Financial Performance - Revenue for the three months ended June 30, 2025, was $1,086.7 million, a decrease of $31.3 million or 2.8% compared to $1,118.0 million in 2024 [194]. - Operating income for the same period was a loss of $333.0 million, a decrease of $443.8 million compared to an income of $110.8 million in 2024 [194]. - Revenue for the six months ended June 30, 2025, was $2,170.2 million, a decrease of $47.2 million (1.4%) from $2,217.4 million in 2024 [196]. - Operating income for the six months ended June 30, 2025, was a loss of $204.9 million, compared to an income of $203.6 million in 2024, reflecting a decrease of $408.5 million [199]. - The company reported a net loss of $415.1 million compared to a net loss of $36.9 million for the same period in 2024 [274]. - The net loss for the six months ended June 30, 2025, was $541.8 million, compared to a net loss of $37.4 million for the same period in 2024 [274]. Subscriber Metrics - As of June 30, 2025, the company served 3,979,400 RGUs, including 1,807,300 broadband internet subscribers, 1,253,900 fixed-line telephony subscribers, and 918,200 video subscribers, along with 6,643,600 mobile subscribers [183]. - The company reported significant competition impacting RGUs, ARPU, and B2B revenue across all markets [204]. Costs and Expenses - Programming and other direct costs of services for Q2 2025 were $232.4 million, down from $245.3 million in 2024, reflecting a decrease of $12.9 million or 5.3% [194]. - Other operating costs and expenses decreased by $47.0 million to $452.6 million in Q2 2025 compared to $499.6 million in 2024 [194]. - The company incurred integration costs of $17 million during the six months ended June 30, 2024, within the Liberty Puerto Rico segment [202]. - Total other operating costs and expenses for the three months ended June 30, 2025, decreased by $15.8 million to $141.3 million compared to $157.1 million in 2024 [241]. - Personnel and contract labor costs for the six months ended June 30, 2025, decreased by $34.5 million to $284.3 million from $318.8 million in 2024 [241]. Adjusted OIBDA - Consolidated Adjusted OIBDA for the six months ended June 30, 2025, was $821.6 million, an increase of $58.3 million (7.6%) from $763.3 million in 2024 [199]. - The Adjusted OIBDA for the three months ended June 30, 2025, was $415.0 million, an increase of $25.9 million (6.6%) from $389.1 million in 2024 [199]. - Adjusted OIBDA margin for Liberty Caribbean increased to 47.5% in the six months ended June 30, 2025, compared to 42.0% in 2024 [201]. Debt and Financing - As of June 30, 2025, the total outstanding debt and finance lease obligations amounted to $8,233 million, with $557 million classified as current and $7,666 million not due until 2027 or thereafter [286]. - The weighted average interest rate for all borrowings was 7.4%, which decreased to 6.5% when including the effects of derivative instruments and other costs [287]. - The company anticipates seeking to refinance or extend debt maturities as they grow in later years, although future refinancing transactions are uncertain [288]. Foreign Currency and Tax - The impact of foreign currency exchange rates on operating results is significant, particularly for entities with functional currencies other than the U.S. dollar [191]. - Foreign currency transaction losses for the three months ended June 30, 2025, were $33.0 million, compared to $46.4 million in 2024 [265]. - The company recognized an income tax benefit of $156 million for the three months ended June 30, 2025, compared to $36 million for the same period in 2024 [268]. Acquisitions and Agreements - The company announced an agreement with Millicom to combine operations in Costa Rica, with an expected completion in Q1 2026, resulting in an approximate 86% interest for Liberty Latin America [185]. - The acquisition of EchoStar's prepaid business and spectrum assets in Puerto Rico and USVI was agreed upon for $256 million, with payments structured over four years [187]. - The company expects to acquire an additional 8.5% equity in Liberty Costa Rica for approximately $83 million, with payments due in installments [186].
Liberty Latin America(LILAK) - 2025 Q2 - Quarterly Report