0001712184-26-000023
SEC filing2025年营收微降但扭亏为盈，Adjusted OIBDA增长9%，受Liberty Puerto Rico频谱减值拖累。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $4,442.2M | $4,446.8M | -0.1% |
| Gross Profit | $3,466.3M | $3,457.4M | +0.3% |
| Gross Margin | 78.0% | 77.8% | +20 bps |
| Operating Income | $108.2M | -$76.8M | +$185.0M |
| Operating Margin | 2.4% | -1.7% | +410 bps |
| Net Income | -$554.3M | -$659.7M | +$105.4M |
| Diluted EPS | -$3.06 | -$3.47 | +$0.41 |
| Adjusted OIBDA | $1,706.3M | $1,565.2M | +9.0% |
| Operating Cash Flow | $805.9M | $756.3M | +6.6% |
| Free Cash Flow | $305.9M | $215.9M | +41.7% |
2025年营收基本持平，但盈利能力显著改善。Adjusted OIBDA增长9%至$1,706.3M，主要得益于Liberty Puerto Rico的成本削减和一次性费用减少，其利润率从22.4%大幅提升至29.5%。Operating Income扭亏为盈，从-$76.8M转为+$108.2M，主要由于营收稳定和成本控制。
Net Income仍为亏损$554.3M，主要受Liberty Puerto Rico频谱资产减值$494M拖累，但亏损较上年收窄。剔除减值等一次性项目后，盈利能力有所提升。Free Cash Flow增长41.7%至$305.9M，主要由于资本支出减少和经营现金流增加。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Liberty Caribbean | $1,455.0M | -0.5% | $672.9M | 46.2% | 受Hurricane Melissa影响，固定业务收入下降，但移动业务增长 |
| C&W Panama | $783.5M | +2.7% | $298.9M | 38.1% | 移动用户增长驱动收入提升 |
| Liberty Networks | $471.0M | +5.3% | $258.4M | 54.9% | 批发业务增长强劲 |
| Liberty Puerto Rico | $1,199.2M | -4.1% | $353.4M | 29.5% | 收入下滑但利润率大幅提升，因成本削减和一次性费用减少 |
| Liberty Costa Rica | $632.2M | +3.1% | $235.5M | 37.3% | 移动业务增长，但B2B收入下降 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $783.9M | +$129.6M |
| Total Debt | $8,349.8M | +$211.0M |
| Net Debt | $7,565.9M | +$81.4M |
| Operating Cash Flow | $805.9M | +$49.6M |
| Capex | $500.0M | -$40.4M |
| Free Cash Flow | $305.9M | +$90.0M |
| FCF转化率 | 55.2% | — |
Net Debt/EBITDA约为4.4倍（基于Adjusted OIBDA），杠杆水平较高。
资本配置：2025年回购$0.3M股票，剩余授权$200M。无股息。债务净增$71M，主要用于再融资。资本支出$500M，占营收11.3%。
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