Liberty Latin America Ltd. reported significant financial changes in its unaudited 10-Q filing for the period ending September 30, 2024. The company experienced a decline in total revenue, which amounted to $1,089.2 million for the third quarter of 2024, down from $1,125.8 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $3,306.6 million, a decrease from $3,347.5 million year-over-year. The decline in revenue was primarily attributed to a significant drop in earnings from Liberty Puerto Rico, which saw a decrease of $120.2 million in revenue for the nine-month period.
The company's operating performance was adversely affected, with an operating loss of $(379.6) million for the third quarter of 2024, compared to an operating income of $162.7 million in the same quarter of the previous year. For the nine months, the operating loss was $(176.0) million, a stark contrast to the operating income of $404.7 million reported in 2023. The increase in impairment, restructuring, and other operating items, which totaled $521.4 million for the third quarter and $553.6 million for the nine months, significantly impacted profitability.
Net earnings attributable to Liberty Latin America shareholders reflected a substantial loss of $(435.8) million for the third quarter of 2024, compared to a profit of $59.7 million in the same quarter of 2023. For the nine-month period, the net loss was $(479.0) million, compared to a net income of $29.2 million in the prior year. The basic and diluted net loss per share for the third quarter was $(2.22), a significant decline from $0.29 in the same period of 2023.
Strategically, Liberty Latin America has been active in acquisitions, including the agreement to acquire an 8.5% equity stake in Liberty Costa Rica for approximately $82 million, and the acquisition of prepaid business and spectrum assets in Puerto Rico and the U.S. Virgin Islands for $256 million. Additionally, the company announced a merger with Millicom in Costa Rica, expected to complete in the second half of 2025.
The company’s cash and cash equivalents decreased to $588.6 million as of September 30, 2024, down from $988.6 million at the end of 2023. Total assets also declined to $12,728.3 million from $13,594.6 million, while total liabilities decreased to $10,962.1 million from $11,284.9 million. The accumulated deficit for Liberty Latin America shareholders increased to $(3,420.7) million, compared to $(2,941.7) million at the end of 2023.
Overall, Liberty Latin America faced challenges in revenue generation and profitability during the reported period, alongside ongoing strategic developments aimed at enhancing its market position.
About Liberty Latin America Ltd.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.