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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Liberty Latin America Ltd | NASDAQ:LILAK | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.04 | -0.58% | 6.83 | 6.70 | 6.83 | 7.02 | 6.77 | 6.78 | 549,165 | 20:56:01 |
From Mar 2023 to Mar 2025
Solid start to the year; on-track to achieve guidance
65,000 organic broadband and postpaid mobile net adds
Integration efforts progressing well; significant synergy benefits anticipated
Additional share repurchase authorization of up to $200 million
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 (“Q1”) ended March 31, 2023.
CEO Balan Nair commented, “We had a good start to the year, delivering solid subscriber growth in the first quarter and remain on track to achieve our 2023 financial guidance targets.”
“We added internet and mobile postpaid subscribers across all of our reporting segments in Q1. Broadband additions were particularly strong led by improved performance in C&W Caribbean as we continue to make our networks Giga-Ready and delight our customers with differentiated converged propositions. In connection with our enhanced services and offers, we recently implemented nominal price increases in select markets to reflect the added value being delivered to our customers, in most cases, these rate adjustments follow several years without any increase.”
“Inorganically, 2023 is a key year as we work to complete our integrations in Puerto Rico, Panama and Costa Rica, which will deliver significant value for our stakeholders. We have started to migrate prepaid mobile customers onto our own platform in Puerto Rico and are taking swift action to drive synergies in Panama following the removal of integration-related restrictions in January.”
“We remain confident in our cash generation for the business, and have renewed our buyback authorization for up to an additional $200 million through the end of 2025.”
“Our first quarter performance provides a solid foundation for 2023. As we progress through the year, we plan to maintain a relentless focus on delivering value for our customers, executing our integration initiatives, and driving further growth for shareholders.”
Business Highlights
FY 2023 LLA Financial Guidance - Reconfirmed
Share Repurchase Program
On February 22, 2022, our Board of Directors approved a new share repurchase program. The program authorized us to repurchase from time to time up to $200 million of our Class A common shares and/or Class C common shares through December 2024. At March 31, 2023, the remaining amount authorized for share repurchases under the share repurchase program was $32 million.
On May 8, 2023, our Board of Directors authorized us to repurchase from time to time up to an additional $200 million of our Class A common shares and/or Class C common shares under our share repurchase program through December 2025.
Financial and Operating Highlights
Financial Highlights
Q1 2023
Q1 2022
YoY Growth / (Decline)
YoY Rebased Growth1
(USD in millions)
Revenue
$
1,104
$
1,216
(9
%)
1
%
Revenue (excluding VTR)2
$
1,104
$
1,045
6
%
Operating income
$
113
$
185
(39
%)
Adjusted OIBDA3
$
407
$
437
(7
%)
4
%
Adjusted OIBDA3 (excluding VTR)2
$
407
$
390
4
%
Property & equipment additions
$
145
$
175
(18
%)
As a percentage of revenue
13
%
14
%
Adjusted FCF4
$
(50
)
$
(56
)
Cash provided by operating activities
$
62
$
122
Cash used by investing activities
$
(132
)
$
(189
)
Cash used by financing activities
$
(35
)
$
(78
)
Operating Highlights5
Q1 2023
Q1 2022
Total customers
1,937,100
3,227,600
Organic customer additions (losses)
23,900
(7,900
)
Fixed RGUs
3,853,500
6,453,300
Organic RGU additions
56,300
3,200
Organic internet additions
29,400
13,700
Mobile subscribers
8,027,700
7,590,000
Organic mobile (losses) additions
(16,000
)
49,700
Organic postpaid additions
35,200
121,100
*
Q1 2023 figures include mobile subscribers related to the Claro Panama Acquisition, which was completed on July 1, 2022, and are therefore not included in Q1 2022 subscriber data. Q1 2023 figures exclude VTR as it was deconsolidated in October 2022 in connection with the closing of our joint venture in Chile with América Móvil.
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:
Three months ended
Increase/(decrease)
March 31,
2023
2022
%
Rebased %
in millions, except % amounts
C&W Caribbean
$
353.8
$
354.8
—
(1
)
C&W Panama
165.3
127.2
30
4
C&W Networks & LatAm
108.7
107.6
1
6
Liberty Puerto Rico
365.8
366.7
—
—
Liberty Costa Rica
129.2
107.4
20
4
VTR
—
170.8
N.M.
N.M.
Corporate
6.4
5.6
14
14
Eliminations
(25.4
)
(23.9
)
N.M.
N.M.
Total
1,103.8
1,216.2
(9
)
1
Less: VTR
—
170.8
Total excluding VTR2
$
1,103.8
$
1,045.4
6
N.M. – Not Meaningful.
Q1 2023 Revenue Growth – Segment Highlights
Operating Income
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:
Three months ended
March 31,
Increase (decrease)
2023
2022
%
Rebased %
in millions, except % amounts
C&W Caribbean
$
140.2
$
129.9
8
8
C&W Panama
43.5
40.5
7
16
C&W Networks & LatAm
63.6
62.6
2
4
Liberty Puerto Rico
134.4
140.6
(4
)
(4
)
Liberty Costa Rica
45.2
30.2
50
28
VTR
—
46.5
N.M.
N.M.
Corporate
(20.4
)
(13.8
)
(48
)
(44
)
Total
$
406.5
$
436.5
(7
)
4
Less: VTR
—
46.5
Total excluding VTR2
$
406.5
$
390.0
4
Operating income margin
10.2
%
15.2
%
Adjusted OIBDA margin
36.8
%
35.9
%
Adjusted OIBDA margin excl. VTR2
36.8
%
37.3
%
N.M. – Not Meaningful.
Q1 2023 Adjusted OIBDA Growth – Segment Highlights
Net Earnings (Loss) Attributable to Shareholders
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
March 31,
2023
2022
USD in millions
Customer Premises Equipment
$
46.9
$
82.8
New Build & Upgrade
28.0
30.1
Capacity
19.4
24.6
Baseline
39.4
25.0
Product & Enablers
11.0
12.9
Property & equipment additions
144.7
175.4
Assets acquired under capital-related vendor financing arrangements
(35.9
)
(31.9
)
Changes in current liabilities related to capital expenditures and other
5.3
20.7
Capital expenditures, net
$
114.1
$
164.2
Property & equipment additions as % of revenue
13.1
%
14.4
%
Property & Equipment Additions:
C&W Caribbean
$
46.0
$
44.0
C&W Panama
19.6
15.0
C&W Networks & LatAm
10.8
7.6
Liberty Puerto Rico
47.7
44.5
Liberty Costa Rica
12.7
9.9
VTR
—
44.7
Corporate
7.9
9.7
Property & equipment additions
$
144.7
$
175.4
Property & Equipment Additions as a Percentage of Revenue by Reportable Segment:
C&W Caribbean
13.0
%
12.4
%
C&W Panama
11.9
%
11.8
%
C&W Networks & LatAm
9.9
%
7.1
%
Liberty Puerto Rico
13.0
%
12.1
%
Liberty Costa Rica
9.8
%
9.2
%
VTR
N/A
26.2
%
New Build and Homes Upgraded by Reportable Segment1:
C&W Caribbean
44,200
31,300
C&W Panama
27,200
44,300
Liberty Puerto Rico
8,900
7,400
Liberty Costa Rica
9,600
13,700
VTR
—
65,000
Total
89,900
161,700
Summary of Debt, Finance Lease Obligations and Cash and 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 March 31, 2023:
Debt
Finance lease obligations
Debt and finance lease obligations
Cash and cash equivalents
in millions
Liberty Latin America1
$
378.2
$
—
$
378.2
$
84.0
C&W2
4,533.1
—
4,533.1
493.8
Liberty Puerto Rico
2,633.4
5.6
2,639.0
61.0
Liberty Costa Rica
456.4
3.0
459.4
33.0
Total
$
8,001.1
$
8.6
$
8,009.7
$
671.8
Consolidated Leverage and Liquidity Information:
March 31, 2023
December 31, 2022
Consolidated debt and finance lease obligations to operating income ratio
17.8x
15.0x
Consolidated net debt and finance lease obligations to operating income ratio
16.3x
13.5x
Consolidated gross leverage ratio3
4.9x
5.1x
Consolidated net leverage ratio3
4.5x
4.6x
Weighted average debt tenor4
5.0 years
4.9 years
Fully-swapped borrowing costs
5.9%
5.7%
Unused borrowing capacity (in millions)5
$957.3
$898.7
Quarterly Subscriber Variance
Fixed and Mobile Subscriber Variance Table — March 31, 2023 vs December 31, 2022
Homes Passed
Two-way Homes Passed
Fixed-line Customer Relationships
Video RGUs
Internet RGUs
Telephony RGUs
Total RGUs
Prepaid
Postpaid
Total Mobile Subscribers
C&W Caribbean:
Jamaica
6,800
6,700
5,500
(700
)
7,400
9,100
15,800
13,400
9,300
22,700
The Bahamas
—
(100
)
(1,100
)
700
1,600
200
2,500
(2,000
)
(100
)
(2,100
)
Trinidad and Tobago
—
—
(2,800
)
(300
)
(2,100
)
1,200
(1,200
)
—
—
—
Barbados
—
—
300
200
700
(200
)
700
(1,700
)
2,200
500
Other
—
—
(100
)
(400
)
2,900
100
2,600
(2,400
)
8,100
5,700
Total C&W Caribbean
6,800
6,600
1,800
(500
)
10,500
10,400
20,400
7,300
19,500
26,800
C&W Panama
9,300
9,400
3,200
2,900
9,000
6,700
18,600
(71,800
)
900
(70,900
)
Total C&W
16,100
16,000
5,000
2,400
19,500
17,100
39,000
(64,500
)
20,400
(44,100
)
Liberty Puerto Rico
1,600
1,600
17,100
(100
)
7,500
2,700
10,100
(15,700
)
1,400
(14,300
)
Liberty Costa Rica
7,700
7,800
1,800
(400
)
2,400
5,200
7,200
29,000
13,400
42,400
Total Organic Change
25,400
25,400
23,900
1,900
29,400
25,000
56,300
(51,200
)
35,200
(16,000
)
Q1 2023 Adjustments:
C&W Caribbean - Jamaica
—
—
—
—
—
—
—
(10,700
)
—
(10,700
)
C&W Caribbean - Other
6,800
6,800
—
—
—
—
—
—
—
—
C&W Panama1
—
—
(3,400
)
(2,700
)
(3,400
)
(2,400
)
(8,500
)
(115,100
)
—
(115,100
)
Liberty Costa Rica
14,000
14,000
(8,100
)
(5,400
)
(6,500
)
(1,900
)
(13,800
)
—
—
—
Total Q1 2023 Adjustments:
20,800
20,800
(11,500
)
(8,100
)
(9,900
)
(4,300
)
(22,300
)
(125,800
)
—
(125,800
)
Net Adds
46,200
46,200
12,400
(6,200
)
19,500
20,700
34,000
(177,000
)
35,200
(141,800
)
ARPU per Customer Relationship
The following table provides ARPU per customer relationship for the indicated periods:
Three months ended
FX-Neutral1
March 31, 2023
December 31, 2022
% Change
% Change
Reportable Segment:
C&W Caribbean
$
48.55
$
48.81
(1
%)
(1
%)
C&W Panama
$
37.74
$
36.68
3
%
3
%
Liberty Puerto Rico
$
73.95
$
74.29
—
%
—
%
Liberty Costa Rica2
$
43.89
$
40.27
9
%
1
%
Cable & Wireless Borrowing Group
$
46.04
$
45.97
—
%
—
%
Mobile ARPU
The following table provides ARPU per mobile subscriber for the indicated periods:
Three months ended
FX-Neutral1
March 31, 2023
December 31, 2022
% Change
% Change
Reportable Segment:
C&W Caribbean
$
13.85
$
14.31
(3
%)
(3
%)
C&W Panama
$
10.68
$
9.97
7
%
7
%
Liberty Puerto Rico
$
38.90
$
38.91
—
%
—
%
Liberty Costa Rica3
$
6.42
$
5.90
9
%
—
%
Cable & Wireless Borrowing Group
$
12.23
$
11.98
2
%
2
%
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, performance, guidance and growth expectations for 2023; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition, in Costa Rica following the acquisition of Telefónica's Costa Rica business and in Panama following the acquisition of América Móvil’s Panama operations; the strength of our balance sheet and tenor of our debt; our share repurchase program; 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 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, and through ClaroVTR, our joint venture in Chile. 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 approximately 40 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 www.lla.com.
Footnotes
Additional Information | Cable & Wireless Borrowing Group
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.
Three months ended
March 31,
Change
Rebased change1
2023
2022
in millions, except % amounts
Revenue
$
607.2
$
570.1
7
%
2
%
Operating income
$
60.6
$
73.6
(18
%)
Adjusted OIBDA
$
247.0
$
233.0
6
%
8
%
Property & equipment additions
$
76.5
$
66.7
15
%
Operating income as a percentage of revenue
10.0
%
12.9
%
Adjusted OIBDA as a percentage of revenue
40.7
%
40.9
%
Proportionate Adjusted OIBDA
$
212.0
$
200.2
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:
March 31,
December 31,
Facility Amount
2023
2022
in millions
Credit Facilities:
Revolving Credit Facility due 2023 (LIBOR + 3.25%)
$
50.0
$
—
$
—
Revolving Credit Facility due 2027 (LIBOR + 3.25%)
$
580.0
—
—
Term Loan Facility B-5 due 2028 (LIBOR + 2.25%)
$
1,510.0
1,510.0
1,510.0
Term Loan Facility B-6 due 2029 (LIBOR + 3.00%)
$
590.0
590.0
590.0
Total Senior Secured Credit Facilities
2,100.0
2,100.0
Notes:
5.75% USD Senior Secured Notes due 2027
$
495.0
495.0
495.0
6.875% USD Senior Notes due 2027
$
1,220.0
1,220.0
1,220.0
Total Notes
1,715.0
1,715.0
Other debt:
4.25% CWP Term Loan due 2028
$
435.0
435.0
435.0
Other regional debt
62.1
70.2
Vendor financing
221.0
199.4
Total third-party debt
4,533.1
4,519.6
Less: premiums, discounts and deferred financing costs, net
(30.5
)
(31.6
)
Total carrying amount of third-party debt
4,502.6
4,488.0
Less: cash and cash equivalents
(493.8
)
(536.2
)
Net carrying amount of third-party debt
$
4,008.8
$
3,951.8
Liberty Puerto Rico (LPR) Borrowing Group
The following table reflects preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with U.S. GAAP:
Three months ended
March 31,
Change
2023
2022
in millions, except % amounts
Revenue
$
365.8
$
366.7
—
%
Operating income
$
61.6
$
65.7
(6
) %
Adjusted OIBDA
$
134.4
$
140.6
(4
) %
Property & equipment additions
$
47.7
$
44.5
7
%
Operating income as a percentage of revenue
16.8
%
17.9
%
Adjusted OIBDA as a percentage of revenue
36.7
%
38.3
%
The following table details the nominal amount outstanding of Liberty Puerto Rico's third-party debt, finance lease obligations and cash and cash equivalents:.
March 31,
December 31,
Facility amount
2023
2022
in millions
Credit Facilities:
Revolving Credit Facility due 2027 (LIBOR + 3.50%)
$
172.5
$
—
$
—
Term Loan Facility due 2028 (LIBOR + 3.75%)
$
620.0
620.0
620.0
Total Senior Secured Credit Facilities
620.0
620.0
Notes:
6.75% Senior Secured Notes due 2027
$
1,161.0
1,161.0
1,161.0
5.125% Senior Secured Notes due 2029
$
820.0
820.0
820.0
Total Notes
1,981.0
1,981.0
Vendor financing
32.4
16.7
Finance lease obligations
5.6
5.7
Total debt and finance lease obligations
2,639.0
2,623.4
Less: premiums and deferred financing costs, net
(26.5
)
(28.6
)
Total carrying amount of debt
2,612.5
2,594.8
Less: cash and cash equivalents
(61.0
)
(72.3
)
Net carrying amount of debt
$
2,551.5
$
2,522.5
Liberty Costa Rica Borrowing Group
The following table reflects preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with U.S. GAAP:
Three months ended
March 31,
Change
Rebased change1
2023
2022
CRC in billions, except % amounts
Revenue
72.7
69.2
5
%
4
%
Operating income
8.4
8.2
2
%
Adjusted OIBDA
25.4
19.4
31
%
28
%
Property & equipment additions
7.1
6.4
11
%
Operating income as a percentage of revenue
11.6
%
11.8
%
Adjusted OIBDA as a percentage of revenue
34.9
%
28.0
%
1. Indicated growth rates are rebased for the acquisition by the Liberty Costa Rica borrowing group of the B2B Costa Rican operations within our C&W borrowing group.
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, finance lease obligations and cash and cash equivalents:
March 31,
December 31,
2023
2022
Borrowing currency in millions
CRC equivalent in billions
10.875% Term Loan A Facility due 20311
$
50.0
27.1
—
10.875% Term Loan B Facility due 20311
$
400.0
216.7
—
Term Loan B-1 Facility due 2024 (LIBOR + 5.50%)
$
276.7
—
163.8
Term Loan B-2 Facility due 2024 (TBP2 + 6.75%)
CRC
79,635.2
—
79.6
Revolving Credit Facility due 2028 (SOFR3 + 4.25%)
$
60.0
—
—
Revolving Credit Facility due 2024 (LIBOR + 4.25%)
$
15.0
—
4.7
Total credit facilities
243.8
248.1
Other
3.5
3.6
Finance lease obligations
1.6
1.7
Total debt and finance lease obligations
248.9
253.4
Less: discounts and deferred financing costs
(8.3
)
(3.3
)
Total carrying amount of debt
240.6
250.1
Less: cash and cash equivalents
(17.9
)
(9.5
)
Net carrying amount of debt
222.7
240.6
Exchange rate (CRC to $)
541.9
591.8
Subscriber Table
Consolidated Operating Data — March 31, 2023
Homes Passed
Two-way Homes Passed
Fixed-line Customer Relationships
Video RGUs
Internet RGUs
Telephony RGUs
Total RGUs
Prepaid
Postpaid
Total Mobile Subscribers
C&W Caribbean:
Jamaica
692,500
692,400
337,300
131,300
315,600
310,000
756,900
1,122,700
83,000
1,205,700
The Bahamas
120,900
120,800
34,800
6,300
24,700
33,800
64,800
144,400
23,900
168,300
Trinidad and Tobago
340,900
340,900
152,800
101,500
138,200
95,400
335,100
—
—
—
Barbados
140,400
140,400
84,600
38,200
76,400
70,100
184,700
85,900
42,600
128,500
Other
342,800
322,900
215,000
74,000
190,100
115,100
379,200
330,800
108,200
439,000
Total C&W Caribbean
1,637,500
1,617,400
824,500
351,300
745,000
624,400
1,720,700
1,683,800
257,700
1,941,500
C&W Panama
838,500
838,600
251,500
159,500
213,000
204,200
576,700
1,633,800
359,100
1,992,900
Total C&W
2,476,000
2,456,000
1,076,000
510,800
958,000
828,600
2,297,400
3,317,600
616,800
3,934,400
Liberty Puerto Rico 1,2
1,175,200
1,175,200
568,200
242,700
531,500
260,100
1,034,300
166,600
904,700
1,071,300
Liberty Costa Rica 3
722,000
716,200
292,900
199,000
264,100
58,700
521,800
2,191,400
830,600
3,022,000
Total
4,373,200
4,347,400
1,937,100
952,500
1,753,600
1,147,400
3,853,500
5,675,600
2,352,100
8,027,700
Glossary
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 and finance lease obligations outstanding 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 and finance lease obligations outstanding less cash and cash equivalents to annualized operating income from the most recent two consecutive fiscal quarters.
CRU – Corporate responsible user.
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.
Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts, which includes a discount on the convertible notes issued by Liberty Latin America associated with a conversion option feature, 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 and finance lease obligations outstanding, 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 (including the convertible notes) less cash and cash equivalents. 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. Our Liberty Puerto Rico segment prepaid subscriber count includes mobile reseller subscribers, which represent organizations that purchase minutes and data at wholesale prices and subsequently resell it under the purchaser's brand name. These reseller subscribers result in a significantly lower ARPU than the remaining subscribers included in our prepaid balance. Additionally, our Liberty Puerto Rico segment postpaid subscriber count includes CRUs, which represent an individual receiving mobile services through an organization that has entered into a contract for mobile services with us and where the organization is responsible for the payment of the CRU’s mobile services.
NPS – Net promoter score.
Property and Equipment Addition Categories
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.
Two-way Homes Passed – Homes passed by those sections of our networks that are technologically capable of providing two-way services, including video, internet and telephony services.
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, and (iv) consolidated leverage ratios. 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, a non-GAAP measure, is the primary measure used by our chief operating decision maker 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. As we use the term, Adjusted OIBDA is defined as operating income or loss before share-based compensation, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (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. 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. A reconciliation of our operating income or loss to total Adjusted OIBDA is presented in the following table:
Three months ended
March 31,
2023
2022
in millions
Operating income
$
113.0
$
184.6
Share-based compensation expense
29.2
30.0
Depreciation and amortization
234.6
214.1
Impairment, restructuring and other operating items, net
29.7
7.8
Adjusted OIBDA
$
406.5
$
436.5
Operating income margin1
10.2
%
15.2
%
Adjusted OIBDA margin2
36.8
%
35.9
%
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) insurance recoveries related to damaged and destroyed property and equipment and (iv) 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, and (d) 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:
Three months ended
March 31,
2023
2022
in millions
Net cash provided by operating activities
$
62.4
$
122.3
Cash payments for direct acquisition and disposition costs
1.4
1.7
Expenses financed by an intermediary1
41.3
31.7
Capital expenditures, net
(114.1
)
(164.2
)
Principal payments on amounts financed by vendors and intermediaries
(40.2
)
(47.3
)
Principal payments on finance leases
(0.2
)
(0.2
)
Adjusted FCF before distributions to noncontrolling interest owners
(49.4
)
(56.0
)
Distributions to noncontrolling interest owners
(0.4
)
—
Adjusted FCF
$
(49.8
)
$
(56.0
)
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 business, as applicable, to the same extent they are included or excluded from the current year. The businesses that were acquired, disposed or transferred impacting the comparative periods are as follows:
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 periods.
We have reflected the revenue and Adjusted OIBDA of 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 (generally pre-acquisition financial statements), 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 these transactions had occurred on the dates 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:
The following table sets forth the reconciliation from reported revenue to rebased revenue and related change calculations.
Three months ended March 31, 2022
C&W Caribbean
C&W Panama
C&W Network & LatAm
Liberty Puerto Rico
Liberty Costa Rica
VTR
Corporate
Intersegment eliminations
Total
In millions
Revenue – Reported
$
354.8
$
127.2
$
107.6
$
366.7
$
107.4
$
170.8
$
5.6
$
(23.9
)
$
1,216.2
Rebase adjustments:
Acquisition
—
31.2
—
—
—
—
—
—
31.2
Disposition
—
—
—
—
—
(170.8
)
—
—
(170.8
)
Foreign currency
1.3
—
(3.2
)
—
15.7
—
—
0.2
14.0
Other1
—
—
(1.6
)
—
1.6
—
—
—
—
Revenue – Rebased
$
356.1
$
158.4
$
102.8
$
366.7
$
124.7
$
—
$
5.6
$
(23.7
)
$
1,090.6
Reported percentage change
—
%
30
%
1
%
—
%
20
%
N.M.
14
%
N.M.
(9
)%
Rebased percentage change
(1
)%
4
%
6
%
—
%
4
%
N.M.
14
%
N.M.
1
%
N.M. – Not Meaningful.
The following table sets forth the reconciliation from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations.
Three months ended March 31, 2022
C&W Caribbean
C&W Panama
C&W Networks & LatAm
Liberty Puerto Rico
Liberty Costa Rica
VTR
Corporate
Total
In millions
Adjusted OIBDA – Reported
$
129.9
$
40.5
$
62.6
$
140.6
$
30.2
$
46.5
$
(13.8
)
$
436.5
Rebase adjustments:
Acquisition
—
(3.0
)
—
—
—
—
—
(3.0
)
Disposition
—
—
—
—
—
(46.5
)
(0.4
)
(46.9
)
Foreign currency
0.3
—
(0.8
)
—
4.4
—
—
3.9
Other1
—
—
(0.8
)
—
0.8
—
—
—
Adjusted OIBDA – Rebased
$
130.2
$
37.5
$
61.0
$
140.6
$
35.4
$
—
$
(14.2
)
$
390.5
Reported percentage change
8
%
7
%
2
%
(4
)%
50
%
N.M.
(48
)%
(7
)%
Rebased percentage change
8
%
16
%
4
%
(4
)%
28
%
N.M.
(44
)%
4
%
N.M. – Not Meaningful.
The following table sets forth the reconciliations from reported revenue by product for our C&W Caribbean segment to rebased revenue by product and related change calculations.
Three months ended March 31, 2022
Residential fixed revenue
Residential mobile revenue
Total residential revenue
B2B revenue
Total revenue
In millions
Revenue by product – Reported
$
130.8
$
91.0
$
221.8
$
133.0
$
354.8
Rebase adjustment:
Foreign currency
0.6
0.3
0.9
0.4
1.3
Revenue by product – Rebased
$
131.4
$
91.3
$
222.7
$
133.4
$
356.1
Reported percentage change
(3
)%
11
%
3
%
(5
)%
—
%
Rebased percentage change
(3
)%
10
%
2
%
(5
)%
(1
)%
The following table sets forth the reconciliations 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, 2022
Residential fixed revenue
Residential mobile revenue
Total residential revenue
B2B revenue
Total revenue
In millions
Revenue by product – Reported
$
25.9
$
53.4
$
79.3
$
47.9
$
127.2
Rebase adjustment:
Acquisition
2.0
23.7
25.7
5.5
31.2
Revenue by product – Rebased
$
27.9
$
77.1
$
105.0
$
53.4
$
158.4
Reported percentage change
15
%
47
%
36
%
20
%
30
%
Rebased percentage change
6
%
2
%
3
%
7
%
4
%
Non-GAAP Reconciliation for Consolidated Leverage Ratios
We have set forth below our consolidated leverage and net leverage ratios. The December 31, 2022 leverage ratios exclude the Adjusted OIBDA of VTR in light of the deconsolidation of VTR that occurred in connection with the formation of the Chile JV in October 2022. Our consolidated leverage and net leverage ratios, each a non-GAAP measure, are defined as (i) adjusted total debt and finance lease obligations (total carrying value of debt and finance lease obligations plus discounts, premiums and deferred finance costs) less cash and cash equivalents divided by (ii) last two quarters annualized Adjusted OIBDA as of March 31, 2023. 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 March 31, 2023 and December 31, 2022 are set forth below:
March 31, 2023
December 31, 2022
Liberty Latin America
Liberty Latin America
VTR
LLA, excluding VTR
in millions, except leverage ratios
Total debt and finance lease obligations
$
7,915.2
$
7,880.7
$
—
$
7,880.7
Discounts, premiums and deferred financing costs, net
94.5
94.0
—
94.0
Adjusted total debt and finance lease obligations
8,009.7
7,974.7
—
7,974.7
Less:
Cash and cash equivalents
671.8
781.0
—
781.0
Net debt and finance lease obligations
$
7,337.9
$
7,193.7
$
—
$
7,193.7
Operating income1:
Operating income for the three months ended September 30, 2022
N/A
$
152.9
$
30.4
$
122.5
Operating income for the three months ended December 31, 2022
$
109.5
109.5
—
109.5
Operating income for the three months ended March 31, 2023
113.0
N/A
N/A
N/A
Operating income – last two quarters
222.5
262.4
30.4
232.0
Annualized operating income – last two quarters annualized
$
445.0
$
524.8
$
60.8
$
464.0
Adjusted OIBDA2:
Adjusted OIBDA for the three months ended September 30, 2022
N/A
$
415.0
$
31.9
$
383.1
Adjusted OIBDA for the three months ended December 31, 2022
$
405.2
405.2
—
405.2
Adjusted OIBDA for the three months ended March 31, 2023
406.5
N/A
N/A
N/A
Adjusted OIBDA – last two quarters
$
811.7
$
820.2
$
31.9
$
788.3
Annualized Adjusted OIBDA – last two quarters annualized
$
1,623.4
$
1,640.4
$
63.8
$
1,576.6
Consolidated debt and finance lease obligations to operating income ratio
17.8 x
15.0 x
N/A
Consolidated net debt and finance lease obligations to operating income ratio
16.3 x
13.5 x
N/A
Consolidated leverage ratio
4.9 x
N/A
5.1 x
Consolidated net leverage ratio
4.5 x
N/A
4.6 x
N/A – Not Applicable.
Three months ended
September 30, 2022
December 31, 2022
Liberty Latin America
VTR
Liberty Latin America
in millions
Operating income
$
152.9
$
30.4
$
109.5
Share-based compensation expense
20.8
0.3
10.9
Depreciation and amortization
234.3
—
249.0
Impairment, restructuring and other operating items, net
7.0
1.2
35.8
Adjusted OIBDA
$
415.0
$
31.9
$
405.2
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 is defined as operating income or loss before share-based compensation, 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
March 31,
2023
2022
in millions
Operating income
$
60.6
$
73.6
Share-based compensation expense
6.2
8.5
Depreciation and amortization
147.6
137.5
Related-party fees and allocations
15.4
9.9
Impairment, restructuring and other operating items, net
17.2
3.5
Adjusted OIBDA
247.0
233.0
Noncontrolling interests' share of Adjusted OIBDA
35.0
32.8
Proportionate Adjusted OIBDA
$
212.0
$
200.2
A reconciliation of Liberty Puerto Rico's operating income to Adjusted OIBDA is presented in the following table:
Three months ended
March 31,
2023
2022
in millions
Operating income
$
61.6
$
65.7
Share-based compensation expense
1.8
3.2
Depreciation and amortization
55.9
57.7
Related-party fees and allocations
12.1
12.6
Impairment, restructuring and other operating items, net
3.0
1.4
Adjusted OIBDA
$
134.4
$
140.6
A reconciliation of Liberty Costa Rica's operating income to Adjusted OIBDA is presented in the following table:
Three months ended
March 31,
2023
2022
CRC in billions
Operating income
8.4
8.2
Share-based compensation expense
0.1
0.6
Depreciation and amortization
12.8
10.5
Related-party fees and allocations
0.3
0.3
Impairment, restructuring and other operating items, net
3.8
(0.2
)
Adjusted OIBDA
25.4
19.4
The following table sets forth the reconciliations from reported revenue for our C&W borrowing group to rebased revenue and related change calculations (USD in millions).
Three months ended March 31, 2022
Revenue – Reported
$
570.1
Rebase adjustments:
Acquisition
31.2
Foreign currency
(1.8
)
Other1
(1.6
)
Revenue – Rebased
$
597.9
Reported percentage change
7
%
Rebased percentage change
2
%
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 March 31, 2022
In millions
Adjusted OIBDA – Reported
$
233.0
Rebase adjustments:
Acquisition
(3.0
)
Foreign currency
(0.5
)
Other1
(0.8
)
Adjusted OIBDA – Rebased
$
228.7
Reported percentage change
6
%
Rebased percentage change
8
%
The following table sets forth the reconciliations from reported revenue for our Liberty Costa Rica borrowing group to rebased revenue and related change calculations.
Three months ended March 31, 2022
CRC in billions
Revenue – As reported
69.2
Rebased adjustment – Other1
0.9
Revenue – As rebased
70.1
Reported percent change
5
%
Rebased percent change
4
%
The following table sets forth the reconciliations from reported Adjusted OIBDA for our Liberty Costa Rica borrowing group to rebased Adjusted OIBDA and related change calculations.
Three months ended March 31, 2022
CRC in billions
Adjusted OIBDA – Reported
19.4
Rebased adjustment – Other1
0.5
Adjusted OIBDA – Rebased
19.9
Reported percent change
31
%
Rebased percent change
28
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20230508005537/en/
Investor Relations Kunal Patel ir@lla.com Corporate Communications Kim Larson llacommunications@lla.com
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