Liberty Latin America Reports Q2 2023 Results

Liberty Latin America Reports Q2 2023 Results

08 Aug 2023 in

Liberty Latin America Reports Q2 2023 Results

  • Sequential financial and operational growth; Q2 reported revenue 2% higher
  • 52,000 organic internet and postpaid mobile net adds in second quarter
  • Buyback acceleration in Q2; $132 million stock and convertible bond repurchases
  • Reconfirmed 2023 financial guidance

Denver, Colorado - August 8, 2023: 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 (“Q2”) and six months (“YTD” or “H1 2023”) ended June 30, 2023.

CEO Balan Nair commented, “Following a solid start to the year, we continued our momentum in the second quarter with sequential financial and operational growth and are well positioned to achieve our 2023 financial guidance.”

“Internet subscriber growth was led by C&W Caribbean and Panama, each generating more than 50% higher net additions year-over-year, as we continued to invest in Giga-Ready networks and create differentiated converged propositions. Postpaid mobile adds were driven by Costa Rica, where our business is the leading operator by overall market share, as well as continued growth in C&W Caribbean supported by the return of tourism in the region. Across fixed and mobile services, selective strategic price increases in several markets have landed well and will help underpin performance in the second half.”

“The group reported $1.1 billion in revenue, $140 million of operating income, and $445 million in Adjusted OIBDA in the second quarter. Operating income grew by $492 million, while a decline in reported Adjusted OIBDA was driven by the deconsolidation of VTR. Adjusted OIBDA was 4% higher on a rebased basis, year-over-year, as we continued to focus on efficiency and benefited from our structural operating leverage.”

“Capital allocation remains a key focus for us. Following the renewal of our buyback authorization earlier in the year, we accelerated activity in the second quarter, repurchasing $57 million of our equity and $74 million of convertible notes, close to three times our aggregate first quarter activity.”

“Looking ahead to the second half of the year, we remain confident that we will achieve our 2023 financial guidance targets supported by continued subscriber additions and organic financial momentum, synergies from integration activities, particularly in Panama, and our focus on operating cost and capex discipline.”