Cyberlux Corporation Signs Strategic MoU with George Mason University to Accelerate Defense Innovation and Technology Commercialization
'This partnership with George Mason University is a significant milestone in our mission to drive disruptive innovation across the defense sector,' said Mark Schmidt, President and CEO of Cyberlux Corporation. 'By combining George Mason's cutting-edge research capabilities with Cyberlux's operational platforms, we're accelerating the path from concept to deployment. Together, we will shape the future of defense technology, from advanced communications to autonomous systems.'
The MoU outlines roles for both organizations in leveraging shared expertise: Cyberlux will provide real-world development priorities and product integration requirements, while GMU will contribute academic research and technical resources aligned with the agreed areas of focus. All collaborative work will be governed by separate agreements to address intellectual property, funding, and deliverables.
'This MoU will expand our research in critical areas of cybersecurity research and continuing Mason's academic in the fields,' said Duminda Wijesekera an expert in the safety of cyber-physical systems and professor in the College of Engineering and Computing's (CEC) Department of Cyber Security Engineering.
The partnership reflects Cyberlux's continued expansion across its core divisions—Unmanned Aerial Systems (UAS), Datron Military Communications (DMC), and Global Integrated Services (GIS)—and underscores the company's commitment to strengthening U.S. defense capabilities through public-private innovation.
'George Mason University is committed to research for delivering innovative dual-use technologies and operational capabilities in support of our national defense. Our partnership with Cyberlux aligns perfectly with this commitment, and we look forward to working in partnership with them to advance these priorities,' said Ken Ball, Dean of the College of Engineering and Computing.
About Cyberlux Corporation
Cyberlux Corporation (OTC: CYBL) is a leading provider of advanced defense technology solutions, specializing in tactical unmanned aerial systems (UAS), military communications and mission-critical solutions for global military markets. The company develops next-generation military capabilities designed to enhance operational effectiveness for U.S. military, government, and global defense partners.
SAFE HARBOR STATEMENT
This Press Release may contain forward-looking statements that can be identified by terminology such as 'believes,' 'expects,' 'potential,' 'plans,' 'suggests,' 'may,' 'should,' 'could,' 'intends,' or similar expressions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's OTC/SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
Redwire Announces Prototype Phase Award for U.S. Army Long Range Reconnaissance (LRR) Program
JACKSONVILLE, Fla., August 07, 2025--(BUSINESS WIRE)--Redwire Corporation (NYSE: RDW), a global leader in space and defense technology solutions, today announced that its wholly owned subsidiary, Edge Autonomy, has been awarded a prototype phase agreement by the U.S. Army to develop and deliver its Stalker uncrewed aerial systems (UAS) for the Long Range Reconnaissance (LRR) program. Under the terms of this contract, Edge Autonomy will deliver Stalker UAS equipped with advanced sensors, secure communications, autonomous mobility features, and modular payload configurations tailored to meet mission-specific requirements. These Stalker UAS are designed to enable extended surveillance and intelligence gathering operations in contested environments and will be evaluated by the Army during hands-on flight operations in the coming months. "Redwire is proud to develop these systems to significantly bolster the U.S. Army's ability to detect, identify, and track threats across a wide range of operational theaters," said Peter Cannito, Chairman and CEO of Redwire. "Redwire understands the criticality of the LRR program, and we are committed to supporting the U.S. Army's evolving mission needs." Designed with a Modular Open Systems Approach (MOSA), the Edge Autonomy Stalker and associated components will support Army units with real-time situational awareness, extended operational reach, and improved survivability in austere and remote locations. "Our ability to address mission needs in the field allows for reliable data that guides real-time decision making," said Steve Adlich, President of Edge Autonomy. "Our products provide soldiers with the situational awareness they need, reduces the logistics burden on the UAS operator, and delivers actionable data to brigade level personnel." Edge Autonomy, a wholly owned subsidiary of Redwire, specializes in delivering innovative autonomous systems, advanced optics, and resilient energy solutions that are being used by the DoD, U.S. Federal Civilian Agencies, and allied governments. With nearly three decades of technology heritage and manufacturing expertise, Edge Autonomy's experienced team delivers proven solutions based on real-world mission needs. About Redwire Redwire Corporation (NYSE:RDW) is an integrated space and defense tech company focused on advanced technologies. We are building the future of aerospace infrastructure, autonomous systems and multi-domain operations leveraging digital engineering and AI automation. Redwire's approximately 1,300 employees located throughout the United States and Europe are committed to delivering innovative space and airborne platforms transforming the future of multi-domain operations. For more information, please visit View source version on Contacts Media Contact: Tere Investors: investorrelations@ 904-425-1431 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
28 minutes ago
- Business Wire
Liberty Latin America Reports Q2 and H1 2025 Results
DENVER, Colorado--(BUSINESS WIRE)--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 2025") ended June 30, 2025. CEO Balan Nair commented, 'Our second quarter results built upon Q1 momentum, as we delivered continued growth in both fixed and postpaid mobile subscribers. We added approximately 45,000 net organic broadband and postpaid additions across Liberty Caribbean, C&W Panama and Liberty Costa Rica, taking H1 additions to just over 100,000 for these operating segments.' 'Our cost reduction activities across the Group have enabled us to benefit from considerable operating leverage. This is reflected in LLA reporting 7% and 8% YoY rebased Adjusted OIBDA growth in Q2 and H1, respectively. Of note in the quarter, Liberty Caribbean delivered 11% YoY rebased Adjusted OIBDA growth, on the back of efficiency initiatives. Additionally, as we have indicated in prior quarters, we have been hard at work in Liberty Puerto Rico, and the local team has begun to stabilize the business, driving 21% YoY rebased Adjusted OIBDA growth and sequential improvement from Q1. LLA's YoY rebased revenue growth was impacted by a challenging comparable measure due to higher project-related B2B revenue in the prior-year period. We expect B2B to be a catalyst for better momentum in H2.' 'Today, at LLA, we believe our share price is not reflective of our growth potential or the value of our underlying businesses. In order to unlock this value for our shareholders, we intend to separate Liberty Puerto Rico from LLA, which could take one of many forms, including a spin-off. It is critical that Liberty Puerto Rico has a strong and sustainable capital structure going forward and we are working hard to achieve that desired outcome. With respect to Liberty Puerto Rico's liquidity, we expect that the business will utilize its own assets to raise any required incremental capital. We look forward to providing updates as we execute our plans.' 'Following separation, our two remaining credit silos at LLA, which consist of Cable & Wireless (Liberty Caribbean, Liberty Networks & C&W Panama) and Liberty Costa Rica, benefit from strong investments in fixed and mobile infrastructure. They have competitive positions in attractive markets and a unique subsea and terrestrial fiber network spanning the Caribbean and Central America. We believe this group of businesses will be positioned for continued Adjusted OIBDA growth and will generate substantial cash flow over time, on a much less levered balance sheet than LLA today. This should support an attractive capital return policy via recurring dividend and/or stock repurchases.' Business Highlights Financial and Operating Highlights Amounts may not recalculate due to rounding. Rebased growth rates are a non-GAAP measure. The indicated growth rates are rebased for the estimated impacts of FX, an acquisition and a disposal. See Non-GAAP Reconciliations section. Consolidated Adjusted OIBDA is a non-GAAP measure. For the definition of Adjusted OIBDA and required reconciliations, see Non-GAAP Reconciliations section. Adjusted Free Cash Flow ('Adjusted FCF') is a non-GAAP measure. For the definition of Adjusted FCF and required reconciliations, see Non-GAAP Reconciliations section. See Glossary for the definition of RGUs and mobile subscribers. Organic figures exclude RGUs and mobile subscribers of acquired entities at the date of acquisition and other non-organic adjustments, but include the impact of changes in RGUs and mobile subscribers from the date of acquisition. All subscriber / RGU additions or losses refer to net organic changes, unless otherwise noted. Refer to the quarterly subscriber variance table for discussion about non-organic adjustments in Q2 2025 at Liberty Puerto Rico. The Q1 2025 fixed customers, RGUs balance and organic changes presented in this table have been adjusted for comparability purposes. Revenue Highlights The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: N.M. – Not Meaningful. Reported revenue for the three and six months ended June 30, 2025 was 3% and 2% lower as compared to the corresponding prior-year periods, respectively. Reported revenue in Q2 and H1 2025 was lower primarily driven by a reduction in all segments besides Liberty Costa Rica. Q2 2025 Revenue Growth – Segment Highlights Liberty Caribbean: revenue declined 1% and was flat year-over-year on a reported and rebased basis, respectively. Mobile residential revenue increased by 5% on a reported basis and 6% on a rebased basis, year-over-year. Performance was mainly driven by higher prepaid ARPU following price increases, primarily in Jamaica, and 41,000 net organic postpaid subscriber additions over the last twelve months. Fixed residential revenue declined by 2% on a reported basis and 1% on a rebased basis, year-over-year, driven by lower volumes mainly due to the impact of Hurricane Beryl in Q3 2024 and a drop in non-subscription revenue, which more than offset the increase in ARPU. B2B revenue was 3% lower on both a reported and rebased basis, year-over-year. The rebased decline was mainly driven by higher project revenue in the previous year's period, which more than offset a strong performance in mobile services in a number of markets. C&W Panama: revenue declined by 10% on a reported and rebased basis, year-over-year. Mobile residential revenue grew by 6% on both a reported and rebased basis, year-over-year, fueled by the net effect of (i) subscription revenue growth following the net organic addition of 26,000 postpaid subscribers over the last twelve months, (ii) higher equipment sales, driven by growth in both volume and unit pricing and (iii) the negative impact of nationwide protests principally impacting the prepaid business. Fixed residential revenue was flat on a reported basis and up 2% on a rebased basis, year-over-year, driven by broadband RGU net organic additions supported by continuous commercial momentum and churn management initiatives. B2B revenue fell by 30% on both a reported and rebased basis, year-over-year, primarily reflecting an exceptionally strong project revenue performance in the prior-year period, along with reduced contributions this year due to delays in project approvals. Liberty Networks: revenue declined by 4% and 3% year-over-year on a reported and rebased basis, respectively. The rebased decrease was mainly attributable to lower Wholesale revenue, reflecting a higher level of non-cash IRU revenue acceleration in the same quarter last year, partially offset by new lease capacity sales. In Enterprise, gains in IT-as-a-Service and connectivity revenue were more than offset by a reduction in project-related revenue. Liberty Puerto Rico: revenue was 2% and 5% lower on a reported and rebased basis, respectively, year-over-year. The rebased comparison includes the acquisition of EchoStar's Puerto Rico and USVI prepaid mobile customer base on September 3, 2024, which contributed approximately $9 million of revenue in each of the current and corresponding prior-year quarters. Residential fixed revenue declined by 1% on both a reported and rebased basis, year-over-year, primarily due to higher ARPU from price increases implemented in February 2025 more than offset by a reduction in the subscriber base, including the impact related to the end of the ACP program. Residential mobile revenue was 4% higher and 3% lower compared to the prior-year period on a reported and rebased basis, respectively. The rebased decline was largely driven by a reduction in postpaid mobile subscribers, year-over-year, impacted by disruption related to the migration of customers to our mobile network. Prepaid revenue remained stable over the period while non-subscription revenue saw an increase. B2B revenue declined by 18% year-over-year on both a reported and rebased basis, reflecting (i) lower service revenue resulting from a smaller subscriber base impacted by migration challenges and (ii) reduced mobile ARPU. Sequentially in Puerto Rico, revenue grew by 1% on a reported basis driven by residential revenue gains, including an increase in roaming, partly offset by lower FCC and B2B revenue. Postpaid churn continues to trend favorably while the introduction of our new postpaid customer value proposition, Liberty Mix, in July should help to support momentum in the second half of the year. Liberty Costa Rica: revenue grew by 3% on a reported basis and 1% on a rebased basis, year-over-year. Rebased growth was driven by higher mobile revenue, primarily due to postpaid subscriber growth and higher mobile equipment sales, as well as an increase in fixed non-subscription revenue, which more than offset continued ARPU headwinds on residential fixed subscription revenue. Operating Income (Loss) We reported operating income (loss) of $(333) million and $111 million for the three months ended June 30, 2025 and 2024, respectively, and $(205) million and $204 million for the six months ended June 30, 2025 and 2024, respectively. We experienced operating losses during the three and six months ended June 30, 2025, as compared with operating income for the corresponding periods in 2024, primarily due to a $494 million impairment associated with spectrum license intangible assets at Liberty Puerto Rico. The impacts of this impairment during the three and six months ended June 30, 2025 were partially offset by increases in Adjusted OIBDA. Adjusted OIBDA Highlights The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: June 30, June 30, in millions, except % amounts Liberty Caribbean $ 173.8 $ 157.0 11 11 $ 347.1 $ 307.6 13 13 C&W Panama 68.6 64.8 6 6 133.2 121.6 10 10 Liberty Networks 60.8 63.1 (4 ) (3 ) 118.7 122.3 (3 ) (3 ) Liberty Puerto Rico 87.0 71.1 22 21 168.5 140.2 20 18 Liberty Costa Rica 54.0 53.4 1 — 112.9 111.7 1 (1 ) Corporate (29.2 ) (20.3 ) (44 ) (44 ) (58.8 ) (40.1 ) (47 ) (47 ) Total $ 415.0 $ 389.1 7 7 $ 821.6 $ 763.3 8 8 Operating income (loss) margin (30.6 )% 9.9 % (9.4 )% 9.2 % Adjusted OIBDA margin 38.2 % 34.8 % 37.9 % 34.4 % Expand Reported Adjusted OIBDA for the three and six months ended June 30, 2025 increased by 7% and 8%, respectively, as compared to the corresponding prior-year periods. Reported Adjusted OIBDA increased in Q2 and H1 2025 driven by growth across Liberty Caribbean, Liberty Puerto Rico and C&W Panama. Ongoing commitment to cost efficiency, notably in Liberty Caribbean. Q2 2025 Adjusted OIBDA Growth – Segment Highlights Liberty Caribbean: Adjusted OIBDA rose by 11% on both a reported and rebased basis, year-over-year. Our Adjusted OIBDA margin improved by 480 basis points year-over-year to 47%, reflecting (i) lower equipment cost, (ii) a tax-related assessment in the prior-year period and (iii) continued progress on cost efficiencies, particularly in network and commercial expenses. C&W Panama: Adjusted OIBDA increased by 6% on both a reported and rebased basis, year-over-year, leading to a margin expansion of 580 basis points to 39%, mainly driven by less lower margin project revenue and lower operating expenses. Liberty Networks: Adjusted OIBDA decreased by 4% on a reported basis and 3% on a rebased basis, year-over-year, primarily due to lower revenue from non-cash IRUs, partially offset by reduced bad debt expense. Liberty Puerto Rico: Adjusted OIBDA increased by 22% and 21% on a reported and rebased basis, respectively, year-over-year, despite the aforementioned rebased revenue decline. The positive performance was supported by (i) lower bad debt expense (ii) the phasing out of prior-period costs related to the transition services agreement with AT&T following migration and the integration and (iii) reduced staff and marketing costs in the period. Sequentially, Adjusted OIBDA was up 7% on a reported basis driven by the previously mentioned revenue growth and lower FTEs following workforce reorganization, along with reduced professional services costs. Liberty Costa Rica: Adjusted OIBDA grew by 1% on a reported basis and was flat on a rebased basis, year-over-year. The flat rebased performance resulted from the revenue increase being offset by higher handset and bad debt expenses. Net Loss Attributable to Shareholders Net loss attributable to shareholders was $(423) million and $(560) million for the three and six months ended June 30, 2025, respectively, and $(43) million for each of the three and six months ended June 30, 2024. Property & Equipment Additions and Capital Expenditures The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net. Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 USD in millions Customer Premises Equipment $ 38.1 $ 46.0 $ 81.0 $ 87.3 New Build & Upgrade 20.9 43.7 39.9 67.7 Capacity 23.8 26.1 44.0 49.6 Baseline 58.8 52.1 91.7 90.0 Product & Enablers 8.6 11.7 13.9 19.9 Property & equipment additions 150.2 179.6 270.5 314.5 Assets acquired under capital-related vendor financing arrangements (17.8 ) (38.1 ) (55.4 ) (72.1 ) Changes in current liabilities related to capital expenditures and other 6.9 (1.0 ) 20.9 7.8 Capital expenditures, net $ 139.3 $ 140.5 $ 236.0 $ 250.2 Property & equipment additions as % of revenue 13.8 % 16.1 % 12.5 % 14.2 % Property & Equipment Additions: Liberty Caribbean $ 48.0 $ 55.1 $ 85.5 $ 99.4 C&W Panama 20.6 31.4 35.3 48.0 Liberty Networks 20.1 14.6 38.5 26.4 Liberty Puerto Rico 37.5 48.9 66.1 89.9 Liberty Costa Rica 17.3 20.9 32.5 32.0 Corporate 6.7 8.7 12.6 18.8 Property & equipment additions $ 150.2 $ 179.6 $ 270.5 $ 314.5 Property & Equipment Additions as a Percentage of Revenue by Reportable Segment: Liberty Caribbean 13.1 % 15.0 % 11.7 % 13.6 % C&W Panama 11.6 % 15.9 % 10.0 % 13.1 % Liberty Networks 17.5 % 12.3 % 17.1 % 11.6 % Liberty Puerto Rico 12.4 % 15.8 % 11.0 % 14.1 % Liberty Costa Rica 11.4 % 14.2 % 10.5 % 10.7 % New Build and Homes Upgraded by Reportable Segment 1: Liberty Caribbean 14,100 41,400 36,300 63,800 C&W Panama 17,200 13,100 39,500 30,400 Liberty Puerto Rico 900 15,600 1,700 29,400 Liberty Costa Rica 30,000 23,800 60,000 42,900 Total 62,200 93,900 137,500 166,500 Expand Table excludes Liberty Networks as that reportable segment only provides B2B-related services. Operating Income (Loss) less Property and Equipment Additions Operating income (loss) less property and equipment additions was $(483) million and $(69) million for the three months ended June 30, 2025 and 2024, respectively, and $(475) million and $(111) million for the six months ended June 30, 2025 and 2024, respectively. The declines in the 2025 periods reflect the impairment during the second quarter of 2025 associated with spectrum license intangible assets at Liberty Puerto Rico. Adjusted OIBDA less Property & Equipment Additions The following table presents (i) Adjusted OIBDA less property and equipment additions for each of our reportable segments and Liberty Latin America for the periods indicated and (ii) the percentage change from period-to-period. Three months ended Increase/(decrease) Six months ended Increase/(decrease) June 30, June 30, 2025 2024 % 2025 2024 % in millions, except % amounts Liberty Caribbean $ 125.8 $ 101.9 23 $ 261.6 $ 208.2 26 C&W Panama 48.0 33.4 44 97.9 73.6 33 Liberty Networks 40.7 48.5 (16 ) 80.2 95.9 (16 ) Liberty Puerto Rico 49.5 22.2 123 102.4 50.3 104 Liberty Costa Rica 36.7 32.5 13 80.4 79.7 1 Liberty Latin America 1 264.8 209.5 26 551.1 448.8 23 Expand Adjusted OIBDA less property and equipment additions for Liberty Latin America on a consolidated basis is a non-GAAP measure. Note that the sum of the reportable segments will not agree to the total for Liberty Latin America as we do not disclose amounts associated with our Corporate operations or intersegment eliminations. For the definition of Adjusted OIBDA less property and equipment additions and required reconciliations, see Non-GAAP Reconciliations section. Summary of Debt, Finance Lease Obligations and Cash & Cash Equivalents The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at June 30, 2025: Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups. Represents the C&W borrowing group, including the Liberty Caribbean, Liberty Networks and C&W Panama reportable segments. Cash amount includes restricted cash that serves as collateral against certain letters of credit associated with the funding received from the FCC to continue to expand and improve our fixed network in Puerto Rico. Consolidated leverage ratios are non-GAAP measures. For additional information, including definitions of our consolidated leverage ratios and required reconciliations, see Non-GAAP Reconciliations section. For purposes of calculating our weighted average tenor, total debt excludes vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations. At June 30, 2025, the full amount of unused borrowing capacity under our subsidiaries' revolving credit facilities was available to be borrowed, both before and after completion of the June 30, 2025 compliance reporting requirements. Residential Fixed ARPU per Customer Relationship The following table provides residential fixed ARPU per customer relationship for the indicated periods: Residential Mobile ARPU The following table provides residential ARPU per mobile subscriber for the indicated periods: The FX-Neutral change represents the percentage change on a sequential basis adjusted for FX impacts and is calculated by adjusting the current-period figures to reflect translation at the foreign currency rates used to translate the prior quarter amounts. The ARPU per customer relationship amounts in Costa Rican colones for the three months ended June 30, 2025 and March 31, 2025 were CRC 19,794 and CRC 20,684, respectively. The mobile ARPU amounts in Costa Rican colones for the three months ended June 30, 2025 and March 31, 2025 were CRC 5,748 and CRC 5,750, respectively. Forward-Looking Statements and Disclaimer This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance, growth expectations; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; the recovery by our Puerto Rico operations; our plans with respect to the separation of Liberty Puerto Rico; the strength of our balance sheet and tenor of our debt; capital intensity expectations; our capital return policy; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the ability to obtain regulatory approvals and satisfy the other conditions to closing with respect to the transaction with Millicom in Costa Rica; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K and Form 10-Q. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. About Liberty Latin America Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 30 markets in the region. Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols 'LILA' (Class A) and 'LILAK' (Class C), and on the OTC link under the symbol 'LILAB' (Class B). For more information, please visit The following tables reflect preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP. 1. Indicated growth rates are rebased for the estimated impacts of a disposal and FX. The following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W's third-party debt and cash and cash equivalents: At June 30, 2025, our third-party total and proportionate net debt was $4.5 billion and $4.2 billion, respectively, our Fully-swapped Borrowing Cost was 6.3%, and the average tenor of our debt obligations (excluding vendor financing and debt related to the Tower Transactions) was approximately 6.0 years. Our portion of Adjusted OIBDA, after deducting the noncontrolling interests' share, ('Proportionate Adjusted OIBDA') was $252 million for Q2 2025. C&W's Covenant Proportionate Net Leverage Ratio was 3.9x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with C&W's Credit Agreement. At June 30, 2025, we had maximum undrawn commitments of $584 million, including $79 million under our regional facilities. At June 30, 2025, the full amount of unused borrowing capacity under our credit facilities (including regional facilities) was available to be borrowed, both before and after completion of the June 30, 2025 compliance reporting requirements. Liberty Puerto Rico (LPR) Borrowing Group The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with U.S. GAAP: N.M. – Not Meaningful. 1. Indicated growth rates are rebased for the estimated impacts of an acquisition. The following table details the nominal amount outstanding of Liberty Puerto Rico's third-party debt, finance lease obligations and cash and cash equivalents: Cash amounts include restricted cash that serves as collateral against certain letters of credit associated with funding received from the FCC to continue to expand and improve our fixed network in Puerto Rico. At June 30, 2025, our Fully-swapped Borrowing Cost was 6.2% and the average tenor of our debt (excluding vendor financing, debt related to the Tower Transactions and other debt) was approximately 3.0 years. LPR's Covenant Consolidated Net Leverage Ratio was 7.9x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LPR's Group Credit Agreement. At June 30, 2025, we had maximum undrawn commitments of $116 million. At June 30, 2025, the full amount of unused borrowing capacity under our revolving credit facility was available to be borrowed, both before and after completion of the June 30, 2025 compliance reporting requirements. Liberty Costa Rica Borrowing Group The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with U.S. GAAP: Six months ended June 30, Change 2025 2024 CRC in billions, except % amounts Revenue 156.5 153.9 2 % Operating income 28.6 31.6 (9 %) Adjusted OIBDA 57.1 57.4 (1 %) Property & equipment additions 16.5 16.4 1 % Operating income as a percentage of revenue 18.3 % 20.5 % Adjusted OIBDA as a percentage of revenue 36.5 % 37.3 % Expand The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Liberty Costa Rica's third-party debt and cash and cash equivalents: From July 15, 2028 and thereafter, the interest rate is subject to increase by 0.125% per annum for each of the two Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027. At June 30, 2025, our Fully-swapped Borrowing Cost was 10.7% and the average tenor of our debt was approximately 5.1 years. LCR's Covenant Consolidated Net Leverage Ratio was 2.1x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LCR's Credit Agreement. At June 30, 2025, we had maximum undrawn commitments of $25 million (CRC 12.6 billion). At June 30, 2025, the full amount of unused borrowing capacity under our revolving credit facility was available to be borrowed, both before and after completion of the June 30, 2025 compliance reporting requirements. Subscriber Table Our homes passed in Liberty Costa Rica include 54,000 homes on a third-party network that provides us long-term access. Quarterly Subscriber Variance Represents adjustments resulting from a historical database cleanup which did not have an impact on our consolidated financial statements. Glossary Adjusted OIBDA - Operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and Other Operating Items. Other Operating Items includes (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Adjusted OIBDA Margin – Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. ARPU – Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. Consolidated Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) to annualized operating income from the most recent two consecutive fiscal quarters. Consolidated Net Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) less cash, cash equivalents and restricted cash related to debt to annualized operating income from the most recent two consecutive fiscal quarters. Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit ('EBU') adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships. FMC penetration – Calculated as Fixed Customer Relationships with a postpaid product as a percentage of total Fixed Customer Relationships, including both customers who have converged products and are receiving a financial or experience benefit from them and customers who have a postpaid product outside of an FMC bundle and are not receiving a financial or experience benefit from it. Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations, debt related to the Tower Transactions and other debt), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. Homes Passed – Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results. Internet (Broadband) RGU – A home, residential multiple dwelling unit or commercial unit that receives internet services over our network. Leverage – Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt outstanding, including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations, net of projected derivative principal-related cash payments (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt less cash, cash equivalents and restricted cash related to debt. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements. Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module ('SIM') cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. NPS – Net promoter score. Property and Equipment Addition Categories Customer Premises Equipment: Includes capitalizable equipment and labor, materials and other costs directly associated with the installation of such CPE; New Build & Upgrade: Includes capitalizable costs of network equipment, materials, labor and other costs directly associated with entering a new service area and upgrading our existing network; Capacity: Includes capitalizable costs for network capacity required for growth and services expansions from both existing and new customers. This category covers Core and Access parts of the network and includes, for example, fiber node splits, upstream/downstream spectrum upgrades and optical equipment additions in our international backbone connections; Baseline: Includes capitalizable costs of equipment, materials, labor and other costs directly associated with maintaining and supporting the business. Relates to areas such as network improvement, property and facilities, technical sites, information technology systems and fleet; and Product & Enablers: Discretionary capitalizable costs that include investments (i) required to support, maintain, launch or innovate in new customer products, and (ii) in infrastructure, which drive operational efficiency over the long term. Proportionate Net Leverage Ratio (C&W) – Calculated in accordance with C&W's Credit Agreement, taking into account the ratio of outstanding indebtedness (subject to certain exclusions) less cash and cash equivalents to EBITDA (subject to certain adjustments) for the last two quarters annualized, with both indebtedness and EBITDA reduced proportionately to remove any noncontrolling interests' share of the C&W group. Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Puerto Rico subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers. SOHO – Small office/home office customers. Telephony RGU – A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers. Tower Transactions – Transactions entered into during 2023 associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct over the next 4 years. U.S. GAAP – Generally accepted accounting principles in the United States. Video RGU – A home, residential multiple dwelling unit or commercial unit that receives our video service over our network, primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU. Additional General Notes Most of our operations provide telephony, broadband internet, mobile data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be 'SOHO RGUs' or 'SOHO customers.' To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes. Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Puerto Rico. Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service. As such, we may experience variances in our EBU counts solely as a result of changes in rates. While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber and homes passed counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews. Non-GAAP Reconciliations We include certain financial measures in this press release that are considered non-GAAP measures, including (i) Adjusted OIBDA and Adjusted OIBDA Margin, each on a consolidated basis, (ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased Adjusted OIBDA growth rates, (iv) consolidated leverage ratios, and (v) Adjusted OIBDA less property and equipment additions on a conslidated basis. The following sections set forth reconciliations of the nearest GAAP measure to our non-GAAP measures, as well as information on how and why management of the Company believes such information is useful to an investor. Adjusted OIBDA On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our 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. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss. Adjusted OIBDA Less Property and Equipment Additions We define Adjusted OIBDA less P&E Additions, which is a non-GAAP measure, as Adjusted OIBDA less P&E Additions on an accrual basis. Adjusted OIBDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted OIBDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted OIBDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted OIBDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not substitute for, U.S. GAAP Measure of income included in our condensed consolidated statement of operations. A reconciliation of our operating income or loss to total Adjusted OIBDA, and Adjusted OIBDA less property and equipment additions is presented in the following table: June 30, June 30, 2025 2024 2025 2024 in millions Operating income (loss) $ (333.0 ) $ 110.8 $ (204.9 ) $ 203.6 Share-based compensation and other Employee Incentive Plan-related expense 1 13.3 16.0 47.3 43.0 Depreciation and amortization 217.5 236.7 446.3 484.5 Impairment, restructuring and other operating items, net 517.2 25.6 532.9 32.2 Adjusted OIBDA $ 415.0 $ 389.1 $ 821.6 $ 763.3 Less: Property and equipment additions 150.2 179.6 270.5 314.5 Adjusted OIBDA less property and equipment additions $ 264.8 $ 209.5 $ 551.1 $ 448.8 Operating income (loss) margin 2 (30.6 )% 9.9 % (9.4 )% 9.2 % Adjusted OIBDA margin 3 38.2 % 34.8 % 37.9 % 34.4 % Expand 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. Calculated by dividing operating income or (loss) by total revenue for the applicable period. Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. Adjusted Free Cash Flow Definition and Reconciliation We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, (iii) proceeds received in connection with handset receivables securitization, (iv) insurance recoveries related to damaged and destroyed property and equipment and (v) certain net interest payments or receipts incurred or received, including associated derivative instrument payments and receipts, in advance of a significant acquisition, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, (d) repayments made associated with a handset receivables securitization, and (e) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows. The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period: For purposes of our consolidated statements of cash flows, expenses financed by an intermediary, including value-added taxes, are treated as operating cash outflows and financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we add back the operating cash outflows when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary. Rebase Information Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired, disposed or transferred businesses, as applicable, to the same extent they are included in the current year. The businesses that were acquired or disposed of impacting the comparative periods are as follows: LPR Acquisition (acquisition of spectrum and prepaid subscribers in Puerto Rico and USVI from EchoStar), which was completed on September 3, 2024; and C&W Panama DTH, which was shutdown on January 15, 2025. In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year period. We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if this transaction had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations. N.M. – Not Meaningful. Six months ended June 30, 2024 Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment eliminations Total In millions Revenue – Reported $ 732.5 $ 366.4 $ 227.6 $ 635.8 $ 299.5 $ 11.0 $ (55.4 ) $ 2,217.4 Rebase adjustment: Acquisition — — — 18.9 — — — 18.9 Disposition — (2.1 ) — — — — — (2.1 ) Foreign currency (3.2 ) — (2.8 ) — 4.8 — 0.1 (1.1 ) Revenue – Rebased $ 729.3 $ 364.3 $ 224.8 $ 654.7 $ 304.3 $ 11.0 $ (55.3 ) $ 2,233.1 Reported percentage change — % (3 )% (1 )% (6 )% 3 % (30 )% N.M. (2 )% Rebased percentage change — % (3 )% — % (8 )% 2 % (30 )% N.M. (3 )% Expand N.M. – Not Meaningful. The following tables set forth the reconciliation from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations. Six months ended June 30, 2024 Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Total In millions Adjusted OIBDA – Reported $ 307.6 $ 121.6 $ 122.3 $ 140.2 $ 111.7 $ (40.1 ) $ 763.3 Rebase adjustment: Acquisition — — — 2.2 — — 2.2 Disposition — (0.9 ) — — — — (0.9 ) Foreign currency (1.6 ) — (0.4 ) — 1.8 — (0.2 ) Adjusted OIBDA – Rebased $ 306.0 $ 120.7 $ 121.9 $ 142.4 $ 113.5 $ (40.1 ) $ 764.4 Reported percentage change 13 % 10 % (3 )% 20 % 1 % (47 )% 8 % Rebased percentage change 13 % 10 % (3 )% 18 % (1 )% (47 )% 8 % Expand The following tables set forth the reconciliation from reported revenue by product for our Liberty Caribbean segment to rebased revenue by product and related change calculations. Three months ended June 30, 2024 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Total revenue In millions Revenue by product – Reported $ 130.8 $ 104.1 $ 234.9 $ 133.4 $ 368.3 Rebase adjustment: Foreign currency (0.6 ) (0.6 ) (1.2 ) (0.6 ) (1.8 ) Revenue by product – Rebased $ 130.2 $ 103.5 $ 233.7 $ 132.8 $ 366.5 Reported percentage change (2 )% 5 % 1 % (3 )% (1 )% Rebased percentage change (1 )% 6 % 2 % (3 )% — % Expand Six months ended June 30, 2024 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Total revenue In millions Revenue by product – Reported $ 260.3 $ 210.1 $ 470.4 $ 262.1 $ 732.5 Rebase adjustment: Foreign currency (1.1 ) (1.1 ) (2.2 ) (1.0 ) (3.2 ) Revenue by product – Rebased $ 259.2 $ 209.0 $ 468.2 $ 261.1 $ 729.3 Reported percentage change (1 )% 4 % 1 % (3 )% — % Rebased percentage change (1 )% 5 % 2 % (3 )% — % Expand The following tables set forth the reconciliation from reported revenue by product for our C&W Panama segment to rebased revenue by product and related change calculations. Three months ended March 31, 2024 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Total revenue In millions Revenue by product – Reported $ 31.3 $ 82.2 $ 113.5 $ 83.7 $ 197.2 Rebase adjustment: Disposition (1.0 ) — (1.0 ) — (1.0 ) Revenue by product – Rebased $ 30.3 $ 82.2 $ 112.5 $ 83.7 $ 196.2 Reported percentage change — % 6 % 4 % (30 )% (10 )% Rebased percentage change 2 % 6 % 5 % (30 )% (10 )% Expand Six months ended June 30, 2024 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Total revenue In millions Revenue by product – Reported $ 62.9 $ 156.7 $ 219.6 $ 146.8 $ 366.4 Rebase adjustment: Disposal (2.1 ) — (2.1 ) — (2.1 ) Revenue by product – Rebased $ 60.8 $ 156.7 $ 217.5 $ 146.8 $ 364.3 Reported percentage change (1 )% 11 % 7 % (19 )% (3 )% Rebased percentage change 3 % 11 % 8 % (19 )% (3 )% Expand The following tables set forth the reconciliation from reported revenue by product for our Liberty Puerto Rico segment to rebased revenue by product and related change calculations. Three months ended June 30, 2024 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Other revenue Total revenue In millions Revenue by product – Reported $ 126.1 $ 122.6 $ 248.7 $ 52.6 $ 7.3 $ 308.6 Rebase adjustment: Acquisition — 9.4 9.4 — — 9.4 Revenue by product – Rebased $ 126.1 $ 132.0 $ 258.1 $ 52.6 $ 7.3 $ 318.0 Reported percentage change (1 )% 4 % 2 % (18 )% (22 )% (2 )% Rebased percentage change (1 )% (3 )% (2 )% (18 )% (22 )% (5 )% Expand Six months ended June 30, 2024 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Other revenue Total revenue In millions Revenue by product – Reported $ 251.2 $ 260.6 $ 511.8 $ 108.6 $ 15.4 $ 635.8 Rebase adjustment: Acquisition — 18.9 18.9 — — 18.9 Revenue by product – Rebased $ 251.2 $ 279.5 $ 530.7 $ 108.6 $ 15.4 $ 654.7 Reported percentage change (1 )% (3 )% (2 )% (20 )% (20 )% (6 )% Rebased percentage change (1 )% (10 )% (6 )% (20 )% (20 )% (8 )% Expand Non-GAAP Reconciliation for Consolidated Leverage Ratios We have set forth below our consolidated leverage and net leverage ratios. Our consolidated leverage and net leverage ratios (Consolidated Leverage Ratios), each a non-GAAP measure, are defined as (i) the principal amount of debt and finance lease obligations less cash and cash equivalents and restricted cash related to debt divided by (ii) last two quarters of annualized Adjusted OIBDA. We generally use Adjusted OIBDA for the last two quarters annualized when calculating our Consolidated Leverage Ratios to maintain as much consistency as possible with the calculations established by our debt covenants included in the credit facilities or bond indentures for our respective borrowing groups, which are predominantly determined on a last two quarters annualized basis. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of June 30, 2025 and March 31, 2025 are set forth below: June 30, 2025 March 31, 2025 in millions, except leverage ratios Total debt and finance lease obligations $ 8,159.9 $ 8,173.0 Discounts, premiums and deferred financing costs, net 72.6 76.5 Adjusted total debt and finance lease obligations 8,232.5 8,249.5 Less: Cash and cash equivalents 514.4 575.5 Restricted cash related to debt 1 13.0 13.0 Net debt and finance lease obligations $ 7,705.1 $ 7,661.0 Operating income (loss) 2: Operating income for the three months ended December 31, 2024 N/A $ 127.7 Operating income for the three months ended March 31, 2025 $ 128.1 128.1 Operating loss for the three months ended June 30, 2025 (333.0 ) N/A Operating income (loss) – last two quarters $ (204.9 ) $ 255.8 Annualized operating income (loss) – last two quarters annualized $ (409.8 ) $ 511.6 Adjusted OIBDA 3: Adjusted OIBDA for the three months ended December 31, 2024 N/A $ 427.3 Adjusted OIBDA for the three months ended March 31, 2025 $ 406.6 406.6 Adjusted OIBDA for the three months ended June 30, 2025 415.0 N/A Adjusted OIBDA – last two quarters $ 821.6 $ 833.9 Annualized Adjusted OIBDA – last two quarters annualized $ 1,643.2 $ 1,667.8 Consolidated debt and finance lease obligations to operating income (loss) ratio (20.1) x 16.1 x Consolidated net debt and finance lease obligations to operating income (loss) ratio (18.8) x 15.0 x Consolidated leverage ratio 5.0 x 4.9 x Consolidated net leverage ratio 4.7 x 4.6 x Expand N/A – Not Applicable. Amount relates to restricted cash at Liberty Puerto Rico that serves as collateral against certain letters of credit associated with the funding received from the FCC to continue to expand and improve our fixed network in Puerto Rico. Operating income or loss is the closest U.S. GAAP measure to Adjusted OIBDA, as discussed in Adjusted OIBDA above. Accordingly, we have presented consolidated debt and finance lease obligations to operating income (loss) and consolidated net debt and finance lease obligations to operating income (loss) as the most directly comparable financial ratios to our non-GAAP consolidated leverage and consolidated net leverage ratios. Adjusted OIBDA is a non-GAAP measure. See Adjusted OIBDA above for reconciliation of Adjusted OIBDA to the nearest U.S. GAAP measure for the three months ended June 30, 2025. A reconciliation of our operating income to Adjusted OIBDA for the three months ended March 31, 2025 and December 31, 2024 is presented in the following table: Three months ended March 31, 2025 December 31, 2024 in millions Operating income $ 128.1 $ 127.7 Share-based compensation and other Employee Incentive Plan-related expense 34.0 25.1 Depreciation and amortization 228.8 238.4 Impairment, restructuring and other operating items, net 15.7 36.1 Adjusted OIBDA $ 406.6 $ 427.3 Expand Non-GAAP Reconciliations for Our Borrowing Groups The financial statements of each of our borrowing groups are prepared in accordance with U.S. GAAP. We include certain financial measures for our C&W, Liberty Puerto Rico and Liberty Costa Rica borrowing groups in this press release that are considered non-GAAP measures, including: (i) Adjusted OIBDA; (ii) Adjusted OIBDA Margin; (iii) Proportionate Adjusted OIBDA, (iv) rebased revenue and (v) rebased Adjusted OIBDA. Adjusted OIBDA for our borrowing groups is defined as operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, related-party fees and allocations, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the noncontrolling interests' share of Adjusted OIBDA. We believe these measures at the borrowing group level are useful to investors because they are one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. These measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income. A reconciliation of C&W's operating income to Adjusted OIBDA and Proportionate Adjusted OIBDA is presented in the following table: Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 in millions Operating income $ 138.8 $ 98.0 $ 262.3 $ 178.4 Share-based compensation and other Employee Incentive Plan-related expense 4.4 6.5 12.6 14.4 Depreciation and amortization 119.0 143.0 252.1 296.5 Related-party fees and allocations 29.1 26.8 53.9 48.0 Impairment, restructuring and other operating items, net 11.8 10.1 18.1 13.8 Adjusted OIBDA 303.1 284.4 599.0 551.1 Less: Noncontrolling interests' share of Adjusted OIBDA 51.3 48.3 100.5 91.8 Proportionate Adjusted OIBDA $ 251.8 $ 236.1 $ 498.5 $ 459.3 Expand A reconciliation of Liberty Puerto Rico's operating income (loss) to Adjusted OIBDA is presented in the following table: Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 in millions Operating income (loss) $ (474.8 ) $ (19.1 ) $ (471.0 ) $ (28.5 ) Share-based compensation and other Employee Incentive Plan-related expense 1.0 1.9 2.6 4.4 Depreciation and amortization 62.6 62.0 122.8 124.8 Related-party fees and allocations 13.4 13.4 25.6 26.0 Impairment, restructuring and other operating items, net 484.8 12.9 488.5 13.5 Adjusted OIBDA $ 87.0 $ 71.1 $ 168.5 $ 140.2 Expand A reconciliation of Liberty Costa Rica's operating income to Adjusted OIBDA is presented in the following table: Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 CRC in billions Operating income 12.9 14.2 28.6 31.6 Share-based compensation and other Employee Incentive Plan-related expense 0.4 0.4 0.6 0.4 Depreciation and amortization 13.6 12.3 26.9 24.5 Related-party fees and allocations 0.6 0.4 0.9 0.7 Impairment, restructuring and other operating items, net (0.1 ) 0.1 0.1 0.2 Adjusted OIBDA 27.4 27.4 57.1 57.4 Expand The following table sets forth the reconciliations from reported revenue for our C&W borrowing group to rebased revenue and related change calculations: Three months ended June 30, 2024 Six months ended June 30, 2024 in millions Revenue – Reported $ 662.3 $ 1,282.6 Rebase adjustment: Disposal (1.0 ) (2.1 ) Foreign currency (3.3 ) (6.0 ) Revenue – Rebased $ 658.0 $ 1,274.5 Reported percentage change (4 )% (1 )% Rebased percentage change (3 )% (1 )% Expand The following table sets forth the reconciliation from Adjusted OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and related change calculations: Three months ended June 30, 2024 Six months ended June 30, 2024 in millions Adjusted OIBDA – Reported $ 284.4 $ 551.1 Rebase adjustment: Disposal (0.2 ) (0.9 ) Foreign currency (1.4 ) (2.2 ) Adjusted OIBDA – Rebased $ 282.8 $ 548.0 Reported percentage change 7 % 9 % Rebased percentage change 7 % 9 % Expand
Yahoo
17 hours ago
- Yahoo
Bakkt Expands Global Bitcoin Play With 30% Stake in Japan's Marusho Hotta
Amid a sea of new crypto treasury companies popping up, Bakkt and BitBridge are in the news today, after they both provided updates on their bitcoin treasury strategies. Bakkt (BKKT), the technology firm that went all-in on crypto, has signed a deal to acquire nearly one-third of Japanese trading company Marusho Hotta (8105), in a move that could signal a broader international bitcoin (BTC) strategy for the U.S.-based digital asset platform, the company said in a press release Wednesday. Under the agreement with RIZAP Group Inc., Bakkt will acquire roughly 30% of the Tokyo-listed company, positioning itself as Marusho Hotta's largest shareholder. Pending shareholder approval, Marusho Hotta will be renamed aligning its brand with its new bitcoin-centric direction, the company said. Bakkt has also secured the domain as part of the deal. In a strategic leadership shift, Phillip Lord, President of Bakkt International, will take over as CEO of Marusho Hotta. Meanwhile, bitcoin treasury firm BitBridge Capital Strategies has completed its merger with Green Mountain Merger Inc., the company said in a press release yesterday. The company will start trading under the ticker symbol BTTL on the over-the-counter (OTC) markets by the end of the third quarter, with plans to uplist to NASDAQ thereafter.
