Liberty Latin America Reports Q4 and FY 2024 Results
100,000 organic fixed and mobile subscriber net adds in 2024
Robust revenue & Adj. OIBDA growth in C&W Caribbean, Panama & Costa Rica
Puerto Rico remains challenged; rebuilding in 2025
400,000 homes passed or upgraded using FTTH; 97% of footprint Gigabit-ready
Successfully refinanced $3.3bn of C&W credit silo debt in last 6 months
DENVER, Colorado--(BUSINESS WIRE)--February 19, 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 ("Q4") and twelve months ("YTD" and "FY") ended December 31, 2024.
CEO Balan Nair commented, "In 2024, we made significant investments in our networks and products, driving broadband and postpaid mobile subscriber growth. Successful operational execution and a focus on cost efficiencies drove strong Adjusted OIBDA growth in C&W Caribbean, Panama and Costa Rica. In Puerto Rico, we had a challenging year as we completed our migration from AT&T's platforms and we now aim to pivot to a growth trajectory for this business."
"We are committed to delivering leading services across our markets, and continue to invest in our fixed, mobile and subsea networks. By the end of 2024, 97% of our fixed networks were enabled to deliver speeds of at least 1Gbps compared to approximately 80% at the end of 2023, and we are on-track to reach nearly 100% in 2025. In mobile, we expanded our coverage and capacity through upgrades and selective spectrum acquisitions. Finally, in subsea within Liberty Networks, we are progressing with plans to build new systems whilst investing in capacity upgrades across existing routes."
"Our capital structure was also strengthened as we completed our near-term refinancing targets for the C&W credit silo earlier this month. We raised $3.3 billion of debt in aggregate since last October, thereby extending the silo's weighted average maturity profile to 6.5 years. This highlights our ability to access markets efficiently, demonstrates the strength of the C&W credit silo, and positions the business for continued growth."
"Looking ahead to 2025, we are positioned for a positive year and continue to see a path to achieving our previously announced three-year guidance targets for Adjusted OIBDA and Adjusted FCF. After year one of the guidance period, we are behind where we expected to be given the impact of the Puerto Rico migration and slow recovery, and so the key for us will be to drive outperformance in other areas and quickly return our Puerto Rican business to sustained growth. Following significant investments, including the completion of our copper to FTTH upgrades across the group and IT and mobile network upgrades in Puerto Rico, we are reducing our annual expectations for LLA P&E additions to revenue to 14% from 16%, further supporting Adjusted FCF generation."
FY 2024 Business Highlights
-- C&W Caribbean: solid end to the year, well positioned for further growth
-- Adjusted OIBDA margin up by nearly 200 basis points to 43%
-- YoY reported and rebased Adjusted OIBDA growth of 6% and 7%,
respectively
-- C&W Panama: mobile momentum & double-digit Adjusted OIBDA growth
-- >100,000 mobile subscriber additions in 2024
-- YoY double-digit Adjusted OIBDA growth of 18%
-- Liberty Networks: strong enterprise performance
-- Double-digit reported growth in enterprise business
-- Wholesale revenue impacted by non-cash IRU amortization
-- Liberty Puerto Rico: mobile challenges, fixed operations remain stable
-- Postpaid mobile churn reducing sequentially
-- Liberty recognized as having the island's fastest fixed and most
reliable mobile network
-- Liberty Costa Rica: continued strong operating and financial performance
-- Over 110,000 postpaid adds in 2024, 31% higher YoY
-- Double-digit reported revenue & Adjusted OIBDA growth
Financial and Operating Highlights
YoY Increase
Financial / YoY Rebased YoY YoY Rebased
Highlights Q4 2024 Q4 2023 (Decrease) Decrease(1) FY 2024 FY 2023 Decrease Decrease(1)
------------------ ---------- ---------- ------------ ------------- ---------- ---------- ---------- -------------
(USD in millions)
Revenue $1,150 $1,164 (1%) (2%) $4,457 $4,511 (1%) (2%)
Operating income N.M
(loss) $ 128 $ 113 13% $ (48) $ 518 .
Adjusted OIBDA(2) $ 427 $ 432 (1%) (2%) $1,594 $1,702 (6%) (7%)
Property &
equipment
additions $ 240 $ 207 16% $ 725 $ 731 (1%)
As a percentage
of revenue 21% 18% 16% 16%
Adjusted FCF before
distributions to
noncontrolling
interest owners $ 196 $ 218 $ 116 $ 273
Distributions to
noncontrolling
interest owners (33) (34) (55) (75)
----- ----- ----- -----
Adjusted FCF(3) $ 163 $ 184 $ 61 $ 198
Cash provided by
operating
activities $ 399 $ 391 $ 756 $ 897
Cash used by
investing
activities $ (175) $ (163) $ (689) $ (616)
Cash provided
(used) by
financing
activities $ (153) $ 193 $ (386) $ (62)
Amounts may not recalculate due to rounding.
N.M. -- Not Meaningful.
Operating Highlights(4) Q4 2024 Q3 2024 -------------------------------------- ----------- ---------- Total customers 1,936,500 1,947,400 Organic customer losses (2,700) (18,900) Fixed RGUs 3,987,600 3,986,100 Organic RGU additions (losses) 14,100 (11,300) Organic internet additions (losses) 3,700 (7,600) Mobile subscribers 8,054,300 7,989,300 Organic mobile gains 53,600 9,400 Organic postpaid additions (losses) 13,000 (4,000)
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 Year ended
----- -----
December 31, Increase/(decrease) December 31, Increase/(decrease)
-------------------- ------------------------- -------------------- -------------------------
2024 2023 % Rebased % 2024 2023 % Rebased %
------- ------- ----------- ------------ ------- ------- ----------- ------------
in millions, except % amounts
C&W Caribbean $ 370.8 $ 366.4 1 2 $1,462.8 $1,437.0 2 2
C&W Panama 208.8 206.1 1 1 763.2 742.6 3 3
Liberty
Networks 110.0 113.5 (3) (2) 447.5 453.3 (1) (2)
Liberty
Puerto Rico 316.5 353.5 (10) (13) 1,260.5 1,417.7 (11) (12)
Liberty Costa
Rica 168.1 148.9 13 9 613.1 547.9 12 6
Corporate 4.1 5.0 (18) (18) 19.6 23.5 (17) (17)
Eliminations (28.0) (29.8) N.M. N.M. (109.8) (110.9) N.M. N.M.
------- ------- ----- ---- ----- ----- ------- ------- ----- ---- ----- -----
Total $1,150.3 $1,163.6 (1) (2) 4,456.9 $4,511.1 (1) (2)
======= ======= ===== === ===== ==== ======= ======= ===== === ===== ====
N.M. -- Not Meaningful.
-- Reported revenue was 1% lower for both the three months and year ended
December 31, 2024, as compared to the corresponding prior-year periods.
-- Reported revenue declined in Q4 primarily driven by a reduction in
Liberty Puerto Rico, which was partly offset by organic growth in
Liberty Costa Rica.
-- Reported revenue was lower for the FY driven by reduced revenue in
Liberty Puerto Rico, partly offset by: (1) net organic growth in
Liberty Costa Rica, C&W Caribbean and C&W Panama and (2) net
foreign exchange benefits of $29 million.
Q4 2024 Revenue Growth -- Segment Highlights
-- C&W Caribbean: revenue increased by 1% and 2%, on a reported and rebased
basis, respectively.
-- Fixed residential revenue declined by 2% on a reported basis and
1% on a rebased basis. The rebased performance was driven by a $3m
negative impact related to Hurricane Beryl, primarily in Jamaica.
-- Mobile residential revenue increased by 6% on a reported basis and
7% on a rebased basis. Performance was driven by 43,000 net
postpaid subscriber additions over the last twelve months and
higher prepaid ARPU following price increases, primarily in
Jamaica.
-- B2B revenue was flat and 1% higher, respectively, on a reported
and rebased basis. Year-over-year rebased growth was mainly driven
by an increase in recurring fixed and managed services revenue.
-- C&W Panama: revenue was broadly stable, growing by 1% on a reported and
rebased basis, year-over-year.
-- Fixed residential revenue was up 2%, driven by broadband RGU
additions following expansion of our FTTH networks, products and
commercial activities.
-- Mobile residential revenue grew by 20%, driven by: (i)
subscription and handset equipment growth following the addition
of 78,000 postpaid subscribers over the last twelve months,
including gains following the exit of a competitor, and (ii)
improved prepaid ARPU as our products and promotions led to
increased recharge activity.
-- B2B revenue fell by 13%, primarily due to lower revenue from
government-related projects, some of which we anticipate to be
executed in 2025.
-- Liberty Networks: revenue declined by 3% and 2% on a reported and rebased
basis, respectively. The year-over-year decline was driven by lower
wholesale network revenue as compared to the prior-year period when we
won a significant new contract. This was partly offset by higher
enterprise revenue due primarily to continued growth in managed services
and B2B connectivity.
-- Liberty Puerto Rico: revenue was 10% and 13% lower on a reported and
rebased basis, respectively, year-over-year. The rebased comparison
includes the acquisition of EchoStar's Puerto Rico and USVI prepaid
mobile customer base on September 3, 2024, which contributed $10 million
of revenue in each of the current and corresponding prior-year quarters.
-- Residential fixed revenue declined by 2% year-over-year, on both a
reported and rebased basis, primarily due to lower ARPU caused by
retention-related discounts.
-- Residential mobile revenue was 16% and 20% lower compared to the
prior-year period on a reported and rebased basis, respectively.
This was driven by a reduction in mobile subscribers and ARPU,
year-over-year, impacted by disruption related to the migration of
customers to our mobile network, and lower equipment sales due to
promotional activity.
-- B2B revenue declined by 21% year-over-year, on both a reported and
rebased basis, primarily reflecting the cancellation of the FCC's
Emergency Connectivity Fund $(ECF)$ which led to a reduction of
61,000 mobile postpaid subs over the past year as well as a
reduction in subscribers related to migration challenges and
associated credits issued for billing adjustments.
Sequentially, revenue grew by 3% on a reported basis driven by the EchoStar acquisition, and prepaid subscribers grew organically for the third consecutive quarter.
-- Liberty Costa Rica: revenue grew by 13% on a reported basis and 9% on a
rebased basis, year-over-year. Reported performance benefited from a $7
million positive foreign exchange impact as the Costa Rican colon
appreciated against the U.S. dollar. The strong year-over-year rebased
performance was mainly driven by higher mobile revenue, primarily due to
postpaid subscriber growth, and an increase in B2B project-related
revenue.
Operating Income (Loss)
-- Operating income (loss) was $128 million and $113 million for the three
months ended December 31, 2024 and 2023, respectively, and ($48 million)
and $518 million for the years ended December 31, 2024 and 2023,
respectively.
-- Operating income increased during the three months ended December
31, 2024, as compared to the corresponding period in 2023, mostly
driven by the net effect of (i) lower depreciation and
amortization, (ii) an increase in impairment, restructuring and
other operating items, net, and (iii) an increase in share-based
compensation and other Employee Incentive Plan-related expense. We
reported an operating loss during the year ended December 31,
2024, as compared to operating income during the corresponding
period in 2023, primarily due to the net effect of (i) the
impairment of the goodwill balance at Liberty Puerto Rico (ii) a
decline in Adjusted OIBDA and (iii) a decrease in depreciation and
amortization expense.
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 Year ended
December 31, Increase (decrease) December 31, Increase (decrease)
---------------------- -------------------- -------------------------- --------------------
2024 2023 % Rebased % 2024 2023 % Rebased %
---------- ---------- ------- ----------- ------------ ------------ ------- -----------
in millions, except % amounts
C&W
Caribbean $168.0 $160.0 5 6 $ 633.3 $ 596.9 6 7
C&W Panama 79.4 66.7 19 19 269.7 227.7 18 18
Liberty
Networks 61.1 61.5 (1) -- 242.7 261.5 (7) (7)
Liberty
Puerto
Rico 79.9 103.9 (23) (24) 308.3 485.5 (36) (37)
Liberty
Costa
Rica 67.0 57.9 16 11 229.5 203.1 13 7
Corporate (28.1) (18.1) (55) (55) (89.8) (73.1) (23) (23)
----- ----- --- ----- --- ------- ------- --- ----- ---
Total $427.3 $431.9 (1) (2) $1,593.7 $1,701.6 (6) (7)
===== ===== === ===== === ======= ======= === ===== ===
Operating
income
(loss)
margin 11.1% 9.7% (1.1)% 11.5%
===== ===== ======= =======
Adjusted
OIBDA
margin 37.1% 37.1% 35.8% 37.7%
===== ===== ======= =======
N.M. -- Not Meaningful.
-- Reported Adjusted OIBDA for the three months and year ended December 31,
2024 decreased by 1% and 6%, respectively, as compared to the
corresponding prior-year periods.
-- Reported Adjusted OIBDA declined in Q4 and the FY as organic
reductions in Liberty Puerto Rico were partly offset by growth in
C&W Panama, C&W Caribbean and Liberty Costa Rica.
Q4 2024 Adjusted OIBDA Growth -- Segment Highlights
-- C&W Caribbean: Adjusted OIBDA increased by 5% and 6% on a reported and
rebased basis, respectively. Our Adjusted OIBDA margin improved by over
150 basis points year-over-year to 45% in the fourth quarter.
-- C&W Panama: Adjusted OIBDA increased by 19% on both a reported and
rebased basis, driven by product mix and synergies from the Claro Panama
acquisition.
-- Liberty Networks: Adjusted OIBDA decreased by 1% on a reported basis and
was flat on a rebased basis, year-over-year. The revenue decline in the
quarter was offset by lower interconnect charges in the current year and
a non-recurring cost in the prior-year period.
-- Liberty Puerto Rico: Adjusted OIBDA declined by 23% and 24% on a reported
and rebased basis, respectively. The performance was driven primarily by
the impact of our aforementioned revenue decline, partly offset by the
net impact of: (i) lower operating costs and expenses due to the
termination of our TSA with AT&T following migration, (ii) increased bad
debt charges largely related to equipment installment programs and (iii)
lower staff costs due to efficiency programs.
-- Liberty Costa Rica: Adjusted OIBDA grew by 16% and 11% on a reported and
rebased basis, respectively. Rebased performance was driven by the
aforementioned revenue growth. Our Adjusted OIBDA margin improved by
approximately 100 basis points year-over-year to 40% in the fourth
quarter.
Net Loss Attributable to Shareholders
-- Net loss attributable to shareholders was $178 million and $657 million
for the three months and year ended December 31, 2024, respectively, and
$103 million and $74 million for the three months and year ended December
31, 2023, respectively.
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 Year ended
December 31, December 31,
-------------------- --------------------
2024 2023 2024 2023
----- ------ ------ ------
USD in millions
Customer
Premises
Equipment $ 39.9 $ 40.8 $ 159.4 $ 178.1
New Build &
Upgrade 58.3 56.2 160.4 158.7
Capacity 32.1 24.2 104.7 94.3
Baseline 92.5 68.0 246.6 234.9
Product &
Enablers 17.3 17.4 54.2 64.9
----- ------ ------ ------
Property &
equipment
additions 240.1 206.6 725.3 730.9
----- ------ ------ ------
Assets acquired
under
capital-related
vendor
financing
arrangements (37.4) (26.1) (154.9) (143.8)
Changes in
current
liabilities
related to
capital
expenditures
and other (39.0) (18.4) (30.0) (2.1)
----- ------ ------ ------
Capital
expenditures,
net $ 163.7 $ 162.1 $ 540.4 $ 585.0
===== ====== ====== ======
Property & equipment
additions as % of
revenue 20.9% 17.8% 16.3% 16.2%
Property & Equipment
Additions:
C&W Caribbean $ 76.3 $ 61.3 $226.9 $235.1
C&W Panama 29.9 34.2 104.8 117.0
Liberty Networks 13.1 10.5 49.3 47.6
Liberty Puerto Rico 85.1 60.6 220.9 219.0
Liberty Costa Rica 26.1 29.1 81.4 75.3
Corporate 9.6 10.9 42.0 36.9
----- ----- ----- -----
Property & equipment
additions $240.1 $206.6 $725.3 $730.9
===== ===== ===== =====
Property & Equipment
Additions as a
Percentage of Revenue
by Reportable Segment:
C&W Caribbean 20.6% 16.7% 15.5% 16.4%
C&W Panama 14.3% 16.6% 13.7% 15.8%
Liberty Networks 11.9% 9.3% 11.0% 10.5%
Liberty Puerto Rico 26.9% 17.1% 17.5% 15.4%
Liberty Costa Rica 15.5% 19.5% 13.3% 13.7%
New Build and Homes
Upgraded by
Reportable Segment(1)
:
C&W Caribbean 31,000 25,800 118,800 142,100
C&W Panama 12,200 21,300 49,300 115,300
Liberty Puerto Rico 16,500 9,100 55,000 50,500
Liberty Costa Rica 33,700 8,100 171,200 41,300
------ ------ ------- -------
Total 93,400 64,300 394,300 349,200
====== ====== ======= =======
1. Table excludes Liberty Networks as that segment only provides B2B-related
services.
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 December 31, 2024:
Cash, cash
equivalents and
Debt and restricted cash
Finance lease finance lease related to
Debt obligations obligations debt
----------- ------------- --------------- ---------------
in millions
Liberty
Latin
America(1) $ 2.5 $ -- $ 2.5 $ 90.6
C&W(2) 4,915.4 -- 4,915.4 523.0
Liberty
Puerto
Rico(3) 2,770.9 4.6 2,775.5 36.0
Liberty
Costa
Rica 450.0 -- 450.0 17.7
------- --------- ----------- -----------
Total $ 8,138.8 $ 4.6 $ 8,143.4 $ 667.3
======= ========= =========== ===========
Consolidated Leverage and Liquidity December 31, September 30,
Information: 2024 2024
--------------- ---------------
Consolidated debt and finance lease
obligations to operating loss ratio (16.2)x (15.3)x
Consolidated net debt and finance
lease obligations to operating loss
ratio (14.8)x (14.2)x
Consolidated gross leverage ratio(4) 4.9x 5.2x
Consolidated net leverage ratio(4) 4.5x 4.8x
Weighted average debt tenor(5) 4.1 years 3.6 years
Fully-swapped borrowing costs 6.2% 6.1%
Unused borrowing capacity (in
millions)(6) $796.3 $710.1
1. Represents the aggregate amount held by subsidiaries of Liberty Latin
America that are outside our borrowing groups.
2. Represents the C&W borrowing group, including the C&W Caribbean, Liberty
Networks and C&W Panama reportable segments.
3. 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.
4. Consolidated leverage ratios are non-GAAP measures. For additional
information, including definitions of our consolidated leverage ratios
and required reconciliations, see Non-GAAP Reconciliations below.
5. 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.
6. At December 31, 2024, the full amount of unused borrowing capacity under
our subsidiaries' revolving credit facilities was available to be
borrowed, both before and after completion of the December 31, 2024
compliance reporting requirements.
Quarterly Subscriber Variance
Fixed and Mobile Subscriber Variance Table -- December 31, 2024 vs September 30, 2024
--------------------------------------------------------------------------------------------------------
Fixed-line
Homes Customer Video Internet Telephony Total Total Mobile
Passed Relationships RGUs RGUs RGUs RGUs Prepaid Postpaid Subscribers
----------- --------------- ------- -------- ----------- -------- ------- -------- -------------
C&W Caribbean:
Jamaica 1,200 (6,700) (3,200) (5,500) (5,200) (13,900) (2,100) 4,300 2,200
The Bahamas -- (700) -- (300) $(600.SI)$ (900) 2,900 (1,500) 1,400
Trinidad and
Tobago -- (1,200) (1,700) (800) (300) (2,800) -- -- --
Barbados -- 400 (200) 800 (400) 200 (900) 1,800 900
Other 2,800 1,400 (100) 2,800 400 3,100 2,200 4,800 7,000
------- --------- ---- ------ ------- ------- ------- ------ ------- -------- ---
Total C&W
Caribbean 4,000 (6,800) (5,200) (3,000) (6,100) (14,300) 2,100 9,400 11,500
C&W Panama 3,400 2,400 1,000 3,500 3,300 7,800 31,000 8,900 39,900
------- --------- ---- ------ ------- ------- ------- ------ ------- -------- ---
Total C&W 7,400 (4,400) (4,200) 500 (2,800) (6,500) 33,100 18,300 51,400
Liberty Puerto Rico 7,300 (2,100) 100 (1,100) 6,300 5,300 2,200 (21,700) (19,500)
Liberty Costa Rica 11,700 3,800 5,300 4,300 5,700 15,300 5,300 16,400 21,700
------- --------- ---- ------ ------- ------- ------- ------ ------- -------- ---
Total Organic
Change 26,400 (2,700) 1,200 3,700 9,200 14,100 40,600 13,000 53,600
------- --------- --- ------ ------- ------- ------- ------ ------- -------- ---
Q4 2024
Adjustments:
C&W Caribbean -
Other
(Cayman) -- -- -- -- (4,400) (4,400) -- -- --
C&W Caribbean -
Jamaica 15,600 -- -- -- -- -- -- -- --
C&W Panama(1) (19,300) (8,200) (8,200) -- -- (8,200) -- -- --
Liberty Puerto
Rico(2) -- -- -- -- -- -- 11,400 -- 11,400
------- --------- ---- ------ ------- ------- ------- ------ ------- -------- ---
Total Q4 2024
Adjustments: (3,700) (8,200) (8,200) -- (4,400) (12,600) 11,400 -- 11,400
------- --------- --- ------ ------- ------- ------- ------ ------- -------- ---
Net additions
(losses) 22,700 (10,900) (7,000) 3,700 4,800 1,500 52,000 13,000 65,000
======= ========= === ====== ======= ======= ======= ====== ======= ======== ===
1. The non-organic adjustment to customer relationships and video
subscribers reflects losses resulting from the announcement that we will
shut down Claro Panama's DTH operations effective mid-January 2025.
2. Represents adjustments associated with the migration to a new prepaid
billing system.
ARPU per Customer Relationship
The following table provides ARPU per customer relationship for the indicated periods:
Three months ended FX-Neutral(1)
-----------------------------
December 31, September 30,
2024 2024 % Change % Change
-------------- ------------- ---------- ---------------
Reportable
Segment:
C&W
Caribbean $ 49.74 $ 48.06 3% 4%
C&W Panama $ 38.45 $ 38.78 (1%) (1%)
Liberty
Puerto
Rico $ 72.16 $ 71.60 1% 1%
Liberty
Costa
Rica(2) $ 41.41 $ 41.85 (1%) (3%)
Cable &
Wireless
Borrowing
Group $ 46.96 $ 45.78 3% 3%
Mobile ARPU
The following table provides ARPU per mobile subscriber for the indicated periods:
Three months ended FX-Neutral(1)
-----------------------------
December 31, September 30,
2024 2024 % Change % Change
-------------- ------------- ---------- ---------------
Reportable
Segment:
C&W
Caribbean $ 15.21 $ 15.62 (3%) (2%)
C&W Panama $ 12.40 $ 12.28 1% 1%
Liberty
Puerto
Rico(3) $ 34.09 $ 40.17 (15%) (15%)
Liberty
Costa
Rica(4) $ 7.33 $ 7.01 5% 2%
Cable &
Wireless
Borrowing
Group $ 13.81 $ 13.96 (1%) (1%)
1. 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.
2. The ARPU per customer relationship amounts in Costa Rican colones for the
three months ended December 31, 2024 and September 30, 2024 were CRC
21,157 and CRC 21,888, respectively.
3. The sequential mobile ARPU decline in Liberty Puerto Rico was impacted by
a larger than normal amount of credits provided to customers in Q4, as
well as higher handset insurance revenue in Q3.
4. The mobile ARPU amount in Costa Rican colones for the three months ended
December 31, 2024 and September 30, 2024 were CRC 3,745 and CRC 3,666,
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 strength of our balance sheet and tenor of our debt; 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. 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.
Footnotes
1. Rebased growth rates are a non-GAAP measure. The indicated growth rates
are rebased for the estimated impacts of FX and an acquisition. See
Non-GAAP Reconciliations below.
2. Consolidated Adjusted OIBDA is a non-GAAP measure. For the definition of
Adjusted OIBDA and required reconciliations, see Non-GAAP Reconciliations
below.
3. Adjusted Free Cash Flow ("Adjusted FCF") is a non-GAAP measure. For the
definition of Adjusted FCF and required reconciliations, see Non-GAAP
Reconciliations below.
4. 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.
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
December 31,
-------------------------------- --- ----
Rebased
2024 2023 Change change(1)
--- ------- --- ----- -------- ------------
in millions, except % amounts
Revenue $ 667.3 $ 660.6 1% 2%
=== ======= === ===== === ==== =====
Operating
income $ 112.6 $ 64.7 74%
=== ======= === ===== ===
Adjusted OIBDA $ 307.8 $ 288.2 7% 7%
=== ======= === ===== === ==== =====
Property &
equipment
additions $ 119.3 $ 106.1 12%
=== ======= === ===== ===
Operating
income as a
percentage of
revenue 16.9% 9.8%
=== ======= =====
Adjusted OIBDA
as a
percentage of
revenue 46.1% 43.6%
=== ======= =====
Proportionate
Adjusted
OIBDA $ 252.0 $ 239.2
=== ======= === =====
Year ended
December 31,
----------------------------- ---
Rebased
2024 2023 Change change(1)
------- ------- -------- -------------
in millions, except % amounts
Revenue $ 2,586.4 $2,543.2 2% 2%
======= ======= === ========
Operating
income $ 385.4 $ 269.7 43%
======= ======= ===
Adjusted OIBDA $ 1,145.4 $1,086.3 5% 6%
======= ======= === ========
Property &
equipment
additions $ 381.0 $ 399.7 (5%)
======= ======= ===
Operating
income as a
percentage of
revenue 14.9% 10.6%
======= =======
Adjusted OIBDA
as a
percentage of
revenue 44.3% 42.7%
======= =======
Proportionate
Adjusted
OIBDA $ 949.2 $ 916.7
======= =======
(1.) Indicated growth rates are rebased for the estimated impacts of 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:
December 31, September 30,
Facility Amount 2024 2024
----------------- --------- ----------
in millions
Credit Facilities:
Revolving Credit
Facility due 2027
(Adjusted Term
SOFR + 3.25%) $ 580.0 $ 30.0 $ 110.0
Term Loan Facility
B-5 due 2028
(Adjusted Term
SOFR + 2.25%) $ 1,510.0 1,510.0 1,510.0
Term Loan Facility
B-6 due 2029
(Adjusted Term
SOFR + 3.00%) $ 590.0 590.0 590.0
--------- ----------
Total Senior Secured Credit
Facilities 2,130.0 2,210.0
4.25% CWP Term
Loan due 2028 $ 435.0 435.0 435.0
Regional and other debt 125.2 124.6
--------- ----------
Total Credit Facilities 2,690.2 2,769.6
Notes:
5.75% USD Senior
Secured Notes due
2027 $ -- -- 495.0
6.875% USD Senior
Notes due 2027 $ 735.0 735.0 1,220.0
7.125% USD Senior
Secured Notes due
2032 $ 1,000.0 1,000.0 --
--------- ----------
Total Notes 1,735.0 1,715.0
Vendor financing and Tower
Transactions 490.2 485.5
--------- ----------
Total third-party debt 4,915.4 4,970.1
Less: premiums, discounts and
deferred financing costs, net (33.7) (24.3)
--------- ----------
Total carrying amount of
third-party debt 4,881.7 4,945.8
Less: cash and cash equivalents (523.0) (479.0)
--------- ----------
Net carrying amount of
third-party debt $ 4,358.7 $ 4,466.8
========= ==========
-- At December 31, 2024, our third-party total and proportionate net debt
was $4.4 billion and $4.1 billion, respectively, our Fully-swapped
Borrowing Cost was 5.7%, and the average tenor of our debt obligations
(excluding vendor financing and debt related to the Tower Transactions)
was approximately 4.3 years.
-- Our portion of Adjusted OIBDA, after deducting the noncontrolling
interests' share, ("Proportionate Adjusted OIBDA") was $252 million for
Q4 2024.
-- C&W's Covenant Proportionate Net Leverage Ratio was 3.8x, which is
calculated by annualizing the last two quarters of Covenant EBITDA in
accordance with C&W's Credit Agreement.
-- At December 31, 2024, we had maximum undrawn commitments of $614 million,
including $80 million under our regional facilities. At December 31,
2024, 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 December 31, 2024 compliance
reporting requirements.
-- The following transactions took place subsequent to December 31, 2024:
-- C&W entered into a $1.5 billion principal amount Term SOFR + 3.25%
term loan due January 31, 2032. The drawdown on the C&W Term Loan
B-7 Facility was made at a 99.5% original issue discount. The net
proceeds from the C&W Term Loan B-7 Facility were used to repay in
full the C&W Term Loan B-5 Facility at par.
-- C&W issued $755 million of 9.00% senior notes due January 15,
2033, at par. The net proceeds from the 2033 C&W Senior Notes were
used to redeem in full the remaining 2027 C&W Senior Notes at
100.859%.
-- An increase and amendment agreement was signed in respect of the
extension agreement on the C&W Revolving Credit Facility
originally entered into in September 2024. In accordance with this
increase and amendment agreement, including certain new
commitments that were made available thereunder, a total of $460
million of commitments under the C&W Revolving Credit Facility (i)
had their maturity date extended to April 15, 2029, effective upon
the refinancing of the C&W Term Loan B-5 Facility (which occurred
subsequent to December 31, 2024), and (ii) will automatically have
their maturity date extended to January 31, 2031 upon the
occurrence of the refinancing of the C&W Term Loan B-6 Facility.
Liberty Puerto Rico (LPR) Borrowing Group
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
December 31,
-------------------------- ---- ------
Rebased
2024 2023 Change change(1)
------ ----- -------- ------------
in millions, except % amounts
Revenue $ 316.5 $353.5 (10)% (13)%
====== ===== ==== ======
Operating income
(loss) $ (7.7) $ 9.7 (179)%
====== ===== ====
Adjusted OIBDA $ 79.9 $103.9 (23)% (24)%
====== ===== ==== ======
Property &
equipment
additions $ 85.1 $ 60.6 40%
====== ===== ====
Operating income
(loss) as a
percentage of
revenue (2.4)% 2.7%
====== =====
Adjusted OIBDA as
a percentage of
revenue 25.2% 29.4%
====== =====
Year ended
December 31,
-------------------------- ---- ---------
2024 2023 Change Rebased change(1)
------- ------- -------- -----------------
in millions, except % amounts
Revenue $1,260.5 $1,417.7 (11)% (12)%
======= ======= ==== ========= ====
Operating
income
(loss) $ (522.8) $ 175.2 (398)%
======= ======= ====
Adjusted
OIBDA $ 308.3 $ 485.5 (36)% (37)%
======= ======= ==== ========= ====
Property &
equipment
additions $ 220.9 $ 219.0 1%
======= ======= ====
Operating
income
(loss) as
a
percentage
of
revenue (41.5)% 12.4%
======= =======
Adjusted
OIBDA as a
percentage
of
revenue 24.5% 34.2%
======= =======
(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:
December 31, September 30,
Facility amount 2024 2024
----------------- --------- ----------
in millions
Credit Facilities:
Revolving Credit
Facility due 2027
(Adjusted Term
SOFR + 3.50%) $ 172.5 $ 50.0 $ 50.0
Term Loan Facility
due 2028
(Adjusted Term
SOFR + 3.75%) $ 620.0 620.0 620.0
--------- ----------
Total Senior Secured Credit
Facilities 670.0 670.0
--------- ----------
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 119.9 127.0
Finance lease obligations 4.6 4.7
--------- ----------
Total debt and finance lease
obligations 2,775.5 2,782.7
Less: premiums and deferred financing
costs, net (17.1) (18.4)
--------- ----------
Total carrying amount of debt 2,758.4 2,764.3
Less: cash, cash equivalents and
restricted cash related to debt(1) (36.0) (39.7)
--------- ----------
Net carrying amount of debt $ 2,722.4 $ 2,724.6
========= ==========
1. 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 December 31, 2024, our Fully-swapped Borrowing Cost was 6.2% and the
average tenor of our debt (excluding vendor financing, debt related to
the Tower Transactions and other debt) was approximately 3.5 years.
-- LPR's Covenant Consolidated Net Leverage Ratio was 7.4x, which is
calculated by annualizing the last two quarters of Covenant EBITDA in
accordance with LPR's Group Credit Agreement.
-- At December 31, 2024, we had maximum undrawn commitments of $123 million.
At December 31, 2024, the full amount of unused borrowing capacity under
our revolving credit facility was available to be borrowed, both before
and after completion of the December 31, 2024 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
December 31,
--------------------------------- ----
2024 2023 Change
---------------- --------------- --------
CRC in billions, except % amounts
Revenue 85.8 79.2 9%
========= ===== ========= ==== ====
Operating income 19.8 18.1 9%
========= ===== ========= ==== ====
Adjusted OIBDA 34.2 30.8 11%
========= ===== ========= ==== ====
Property & equipment
additions 13.3 15.5 (14%)
========= ===== ========= ==== ====
Operating income as a
percentage of revenue 23.1% 22.9%
========= ==== ========= ===
Adjusted OIBDA as a
percentage of revenue 39.9% 38.9%
========= ==== ========= ===
Year ended
December 31,
--------------------------------- ---
2024 2023 Change
---------------- --------------- --------
CRC in billions, except % amounts
Revenue 315.8 297.6 6%
========== ==== ========== === ===
Operating income 64.3 55.5 16%
========== ==== ========== === ===
Adjusted OIBDA 118.2 110.2 7%
========== ==== ========== === ===
Property & equipment
additions 42.0 40.7 3%
========== ==== ========== === ===
Operating income as a
percentage of revenue 20.4% 18.6%
========== === ==========
Adjusted OIBDA as a
percentage of revenue 37.4% 37.0%
========== === ==========
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:
December 31, September 30,
2024 2024
-------------------------------- ---------------
CRC equivalent
Borrowing currency outstanding
in millions in billions
-------------------- ---------------------------
10.875% Term Loan A
Facility due 2031(1) $ 50.0 25.5 26.0
10.875% Term Loan B
Facility due 2031(1) $ 400.0 204.2 207.9
Revolving Credit
Facility due 2028
(Term SOFR + 4.25%) $ 60.0 -- 3.1
------ -----------
Total debt 229.7 237.0
Less: deferred financing costs (6.3) (6.7)
------ -----------
Total carrying amount of debt 223.4 230.3
Less: cash and cash equivalents (9.0) (4.5)
------ -----------
Net carrying amount of debt 214.4 225.8
====== ===========
Exchange rate (CRC to $) 510.5 519.8
(1.) 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 December 31, 2024, our Fully-swapped Borrowing Cost was 10.9% and the
average tenor of our debt was approximately 6.0 years.
-- LCR's Covenant Consolidated Net Leverage Ratio was 1.8x, which is
calculated by annualizing the last two quarters of Covenant EBITDA in
accordance with LCR's Credit Agreement.
-- At December 31, 2024, we had maximum undrawn commitments of $60 million
(CRC 31 billion). At December 31, 2024, the full amount of unused
borrowing capacity under our revolving credit facility was available to
be borrowed, both before and after completion of the December 31, 2024
compliance reporting requirements.
Subscriber Table
Consolidated Operating Data -- December 31, 2024
------------------------------------------------------------------------------------------------------
Fixed-line
Homes Customer Video Internet Telephony Total Total Mobile
Passed Relationships RGUs RGUs RGUs RGUs Prepaid Postpaid Subscribers
--------- ------------- ------- --------- --------- --------- --------- --------- ------------
C&W
Caribbean:
Jamaica 761,500 339,100 122,300 327,200 322,900 772,400 1,090,000 127,400 1,217,400
The Bahamas 125,700 31,900 7,800 26,300 31,000 65,100 131,400 24,000 155,400
Trinidad
and
Tobago 341,700 140,400 94,700 124,700 88,200 307,600 -- -- --
Barbados 140,400 85,500 38,300 79,700 67,200 185,200 78,800 54,900 133,700
Other 387,200 213,800 68,800 193,100 102,900 364,800 314,400 143,500 457,900
--------- ------------- ------- --------- --------- --------- --------- --------- ------------
Total C&W
Caribbean 1,756,500 810,700 331,900 751,000 612,200 1,695,100 1,614,600 349,800 1,964,400
C&W Panama 959,300 262,200 161,700 255,400 242,500 659,600 1,534,800 422,900 1,957,700
--------- ------------- ------- --------- --------- --------- --------- --------- ------------
Total C&W 2,715,800 1,072,900 493,600 1,006,400 854,700 2,354,700 3,149,400 772,700 3,922,100
Liberty
Puerto
Rico(1) 1,191,800 574,100 230,900 544,400 286,300 1,061,600 192,400 669,500 861,900
Liberty
Costa
Rica(2) 828,100 289,500 197,400 277,400 96,500 571,300 2,251,300 1,019,000 3,270,300
--------- ------------- ------- --------- --------- --------- --------- --------- ------------
Total 4,735,700 1,936,500 921,900 1,828,200 1,237,500 3,987,600 5,593,100 2,461,200 8,054,300
========= ============= ======= ========= ========= ========= ========= ========= ============
1. Postpaid mobile subscribers include 125,000 CRUs.
2. Our homes passed in Liberty Costa Rica include 54,000 homes on a
third-party network that provides us long-term access.
Glossary
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.
CRU -- Corporate responsible user.
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.
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. Our Liberty Puerto Rico segment prepaid subscriber count includes mobile reseller subscribers, which represent organizations that purchase minutes and data at wholesale prices and subsequently resell it under the purchaser's brand name. These reseller subscribers result in a significantly lower ARPU than the remaining subscribers included in our prepaid balance. Additionally, our Liberty Puerto Rico segment postpaid subscriber count includes CRUs, which represent an individual receiving mobile services through an organization that has entered into a contract for mobile services with us and where the organization is responsible for the payment of the CRU's mobile services.
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 5 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, and (iv) consolidated leverage ratios. 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, a non-GAAP measure, is the primary measure used by our chief operating decision maker, or 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. As we use the term, Adjusted OIBDA is defined as 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 include (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. 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. A reconciliation of our operating income or loss to total Adjusted OIBDA is presented in the following table:
Three months ended Year ended
December 31, December 31,
--------------------- -------------------
2024 2023 2024 2023
------- ------- ------- -------
in millions
Operating
income
(loss) $ 127.7 $ 113.0 $ (48.3) $ 517.7
Share-based
compensation
and other
Employee
Incentive
Plan-related
expense(1) 25.1 10.9 84.0 88.7
Depreciation
and
amortization 238.4 302.7 968.3 1,008.3
Impairment,
restructuring
and other
operating
items, net 36.1 5.3 589.7 86.9
------- ------- ------- -------
Adjusted
OIBDA $ 427.3 $ 431.9 $1,593.7 $1,701.6
======= ======= ======= =======
Operating income (loss)
margin(2) 11.1% 9.7% (1.1)% 11.5%
==== ==== ==== ====
Adjusted OIBDA margin(3) 37.1% 37.1% 35.8% 37.7%
==== ==== ==== ====
1. 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.
2. Calculated by dividing operating income or (loss) by total revenue for
the applicable period.
3. 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, (iii) proceeds received in connection with handset receivables securitization, (iv) insurance recoveries related to damaged and destroyed property and equipment and (v) certain net interest payments or receipts incurred or received, including associated derivative instrument payments and receipts, in advance of a significant acquisition, 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 Year ended
December 31, December 31,
------------------ --------------------
2024 2023 2024 2023
------ ------ ------ ------
in millions
Net cash provided
by operating
activities $ 398.6 $ 390.5 $ 756.3 $ 897.0
Cash payments for
direct
acquisition and
disposition
costs 2.9 0.9 7.9 5.9
Expenses financed
by an
intermediary(1) 54.2 44.6 198.8 176.9
Capital
expenditures,
net (163.7) (162.1) (540.4) (585.0)
Principal
payments on
amounts financed
by vendors and
intermediaries (88.6) (74.1) (324.6) (239.0)
Principal
payments on
finance leases (0.2) (0.3) (0.9) (1.0)
Proceeds from
(repayments of)
handset
receivables
securitization,
net (7.4) 18.4 19.2 18.4
------ ------ ------ ------
Adjusted FCF
before
distributions
to
noncontrolling
interest
owners 195.8 217.9 116.3 273.2
Distributions to
noncontrolling
interest owners (32.6) (34.2) (55.1) (75.4)
------ ------ ------ ------
Adjusted FCF $ 163.2 $ 183.7 $ 61.2 $ 197.8
====== ====== ====== ======
1. 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 an estimate of the pre-acquisition amounts of acquired businesses, to the same extent they are included in the current year. The business that we acquired impacting the comparative periods relates to the LPR Acquisition (acquisition of spectrum and prepaid subscribers in Puerto Rico and USVI from EchoStar), which was completed on September 3, 2024.
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 periods.
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 December 31, 2023
--------------------------------------------------------------------------------------------
Liberty Liberty
C&W C&W Liberty Puerto Costa Intersegment
Caribbean Panama Networks Rico Rica Corporate eliminations Total
----------- ------ ---------- -------- -------- ----------- ---------------- --------
In millions
Revenue --
Reported $ 366.4 $206.1 $ 113.5 $ 353.5 $ 148.9 $ 5.0 $ (29.8) $1,163.6
Rebase
adjustment:
Acquisition -- -- -- 9.5 -- -- -- 9.5
Foreign
currency (1.9) -- (1.3) -- 6.0 -- (0.2) 2.6
------ ----- ----- ------- ------- ------- ------ --- -------
Revenue --
Rebased $ 364.5 $206.1 $ 112.2 $ 363.0 $ 154.9 $ 5.0 $ (30.0) $1,175.7
====== ===== ===== ======= ======= ======= ====== === =======
Reported
percentage N.
change 1% 1% (3)% (10)% 13% (18)% M. (1)%
=== ===
Rebased
percentage N.
change 2% 1% (2)% (13)% 9% (18)% M. (2)%
=== ===
N.M. -- Not Meaningful.
Year ended December 31, 2023
----------------------------------------------------------------------------------------
Liberty Liberty
C&W C&W Liberty Puerto Costa Intersegment
Caribbean Panama Networks Rico Rica Corporate eliminations Total
--------- ------ -------- -------- -------- ----------- ---------------- --------
In millions
Revenue --
Reported $1,437.0 $742.6 $ 453.3 $1,417.7 $ 547.9 $ 23.5 $ (110.9) $4,511.1
Rebase
adjustment:
Acquisition -- -- -- 12.4 -- -- -- 12.4
Foreign
currency (6.2) -- 4.0 -- 29.2 -- -- 27.0
------- ----- ------- ------- ------- ------- ------- --- -------
Revenue --
Rebased $1,430.8 $742.6 $ 457.3 $1,430.1 $ 577.1 $ 23.5 $ (110.9) $4,550.5
======= ===== ======= ======= ======= ======= ======= =======
Reported
percentage N.
change 2% 3% (1)% (11)% 12% (17)% M. (1)%
=== ===
Rebased
percentage N.
change 2% 3% (2)% (12)% 6% (17)% M. (2)%
=== ===
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 December 31, 2023
------------------------------------------------------------------------
Liberty Liberty
C&W C&W Liberty Puerto Costa
Caribbean Panama Networks Rico Rica Corporate Total
----------- ------ ---------- -------- -------- ----------- ------
In millions
Adjusted OIBDA
-- Reported $ 160.0 $ 66.7 $ 61.5 $ 103.9 $ 57.9 $ (18.1) $431.9
Rebase
adjustment:
Acquisition -- -- -- 1.1 -- -- 1.1
Foreign
currency (0.8) -- (0.2) -- 2.2 -- 1.2
------ ----- ----- ------- ------- ------ -----
Adjusted OIBDA
-- Rebased $ 159.2 $ 66.7 $ 61.3 $ 105.0 $ 60.1 $ (18.1) $434.2
====== ===== ===== ======= ======= ====== =====
Reported
percentage
change 5% 19% (1)% (23)% 16% (55)% (1)%
=== ===
Rebased
percentage
change 6% 19% --% (24)% 11% (55)% (2)%
=== ===
Year ended December 31, 2023
------------------------------------------------------------------------
Liberty Liberty
C&W C&W Liberty Puerto Costa
Caribbean Panama Networks Rico Rica Corporate Total
----------- ------ -------- -------- -------- ----------- --------
In millions
Adjusted OIBDA
-- Reported $ 596.9 $227.7 $ 261.5 $ 485.5 $ 203.1 $ (73.1) $1,701.6
Rebase
adjustment:
Acquisition -- -- -- 1.4 -- -- 1.4
Foreign
currency (2.7) -- 0.7 -- 10.5 -- 8.5
------ ----- ------- ------- ------- ------ -------
Adjusted OIBDA
-- Rebased $ 594.2 $227.7 $ 262.2 $ 486.9 $ 213.6 $ (73.1) $1,711.5
====== ===== ======= ======= ======= ====== =======
Reported
percentage
change 6% 18% (7)% (36)% 13% (23)% (6)%
=== ===
Rebased
percentage
change 7% 18% (7)% (37)% 7% (23)% (7)%
=== ===
N.M. -- Not Meaningful.
The following table sets forth the reconciliation from reported revenue by product for our C&W Caribbean segment to rebased revenue by product and related change calculations.
Three months ended December 31, 2023
-------------------------------------------------------------------------
Residential Residential Total
fixed mobile residential B2B Total
revenue revenue revenue revenue revenue
--------------- --------------- --------------- ---------- ----------
In millions
Revenue by
product --
Reported $ 131.4 $ 106.1 $ 237.5 $128.9 $366.4
Rebase
adjustment:
Foreign
currency (0.6) (0.7) (1.3) (0.6) (1.9)
------ ------ ------ ----- -----
Revenue by
product --
Rebased $ 130.8 $ 105.4 $ 236.2 $128.3 $364.5
====== === ====== === ====== === ===== =====
Reported
percentage
change (2)% 6% 2% --% 1%
====== ====== ====== ===== =====
Rebased
percentage
change (1)% 7% 2% 1% 2%
====== ====== ====== ===== =====
The following table sets 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 December 31, 2023
--------------------------------------------------------------------------------------
Residential Residential Total
fixed mobile residential B2B Other Total
revenue revenue revenue revenue revenue revenue
--------------- --------------- --------------- ---------- ----------- ----------
In millions
Revenue by
product --
Reported $ 126.2 $ 162.6 $ 288.8 $55.6 $ 9.1 $353.5
Rebase
adjustment:
Acquisition -- 9.5 9.5 -- -- 9.5
------ --- ------ --- ------ --- ---- --- --- -----
Revenue by
product --
Rebased $ 126.2 $ 172.1 $ 298.3 $55.6 $ 9.1 $363.0
====== === ====== === ====== === ==== === === =====
Reported
percentage
change (2)% (16)% (10)% (21)% 32% (10)%
====== ====== ====== ==== === =====
Rebased
percentage
change (2)% (20)% (13)% (21)% 32% (13)%
====== ====== ====== ==== === =====
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 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 December 31, 2024 and September 30, 2024 are set forth below:
December 31, September 30,
2024 2024
------------------------- ----------------
in millions, except leverage ratios
Total debt and finance lease
obligations $ 8,080.2 $ 8,155.9
Discounts, premiums and
deferred financing costs,
net 63.2 55.6
---- -------------- --- ---------- ---
Adjusted total debt and
finance lease
obligations 8,143.4 8,211.5
Less:
Cash and cash equivalents 654.3 588.6
Restricted cash related to
debt(1) 13.0 13.0
---- -------------- --- ---------- ---
Net debt and finance
lease obligations $ 7,476.1 $ 7,609.9
==== ============== === ========== ===
Operating income (loss)(2) :
Operating income for the
three months ended June
30, 2024 N/A $ 110.8
Operating loss for the
three months ended
September 30, 2024 $ (379.6) (379.6)
Operating income for the
three months ended December
31, 2024 127.7 N/A
---- -------------- --- ---------- ---
Operating loss -- last
two quarters $ (251.9) $ (268.8)
==== ============== ==========
Annualized operating loss
-- last two quarters
annualized $ (503.8) $ (537.6)
==== ============== ==========
Adjusted OIBDA(3) :
Adjusted OIBDA for the
three months ended June
30, 2024 N/A $ 389.1
Adjusted OIBDA for the
three months ended
September 30, 2024 $ 403.1 403.1
Adjusted OIBDA for the
three months ended December
31, 2024 427.3 N/A
---- -------------- --- ---------- ---
Adjusted OIBDA -- last
two quarters $ 830.4 $ 792.2
==== ============== === ========== ===
Annualized Adjusted OIBDA
-- last two quarters
annualized $ 1,660.8 $ 1,584.4
==== ============== === ========== ===
Consolidated debt and finance
lease obligations to
operating loss ratio (16.2 )x (15.3 )x
Consolidated net debt and
finance lease obligations to
operating loss ratio (14.8 )x (14.2 )x
Consolidated leverage ratio 4.9 x 5.2 x
Consolidated net leverage
ratio 4.5 x 4.8 x
N/A -- Not Applicable.
1. 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.
2. 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 and consolidated net debt and finance lease obligations to
operating income as the most directly comparable financial ratios to our
non-GAAP consolidated leverage and consolidated net leverage ratios.
3. 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 December 31, 2024. A reconciliation of our operating
income (loss) to Adjusted OIBDA for the three months ended September 30,
2024 and June 30, 2024 is presented in the following table:
Three months ended
---------------------------------------
September 30, 2024 June 30, 2024
---------------------- ---------------
in millions
Operating income (loss) $ (379.6) $ 110.8
Share-based compensation and other
Employee Incentive Plan-related
expense 15.9 16.0
Depreciation and amortization 245.4 236.7
Impairment, restructuring and other
operating items, net 521.4 25.6
--- ------------- --- ----------
Adjusted OIBDA $ 403.1 $ 389.1
=== ============= === ==========
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 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 Year ended
December 31, December 31,
------------------------ ------------------
2024 2023 2024 2023
------- ------ ------- -------
in millions
Operating income $ 112.6 $ 64.7 $ 385.4 $ 269.7
Share-based
compensation and
other Employee
Incentive
Plan-related
expense 9.7 2.4 29.8 22.7
Depreciation and
amortization 141.4 197.6 587.3 644.3
Related-party fees
and allocations 25.5 24.7 95.1 89.3
Impairment,
restructuring and
other operating
items, net 18.6 (1.2) 47.8 60.3
------- ------ ------- -------
Adjusted OIBDA 307.8 288.2 1,145.4 1,086.3
Noncontrolling
interests' share of
Adjusted OIBDA 55.8 49.0 196.2 169.6
------- ------ ------- -------
Proportionate
Adjusted OIBDA $ 252.0 $ 239.2 $ 949.2 $ 916.7
======= ====== ======= =======
A reconciliation of Liberty Puerto Rico's operating income (loss) to Adjusted OIBDA is presented in the following table:
Three months ended Year ended
December 31, December 31,
---------------------- ----------------
2024 2023 2024 2023
------- ------- ------ -----
in millions
Operating income
(loss) $ (7.7) $ 9.7 $(522.8) $175.2
Share-based
compensation and
other Employee
Incentive
Plan-related
expense 1.4 0.3 6.8 6.2
Depreciation and
amortization 60.4 75.1 246.4 241.9
Related-party fees
and allocations 9.8 12.0 44.8 49.5
Impairment,
restructuring and
other operating
items, net 16.0 6.8 533.1 12.7
------- ------- ------ -----
Adjusted OIBDA $ 79.9 $ 103.9 $ 308.3 $485.5
======= ======= ====== =====
A reconciliation of Liberty Costa Rica's operating income to Adjusted OIBDA is presented in the following table:
Three months ended Year ended
December 31, December 31,
-------------------- --------------
2024 2023 2024 2023
--------- --------- ------ ------
CRC in billions
Operating income 19.8 18.1 64.3 55.5
Share-based compensation and other
Employee Incentive Plan-related
expense 0.1 0.1 0.7 0.9
Depreciation and amortization 13.5 12.2 51.2 51.3
Related-party fees and allocations 0.4 0.4 1.4 1.4
Impairment, restructuring and
other operating items, net 0.4 -- 0.6 1.1
--------- --------- ------ ------
Adjusted OIBDA 34.2 30.8 118.2 110.2
========= ========= ====== ======
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 Year ended
December 31, 2023 December 31, 2023
---------------------- ----------------------
in millions
Revenue -- Reported $ 660.6 $ 2,543.2
Rebase adjustment:
Foreign currency (3.2) (2.1)
--- ------------- --------------
Revenue -- Rebased $ 657.4 $ 2,541.1
=== ============= ==============
Reported percentage change 1% 2%
Rebased percentage change 2% 2%
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 Year ended
December 31, 2023 December 31, 2023
---------------------- ----------------------
in millions
Adjusted OIBDA -- Reported $ 288.2 $ 1,086.3
Rebase adjustment:
Foreign currency (1.1) (2.3)
--- ------------- --------------
Adjusted OIBDA -- Rebased $ 287.1 $ 1,084.0
=== ============= ==============
Reported percentage change 7% 5%
Rebased percentage change 7% 6%
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219910835/en/
CONTACT: Investor Relations
Kunal Patel
ir@lla.com
Corporate Communications
Kim Larson
llacommunications@lla.com
(END) Dow Jones Newswires
February 19, 2025 16:40 ET (21:40 GMT)
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