Record Q1 RGU additions of 76,000 led by C&W and Puerto
Rico
Revenue up 25% driven by Puerto Rico acquisition, rebased
revenue flat
Operating income of $178 million, up 65% YoY
Adj. OIBDA reported growth of 23% to $449 million, or rebased
growth of 3%
Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”)
(NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its
financial and operating results for the three months (“Q1”) ended
March 31, 2021.
CEO Balan Nair commented, “We had a strong start to the year as
our focus on volume resulted in record Q1 RGU additions of 76,000,
over 25% higher than the prior year, as well as continued recovery
in our mobile operations. Overall, our markets are beginning to
recover from the worst impacts of the pandemic, however, the
operating environment remains challenging given reduced tourism and
government imposed lockdowns and restrictions continuing during the
quarter.”
“Fixed subscribers grew across all of our markets, with
particularly strong performance in Puerto Rico where we maintained
momentum from 2020 and saw close to three times as many RGU
additions in the first quarter as compared to the prior-year
period. There remains a significant broadband penetration
opportunity across our region and during the first quarter we added
or upgraded approximately 130,000 homes using fiber technologies to
bring high-speed connectivity to more customers. Mobile additions
were also particularly strong for the first quarter, driven by over
60,000 adds in Panama.”
“We reported $1.2 billion in revenue, $178 million of operating
income and $449 million in Adjusted OIBDA in the first quarter.
Despite the ongoing impact of the pandemic on our financial
performance, particularly across our mobile and B2B operations, we
delivered rebased Adjusted OIBDA growth of 3%, our strongest result
in a year. Furthermore, we had a record Q1 in terms of cash flow
from operations and Adjusted Free Cash Flow, posting $204 million
and $58 million, respectively.”
“As part of our proactive balance sheet management, we
successfully refinanced over $1 billion of our debt across Puerto
Rico and Chile in March. These financings improved our average debt
tenor, reduced our borrowing costs, and added $250 million of
incremental capital to our corporate balance sheet.”
“Overall, we started the year well and anticipate that the
regional operating environment will improve as vaccination rates
increase and local economies recover in the coming months and
quarters. In addition to our organic growth opportunities, we
continue to drive the integration of AT&T's Puerto Rico and
USVI operations and are working towards a summer completion of the
acquisition of Telefónica's Costa Rica assets.”
Business Highlights
- C&W Caribbean & Networks: strong operating and
improving sequential financial results
- Record Q1 additions of 28,000 RGUs, up 12% YoY, driven by
broadband
- Continued mobile recovery with Q1 additions higher YoY, led by
Jamaica
- C&W Panama: resilient operating metrics
- Robust RGU additions of 10,000 and record Q1 mobile subscriber
additions of 61,000
- Investing in fixed connectivity opportunity, added / upgraded
over 20,000 homes
- Liberty Puerto Rico: strong start to year; first full quarter
including Liberty Mobile
- Continued broadband demand drove record Q1 RGU additions of
25,000
- Strong reported and rebased Adj. OIBDA growth of 197% and 26%,
respectively
- VTR: COVID-19 mobility restrictions and 2020 subscriber losses
set up challenging start to year
- Improved subscriber results in Q1, RGU adds following two
consecutive quarters of loss
- Added over 75,000 new build / upgraded homes in the
quarter
- Cabletica: positive opening to 2021 with continued growth in
subscribers and financial results
- RGU additions 9% higher YoY, driven by broadband
- Reported and rebased Adj. OIBDA growth of 6% and 14%,
respectively
Organizational Update
As a result of organizational changes during the first quarter
of 2021, VTR and Cabletica are now separate operating and
reportable segments. Accordingly, as of March 31, 2021, our
reportable segments are as follows:
- C&W Caribbean & Networks
- C&W Panama
- Liberty Puerto Rico
- VTR
- Cabletica
Additional information, including historic quarterly revenue,
adjusted OIBDA and P&E additions under our updated reporting
segments, can be found on our website at
https://www.lla.com/investors.
Financial and Operating Highlights
Financial Highlights
Q1 2021
Q1 2020
YoY Growth
YoY Rebase
Growth1
(USD in millions)
Revenue
$
1,160
$
931
25
%
—
%
Adjusted OIBDA2
$
449
$
364
23
%
3
%
Operating income
$
178
$
108
65
%
Property & equipment additions
$
152
$
133
15
%
As a percentage of revenue
13.1
%
14.3
%
Adjusted FCF3
$
58
$
(49)
Cash provided by operating activities
$
204
$
115
Cash used by investing activities
$
(126)
$
(147)
Cash provided by financing activities
$
333
$
455
Operating Highlights4
Q1 2021
Q1 2020
YoY Growth
YoY FX-Neutral
Growth5
Total Customers
3,217,400
3,177,900
1
%
Organic customer adds
12,800
31,100
Total RGUs
6,262,300
6,101,600
3
%
Organic RGU adds
76,000
60,000
Broadband
34,000
48,400
Video
6,100
4,600
Telephony
35,900
7,000
Mobile subscribers*
4,506,200
3,619,800
24
%
Organic mobile adds (losses)
54,900
(38,700)
Fixed ARPU
$
49.58
$
47.61
4
%
1
%
Mobile ARPU
$
19.51
$
12.60
55
%
55
%
* Q1 2021 figure includes 1,020,700 mobile subscribers related
to operations in Puerto Rico and USVI. These operations were
acquired on October 31, 2020 and therefore not included in Q1 2020
subscriber data.
Revenue Highlights
The following table presents (i) revenue of each of our segments
and corporate operations for the periods indicated, and (ii) the
percentage change from period-to-period on both a reported and
rebased basis:
Three months ended
Increase/(decrease)
March 31,
2021
2020
%
Rebased %
in millions, except %
amounts
C&W Caribbean & Networks
$
429.8
$
452.0
(5)
(4)
C&W Panama
122.0
138.3
(12)
(11)
Liberty Puerto Rico
361.3
104.6
245
14
VTR
210.3
206.4
2
(8)
Cabletica
36.2
33.7
7
15
Corporate
5.4
—
N.M.
N.M.
Eliminations
(5.1)
(4.0)
N.M.
N.M.
Total
$
1,159.9
$
931.0
25
—
N.M. – Not Meaningful.
- Our reported revenue for the three months ended March 31, 2021
increased by 25%.
- Reported revenue growth was driven by (1) the addition of $240
million from Liberty Mobile, which was acquired on October 31,
2020, (2) double-digit growth in our legacy Liberty Puerto Rico
operations, and (3) a net positive foreign exchange ("FX") impact
of $11 million. These increases were partially offset by organic
declines across C&W Panama, VTR and C&W Caribbean &
Networks.
Q1 2021 Revenue Growth – Segment
Highlights
- C&W Caribbean & Networks: revenue declined on a
reported and rebased basis by 5% and 4%, respectively. The higher
reported decline was primarily driven by adverse currency
movements.
- B2B revenue declined 4% on both a reported and rebased basis,
as compared to the prior-year period. The year-over-year decline
continued to be driven by reduced or suspended service across our
markets as a result of a decline in economic activity following
COVID-19 restrictions. Our subsea network performance was also
lower in the quarter, primarily due to revenue recognized on a cash
basis for services to a significant customer in the prior-year
period.
- Fixed residential revenue was 2% lower on a reported basis and
flat on a rebased basis, as compared to the prior-year period.
Rebased performance was driven by the addition of 106,000 RGUs in
the past twelve months, of which 66,000 were broadband subscribers
as customers sought improved connectivity to support work and
education from home. Volume growth was offset by lower ARPUs
primarily across telephony and video products and by a decline in
non-subscription revenue due to lower interconnect volumes.
- Mobile revenue declined 10% on a reported basis and 8% on a
rebased basis, as compared to the prior-year period. The decrease
was driven by lower average numbers of mobile subscribers due to
COVID-19 impacts, including reduced retail and acquisition
activities, and lower ARPU from mobile services as lockdowns and
travel restrictions reduced outbound roaming and usage.
- C&W Panama: revenue declined by 12% on a reported basis and
11% on a rebased basis as our operations in Panama continued to be
impacted by COVID-19. Sequential performance was relatively stable,
excluding the impact of reduced non-recurring B2B revenue in Q1
2021 as compared to a strong performance in Q4 2020.
- B2B revenue was 13% lower on a reported basis, primarily due to
reduced non-recurring revenue compared to the prior-year period
where we secured some notable Government-related projects.
- Fixed residential revenue was 9% lower on a reported basis.
Subscription revenue declined as volume growth across all products
was offset by lower ARPU in telephony and video services.
Non-subscription revenue drove the overall decline, primarily due
to lower payphone usage.
- Mobile revenue declined 11% on a reported basis, driven by
continued reduction in recharge activity and fewer subscribers
year-over-year following COVID-19 lockdowns.
- Liberty Puerto Rico: revenue grew by 245% and 14% on a reported
and rebased basis, respectively. Reported growth benefited from the
inclusion of Liberty Mobile in the quarter. Our legacy Puerto Rico
business delivered double-digit revenue growth driven by 136,000
RGU additions and increased ARPU over the last twelve months.
- VTR: revenue increased by 2% on a reported basis and declined
by 8% on a rebased basis. The higher reported growth as compared to
the prior-year period was driven by a 10% depreciation of the U.S.
dollar relative to the Chilean peso. Despite fixed additions in the
current quarter, carryover effects from subscriber losses during
the second half of 2020 continue to impact rebased revenue
performance. Increased competitive intensity has further led to
discounting of bundles and associated lower ARPUs.
- Cabletica: revenue grew by 7% and 15% on a reported and rebased
basis, respectively. This was driven by increased broadband
subscribers and overall ARPU growth over the year.
Operating Income
- Operating income was $178 million and $108 million for the
three months ended March 31, 2021 and 2020, respectively.
- We reported higher operating income during Q1 2021, as compared
with the corresponding period during 2020, primarily due to the net
effect of (i) an increase in Adjusted OIBDA as further discussed
below, (ii) an increase in depreciation and amortization expense
and (iii) a decrease in impairment, restructuring and other
operating items, net.
Adjusted OIBDA Highlights
The following table presents (i) Adjusted OIBDA of each of our
reportable segments and our corporate category for the periods
indicated and (ii) the percentage change from period-to-period on
both a reported and rebased basis:
Three months ended
Increase (decrease)
March 31,
2021
2020
%
Rebased %
in millions, except %
amounts
C&W Caribbean & Networks
$
181.3
$
187.0
(3)
(2)
C&W Panama
44.0
45.8
(4)
(3)
Liberty Puerto Rico
149.9
50.5
197
26
VTR
70.5
80.1
(12)
(20)
Cabletica
14.1
13.3
6
14
Corporate
(10.5)
(12.8)
18
18
Total
$
449.3
$
363.9
23
3
Operating income margin
15.4
%
11.6
%
Adjusted OIBDA margin
38.7
%
39.1
%
- Our reported Adjusted OIBDA for the three months ended March
31, 2021 increased by 23%.
- Reported Adjusted OIBDA increase in Q1 2021 was largely driven
by (1) the addition of $86 million contributed by Liberty Mobile,
(2) strong growth in our legacy Liberty Puerto Rico operations, and
(3) a net positive FX impact of $3 million. These increases were
partially offset by declines in VTR, C&W Caribbean &
Networks and C&W Panama.
Q1 2021 Adjusted OIBDA Growth – Segment
Highlights
- C&W Caribbean and Networks: Adjusted OIBDA declined on a
reported and rebased basis by 3% and 2%, respectively. Our rebased
performance was driven by the aforementioned rebased revenue
decline, partly offset by lower costs. Direct costs were lower due
to reduced wholesale call volumes. Other operating costs and
expenses were lower as (i) reduced personnel costs due to ongoing
restructuring activities and (ii) lower travel and entertainment
and marketing costs given COVID-19 related mobility restrictions
were partly offset by increased network maintenance costs as usage
increased.
- C&W Panama: Adjusted OIBDA declined by 4% on a reported
basis and 3% on a rebased basis. Performance was driven by the
aforementioned revenue decline, partly offset by lower direct and
operating costs. Direct costs decreased due to certain
non-recurring projects that have been put on hold due to economic
uncertainty related to COVID-19, and lower handset sales due to
lockdown restrictions. Other operating costs and expenses were
lower year-over-year, due to (i) the benefits of certain ongoing
restructuring activities, (ii) reduced bad debt provisions, and
(iii) lower network maintenance costs due to the renegotiation of
certain vendor contracts and reduced expense as we upgrade legacy
networks.
- Liberty Puerto Rico: reported and rebased Adjusted OIBDA growth
of 197% and 26%, respectively. Reported growth was driven by the
inclusion of Liberty Mobile in the quarter. For our legacy
operations, rebased growth was driven by the previously mentioned
revenue growth, partly offset by (i) annual increases in
programming rates and a higher number of video subscribers, and
(ii) higher labor and commercial costs, including commissions
associated with increased sales. Liberty Mobile also posted strong
rebased Adjusted OIBDA growth driven by higher gross profit due to
improved equipment sales margins and higher net roaming
income.
- VTR: Adjusted OIBDA declined on a reported and rebased basis by
12% and 20%, respectively. The lower reported year-over-year
decline was driven by a depreciation of the U.S. dollar relative to
the Chilean peso. The rebased Adjusted OIBDA decline was driven by
the aforementioned revenue impacts and higher other operating costs
and expenses, slightly offset by lower direct costs driven by lower
interconnect rates and equipment sales. Other operating costs and
expenses were higher in the quarter, primarily due to increased
network and commercial activities.
- Cabletica: reported and rebased Adjusted OIBDA growth of 6% and
14%, respectively. Rebased growth was driven by the previously
mentioned revenue growth and stable Adjusted OIBDA margin of
39%.
Net Earnings (Loss) Attributable to Shareholders
- Net earnings (loss) attributable to shareholders was $88
million and ($181 million) for the three months ended March 31,
2021 and 2020, respectively.
Property & Equipment Additions and Capital
Expenditures
The table below highlights the categories of the property and
equipment additions (P&E Additions) for the indicated periods
and reconciles to cash paid for capital expenditures.
Three months ended
March 31,
2021
2020
in millions, except %
amounts
Customer Premises Equipment
$
73.6
$
67.1
New Build & Upgrade
25.5
28.2
Capacity
17.1
6.1
Baseline
26.9
19.6
Product & Enablers
9.3
11.9
Property & equipment additions
152.4
132.9
Assets acquired under capital-related
vendor financing arrangements
(18.8)
(23.6)
Changes in current liabilities related to
capital expenditures
2.0
39.9
Capital expenditures
$
135.6
$
149.2
Property & equipment additions as % of
revenue
13.1
%
14.3
%
Property & Equipment Additions:
C&W Caribbean & Networks
$
49.6
$
57.3
C&W Panama
10.7
13.2
Liberty Puerto Rico
33.7
13.3
VTR
46.7
40.9
Cabletica
7.3
4.0
Corporate
4.4
4.2
Property & equipment additions
$
152.4
$
132.9
Property & Equipment Additions as a
Percentage of Revenue by Reportable Segment:
C&W Caribbean & Networks
11.5
%
12.7
%
C&W Panama
8.8
%
9.5
%
Liberty Puerto Rico
9.3
%
12.7
%
VTR
22.2
%
19.8
%
Cabletica
20.2
%
11.9
%
New Build and Homes Upgraded by Reportable
Segment:
C&W Caribbean & Networks
21,000
17,200
C&W Panama
21,500
25,200
Liberty Puerto Rico
2,100
7,200
VTR
76,700
29,300
Cabletica
6,600
1,500
Total
127,900
80,400
Q1 2021 Property & Equipment Additions
and Capital Expenditures – Segment Highlights
- C&W Caribbean & Networks: the year-over-year decrease
was mainly driven by (i) the Bahamas hurricane Dorian recovery
capex spend in the prior-year period and (ii) the impact of
COVID-19 restrictions on sales in certain markets.
- C&W Panama: P&E additions were lower year-over-year due
to (i) reduced CPE expenditures as gross adds declined and unit
pricing and installation efficiency improved.
- Liberty Puerto Rico: the year-over-year increase in expenditure
and decline in P&E additions as a percentage of revenue was
driven by the inclusion of Liberty Mobile in Q1 2021.
- VTR: P&E additions were higher year-over-year driven by
increased CPE, new build activity and capacity investments.
- Cabletica: P&E additions increased as compared to the
prior-year period due to higher CPE costs related to sales and
higher cost of new set-top boxes.
Summary of Debt, Finance Lease Obligations, Cash and Cash
Equivalents & Restricted Cash
The following table details the U.S. dollar equivalent balances
of the outstanding principal amounts of our debt and finance lease
obligations, and cash, cash equivalents and restricted cash at
March 31, 2021:
Debt
Finance lease
obligations
Debt and finance lease
obligations
Cash and cash
equivalents
in millions
Liberty Latin America1
$
404.8
$
1.1
$
405.9
$
557.1
C&W
4,193.9
1.2
4,195.1
474.7
Liberty Puerto Rico
2,610.0
10.8
2,620.8
128.1
VTR
1,597.4
—
1,597.4
138.5
Cabletica
119.7
—
119.7
7.2
Total
$
8,925.8
$
13.1
$
8,938.9
$
1,305.6
Consolidated Leverage and Liquidity
Information:
March 31, 2021
December 31, 2020
Consolidated gross leverage ratio2
5.0x
4.8x
Consolidated net leverage ratio2
4.3x
4.3x
Average debt tenor3
6.5 years
6.2 years
Fully-swapped borrowing costs
6.0%
6.3%
Unused borrowing capacity (in
millions)4
$
1,219.7
$
1,172.9
- Represents the amount held by Liberty Latin America on a
standalone basis plus the aggregate amount held by subsidiaries of
Liberty Latin America that are outside our borrowing groups.
- Consolidated leverage ratios are non-GAAP measures. For
additional information, including definitions of our consolidated
leverage ratios, required reconciliations and the impact of Liberty
Mobile on the ratios, see Non-GAAP Reconciliations below.
- For purposes of calculating our average tenor, total debt
excludes vendor financing and finance lease obligations.
- At March 31, 2021, the full amount of unused borrowing capacity
under our subsidiaries' revolving credit facilities was available
to be borrowed, both before and after completion of the March 31,
2021 compliance reporting requirements. For information regarding
limitations on our ability to access this liquidity, see the
discussion under “Material Changes in Financial Condition” in our
recently filed Quarterly Report on Form 10-Q.
Quarterly Subscriber Variance
Fixed Subscriber Variance
Table — March 31, 2021 vs December 31, 2020
Homes Passed
Two-way Homes
Passed
Fixed-line Customer
Relationships
Video RGUs
Internet RGUs
Telephony RGUs
Total RGUs
Total Mobile
Subscribers
C&W Caribbean &
Networks:
Jamaica
7,400
7,400
6,600
1,900
9,100
11,000
22,000
10,100
The Bahamas
—
—
(500)
600
1,400
(700)
1,300
(1,000)
Trinidad and Tobago
600
600
500
—
1,400
1,100
2,500
—
Barbados
—
—
200
700
900
(100)
1,500
(3,700)
Other
1,900
1,900
(2,200)
(3,000)
3,200
200
400
(3,300)
Total C&W Caribbean & Networks
9,900
9,900
4,600
200
16,000
11,500
27,700
2,100
C&W Panama1
16,200
16,200
3,900
1,400
5,100
3,500
10,000
61,100
Total C&W
26,100
26,100
8,500
1,600
21,100
15,000
37,700
63,200
Liberty Puerto Rico2,3
2,300
2,300
11,800
3,200
15,200
6,200
24,600
(1,900)
VTR
76,000
77,000
(10,500)
1,700
(8,200)
13,000
6,500
(6,400)
Cabletica4
6,600
6,600
3,000
(400)
5,900
1,700
7,200
—
Total Net Adds
111,000
112,000
12,800
6,100
34,000
35,900
76,000
54,900
Mobile Subscriber Variance
Table — March 31, 2021 vs December 31, 2020
Consolidated Operating Data —
March 31, 2021
Q1 Organic Subscriber
Variance
Prepaid
Postpaid
Total
Prepaid
Postpaid
Total
C&W Caribbean &
Networks:
Jamaica
977,200
25,200
1,002,400
7,200
2,900
10,100
The Bahamas
147,400
32,700
180,100
(3,400)
2,400
(1,000)
Barbados
84,100
30,800
114,900
(4,300)
600
(3,700)
Other
339,400
51,800
391,200
(7,100)
3,800
(3,300)
Total C&W Caribbean & Networks
1,548,100
140,500
1,688,600
(7,600)
9,700
2,100
C&W Panama1
1,398,600
124,400
1,523,000
59,700
1,400
61,100
Total C&W
2,946,700
264,900
3,211,600
52,100
11,100
63,200
Liberty Puerto Rico2,3
234,200
786,500
1,020,700
(4,800)
2,900
(1,900)
VTR
10,800
263,100
273,900
(500)
(5,900)
(6,400)
Total Net Adds
3,191,700
1,314,500
4,506,200
46,800
8,100
54,900
- RGU balances do not include 66,400 RGUs and 13,600 mobile
subscribers that, due to the impact of COVID-19, have not been
disconnected in accordance with our normal disconnect policy for
non-payment and continue to receive services.
- RGU balances do not include 13,600 fixed RGUs representing
customers that, due to the impact of COVID-19, have not been
disconnected in accordance with our normal disconnect policy for
non-payment and were moved to an "essential services plan".
- As of March 31, 2021, postpaid mobile subscribers include
126,700 Corporate Responsible Users (CRU). A CRU represents an
individual receiving mobile services through an organization that
has entered into a contract for mobile services with us and the
organization is responsible for the payment of the CRU’s mobile
services. Mobile subscriber information associated with Liberty
Mobile is preliminary and subject to adjustment until we have
completed our review of such information and determined that it is
presented in accordance with our policies.
- Our homes passed in Costa Rica include 40,000 homes on a
third-party network that provides us long-term access.
C&W Caribbean &
Networks
- Each of our reporting markets reported net fixed additions in
the quarter, led by Jamaica, which continued its momentum, driving
C&W Caribbean & Networks overall performance through the
addition of 22,000 RGUs.
- Mobile subscribers grew by 2,000 in the first quarter -
seasonally one of our most challenging periods following increased
promotional activity related to the Christmas holidays in the
fourth quarter. Jamaica again drove the segment's performance
contributing 10,000 additions.
C&W Panama
- Panama added 10,000 RGUs in Q1 and continues to grow its fixed
subscriber base. We are investing to increase broadband
connectivity across the country and added over 20,000 FTTH homes in
the quarter.
- Mobile operations delivered a strong quarter with 61,000
subscriber additions however lockdown restrictions related to
COVID-19 have continued to impact the operating environment in
Panama.
Liberty Puerto Rico
- Fixed additions momentum continued with 25,000 additions in the
quarter, more than double the prior-year period and taking
additions over the past twelve months to 136,000. Broadband RGU
additions drove the increase in both periods as we increased
penetration of our high-speed data connectivity solutions.
- In its first full quarter, Liberty Mobile maintained a
relatively flat subscriber base with prepaid losses offsetting
postpaid gains.
VTR
- VTR added 7,000 RGUs in the quarter following net losses during
H2 2020. Net additions were driven by improved gross adds and
increased focus on retention activities.
- We reported 6,000 fewer mobile subscribers in Q1 as COVID-19
continued to impact retail activity.
Cabletica
- Broadband drove net RGU additions in Cabletica of 7,000, up 9%
year-over-year.
ARPU per Customer Relationship
The following table provides ARPU per customer relationship for
the indicated periods:
Three months ended March
31,
FX-Neutral1
2021
2020
% Change
% Change
Liberty Latin America2
$
49.58
$
47.61
4.1
%
1.1
%
C&W Caribbean and Networks
$
48.45
$
49.80
(2.7
%)
(0.8
%)
C&W Panama2
$
37.86
$
42.01
(9.9
%)
(9.9
%)
Liberty Puerto Rico
$
77.83
$
75.69
2.8
%
2.8
%
VTR3
$
43.55
$
40.49
7.6
%
(3.0
%)
Cabletica4
$
42.80
$
42.23
1.3
%
8.7
%
Cable & Wireless Borrowing Group2
$
46.46
$
48.42
(4.0
%)
(2.5
%)
Mobile ARPU
The following table provides ARPU per mobile subscriber for the
indicated periods:
Three months ended March
31,
FX-Neutral1
2021
2020
% Change
% Change
Liberty Latin America5
$
19.51
$
12.60
54.8
%
55.0
%
C&W Caribbean and Networks
$
14.18
$
14.46
(1.9
%)
0.4
%
C&W Panama
$
8.77
$
9.69
(9.5
%)
(9.5
%)
Liberty Puerto Rico
$
44.96
$
—
N.M.
N.M.
VTR6
$
15.94
$
16.07
(0.8
%)
(10.5
%)
Cable & Wireless Borrowing Group
$
11.64
$
12.29
(5.3
%)
(3.8
%)
N.M. – Not Meaningful.
- The FX-Neutral change represents the percentage change on a
year-over-year basis adjusted for FX impacts and is calculated by
adjusting the current-period figures to reflect translation at the
foreign currency rates used to translate the prior year
amounts.
- ARPU per customer relationship for the three months ended March
31, 2020 has been revised to exclude revenue and customer
relationships associated with the DTH operations in Panama that
were shut down in January 2021.
- The ARPU per customer relationship amounts in Chilean pesos for
the three months ended March 31, 2021 and 2020 are CLP 31,528 and
CLP 32,517, respectively.
- The ARPU per customer relationship amounts in Costa Rican colon
for Cabletica for the three months ended March 31, 2021 and 2020
are CRC 26,208 and CRC 24,113, respectively.
- The amount for the three months ended March 31, 2020 does not
include the revenue and mobile subscribers of Liberty Mobile as the
business was acquired on October 31, 2020. Excluding Liberty Mobile
in the three months ended March 31, 2021, ARPU would have declined
year-over-year by 4.9% on a reported basis and 4.6% on an
FX-Neutral basis.
- The mobile ARPU amounts in Chilean pesos for the three months
ended March 31, 2021 and 2020 are CLP 11,544 and CLP 12,909,
respectively.
Forward-Looking Statements and Disclaimer
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding our strategies, priorities and
focus areas, performance and guidance, growth expectations and
Adjusted Free Cash Flow expectations for 2021; expected new build
and upgrade activity in 2021 and estimated P&E additions as a
percent of revenue; the anticipated impact of the COVID-19 pandemic
(including the rollout of vaccines) on our business and financial
results, and for the countries in which we operate; our digital
strategy, product innovation and commercial plans and projects
(including expectations regarding customer value propositions);
expectations on demand for connectivity in the region; our
anticipated integration plans, synergies, opportunities and
integration costs in Puerto Rico following the AT&T
Acquisition; the timing and impact of the acquisition of
Telefónica's Costa Rica business; the strength of our balance sheet
and tenor of our debt; and other information and statements that
are not historical fact. These forward-looking statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by these
statements. These risks and uncertainties include events that are
outside of our control, such as hurricanes and other natural
disasters, political or social events, and pandemics, such as
COVID-19, the uncertainties surrounding such events and efforts to
contain any pandemic, the ability and cost to restore networks in
the markets impacted by hurricanes or generally to respond to any
such events; the continued use by subscribers and potential
subscribers of our services and their willingness to upgrade to our
more advanced offerings; our ability to meet challenges from
competition, to manage rapid technological change or to maintain or
increase rates to our subscribers or to pass through increased
costs to our subscribers; the effects of changes in laws or
regulation; general economic factors; our ability to obtain
regulatory approval and satisfy conditions associated with
acquisitions and dispositions, including the acquisition of
Telefónica's Costa Rica business; our ability to successfully
acquire and integrate new businesses and realize anticipated
efficiencies from acquired businesses; the availability of
attractive programming for our video services and the costs
associated with such programming; our ability to achieve forecasted
financial and operating targets; the outcome of any pending or
threatened litigation; the ability of our operating companies to
access cash of their respective subsidiaries; the impact of our
operating companies' future financial performance, or market
conditions generally, on the availability, terms and deployment of
capital; fluctuations in currency exchange and interest rates; the
ability of suppliers and vendors (including our third-party
wireless network provider under our MVNO arrangement) to timely
deliver quality products, equipment, software, services and access;
our ability to adequately forecast and plan future network
requirements including the costs and benefits associated with
network expansions; and other factors detailed from time to time in
our filings with the Securities and Exchange Commission, including
our most recently filed Form 10-K and Form 10-Q. These
forward-looking statements speak only as of the date of this press
release. We expressly disclaim any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in our
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
About Liberty Latin America
Liberty Latin America is a leading communications company
operating in over 20 countries across Latin America and the
Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil,
BTC, UTS and Cabletica. The communications and entertainment
services that we offer to our residential and business customers in
the region include digital video, broadband internet, telephony and
mobile services. Our business products and services include
enterprise-grade connectivity, data center, hosting and managed
solutions, as well as information technology solutions with
customers ranging from small and medium enterprises to
international companies and governmental agencies. In addition,
Liberty Latin America operates a subsea and terrestrial fiber optic
cable network that connects over 40 markets in the region.
Liberty Latin America has three separate classes of common
shares, which are traded on the NASDAQ Global Select Market under
the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC
link under the symbol “LILAB” (Class B).
For more information, please visit www.lla.com.
Footnotes
- Rebased growth rates are a non-GAAP measure. The indicated
growth rates are rebased for the estimated impacts of (i)
acquisitions, (ii) dispositions and (iii) FX. See Non-GAAP
Reconciliations below.
- Adjusted OIBDA is a non-GAAP measure. For the definition of
Adjusted OIBDA and required reconciliations, see Non-GAAP
Reconciliations below.
- Adjusted Free Cash Flow (“Adjusted FCF”) is a non-GAAP measure.
For the definition of Adjusted FCFand required reconciliations, see
Non-GAAP Reconciliations below.
- See Glossary for the definition of RGUs and mobile subscribers.
Organic figures exclude RGUs and mobile subscribers of acquired
entities at the date of acquisition and other nonorganic
adjustments, but include the impact of changes in RGUs and mobile
subscribers from the date of acquisition. All subscriber/RGU
additions or losses refer to net organic changes, unless otherwise
noted.
- The FX-Neutral change represents the percentage change on a
year-over-year basis adjusted for FX impacts and is calculated by
adjusting the current-year figures to reflect translation at the
foreign currency rates used to translate the prior year
amounts.
Additional Information | Cable & Wireless Borrowing
Group
The following tables reflect preliminary unaudited selected
financial results, on a consolidated C&W basis, for the periods
indicated, in accordance with U.S. GAAP.
Three months ended
March 31,
Change
Rebased change1
2021
2020
in millions, except %
amounts
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video
$
40.5
$
44.9
Broadband internet
77.3
71.0
Fixed-line telephony
20.8
24.3
Total subscription revenue
138.6
140.2
Non-subscription revenue
13.2
16.9
Total residential fixed revenue
151.8
157.1
(3
%)
(1
%)
Residential mobile revenue:
Service revenue
111.1
123.0
Interconnect, equipment sales and
other
21.7
25.5
Total residential mobile revenue
132.8
148.5
(11
%)
(9
%)
Total residential revenue
284.6
305.6
(7
%)
(5
%)
B2B revenue:
Service revenue
198.9
213.4
Subsea network revenue
66.4
69.6
Total B2B revenue
265.3
283.0
(6
%)
(6
%)
Total
$
549.9
$
588.6
(7
%)
(6
%)
Operating income
$
68.0
$
57.6
18
%
Adjusted OIBDA
$
225.3
$
232.8
(3
%)
(2
%)
Operating income as a percentage of
revenue
12.4
%
9.8
%
Adjusted OIBDA as a percentage of
revenue
41.0
%
39.6
%
Proportionate Adjusted OIBDA
$
192.2
$
200.7
- Indicated growth rates are rebased for the estimated impacts of
an acquisition, the shut down of our DTH operations in Panama and
FX
The following table details the U.S. dollar equivalent of the
nominal amount outstanding of C&W's third-party debt, finance
lease obligations and cash and cash equivalents:
March 31,
December 31,
Facility Amount
2021
2020
in millions
Credit Facilities:
Revolving Credit Facility due 2023 (LIBOR
+ 3.25%)
$
50.0
$
—
$
—
Revolving Credit Facility due 2026 (LIBOR
+ 3.25%)
$
580.0
—
—
Term Loan Facility B-5 due 2028 (LIBOR +
2.25%)
$
1,510.0
1,510.0
1,510.0
Total Senior Secured Credit Facilities
1,510.0
1,510.0
Notes:
Senior Secured Notes:
5.75% USD Senior Secured Notes due
2027
$
550.0
550.0
550.0
Senior Notes:
7.5% USD Senior Notes due 2026
$
500.0
500.0
500.0
6.875% USD Senior Notes due 2027
$
1,220.0
1,220.0
1,220.0
Total Notes
2,270.0
2,270.0
Other Regional Debt
344.1
346.2
Vendor financing
69.8
66.1
Finance lease obligations
1.2
1.7
Total third-party debt and finance
lease obligations
4,195.1
4,194.0
Premiums, discounts and deferred financing
costs, net
(28.9)
(28.2)
Total carrying amount of third-party
debt and finance lease obligations
4,166.2
4,165.8
Less: cash and cash equivalents
474.7
485.5
Net carrying amount of third-party debt
and finance lease obligations
$
3,691.5
$
3,680.3
- At March 31, 2021, our third-party total and proportionate net
debt was $3.7 billion and $3.6 billion, respectively, our
Fully-swapped Borrowing Cost was 5.6%, and the average tenor of our
debt obligations (excluding vendor financing) was approximately 6.2
years.
- Our portion of Adjusted OIBDA, after deducting the
noncontrolling interests' share, (“Proportionate Adjusted OIBDA”)
was $192 million for Q1 2021 and $201 million for Q1 2020.
- Based on Q1 results, our Proportionate Net Leverage Ratio was
4.5x, calculated in accordance with C&W's Credit Agreement. At
March 31, 2021, we had maximum undrawn commitments of $775 million,
including $145 million under our regional facilities. At March 31,
2021, the full amount of unused borrowing capacity under our credit
facilities (including regional facilities) was available to be
borrowed, both before and after completion of the March 31, 2021
compliance reporting requirements.
Liberty Puerto Rico (LPR) Borrowing Group
The following table details the nominal amount outstanding of
Liberty Puerto Rico's debt, finance lease obligations and cash and
cash equivalents:
March 31,
December 31,
Facility amount
2021
2020
in millions
Credit Facilities:
Revolving Credit Facility due 2027 (LIBOR
+ 3.50%)
$
167.5
$
—
$
—
Term Loan Facility due 2028 (LIBOR +
3.75%)
$
500.0
500.0
—
Term Loan Facility due 2026 (LIBOR +
5.0%)
$
—
—
1,000.0
Total Senior Secured Credit Facilities
500.0
1,000.0
Notes:
5.125% Senior Secured Notes due 2029
$
820.0
820.0
—
6.75% Senior Secured Notes due 2027
$
1,290.0
1,290.0
1,290.0
Total Notes
2,610.0
2,290.0
Finance lease obligations
10.8
10.5
Total debt and finance lease
obligations
2,620.8
2,300.5
Discounts and deferred financing costs
(39.9)
(39.1)
Total carrying amount of debt
2,580.9
2,261.4
Less: cash and cash equivalents
128.1
79.4
Net carrying amount of debt
$
2,452.8
$
2,182.0
- In March 2021, we issued (i) $820 million aggregate principal
amount of 5.125% senior secured notes due 2029 and (ii) $500
million aggregate principal amount of a LIBOR + 3.75% term loan
facility due 2028. The net proceeds from these issuances were used
to (i) repay, in full, the Term Loan Facility due 2026, including
related derivative unwind costs and transaction fees and expenses,
and (ii) upstream cash to Liberty Latin America.
- At March 31, 2021, our Fully-swapped Borrowing Cost was 6.1%
and the average tenor of debt was approximately 7.3 years.
- Based on our results for Q1 2021, and subject to the completion
of the corresponding compliance reporting requirements, our
Consolidated Net Leverage Ratio was 4.1x, calculated in accordance
with LPR’s Group Credit Agreement.
- At March 31, 2021, we had maximum undrawn commitments of $168
million. At March 31, 2021, the full amount of unused borrowing
capacity under our revolving credit facility was available to be
borrowed, both before and after completion of the March 31, 2021
compliance reporting requirements.
VTR Borrowing Group
The following table reflects preliminary unaudited selected
financial results for the period indicated, in accordance with U.S.
GAAP.
Three months ended
March 31,
2021
2020
Change
CLP in billions, except %
amounts
Revenue
152.2
165.7
(8
%)
Operating income
13.4
27.9
(52
%)
Adjusted OIBDA
50.9
64.1
(20
%)
Operating income as a percentage of
revenue
8.8
%
16.8
%
Adjusted OIBDA as a percentage of
revenue
33.4
%
38.7
%
The following table details the borrowing currency and Chilean
peso equivalent of the nominal amount outstanding of VTR's debt and
cash and cash equivalents:
March 31,
December 31,
2021
2020
Borrowing currency in
millions
CLP equivalent in
billions
Credit Facilities:
Term Loan Facility B-1 due 2023 (ICP1+
3.80%)
CLP
0
—
140.9
Term Loan Facility B-2 due 2023
(7.000%)
CLP
0
—
33.1
Revolving Credit Facility A due 2026
(TAB2+3.35%)
CLP
45,000
—
—
Revolving Credit Facility B due 2026
(LIBOR + 2.75%)
$
200.0
—
—
Total Senior Secured Credit Facilities
—
174.0
Notes:
Senior Secured Notes:
4.375% USD Senior Secured Notes due
2029
$
410.0
294.7
—
5.125% USD Senior Secured Notes due
2028
$
540.0
388.1
427.1
Senior Notes:
6.375% USD Senior Notes due 2028
$
550.0
395.3
391.5
Total Notes
1,078.1
818.6
Vendor Financing
70.0
70.9
Total debt
1,148.1
1,063.5
Deferred financing costs
(17.4)
(16.2)
Total carrying amount of debt
1,130.7
1,047.3
Less: cash and cash equivalents
99.6
52.8
Net carrying amount of debt
1,031.1
994.5
Exchange rate (CLP to $)
718.7
711.8
- Índice de Cámara Promedio rate.
- Tasa Activa Bancaria rate.
- In March 2021, we issued $410 million aggregate principal
amount of 4.375% senior secured notes due April 2029. The net
proceeds were used to (i) redeem $60 million of the 5.125% Senior
Secured Notes due 2028, (ii) repay the Term Loan Facility B-1 due
2023 and Term Loan Facility B-2 due 2023 in full (in each case
including related premiums, fees and expenses) and (iii) to add
cash to the balance sheet.
- At March 31, 2021, our Fully-swapped Borrowing Cost was 5.8%
and the average tenor of debt (excluding vendor financing) was
approximately 7.3 years.
- Based on our results for Q1 2021, and subject to the completion
of the corresponding compliance reporting requirements, our
Consolidated Net Leverage ratio was 5.2x, calculated in accordance
with the indenture governing the 6.375% USD Senior Notes due
2028.
- At March 31, 2021, we had maximum undrawn commitments of $200
million (CLP 144 billion) and CLP 45 billion. At March 31, 2021,
the full amount of unused borrowing capacity under our credit
facilities was available to be borrowed, both before and after
completion of the March 31, 2021 compliance reporting
requirements.
Cabletica Borrowing Group
The following table details the borrowing currency and Costa
Rican colón equivalent of the nominal amount outstanding of
Cabletica's debt and cash and cash equivalents:
March 31,
December 31,
2021
2020
Borrowing currency in
millions
CRC equivalent in
billions
Term Loan B-1 Facility due 20241 (LIBOR +
5.50%)
$
49.2
30.1
30.2
Term Loan B-2 Facility due 20241 (TBP2 +
6.75%)
CRC
43,177.4
43.2
43.2
Revolving Credit Facility due 2024 (LIBOR
+ 4.25%)
$
15.0
—
—
Debt before discounts and deferred
financing costs
73.3
73.4
Deferred financing costs
(3.9)
(4.0)
Total carrying amount of debt
69.4
69.4
Less: cash and cash equivalents
4.4
4.7
Net carrying amount of debt
65.0
64.7
Exchange rate (CRC to $)
612.3
613.2
- Under the terms of the credit agreement, Cabletica is obligated
to repay 50% of the outstanding aggregate principal amounts of the
Cabletica Term Loan B-1 Facility and the Cabletica Term Loan B-2
Facility on February 1, 2024, with the remaining respective
principal amounts due on August 1, 2024, which represents the
ultimate maturity date of the facilities.
- Tasa Básica Pasiva rate.
Subscriber Table
Consolidated Operating Data —
March 31, 2021
Homes Passed
Two-way Homes Passed
Fixed-line Customer
Relationships
Video RGUs
Internet RGUs
Telephony RGUs
Total RGUs
Total Mobile
Subscribers
C&W Caribbean &
Networks
Jamaica
621,100
621,100
303,300
130,300
268,700
257,200
656,200
1,002,400
The Bahamas
120,900
120,900
34,800
8,000
27,800
33,700
69,500
180,100
Trinidad and Tobago
335,200
335,200
157,500
106,200
141,500
87,300
335,000
—
Barbados
140,400
140,400
82,600
34,400
70,300
71,000
175,700
114,900
Other
333,600
313,800
231,700
74,800
180,500
119,200
374,500
391,200
Total C&W Caribbean & Networks
1,551,200
1,531,400
809,900
353,700
688,800
568,400
1,610,900
1,688,600
C&W Panama1
704,100
704,100
188,600
91,300
161,000
163,200
415,500
1,523,000
Total C&W
2,255,300
2,235,500
998,500
445,000
849,800
731,600
2,026,400
3,211,600
Liberty Puerto Rico2,3
1,140,000
1,140,000
492,300
238,400
449,500
242,300
930,200
1,020,700
VTR
3,924,600
3,501,700
1,455,300
1,067,200
1,277,900
510,200
2,855,300
273,900
Cabletica4
639,600
633,700
271,300
206,500
220,700
23,200
450,400
—
Total
7,959,500
7,510,900
3,217,400
1,957,100
2,797,900
1,507,300
6,262,300
4,506,200
- RGU balances do not include 66,400 RGUs and 13,600 mobile
subscribers that, due to the impact of COVID-19, have not been
disconnected in accordance with our normal disconnect policy for
non-payment and continue to receive services.
- RGU balances do not include 13,600 fixed RGUs representing
customers that, due to the impact of COVID-19, have not been
disconnected in accordance with our normal disconnect policy for
non-payment and were moved to an "essential services plan".
- As of March 31, 2021, postpaid mobile subscribers include
126,700 CRUs. A CRU represents an individual receiving mobile
services through an organization that has entered into a contract
for mobile services with us and where the organization is
responsible for the payment of the CRU’s mobile services. Mobile
subscriber information associated with the AT&T Acquisition is
preliminary and subject to adjustment until we have completed our
review of such information and determined that it is presented in
accordance with our policies.
- Our homes passed in Costa Rica include 40,000 homes on a
third-party network that provides us long-term access.
Glossary
Adjusted OIBDA Margin – Calculated by dividing Adjusted
OIBDA by total revenue for the applicable period.
ARPU – Average revenue per unit refers to the average
monthly subscription revenue (subscription revenue excludes
interconnect, mobile handset sales and late fees) per average
customer relationship or mobile subscriber, as applicable. ARPU per
average customer relationship is calculated by dividing the average
monthly subscription revenue from residential fixed and SOHO fixed
services by the average of the opening and closing balances for
customer relationships for the indicated period. ARPU per average
mobile subscriber is calculated by dividing the average monthly
mobile service revenue by the average of the opening and closing
balances for mobile subscribers for the indicated period. Unless
otherwise indicated, ARPU per customer relationship or mobile
subscriber is not adjusted for currency impacts. ARPU per average
RGU is calculated by dividing the average monthly subscription
revenue from the applicable residential fixed service by the
average of the opening and closing balances of the applicable RGUs
for the indicated period. Unless otherwise noted, ARPU in this
release is considered to be ARPU per average customer relationship
or mobile subscriber, as applicable. Customer relationships, mobile
subscribers and RGUs of entities acquired during the period are
normalized.
Consolidated Net Leverage Ratio (VTR) – Defined in
accordance with VTR's indenture for its senior notes, taking into
account the ratio of its outstanding indebtedness (including the
impact of its cross-currency swaps) less its cash and cash
equivalents to its annualized EBITDA from the most recent two
consecutive fiscal quarters.
Consolidated Net Leverage Ratio (LPR) – Defined in
accordance with LPR's Group Credit Agreement, taking into account
the ratio of its outstanding indebtedness less its cash and cash
equivalents to its annualized EBITDA from the most recent two
consecutive fiscal quarters. Annualized EBITDA includes pro forma
EBITDA of Liberty Mobile for pre-acquisition periods.
Customer Relationships – The number of customers who
receive at least one of our video, internet or telephony services
that we count as RGUs, without regard to which or to how many
services they subscribe. To the extent that RGU counts include
equivalent billing unit ("EBU") adjustments, we reflect
corresponding adjustments to our customer relationship counts. For
further information regarding our EBU calculation, see Additional
General Notes below. Customer relationships generally are counted
on a unique premises basis. Accordingly, if an individual receives
our services in two premises (e.g., a primary home and a vacation
home), that individual generally will count as two customer
relationships. We exclude mobile-only customers from customer
relationships.
Fully-swapped Borrowing Cost – Represents the weighted
average interest rate on our debt (excluding finance leases and
including vendor financing obligations), including the effects of
derivative instruments, original issue premiums or discounts, which
includes a discount on the convertible notes issued by Liberty
Latin America associated with a conversion option feature, and
commitment fees, but excluding the impact of financing costs.
Homes Passed – Homes, residential multiple dwelling units
or commercial units that can be connected to our networks without
materially extending the distribution plant. Certain of our homes
passed counts are based on census data that can change based on
either revisions to the data or from new census results.
Internet (Broadband) RGU – A home, residential multiple
dwelling unit or commercial unit that receives internet services
over our network.
Leverage – Our gross and net leverage ratios, each a
non-GAAP measure, are defined as total debt (total principal amount
of debt and finance lease obligations outstanding, net of projected
derivative principal-related cash payments (receipts)) and net debt
to annualized Adjusted OIBDA of the latest two quarters. Net debt
is defined as total debt (including the convertible notes) less
cash and cash equivalents. For purposes of these calculations, debt
is measured using swapped foreign currency rates, consistent with
the covenant calculation requirements of our subsidiary debt
agreements.
Mobile Subscribers – Our mobile subscriber count
represents the number of active subscriber identification module
(“SIM”) cards in service rather than services provided. For
example, if a mobile subscriber has both a data and voice plan on a
smartphone this would equate to one mobile subscriber.
Alternatively, a subscriber who has a voice and data plan for a
mobile handset and a data plan for a laptop (via a dongle) would be
counted as two mobile subscribers. Customers who do not pay a
recurring monthly fee are excluded from our mobile telephony
subscriber counts after periods of inactivity ranging from 30 to 60
days, based on industry standards within the respective country. In
a number of countries, our mobile subscribers receive mobile
services pursuant to prepaid contracts.
NPS – Net promoter score.
Property and Equipment Addition Categories
- Customer Premises Equipment: Includes capitalizable equipment
and labor, materials and other costs directly associated with the
installation of such CPE;
- New Build & Upgrade: Includes capitalizable costs of
network equipment, materials, labor and other costs directly
associated with entering a new service area and upgrading our
existing network;
- Capacity: Includes capitalizable costs for network capacity
required for growth and services expansions from both existing and
new customers. This category covers Core and Access parts of the
network and includes, for example, fiber node splits,
upstream/downstream spectrum upgrades and optical equipment
additions in our international backbone connections;
- Baseline: Includes capitalizable costs of equipment, materials,
labor and other costs directly associated with maintaining and
supporting the business. Relates to areas such as network
improvement, property and facilities, technical sites, information
technology systems and fleet; and
- Product & Enablers: Discretionary capitalizable costs that
include investments (i) required to support, maintain, launch or
innovate in new customer products, and (ii) in infrastructure,
which drive operational efficiency over the long term.
Proportionate Net Leverage Ratio (C&W) – Calculated
in accordance with C&W's Credit Agreement, taking into account
the ratio of outstanding indebtedness (subject to certain
exclusions) less cash and cash equivalents to EBITDA (subject to
certain adjustments) for the last two quarters annualized, with
both indebtedness and EBITDA reduced proportionately to remove any
noncontrolling interests' share of the C&W group.
Revenue Generating Unit (RGU) – RGU is separately a video
RGU, internet RGU or telephony RGU. A home, residential multiple
dwelling unit, or commercial unit may contain one or more RGUs. For
example, if a residential customer in Chile subscribed to our video
service, fixed-line telephony service and broadband internet
service, the customer would constitute three RGUs. RGUs are
generally counted on a unique premises basis such that a given
premises does not count as more than one RGU for any given service.
On the other hand, if an individual receives one of our services in
two premises (e.g., a primary home and a vacation home), that
individual will count as two RGUs for that service. Each bundled
video, internet or telephony service is counted as a separate RGU
regardless of the nature of any bundling discount or promotion.
Non-paying subscribers are counted as RGUs during their free
promotional service period. Some of these subscribers may choose to
disconnect after their free service period. Services offered
without charge on a long-term basis (e.g., VIP subscribers or free
service to employees) generally are not counted as RGUs. We do not
include subscriptions to mobile services in our externally reported
RGU counts. In this regard, our RGU counts exclude our separately
reported postpaid and prepaid mobile subscribers.
SOHO – Small office/home office customers.
Telephony RGU – A home, residential multiple dwelling
unit or commercial unit that receives voice services over our
network. Telephony RGUs exclude mobile subscribers.
Two-way Homes Passed – Homes passed by those sections of
our networks that are technologically capable of providing two-way
services, including video, internet and telephony services.
U.S. GAAP – Generally accepted accounting principles in
the United States.
Video RGU – A home, residential multiple dwelling unit or
commercial unit that receives our video service over our network
primarily via a digital video signal while subscribing to any
recurring monthly service that requires the use of
encryption-enabling technology. Video RGUs that are not counted on
an EBU basis are generally counted on a unique premises basis. For
example, a subscriber with one or more set-top boxes that receives
our video service in one premises is generally counted as just one
RGU.
Additional General Notes
Most of our operations provide telephony, broadband internet,
data, video or other B2B services. Certain of our B2B service
revenue is derived from SOHO customers that pay a premium price to
receive enhanced service levels along with video, internet or
telephony services that are the same or similar to the mass
marketed products offered to our residential subscribers. All mass
marketed products provided to SOHO customers, whether or not
accompanied by enhanced service levels and/or premium prices, are
included in the respective RGU and customer counts of our
operations, with only those services provided at premium prices
considered to be “SOHO RGUs” or “SOHO customers.” To the extent our
existing customers upgrade from a residential product offering to a
SOHO product offering, the number of SOHO RGUs and SOHO customers
will increase, but there is no impact to our total RGU or customer
counts. With the exception of our B2B SOHO customers, we generally
do not count customers of B2B services as customers or RGUs for
external reporting purposes.
Certain of our residential and commercial RGUs are counted on an
EBU basis, including residential multiple dwelling units and
commercial establishments, such as bars, hotels, and hospitals, in
Chile and Puerto Rico. Our EBUs are generally calculated by
dividing the bulk price charged to accounts in an area by the most
prevalent price charged to non-bulk residential customers in that
market for the comparable tier of service. As such, we may
experience variances in our EBU counts solely as a result of
changes in rates.
While we take appropriate steps to ensure that subscriber and
homes passed statistics are presented on a consistent and accurate
basis at any given balance sheet date, the variability from country
to country in (i) the nature and pricing of products and services,
(ii) the distribution platform, (iii) billing systems, (iv) bad
debt collection experience and (v) other factors add complexity to
the subscriber and homes passed counting process. We periodically
review our subscriber and homes passed counting policies and
underlying systems to improve the accuracy and consistency of the
data reported on a prospective basis. Accordingly, we may from time
to time make appropriate adjustments to our subscriber and homes
passed statistics based on those reviews.
Non-GAAP Reconciliations
We include certain financial measures in this press release that
are considered non-GAAP measures, including (i) Adjusted OIBDA,
Adjusted OIBDA Margin and Adjusted OIBDA less P&E Additions,
(ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased
Adjusted OIBDA growth rates, and (iv) consolidated leverage ratios.
The following sections set forth reconciliations of the nearest
GAAP measure to our non-GAAP measures as well as information on how
and why management of the Company believes such information is
useful to an investor.
Adjusted OIBDA and Adjusted OIBDA less P&E
Additions
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 (i)
determine how to allocate resources to segments and (ii) evaluate
the effectiveness of our management for purposes of incentive
compensation plans. 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 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:
Three months ended
March 31,
2021
2020
in millions
Operating income
$
178.2
$
107.8
Share-based compensation expense
23.0
23.8
Depreciation and amortization
245.9
213.5
Impairment, restructuring and other
operating items, net
2.2
18.8
Adjusted OIBDA
449.3
363.9
Less: Property and equipment additions
152.4
132.9
Adjusted OIBDA less P&E additions
$
296.9
$
231.0
Operating income margin1
15.4
%
11.6
%
Adjusted OIBDA margin2
38.7
%
39.1
%
- Calculated by dividing operating income or loss by total
revenue for the applicable period.
- Calculated by dividing Adjusted OIBDA by total revenue for the
applicable period.
Adjusted Free Cash Flow Definition and Reconciliation
We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP
measure, as net cash provided by our operating activities, plus (i)
cash payments for third-party costs directly associated with
successful and unsuccessful acquisitions and dispositions, (ii)
expenses financed by an intermediary, (iii) insurance recoveries
related to damaged and destroyed property and equipment, and (iv)
certain net interest payments (receipts) incurred or received,
including associated derivative instrument payments and receipts,
in advance of a significant acquisition, less (a) capital
expenditures, (b) distributions to noncontrolling interest owners,
(c) principal payments on amounts financed by vendors and
intermediaries and (d) principal payments on finance leases. We
believe that our presentation of Adjusted FCF provides useful
information to our investors because this measure can be used to
gauge our ability to service debt and fund new investment
opportunities. Adjusted FCF should not be understood to represent
our ability to fund discretionary amounts, as we have various
mandatory and contractual obligations, including debt repayments,
which are not deducted to arrive at this amount. Investors should
view Adjusted FCF as a supplement to, and not a substitute for,
U.S. GAAP measures of liquidity included in our condensed
consolidated statements of cash flows.
The following table provides the reconciliation of our net cash
provided by operating activities to Adjusted FCF for the indicated
period:
Three months ended
March 31,
2021
2020
in millions
Net cash provided by operating
activities
$
203.5
$
114.9
Cash payments for direct acquisition and
disposition costs
4.6
1.4
Expenses financed by an intermediary1
26.0
32.5
Capital expenditures
(135.6)
(149.2)
Distributions to noncontrolling interest
owners
—
(0.7)
Principal payments on amounts financed by
vendors and intermediaries
(42.5)
(43.8)
Pre-acquisition interest payments
(receipts), net2
2.2
(3.0)
Principal payments on finance leases
(0.5)
(0.6)
Adjusted FCF
$
57.7
$
(48.5)
- For purposes of our condensed consolidated statements of cash
flows, expenses, including value-added taxes, financed by an
intermediary are treated as hypothetical operating cash outflows
and hypothetical financing cash inflows when the expenses are
incurred. When we pay the financing intermediary, we record
financing cash outflows in our condensed consolidated statements of
cash flows. For purposes of our Adjusted FCF definition, we add
back the hypothetical operating cash outflows when these financed
expenses are incurred and deduct the financing cash outflows when
we pay the financing intermediary.
- The amount for the 2021 period primarily relates to the
Cabletica Term Loan B-1 Facility and Cabletica Term Loan B-2
Facility that were entered into in advance of the Telefónica-Costa
Rica Acquisition. The amount for the 2020 period represents
interest paid on pre-acquisition debt related to the AT&T
Acquisition, net of interest received on cash held in escrow in
advance of the closing of the AT&T Acquisition.
Rebase Information
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 months ended March 31, 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 months ended March 31, 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 months ended March 31, 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 months ended March 31, 2020 and (v) to
reflect the translation of our rebased amounts for the three months
ended March 31, 2020 at the applicable average foreign currency
exchange rates that were used to translate our results for the
three months ended March 31, 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 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.
The following table sets forth the reconciliations from reported
revenue to rebased revenue and related change calculations.
Three months ended March 31,
2020
C&W Caribbean &
Networks
C&W Panama
Liberty Puerto Rico
VTR
Cabletica
Intersegment
eliminations
Total
In millions
Revenue – Reported
$
452.0
$
138.3
$
104.6
$
206.4
$
33.7
$
(4.0)
$
931.0
Rebase adjustments:
Acquisitions
1.7
—
216.6
—
—
—
218.3
Disposal
—
(0.9)
(4.7)
—
—
—
(5.6)
Foreign currency
(7.0)
—
—
22.5
(2.3)
0.1
13.3
Revenue – Rebased
$
446.7
$
137.4
$
316.5
$
228.9
$
31.4
$
(3.9)
$
1,157.0
Reported percentage change1
(5)
%
(12)
%
245
%
2
%
7
%
N/A
25
%
Rebased percentage change2
(4)
%
(11)
%
14
%
(8)
%
15
%
N/A
—
%
N/A – Not Applicable.
- Reported percentage change is calculated as current period
revenue less prior period revenue divided by prior period
revenue.
- Rebased percentage change is calculated as current period
revenue less rebased prior period revenue divided by prior period
rebased revenue.
The following table sets forth the reconciliations from reported
Adjusted OIBDA to rebased Adjusted OIBDA and related change
calculations.
Three months ended March 31,
2020
C&W Caribbean &
Networks
C&W Panama
Liberty Puerto Rico
VTR
Cabletica
Corporate
Total
In millions
Adjusted OIBDA – Reported
$
187.0
$
45.8
$
50.5
$
80.1
$
13.3
$
(12.8)
$
363.9
Rebase adjustments:
Acquisitions1
0.5
—
71.5
—
—
—
72.0
Disposal
—
(0.2)
(2.9)
—
—
—
(3.1)
Foreign currency
(2.5)
—
—
8.6
(0.9)
—
5.2
Adjusted OIBDA – Rebased
$
185.0
$
45.6
$
119.1
$
88.7
$
12.4
$
(12.8)
$
438.0
Reported percentage change2
(3)
%
(4)
%
197
%
(12)
%
6
%
18
%
23
%
Rebased percentage change3
(2)
%
(3)
%
26
%
(20)
%
14
%
18
%
3
%
- The acquisition-related adjustment for Liberty Puerto Rico with
respect to the AT&T Acquired Entities includes $6 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.
- Reported percentage change is calculated as current period
Adjusted OIBDA less prior period Adjusted OIBDA divided by prior
period Adjusted OIBDA.
- Rebased percentage change is calculated as current period
Adjusted OIBDA less rebased prior period Adjusted OIBDA divided by
prior period rebased Adjusted OIBDA.
The following table sets forth the reconciliations from reported
revenue by product for our C&W Caribbean and Networks segment
to rebased revenue by product and related change calculations.
Three months ended March 31,
2020
Residential fixed
revenue
Residential mobile
revenue
Total residential
revenue
B2B revenue
Total revenue
In millions
Revenue by product – Reported
$
131.1
$
92.5
$
223.6
$
228.4
$
452.0
Rebase adjustments:
Acquisitions
—
—
—
1.7
1.7
Foreign currency
(2.5)
(1.9)
(4.4)
(2.6)
(7.0)
Revenue by product – Rebased
$
128.6
$
90.6
$
219.2
$
227.5
$
446.7
Reported percentage change1
(2)
%
(10)
%
(6)
%
(4)
%
(5)
%
Rebased percentage change2
—
%
(8)
%
(4)
%
(4)
%
(4)
%
- Reported percentage change is calculated as current period
revenue less prior period revenue divided by prior period
revenue.
- Rebased percentage change is calculated as current period
revenue less rebased prior period revenue divided by prior period
rebased revenue.
The following table sets forth the reconciliations from reported
revenue by product for our C&W borrowing group to rebased
revenue by product and related change calculations.
Three months ended March 31,
2020
Residential fixed
revenue
Residential mobile
revenue
Total residential
revenue
B2B revenue
Total revenue
In millions
Revenue by product – Reported
$
157.1
$
148.5
$
305.6
$
283.0
$
588.6
Rebase adjustments:
Acquisitions
—
—
—
1.7
1.7
Disposal
(0.9)
—
(0.9)
—
(0.9)
Foreign currency
(2.3)
(1.9)
(4.2)
(2.8)
(7.0)
Revenue by product – Rebased
$
153.9
$
146.6
$
300.5
$
281.9
$
582.4
Reported percentage change1
(3)
%
(11)
%
(7)
%
(6)
%
(7)
%
Rebased percentage change2
(1)
%
(9)
%
(5)
%
(6)
%
(6)
%
- Reported percentage change is calculated as current period
revenue less prior period revenue divided by prior period
revenue.
- Rebased percentage change is calculated as current period
revenue less rebased prior period revenue divided by prior period
rebased revenue.
The following table sets forth the reconciliation from Adjusted
OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and
related change calculations.
Three months ended March 31,
2020
In millions
Adjusted OIBDA – Reported
$
232.8
Rebase adjustments:
Acquisition
0.5
Disposal
(0.2)
Foreign currency
(2.5)
Adjusted OIBDA – Rebased
$
230.6
Reported percentage change1
(3)
%
Rebased percentage change2
(2)
%
- Reported percentage change is calculated as current period
Adjusted OIBDA less prior period Adjusted OIBDA divided by prior
period Adjusted OIBDA.
- Rebased percentage change is calculated as current period
Adjusted OIBDA less rebased prior period Adjusted OIBDA divided by
prior period rebased Adjusted OIBDA.
Non-GAAP Reconciliation for Consolidated Leverage
Ratios
We have set forth below our consolidated leverage and net
leverage ratios. Our consolidated leverage and net leverage ratios,
each a non-GAAP measure, are defined as (i) adjusted total debt and
finance lease obligations (total carrying value of debt and finance
lease obligations plus discounts, premiums and deferred finance
costs, less projected derivative principal-related cash receipts)
less cash and cash equivalents divided by (ii) last two quarters
annualized Adjusted OIBDA as of March 31, 2021 as adjusted to
include rebased Adjusted OIBDA of the AT&T Acquired Entities
for the pre-acquisition period. For purposes of these calculations,
adjusted total debt and finance lease obligations is measured using
swapped foreign currency rates. We believe our consolidated
leverage and net leverage ratios are useful because they allow our
investors to consider the aggregate leverage on the business
inclusive of any leverage at the Liberty Latin America level, not
just at each of our operations. Investors should view consolidated
leverage and net leverage as supplements to, and not substitutes
for, ratios that would be calculated based upon measures presented
in accordance with U.S. GAAP. Reconciliations of the numerator and
denominator used to calculate the consolidated leverage and net
leverage ratios as of March 31, 2021 and December 31, 2020 are set
forth below:
March 31,
December 31,
2021
2020
in million, except leverage
ratios
Total debt and finance lease
obligations
$
8,782.9
$
8,357.2
Discounts, premiums and deferred financing
costs, net
156.0
157.1
Projected derivative principal-related
cash payments1
150.9
161.6
Adjusted total debt and finance lease
obligations
9,089.8
8,675.9
Less:
Cash and cash equivalents
1,305.6
894.2
Net debt and finance lease
obligations
$
7,784.2
$
7,781.7
Adjusted OIBDA2:
Adjusted OIBDA for the three months ended
September 30, 2020
N/A
360.2
Adjusted OIBDA for the three months ended
December 31, 2020
428.0
428.0
Adjusted OIBDA for the three months ended
March 31, 2021
449.3
N/A
Rebased Adjusted OIBDA – AT&T Acquired
Entities3
26.8
108.6
Adjusted OIBDA – last two quarters
$
904.1
$
896.8
Annualized adjusted OIBDA – last two
quarters annualized
$
1,808.2
$
1,793.6
Consolidated leverage ratio
5.0x
4.8x
Consolidated net leverage ratio
4.3x
4.3x
N/A – Not Applicable.
- Amounts represent the U.S. dollar equivalents and are based on
interest rates and exchange rates that were in effect as of March
31, 2021 and December 31, 2020, respectively. For a discussion of
our projected cash flows associated with derivative instruments,
please see Item 3. Quantitative and Qualitative Disclosures About
Market Risk—Projected Cash Flows Associated with Derivative
Instruments in our most recently filed Quarterly Report on Form
10-Q.
- Adjusted OIBDA is a non-GAAP measure. See Adjusted OIBDA and
Adjusted OIBDA less P&E Additions above for reconciliation of
Adjusted OIBDA to the nearest U.S. GAAP measure for the three
months ended March 31, 2021. A reconciliation of our operating
income to Adjusted OIBDA for the three months ended September 30,
2020 and December 31, 2020 is presented in the following
table:
Three months ended
September 30, 2020
Three months ended
December 31, 2020
in millions
Operating income
$
86.6
$
103.3
Share-based compensation expense
28.0
22.2
Depreciation and amortization
231.6
253.1
Impairment, restructuring and other
operating items, net
14.0
49.4
Adjusted OIBDA
$
360.2
$
428.0
- Reflects our calculation of Adjusted OIBDA, as defined by
Liberty Latin America, based upon historical financial information
of the AT&T Acquired Entities for the pre-acquisition period
(July 1, 2020 to October 31, 2020 with respect to the December 31,
2020 ratio calculations and October 1, 2020 to October 31, 2020
with respect to the March 31, 2021 ratio calculations) as adjusted
primarily for (i) the impact of new rates pursuant to agreements
with AT&T related to roaming, subsea and ethernet services,
(ii) aligning the accounting policies of the AT&T Acquired
Entities to those used by Liberty Latin America, (iii) the impact
of the elimination of parent-company allocations included in the
historical financial statements of the AT&T Acquired Entities
that are replaced by costs for services provided through the
transitional services agreement with AT&T, which generally
relate to network operations, customer service, finance and
accounting, information, technology, and sales and marketing, and
(iv) estimated standalone costs not covered by the transitional
services agreement with AT&T.
Non-GAAP Reconciliations for Borrowing Groups
We provide certain financial measures in this press release of
our borrowing groups. The financial statements of each of our
borrowing groups are prepared in accordance with U.S. GAAP. We
include certain financial measures for our borrowing group in this
press release that are considered non-GAAP measures, including: (i)
Adjusted OIBDA; (ii) Adjusted OIBDA Margin; and (iii) Proportionate
Adjusted OIBDA.
Adjusted OIBDA by Borrowing Group
Adjusted OIBDA and proportionate Adjusted OIBDA at a borrowing
group level are non-GAAP measures. Adjusted OIBDA is defined as
operating income or loss before share-based compensation,
depreciation and amortization, related-party fees and allocations,
provisions and provision releases related to significant litigation
and impairment, restructuring and other operating items.
Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the
noncontrolling interests' share of Adjusted OIBDA. We believe these
measures at the borrowing group level 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. These measures
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 C&W's operating income to total Adjusted
OIBDA and Proportionate Adjusted OIBDA is presented in the
following table:
Three months ended
March 31,
2021
2020
in millions
Operating income
$
68.0
$
57.6
Share-based compensation expense
6.9
7.4
Depreciation and amortization
145.9
147.6
Related-party fees and allocations
5.3
11.0
Impairment, restructuring and other
operating items, net
(0.8)
9.2
Total Adjusted OIBDA
225.3
232.8
Noncontrolling interests' share of
Adjusted OIBDA
33.1
32.1
Proportionate Adjusted OIBDA
$
192.2
$
200.7
A reconciliation of VTR's operating income to total Adjusted
OIBDA is presented in the following table:
Three months ended
March 31,
2021
2020
CLP in billions
Operating income
13.4
27.9
Share-based compensation expense
1.3
1.6
Related-party fees and allocations
1.6
3.8
Depreciation
31.0
29.3
Impairment, restructuring and other
operating items, net
3.6
1.5
Total Adjusted OIBDA
50.9
64.1
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210505006130/en/
Investor Relations Kunal Patel ir@lla.com
Corporate Communications Claudia Restrepo
llacommunications@lla.com
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