Investor Presentaiton
INFORMATION ON REBASED GROWTH
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 2021, we have adjusted our historical revenue and
Adjusted OIBDA (i) to include the pre-acquisition revenue and Adjusted OIBDA of the AT&T Acquired Entities,
which were acquired on October 31, 2020, in our rebased amounts for the three and six months ended June 30,
2020, (ii) to include the pre-acquisition revenue and Adjusted OIBDA of a small B2B operation in the Cayman
Islands that was acquired during 2020 in our rebased amounts for the three and six months ended June 30,
2020, (iii) to exclude the revenue and Adjusted OIBDA of certain B2B operations in Puerto Rico that were
disposed of in January 2021 in connection with the AT&T Acquisition from our rebased amounts for the three
and six months ended June 30, 2020, (iv) to exclude the revenue and Adjusted OIBDA associated with our DTH
operations in Panama, which were shut down in January 2021 from our rebased amounts for the three and six
months ended June 30, 2020 and (v) to reflect the translation of our rebased amounts for the three and six
months ended June 30, 2020 at the applicable average foreign currency exchange rates that were used to
translate our results for the three and six months ended June 30, 2021. We have reflected the revenue and
Adjusted OIBDA of acquired entities in our 2020 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
LIBERTY
LATIN AMERICA
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.
Revenue
Three months ended
June 30, 2020
C&W
C&N
C&W
Panama
LPR
VTR
CT
Elim.
Total
B2B
Adjusted OIBDA
Six months ended
June 30, 2020
Three months ended
June 30, 2020
Total
C&W C&W
C&N Panama
LPR
VTR
CT
Corp.
Total
in USD millions; except for percentages
Six months ended
June 30, 2020
Total
Reported
404.9
112.2
109.1
193.1
34.6
(5.0)
848.9
261.5
Acquisitions (1)
1.6
219.5
221.1
51.2
1,779.9
439.4
166.7
36.9
52.4
73.1
13.2
(9.7)
332.6
696.5
0.5
83.1
83.6
155.6
Disposals
(0.5)
(4.5)
(5.0)
(4.5)
(10.6)
(0.1)
(2.6)
(2.7)
(5.8)
Foreign currency
(4.7)
28.6
(2.4)
21.5
(0.1)
34.8
(1.8)
-
10.8
(0.9)
8.1
13.3
Rebased
401.8
111.7 324.1
221.7
32.2
(5.0) 1,086.5
308.1
2,243.5
165.4
36.8
132.9
83.9
12.3
(9.7)
Reported % change (2)
7%
Rebased % change (3)
8%
14% 230%
15%
11%
8%
(6%)
5%
13%
n/a
n/a
38%
8%
24%
5%
31%
4%
13%
24%
208%
14%
24%
21%
(18%)
3%
(6%) (4%) (29%)
(29%)
421.6
40%
859.6
31%
10%
6%
(1) The acquisition-related adjustment for Liberty Puerto Rico with respect to the AT&T Acquired Entities includes $5 million and $11 million, respectively, of estimated standalone costs that are not covered by the transitional services agreement with AT&T. These costs represent activities that AT&T had performed on behalf of the
AT&T Acquired Entities during the pre-acquisition periods. Costs associated with these activities are being directly incurred by us in post-acquisition periods and include insurance coverage, certain commissions costs, group audit and control activities and various other support activities, including for legal, human resources,
customer service, supply chain and finance.
(2) Reported percentage change is calculated as current period revenue less prior period revenue divided by prior period revenue. Reported percentage change is calculated as current period Adjusted OIBDA less prior period Adjusted OIBDA divided by prior period Adjusted OIBDA.
(3) Rebased percentage change is calculated as current period revenue less rebased prior period revenue divided by prior period rebased revenue. Rebased percentage change is calculated as current period Adjusted OIBDA less rebased prior period Adjusted OIBDA divided by prior period rebased Adjusted OIBDA.
LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021
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