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Jun 30, 2024
Liberty Latin America Q2 2024 Earnings Report
Reported sequential financial growth with Q2 revenue up 2% and strong Adjusted OIBDA growth in C&W Panama & C&W Caribbean. Experienced post-migration impacts in Puerto Rico, with performance expected to improve in H2. Agreed to combine operations with Tigo in Costa Rica.
Key Takeaways
Liberty Latin America reported flat revenue year-over-year at $1,118 million for Q2 2024. The company experienced strong performances in Panama, Costa Rica, and the Caribbean, offset by challenges in Puerto Rico following a mobile subscriber migration. Adjusted OIBDA decreased by 12% to $389.1 million.
C&W Caribbean: YoY reported and rebased revenue growth of 3% and 4%, respectively, and Adj. OIBDA growth of 7% and 8%, respectively.
C&W Panama: YoY revenue and Adj. OIBDA growth of 9% and 10%, respectively, with 51,000 postpaid mobile subscriber additions.
Liberty Networks: YoY reported enterprise revenue up 17%.
Liberty Costa Rica: YoY reported and rebased revenue growth of 9% and 4%, respectively, with postpaid net adds 65% higher YoY.
Revenue by Geographic Location
Forward Guidance
Looking to the second half of the year, the company anticipates a significant inflection in financial performance, driven by improved performance in Puerto Rico and continued momentum across the rest of the group.
Positive Outlook
- Significant inflection in financial performance expected in the second half of the year.
- Move past impacts from Puerto Rico migration.
- Begin to execute on growth plans in Puerto Rico.
- Maintain healthy positive momentum across the rest of the group.
- Expect synergies, operating cost improvements and top line sequential growth will drive Adjusted OIBDA to more than $45 million per month towards the end of the second half in Puerto Rico.
Challenges Ahead
- Hurricane Beryl impacted Jamaica operation and certain smaller operations within C&W Caribbean.
- Revenue and Adjusted OIBDA will be negatively impacted by between $10 million and $20 million for the remainder of 2024 due to Hurricane Beryl.
- Property and equipment additions of approximately $10 million to $20 million will be incurred to replace infrastructure and equipment damaged by Hurricane Beryl.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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