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 Q3 - Quarterly Results