Revenue Performance - Liberty Latin America reported Q1 2025 revenue of $1,084 million, a 1% decrease from $1,099 million in Q1 2024[5] - Liberty Puerto Rico experienced a 9% decline in revenue year-over-year, attributed to challenges in mobile subscriber migration[14] - For the three months ended March 31, 2025, Liberty Latin America reported revenue of $628.8 million, a 1% increase from $620.3 million in the same period of 2024[41] - Liberty Puerto Rico's revenue decreased by 9% to $298.4 million from $327.2 million in Q1 2024, while adjusted OIBDA rose 18% to $81.5 million[43] - Total reported revenue for the C&W Caribbean segment was $364.2 million, with a 2% increase compared to the previous year[86] - The rebased revenue for the C&W Panama segment was $168.1 million, showing an 11% increase year-over-year[87] Operating Income and Adjusted OIBDA - Operating income increased by 38% year-over-year to $128 million, up from $93 million in the same period last year[5] - Adjusted OIBDA for Q1 2025 was $407 million, reflecting a 9% increase compared to $374 million in Q1 2024[5] - C&W Panama's Adjusted OIBDA increased by 14% year-over-year, driven by strong revenue growth and operational leverage[24] - Liberty Puerto Rico's Adjusted OIBDA rose by 18% on a reported basis, supported by lower integration costs and equipment expenses despite revenue decline[24] - Adjusted OIBDA for Q1 2025 was $406.6 million, up from $374.2 million in Q1 2024, representing a growth of 8.9%[72] - Adjusted OIBDA margin increased to 37.5% in Q1 2025 from 34.0% in Q1 2024[72] Subscriber Growth and Customer Metrics - The company added over 40,000 organic broadband and postpaid mobile subscribers in Q1 2025, with a total of 1,938,500 customers[10] - Total mobile subscribers reached 3,899,800, with 1,075,700 customer relationships in the consolidated operating data[47] - Liberty Puerto Rico experienced a net loss of 1,900 RGUs in Q1 2025, while Liberty Costa Rica gained 12,900 RGUs[31] - C&W Caribbean's ARPU per customer relationship increased by 2% to $50.71 compared to $49.74 in the previous quarter[34] - Mobile ARPU for Liberty Puerto Rico increased by 3% to $36.22, reflecting a positive trend in mobile services[35] Capital Expenditures and Cash Flow - Capital expenditures for the three months ended March 31, 2025, totaled $96.7 million, down from $109.7 million in the same period of 2024[26] - Adjusted Free Cash Flow (Adjusted FCF) before distributions improved to $(103) million, compared to $(150) million in Q1 2024[5] - Adjusted Free Cash Flow (Adjusted FCF) for Q1 2025 was $(132.5) million, an improvement from $(149.7) million in Q1 2024[75] Debt and Financial Ratios - Total debt and finance lease obligations amounted to $8,245.2 million as of March 31, 2025, with a consolidated leverage ratio of 16.1x[27] - The total carrying amount of Liberty Puerto Rico's debt was $2.744 billion as of March 31, 2025, with a net carrying amount of $2.707 billion after accounting for cash and equivalents[44] - Liberty Latin America's total third-party debt was $5.002 billion as of March 31, 2025, with a net carrying amount of $4.470 billion[42] - The Covenant Proportionate Net Leverage Ratio for C&W was 3.8x, calculated based on the last two quarters of Covenant EBITDA[42] - Liberty Puerto Rico's Covenant Consolidated Net Leverage Ratio was 8.0x, reflecting the company's financial leverage position[45] Operational Efficiency and Future Outlook - The company anticipates a decline in capital intensity while focusing on cost efficiencies to support Adjusted FCF growth[3] - Liberty Latin America withdrew its mid-term (2024-2026) outlook due to slower-than-expected recovery in Puerto Rico[3] - The company plans to continue expanding and improving its fixed network in Puerto Rico, supported by funding from the FCC[90] - The company is focused on improving the accuracy and consistency of subscriber and homes passed statistics through periodic reviews[70]
Liberty Latin America(LILAK) - 2025 Q1 - Quarterly Results