Investor Presentaiton
ADJUSTED OIBDA & ADJUSTED OIBDA LESS P&E ADDITIONS
DEFINITION & RECONCILIATION
Adjusted OIBDA and Adjusted OIBDA less P&E Additions, each a non-GAAP measure, are the primary
measures used by our chief operating decision maker to evaluate segment operating performance. Adjusted
OIBDA and Adjusted OIBDA less P&E Additions are also key factors that are 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 and Adjusted
OIBDA less P&E Additions are meaningful measures because they represent a transparent view of our
LIBERTY
LIBERTY
LATIN AMERICA
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 and Adjusted OIBDA less P&E Additions measures 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. Adjusted OIBDA and Adjusted OIBDA less P&E Additions 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 our operating income or loss to total
Adjusted OIBDA and Adjusted OIBDA less P&E Additions are presented in the following table:
Operating income (loss)
Share-based compensation expense
Depreciation and amortization
Impairment, restructuring and other operating items, net
Adjusted OIBDA
Less: P&E additions
Adjusted OIBDA less P&E additions
Operating income (loss) margin(1)
Adjusted OIBDA margin (2)
(1) Calculated by dividing operating income (loss) by total revenue for the applicable period.
(2) Calculated by dividing Adjusted OIBDA by total revenue for the applicable period.
LIBERTY LATIN AMERICA | MAY 2023
Three months ended
March 31, 2022
March 31, 2023
in USD millions; except for percentages
184.6
113.0
30.0
29.2
214.1
234.6
7.8
29.7
436.5
406.5
175.4
144.7
261.1
261.8
15.2%
10.2%
35.9%
36.8%
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