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Liberty Latin America(LILAK) - 2025 Q1 - Quarterly Results
2025-05-07 20:58
Exhibit 99.1 Liberty Latin America Reports Q1 2025 Results Over 40,000 organic broadband and postpaid mobile subscriber net adds in Q1 >30% Fixed-Mobile Convergence ("FMC") penetration across key markets 38% Operating Income growth YoY; 8% rebased Adjusted OIBDA growth YoY Strong focus on cost and lowering capital intensity Denver, Colorado - May 7, 2025: Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating result ...
Liberty Latin America(LILAK) - 2025 Q1 - Quarterly Report
2025-05-07 20:56
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, 2025 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) (Address of Principal Executive Of ices) (Zip Code ...
Liberty Latin America(LILAK) - 2024 Q4 - Annual Report
2025-02-19 21:48
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 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 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer I ...
Liberty Latin America(LILAK) - 2024 Q4 - Annual Results
2025-02-19 21:47
Subscriber Growth - Liberty Latin America added approximately 100,000 organic fixed and mobile subscribers in 2024[1] - C&W Panama achieved over 100,000 mobile subscriber additions in 2024, with a double-digit Adjusted OIBDA growth of 18%[5] - Liberty Costa Rica saw over 110,000 postpaid additions in 2024, a 31% increase year-over-year, with double-digit revenue and Adjusted OIBDA growth[5] - Total mobile subscribers increased by 65,000 in Q4 2024, with net additions of 52,000 prepaid and 13,000 postpaid subscribers[22] - Total C&W Caribbean subscribers reached 1,695,100, with a total of 3,987,600 subscribers across all segments[43] - Liberty Puerto Rico segment reported 1,061,600 customer relationships, contributing to a total of 8,054,300 subscribers[43] Revenue Performance - Revenue for Q4 2024 was $1,150 million, a decrease of 1% year-over-year, while FY 2024 revenue was $4,457 million, also down 1%[4] - Liberty Puerto Rico's revenue for Q4 2024 was $316.5 million, a decrease of 10% compared to Q4 2023, with Adjusted OIBDA of $79.9 million, down 23%[37] - Liberty Costa Rica's revenue for Q4 2024 was CRC 85.8 billion, an increase of 9% year-over-year, with Adjusted OIBDA of CRC 34.2 billion, up 11%[40] - Total revenue for the year ended December 31, 2023, was reported at $4,511.1 million, with a reported percentage change of 2% compared to the previous year[77] Adjusted OIBDA - Adjusted OIBDA for Q4 2024 was $427 million, a decrease of 1% year-over-year, and FY 2024 Adjusted OIBDA was $1,594 million, down 6%[4] - Adjusted OIBDA for C&W Caribbean increased by 5% and 6% on a reported and rebased basis, respectively, with an Adjusted OIBDA margin improvement of over 150 basis points year-over-year to 45% in Q4 2024[12] - C&W Panama's Adjusted OIBDA rose by 19% on both a reported and rebased basis, driven by product mix and synergies from the Claro Panama acquisition[14] - Total reported Adjusted OIBDA decreased by 1% and 6% for Q4 and the full year 2024, respectively, as organic reductions in Liberty Puerto Rico were partly offset by growth in C&W Panama, C&W Caribbean, and Liberty Costa Rica[13] - Adjusted OIBDA for Q4 2024 was $307.8 million, up 7% from $288.2 million in Q4 2023[33] - Adjusted OIBDA for Liberty Costa Rica in Q4 2024 was 34.2 billion CRC, up from 30.8 billion CRC in Q4 2023, indicating an increase of 10.4%[89] Operating Income and Loss - The company reported an operating income of $128 million for Q4 2024, an increase from $113 million in Q4 2023[12] - Operating income for Q4 2024 reached $112.6 million, representing a 74% increase compared to $64.7 million in Q4 2023[33] - Liberty Puerto Rico reported an operating loss of $7.7 million in Q4 2024, compared to an operating income of $9.7 million in Q4 2023[89] Debt and Financial Obligations - The total debt and finance lease obligations amounted to $8,138.8 million as of December 31, 2024, with cash and cash equivalents of $667.3 million[18] - As of December 31, 2024, C&W's total third-party net debt was $4.4 billion, with a Fully-swapped Borrowing Cost of 5.7% and an average debt tenor of approximately 4.3 years[35] - Liberty Puerto Rico's total debt and finance lease obligations amounted to $2.775 billion as of December 31, 2024, with a net carrying amount of $2.722 billion[38] - The total debt and finance lease obligations as of December 31, 2024, amounted to $8,080.2 million[84] Capital Expenditures - Capital expenditures for the year ended December 31, 2024, totaled $540.4 million, slightly down from $585.0 million in 2023[16] - Property and equipment additions for the year ended December 31, 2024, totaled $381.0 million, a 5% decrease from $399.7 million in 2023[33] - Property and equipment additions as a percentage of revenue were 20.9% for Q4 2024, up from 17.8% in Q4 2023[16] Strategic Initiatives - The company anticipates continued demand for connectivity in the region and plans to focus on digital strategy and product innovation[28] - The company is undergoing adjustments related to the migration to a new prepaid billing system, impacting customer relationships and video subscribers[23] - The company is focused on expanding its network capacity to support growth and service expansions, which includes significant capital investments[59] - The company’s strategy includes exploring new product offerings and market expansions to enhance customer relationships and revenue streams[62] Cash Flow - Adjusted free cash flow (FCF) before distributions to noncontrolling interest owners was $196 million in Q4 2024, down from $218 million in Q4 2023[4] - Adjusted Free Cash Flow (FCF) for Q4 2024 was $163.2 million, down from $183.7 million in Q4 2023, indicating a decrease of 11.5%[69] - Net cash provided by operating activities increased to $398.6 million in Q4 2024 from $390.5 million in Q4 2023, showing a growth of 2.8%[69] Acquisition and Adjustments - The company completed the LPR Acquisition on September 3, 2024, which is expected to impact future revenue and Adjusted OIBDA growth rates[70] - Cash payments for direct acquisition and disposition costs were $2.9 million in Q4 2024, compared to $0.9 million in Q4 2023, indicating an increase of 222.2%[69] - Liberty's acquisition adjustments for the year included $1.4 million related to revenue[79]
Liberty Latin America(LILAK) - 2024 Q3 - Quarterly Report
2024-11-06 22:10
Subscriber and Network Metrics - Total subscribers as of September 30, 2024: 7,989,300 mobile subscribers and 3,986,100 RGUs (1,824,500 broadband, 1,232,700 fixed-line telephony, 928,900 video)[178] - Fixed networks passed 4,713,000 homes as of September 30, 2024[178] Hurricane Beryl Impact - Hurricane Beryl negatively impacted Q3 2024 revenue by $5 million and Adjusted OIBDA by $8 million, with an estimated loss of 33,000 RGUs (16,000 broadband, 15,000 fixed-line telephony, 2,000 video)[179] - Expected Q4 2024 impact from Hurricane Beryl: revenue and Adjusted OIBDA to decline by $5 million to $10 million, with additional property and equipment additions of $10 million to $15 million[180] - Net proceeds of $44 million from Weather Derivatives claim triggered by Hurricane Beryl, recorded as a derivative gain in Q3 2024[181] Costa Rica Transaction - Costa Rica transaction with Millicom announced on August 1, 2024, with Liberty Latin America to hold ~86% interest and Millicom ~14% upon closing, expected in H2 2025[182] - Agreement to acquire 8.5% equity of Liberty Costa Rica for $82 million, with 62.5% due at closing and 37.5% due by January 29, 2027[183] Financial Performance Overview - Q3 2024 revenue decreased by $36.6 million YoY, with organic decline of $42.0 million partially offset by FX and acquisition impacts[188] - Operating loss for Q3 2024 was $379.6 million, compared to $542.3 million in Q3 2023, with organic decline of $543.1 million[189] - Revenue for the nine months ended September 30, 2024 decreased by $40.9 million (1.2%) compared to the same period in 2023, with organic revenue decline of $70.0 million[191] - Operating income for the nine months ended September 30, 2024 was a loss of $176.0 million, compared to a profit of $404.7 million in 2023, representing a $580.7 million decrease[191] - Consolidated Adjusted OIBDA for the nine months ended September 30, 2024 was $1,166.4 million, a decrease of $103.3 million (8.1%) compared to $1,269.7 million in 2023[193] - Adjusted OIBDA Margin for C&W Caribbean improved to 42.6% for the nine months ended September 30, 2024, up from 40.8% in 2023[198] - Liberty Networks' Adjusted OIBDA Margin declined to 53.8% for the nine months ended September 30, 2024, compared to 58.9% in 2023[198] Cost and Expense Analysis - Programming and other direct costs decreased by $29.8 million organically in Q3 2024[189] - Programming and other direct costs decreased by $22.8 million (3.1%) for the nine months ended September 30, 2024, with organic decrease of $30.5 million[191] - Other operating costs and expenses increased by $66.3 million (4.7%) for the nine months ended September 30, 2024, with organic increase of $53.4 million[191] - Depreciation and amortization increased by $24.3 million (3.4%) for the nine months ended September 30, 2024, with organic increase of $20.6 million[191] - Impairment, restructuring and other operating items increased significantly by $472.0 million for the nine months ended September 30, 2024 compared to 2023[191] - Integration costs for Liberty Puerto Rico segment were $17 million for the nine months ended September 30, 2024, compared to $13 million in 2023 across multiple segments[198] Segment Revenue Performance - Total revenue for the three months ended September 2024 decreased by $36.6 million to $1,089.2 million compared to $1,125.8 million in 2023, with an organic decrease of $42.0 million[204] - C&W Caribbean's revenue for the nine months ended September 2024 increased by $21.4 million to $1,092.0 million, driven by organic growth of $25.9 million[205] - Liberty Puerto Rico's revenue for the three months ended September 2024 decreased by $43.0 million to $308.2 million, with an organic decrease of $45.9 million[204] - Liberty Costa Rica's revenue for the three months ended September 2024 increased by $10.9 million to $145.5 million, with organic growth of $6.3 million[204] - Residential mobile service revenue for C&W Caribbean increased by $17.6 million to $262.9 million for the nine months ended September 2024, driven by higher postpaid mobile subscribers[208] - C&W Panama's total revenue for the three months ended September 2024 decreased by $2.4 million to $188.0 million, with a 13% decrease in B2B revenue[214] - Residential fixed subscription revenue for C&W Panama increased by $1.6 million to $31.2 million for the three months ended September 2024, a 5% increase[214] - Total residential revenue for C&W Panama increased by $8.3 million to $118.9 million for the three months ended September 2024, an 8% increase[214] - Residential mobile service revenue for C&W Panama increased by $4.5 million to $70.5 million for the three months ended September 2024, a 7% increase[214] - B2B revenue for C&W Panama decreased by $10.7 million to $69.1 million for the three months ended September 2024, a 13% decrease[214] - C&W Panama's residential fixed revenue increased by $1.4 million in the three-month comparison and $4 million in the nine-month comparison, driven by higher average broadband internet RGUs[217] - C&W Panama's residential mobile service revenue increased by $4.5 million in the three-month comparison and $3 million in the nine-month comparison, primarily due to higher ARPU from prepaid mobile services[219] - Liberty Networks' B2B revenue decreased by $2.6 million (2%) in the three-month comparison, with enterprise revenue increasing by $0.7 million (2%) and wholesale revenue decreasing by $3.3 million (4%)[222] - Liberty Networks' B2B revenue decreased by $2.3 million (1%) in the nine-month comparison, with enterprise revenue increasing by $10.4 million (12%) and wholesale revenue decreasing by $12.7 million (5%)[224] - Liberty Puerto Rico's total revenue decreased by $43 million (12%) in the three-month comparison, with residential revenue decreasing by $38.4 million (13%) and B2B revenue decreasing by $2.7 million (5%)[227] - Liberty Puerto Rico's total revenue decreased by $120.2 million (11%) in the nine-month comparison, with residential revenue decreasing by $104.4 million (12%) and B2B revenue decreasing by $6 million (4%)[229] - Liberty Puerto Rico's residential mobile service revenue decreased by $16.6 million (17%) in the three-month comparison and $47.3 million (16%) in the nine-month comparison, primarily due to declines in the average number of mobile subscribers[232] - Liberty Puerto Rico's residential fixed subscription revenue decreased by $3.5 million (3%) in the three-month comparison and $1.4 million (0%) in the nine-month comparison, primarily due to lower ARPU from broadband internet, video, and fixed-line telephony services[231] - Liberty Puerto Rico's residential mobile interconnect, inbound roaming, equipment sales, and other revenue decreased by $16.5 million (28%) in the three-month comparison and $53.2 million (29%) in the nine-month comparison, primarily driven by lower equipment sales and inbound roaming revenue[232] - Liberty Puerto Rico's other revenue decreased by $1.9 million (23%) in the three-month comparison and $9.8 million (31%) in the nine-month comparison, driven by declines in the rate of funding related to FCC funds[235] - Residential fixed subscription revenue decreased by $2.0 million (6%) in Q3 2024 compared to Q3 2023[236] - Residential fixed non-subscription revenue increased by $3.6 million (90%) in Q3 2024 compared to Q3 2023[236] - Residential mobile service revenue increased by $7.3 million (12%) in Q3 2024 compared to Q3 2023[236] - Total residential revenue increased by $9.4 million (8%) in Q3 2024 compared to Q3 2023[236] - B2B revenue increased by $1.5 million (10%) in Q3 2024 compared to Q3 2023[236] - Total revenue increased by $10.9 million (8%) in Q3 2024 compared to Q3 2023[236] - Residential fixed subscription revenue decreased by $5.4 million in the nine months ended September 2024 compared to the same period in 2023[237] - Residential fixed non-subscription revenue increased by $16.1 million (17%) in the nine months ended September 2024 compared to the same period in 2023[237] - Residential mobile service revenue increased by $25.5 million in the nine months ended September 2024 compared to the same period in 2023[237] - Total revenue increased by $46.0 million in the nine months ended September 2024 compared to the same period in 2023[237] Revenue and Cost Breakdown by Category - Programming and copyright revenue decreased by $0.4 million (6.9%) to $5.4 million in Q3 2024 compared to Q3 2023[252] - Interconnect revenue decreased by $2.1 million (11.3%) to $16.5 million in Q3 2024 due to lower traffic volumes[252] - Equipment revenue increased by $6.0 million (67.4%) to $14.9 million in Q3 2024, driven by higher handset sales to residential and B2B customers[252][254] - Project-related and other revenue decreased by $13.0 million (37.8%) to $21.4 million in Q3 2024 due to project phasing[252][255] - Total programming and other direct costs of services decreased by $9.5 million (14.0%) to $58.2 million in Q3 2024[252] - Liberty Networks segment saw a $2.2 million (12.6%) decrease in total programming and other direct costs of services to $15.2 million in Q3 2024[256] - Liberty Puerto Rico segment experienced a $17.3 million (17.7%) decrease in total programming and other direct costs of services to $80.3 million in Q3 2024[259] - Liberty Costa Rica segment reported a $3.6 million (12.7%) increase in total programming and other direct costs of services to $31.9 million in Q3 2024[265] - Equipment costs in Liberty Costa Rica increased by $3.3 million (27.7%) to $15.2 million in Q3 2024, driven by higher CPE and handset costs[265][268] - Interconnect costs in Liberty Costa Rica decreased by $1.5 million (18.5%) to $6.6 million in Q3 2024 due to lower rates and volumes[265][268] Operating Costs and Expenses - Personnel and contract labor costs increased by $10.7 million (8.2%) organically in 2024 compared to 2023, driven by higher salaries, capitalized labor, and bonus-related expenses[270][274] - Network-related costs decreased by $6.1 million (9.4%) organically in 2024, primarily due to lower power consumption and rates[270][275] - Service-related costs increased by $10.4 million (19.9%) organically in 2024, mainly due to higher professional services expenses[270][277] - Total other operating costs and expenses increased by $5.9 million (1.3%) organically in 2024, reaching $470.1 million[270] - C&W Caribbean segment saw a $5.6 million (3.6%) organic decrease in total operating costs, driven by lower network and service-related expenses[273][277] - C&W Panama segment reduced total operating costs by $12.8 million (6.2%) in 2024, with facility-related costs decreasing by $16.7 million (25.1%) due to synergies from the Claro Panama Acquisition[281][282] - Liberty Networks segment increased total operating costs by $4.5 million (14.3%) organically in 2024, primarily due to higher facility and network-related expenses[285] - Hurricane Beryl-related restoration costs impacted facility expenses in the C&W Caribbean segment, contributing to a $6.2 million increase in the nine-month comparison[278] - Marketing and commissions expenses in the C&W Panama segment increased by $2.8 million (13.5%) as the company targeted customers from a competitor exiting the market[282] - Share-based compensation and employee incentive plan-related expenses decreased by $8.2 million (34.0%) in 2024, reflecting lower headcount and restructuring efforts[270][281] - Personnel and contract labor increased by $14.6 million (12.9%) organically for the nine months ended September 30, 2024, primarily due to higher salaries, severance-related expenses, and lower bonus-related expenses[291] - Network-related costs decreased by $5.6 million (14.8%) organically for the nine months ended September 30, 2024, primarily due to the termination of a transition service agreement[292] - Service-related costs increased by $42.3 million (77.6%) organically for the nine months ended September 30, 2024, primarily due to higher integration costs and IT service expenses[292] - Commercial costs increased by $5.4 million (15.0%) organically for the nine months ended September 30, 2024, primarily due to higher call center costs[293] - Facility, provision, franchise, and other costs increased by $12.4 million (23.4%) organically for the nine months ended September 30, 2024, primarily due to higher bad debt expense and collection costs[294] - Total other operating costs and expenses increased by $68.4 million (17.1%) for the nine months ended September 30, 2024, with $67.8 million (16.9%) of the increase being organic[291] - Personnel and contract labor increased by $6.0 million (84.5%) for the three months ended September 30, 2024, primarily due to higher bonus-related expense and lower capitalized labor[305] - Share-based compensation and other Employee Incentive Plan-related expense decreased by $17.8 million (35.5%) for the nine months ended September 30, 2024[305] - Facility, provision, franchise, and other costs decreased by $5.1 million (19.5%) for the nine months ended September 30, 2024, primarily due to insurance costs recognized in 2023[307] - Total other operating costs and expenses decreased by $14.3 million (11.6%) for the nine months ended September 30, 2024[305] Depreciation, Amortization, and Impairment - Depreciation and amortization expense increased by $15 million (6%) for the three months and $24 million (3%) for the nine months ended September 30, 2024, compared to 2023, driven by property and equipment additions and network expansions[308] - Impairment charges for the three and nine months ended September 30, 2024, were $511.5 million and $520.0 million, respectively, primarily due to goodwill impairment at Liberty Puerto Rico[310] - Restructuring charges for the three and nine months ended September 30, 2024, were $12.2 million and $27.0 million, respectively, mainly due to employee severance costs in C&W Panama and Liberty Puerto Rico[311] Interest and Financial Expenses - Interest expense increased by $7 million for the three months and $23 million for the nine months ended September 30, 2024, driven by higher average outstanding debt balances and interest rates[312] - Realized and unrealized losses on derivative instruments for the three months ended September 30, 2024, were $31.3 million, primarily due to changes in interest rates and amendments to derivative contracts[317] - Foreign currency transaction losses for the three months ended September 30, 2024, were $7.6 million, mainly due to remeasurement of CRC-denominated assets and liabilities[321] Tax and Net Loss - Income tax benefit for the three and nine months ended September 30, 2024, was $146 million and $177 million, respectively, driven by international rate differences and valuation allowance decreases[326] - Net loss for the three and nine months ended September 30, 2024, was $429.1 million and $466.5 million, respectively, compared to net earnings of $47.9 million and a net loss of $4.1 million in 2023[330] Cash Flow and Liquidity - Total cash and cash equivalents as of September 30, 2024, were $588.6 million, with $514.4 million held by borrowing groups including C&W, Liberty Puerto Rico, and Liberty Costa Rica[334] - The aggregate value of share repurchases during the nine months ended September 30, 2024 was $83 million[339] - The outstanding principal amount of debt and finance lease obligations at September 30, 2024 was $8,212 million, with $550 million classified as current and $7,604 million due in 2027 or later[343] - The weighted average interest rate on all borrowings at September 30, 202
Liberty Latin America(LILAK) - 2024 Q3 - Quarterly Results
2024-11-06 22:08
Revenue Performance - Reported revenue for Q3 2024 was $1.1 billion, a 3% decline year-over-year, primarily driven by a reduction in Liberty Puerto Rico's organic revenue[9][10] - Liberty Puerto Rico's revenue decreased by 12% year-over-year, with residential mobile revenue down 21% due to subscriber migration issues[15][17] - Liberty Costa Rica achieved an 8% revenue growth year-over-year, benefiting from a $5 million positive foreign exchange impact[19] - As of September 30, 2024, the total revenue was $636.5 million, a decrease of 1% compared to $640.9 million in the same period of 2023[51] - For the nine months ended September 30, 2024, revenue increased by 2% to $1.919.1 billion compared to $1.882.6 billion in the same period of 2023[52] - The company reported a rebased revenue of $3,374.8 million for the nine months ended September 30, 2024, reflecting a rebased percentage change of (2)% compared to the previous year[95] - Liberty Puerto Rico reported Q3 2024 revenue of $308.2 million, a decrease of 12% compared to Q3 2023[57] Adjusted OIBDA - Adjusted OIBDA for Q3 2024 was $403 million, down 6% from $428 million in Q3 2023[5][20] - Adjusted OIBDA for Q3 2024 decreased by 6% to $403.1 million compared to Q3 2023, and YTD decreased by 8% to $1,166.4 million[23] - C&W Caribbean reported a 5% increase in Adjusted OIBDA to $157.7 million, with an improved margin of 43.9%[24] - C&W Panama saw a 17% increase in Adjusted OIBDA to $68.7 million, attributed to lower project costs and synergies from the Claro Panama acquisition[24] - Liberty Puerto Rico experienced a 24% decline in Adjusted OIBDA to $88.2 million, primarily due to revenue decline and lower handset sales[26] - Adjusted OIBDA for the nine months ended September 30, 2024, was not explicitly stated but is included in the rebased growth calculations[89] - Adjusted OIBDA for the three months ended September 30, 2024, was $286.5 million, compared to $273.4 million for the same period in 2023, representing an increase of 4.8%[107] Operating Income - Operating income for Q3 2024 was a loss of $380 million, compared to a profit of $163 million in Q3 2023, primarily due to goodwill impairment[20][21] - Operating income as a percentage of revenue improved to 14.8% in Q3 2024, compared to 14.1% in Q3 2023[51] - The company experienced a 96% decrease in operating income for the three months ended September 30, 2024, compared to the previous quarter[101] - Operating income for the C&W borrowing group for the three months ended September 30, 2024, was $94.4 million, compared to $90.2 million in 2023, showing an increase of 2.4%[107] Capital Expenditures - Total capital expenditures for Q3 2024 were $126.5 million, down from $149.8 million in Q3 2023[29] - Property and equipment additions for Q3 2024 totaled $170.7 million, a decrease from $187.2 million in Q3 2023[29] - Property and equipment additions decreased by 17% to $87.9 million in Q3 2024 from $106.0 million in Q3 2023[51] - The company reported a capital expenditure of $(126.5) million for September 2024, down from $(149.8) million in September 2023[87] Debt and Financial Ratios - The company completed a $1 billion debt refinancing in the C&W credit silo, positioning for improved financial performance[2] - The company reported a total debt of $8,206.8 million as of September 30, 2024[33] - Consolidated gross leverage ratio as of September 30, 2024, was 5.2x, slightly down from 5.3x in June 2024[34] - As of September 30, 2024, the total third-party net debt was $4.5 billion, with a fully-swapped borrowing cost of 5.5% and an average tenor of approximately 3.3 years[53] - C&W's Covenant Proportionate Net Leverage Ratio was 4.0x, with maximum undrawn commitments of $534 million as of September 30, 2024[55] - The consolidated leverage ratio as of September 30, 2024, was 5.2x, while the net leverage ratio was 4.8x, indicating a slight improvement from the previous quarter[101] - Total debt and finance lease obligations as of September 30, 2024, amounted to $8,155.9 million, up from $8,080.7 million as of June 30, 2024[101] Subscriber Growth - The company added nearly 50,000 broadband and postpaid subscribers in Costa Rica and Panama, doubling the prior-year period[3] - The total number of mobile subscribers increased by 77,000, with a net addition of 81,000 subscribers in Liberty Puerto Rico due to the acquisition of spectrum and prepaid subscribers from EchoStar[38][41] - Total mobile subscribers increased to 7,989,300, including 2,448,200 postpaid subscribers[69] Customer Metrics - C&W Caribbean reported a decrease in ARPU per customer relationship to $48.06, down 3% from $49.38 in the previous quarter[39] - Mobile ARPU for C&W Caribbean increased to $15.62, a 6% increase from $14.78 in the previous quarter[40] - The net promoter score (NPS) is utilized to gauge customer satisfaction and loyalty[74] Operational Efficiency - Adjusted OIBDA is a key performance measure, reflecting the company's operational efficiency[84] - The company is focused on expanding its market presence through new product offerings and technology innovations[69] - The company anticipates benefits from its FTTH broadband investment in Peru and submarine expansion projects connecting Colombia, Panama, Mexico, and the USA[43]
Liberty Latin America(LILAK) - 2024 Q1 - Quarterly Results
2024-05-07 21:02
Exhibit 99.1 Liberty Latin America Reports Q1 2024 Results 45,000 organic broadband and postpaid mobile subscriber net adds Strong Adjusted OIBDA growth across Panama, Costa Rica & Caribbean Puerto Rico migration completed; performance set to improve 5% of shares outstanding repurchased in Q1; increased buyback authorization Denver, Colorado - May 7, 2024: Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating resul ...
Liberty Latin America(LILAK) - 2024 Q1 - Quarterly Report
2024-05-07 21:00
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 Bermuda 98-1386359 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 2 Church Street, Hamilton HM 11 For the quarterly period ended March 31, 2024 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 ...
Liberty Latin America(LILAK) - 2023 Q4 - Annual Report
2024-02-22 21:42
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ 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 Incorporation or Organization) (I.R.S. Employer Iden ...
Liberty Latin America(LILAK) - 2023 Q4 - Annual Results
2024-02-22 21:40
Subscriber Growth and Performance - 186,000 organic broadband and postpaid mobile subscriber net adds in 2023[1] - Over 80% of fixed networks upgraded to enable speeds in excess of 1 Gbps, adding 81,000 broadband subscribers[2] - Postpaid mobile base grew by 105,000 subscribers, primarily in Liberty Costa Rica and C&W Caribbean[2] - C&W Caribbean: ~100,000 internet and mobile postpaid organic adds in 2023; FY reported and rebased Adj. OIBDA growth of 12%[5] - Liberty Costa Rica: 87,000 total postpaid net adds in 2023; FY Adj. OIBDA up 51% and 23% on a reported and rebased basis, respectively[5] - Total C&W Caribbean mobile subscribers increased by 45,000, with Jamaica contributing 33,200 and Barbados 1,900[23] - Liberty Costa Rica mobile subscribers grew by 73,400, driven by 44,900 prepaid and 28,500 postpaid additions[23] - Total C&W Caribbean fixed-line RGUs reached 1,739,000, with mobile subscribers totaling 1,970,000, including 1,663,000 prepaid and 307,000 postpaid subscribers[45] - C&W Panama reported 620,500 fixed-line RGUs and 1,856,400 mobile subscribers, with 1,511,200 prepaid and 345,200 postpaid subscribers[45] - Liberty Puerto Rico recorded 1,053,000 fixed-line RGUs and 979,300 mobile subscribers, including 115,200 prepaid and 864,100 postpaid subscribers[45] - Liberty Costa Rica's fixed-line RGUs stood at 520,900, with mobile subscribers reaching 3,171,700, including 2,267,100 prepaid and 904,600 postpaid subscribers[45] - Total mobile subscribers across all regions reached 7,977,400, including 5,556,500 prepaid and 2,420,900 postpaid subscribers[45] - Postpaid mobile subscribers in Liberty Puerto Rico include 201,800 CRUs (Corporate Responsible Users)[46] - Homes passed in Liberty Costa Rica include 54,000 homes on a third-party network with long-term access[46] Financial Performance and Metrics - Operating income of $518 million; Adj. OIBDA rebased growth of 6% to $1.7 billion[1] - Cash provided by operating activities of $897 million; reported Adj. FCF before distributions to noncontrolling interests of $273 million[1] - Anticipated mid to high single digit Adjusted OIBDA rebased CAGR and aggregate Adjusted FCF of more than $1 billion over the next three years[2] - Adjusted OIBDA for Q4 2023 increased by 7% to $431.9 million, driven by growth in C&W Caribbean, Liberty Costa Rica, and C&W Panama, offset by declines in Liberty Networks and Liberty Puerto Rico[11][16] - C&W Caribbean's Adjusted OIBDA grew by 16% to $160.0 million in Q4 2023, with a margin improvement of over 600 basis points to 44%[11][16] - C&W Panama's Adjusted OIBDA increased by 17% to $66.7 million in Q4 2023, driven by revenue growth and lower bad debt expenses[11][16] - Liberty Costa Rica's Adjusted OIBDA surged by 60% to $57.9 million in Q4 2023, supported by revenue growth and favorable foreign exchange movements[11][17] - Liberty Networks' Adjusted OIBDA declined by 23% to $61.5 million in Q4 2023 due to revenue declines[11][17] - Liberty Puerto Rico's Adjusted OIBDA decreased by 12% to $103.9 million in Q4 2023, impacted by revenue declines and higher operating costs[11][17] - Adjusted OIBDA for Q4 2023 was $431.9 million, up 7.3% from $402.6 million in Q4 2022[68] - Full-year 2023 Adjusted OIBDA reached $1,701.6 million, slightly down 0.5% from $1,709.9 million in 2022[68] - Adjusted OIBDA margin improved to 37.1% in Q4 2023 from 34.7% in Q4 2022[68] - Adjusted Free Cash Flow (Adjusted FCF) for Q4 2023 was $183.7 million, down 12.4% from $209.7 million in Q4 2022[71] - Full-year 2023 Adjusted FCF increased 4.9% to $197.8 million from $188.5 million in 2022[71] - Capital expenditures for 2023 totaled $585.0 million, down 11.4% from $660.1 million in 2022[71] - Adjusted OIBDA for the year ended December 31, 2022 was $1,709.9 million, with rebased Adjusted OIBDA at $1,612.2 million after adjustments[84] - Annualized Adjusted OIBDA for the last two quarters of 2023 was $1,720.6 million, with a consolidated leverage ratio of 4.8x[88] - Operating income for the three months ended September 30, 2023 was $162.7 million, contributing to an annualized operating income of $596.2 million[88][90] - Adjusted OIBDA for C&W borrowing group increased to $288.2 million in Q4 2023, up from $275.0 million in Q4 2022, with a full-year increase to $1,086.3 million from $1,000.0 million[93] - Proportionate Adjusted OIBDA for C&W borrowing group rose to $239.2 million in Q4 2023, compared to $231.7 million in Q4 2022, with a full-year increase to $916.7 million from $852.4 million[93] - Liberty Puerto Rico's Adjusted OIBDA decreased to $103.9 million in Q4 2023 from $117.6 million in Q4 2022, with a full-year decrease to $485.5 million from $530.8 million[94] - Liberty Costa Rica's Adjusted OIBDA increased to CRC 30.8 billion in Q4 2023 from CRC 22.1 billion in Q4 2022, with a full-year increase to CRC 110.2 billion from CRC 87.2 billion[94] Debt and Financial Obligations - Total debt and finance lease obligations stood at $8,247.7 million as of December 31, 2023, with cash and cash equivalents of $996.6 million[20] - Consolidated gross leverage ratio increased to 4.8x in Q4 2023, up from 4.6x in Q3 2023[20] - Unused borrowing capacity was $869.0 million as of December 31, 2023, slightly down from $887.0 million in Q3 2023[20] - Cash amount includes restricted cash used as collateral for lines of credit to expand and improve the fixed network in Puerto Rico[22] - C&W's total third-party debt as of December 31, 2023, was $4.1 billion, with a Fully-swapped Borrowing Cost of 5.5% and an average debt tenor of 4.1 years[37] - Liberty Puerto Rico's total debt and finance lease obligations as of December 31, 2023, were $2.7 billion, with a Fully-swapped Borrowing Cost of 6.2% and an average debt tenor of 4.6 years[39][40] - Liberty Costa Rica's total debt and finance lease obligations as of December 31, 2023, were CRC 235.7 billion, with a Fully-swapped Borrowing Cost of 10.9% and an average debt tenor of 7.0 years[42][43] - Liberty Costa Rica's Covenant Consolidated Net Leverage Ratio was 1.9x, with maximum undrawn commitments of $60 million as of December 31, 2023[44] - Total debt and finance lease obligations as of December 31, 2023 were $8,179.9 million, with net debt at $7,251.1 million[88] Revenue and ARPU Metrics - C&W Caribbean ARPU per customer relationship increased by 1% to $49.66 in Q4 2023[24] - Liberty Costa Rica mobile ARPU rose by 3% to $6.74 in Q4 2023[25] - C&W Borrowing Group revenue for Q4 2023 was $660.6 million, a 1% decline year-over-year[34] - Full-year 2023 revenue for C&W Borrowing Group grew by 4% to $2,543.2 million[34] - Liberty Puerto Rico's revenue for Q4 2023 decreased by 5% to $353.5 million, with Adjusted OIBDA declining by 12% to $103.9 million[38] - Liberty Costa Rica's revenue for Q4 2023 increased by 11% to CRC 79.2 billion, with Adjusted OIBDA growing by 39% to CRC 30.8 billion[41] - C&W Caribbean segment reported revenue of $367.3 million, with rebased revenue at $366.6 million after foreign currency adjustments[81][87] - Liberty Costa Rica segment showed a 28% increase in reported revenue to $116.7 million, with rebased revenue at $135.4 million[81] - C&W borrowing group's rebased revenue for Q4 2022 was $670.0 million, with a reported percentage change of -1% and a rebased percentage change of -1%[95] - Liberty Costa Rica's rebased revenue for Q4 2022 was CRC 72.0 billion, with a reported percentage change of 11% and a rebased percentage change of 10%[101] - ARPU (Average Revenue Per Unit) is calculated based on subscription revenue, excluding interconnect, mobile handset sales, and late fees[49] Capital Expenditures and Investments - Property & equipment additions in Q4 2023 totaled $206.6 million, a decrease from $225.2 million in Q4 2022, with C&W Caribbean accounting for $61.3 million[19] - Property & equipment additions for C&W Borrowing Group decreased by 7% to $106.1 million in Q4 2023[34] - Repurchased $300 million in equity and convertible notes during the year[1] Integration and Operational Updates - Puerto Rico integration >80% complete; >800,000 mobile subscribers migrated[1] - Claro Panamá acquisition contributed $64.3 million to rebased revenue adjustments for 2022[79] - VTR deconsolidation resulted in a $450.6 million reduction in rebased revenue for 2022[79] - Liberty Costa Rica segment's B2B acquisition in January 2023 had minimal impact on financial results[80] - Revenue for the three months ended December 31, 2022 was $1,159.2 million, with rebased revenue at $1,178.6 million after adjustments[81] - Adjusted OIBDA for the three months ended December 31, 2022 was $402.6 million, increasing to $408.4 million after rebase adjustments[83] - C&W Caribbean's residential fixed revenue was $128.2 million, with a 2% reported percentage change[87] - Liberty Networks segment reported a 23% decrease in Adjusted OIBDA to $79.7 million for the three months ended December 31, 2022[83] - C&W borrowing group's rebased Adjusted OIBDA for Q4 2022 was $274.2 million, with a reported percentage change of 5% and a rebased percentage change of 5%[97] - Liberty Costa Rica's rebased Adjusted OIBDA for Q4 2022 was CRC 22.6 billion, with a reported percentage change of 39% and a rebased percentage change of 36%[100]