Business
Liberty Latin America Reports Q2 and H1 2020 Results
Performance impacted by COVID-19, improving from April low RGU growth driven by 47,000 broadband adds; record RGU adds for Puerto Rico Strong cash flows from
About this update from Liberty Latin America Ltd.
[{"type":"text","content":"\nPerformance impacted by COVID-19, improving from April low\n\n\nRGU growth driven by 47,000 broadband adds; record RGU adds for Puerto Rico\n\n\nStrong cash flows from operating activities and Adjusted FCF\n\n\nAnnounced acquisition of Telefónica's fast-growing Costa Rica operation\n\n DENVER, Colorado--(BUSINESS WIRE)--\nLiberty 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 2020”) ended June 30, 2020.\n\n\nCEO Balan Nair commented, “As anticipated, following a strong start to the year, the second quarter brought with it a number of COVID-19 related challenges for many of our operations, resulting in declining year-over-year top-line performance. The good news is that we planned extensively and were able to offset some of the impacts through early cost management actions. As we look to the rest of the year, our mobile and B2B businesses are expected to see further challenges, however we believe we are past the low point. We continue to be focused on generating positive free cash flow in 2020, and took a step towards that with our strong Q2 performance.”\n\n\n“In terms of our reporting segments, Puerto Rico led with another tremendous quarter, reporting record RGU additions and we are looking forward to adding AT&T's assets in Puerto Rico and the US Virgin Islands to further enhance our customer proposition and prospects. VTR and Cabletica also added subscribers in the period, albeit seeing more of an impact from lockdown restrictions in Chile. C&W experienced the greatest headwinds with declining RGUs driven by Panama where we experienced the most restrictive lockdowns across all of our markets. From a product perspective, consumers continue to demand high-speed connectivity and our fixed-line services have been particularly resilient.”\n\n\n“Last week, we announced the exciting news that we agreed to acquire Telefónica's Costa Rica business. We have had great success in Costa Rica with our cable operation Cabletica and are increasing our investment in the country through a complementary, fast-growing, and postpaid-weighted mobile business. The two businesses combined would create a leading full-service communications player with approximately $400 million of revenue1. T...