Liberty Latin America is a telecommunications provider operating across Puerto Rico, Panama, Costa Rica, Jamaica, and over 20 other Caribbean markets. LLA offers four core residential services — broadband internet, mobile, video, and fixed-line telephony — delivered over HFC and fiber-to-the-home networks capable of speeds up to 1 Gbps. LLA also operates a large B2B and wholesale business through its Liberty Networks segment, which owns one of the largest subsea and terrestrial fiber networks in the Caribbean and Latin America, spanning close to 35,000 km and connecting over 30 markets. Liberty Networks serves carriers, ISPs, and enterprise and government customers with wholesale bandwidth and managed IT services. LLA operates through five segments: Liberty Caribbean, C&W Panama, Liberty Networks, Liberty Puerto Rico, and Liberty Costa Rica. LLA is the incumbent fixed and mobile operator in most of its Caribbean markets, and many of its markets are duopolies. Revenue is driven by monthly residential and business subscriptions, with ARPU and subscriber count as the primary drivers. B2B revenue, roughly one-third of the total, includes recurring connectivity and managed services, as well as lumpy government project revenue. A key strategic focus is fixed-mobile convergence — bundling fixed broadband with mobile postpaid — which LLA argues reduces churn and improves ARPU. LLA is also building MANTA, a new subsea cable connecting the U.S. with Mexico, Panama, and Colombia, expected online by late 2027 or early 2028. LLA plans to spin off Liberty Puerto Rico in the first half of 2026.