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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 19
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