Liberty Latin America Ltd.
For the period ended Jun 30, 2026. Filed Aug 5, 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.
Jun 30, 2026 · Filed Aug 5, 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 2026-03-31; filed 2026-05-07.
0001712184-26-000079
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001712184-26-000130
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 230 previous paragraphs and 239 current paragraphs.
136 unchanged; 83 reworded; 19 added; 10 removed; 1 previous and 1 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 (19)
Current report
(c)The decreases are primarily due to (i) declines resulting from the termination of a contract, and (ii) lower volumes for interconnect.
Current report
(a)The increases are primarily attributable to growth in B2B managed services.
Current report
•Project-related and other: The organic increases are primarily due to higher costs associated with B2B projects.
Current report
•Equipment: The decreases are primarily due to lower handset sales.
Current report
•Project-related and other: The increases are mainly due to higher costs associated with B2B projects.
Current report
•Equipment: The decreases are primarily due to the net effect of (i) higher handset sales, primarily for the six-month comparison, and to a much lesser extent, for the three-month comparison, (ii) decreases resulting from inventory adjustments during the second quarter of 2025 related to the migration of mobile customers to our network and (iii) declines due to fewer rebates provided to third-party dealers.
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
•Service-related: The organic increases are primarily due to higher professional services costs, which includes services for Hurricane Melissa recovery efforts.
Current report
•Facility, provision, franchise and other: The organic decreases are primarily due to the net effect of (i) lower bad debt expense, including the impact of certain provision adjustments for B2B and government customers, (ii) higher maintenance costs and (iii) higher travel-related costs in Jamaica, as a result of on-going recovery efforts related to Hurricane Melissa.
Current report
•Service-related: The increases are primarily due to higher professional services costs.
Current report
•Service-related: The organic increases are primarily due to higher professional services costs.
Current report
•Personnel and contract labor-related: The increase for the three-month comparison is primarily due to the net impact of (i) higher bonus-related accruals, driven by adjustments to reduce our bonus expense during the second quarter of 2025, and (ii) lower salary and insurance costs, driven by decreases in headcount resulting from restructuring plans during 2025. The decrease for the six-month comparison is primarily due to the net effect of (i) lower salaries and insurance costs and (ii) higher bonus-related accruals.
Current report
•Network-related: The decreases are primarily due to lower power generating cost and lower service costs, driven by a contract termination.
Current report
•Commercial: The decreases are primarily due to the net effect of (i) lower call center costs and (ii) higher commission and marketing costs.
Current report
•Commercial: The organic decreases are primarily attributable to (i) lower call center costs and (ii) lower sales commissions.
Current report
Our depreciation and amortization expense increased $9 million or 4% and decreased $3 million or 1% during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025. The increase for the three-month comparison is due to net effect of (i) property and equipment placed into service across multiple segments and (ii) a decrease resulting from fully amortized customer relationships at Liberty Caribbean. The decrease for the six-month comparison is due to the net effect of (i) a decrease resulting from fully amortized customer relationships at Liberty Caribbean, (ii) property and equipment placed into service across multiple segments and (iii) a decrease at Liberty Puerto Rico associated with the sale of research and development tax credits.
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 6 to our condensed consolidated financial statements.
Current report
(c)The amounts primarily include direct acquisition-related costs.
Current report
Operating Activities. The increase in cash provided by operating activities is primarily due to (i) working capital improvements, mostly associated with higher than normal net cash payment activity during the six months ended June 30, 2025, and (ii) an increase in Adjusted OIBDA.
Removed paragraphs (10)
Previous 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.
Previous report
(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 report
•Equipment: The increase is primarily due to the net effect of an increase in both handset sales and equipment credits for handset purchases.
Previous report
•Personnel and contract labor-related: The organic increase is primarily due to higher performance bonuses.
Previous report
•Network-related: The organic decrease is primarily due to lower repairs and maintenance related costs.
Previous report
•Service-related: The organic increase is primarily due to higher professional services costs.
Previous report
•Facility, provision, franchise and other: The organic increase is driven by the aggregation of several immaterial amounts.
Previous 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.
Previous report
Our depreciation and amortization expense decreased $12 million or 5% during the three months ended March 31, 2026, as compared to the corresponding period in 2025. The decrease is primarily due to certain assets becoming fully depreciated, mainly in Liberty Caribbean.
Previous 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.
Reworded paragraphs (83)
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, 2026 and 2025.
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, 2026 and 2025.
Previous 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.
Current wording
At June 30, 2026, we (i) owned and operated fixed networks that passed 4,795,200 homes and served 3,883,500 RGUs, comprising 1,760,400 broadband internet subscribers, 1,212,500 fixed-line telephony subscribers and 910,600 video subscribers and (ii) served 6,759,800 mobile subscribers.
Previous wording
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 wording
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 June 30, 2026, we still have approximately 38,000 RGUs, which is comprised of 19,000 broadband internet, 15,000 fixed-line telephony, and 4,000 video subscribers, that continue to be offline and are expected to be back online in the near term. This is an improvement of approximately 48,000 RGUs as compared to the approximately 86,000 RGUs that were not receiving service as of December 31, 2025.
Previous wording
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 wording
As a result of the impact of Hurricane Melissa, we incurred lower revenue during the three and six months ended June 30, 2026 and expect to incur lower revenue, for our Liberty Caribbean segment, 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.
Previous wording
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 wording
For the three and six months ended June 30, 2026, Hurricane Melissa had negative impacts to (i) revenue of approximately $8 million and $20 million, respectively, and (ii)Adjusted OIBDA of approximately $8 million and $22 million, respectively. The three and six months ended totals exclude a benefit of approximately $2 million and $8 million, respectively, 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 and $25 million as a result of Hurricane Melissa during the three and six months ended June 30, 2026, respectively.
Previous 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.
Current wording
The comparability of our operating results during the three and six months ended June 30, 2026 and 2025 is affected by FX. As we use the term, “organic” changes exclude FX.
Previous wording
The following table sets forth the organic and non-organic changes in the components of operating income or loss during the three months ended March 31, 2026, as compared to the corresponding period in 2025.
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, 2026, as compared to the corresponding periods in 2025.
Previous 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.
Current wording
As reflected in the tables above, there were increases to our operating income for the three and six months ended June 30, 2026 as compared with the corresponding periods 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
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:
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, 2026, as compared to the corresponding periods in 2025:
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, 2026, as compared to the corresponding period in 2025.
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, 2026, as compared to the corresponding periods in 2025.
Previous 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):
Current wording
The details of the changes in Liberty Caribbean’s revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions):
Previous 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.
Current wording
(a)The decreases are attributable to lower average broadband internet, video and fixed-line telephony RGUs, primarily due to the impact of Hurricane Melissa.
Previous 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.
Current wording
(b)The increases are 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 numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts and (iii) lower average numbers of prepaid mobile subscribers mainly driven by prepaid to postpaid migration and churn associated with price increases.
Previous wording
(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 wording
(d)The variances for the comparative periods are relatively flat and mainly due to the net effect of (i) a benefit of $2 million and $8 million for the three and six months ended June 30, 2026, respectively, of revenue recorded 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.
Previous 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):
Current wording
The details of the changes in C&W Panama’s revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions):
Previous wording
(a)The increase is due to the effect of higher average broadband internet and video RGUs.
Current wording
(a)The increases are primarily due to the effect of higher average broadband internet and video RGUs.
Previous wording
(b)The decrease is primarily due to lower ARPU from video and fixed-line telephony services.
Current wording
(b)The decreases are primarily due to lower ARPU from video and fixed-line telephony services.
Previous wording
(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 wording
(c)The increases are primarily attributable to the net effect of (i) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, (ii) higher numbers of prepaid mobile subscribers and (iii) decreases in prepaid mobile ARPU mainly driven by the migration of higher-value customers to postpaid plans.
Previous wording
(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 wording
(d)The decreases are mainly due to a decline in rates during the first quarter of 2026 related to data services provided to government-related agencies.
Previous 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):
Current wording
The details of the changes in Liberty Networks’ revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions):
Previous 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.
Current wording
(b)The increases are primarily due to the net effect of (i) higher project-related revenue, primarily associated with a contract to construct and deploy a subsea cable system, (ii) higher subsea capacity revenue 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 months ended March 31, 2026, as compared to the corresponding period in 2025, 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, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions):
Previous wording
(a)The decrease is due to lower average broadband internet and video RGUs.
Current wording
(a)The decreases are due to lower average broadband internet and video RGUs.
Previous wording
(b)The increase is primarily due to higher ARPU from broadband internet and video services, mainly due to price increases.
Current wording
(b)The decreases are primarily due to lower ARPU from broadband internet and video services, mainly due to customers moving to lower tier products.
Previous wording
(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 wording
(c)The decreases are primarily due to (i) lower average numbers of prepaid mobile subscribers and (ii) lower prepaid and postpaid mobile ARPU.
Previous wording
(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 wording
(d)The decrease for the three-month comparison is primarily due to lower inbound roaming revenue. The increase for the six-month comparison is primarily due to higher handset sales, mainly driven by (i) the fulfillment of 2025 orders during the first quarter of 2026 and (ii) higher customer upgrades.
Previous 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):
Current wording
The details of the changes in Liberty Costa Rica’s revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions):
Previous wording
(a)The increase is primarily driven by higher average broadband internet and video RGUs.
Current wording
(a)The increases are primarily driven by higher average broadband internet and video RGUs.
Previous wording
(b)The decrease is primarily attributable to lower ARPU from video services.
Current wording
(b)The decreases are primarily attributable to lower ARPU from video services.
Previous wording
(c)The decrease is primarily due to lower CPE sales from our "buy-to-own" sales model.
Current wording
(c)The decreases are primarily due to lower CPE sales from our "buy-to-own" sales model.
Previous 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.
Current wording
(d)The increases are 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
(f)The decrease is primarily attributable to (i) lower B2B service revenue, predominantly due to churn, and (ii) lower project-related revenue.
Current wording
(e)The decreases are primarily due to lower B2B service and project-related revenue.
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
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.
Current 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.
Previous 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.
Current wording
•Programming and copyright: The organic increase for the three-month comparison is primarily due to an increase associated with a copyright claim. The organic decrease for the six-month comparison is primarily due to the net effect of (i) an increase associated with a copyright claim, (ii) lower video subscribers, including the impact of Hurricane Melissa, and (iii) lower rates resulting from the renegotiation of certain content agreements.
Previous wording
C&W Panama. The following table sets forth the changes in programming and other direct costs of services for our C&W Panama segment.
Current wording
C&W Panama. The following tables set forth the changes in programming and other direct costs of services for our C&W Panama segment.
Previous wording
•Interconnect: The decrease is primarily due to lower volumes of traffic.
Current wording
•Interconnect: The decreases are primarily due to lower volumes of traffic.
Previous wording
Liberty Networks. The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Networks segment.
Current wording
Liberty Networks. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Networks segment.
Previous wording
•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 wording
•Project-related and other: The organic increases are mainly due to incremental costs associated with achieving certain milestones related to a subsea cable project.
Previous 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.
Current 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.
Showing the first 40 of 83 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•Interconnect: The organic decreases are primarily attributable to lower volumes of traffic.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Liberty Caribbean. The following table sets forth the organic and non-organic changes in other operating costs and expenses for our Liberty Caribbean segment.