Liberty Latin America Ltd.
For the period ended Sep 30, 2026. Filed Nov 4, 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.
Sep 30, 2026 · Filed Nov 4, 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 2026-06-30; filed 2026-08-05.
0001712184-26-000130
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001712184-26-000162
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 239 previous paragraphs and 256 current paragraphs.
160 unchanged; 65 reworded; 29 added; 11 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 57 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 (29)
Current report
Other
Current report
In August 2026, we entered into a strategic agreement with Amdocs associated with certain IT-related services intended to increase operational scale and business agility. The agreement became effective in October 2026 and will continue for a period of up to ten years, subject to certain early termination rights. We expect this agreement will generally result in lower employee-related costs during the fourth quarter of 2026 and throughout 2027.
Current report
(a)The increases are primarily attributable to higher B2B connectivity revenue.
Current report
(a)The decrease for the three-month comparison is primarily due to lower average broadband internet RGUs. The decrease for the nine-month comparison is primarily due to lower average broadband internet and video RGUs.
Current report
(e)The decrease in the three-month comparison is primarily due to lower wholesale data capacity revenue and lower B2B service revenue. The decrease in the nine-month comparison is primarily related to the net effect of (i) higher revenue from mobile services, including higher handset sales mainly driven by the fulfillment of certain 2025 orders during the first quarter of 2026, (ii) lower wholesale capacity revenue and (iii) lower revenue from fixed and managed services, primarily related to a lower volume of B2B voice customers.
Current report
•Equipment: The organic increases are mainly due to (i) higher B2B-related equipment costs and (ii) higher handset costs.
Current report
•Project-related and other: The organic changes are primarily due to the net effect of (i) higher B2B project-related costs and (ii) lower costs associated with incentives to customers.
Current report
•Project-related and other: The organic decreases are primarily due to lower government-related projects.
Current report
•Personnel and contract labor-related: The organic increase in the nine-month comparison is primarily due to higher salaries and related personnel costs.
Current report
•Personnel and contract labor-related: The decreases are primarily due to lower salaries and related personnel costs, driven by reductions in headcount associated with a restructuring plan.
Current report
•Personnel and contract labor-related: The organic increases are primarily related to higher salaries and related personnel expenses.
Current report
•Network-related expenses: The organic increases are mainly due to higher repair and maintenance costs, primarily associated with a cable cut repair in the third quarter of 2026.
Current report
•Facility, provision, franchise and other: The organic increases are mainly driven by (i) higher facilities-related costs, primarily maintenance and (ii) higher travel-related costs.
Current report
•Personnel and contract labor-related: The decreases are primarily due to the net effect of (i) lower salaries and related personnel costs, driven by reductions in headcount associated with a restructuring plan, (ii) for the nine-month comparison, higher bonus-related accruals and (iii) an increase in capitalized labor cost.
Current report
•Network-related: The decreases are primarily due to (i) the release of certain pole rental accruals associated with a settlement agreement and (ii) lower power-related utility costs.
Current report
•Facility, provision, franchise and other: The increase for the three-month comparison is primarily due to (i) higher bad debt expense and (ii) higher collection-related costs. The decrease for the nine-month comparison is primarily a result of (i) lower bad debt expense and (ii) lower collection-related costs.
Current report
•Facility, provision, franchise and other: The organic increases are primarily attributable to higher bad debt expense.
Current report
•Personnel and contract labor-related: The organic decreases are primarily due to lower headcount.
Current report
For additional information concerning our debt-related activity, see note 9 to our condensed consolidated financial statements.
Current report
Other income or expense, net
Current report
Our other income or expense, net, generally includes (i) certain amounts associated with our defined benefit plans, including actuarial gains or losses, interest expense and expected return on plan assets, (ii) interest income on cash and cash equivalents and (iii) share of affiliate income or loss.
Current report
We recognized other income (expense), net, of ($84 million) and $7 million during the three months ended September 30, 2026 and 2025, respectively, and ($102 million) and ($14 million) during the nine months ended September 30, 2026 and 2025, respectively. The 2026 three- and nine-month period activity is primarily associated with actuarial losses recognized in connection with the partial buyout of member obligations in the CWSF.
Current report
For additional information regarding the CWSF, see note 11 to our condensed consolidated financial statements.
Current report
For the nine months ended September 30, 2025, the income tax benefit attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of jurisdictional rate differences, changes in uncertain tax positions, net favorable return-to-provision adjustments, and permanent differences, such as non-taxable income. These beneficial effects were partially offset by the detrimental effects of net increases in valuation allowances, the inclusion of withholding taxes on cross-border payments, permanent differences, such as non-deductible expenses, and our estimate of global minimum tax.
Current report
At September 30, 2026, each of our borrowing groups was in compliance with its debt covenants. With respect to the C&W and the Liberty Costa Rica borrowing groups, we do not anticipate any instances of non-compliance with respect to the debt covenants of these borrowing groups that would have a material adverse impact on our liquidity during the next 12 months. With respect to our Liberty Puerto Rico borrowing group, within 12 months from the issuance of these condensed consolidated financial statements, in October 2027, the $1,161 million principal amount of the 2027 LPR Senior Secured Notes will be due and payable by LCPR Senior Secured Financing. The proceeds of the 2027 LPR Senior Secured Notes were on-lent by LCPR Senior Secured Financing to certain entities within our Liberty Puerto Rico borrowing group, and the related senior secured proceeds loan will be due and payable at the same time that the 2027 LPR Senior Secured Notes become due and payable.
Current report
The Company and our Liberty Puerto Rico borrowing group have respectively engaged advisors and are in discussions with the creditors of LCPR Senior Secured Financing and LCPR Loan Financing, and their respective advisors, in relation to managing the liabilities arising from the senior secured proceeds loans made by such entities to the Liberty Puerto Rico borrowing group, including the senior secured proceeds loan relating to the 2027 LPR Senior Secured Notes.
Current report
As of November 4, 2026, these discussions have not resulted in an agreement between the parties, and the position of the relevant entities within the Liberty Puerto Rico borrowing group with respect to their debt and our position with respect to our equity interests in such entities remain uncertain. If an agreement is not reached before the due date of the 2027 LPR Senior Secured Notes and the 2027 LPR Senior Secured Notes are not repaid in full, those creditors may seek to instruct LCPR Senior Secured Financing and LCPR Loan Financing to enforce their respective security interests over 100% of the equity in certain entities within the Liberty Puerto Rico borrowing group pursuant to the terms of the 2027 LPR Senior Secured Notes, the 2029 LPR Senior Secured Notes, the 2028 LPR Term Loan and the related senior secured proceeds loans, which would result in the deconsolidation of those entities from our consolidated financial statements.
Current report
The indebtedness of our other borrowing groups do not contain cross-default or cross-acceleration provisions to the indebtedness of the Liberty Puerto Rico borrowing group. As such, a default with respect to the 2027 LPR Senior Secured Notes, the 2029 LPR Senior Secured Notes, the 2028 LPR Term Loan and the related senior secured proceeds loans would not result in the acceleration of debt obligations of our other borrowing groups or Liberty Latin America’s ability to service its own obligations.
Current report
Management has evaluated the potential impact on Liberty Latin America if an agreement with the applicable creditors is not reached and certain entities within the Liberty Puerto Rico borrowing group are deconsolidated. Based on the structure of our borrowing groups and the absence of any cross-default or cross-acceleration provisions between them, management does not expect such an outcome to impair Liberty Latin America’s ability to continue to operate or satisfy its obligations as they become due.
Removed paragraphs (11)
Previous report
(a)The increases are primarily attributable to growth in B2B managed services.
Previous report
•Project-related and other: The organic increases are primarily due to higher costs associated with B2B projects.
Previous report
•Project-related and other: The increases are mainly due to higher costs associated with B2B projects.
Previous report
•Personnel and contract labor-related: The organic increases are primarily due to increases in salary-related costs.
Previous report
•Service-related: The organic increases are primarily due to higher professional services costs, which includes services for Hurricane Melissa recovery efforts.
Previous report
•Personnel and contract labor-related: The organic increases are primarily related to (i) higher headcount and (ii) increases in salaries and bonus-related expenses.
Previous 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.
Previous report
•Network-related: The decreases are primarily due to lower power generating cost and lower service costs, driven by a contract termination.
Previous report
•Facility, provision, franchise and other: The decreases are primarily due to (i) lower bad debt expense and (ii) lower electricity costs, mainly driven by facility closures.
Previous report
•Personnel and contract labor-related: The decreases are primarily due to the net effect of (i) lower headcount and (ii) higher bonus-related expense.
Previous report
For additional information concerning our debt repurchases and repayments, see note 9 to our condensed consolidated financial statements.
Reworded paragraphs (65)
Previous 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.
Current 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, 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 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:
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; the anticipated benefits from our partnership with Amdocs; changes in competitive, regulatory and economic factors; changes in our revenue, costs, or growth rates; debt levels; the recovery by our Puerto Rico operations; the management of liabilities of, and our position with respect to the equity interest in, certain entities in the Liberty Puerto Rico borrowing group; 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
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.
Current wording
At September 30, 2026, we (i) owned and operated fixed networks that passed 4,826,100 homes and served 3,927,400 RGUs, comprising 1,777,300 broadband internet subscribers, 1,230,500 fixed-line telephony subscribers and 919,600 video subscribers and (ii) served 6,788,200 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 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.
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 September 30, 2026, we still have approximately 32,000 RGUs, which is composed of 16,000 broadband internet, 12,000 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 54,000 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 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.
Current wording
As a result of the impact of Hurricane Melissa, we incurred lower revenue during the three and nine months ended September 30, 2026 and expect to incur lower revenue, for our Liberty Caribbean segment, during the remainder of 2026 relative to the 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 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.
Current wording
For the three and nine months ended September 30, 2026, Hurricane Melissa had negative impacts to (i) revenue of approximately $7 million and $27 million, respectively, and (ii)Adjusted OIBDA of approximately $7 million and $29 million, respectively. The three and nine months ended September 30, 2026 totals exclude a benefit of approximately nil 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 $15 million and $40 million as a result of Hurricane Melissa during the three and nine months ended September 30, 2026, respectively.
Previous 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.
Current wording
The comparability of our operating results during the three and nine months ended September 30, 2026 and 2025 is affected by FX. As we use the term, “organic” changes exclude FX.
Previous wording
Changes in foreign currency exchange rates may have a significant impact on our operating results, as Liberty Costa Rica and certain entities within C&W have functional currencies other than the U.S. dollar. The impacts to the various components of our results of operations that are attributable to changes in FX are highlighted below. For information concerning our foreign currency risks and applicable foreign currency exchange rates, see Item 3. Quantitative and Qualitative Disclosures About Market Risk—Foreign Currency Rates below.
Current wording
Changes in foreign currency exchange rates may have a significant impact on our operating results, as Liberty Costa Rica and certain entities within each of Liberty Caribbean and Liberty Networks have functional currencies other than the U.S. dollar. The impacts to the various components of our results of operations that are attributable to changes in FX are highlighted below. For information concerning our foreign currency risks and applicable foreign currency exchange rates, see Item 3. Quantitative and Qualitative Disclosures About Market Risk—Foreign Currency Rates below.
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 six months ended June 30, 2026, as compared to the corresponding periods 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 nine months ended September 30, 2026, as compared to the corresponding periods in 2025.
Previous 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.
Current wording
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
A reconciliation of total operating income, the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below.
Current wording
A reconciliation of total operating income (loss), the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below.
Previous 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:
Current wording
The following tables set forth the organic and non-organic changes in Adjusted OIBDA during the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025:
Previous 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.
Current 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, 2026, as compared to the corresponding periods in 2025.
Previous 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):
Current wording
The details of the changes in Liberty Caribbean’s revenue during the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions):
Previous 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.
Current wording
(a)The decreases are primarily attributable to lower average RGUs for broadband internet, video and fixed-line telephony services, primarily due to the impact of Hurricane Melissa.
Previous wording
(b)The decreases are primarily due to lower ARPU from video and fixed-line telephony services.
Current wording
(b)The decreases are primarily attributable to the net effect of (i) lower ARPU from video and fixed-line telephony services, primarily due to the impact of Hurricane Melissa, and (ii) higher ARPU from broadband internet.
Previous 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.
Current wording
(c)The increases are primarily attributable to the net effect of (i) higher prepaid and postpaid 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
(c)The decreases are primarily due to (i) declines resulting from the termination of a contract, and (ii) lower volumes for interconnect.
Current wording
(d)The decreases are primarily due to (i) declines resulting from the termination of a contract and (ii) lower volumes for interconnect.
Previous 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.
Current wording
(e)The increases are primarily due to (i) a benefit of $8 million for the nine-month comparison recorded for services rendered to customers immediately following Hurricane Melissa that was believed to be uncertain of collection in 2025, (ii) higher volume of projects and (iii) higher revenue from mobile services.
Previous 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):
Current wording
The details of the changes in C&W Panama’s revenue during the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions):
Previous 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.
Current wording
(d)The decreases are primarily due to (i) lower revenue from government-related projects and (ii) 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 and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions):
Current wording
The details of the changes in Liberty Networks’ revenue during the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions):
Previous 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.
Current wording
(b)The decrease for the three-month comparison is mainly due to lower revenue from prepaid capacity arrangements driven by the cancellation of prepaid capacity contracts in the prior period. The increase for the nine-month comparison is primarily attributable to the net effect of (i) higher project-related revenue, largely 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 period.
Previous 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):
Current wording
The details of the changes in Liberty Puerto Rico’s revenue during the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions):
Previous 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.
Current wording
(b)The decreases are primarily due to lower ARPU from broadband internet services, mainly due to customers moving to lower tier products.
Previous wording
(c)The decreases are primarily due to (i) lower average numbers of prepaid mobile subscribers and (ii) lower prepaid and postpaid mobile ARPU.
Current wording
(c)The decreases are primarily due to the net effect of (i) lower average numbers of prepaid mobile subscribers, (ii) lower prepaid mobile ARPU and (iii) for the three-month comparison, higher average numbers of postpaid mobile subscribers and higher postpaid mobile ARPU.
Previous 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.
Current wording
(d)The decrease for the three-month comparison is primarily due to lower handset sales. The increase for the nine-month comparison is primarily due to (i) higher handset sales, mainly driven by the fulfillment of certain 2025 orders during the first quarter of 2026, and (ii) higher inbound roaming revenue.
Previous 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):
Current wording
The details of the changes in Liberty Costa Rica’s revenue during the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions):
Previous wording
(c)The decreases are primarily due to lower CPE sales from our "buy-to-own" sales model.
Current wording
(c)The decrease during the nine-month comparison is primarily due to lower CPE sales under our "buy-to-own" model.
Previous 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.
Current wording
•Programming and copyright: The organic decreases are primarily due to the net effect of (i) lower video subscribers, including the impact of Hurricane Melissa, and (ii) for the nine-month comparison, an increase associated with a copyright claim.
Previous 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.
Current wording
•Project-related and other: The organic increases are mainly due to incremental costs associated with a subsea cable system project.
Previous wording
•Programming and copyright: The decreases are 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.
Current wording
•Programming and copyright: The decrease for the nine-month comparison is primarily due to the net effect of (i) lower subscriber counts and migration of customers to lower tier product offerings and (ii) rate increases during the first quarter of 2026.
Previous wording
•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 wording
•Equipment: The decreases are primarily due to the net effect of (i) decreases resulting from inventory adjustments during the second quarter of 2025 related to the migration of mobile customers to our network, (ii) declines due to fewer rebates provided to third-party dealers, (iii) for the three-month comparison, lower handset sales and (iv) for the nine-month comparison, higher handset sales.
Previous wording
•Equipment: The organic decrease for the six-month comparison is primarily attributable to lower equipment sales.
Current wording
•Equipment: The organic decrease for the nine-month comparison is primarily attributable to the net effect of (i) lower equipment sales and (ii) higher handset costs driven by higher tier product mix.
Previous wording
•Project-related and other: The six-month comparison organic decrease is attributable to lower costs associated with non-recurring B2B projects.
Current wording
•Project-related and other: The nine-month comparison organic decrease is attributable to lower costs associated with non-recurring B2B projects.
Previous wording
•Network-related: The organic increases are primarily due to increases in various costs in Jamaica as a result of on-going recovery efforts related to Hurricane Melissa.
Current wording
•Network-related: The organic increases are primarily due to increases in (i) various costs in Jamaica as a result of ongoing recovery efforts related to Hurricane Melissa, (ii) repair costs, primarily associated with a cable break during the third quarter of 2026, and (iii) power-related utility costs, driven by increases in rates across several of our markets.
Previous wording
•Commercial: The organic decreases are primarily driven by lower marketing costs.
Current wording
•Commercial: The organic decreases are primarily driven by lower marketing-related costs.
Previous wording
•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 wording
•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, and (ii) for the nine-month comparison, higher net VAT-related costs in The Bahamas, primarily related to a settlement in 2026.
Previous wording
•Service-related: The decreases are 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 costs.
Current wording
•Service-related: The decrease for the nine-month comparison is primarily due to the net effect of (i) lower professional services costs, including the impact of a transition service agreement that was terminated during the first quarter of 2026, (ii) lower amortization of deferred costs associated with certain cloud-computing related services due to a change in estimate of the expected benefit period and (iii) higher IT software-related costs.
Previous wording
•Commercial: The decreases are primarily due to the net effect of (i) lower call center costs and (ii) higher commission and marketing costs.
Current wording
•Commercial: The decreases are primarily due to the net effect of (i) lower call center costs, (ii) higher sales commissions and (iii) lower marketing costs.
Showing the first 40 of 65 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
(b)The decreases are primarily due to lower ARPU from video, broadband internet and fixed-line telephony services.
Current report — wording carried from elsewhere
For the three months ended September 30, 2026, the income tax expense attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of jurisdictional rate differences, the inclusion of withholding taxes on cross-border payments, net increases in valuation allowances, permanent differences, such as non-deductible expenses, and the inclusion of global minimum tax. These detrimental effects were partially offset by the beneficial effects of permanent differences, such as non-taxable income.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
(a)The decreases are due to lower average broadband internet and video RGUs.
Previous report — wording carried elsewhere
•Interconnect: The decreases are primarily due to lower volumes of traffic.
Previous report — wording carried elsewhere
•Equipment: The decreases are primarily due to lower handset sales.