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Liberty Latin America(LILA) - 2023 Q4 - Annual Results
2024-02-22 21:40
Subscriber Growth - Liberty Latin America added 186,000 organic broadband and postpaid mobile subscribers in 2023[1] - Liberty Costa Rica and C&W Caribbean saw strong subscriber growth, with 105,000 postpaid mobile subscribers added, primarily in these regions[2] - Liberty Puerto Rico achieved 23,000 broadband net adds over the last twelve months, with over 800,000 mobile subscribers migrated to the LPR platform[5] - The total organic change in subscriber relationships was an increase of 39,200, with significant contributions from Liberty Costa Rica[23] - Total mobile subscribers reached 7,977,400, with prepaid mobile subscribers including 10,300 mobile reseller subscribers[45] Financial Performance - Adjusted OIBDA rebased growth for FY 2023 was 6%, totaling $1.7 billion[1] - Cash provided by operating activities reached $897 million, with Adjusted FCF before distributions to noncontrolling interests at $273 million, a 43% increase year-over-year[2] - Total revenue for FY 2023 declined by 6% to $4.51 billion, impacted by the deconsolidation of VTR and organic declines in Liberty Puerto Rico[11] - Revenue for Q4 2023 was $660.6 million, a decrease of 1% compared to $669.3 million in Q4 2022[34] - Operating income for Q4 2023 was $64.7 million, down 16% from $77.1 million in Q4 2022[34] - Adjusted OIBDA for Q4 2023 increased by 5% to $288.2 million, compared to $275.0 million in Q4 2022[34] - For the year ended December 31, 2023, revenue was $2,543.2 million, representing a 4% increase from $2,448.6 million in 2022[34] Revenue Growth and Declines - C&W Panama reported a 16% revenue growth and a 21% increase in Adjusted OIBDA for FY 2023[5] - B2B revenue decreased by 6% on both reported and rebased basis, with a $10 million negative impact from the discontinuation of a non-core transit services agreement at C&W Jamaica[5] - Liberty Costa Rica experienced a significant revenue growth of 28% on a reported basis, aided by an $18 million positive foreign exchange impact[5] - Liberty Puerto Rico's revenue for Q4 2023 was $353.5 million, a decrease of 5% from $372.2 million in Q4 2022[38] - Liberty Costa Rica's revenue for Q4 2023 was CRC 79.2 billion, an increase of 11% from CRC 71.1 billion in Q4 2022[41] Capital Expenditures and Investments - Capital expenditures for the year ended December 31, 2023, totaled $585 million, down from $660.1 million in 2022[19] - The company is focused on expanding its network capacity and enhancing service offerings to drive operational efficiency[61] - New strategies include ongoing investments in infrastructure to support product innovation and market expansion[61] Debt and Financial Ratios - Total consolidated debt and finance lease obligations amounted to $8,242.2 million as of December 31, 2023, with cash and cash equivalents at $996.6 million[20] - The consolidated debt to operating income ratio increased to 15.0x from 13.4x in the previous quarter, while the net debt to operating income ratio rose to 13.2x from 12.4x[20] - The company has an unused borrowing capacity of $869.0 million as of December 31, 2023, down from $887.0 million in the previous quarter[20] - The consolidated leverage ratio as of December 31, 2023, was 4.8x, while the consolidated net leverage ratio was 4.2x[88] Adjusted OIBDA and Operating Income - Adjusted OIBDA for the three months ended December 31, 2023, increased by 7% compared to the prior year, driven by organic growth in C&W Caribbean, Liberty Costa Rica, and C&W Panama[16] - Adjusted OIBDA for Q4 2023 was $431.9 million, up from $402.6 million in Q4 2022, representing a margin increase to 37.1% from 34.7%[68] - Operating income for the year ended December 31, 2023, was $517.7 million, compared to $86.5 million in 2022, with an operating income margin of 11.5%[68] Forward-Looking Statements - The company anticipates a mid to high single-digit Adjusted OIBDA rebased CAGR and over $1 billion in aggregate Adjusted FCF before distributions to noncontrolling interests over the next three years[2] - Forward-looking statements indicate expectations for subscriber growth and integration plans following the AT&T acquisition, with potential risks including competition and regulatory changes[28]
Liberty Latin America(LILA) - 2023 Q3 - Earnings Call Transcript
2023-11-10 19:28
Liberty Latin America Ltd. (NASDAQ:LILA) Q3 2023 Earnings Conference Call November 10, 2023 8:30 AM ET Company Participants Matt Read - Treasurer Balan Nair - President and Chief Executive Officer Christopher Noyes - Chief Financial Officer Conference Call Participants Michael Rollins - Citigroup Vitor Tomita - Goldman Sachs Cesar Medina - Morgan Stanley Soomit Datta - New Street Research Matthew Harrigan - Benchmark Operator Good morning, ladies and gentlemen, and thank you for standing by. Today's call is ...
Liberty Latin America(LILA) - 2023 Q3 - Quarterly Report
2023-11-09 21:55
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38335 Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) Bermuda 98-1386359 2 Church Street, Hamilton H ...
Liberty Latin America(LILA) - 2023 Q2 - Earnings Call Transcript
2023-08-09 18:54
Liberty Latin America Ltd. (NASDAQ:LILA) Q2 2023 Earnings Conference Call August 9, 2023 8:30 AM ET Company Participants Stephen Price - Vice President & General Manager Balan Nair - President, Chief Executive Officer & Director Christopher Noyes - Senior Vice President & Chief Financial Officer Naji Khoury - Managing Director, Liberty Communications of Puerto Rico LLC Conference Call Participants Vitor Tomita - Goldman Sachs Soomit Datta - New Street Research Andres Coello - Scotiabank Matthew Harrigan - T ...
Liberty Latin America(LILA) - 2023 Q2 - Quarterly Report
2023-08-08 20:39
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38335 Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) Bermuda 98-1386359 2 Church Street, Hamilton HM 11 ...
Liberty Latin America(LILA) - 2023 Q1 - Earnings Call Transcript
2023-05-09 18:11
Financial Data and Key Metrics Changes - The company reported consolidated revenue of $1.1 billion for Q1 2023, reflecting a $59 million increase over Q1 2022, after excluding $171 million of revenue generated by VTR in the prior year quarter [36] - Adjusted OIBDA was $407 million, resulting in a $17 million increase over Q1 2022, with a rebased growth of 4% [39] - The company targets mid- to high single-digit rebased adjusted OIBDA growth for 2023, with expectations for growth to be weighted towards the second half of the year [40] Business Line Data and Key Metrics Changes - C&W Caribbean reported $354 million in revenue for Q1, reflecting a 1% rebased decline, while adjusted OIBDA grew by 8% [41] - C&W Panama contributed $165 million in revenue and $44 million in adjusted OIBDA, reflecting 4% rebased revenue growth and 16% rebased adjusted OIBDA growth [44] - Liberty Puerto Rico's Q1 revenue was $366 million, reflecting flat year-over-year rebased growth, while adjusted OIBDA decreased by 4% compared to Q1 2022 [48][49] - Liberty Costa Rica delivered Q1 revenue of $129 million and adjusted OIBDA of $45 million, reflecting strong rebased revenue growth of 4% and rebased adjusted OIBDA growth of 28% [50] Market Data and Key Metrics Changes - The company added 65,000 subscribers across high-speed fixed Internet and mobile postpaid in Q1, with strong Internet additions led by improved performance in C&W Caribbean [6] - In Panama, Internet RGU additions showed healthy growth, with all products in Panama showing growth, particularly B2B which grew by 7% [17] - In Puerto Rico, the mobile postpaid base remained steady with low churn levels around 1% per month, while prepaid subscribers declined due to integration constraints [23] Company Strategy and Development Direction - The company is focused on integration activities in Puerto Rico, Panama, and Costa Rica, with 2023 being a key year for delivering significant value for stakeholders [8] - The company has authorized an additional $200 million for share buybacks, reflecting confidence in its capital allocation strategy [9] - The company is testing modest price increases across various markets to gauge customer response and prepare for future traditional price increases [85][88] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of economies in the Caribbean post-COVID, with expectations for continued growth in subscriber volumes and revenue [9][96] - The management team highlighted the importance of integration execution as a primary focus for both corporate and local operating teams, with the next three quarters being critical for achieving value capture goals [60] - Management noted that while competition remains, the company is well-positioned to create value through innovative products and improved cost structures [99][102] Other Important Information - The company incurred $145 million in P&E additions, representing 13% of revenue, and expects to ramp up spending over the next three quarters [52] - At the end of Q1, the company had $8 billion in total debt and $700 million in cash, with gross leverage of 4.9x and net leverage of 4.5x [55] Q&A Session Summary Question: How is the TSA migration process going in Puerto Rico? - Management indicated that the TSA migration has started and is progressing well, although there are some disruptions for customers due to older handsets not operating on the new network [65][66] Question: Are there any signs of FWA emerging in Puerto Rico or other markets? - Management noted that FWA has not taken off in their markets due to strong existing fixed networks and ubiquitous coverage, but there may be niche cases for FWA [70] Question: How sustainable are the new margin levels in Costa Rica? - Management acknowledged that some margin expansion in Costa Rica is driven by synergies that will end this year, but they remain optimistic about growth prospects [75] Question: What is the state of competition in Chile after the joint venture? - Management sees potential for mobile pricing growth in Chile, with expectations for stability in the fixed business, but acknowledges structural challenges remain [78] Question: What is the competitive landscape in the Caribbean? - Management expressed positivity about the Caribbean business, noting economic recovery and innovative FMC products driving growth [96][99]
Liberty Latin America(LILA) - 2023 Q1 - Quarterly Report
2023-05-08 20:41
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38335 Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) Bermuda 98-1386359 (State or Other Jurisdiction of ...
Liberty Latin America (LILAK) Investor Presentation - Slideshow
2023-03-02 18:05
+3% rebased growth excl. VTR 27% 36% 37% $1.4 BILLION +2% +6% +4% FIXED MOBILE B2B FY 2022 REVENUE BY PRODUCT YoY REBASED GROWTH • Balanced product mix; growth across all areas +13+14 Q2 22Q3 22 28 28 5 9 +70 TOTAL (157) Q2 22 42% 17% 41% $0.6 BILLION +8% (2)% +1% FIXED MOBILE B2B REVENUE BY PRODUCT ~$70M LIBERTY LATIN AMERICA | FY 2022 INVESTOR CALL | FEBRUARY 23, 2023 6 LIBERTY PUERTO RICO | FIXED MOMENTUM & INTEGRATION(1) RGU GROWTH DRIVING FIXED REVENUE; MOBILE REVENUE IMPACTED BY HANDSET SUBSIDIES +14 ...
Liberty Latin America(LILA) - 2022 Q4 - Earnings Call Transcript
2023-02-25 16:30
Liberty Latin America, Ltd. (NASDAQ:LILA) Q4 2022 Earnings Conference Call February 23, 2023 8:00 AM ET Company Participants Aamir Hussain - Chief Technology and Product Officer Balan Nair - President & CEO Christopher Noyes - SVP & CFO Conference Call Participants Soomit Datta - New Street Research Operator Good morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded. And I'll now turn the call over to Aamir Hussain, Chief Technology and Product Officer of Liberty Lati ...
Liberty Latin America(LILA) - 2022 Q4 - Annual Report
2023-02-22 22:09
Acquisitions and Market Expansion - The company completed the acquisition of AT&T's operations in Puerto Rico for an enterprise value of $1.95 billion, and the acquisition of Telefónica's operations in Costa Rica for $500 million, as well as América Móvil's operations in Panama for $200 million[30][31]. - The company anticipates integration plans and synergies following its acquisitions, particularly in Puerto Rico, Costa Rica, and Panama[30][31]. - The company completed the acquisition of América Móvil's operations in Panama for an enterprise value of $200 million on a cash- and debt-free basis on July 1, 2022[30]. - The acquisition of Telefónica's operations in Costa Rica was completed for an enterprise value of $500 million on a cash- and debt-free basis on August 9, 2021[30]. - The company acquired AT&T's wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands for an enterprise value of $1.95 billion on a cash- and debt-free basis on October 31, 2020[30]. Customer Base and Subscriber Metrics - As of December 31, 2022, the total number of customer relationships was 8,169,500, with 4,327,000 homes passed and 1,924,700 RGUs[40][41]. - The company reported a total of 4,104,300 mobile subscribers, including 3,507,900 prepaid and 596,400 postpaid subscribers[41]. - The company has 8,169,500 total subscribers, including 5,852,600 residential and 2,316,900 mobile subscribers[40]. - The company reported a significant increase in RGUs, with a unique premises basis counting for video, internet, and telephony services, leading to a total of three RGUs for a single residential customer subscribing to all services[47]. Network and Technology Infrastructure - The company operates an extensive subsea and terrestrial fiber optic cable network connecting approximately 40 markets in the region, enhancing connectivity solutions[35]. - C&W operates approximately 50,000 km of fiber optic cable with an activated capacity of over 10 Tbps, allowing for significant voice and data traffic handling[79]. - The company’s subsea and terrestrial fiber routes utilized less than 20% of their potential design capacity, indicating significant unused capacity[172]. - The company is focused on leveraging its full-service product suite to deliver fixed-mobile convergence offerings across its operating footprint[34]. - The company is committed to managing rapid technological changes and enhancing customer service for new and evolving products and services[32]. Service Offerings and Customer Experience - The company offers a comprehensive set of services across its operating footprint, including mobile, broadband, video, and fixed-line telephony, enhancing customer choice and retention[62]. - The company’s video services are enhanced with next-generation digital television platforms, providing features like DVR and VoD, primarily delivered over FTTH and HFC networks[70]. - The company aims to enhance its video services by developing cloud-based user interfaces and integrating OTT services into its platforms[163]. - The company’s mobile services are available on both postpaid and prepaid bases, with varying monthly fees depending on service bundling[65]. - The company aims to enhance customer retention and minimize churn through bundled service offerings[62]. Market Penetration and Competition - The company is the largest fixed-line provider of high-speed broadband and video services in Puerto Rico, Jamaica, and Trinidad and Tobago[36]. - The penetration rates for broadband internet services varied across regions, with Trinidad and Tobago at 41% and Jamaica at 19% for broadband internet subscriptions[53]. - The company faces competition in fixed-telephony services from various operators, including Digicel and Claro, which has intensified pricing pressures[174]. - The pay television service faces competition from illegal IP-setup boxes, making it difficult to maintain market share[107]. - The company is experiencing a trend of decreasing interconnection rates globally, which is also reflected in its markets[100]. Regulatory and Compliance Challenges - The company faces risks related to competitive environments, currency fluctuations, and regulatory compliance that could impact future performance[31][32]. - Regulatory compliance is crucial for C&W, as it operates under government-issued licenses that are subject to renewal and oversight in various jurisdictions[97]. - C&W Caribbean operates under various regulatory frameworks, with significant focus on price caps and interconnect charges, impacting revenue generation[100]. - The Electronic Communications Bill in ECTEL member states could materially affect C&W Caribbean's operations, with provisions on net neutrality and market dominance[104]. Employee and Corporate Social Responsibility - The company employed approximately 11,000 full-time employees as of December 31, 2022, with 42% being women and 40% in managerial positions[175]. - The total employee attrition rate for 2022 was approximately 11%, with an Employee Net Promoter Score (eNPS) of +32 indicating a passionate and engaged workforce[176]. - The company is committed to fostering a diverse and inclusive workplace, with initiatives focused on gender equity and support for women[180]. - The company contributed over 7,000 volunteer hours through its Mission Week initiative in 2022, involving more than 1,700 employees across 20 countries[187].