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 2020, 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 November and December 2019, (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 year ended December 31, 2019, (iii) to include the
pre-acquisition revenue and Adjusted OIBDA of UTS that was acquired during 2019 in our rebased amounts for
the year ended December 31, 2019, (iv) to exclude the revenue and Adjusted OIBDA of our Seychelles
operations that was disposed of during 2019 from our rebased amounts for the year ended December 31, 2019,
(v) to reflect the translation of our rebased amounts for the year ended December 31, 2019 at the applicable
average foreign currency exchange rates that were used to translate our results for year ended December 31,
2020, and (vi) with respect to each of our reportable segments, to reflect (a) the April 1, 2019 transfer of a small
B2B operation in Puerto Rico from our C&W Caribbean and Networks segment to our Liberty Puerto Rico
segment, and (b) the January 1, 2020 transfer of our captive insurance operation from our C&W Caribbean and
Networks segment to our corporate operations. We have reflected the revenue and Adjusted OIBDA of
acquired entities in our 2019 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
LIBERTY
LATIN AMERICA
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. The following tables set forth the reconciliations from reported revenue to
rebased revenue and reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations.
Revenue
Adjusted OIBDA
Three months ended
December 31, 2019
Year ended
December 31, 2019
Three months ended
December 31, 2019
Year ended
December 31, 2019
C&W Carib C&W
& Networks Panama
VTR/CT
LPR
Elim.
Total
Total
C&W Carib C&W
& Networks Panama
VTR/CT
LPR
Corp.
Total
Total
in USD millions; except for percentages
Reported
Acquisition (1)
457.5
161.2
254.4
105.4
(3.9)
974.6
3,867.0
206.8
58.8
105.9
52.9
(15.9)
408.5
1,541.4
1.3
152.9
154.2
189.5
0.3
42.4
42.7
50.0
Disposal
(5.2)
-
(5.2)
(48.9)
(2.2)
(2.2)
(17.9)
Foreign currency
(6.1)
(2.6)
(8.7)
(138.7)
(3.0)
(1.3)
(4.3)
(54.1)
Other(2)
(0.3)
0.3
Rebased
447.5
Reported % change (3)
(6.4%)
Rebased % change (4)
(4.0%)
161.2
(18.9%)
(18.9%)
251.8
(4.0%)
(2.9%)
258.3
180.8%
14.6%
(3.9)
n/a
n/a
1,114.9
12.6%
(1.4%)
3,868.9
(2.6%)
(2.7%)
201.6
58.8
(11.9%)
(9.6%)
(12.6%)
(12.6%)
104.6
(15.7%)
(14.5%)
95.3
119.1%
21.7%
(15.6)
444.7
1,519.4
32.1%
4.8%
(3.7%)
30.0%
(3.7%)
(2.3%)
(1) The Adjusted OIBDA rebase adjustment for the AT&T Acquired Entities includes $3.8 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 will be 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) Represents the April 1, 2019 transfer of a small B2B operation in Puerto Rico that was transferred from our C&W Carib & Networks segment to our Liberty Puerto Rico segment, and the January 1, 2020 transfer of our captive insurance operation from our C&W Carib & Networks segment to our corporate operation.
(3) 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, respectively.
(4) 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 2020 INVESTOR CALL | MARCH 1, 2021
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