Revenue Performance - Q3 2025 revenue reached $1,113 million, a 2% increase year-over-year, while YTD revenue decreased by 1% to $3,283 million[8]. - Liberty Caribbean reported a 3% revenue growth in Q3 2025, driven by a 5% increase in fixed residential revenue[13]. - C&W Panama achieved a 6% revenue growth in Q3 2025, primarily due to a 14% increase in B2B revenue[13]. - Liberty Networks experienced a 6% revenue growth in Q3 2025, supported by growth in subsea capacity revenue[13]. - Liberty Puerto Rico's revenue declined by 3% year-over-year, attributed to a 7% decrease in residential mobile revenue[13]. - Liberty Costa Rica's revenue grew by 6% on a reported basis, driven by postpaid subscriber growth[14]. - For the three months ended September 30, 2025, total revenue was $661.8 million, representing a 4% increase compared to $636.5 million for the same period in 2024[39]. - Liberty Puerto Rico reported a revenue of $298.2 million for Q3 2025, down 3% from $308.2 million in Q3 2024[41]. - Liberty Costa Rica reported a revenue of CRC 78.0 billion for the three months ended September 30, 2025, reflecting a 3% increase from CRC 76.1 billion in the same period of 2024[45]. Adjusted OIBDA and Operating Income - Adjusted OIBDA for Q3 2025 was $433 million, reflecting an 8% increase year-over-year, with a margin of 39%[8]. - Adjusted OIBDA for Q3 2025 increased by 8% on a reported basis compared to Q3 2024, driven by growth across all operating segments[19]. - Liberty Caribbean's Adjusted OIBDA rose by 9% and 10% on a reported and rebased basis, respectively, supported by improved operating costs[17]. - C&W Panama's Adjusted OIBDA increased by 5% and 4% on a reported and rebased basis, driven by B2B project revenue and network efficiencies[22]. - Liberty Puerto Rico's Adjusted OIBDA increased by 8% and 7% on a reported and rebased basis, despite a rebased revenue decline[22]. - The company returned to positive operating income of $188 million in Q3 2025, compared to a loss of $380 million in Q3 2024[8]. - Operating income for the same period was $152.5 million, a significant increase of 62% from $94.4 million year-over-year[39]. - The operating income for Liberty Puerto Rico improved to $23.8 million, compared to a loss of $486.6 million in the prior year[41]. - Adjusted OIBDA for the three months ended September 30, 2025, was $433.4 million, compared to $403.1 million for the same period in 2024, reflecting a growth of 7.9%[75]. Debt and Financial Ratios - The company’s total third-party debt as of September 30, 2025, was $4.9 billion, with a net carrying amount of $4.5 billion after accounting for cash and cash equivalents[40]. - The Covenant Proportionate Net Leverage Ratio was reported at 3.7x, calculated based on the last two quarters of Covenant EBITDA[40]. - The average tenor of the company’s debt obligations was approximately 5.8 years, excluding vendor financing and debt related to Tower Transactions[40]. - The company reported total debt and finance lease obligations of $8,280.0 million as of September 30, 2025[94]. - The consolidated gross leverage ratio was 4.9x as of September 30, 2025, compared to 5.0x as of June 30, 2025[28]. - The consolidated leverage ratio as of September 30, 2025, was reported at 4.9x, while the net leverage ratio was 4.6x[94]. - The average tenor of Liberty Puerto Rico's debt was approximately 3.0 years as of September 30, 2025, with a fully-swapped borrowing cost of 6.9%[44]. Subscriber Metrics - Organic postpaid additions increased by 101,700 in Q3 2025, marking the strongest quarterly performance in three years[11]. - Total subscribers for Liberty Puerto Rico reached 1,874,100 as of September 30, 2025, with a total of 995,100 RGUs[47]. - Liberty Costa Rica's total subscribers amounted to 2,160,000 as of September 30, 2025, with significant growth in postpaid subscribers due to migration from prepaid plans[48]. - The number of Revenue Generating Units (RGUs) includes video, internet, and telephony services, with a unique premises basis for counting customers[64]. - The company’s mobile subscriber count represents active SIM cards in service, excluding those who do not pay a recurring monthly fee after periods of inactivity[60]. Capital Expenditures and Cash Flow - Capital expenditures for Q3 2025 were $122.2 million, slightly down from $126.5 million in Q3 2024[24]. - Property and equipment additions as a percentage of revenue were 13.4% for Q3 2025, down from 15.7% in Q3 2024[24]. - Net cash provided by operating activities for the three months ended September 30, 2025, was $178.2 million, compared to $177.5 million for the same period in 2024, reflecting a slight increase of 0.4%[78]. - Adjusted Free Cash Flow (FCF) for the three months ended September 30, 2025, was $16.4 million, down from $65.5 million in the prior year, indicating a decrease of 75%[78]. - Cash payments for direct acquisition and disposition costs for the three months ended September 30, 2025, were $4.8 million, compared to $1.7 million in the same period of 2024[78]. Future Outlook - The company anticipates adverse impacts from Hurricane Melissa on Q4 2025 financial results, but expects proceeds from its weather derivative to support recovery efforts[6].
Liberty Latin America(LILAK) - 2025 Q3 - Quarterly Results