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 the current year, we have adjusted our historical
revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired or disposed
business, as applicable, to the same extent they are included or excluded from the current year. The
businesses that were acquired or disposed of during the current year are as follows: (i) Telefónica Costa Rica,
which was acquired on August 9, 2021; (ii) the AT&T Acquired Entities, which were acquired on October 31,
2020; (iii) a small B2B operation in the Cayman Islands that was acquired during 2020; (iv) certain B2B
operations in Puerto Rico that were disposed of in January 2021 in connection with the AT&T Acquisition; and
(v) our DTH operations in Panama, which were shut down in January 2021. In addition, we reflect the
translation of our rebased amounts for the current year at the applicable average foreign currency exchange
rates that were used to translate our results for the prior year. 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
Revenue
Three months ended December 31, 2020
LIBERTY
LATIN AMERICA
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.
Adjusted OIBDA
C&W C&N
C&W
Panama
LPR
VTR
CR
Corp. &
Elim.
Total
B2B
Three months ended December 31, 2020
C&W C&N
C&W
Panama
LPR
VTR
CR
Corp.
Total
Reported
Acquisitions (1)
428.2
130.8
296.0
207.7
36.6
(2.1)
1,097.2
in USD millions; except for percentages
322.0
182.2
51.4
115.9
74.7
14.6
(10.8)
428.0
72.9
65.4
144.6
25.6
27.2
16.2
43.4
Disposals
(0.6)
(4.9)
(5.5)
(4.9)
(0.9)
(3.1)
(4.0)
Foreign currency
(6.6)
-
(16.6)
(4.8)
(28.0)
(4.4)
(2.2)
-
-
(5.9)
(1.5)
-
(9.6)
Rebased
421.6
130.2
370.3
191.1
97.2
(2.1)
1,208.3
338.3
180.0
50.5
140.0
68.8
29.3
(10.8)
457.8
Reported % change (2)
6%
Rebased % change (3)
7%
29%
30%
27%
2%
(16%)
(8%)
192%
10%
N.M.
N.M.
17%
6%
21%
15%
8%
22%
22%
(26%)
101%
(41%)
10%
9%
24%
1%
(20%)
1%
3%
(41%)
(1) The acquisition-related adjustment for Liberty Puerto Rico with respect to the AT&T Acquired Entities includes $2 million, 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 | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022
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