Liberty Latin America Ltd.LILA
Liberty Latin America Ltd. Segments Disclosure
Segment Reporting
Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet, fixed-line telephony and mobile services. Our corporate category includes our corporate operations, which derive revenue from mobile handset insurance services. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.
As of December 31, 2025, unless otherwise specified below, our operating segments, which are also our reportable segments, are as follows:
•Liberty Caribbean;
•C&W Panama;
•Liberty Networks;
•Liberty Puerto Rico; and
•Liberty Costa Rica.
Performance Measures of our Reportable Segments
We evaluate performance and make decisions about allocating resources to our reportable segments based on financial measures, such as revenue and Adjusted OIBDA. In addition, we review non-financial measures, such as subscriber growth. We account for intersegment sales as if they were to third parties, or at current market prices.
Adjusted OIBDA is the primary measure used by our CODM, 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. 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. A reconciliation of total Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below.
The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations.
| Revenue | |||||||||||||||||
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
| Liberty Caribbean | $ | 1,455.0 | $ | 1,462.8 | $ | 1,437.0 | |||||||||||
| C&W Panama | 783.5 | 763.2 | 742.6 | ||||||||||||||
| Liberty Networks | 471.0 | 447.5 | 453.3 | ||||||||||||||
| Liberty Puerto Rico | 1,199.2 | 1,250.4 | 1,417.7 | ||||||||||||||
| Liberty Costa Rica | 632.2 | 613.1 | 547.9 | ||||||||||||||
| Total operating segment revenue | 4,540.9 | 4,537.0 | 4,598.5 | ||||||||||||||
| Corporate | 14.9 | 19.6 | 23.5 | ||||||||||||||
| Intersegment eliminations | (113.6) | (109.8) | (110.9) | ||||||||||||||
| Consolidated revenue | $ | 4,442.2 | $ | 4,446.8 | $ | 4,511.1 | |||||||||||
| Adjusted OIBDA | |||||||||||||||||
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
| Liberty Caribbean | $ | 672.9 | $ | 633.3 | $ | 596.9 | |||||||||||
| C&W Panama | 298.9 | 269.7 | 227.7 | ||||||||||||||
| Liberty Networks | 258.4 | 242.7 | 261.5 | ||||||||||||||
| Liberty Puerto Rico | 353.4 | 279.8 | 485.5 | ||||||||||||||
| Liberty Costa Rica | 235.5 | 229.5 | 203.1 | ||||||||||||||
| Total operating segment Adjusted OIBDA | $ | 1,819.1 | $ | 1,655.0 | $ | 1,774.7 | |||||||||||
The following table provides a reconciliation of total Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes:
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
Total reportable segment Adjusted OIBDA | $ | 1,819.1 | $ | 1,655.0 | $ | 1,774.7 | |||||||||||
| Corporate (a) | (112.8) | (89.8) | (73.1) | ||||||||||||||
Share-based compensation and other Employee Incentive Plan-related expense (b) | (75.0) | (84.0) | (88.7) | ||||||||||||||
| Depreciation and amortization | (904.9) | (968.3) | (1,008.3) | ||||||||||||||
| Impairment, restructuring and other operating items, net | (618.2) | (589.7) | (86.9) | ||||||||||||||
| Operating income (loss) | 108.2 | (76.8) | 517.7 | ||||||||||||||
| Interest expense | (656.4) | (627.7) | (601.7) | ||||||||||||||
| Realized and unrealized gains (losses) on derivative instruments, net | (20.0) | 82.1 | (34.2) | ||||||||||||||
| Foreign currency transaction gains (losses), net | (42.7) | (18.3) | 70.3 | ||||||||||||||
| Losses on debt extinguishments, net | (14.4) | (5.5) | (3.9) | ||||||||||||||
| Other expense, net | (27.5) | (13.7) | (10.6) | ||||||||||||||
| Loss before income taxes | $ | (652.8) | $ | (659.9) | $ | (62.4) | |||||||||||
(a)Represents net of revenue and total significant other operating costs and expenses associated with Corporate, as disclosed below, which is not considered an operating segment of Liberty Latin America.
(b)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.
Our programming and other direct costs of services by major category, which are further discussed below, are as follows:
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
| Programming and copyright | $ | 224.6 | $ | 233.6 | $ | 237.2 | |||||||||||
| Interconnect | 262.6 | 278.3 | 302.5 | ||||||||||||||
| Equipment | 330.3 | 315.9 | 320.6 | ||||||||||||||
| Project-related and other | 158.4 | 161.6 | 160.1 | ||||||||||||||
| Total programming and other direct costs of services | $ | 975.9 | $ | 989.4 | $ | 1,020.4 | |||||||||||
Our other operating costs and expenses by major category, which are further discussed below, are as follows:
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
| Personnel and contract labor | $ | 558.6 | $ | 579.2 | $ | 557.6 | |||||||||||
| Network-related | 215.9 | 237.2 | 259.0 | ||||||||||||||
| Service-related | 252.7 | 267.2 | 227.6 | ||||||||||||||
| Commercial | 179.6 | 189.6 | 181.1 | ||||||||||||||
| Facility, provision, franchise and other | 553.2 | 619.0 | 563.8 | ||||||||||||||
Share-based compensation and other Employee Incentive Plan-related expense | 75.0 | 84.0 | 88.7 | ||||||||||||||
| Total other operating costs and expenses (a) | $ | 1,835.0 | $ | 1,976.2 | $ | 1,877.8 | |||||||||||
(a)Amounts represent total other operating costs and expenses as set forth in our consolidated statements of operations. These amounts differ from significant operating costs and expenses reviewed by our CODM, which represent total other operating costs and expenses excluding share-based compensation and other Employee Incentive Plan-related expense.
Property and Equipment Additions of our Reportable Segments
The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7.
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
| Liberty Caribbean | $ | 207.5 | $ | 226.9 | $ | 235.1 | |||||||||||
| C&W Panama | 104.1 | 104.8 | 117.0 | ||||||||||||||
| Liberty Networks | 75.5 | 49.3 | 47.6 | ||||||||||||||
| Liberty Puerto Rico | 143.3 | 220.9 | 219.0 | ||||||||||||||
| Liberty Costa Rica | 86.1 | 81.4 | 75.3 | ||||||||||||||
| Corporate | 23.6 | 42.0 | 36.9 | ||||||||||||||
| Total property and equipment additions | 640.1 | 725.3 | 730.9 | ||||||||||||||
| Assets acquired under capital-related vendor financing arrangements | (123.9) | (154.9) | (143.8) | ||||||||||||||
| Assets acquired under capital leases | (4.9) | — | — | ||||||||||||||
| Changes in current liabilities related to capital expenditures and other | (11.3) | (30.0) | (2.1) | ||||||||||||||
| Total capital expenditures, net | $ | 500.0 | $ | 540.4 | $ | 585.0 | |||||||||||
Balance Sheet Data of our Reportable Segments
We do not present the balance sheet data of our reportable segments, as this information is not a primary measure used by our CODM to evaluate segment operating performance, determine the allocation of resources to segments, or assess the effectiveness of our management for purposes of annual or other incentive compensation plans.
Geographic Markets
The revenue from third-party customers for each of our geographic markets is set forth in the table below.
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
| Puerto Rico | $ | 1,129.2 | $ | 1,187.8 | $ | 1,354.5 | |||||||||||
| Panama | 780.6 | 760.1 | 739.7 | ||||||||||||||
| Costa Rica | 631.2 | 612.2 | 547.1 | ||||||||||||||
| Jamaica | 409.0 | 415.2 | 405.7 | ||||||||||||||
| Networks & LatAm (a) | 377.6 | 357.0 | 364.6 | ||||||||||||||
| The Bahamas | 190.8 | 205.3 | 193.4 | ||||||||||||||
| Trinidad and Tobago | 149.3 | 154.9 | 156.5 | ||||||||||||||
| Barbados | 171.4 | 163.8 | 157.6 | ||||||||||||||
| Other (b) | 603.1 | 590.5 | 592.0 | ||||||||||||||
| Total | $ | 4,442.2 | $ | 4,446.8 | $ | 4,511.1 | |||||||||||
(a)The amounts represent enterprise revenue and wholesale revenue from various jurisdictions across Latin America and the Caribbean related to the sale and lease of telecommunications capacity on Liberty Networks’ subsea and terrestrial fiber optic cable networks.
(b)The amounts primarily relate to a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America.
The long-lived assets of our geographic markets are set forth below:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| in millions | |||||||||||
| Puerto Rico | $ | 992.7 | $ | 1,078.1 | |||||||
| Networks & LatAm | 594.8 | 586.3 | |||||||||
| Panama | 420.6 | 427.7 | |||||||||
| Jamaica | 313.7 | 373.8 | |||||||||
| The Bahamas | 238.2 | 270.8 | |||||||||
| Costa Rica | 309.6 | 301.7 | |||||||||
| Trinidad and Tobago | 175.4 | 196.7 | |||||||||
| Barbados | 134.9 | 138.6 | |||||||||
| Other (a) | 667.9 | 688.7 | |||||||||
Total | $ | 3,847.8 | $ | 4,062.4 | |||||||
(a)The amounts primarily include long-lived assets in a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America.
Revenue by Major Category
Our revenue by major category for our reportable segments is set forth in the tables below. Intercompany eliminations in the tables below reflect revenue between our reportable segments, the majority of which relates to revenue at our Liberty Networks segment from our other reportable segments. Our major revenue categories include the following:
•residential fixed subscription and residential mobile services revenue, which includes amounts received from subscribers for ongoing fixed and airtime services, respectively;
•residential fixed non-subscription revenue, which primarily includes equipment, interconnect and advertising revenue;
•B2B revenue, which comprises (i) enterprise revenue that primarily includes broadband internet, video, fixed-line telephony, mobile and managed services (including equipment installation contracts) offered to small (including small or home office), medium and large enterprises and other telecommunication operators; and (ii) wholesale revenue, which includes long-term capacity contracts with customers where the customer either pays a fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time.
| Year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segments | |||||||||||||||||||||||||||||||||||||||||||||||
| Liberty Caribbean | C&W Panama | Liberty Networks (a) | Liberty Puerto Rico | Liberty Costa Rica | Corporate | Intersegment Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
| in millions | |||||||||||||||||||||||||||||||||||||||||||||||
| Residential revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Residential fixed revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Subscription revenue | $ | 484.4 | $ | 117.3 | $ | — | $ | 469.7 | $ | 128.3 | $ | — | $ | — | $ | 1,199.7 | |||||||||||||||||||||||||||||||
| Non-subscription revenue | 20.2 | 5.1 | — | 24.0 | 40.2 | — | — | 89.5 | |||||||||||||||||||||||||||||||||||||||
| Total residential fixed revenue | 504.6 | 122.4 | — | 493.7 | 168.5 | — | — | 1,289.2 | |||||||||||||||||||||||||||||||||||||||
| Residential mobile revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Service revenue | 364.3 | 290.7 | — | 306.4 | 295.0 | — | — | 1,256.4 | |||||||||||||||||||||||||||||||||||||||
| Interconnect, inbound roaming, equipment sales and other (b) | 83.6 | 65.5 | — | 197.8 | 99.8 | 12.8 | — | 459.5 | |||||||||||||||||||||||||||||||||||||||
| Total residential mobile revenue | 447.9 | 356.2 | — | 504.2 | 394.8 | 12.8 | — | 1,715.9 | |||||||||||||||||||||||||||||||||||||||
| Total residential revenue | 952.5 | 478.6 | — | 997.9 | 563.3 | 12.8 | — | 3,005.1 | |||||||||||||||||||||||||||||||||||||||
B2B revenue (c) | 502.5 | 304.9 | 471.0 | 174.4 | 68.9 | 2.1 | (113.6) | 1,410.2 | |||||||||||||||||||||||||||||||||||||||
| Other revenue | — | — | — | 26.9 | — | — | — | 26.9 | |||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,455.0 | $ | 783.5 | $ | 471.0 | $ | 1,199.2 | $ | 632.2 | $ | 14.9 | $ | (113.6) | $ | 4,442.2 | |||||||||||||||||||||||||||||||
(a)Included in this amount is $94 million of revenue earned from other segments of Liberty Latin America.
(b)The total amount includes $248 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
| Year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segments | |||||||||||||||||||||||||||||||||||||||||||||||
| Liberty Caribbean | C&W Panama | Liberty Networks (a) | Liberty Puerto Rico | Liberty Costa Rica | Corporate | Intersegment Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
| in millions | |||||||||||||||||||||||||||||||||||||||||||||||
| Residential revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Residential fixed revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Subscription revenue | $ | 486.2 | $ | 122.3 | $ | — | $ | 474.5 | $ | 137.1 | $ | — | $ | — | $ | 1,220.1 | |||||||||||||||||||||||||||||||
| Non-subscription revenue | 28.0 | 5.0 | — | 23.3 | 35.2 | — | — | 91.5 | |||||||||||||||||||||||||||||||||||||||
| Total residential fixed revenue | 514.2 | 127.3 | — | 497.8 | 172.3 | — | — | 1,311.6 | |||||||||||||||||||||||||||||||||||||||
| Residential mobile revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Service revenue | 352.3 | 272.2 | — | 323.3 | 276.0 | — | — | 1,223.8 | |||||||||||||||||||||||||||||||||||||||
| Interconnect, inbound roaming, equipment sales and other (b) | 79.5 | 61.0 | — | 189.0 | 88.9 | 18.6 | — | 437.0 | |||||||||||||||||||||||||||||||||||||||
| Total residential mobile revenue | 431.8 | 333.2 | — | 512.3 | 364.9 | 18.6 | — | 1,660.8 | |||||||||||||||||||||||||||||||||||||||
| Total residential revenue | 946.0 | 460.5 | — | 1,010.1 | 537.2 | 18.6 | — | 2,972.4 | |||||||||||||||||||||||||||||||||||||||
B2B revenue (c) | 516.8 | 302.7 | 447.5 | 206.7 | 75.9 | 1.0 | (109.8) | 1,440.8 | |||||||||||||||||||||||||||||||||||||||
| Other revenue | — | — | — | 33.6 | — | — | — | 33.6 | |||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,462.8 | $ | 763.2 | $ | 447.5 | $ | 1,250.4 | $ | 613.1 | $ | 19.6 | $ | (109.8) | $ | 4,446.8 | |||||||||||||||||||||||||||||||
(a)Included in this amount is $91 million of revenue earned from other segments of Liberty Latin America.
(b)The total amount includes $216 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $24 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
| Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segments | |||||||||||||||||||||||||||||||||||||||||||||||
| Liberty Caribbean | C&W Panama | Liberty Networks (a) | Liberty Puerto Rico | Liberty Costa Rica | Corporate | Intersegment Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
| in millions | |||||||||||||||||||||||||||||||||||||||||||||||
| Residential revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Residential fixed revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Subscription revenue | $ | 487.5 | $ | 116.5 | $ | — | $ | 478.7 | $ | 144.3 | $ | — | $ | — | $ | 1,227.0 | |||||||||||||||||||||||||||||||
| Non-subscription revenue | 29.0 | 5.5 | — | 25.5 | 14.3 | — | (2.1) | 72.2 | |||||||||||||||||||||||||||||||||||||||
| Total residential fixed revenue | 516.5 | 122.0 | — | 504.2 | 158.6 | — | (2.1) | 1,299.2 | |||||||||||||||||||||||||||||||||||||||
| Residential mobile revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Service revenue | 330.3 | 260.6 | — | 398.7 | 242.1 | — | — | 1,231.7 | |||||||||||||||||||||||||||||||||||||||
| Interconnect, inbound roaming, equipment sales and other (b) | 78.8 | 52.0 | — | 250.0 | 80.2 | 22.3 | — | 483.3 | |||||||||||||||||||||||||||||||||||||||
| Total residential mobile revenue | 409.1 | 312.6 | — | 648.7 | 322.3 | 22.3 | — | 1,715.0 | |||||||||||||||||||||||||||||||||||||||
| Total residential revenue | 925.6 | 434.6 | — | 1,152.9 | 480.9 | 22.3 | (2.1) | 3,014.2 | |||||||||||||||||||||||||||||||||||||||
B2B revenue (c) | 511.4 | 308.0 | 453.3 | 224.3 | 67.0 | 1.2 | (108.8) | 1,456.4 | |||||||||||||||||||||||||||||||||||||||
| Other revenue | — | — | — | 40.5 | — | — | — | 40.5 | |||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,437.0 | $ | 742.6 | $ | 453.3 | $ | 1,417.7 | $ | 547.9 | $ | 23.5 | $ | (110.9) | $ | 4,511.1 | |||||||||||||||||||||||||||||||
(a)Included in this amount is $89 million of revenue earned from other segments of Liberty Latin America.
(b)The total amount includes $259 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
Significant Expenses
Our significant expenses by major category for our reportable segments and our corporate operations are set forth in the tables below. We consider these expenses significant because they are regularly provided to and reviewed by our CODM. Intercompany eliminations in the tables below reflect costs and expenses between our reportable segments, the majority of which relate to costs associated with services provided by our Liberty Networks segment to our other reportable segments. Our significant expense categories include the following:
•Programming and other direct costs of services, which include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, project-related costs and other direct costs related to our operations;
•Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs;
•Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs;
•Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services;
•Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers; and
•Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs.
| Year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segments | |||||||||||||||||||||||||||||||||||||||||||||||
| Liberty Caribbean | C&W Panama | Liberty Networks | Liberty Puerto Rico | Liberty Costa Rica | Corporate | Intersegment Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
| in millions | |||||||||||||||||||||||||||||||||||||||||||||||
| Programming and copyright | $ | 64.5 | $ | 20.5 | $ | — | $ | 101.8 | $ | 37.8 | $ | — | $ | — | $ | 224.6 | |||||||||||||||||||||||||||||||
| Interconnect | 61.4 | 63.5 | 54.6 | 78.9 | 23.0 | — | (18.8) | 262.6 | |||||||||||||||||||||||||||||||||||||||
| Equipment | 38.2 | 59.5 | 0.6 | 157.3 | 74.7 | — | — | 330.3 | |||||||||||||||||||||||||||||||||||||||
| Other direct costs | 55.5 | 98.2 | 17.4 | 2.3 | 1.2 | — | (16.2) | 158.4 | |||||||||||||||||||||||||||||||||||||||
| Total significant programming and other direct costs of services | 219.6 | 241.7 | 72.6 | 340.3 | 136.7 | — | (35.0) | 975.9 | |||||||||||||||||||||||||||||||||||||||
| Personnel and contract labor | 191.6 | 71.8 | 51.1 | 145.4 | 33.5 | 63.4 | 1.8 | 558.6 | |||||||||||||||||||||||||||||||||||||||
| Network-related | 123.1 | 47.8 | 46.2 | 33.8 | 40.6 | — | (75.6) | 215.9 | |||||||||||||||||||||||||||||||||||||||
| Service-related | 69.7 | 21.1 | 13.3 | 87.5 | 25.5 | 39.9 | (4.3) | 252.7 | |||||||||||||||||||||||||||||||||||||||
| Commercial | 32.7 | 34.3 | 2.2 | 48.1 | 62.3 | — | — | 179.6 | |||||||||||||||||||||||||||||||||||||||
| Facility, provision, franchise and other | 145.4 | 67.9 | 27.2 | 190.7 | 98.1 | 24.4 | (0.5) | 553.2 | |||||||||||||||||||||||||||||||||||||||
| Total significant other operating costs and expenses | 562.5 | 242.9 | 140.0 | 505.5 | 260.0 | 127.7 | (78.6) | 1,760.0 | |||||||||||||||||||||||||||||||||||||||
| Total significant expenses | $ | 782.1 | $ | 484.6 | $ | 212.6 | $ | 845.8 | $ | 396.7 | $ | 127.7 | $ | (113.6) | $ | 2,735.9 | |||||||||||||||||||||||||||||||
| Year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segments | |||||||||||||||||||||||||||||||||||||||||||||||
| Liberty Caribbean | C&W Panama | Liberty Networks | Liberty Puerto Rico | Liberty Costa Rica | Corporate | Intersegment Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
| in millions | |||||||||||||||||||||||||||||||||||||||||||||||
| Programming and copyright | $ | 64.2 | $ | 22.0 | $ | — | $ | 109.8 | $ | 37.6 | $ | — | $ | — | $ | 233.6 | |||||||||||||||||||||||||||||||
| Interconnect | 65.4 | 69.4 | 49.0 | 83.7 | 28.4 | — | (17.6) | 278.3 | |||||||||||||||||||||||||||||||||||||||
| Equipment | 50.0 | 50.3 | 0.3 | 151.4 | 63.9 | — | — | 315.9 | |||||||||||||||||||||||||||||||||||||||
| Other direct costs | 42.9 | 107.5 | 15.7 | 4.7 | 6.9 | — | (16.1) | 161.6 | |||||||||||||||||||||||||||||||||||||||
| Total significant programming and other direct costs of services | 222.5 | 249.2 | 65.0 | 349.6 | 136.8 | — | (33.7) | 989.4 | |||||||||||||||||||||||||||||||||||||||
| Personnel and contract labor | 201.3 | 78.8 | 46.4 | 164.1 | 32.0 | 56.6 | — | 579.2 | |||||||||||||||||||||||||||||||||||||||
| Network-related | 133.4 | 52.1 | 47.9 | 36.3 | 39.9 | — | (72.4) | 237.2 | |||||||||||||||||||||||||||||||||||||||
| Service-related | 70.6 | 19.3 | 9.8 | 119.7 | 25.3 | 25.0 | (2.5) | 267.2 | |||||||||||||||||||||||||||||||||||||||
| Commercial | 42.1 | 30.1 | 1.4 | 54.6 | 61.4 | — | — | 189.6 | |||||||||||||||||||||||||||||||||||||||
| Facility, provision, franchise and other | 159.6 | 64.0 | 34.3 | 246.3 | 88.2 | 27.8 | (1.2) | 619.0 | |||||||||||||||||||||||||||||||||||||||
| Total significant other operating costs and expenses | 607.0 | 244.3 | 139.8 | 621.0 | 246.8 | 109.4 | (76.1) | 1,892.2 | |||||||||||||||||||||||||||||||||||||||
| Total significant expenses | $ | 829.5 | $ | 493.5 | $ | 204.8 | $ | 970.6 | $ | 383.6 | $ | 109.4 | $ | (109.8) | $ | 2,881.6 | |||||||||||||||||||||||||||||||
| Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segments | |||||||||||||||||||||||||||||||||||||||||||||||
| Liberty Caribbean | C&W Panama | Liberty Networks | Liberty Puerto Rico | Liberty Costa Rica | Corporate | Intersegment Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
| in millions | |||||||||||||||||||||||||||||||||||||||||||||||
| Programming and copyright | $ | 71.5 | $ | 21.4 | $ | — | $ | 112.4 | $ | 33.1 | $ | — | $ | (1.2) | $ | 237.2 | |||||||||||||||||||||||||||||||
| Interconnect | 75.2 | 72.2 | 49.3 | 93.3 | 33.1 | — | (20.6) | 302.5 | |||||||||||||||||||||||||||||||||||||||
| Equipment | 49.0 | 41.6 | 0.6 | 179.6 | 49.8 | — | — | 320.6 | |||||||||||||||||||||||||||||||||||||||
| Other direct costs | 34.0 | 117.8 | 18.8 | 2.1 | 4.2 | — | (16.8) | 160.1 | |||||||||||||||||||||||||||||||||||||||
| Total significant programming and other direct costs of services | 229.7 | 253.0 | 68.7 | 387.4 | 120.2 | — | (38.6) | 1,020.4 | |||||||||||||||||||||||||||||||||||||||
| Personnel and contract labor | 202.5 | 81.7 | 45.0 | 154.9 | 32.2 | 41.4 | (0.1) | 557.6 | |||||||||||||||||||||||||||||||||||||||
| Network-related | 135.9 | 53.9 | 45.7 | 52.5 | 39.1 | — | (68.1) | 259.0 | |||||||||||||||||||||||||||||||||||||||
| Service-related | 76.5 | 17.2 | 6.1 | 79.5 | 25.1 | 23.2 | — | 227.6 | |||||||||||||||||||||||||||||||||||||||
| Commercial | 46.1 | 25.5 | 1.7 | 51.2 | 56.5 | — | 0.1 | 181.1 | |||||||||||||||||||||||||||||||||||||||
| Facility, provision, franchise and other | 149.4 | 83.6 | 24.6 | 206.7 | 71.7 | 32.4 | (4.6) | 563.8 | |||||||||||||||||||||||||||||||||||||||
| Total significant other operating costs and expenses | 610.4 | 261.9 | 123.1 | 544.8 | 224.6 | 97.0 | (72.7) | 1,789.1 | |||||||||||||||||||||||||||||||||||||||
| Total significant expenses | $ | 840.1 | $ | 514.9 | $ | 191.8 | $ | 932.2 | $ | 344.8 | $ | 97.0 | $ | (111.3) | $ | 2,809.5 | |||||||||||||||||||||||||||||||
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.