording
The details of the changes in Liberty Puerto Rico’s revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Current wording
The details of the changes in Liberty Puerto Rico’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):
Previous wording
(a)The decreases are primarily attributable to lower average broadband internet and video RGUs. The nine-month comparison is negatively impacted in part by the termination of a government-sponsored program during the second quarter of 2024.
Current wording
(a)The decrease is due to lower average broadband internet and video RGUs.
Previous wording
(b)The increases are primarily due to higher ARPU from broadband internet and video services, mainly due to price increases. The increases also include the impact of credits issued to customers prior year following Hurricane Ernesto, which impacted Puerto Rico in August 2024.
Current wording
(b)The increase is primarily due to higher ARPU from broadband internet and video services, mainly due to price increases.
Previous wording
The details of the changes in Liberty Costa Rica’s revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Current wording
The details of the changes in Liberty Costa Rica’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):
Previous wording
(a)The increases are primarily driven by higher average broadband internet and video RGUs.
Current wording
(a)The increase is primarily driven by higher average broadband internet and video RGUs.
Previous wording
(d)The increases are primarily due to the net effect of (i) higher average postpaid mobile subscribers and (ii) lower prepaid and postpaid mobile ARPU.
Current wording
(d)The increase is primarily due to the net effect of (i) higher average postpaid mobile subscribers, (ii) lower average prepaid mobile subscribers and (iii) lower prepaid mobile ARPU.
Previous wording
(e)The increases are primarily attributable to the net effect of (i) higher equipment sales, mainly driven by higher volumes, and (ii) decreases in interconnect revenue, driven by lower local traffic.
Current wording
(e)The decrease is primarily attributable to (i) lower equipment sales and (ii) a decline in interconnect revenue, driven by lower local traffic volume.
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
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 wording
Liberty Caribbean. The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Caribbean segment.
Previous wording
•Programming and copyright: The organic decreases are mainly due to the net effect of (i) lower video subscribers, (ii) an increase associated with a copyright claim, and (iii) lower rates resulting from the renegotiation of certain content agreements.
Current wording
•Programming and copyright: The organic decrease is mainly due to (i) lower video subscribers, including the impact of Hurricane Melissa, and (ii) lower rates resulting from the renegotiation of certain content agreements.
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.
Previous wording
•Interconnect: The decreases are primarily due to lower volumes of traffic.
Current wording
•Interconnect: The decrease is primarily due to lower volumes of traffic.
Previous wording
Liberty Networks. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Networks segment.
Current wording
Liberty Networks. The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Networks segment.
Previous wording
Liberty Puerto Rico. The following tables set forth the organic and non-organic 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 decreases primarily relate to the net effect of (i) lower subscriber counts and customers moving to lower cost product offerings, (ii) lower programmer fees resulting from contract renegotiations, and (iii) higher costs associated with rate increases.
Current wording
•Programming and copyright: The decrease is primarily due to the net effect of (i) lower subscriber counts and customers moving to lower cost product offerings, and (ii) rate increases during the first quarter of 2026.
Showing the first 40 of 77 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
(c)The increase is primarily attributable to the net effect of (i) higher average number of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, and (ii) a decrease in prepaid mobile ARPU mainly driven by the migration of higher-value customers to postpaid plans.
Current report — wording carried from elsewhere
(c)The decrease is primarily due to (i) lower average number of prepaid mobile subscribers, (ii) lower prepaid mobile ARPU, and (iii) lower average number of postpaid mobile subscribers.
Current report — wording carried from elsewhere
(b)The decrease is primarily attributable to lower ARPU from video services.
Current report — wording carried from elsewhere
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.