Commercial momentum supporting YoY revenue growth
Strongest quarterly mobile postpaid additions in three years
Return to positive Operating Income; 7% YoY rebased Adjusted OIBDA growth
Strategic initiatives remain in focus
DENVER, Colorado--(BUSINESS WIRE)--November 05, 2025--
Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months ("Q3") and nine months ("YTD") ended September 30, 2025.
CEO Balan Nair commented, "Q3 saw strong commercial momentum leading to YoY rebased revenue growth at Liberty Latin America."
"We continue to see particular strength in our mobile business as we push FMC. Led by Costa Rica, postpaid additions in Q3 were the highest in three years. Revenue, as we highlighted at Q2 earnings, was also helped by better momentum in B2B."
"Solid execution on cost reduction and customer base management, meanwhile, has helped maintain rebased Adjusted OIBDA expansion, growing 7% YoY in both Q3 and YTD. On a sequential basis, all operating segments registered Adjusted OIBDA growth driving LLA's Adjusted OIBDA margin to 39% for the quarter. Across the group, we have a number of cost reduction programs in flight, which will carry on into 2026."
"I also want to highlight the toll Hurricane Melissa has taken on our Caribbean communities, especially in Jamaica, where many of our employees, customers and partners live and work. We are repairing and rebuilding our critical communications infrastructure to help drive rapid economic recovery. We launched a collaboration with Starlink to deliver a direct-to-cell satellite service to further aid essential communications for our customers during this difficult period. Additionally, we expect to receive proceeds from our weather derivative in Q4, which will further support our recovery."
"On the back of the strong Q3 and YTD performance, and notwithstanding near-term storm recovery in the Caribbean, we continue to anticipate underlying seasonal strength in Adjusted FCF in the fourth quarter. Separately, we remain focused on unlocking the significant sum-of-the-parts discount embedded in the stock."
Business Highlights
-- Liberty Caribbean: strong Q3 results; highlighting robust operating
leverage
-- Continued FMC adoption; driving postpaid subscriber growth
-- Posted rebased Adjusted OIBDA growth of 10% YoY; margin up 300
basis points
-- C&W Panama: B2B drives Q3 top-line performance
-- Delivering rebased revenue growth of 6% YoY
-- Residential fixed and mobile subscriber growth setting stage for
continued top line improvement
-- Liberty Networks: best quarterly rebased revenue growth in two years
-- 6% YoY rebased revenue growth in Q3, driven by subsea capacity
-- 10% YoY rebased Adjusted OIBDA growth, attaining a 56% margin
-- Liberty Puerto Rico: highest quarterly Adjusted OIBDA since Q4 2023
-- 7% YoY rebased Adjusted OIBDA growth supported by comprehensive
cost reduction
-- Launched attractive postpaid CVP in Q3; leaning into FMC
-- Liberty Costa Rica: mobile momentum fueling financial growth
-- Strong quarter of postpaid mobile subscriber additions
-- Adjusted OIBDA expanded 7% YoY on a rebased basis
Hurricane Melissa
In late October 2025, Hurricane Melissa, a Category 5 hurricane, primarily impacted our Jamaican operation. As a result of the storm, Jamaica experienced significant damage to homes, businesses and infrastructure, especially in the Western half of Jamaica, with the Eastern half including Kingston seeing less long-term damage.
We anticipate adverse impacts to our financial results in Q4 2025 and into 2026. Our assessment is in the early days and will be dependent upon a number of items, including the return of power across the island.
We have had independent confirmation that our parametric insurance program for storm protection has been triggered and, as of today, we expect to receive third-party proceeds during Q4 which will be used to rebuild impacted components of our network and mitigate loss of revenue.
Financial and Operating Highlights
YoY Rebased YoY Rebased
Financial YoY Increase / Increase / YoY Increase / Increase
Highlights Q3 2025 Q3 2024 (Decline) (Decline)(1) YTD 2025 YTD 2024 (Decline) /(Decline)(1)
------------------ ---------- ---------- -------------- ------------- ---------- ---------- -------------- ---------------
(USD in millions)
Revenue $1,113 $1,089 2% 1% $3,283 $3,307 (1%) (1%)
Operating income
(loss) $ 188 $ (380) 149% $ (17) $ (176) 90%
Adjusted OIBDA(2) $ 433 $ 403 8% 7% $1,255 $1,166 8% 7%
Property &
equipment
additions $ 149 $ 171 (13%) $ 420 $ 485 (13%)
As a percentage
of revenue 13% 16% 13% 15%
Adjusted FCF before
distributions to
noncontrolling
interest owners $ 16 $ 77 $ (128) $ (80)
Distributions to
noncontrolling
interest owners -- (12) (29) (23)
----- ----- ----- -----
Adjusted FCF(3) $ 16 $ 65 $ (157) $ (102)
===== ===== ===== =====
Cash provided by
operating
activities $ 178 $ 178 $ 344 $ 358
Cash used by
investing
activities $ (171) $ (231) $ (418) $ (513)
Cash used by
financing
activities $ 85 $ 47 $ 53 $ (234)
Amounts may not recalculate due to rounding. Rebased growth rates are a non-GAAP measure. The indicated growth rates are rebased
for the estimated impacts of FX, an acquisition and a disposal. See Non-GAAP Reconciliations section. Consolidated Adjusted OIBDA
is a non-GAAP measure. For the definition of Adjusted OIBDA and required reconciliations, see Non-GAAP Reconciliations section.
Adjusted Free Cash Flow ("Adjusted FCF") is a non-GAAP measure. For the definition of Adjusted FCF and required reconciliations,
see Non-GAAP Reconciliations section.
Operating Highlights(1) Q3 2025 Q2 2025
Total customers 1,901,500 1,904,600
Organic customer losses (3,100) (2,600)
Fixed RGUs 3,978,800 3,979,400
Organic RGU (losses) additions (600) 17,500
Organic internet additions 600 1,700
Mobile subscribers 6,682,700 6,643,600
Organic mobile additions (losses) 39,100 (84,900)
Organic postpaid additions 101,700 25,600
See Glossary for the definition of RGUs and
mobile subscribers. Organic figures exclude
RGUs and mobile subscribers of acquired
entities at the date of acquisition and other
non-organic adjustments, but include the
impact of changes in RGUs and mobile
subscribers from the date of acquisition. All
subscriber / RGU additions or losses refer to
net organic changes, unless otherwise noted.
Revenue Highlights
The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:
Three months ended Nine months ended
---------- -----
September 30, Increase/(decrease) September 30, Increase/(decrease)
-------------------- ---------------------------- -------------------- -------------------------
2025 2024 % Rebased % 2025 2024 % Rebased %
------- ------- --------------- ----------- ------- ------- ----------- ------------
in millions, except % amounts
Liberty
Caribbean $ 368.8 $ 359.5 3 3 $1,099.0 $1,092.0 1 1
C&W Panama 199.1 188.0 6 6 553.4 554.4 -- --
Liberty
Networks 116.7 109.9 6 6 341.7 337.5 1 2
Liberty
Puerto Rico 298.2 308.2 (3) (5) 897.9 944.0 (5) (7)
Liberty Costa
Rica 154.5 145.5 6 3 464.0 445.0 4 2
Corporate 3.5 4.5 (22) (22) 11.2 15.5 (28) (28)
Eliminations (28.3) (26.4) N.M. N.M. (84.5) (81.8) N.M. N.M.
------- ------- ---------- --- ----- ---- ------- ------- ----- ---- ----- -----
Total $1,112.5 $1,089.2 2 1 $3,282.7 $3,306.6 (1) (1)
======= ======= ========== === ===== ==== ======= ======= ===== === ===== ====
N.M. -- Not Meaningful.
-- Reported revenue for the three and nine months ended September 30, 2025
was 2% higher and 1% lower as compared to the corresponding prior-year
periods, respectively.
-- Reported revenue in Q3 came from growth across all segments with
the exception of Puerto Rico, which was also the principal driver
of the negative YTD trends.
Q3 2025 Revenue Growth -- Segment Highlights
(All growth rates are year-over-year unless otherwise specified)
-- Liberty Caribbean: revenue grew 3% on both a reported and rebased basis.
Fixed residential revenue increased by 5% while both residential mobile
and B2B revenue increased by 2% on a rebased basis.
-- Our quarterly performance benefitted from our continued strategic
focus on FMC initiatives, selected price increases over the last
year, and a favorable comparison, as our business was adversely
impacted by Hurricane Beryl in the prior year period.
-- C&W Panama: revenue increased by 6% on a reported and rebased basis.
-- The principal driver of this performance was B2B, as we delivered
14% rebased growth, due largely to higher revenue from large
enterprise and government projects. Additionally, compared to Q2
2025, B2B revenue increased by $20 million.
-- Liberty Networks: revenue increased 6% on a reported and rebased basis
driven by YoY expansion in both our wholesale and enterprise businesses,
with growth in subsea capacity revenue fueling our performance.
-- Liberty Puerto Rico: revenue was 3% and 5% lower on a reported and
rebased basis, respectively. As seen in prior quarters, our rebased
revenue decline was due principally to a 7% decrease in residential
mobile and a 16% decline in B2B, resulting from the challenges with our
mobile network migration which was completed last year.
-- Sequentially to Q2 2025, our revenue is 1% lower on a reported
basis, or $3 million, reflecting the impact of a lower mobile and
fixed customer base. However, recently introduced customer value
propositions have shown traction within the market and we are
focused on driving improved results during the key Q4 selling
season.
-- Liberty Costa Rica: revenue grew by 6% on a reported basis and 3% on a
rebased basis. Rebased growth was driven by higher residential mobile
revenue, primarily due to postpaid subscriber growth and higher mobile
equipment sales.
Operating Income (Loss)
-- We reported operating income (loss) of $188 million and $(380) million
for the three months ended September 30, 2025 and 2024, respectively, and
$(17) million and $(176) million for the nine months ended September 30,
2025 and 2024, respectively.
-- The improvement for both comparative periods is primarily due to
(i) for the three month comparison, lower impairment charges where
we had a goodwill impairment recorded at Liberty Puerto Rico
during the third quarter of 2024, (ii) increases in Adjusted OIBDA,
and (iii) decreases in depreciation and amortization.
Adjusted OIBDA Highlights
The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:
Three months ended Nine months ended
September 30, Increase (decrease) September 30, Increase (decrease)
---------------------- -------------------- -------------------------- --------------------
2025 2024 % Rebased % 2025 2024 % Rebased %
----- ----- ------- ----------- ------- ------- ------- -----------
in millions, except % amounts
Liberty
Caribbean $172.5 $157.7 9 10 $ 519.6 $ 465.3 12 12
C&W Panama 71.8 68.7 5 4 205.0 190.3 8 8
Liberty
Networks 65.2 59.3 10 10 183.9 181.6 1 1
Liberty
Puerto
Rico 95.5 88.2 8 7 264.0 228.4 16 14
Liberty
Costa
Rica 56.4 50.8 11 7 169.3 162.5 4 2
Corporate (28.0) (21.6) (30) (30) (86.8) (61.7) (41) (41)
----- ----- --- ----- --- ------- ------- --- ----- ---
Total $433.4 $403.1 8 7 $1,255.0 $1,166.4 8 7
===== ===== === ===== ==== ======= ======= === ===== ====
Operating
income
(loss)
margin 16.9% (34.9)% (0.5)% (5.3)%
===== ===== ======= =======
Adjusted
OIBDA
margin 39.0% 37.0% 38.2% 35.3%
===== ===== ======= =======
-- Adjusted OIBDA for the three and nine months ended September 30, 2025
both increased by 8% on a reported basis as compared to the corresponding
prior-year periods.
-- Adjusted OIBDA increased in Q3 driven by growth across all
operating segments.
-- Across LLA, we have a number of cost reduction programs in flight,
which are providing each of our operating segments and corporate,
with enhanced operating leverage, as we streamline our operating
structure and achieve cost efficiencies. These activities will
carry over into 2026.
Q3 2025 Adjusted OIBDA Growth -- Segment Highlights
(All growth rates are year-over-year unless otherwise specified)
-- Liberty Caribbean: Adjusted OIBDA rose by 9% and 10% on a reported and
rebased basis, respectively. The growth was supported in part by improved
operating costs, reflecting the impact of a comprehensive efficiency and
savings program over the last year. This has contributed to an Adjusted
OIBDA margin of 47%, a nearly 300 basis point increase over Q3 2024.
-- C&W Panama: Adjusted OIBDA increased by 5% and 4% on a reported and
rebased basis, respectively, driven by B2B project revenue and network
efficiencies.
-- Liberty Networks: Adjusted OIBDA increased by 10% on both a reported and
rebased basis, respectively, primarily due to higher revenue and lower
bad debt expense, as compared to Q3 2024.
-- Liberty Puerto Rico: Adjusted OIBDA increased by 8% and 7% on a reported
and rebased basis, respectively, despite the aforementioned rebased
revenue decline.
-- The business has been engaged in an aggressive cost-out program in
2025 and, as a result, has been able to further streamline and
right size its operating structure and processes to complement its
current customer base. This also supported trends sequentially
with reported Adjusted OIBDA up 10% versus Q2 2025.
-- Liberty Costa Rica: Adjusted OIBDA grew by 11% on a reported basis and 7%
on a rebased basis. The strong rebased performance was driven by the
revenue increase with costs, aside from those related to equipment sales,
remaining relatively stable.
Net Income (Loss) Attributable to Shareholders
-- Net income (loss) attributable to shareholders was $3 million and $(556)
million for the three and nine months ended September 30, 2025,
respectively, and $(436) million and $(479) million for each of the three
and nine months ended September 30, 2024.
Property & Equipment Additions and Capital Expenditures
The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net.
Three months ended Nine months ended
September 30, September 30,
------------------------- --------------------------
2025 2024 2025 2024
------ ------- ------- -------
USD in millions
Customer
Premises
Equipment $ 38.9 $ 32.2 $ 119.9 $ 119.5
New Build &
Upgrade 15.7 34.4 55.6 102.1
Capacity 27.2 23.0 71.2 72.6
Baseline 59.3 64.1 151.0 154.1
Product &
Enablers 8.2 17.0 22.1 36.9
------ ------- ------- -------
Property &
equipment
additions 149.3 170.7 419.8 485.2
------ ------- ------- -------
Assets acquired
under
capital-related
vendor
financing
arrangements (33.5) (45.4) (88.9) (117.5)
Changes in
current
liabilities
related to
capital
expenditures
and other 6.4 1.2 27.3 9.0
------ ------- ------- -------
Capital
expenditures,
net $ 122.2 $ 126.5 $ 358.2 $ 376.7
====== ======= ======= =======
Property &
equipment
additions as %
of revenue 13.4% 15.7% 12.8% 14.7%
Property &
Equipment
Additions:
Liberty
Caribbean $ 51.4 $ 51.2 $ 136.9 $ 150.6
C&W Panama 29.4 26.9 64.7 74.9
Liberty
Networks 11.6 9.8 50.1 36.2
Liberty Puerto
Rico 28.0 45.9 94.1 135.8
Liberty Costa
Rica 23.7 23.3 56.2 55.3
Corporate 5.2 13.6 17.8 32.4
------ ------- ------- -------
Property &
equipment
additions $ 149.3 $ 170.7 $ 419.8 $ 485.2
====== ======= ======= =======
Property &
Equipment
Additions as a
Percentage of
Revenue by
Reportable
Segment:
Liberty
Caribbean 13.9% 14.2% 12.5% 13.8%
C&W Panama 14.8% 14.3% 11.7% 13.5%
Liberty
Networks 9.9% 8.9% 14.7% 10.7%
Liberty Puerto
Rico 9.4% 14.9% 10.5% 14.4%
Liberty Costa
Rica 15.3% 16.0% 12.1% 12.4%
New Build and
Homes Upgraded
by Reportable
Segment(1) :
Liberty
Caribbean 5,400 24,000 41,700 87,800
C&W Panama 13,400 6,700 52,900 37,100
Liberty Puerto
Rico 3,200 9,100 4,900 38,500
Liberty Costa
Rica 800 94,600 60,800 137,500
------ ------- ------- -------
Total 22,800 134,400 160,300 300,900
====== ======= ======= =======
Table excludes Liberty Networks as that reportable segment only
provides B2B-related services.
Operating Income (Loss) less Property and Equipment Additions
-- Operating income (loss) less property and equipment additions was $38
million and $(550) million for the three months ended September 30, 2025
and 2024, respectively, and $(437) million and $(661) million for the
nine months ended September 30, 2025 and 2024, respectively.
Adjusted OIBDA less Property & Equipment Additions
The following table presents (i) Adjusted OIBDA less property and equipment additions for each of our reportable segments and Liberty Latin America for the periods indicated and (ii) the percentage change from period-to-period.
Three months Nine months
ended ended
------------------- -------
September 30, Increase/(decrease) September 30, Increase/(decrease)
--------------- ------------------- --------------- ---------------------
2025 2024 % 2025 2024 %
----- ------ ------------------- ----- ------ ---------------------
in millions, except % amounts
Liberty
Caribbean $121.1 $ 106.5 14 $382.7 $ 314.7 22
C&W Panama 42.4 41.8 1 140.3 115.4 22
Liberty
Networks 53.6 49.5 8 133.8 145.4 (8)
Liberty
Puerto
Rico 67.5 42.3 60 169.9 92.6 83
Liberty
Costa
Rica 32.7 27.5 19 113.1 107.2 6
Liberty
Latin
America(1) 284.1 232.4 22 835.2 681.2 23
Adjusted OIBDA less property and equipment additions for Liberty Latin America on a
consolidated basis is a non-GAAP measure. Note that the sum of the reportable segments
will not agree to the total for Liberty Latin America as we do not disclose amounts
associated with our Corporate operations or intersegment eliminations. For the definition
of Adjusted OIBDA less property and equipment additions and required reconciliations, see
Non-GAAP Reconciliations section.
Summary of Debt, Finance Lease Obligations and Cash & Cash Equivalents
The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at September 30, 2025:
Cash, cash
equivalents and
Debt and restricted cash
Finance lease finance lease related to
Debt obligations obligations debt
------------ -------------- ------------- ---------------
in millions
Liberty
Latin
America(1) $ 2.8 $ -- $ 2.8 $ 93.3
C&W(2) 4,907.7 -- 4,907.7 369.5
Liberty
Puerto
Rico(3) 2,940.3 4.0 2,944.3 123.5
Liberty
Costa
Rica 508.2 -- 508.2 23.4
--- ------- --- --------- ---- ------- ----- ------
Total $ 8,359.0 $ 4.0 $ 8,363.0 $ 609.7
=== ======= === ========= ==== ======= ===== ======
Consolidated Leverage and Liquidity September 30, June 30,
Information: 2025 2025
------------- ---------------
Consolidated debt and finance lease
obligations to operating loss ratio (28.7)x (20.1)x
Consolidated net debt and finance lease
obligations to operating loss ratio (26.6)x (18.8)x
Consolidated gross leverage ratio(4) 4.9x 5.0x
Consolidated net leverage ratio(4) 4.6x 4.7x
Weighted average debt tenor(5) 4.7 years 4.9 years
Fully-swapped borrowing costs 6.8% 6.5%
Unused borrowing capacity (in
millions)(6) $912.8 $724.9
Represents the aggregate amount held by subsidiaries of Liberty Latin
America that are outside our borrowing groups. Represents the C&W
borrowing group, including the Liberty Caribbean, Liberty Networks and
C&W Panama reportable segments. Cash amount includes restricted cash that
serves as collateral against certain letters of credit associated with
the funding received from the FCC to continue to expand and improve our
fixed network in Puerto Rico. Consolidated leverage ratios are non-GAAP
measures. For additional information, including definitions of our
consolidated leverage ratios and required reconciliations, see Non-GAAP
Reconciliations section. For purposes of calculating our weighted average
tenor, total debt excludes vendor financing, debt related to the Tower
Transactions, other debt and finance lease obligations. At September 30,
2025, the full amount of unused borrowing capacity under the applicable
credit facilities was available to be borrowed, both before and after
completion of the September 30, 2025 compliance reporting requirements.
Residential Fixed ARPU per Customer Relationship
The following table provides residential fixed ARPU per customer relationship for the indicated periods:
Three months ended FX-Neutral(1)
-----------------------------
September 30,
2025 June 30, 2025 % Change % Change
-------------- ------------- ---------- ---------------
Reportable
Segment:
Liberty
Caribbean $ 51.43 $ 50.84 1% 1%
C&W Panama $ 37.62 $ 37.25 1% 1%
Liberty
Puerto
Rico $ 78.71 $ 78.63 --% --%
Liberty
Costa
Rica(2) $ 36.67 $ 39.07 (6%) (6%)
Cable &
Wireless
Borrowing
Group $ 47.94 $ 47.47 1% 1%
Residential Mobile ARPU
The following table provides residential ARPU per mobile subscriber for the indicated periods:
Three months ended FX-Neutral(1)
-----------------------------
September 30, June 30,
2025 2025 % Change % Change
--------------- ------------ ---------- ---------------
Reportable
Segment:
Liberty
Caribbean $ 16.03 $ 15.62 3% 3%
C&W Panama $ 12.24 $ 12.15 1% 1%
Liberty
Puerto
Rico $ 35.67 $ 36.72 (3%) (3%)
Liberty
Costa
Rica(3) $ 11.26 $ 11.35 (1%) (1%)
Cable &
Wireless
Borrowing
Group $ 14.10 $ 13.87 2% 2%
The FX-Neutral change represents the percentage change on a sequential
basis adjusted for FX impacts and is calculated by adjusting the
current-period figures to reflect translation at the foreign currency
rates used to translate the prior quarter amounts. The ARPU per customer
relationship amounts in Costa Rican colones for the three months ended
September 30, 2025 and June 30, 2025 were CRC 18,516 and CRC 19,794,
respectively. The mobile ARPU amounts in Costa Rican colones for the
three months ended September 30, 2025 and June 30, 2025 were CRC 5,687
and CRC 5,748, respectively.
Forward-Looking Statements and Disclaimer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance, growth expectations; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; the recovery by our Puerto Rico operations; the impact of Hurricane Melissa on our business and operations; timing and use of proceeds from our weather derivative; the strength of our balance sheet and tenor of our debt; capital intensity expectations; our capital return policy; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the ability to obtain regulatory approvals and satisfy the other conditions to closing with respect to the transaction with Millicom in Costa Rica; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K and Form 10-Q. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
About Liberty Latin America
Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 30 markets in the region.
Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B).
For more information, please visit www.lla.com.
Additional Information | Cable & Wireless Borrowing Group
The following tables reflect preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP.
Three months ended
September 30,
------------------------------ --- ---
Rebased
2025 2024 Change change(1)
--- ----- --- ----- -------- --------------
in millions, except % amounts
Revenue $ 661.8 $ 636.5 4% 4%
=== ===== === ===== === === ========
Operating
income $ 152.5 $ 94.4 62%
=== ===== === ===== ===
Adjusted OIBDA $ 309.4 $ 286.5 8% 8%
=== ===== === ===== === === ========
Property &
equipment
additions $ 92.4 $ 87.9 5%
=== ===== === ===== ===
Operating
income as a
percentage of
revenue 23.0% 14.8%
=== ===== =====
Adjusted OIBDA
as a
percentage of
revenue 46.8% 45.0%
=== ===== =====
Proportionate
Adjusted
OIBDA $ 258.3 $ 237.9
=== ===== === =====
Nine months ended
September 30,
----------------------------- ---
Rebased
2025 2024 Change change(1)
------- ------- -------- -------------
in millions, except % amounts
Revenue $ 1,926.4 $1,919.1 --% 1%
======= ======= === ========
Operating
income $ 414.8 $ 272.8 52%
======= ======= ===
Adjusted OIBDA $ 908.4 $ 837.6 8% 9%
======= ======= === ========
Property &
equipment
additions $ 251.7 $ 261.7 (4%)
======= ======= ===
Operating
income as a
percentage of
revenue 21.5% 14.2%
======= =======
Adjusted OIBDA
as a
percentage of
revenue 47.2% 43.6%
======= =======
Proportionate
Adjusted
OIBDA $ 756.8 $ 697.2
======= =======
1. Indicated
growth rates
are rebased
for the
estimated
impacts of a
disposal and
FX.
The following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W's third-party debt and cash and cash equivalents:
September 30, June 30,
Facility Amount 2025 2025
----------------- ---------- -------
in millions
Credit Facilities:
Revolving Credit
Facility (Adjusted
Term SOFR + 3.25%) $ 156.0 $ -- $ 24.1
Revolving Credit
Facility (Term SOFR
+ 3.25%) $ 460.0 -- 70.9
Term Loan Facility
B-6 due 2029
(Adjusted Term SOFR
+ 3.00%) $ 590.0 590.0 590.0
Term Loan Facility
B-7 due 2032 (Term
SOFR + 3.25%) $ 1,530.0 1,530.0 1,530.0
---------- -------
Total Senior
Secured Credit
Facilities 2,120.0 2,215.0
4.25% CWP Term Loan
due 2028 $ 435.0 435.0 435.0
Regional and other
debt 98.5 92.4
---------- -------
Total Credit
Facilities 2,653.5 2,742.4
Notes:
7.125% USD Senior
Secured Notes due
2032 $ 1,000.0 1,000.0 1,000.0
9.000% USD Senior
Notes due 2033 $ 755.0 755.0 755.0
---------- -------
Total Notes 1,755.0 1,755.0
Vendor financing and
Tower Transactions 499.2 496.6
---------- -------
Total third-party
debt 4,907.7 4,994.0
Less: premiums,
discounts and
deferred financing
costs, net (45.5) (46.8)
---------- -------
Total carrying
amount of
third-party debt 4,862.2 4,947.2
Less: cash and cash
equivalents (369.5) (429.3)
---------- -------
Net carrying amount
of third-party
debt $ 4,492.7 $4,517.9
========== =======
-- At September 30, 2025, our third-party total and proportionate net debt
was $4.5 billion and $4.2 billion, respectively, our Fully-swapped
Borrowing Cost was 6.3%, and the average tenor of our debt obligations
(excluding vendor financing and debt related to the Tower Transactions)
was approximately 5.8 years.
-- Our portion of Adjusted OIBDA, after deducting the noncontrolling
interests' share, ("Proportionate Adjusted OIBDA") was $258 million for
Q3 2025.
-- C&W's Covenant Proportionate Net Leverage Ratio was 3.7x, which is
calculated by annualizing the last two quarters of Covenant EBITDA in
accordance with C&W's Credit Agreement.
-- At September 30, 2025, we had maximum undrawn commitments of $680 million,
including $72 million under our regional facilities. At September 30,
2025, the full amount of unused borrowing capacity under our credit
facilities (including regional facilities) was available to be borrowed,
both before and after completion of the September 30, 2025 compliance
reporting requirements.
Liberty Puerto Rico (LPR) Borrowing Group
Liberty Puerto Rico Borrowing Group includes Liberty Communications PR Holding LP, which consolidates the respective restricted parent and it subsidiaries. The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with U.S. GAAP:
Three months ended
September 30,
---------------------------- ---- -------
2025 2024 Change Rebased change(1)
--- ------ ----------- -------- -----------------
in millions, except % amounts
Revenue $ 298.2 $ 308.2 (3)% (5)%
=== ====== ====== ==== ======= ======
Operating
income
(loss) $ 23.8 $(486.6) 105%
=== ====== ====== ====
Adjusted
OIBDA $ 95.5 $ 88.2 8% 7%
=== ====== ====== ==== ======= =======
Property &
equipment
additions $ 28.0 $ 45.9 (39)%
=== ====== ====== ====
Operating
income
(loss) as
a
percentage
of
revenue 8.0% (157.9)%
=== ====== ======
Adjusted
OIBDA as a
percentage
of
revenue 32.0% 28.6%
=== ====== ======
Nine months ended
September 30,
--------------------------- ---- ------
Rebased
2025 2024 Change change(1)
------ ----------- -------- ----------------
in millions, except % amounts
Revenue $ 897.9 $ 944.0 (5)% (7)%
====== ====== ==== ====== ======
Operating
loss $ (460.0) $(515.1) 11%
====== ====== ====
Adjusted
OIBDA $ 264.0 $ 228.4 16% 14%
====== ====== ==== ====== =======
Property &
equipment
additions $ 94.1 $ 135.8 (31)%
====== ====== ====
Operating
loss as a
percentage
of revenue (51.2)% (54.6)%
====== ======
Adjusted
OIBDA as a
percentage
of revenue 29.4% 24.2%
====== ======
N.M. -- Not
Meaningful.
1. Indicated
growth rates
are rebased
for the
estimated
impacts of
an
acquisition.
The following table details the nominal amount outstanding of Liberty Puerto Rico's third-party debt, finance lease obligations and cash and cash equivalents:
September 30, June 30,
Facility amount 2025 2025
----------------- ---------- -------
in millions
Credit Facilities:
Revolving Credit
Facility (Adjusted
Term SOFR + 3.50%) $ 172.5 $ 56.5 $ 57.0
Unrestricted
Subsidiary Secured
Term Loan Facility
due 2030 (9.75%)(1) $ 208.0 208.0 --
Term Loan Facility
due 2028 (Adjusted
Term SOFR + 3.75%) $ 620.0 620.0 620.0
---------- -------
Total Senior
Secured Credit
Facilities 884.5 677.0
---------- -------
Notes:
6.75% Senior Secured
Notes due 2027 $ 1,161.0 1,161.0 1,161.0
5.125% Senior Secured
Notes due 2029 $ 820.0 820.0 820.0
---------- -------
Total Notes 1,981.0 1,981.0
---------- -------
Vendor financing,
Tower Transactions
and other 74.8 89.4
Finance lease
obligations 4.0 4.1
---------- -------
Total debt and
finance lease
obligations 2,944.3 2,751.5
Less: premiums and
deferred financing
costs, net (25.8) (14.3)
---------- -------
Total carrying
amount of debt 2,918.5 2,737.2
Less: cash, cash
equivalents and
restricted cash
related to debt(2) (123.5) (35.1)
---------- -------
Net carrying amount
of debt $ 2,795.0 $2,702.1
========== =======
The debt under the Unrestricted Subsidiary Secured Term Loan Facility
is incurred by entities within the Liberty Puerto Rico Borrowing Group
that have been designated as "Unrestricted Subsidiaries" under, and in
accordance with, terms governing the 6.75% Senior Secured Notes due
2027, the 5.125% Senior Secured Notes due 2029, the Term Loan Facility
due 2028 and the Revolving Credit Facility. A more detailed
presentation of this construct will be included in the reporting at
the Liberty Puerto Rico Borrowing Group level. Cash amounts include
restricted cash that serves as collateral against certain letters of
credit associated with funding received from the FCC to continue to
expand and improve our fixed network in Puerto Rico.
-- At September 30, 2025, our Fully-swapped Borrowing Cost was 6.9% and the
average tenor of our debt (excluding vendor financing, debt related to
the Tower Transactions and other debt) was approximately 3.0 years.
-- At September 30, 2025, we had maximum undrawn commitments of $166
million. At September 30, 2025, the full amount of unused borrowing
capacity under the applicable credit facilities was available to be
borrowed, both before and after completion of the September 30, 2025
compliance reporting requirements.
Liberty Costa Rica Borrowing Group
The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with U.S. GAAP:
Three months ended
September 30,
--------------------------------- ---
2025 2024 Change
---------------- --------------- --------
CRC in billions, except % amounts
Revenue 78.0 76.1 3%
========== ==== ========= ==== ===
Operating income 13.9 12.9 8%
========== ==== ========= ==== ===
Adjusted OIBDA 28.5 26.6 7%
========== ==== ========= ==== ===
Property & equipment
additions 11.9 12.3 (3%)
========== ==== ========= ==== ===
Operating income as a
percentage of revenue 17.8% 17.0%
========== === ========= ===
Adjusted OIBDA as a
percentage of revenue 36.5% 35.0%
========== === ========= ===
Nine months ended
September 30,
--------------------------------- ---
2025 2024 Change
----------------- -------------- --------
CRC in billions, except % amounts
Revenue 234.5 230.0 2%
============ === ========= === ===
Operating income 42.5 44.5 (4%)
============ === ========= === ===
Adjusted OIBDA 85.6 84.0 2%
============ === ========= === ===
Property & equipment
additions 28.4 28.7 (1%)
============ === ========= === ===
Operating income as a
percentage of revenue 18.1% 19.3%
============ =========
Adjusted OIBDA as a
percentage of revenue 36.5% 36.5%
============ =========
The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Liberty Costa Rica's third-party debt and cash and cash equivalents:
September 30, June 30,
2025 2025
------------------------------------ --------------
Borrowing currency CRC equivalent outstanding
in millions in billions
------------------ --------------------------------
Revolving Credit
Facility (Term SOFR
+ 4.25%) $ 25.7 12.9 17.7
10.875% Term Loan A
Facility due
2031(1) $ 50.0 25.2 25.3
10.875% Term Loan B
Facility due
2031(1) $ 400.0 201.3 202.2
Term Loan A Facility
due 2033 (Term SOFR
+ 3.50%) $ 32.5 16.4 --
------------ ----------
Total debt 255.8 245.2
Less: deferred
financing costs (5.9) (5.8)
------------ ----------
Total carrying
amount of debt 249.9 239.4
Less: cash and cash
equivalents (11.8) (6.2)
------------ ----------
Net carrying
amount of debt 238.1 233.2
============ ==========
Exchange rate (CRC
to $) 503.3 505.5
============ ==========
From July 15, 2028 and thereafter, the interest rate is subject to
increase by 0.125% per annum for each of the two Sustainability
Performance Targets (as defined in the credit agreement) not achieved by
Liberty Costa Rica by no later than December 31, 2027.
-- At September 30, 2025, our Fully-swapped Borrowing Cost was 10.6% and the
average tenor of our debt was approximately 5.2 years.
-- LCR's Covenant Consolidated Net Leverage Ratio was 2.2x, which is
calculated by annualizing the last two quarters of Covenant EBITDA in
accordance with LCR's Credit Agreement.
-- At September 30, 2025, we had maximum undrawn commitments of $66.8
million (CRC 33.6 billion). At September 30, 2025, the full amount of
unused borrowing capacity under the applicable credit facilities was
available to be borrowed, both before and after completion of the
September 30, 2025 compliance reporting requirements.
Subscriber Table
Consolidated Operating Data -- September 30, 2025
------------------------------------------------------------------------------------------------------
Fixed-line
Homes Customer Video Internet Telephony Total Total Mobile
Passed Relationships RGUs RGUs RGUs RGUs Prepaid Postpaid Subscribers
--------- ------------- ------- --------- --------- --------- --------- --------- ------------
Liberty
Caribbean:
Jamaica 768,000 345,100 116,800 335,400 330,600 782,800 980,700 155,500 1,136,200
The
Bahamas 125,700 30,000 7,400 25,700 29,000 62,100 127,400 24,000 151,400
Trinidad
and
Tobago 341,700 135,100 90,400 120,100 86,100 296,600 -- -- --
Barbados 140,600 85,200 37,600 80,000 65,600 183,200 73,700 59,000 132,700
Other 391,500 212,500 66,500 194,800 100,500 361,800 299,300 154,500 453,800
--------- ------------- ------- --------- --------- --------- --------- --------- ------------
Total
Liberty
Caribbean 1,767,500 807,900 318,700 756,000 611,800 1,686,500 1,481,100 393,000 1,874,100
C&W Panama 990,100 277,300 175,600 270,800 253,000 699,400 1,513,700 445,300 1,959,000
--------- ------------- ------- --------- --------- --------- --------- --------- ------------
Total
C&W 2,757,600 1,085,200 494,300 1,026,800 864,800 2,385,900 2,994,800 838,300 3,833,100
Liberty
Puerto
Rico 1,196,200 522,700 215,600 497,500 282,000 995,100 175,500 514,100 689,600
Liberty
Costa
Rica(1) 858,800 293,600 205,900 283,600 108,300 597,800 1,012,500 1,147,500 2,160,000
--------- ------------- ------- --------- --------- --------- --------- --------- ------------
Total 4,812,600 1,901,500 915,800 1,807,900 1,255,100 3,978,800 4,182,800 2,499,900 6,682,700
========= ============= ======= ========= ========= ========= ========= ========= ============
Our homes passed in Liberty Costa Rica include 54,000 homes on a third-party network that provides us long-term
access.
Quarterly Subscriber Variance
Fixed and Mobile Subscriber Variance Table -- September 30, 2025 vs June 30, 2025
----------------------------------------------------------------------------------------------------
Fixed-line
Homes Customer Video Internet Telephony Total Total Mobile
Passed Relationships RGUs RGUs RGUs RGUs Prepaid Postpaid Subscribers
------ --------------- ------- -------- ----------- -------- -------- -------- -------------
Liberty
Caribbean
Jamaica -- 1,200 (1,900) 1,800 1,300 1,200 (4,600) 12,600 8,000
The Bahamas -- (800) (400) (900) (700) (2,000) (5,500) (900) (6,400)
Trinidad and
Tobago -- (1,800) (1,400) (1,400) (800) (3,600) -- -- --
Barbados 200 (300) (400) (100) (700) (1,200) (200) 1,300 1,100
Other 2,000 (600) (600) 400 (1,000) (1,200) (2,200) 3,600 1,400
------ -------- ---- ------ ------- ------- ------- ------- ------- -------- ---
Total
Liberty
Caribbean 2,200 (2,300) (4,700) (200) (1,900) (6,800) (12,500) 16,600 4,100
C&W Panama 10,500 6,600 3,200 6,300 1,900 11,400 6,300 11,400 17,700
------ -------- ----- ------ ------- ------- ------- ------- ------- -------- ---
Total C&W 12,700 4,300 (1,500) 6,100 -- 4,600 (6,200) 28,000 21,800
Liberty Puerto
Rico 3,200 (8,000) (3,200) (7,200) (1,300) (11,700) (5,100) (7,600) (12,700)
Liberty Costa
Rica(1) 800 600 2,300 1,700 2,500 6,500 (51,300) 81,300 30,000
------ -------- ----- ------ ------- ------- ------- ------- ------- -------- ---
Total
Organic
Change 16,700 (3,100) (2,400) 600 1,200 (600) (62,600) 101,700 39,100
====== ======== ==== ====== ======= ======= ======= ======= ======= ======== ===
Liberty Costa Rica postpaid and prepaid variances include 21,600 subscribers that were migrated from prepaid to
postpaid during the third quarter of 2025. These customers are part of a hybrid mobile plan that we initially
expected would have had characteristics more of a prepaid arrangement, but as of Q3 2025 were considered more akin
to postpaid subscribers in terms of attributes such as churn. These subscribers are now treated equivalently to
postpaid subscribers in terms of monthly billing and collection cycles. Of the 21,600 subscribers, 11,500 were added
in Q2 2025, 5,000 were added in Q1 2025 and 5,100 were added in late 2024 when this mobile plan was first launched.
Adjusting to exclude these transfers from prepaid to postpaid, LLA's and Liberty Costa Rica's postpaid net additions
for Q3 2025 would have been 80,100 and 59,700, respectively
Glossary
Adjusted OIBDA -- Operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and Other Operating Items. Other Operating Items includes (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.
Adjusted OIBDA Margin -- Calculated by dividing Adjusted OIBDA by total revenue for the applicable period.
ARPU -- Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized.
Consolidated Debt and Finance Lease Obligations to Operating Income Ratio -- Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) to annualized operating income from the most recent two consecutive fiscal quarters.
Consolidated Net Debt and Finance Lease Obligations to Operating Income Ratio -- Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) less cash, cash equivalents and restricted cash related to debt to annualized operating income from the most recent two consecutive fiscal quarters.
Customer Relationships -- The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit ("EBU") adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships.
FMC penetration -- Calculated as Fixed Customer Relationships with a postpaid product as a percentage of total Fixed Customer Relationships, including both customers who have converged products and are receiving a financial or experience benefit from them and customers who have a postpaid product outside of an FMC bundle and are not receiving a financial or experience benefit from it.
Fully-swapped Borrowing Cost -- Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations, debt related to the Tower Transactions and other debt), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs.
Homes Passed -- Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results.
Internet (Broadband) RGU -- A home, residential multiple dwelling unit or commercial unit that receives internet services over our network.
Leverage -- Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt outstanding, including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations, net of projected derivative principal-related cash payments (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt less cash, cash equivalents and restricted cash related to debt. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements.
Mobile Subscribers -- Our mobile subscriber count represents the number of active subscriber identification module ("SIM") cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts.
NPS -- Net promoter score.
Property and Equipment Addition Categories
-- Customer Premises Equipment: Includes capitalizable equipment and labor,
materials and other costs directly associated with the installation of
such CPE;
-- New Build & Upgrade: Includes capitalizable costs of network equipment,
materials, labor and other costs directly associated with entering a new
service area and upgrading our existing network;
-- Capacity: Includes capitalizable costs for network capacity required for
growth and services expansions from both existing and new customers. This
category covers Core and Access parts of the network and includes, for
example, fiber node splits, upstream/downstream spectrum upgrades and
optical equipment additions in our international backbone connections;
-- Baseline: Includes capitalizable costs of equipment, materials, labor and
other costs directly associated with maintaining and supporting the
business. Relates to areas such as network improvement, property and
facilities, technical sites, information technology systems and fleet;
and
-- Product & Enablers: Discretionary capitalizable costs that include
investments (i) required to support, maintain, launch or innovate in new
customer products, and (ii) in infrastructure, which drive operational
efficiency over the long term.
Proportionate Net Leverage Ratio (C&W) -- Calculated in accordance with C&W's Credit Agreement, taking into account the ratio of outstanding indebtedness (subject to certain exclusions) less cash and cash equivalents to EBITDA (subject to certain adjustments) for the last two quarters annualized, with both indebtedness and EBITDA reduced proportionately to remove any noncontrolling interests' share of the C&W group.
Revenue Generating Unit (RGU) -- RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Puerto Rico subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.
SOHO -- Small office/home office customers.
Telephony RGU -- A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers.
Tower Transactions -- Transactions entered into during 2023 associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct over the next 4 years.
U.S. GAAP -- Generally accepted accounting principles in the United States.
Video RGU -- A home, residential multiple dwelling unit or commercial unit that receives our video service over our network, primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU.
Additional General Notes
Most of our operations provide telephony, broadband internet, mobile data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be "SOHO RGUs" or "SOHO customers." To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.
Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Puerto Rico. Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service. As such, we may experience variances in our EBU counts solely as a result of changes in rates.
While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber and homes passed counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews.
Non-GAAP Reconciliations
We include certain financial measures in this press release that are considered non-GAAP measures, including (i) Adjusted OIBDA and Adjusted OIBDA Margin, each on a consolidated basis, (ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased Adjusted OIBDA growth rates, (iv) consolidated leverage ratios, and (v) Adjusted OIBDA less property and equipment additions on a consolidated basis. The following sections set forth reconciliations of the nearest GAAP measure to our non-GAAP measures, as well as information on how and why management of the Company believes such information is useful to an investor.
Adjusted OIBDA
On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss.
Adjusted OIBDA Less Property and Equipment Additions
We define Adjusted OIBDA less P&E Additions, which is a non-GAAP measure, as Adjusted OIBDA less P&E Additions on an accrual basis. Adjusted OIBDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted OIBDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted OIBDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted OIBDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not substitute for, U.S. GAAP Measure of income included in our condensed consolidated statement of operations.
A reconciliation of our operating income or loss to total Adjusted OIBDA, and Adjusted OIBDA less property and equipment additions is presented in the following table:
Three months ended Nine months ended
September 30, September 30,
----------------------- --------------------------
2025 2024 2025 2024
----- ------ ------- -------
in millions
Operating
income (loss) $187.5 $(379.6) $ (17.4) $ (176.0)
Share-based
compensation
and other
Employee
Incentive
Plan-related
expense(1) 15.0 15.9 62.3 58.9
Depreciation
and
amortization 213.6 245.4 659.9 729.9
Impairment,
restructuring
and other
operating
items, net 17.3 521.4 550.2 553.6
----- ------ ------- -------
Adjusted
OIBDA $433.4 $ 403.1 $1,255.0 $1,166.4
Less:
Property and
equipment
additions 149.3 170.7 419.8 485.2
----- ------ ------- -------
Adjusted
OIBDA less
property
and
equipment
additions $284.1 $ 232.4 $ 835.2 $ 681.2
===== ====== ======= =======
Operating
income (loss)
margin(2) 16.9% (34.9)% (0.5)% (5.3)%
===== ====== ======= =======
Adjusted OIBDA
margin(3) 39.0% 37.0% 38.2% 35.3%
===== ====== ======= =======
Includes expense associated with our LTVP, the vesting of which can
be settled in either common shares or cash at the discretion of
Liberty Latin America's Compensation Committee. Calculated by
dividing operating income or (loss) by total revenue for the
applicable period. Calculated by dividing Adjusted OIBDA by total
revenue for the applicable period.
Adjusted Free Cash Flow Definition and Reconciliation
We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, and (iii) proceeds received in connection with handset receivables securitization, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, (d) repayments made associated with a handset receivables securitization, and (e) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows.
The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period:
Three months ended Nine months ended
September 30, September 30,
------------------ --------------------
2025 2024 2025 2024
------ ------ ------ ------
in millions
Net cash
provided by
operating
activities $ 178.2 $ 177.5 $ 344.0 $ 357.7
Cash payments
for direct
acquisition and
disposition
costs 4.8 1.7 8.8 5.0
Expenses
financed by an
intermediary(1) 73.0 63.8 153.8 144.6
Capital
expenditures,
net (122.2) (126.5) (358.2) (376.7)
Principal
payments on
amounts
financed by
vendors and
intermediaries (111.5) (84.0) (257.3) (236.0)
Principal
payments on
finance leases (0.2) (0.2) (0.7) (0.7)
Proceeds from
(repayments of)
handset
receivables
securitization,
net (5.7) 45.0 (18.7) 26.6
------ ------ ------ ------
Adjusted FCF
before
distributions
to
noncontrolling
interest
owners 16.4 77.3 (128.3) (79.5)
Distributions to
noncontrolling
interest
owners -- (11.8) (29.1) (22.5)
------ ------ ------ ------
Adjusted FCF $ 16.4 $ 65.5 $(157.4) $(102.0)
====== ====== ====== ======
For purposes of our consolidated statements of cash flows,
expenses financed by an intermediary, including
value-added taxes, are treated as operating cash outflows
and financing cash inflows when the expenses are incurred.
When we pay the financing intermediary, we record
financing cash outflows in our consolidated statements of
cash flows. For purposes of our Adjusted FCF definition,
we add back the operating cash outflows when these
financed expenses are incurred and deduct the financing
cash outflows when we pay the financing intermediary.
Rebase Information
Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired, disposed or transferred businesses, as applicable, to the same extent they are included in the current year. The businesses that were acquired or disposed of impacting the comparative periods are as follows:
1. LPR Acquisition (acquisition of spectrum and prepaid subscribers in
Puerto Rico and USVI from EchoStar), which was completed on September 3,
2024; and
2. C&W Panama DTH, which was shutdown on January 15, 2025.
In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year period.
We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if this transaction had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates.
The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate.
In the tables set forth below:
-- reported percentage changes are calculated as current period measure, as
applicable, less prior-period measure divided by prior-period measure;
and
-- rebased percentage changes are calculated as current period measure, as
applicable, less rebased prior-period measure divided by rebased
prior-period measure.
The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations.
Three months ended September 30, 2024
------------------------------------------------------------------------------------------------------------
Liberty Liberty
Liberty C&W Liberty Puerto Costa Intersegment
Caribbean Panama Networks Rico Rica Corporate eliminations Total
------------- ---------- ---------- ----------- ---------- ------------- -------------- ------------
In millions
Revenue --
Reported $ 359.5 $188.0 $109.9 $308.2 $145.5 $ 4.5 $ (26.4) $1,089.2
Rebase
adjustment:
Acquisition -- -- -- 6.3 -- -- -- 6.3
Disposition -- (0.3) -- -- -- -- -- (0.3)
Foreign
currency (2.0) -- 0.6 -- 5.2 -- (0.2) 3.6
----- ----- ----- ----- --- ----- ---- --- ---------- -------
Revenue --
Rebased $ 357.5 $187.7 $110.5 $314.5 $150.7 $ 4.5 $ (26.6) $1,098.8
===== ===== ===== ===== === ===== ==== === ========== =======
Reported
percentage
change 3% 6% 6% (3)% 6% (22)% N.M. 2%
===== ===== ===== ===== ===== ==== ============== =======
Rebased
percentage
change 3% 6% 6% (5)% 3% (22)% N.M. 1%
===== ===== ===== ===== ===== ==== ============== =======
N.M. -- Not Meaningful.
Nine months ended September 30, 2024
-----------------------------------------------------------------------------------------------------------
Liberty Liberty
Liberty C&W Liberty Puerto Costa Intersegment
Caribbean Panama Networks Rico Rica Corporate eliminations Total
------------ ---------- ---------- ----------- ---------- ------------- -------------- ------------
In millions
Revenue --
Reported $1,092.0 $554.4 $337.5 $944.0 $445.0 $ 15.5 $ (81.8) $3,306.6
Rebase
adjustment:
Acquisition -- -- -- 25.2 -- -- -- 25.2
Disposition -- (2.4) -- -- -- -- -- (2.4)
Foreign
currency (5.2) -- (2.2) -- 10.0 -- (0.1) 2.5
------- ----- ----- ----- --- ----- ----- ---------- -------
Revenue --
Rebased $1,086.8 $552.0 $335.3 $969.2 $455.0 $ 15.5 $ (81.9) $3,331.9
======= ===== ===== ===== === ===== ===== ========== =======
Reported
percentage
change 1% --% 1% (5)% 4% (28)% N.M. (1)%
======= ===== ===== ===== ===== ===== ============== =======
Rebased
percentage
change 1% --% 2% (7)% 2% (28)% N.M. (1)%
======= ===== ===== ===== ===== ===== ============== =======
N.M. -- Not Meaningful.
The following tables set forth the reconciliation from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations.
Three months ended September 30, 2024
-----------------------------------------------------------------------------------------
Liberty Liberty
Liberty C&W Liberty Puerto Costa
Caribbean Panama Networks Rico Rica Corporate Total
------------- --------- ------------ ---------- ---------- ------------- ----------
In millions
Adjusted OIBDA
-- Reported $ 157.7 $68.7 $ 59.3 $88.2 $50.8 $ (21.6) $403.1
Rebase
adjustment:
Acquisition -- -- -- 0.7 -- -- 0.7
Disposition -- -- -- -- -- -- --
Foreign
currency (0.9) -- -- -- 1.8 -- 0.9
----- ---- ---- ---- --- ---- --- ----- -----
Adjusted OIBDA
-- Rebased $ 156.8 $68.7 $ 59.3 $88.9 $52.6 $ (21.6) $404.7
===== ==== ==== ==== === ==== === ===== =====
Reported
percentage
change 9% 5% 10% 8% 11% (30)% 8%
===== ==== ==== ==== ==== ===== =====
Rebased
percentage
change 10% 4% 10% 7% 7% (30)% 7%
===== ==== ==== ==== ==== ===== =====
Nine months ended September 30, 2024
-------------------------------------------------------------------------------------------
Liberty Liberty
Liberty C&W Liberty Puerto Costa
Caribbean Panama Networks Rico Rica Corporate Total
------------- ---------- ---------- ----------- ---------- ------------- ------------
In millions
Adjusted OIBDA
-- Reported $ 465.3 $190.3 $181.6 $228.4 $162.5 $ (61.7) $1,166.4
Rebase
adjustment:
Acquisition -- -- -- 2.9 -- -- 2.9
Disposition -- (0.9) -- -- -- -- (0.9)
Foreign
currency (2.5) -- (0.4) -- 3.6 -- 0.7
----- ----- ----- ----- --- ----- ----- -------
Adjusted OIBDA
-- Rebased $ 462.8 $189.4 $181.2 $231.3 $166.1 $ (61.7) $1,169.1
===== ===== ===== ===== === ===== ===== =======
Reported
percentage
change 12% 8% 1% 16% 4% (41)% 8%
===== ===== ===== ===== ===== ===== =======
Rebased
percentage
change 12% 8% 1% 14% 2% (41)% 7%
===== ===== ===== ===== ===== ===== =======
The following tables set forth the reconciliation from reported revenue by product for our Liberty Caribbean segment to rebased revenue by product and related change calculations.
Three months ended September 30, 2024
------------------------------------------------------------------------
Total
Residential Residential residential B2B Total
fixed revenue mobile revenue revenue revenue revenue
--------------- --------------- ------------- ---------- -----------
In millions
Revenue by
product --
Reported $ 124.9 $ 109.2 $234.1 $125.4 $359.5
Rebase
adjustment:
Foreign
currency $ (0.8) (0.6) (1.4) (0.6) (2.0)
------ ------ ----- ---- ----- -----
Revenue by
product --
Rebased $ 124.1 $ 108.6 $232.7 $124.8 $357.5
====== === ====== === ===== ===== ===== ===== ===
Reported
percentage
change 5% 2% 3% 1% 3%
====== ====== ===== ==== ===== =====
Rebased
percentage
change 5% 2% 4% 2% 3%
====== ====== ===== ==== ===== =====
Nine months ended September 30, 2024
-------------------------------------------------------------------------
Total
Residential Residential residential B2B Total
fixed revenue mobile revenue revenue revenue revenue
--------------- --------------- ------------- ---------- ------------
In millions
Revenue by
product --
Reported $ 385.2 $ 319.3 $704.5 $387.5 $1,092.0
Rebase
adjustment:
Foreign
currency (1.9) (1.7) (3.6) (1.6) (5.2)
------ ------ ----- ---- ----- -------
Revenue by
product --
Rebased $ 383.3 $ 317.6 $700.9 $385.9 $1,086.8
====== === ====== === ===== ===== ===== =======
Reported
percentage
change 1% 3% 2% (2)% 1%
====== ====== ===== ==== ===== =======
Rebased
percentage
change 1% 4% 2% (1)% 1%
====== ====== ===== ==== ===== =======
The following tables set forth the reconciliation from reported revenue by product for our C&W Panama segment to rebased revenue by product and related change calculations.
Three months ended September 30, 2024
------------------------------------------------------------------------
Total
Residential Residential residential B2B Total
fixed revenue mobile revenue revenue revenue revenue
--------------- --------------- ------------- ---------- -----------
In millions
Revenue by
product --
Reported $ 32.4 $ 86.5 $118.9 $69.1 $188.0
Rebase
adjustment:
Disposition (0.3) -- (0.3) -- (0.3)
----- --- ----- ---- ----- ---- ---- --- -----
Revenue by
product --
Rebased $ 32.1 $ 86.5 $118.6 $69.1 $187.7
===== ==== ===== ==== ===== ===== ==== === ===== ===
Reported
percentage
change (1)% 2% 1% 14% 6%
===== ===== === ===== ==== ==== =====
Rebased
percentage
change --% 2% 1% 14% 6%
===== === ===== === ===== ==== ==== =====
Nine months ended September 30, 2024
------------------------------------------------------------------------
Total
Residential Residential residential B2B Total
fixed revenue mobile revenue revenue revenue revenue
--------------- --------------- ------------- ---------- -----------
In millions
Revenue by
product --
Reported $ 95.3 $ 243.2 $338.5 $215.9 $554.4
Rebase
adjustment:
Disposal (2.4) -- (2.4) -- (2.4)
----- --- ------ --- ----- ---- ----- -----
Revenue by
product --
Rebased $ 92.9 $ 243.2 $336.1 $215.9 $552.0
===== ==== ====== === ===== ===== ===== ===== ===
Reported
percentage
change (1)% 8% 5% (9)% --%
===== ====== ===== ==== ===== =====
Rebased
percentage
change 2% 8% 6% (9)% --%
===== === ====== ===== ==== ===== =====
The following tables set forth the reconciliation from reported revenue by product for our Liberty Puerto Rico segment to rebased revenue by product and related change calculations.
Three months ended September 30, 2024
------------------------------------------------------------------------------------
Total
Residential Residential residential B2B Other Total
fixed revenue mobile revenue revenue revenue revenue revenue
--------------- --------------- ------------- ---------- ---------- -----------
In millions
Revenue by
product --
Reported $ 122.9 $ 125.0 $247.9 $54.1 $6.2 $308.2
Rebase
adjustment:
Acquisition -- 6.3 6.3 -- -- 6.3
------ --- ------ --- ----- ----- ---- --- --- ---- ----- ---
Revenue by
product --
Rebased $ 122.9 $ 131.3 $254.2 $54.1 $6.2 $314.5
====== === ====== === ===== ===== ==== === === ==== ===== ===
Reported
percentage
change -- % (2)% (1)% (16)% 21% (3)%
====== === ====== ===== === ==== === === =====
Rebased
percentage
change -- % (7)% (4)% (16)% 21% (5)%
====== === ====== ===== === ==== === === =====
Nine months ended September 30, 2024
------------------------------------------------------------------------------------------
Total
Residential Residential residential B2B Other
fixed revenue mobile revenue revenue revenue revenue Total revenue
--------------- --------------- ------------- ---------- ---------- -----------------
In millions
Revenue by
product --
Reported $ 374.1 $ 385.6 $759.7 $162.7 $21.6 $ 944.0
Rebase
adjustment:
Acquisition -- 25.2 25.2 -- -- 25.2
------ --- ------ --- ----- ----- ----- ---- --- ------ -----
Revenue by
product --
Rebased $ 374.1 $ 410.8 $784.9 $162.7 $21.6 $ 969.2
====== === ====== === ===== ===== ===== ==== === ====== =====
Reported
percentage
change (1)% (3)% (2)% (19)% (8)% (5)%
====== ====== ===== === ===== ==== ====== =====
Rebased
percentage
change (1)% (9)% (5)% (19)% (8)% (7)%
====== ====== ===== === ===== ==== ====== =====
Non-GAAP Reconciliation for Consolidated Leverage Ratios
We have set forth below our consolidated leverage and net leverage ratios. Our consolidated leverage and net leverage ratios (Consolidated Leverage Ratios), each a non-GAAP measure, are defined as (i) the principal amount of debt and finance lease obligations less cash and cash equivalents and restricted cash related to debt divided by (ii) last two quarters of annualized Adjusted OIBDA. We generally use Adjusted OIBDA for the last two quarters annualized when calculating our Consolidated Leverage Ratios to maintain as much consistency as possible with the calculations established by our debt covenants included in the credit facilities or bond indentures for our respective borrowing groups, which are predominantly determined on a last two quarters annualized basis. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage ratios as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of September 30, 2025 and June 30, 2025 are set forth below:
September 30, June 30,
2025 2025
------------------------- ------------------
in millions, except leverage ratios
Total debt and finance lease
obligations $ 8,280.0 $ 8,159.9
Discounts, premiums and
deferred financing costs,
net 83.0 72.6
--- --------------- --- ----------
Adjusted total debt and
finance lease
obligations 8,363.0 8,232.5
Less:
Cash and cash equivalents 596.7 514.4
Restricted cash related to
debt(1) 13.0 13.0
--- --------------- --- ----------
Net debt and finance
lease obligations $ 7,753.3 $ 7,705.1
=== =============== === ==========
Operating income (loss)(2) :
Operating income for the
three months ended March
31, 2025 N/A $ 128.1
Operating loss for the
three months ended June
30, 2025 $ (333.0) (333.0)
Operating income for the
three months ended
September 30, 2025 187.5 N/A
--- --------------- --- ----------
Operating loss -- last
two quarters $ (145.5) $ (204.9)
=== =============== ==========
Annualized operating loss
-- last two quarters
annualized $ (291.0) $ (409.8)
=== =============== ==========
Adjusted OIBDA(3) :
Adjusted OIBDA for the
three months ended March
31, 2025 N/A $ 406.6
Adjusted OIBDA for the
three months ended June
30, 2025 $ 415.0 415.0
Adjusted OIBDA for the
three months ended
September 30, 2025 433.4 N/A
--- --------------- --- ----------
Adjusted OIBDA -- last
two quarters $ 848.4 $ 821.6
=== =============== === ==========
Annualized Adjusted OIBDA --
last two quarters
annualized $ 1,696.8 $ 1,643.2
=== =============== === ==========
Consolidated debt and finance
lease obligations to
operating loss ratio (28.7 )x (20.1 )x
Consolidated net debt and
finance lease obligations to
operating loss ratio (26.6 )x (18.8 )x
Consolidated leverage ratio 4.9 x 5.0 x
Consolidated net leverage
ratio 4.6 x 4.7 x
N/A -- Not Applicable.
Amount relates to restricted cash at Liberty Puerto Rico that serves as
collateral against certain letters of credit associated with the funding
received from the FCC to continue to expand and improve our fixed network in
Puerto Rico. Operating income or loss is the closest U.S. GAAP measure to
Adjusted OIBDA, as discussed in Adjusted OIBDA above. Accordingly, we have
presented consolidated debt and finance lease obligations to operating
income (loss) and consolidated net debt and finance lease obligations to
operating income (loss) as the most directly comparable financial ratios to
our non-GAAP consolidated leverage and consolidated net leverage ratios.
Adjusted OIBDA is a non-GAAP measure. See Adjusted OIBDA above for
reconciliation of Adjusted OIBDA to the nearest U.S. GAAP measure for the
three months ended September 30, 2025. A reconciliation of our operating
income (loss) to Adjusted OIBDA for the three months ended June 30, 2025 and
March 31, 2025 is presented in the following table:
Three months ended
---------------------------------
June 30, 2025 March 31, 2025
--------------- ----------------
in millions
Operating income (loss) $ (333.0) $ 128.1
Share-based compensation and other
Employee Incentive Plan-related
expense 13.3 34.0
Depreciation and amortization 217.5 228.8
Impairment, restructuring and other
operating items, net 517.2 15.7
---------- --- -----------
Adjusted OIBDA $ 415.0 $ 406.6
========== === ===========
Non-GAAP Reconciliations for Our Borrowing Groups
The financial statements of each of our borrowing groups are prepared in accordance with U.S. GAAP. We include certain financial measures for our C&W, Liberty Puerto Rico and Liberty Costa Rica borrowing groups in this press release that are considered non-GAAP measures, including: (i) Adjusted OIBDA; (ii) Adjusted OIBDA Margin; (iii) Proportionate Adjusted OIBDA, (iv) rebased revenue and (v) rebased Adjusted OIBDA.
Adjusted OIBDA for our borrowing groups is defined as operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, related-party fees and allocations, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the noncontrolling interests' share of Adjusted OIBDA. We believe these measures at the borrowing group level are useful to investors because they are one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. These measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income.
A reconciliation of C&W's operating income to Adjusted OIBDA and Proportionate Adjusted OIBDA is presented in the following table:
Three months ended Nine months ended
September 30, September 30,
------------------- -----------------------
2025 2024 2025 2024
------ ------ ------- -------
in millions
Operating income $ 152.5 $ 94.4 $ 414.8 $ 272.8
Share-based
compensation and
other Employee
Incentive
Plan-related
expense 4.7 5.7 17.3 20.1
Depreciation and
amortization 125.0 149.4 377.1 445.9
Related-party fees
and allocations 19.4 21.6 73.3 69.6
Impairment,
restructuring and
other operating
items, net 7.8 15.4 25.9 29.2
------ ------ ------- -------
Adjusted OIBDA 309.4 286.5 908.4 837.6
Less:
Noncontrolling
interests' share
of Adjusted
OIBDA 51.1 48.6 151.6 140.4
------ ------ ------- -------
Proportionate
Adjusted
OIBDA $ 258.3 $ 237.9 $ 756.8 $ 697.2
====== ====== ======= =======
A reconciliation of Liberty Puerto Rico's operating income (loss) to Adjusted OIBDA is presented in the following table:
Three months ended Nine months ended
September 30, September 30,
---------------------- -----------------------
2025 2024 2025 2024
------ -------- ------ ------
in millions
Operating
income (loss) $ 23.8 $ (486.6) $ (460.0) $(515.1)
Share-based
compensation
and other
Employee
Incentive
Plan-related
expense 2.1 1.0 4.7 5.4
Depreciation
and
amortization 52.0 61.2 174.8 186.0
Related-party
fees and
allocations 15.6 9.0 41.2 35.0
Impairment,
restructuring
and other
operating
items, net 2.0 503.6 503.3 517.1
------ -------- ------ ------
Adjusted
OIBDA $ 95.5 $ 88.2 $ 264.0 $ 228.4
====== ======== ====== ======
A reconciliation of Liberty Costa Rica's operating income to Adjusted OIBDA is presented in the following table:
Three months ended Nine months ended
September 30, September 30,
-------------------- ---------------------
2025 2024 2025 2024
--------- --------- --------- ----------
CRC in billions
Operating
income 13.9 12.9 42.5 44.5
Share-based
compensation
and other
Employee
Incentive
Plan-related
expense 0.2 0.2 0.8 0.6
Depreciation
and
amortization 13.8 13.2 40.7 37.7
Related-party
fees and
allocations 0.1 0.3 1.0 1.0
Impairment,
restructuring
and other
operating
items, net 0.5 -- 0.6 0.2
--------- --------- --------- --------
Adjusted
OIBDA 28.5 26.6 85.6 84.0
========= ========= ========= ========
The following table sets forth the reconciliations from reported revenue for our C&W borrowing group to rebased revenue and related change calculations:
Three months ended Nine months ended
September 30, 2024 September 30, 2024
----------------------- -----------------------
in millions
Revenue -- Reported $ 636.5 $ 1,919.1
Rebase adjustment:
Disposal (0.3) (2.4)
Foreign currency (1.5) (7.5)
--- ------------ --- --------------
Revenue -- Rebased $ 634.7 $ 1,909.2
=== ============ ==== ============== ===
Reported percentage
change 4% --%
=== ============ === ==============
Rebased percentage
change 4% 1%
=== ============ === ==============
The following table sets forth the reconciliation from Adjusted OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and related change calculations:
Three months ended Nine months ended
September 30, 2024 September 30, 2024
----------------------- -----------------------
in millions
Adjusted OIBDA --
Reported $ 286.5 $ 837.6
Rebase adjustment:
Disposal -- (0.9)
Foreign currency (0.9) (3.1)
--- ------------ --- --- ------------ ---
Adjusted OIBDA --
Rebased $ 285.6 $ 833.6
=== ============ ==== === ============ ====
Reported percentage
change 8% 8%
=== ============ === === ============ ===
Rebased percentage
change 8% 9%
=== ============ === === ============ ===
View source version on businesswire.com: https://www.businesswire.com/news/home/20251105419849/en/
CONTACT: Investor Relations
Soomit Datta
ir@lla.com
Corporate Communications
Michael Coakley
llacommunications@lla.com
(END) Dow Jones Newswires
November 05, 2025 16:51 ET (21:51 GMT)