Liberty Latin America reports Q3 2024 results
Liberty Latin America today announced its financial and operating results for the three months (“Q3”) and nine months (“YTD”) ended September 30, 2024.
CEO Balan Nair commented, “We are continuing our strategy to connect communities and drive broadband and postpaid mobile penetration across our markets. We are encouraged by our transformation programs, which are increasingly gaining momentum and enabling us to connect with our customers through their channels of choice.”
“In the third quarter, our businesses in Costa Rica and Panama demonstrated continued operational execution, adding nearly 50,000 broadband and postpaid subscribers, roughly double the prior-year period. Although C&W Caribbean experienced adverse operational impacts from Hurricane Beryl during the quarter, financial performance was resilient, outperforming our expectations as we delivered sequential and year-over-year reported Adj. OIBDA growth.”
“Importantly, we grew Adj. OIBDA in Puerto Rico sequentially in the third quarter, however churn from the migration was higher than anticipated. We are seeing improved sales and customer sentiment. Our operating team is focused on the customer and growing our business back. In Q4, we expect to see acceleration in our Adj. OIBDA performance, but at this point, and given that the recovery is taking longer than previously anticipated, we no longer expect to achieve a monthly Adj. OIBDA of $45 million by year-end. As we look to 2025, the completion of our acquisition of spectrum and prepaid subscribers from Echostar will further underpin our growth prospects.”
“Additionally, we are highlighting an investment in Peru that we have been cultivating since 2021. This FTTH business, WOW, in which we own nearly 50%, passes 3 million homes and has been successful in driving broadband market share primarily in areas outside Lima.”
“Beyond our existing business, we are excited about the prospects for growth and value creation related to our announced submarine expansion with two strategic partners, connecting Colombia, Panama, Mexico and the USA. Together with our new landing station in Florida, we expect to see strong traffic growth driven by hyperscalers.”
“Turning to the fourth quarter, we plan to deliver a strong performance driven by B2B growth and further progress in the recovery of our Puerto Rican operations, and we aim to produce our strongest quarter in cash flow generation this year.”
Q3 Business Highlights
- C&W Caribbean: robust performance despite impacts from Hurricane Beryl
- Flat YoY revenue performance, including $5m negative impact from Hurricane Beryl
- YoY reported and rebased Adj. OIBDA growth of 5%
- C&W Panama: strong operating and financial progress
- 12,000 broadband and mobile postpaid additions
- YoY Adj. OIBDA growth of 17%
- Liberty Networks: stable underlying performance
- Growing recurring revenue across wholesale and enterprise businesses
- Performance impacted by IRU amortization and contract timing
- Liberty Puerto Rico: turnaround underway
- LOOP converged proposition launched in September 2024; improving NPS
- Sequential Adj. OIBDA growth
- Liberty Costa Rica: continued subscriber momentum, postpaid base now above 1 million
- Q3 postpaid net adds 23% higher YoY, over 125,000 adds LTM
- Reported Q3 revenue and Adj. OIBDA growth
Financial and Operating Highlights
| Financial Highlights | Q3 2024 | Q3 2023 | YoY Decline | YoY Rebased Decline1 | YTD 2024 | YTD 2023 | YoY Decline | YoY Rebased Decline1 | ||||||||||||||||||||
| (USD in millions) | ||||||||||||||||||||||||||||
| Revenue | $ | 1,089 | $ | 1,126 | (3 | %) | (4 | %) | $ | 3,307 | $ | 3,348 | (1 | %) | (2 | %) | ||||||||||||
| Operating income (loss) | $ | (380 | ) | $ | 163 | N.M. | $ | (176 | ) | $ | 405 | N.M. | ||||||||||||||||
| Adjusted OIBDA2 | $ | 403 | $ | 428 | (6 | %) | (6 | %) | $ | 1,166 | $ | 1,270 | (8 | %) | (9 | %) | ||||||||||||
| Property & equipment additions | $ | 171 | $ | 187 | (9 | %) | $ | 485 | $ | 524 | (7 | %) | ||||||||||||||||
| As a percentage of revenue | 16 | % | 17 | % | 15 | % | 16 | % | ||||||||||||||||||||
| Adjusted FCF before distributions to noncontrolling interest owners | $ | 77 | $ | 33 | $ | (80 | ) | $ | 55 | |||||||||||||||||||
| Distributions to noncontrolling interest owners | $ | (12 | ) | $ | — | $ | (23 | ) | $ | (41 | ) | |||||||||||||||||
| Adjusted FCF3 | $ | 65 | $ | 33 | $ | (102 | ) | $ | 14 | |||||||||||||||||||
| Cash provided by operating activities | $ | 178 | $ | 219 | $ | 358 | $ | 507 | ||||||||||||||||||||
| Cash used by investing activities | $ | (231 | ) | $ | (161 | ) | $ | (513 | ) | $ | (453 | ) | ||||||||||||||||
| Cash used by financing activities | $ | 47 | $ | (122 | ) | $ | (234 | ) | $ | (255 | ) |
Amounts may not recalculate due to rounding.
N.M. – Not Meaningful.
| Operating Highlights4 | Q3 2024 | <td class=”m_1664570898546474134bwvertalignb m_1664570898546474134bwsinglebottom m_1664570898 |
…
[Mensaje recortado] Ver todo el mensaje
See more. Former Meta Orion chief heads to OpenAI
See more: Dollar surges as Trump secures White House race victory
See more: T-Mobile US hits 2.2Gb/s in mmWave, mid-band 5G trial
