Q2 reported revenue growth of 4% to $1.2 billion, up 1% on a rebased basis
Record second quarter mobile postpaid additions of 106,000
Acquisition of Claro Panama completed on July 1
Nearly $120 million of shares repurchased in H1
DENVER, Colorado–(BUSINESS WIRE)–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 (“Q2”) and six months (“YTD” or “H1 2022”) ended 30 Giugno 2022.
CEO Balan Nair commented, “Following a solid start to the year, we made further progress in the second quarter as we grew our internet and postpaid mobile subscriber bases and completed the acquisition of Claro Panama in the beginning of July.”
“We continue to focus on delivering subscriber growth across products and customer segments that generate recurring revenue. During the quarter we grew our broadband subscriber base, including a record number of additions in Costa Rica and a return to growth in C&W Caribbean & Networks, while our operations in Chile broadly maintained market share despite intense competition. Mobile postpaid additions were greater than 100,000 for a second consecutive quarter as our ongoing commercial focus led to subscriber growth across all of our reporting segments.”
“Our inorganic strategy is progressing well and is set to deliver significant value for stakeholders as we integrate operations and realize synergies. On July 1, we closed the acquisition of Claro Panama and we expect to complete our agreed 50/50 JV with Claro Chile in the second half of 2022. Our integration plans in Puerto Rico and Costa Rica are on-track and we are excited to build growth-oriented converged telecommunications service providers in those markets.”
“We are also committed to responsible and sustainable practices across our operations and through our recently released 2021 ESG Report, we demonstrated significant progress in measuring and highlighting new goals with respect to our energy consumption, data privacy and security efforts, and strengthening our commitment to positive change.”
“Overall, we continue to build operating momentum in our business, while also making progress with our inorganic strategy, which we expect to drive additional Adjusted FCF growth in the coming years. We have continued to be aggressive with our share buyback activity, purchasing a record amount in the second quarter and taking our year-to-date total to nearly $120 million, as we remain confident in our business and prospects.”
Business Highlights
-
C&W Caribbean & Networks: solid operating and financial performance
- Mobile postpaid momentum continued with record quarterly additions in Q2
- Reported and rebased Adj. OIBDA growth in Q2 of 11% and 12%, respectively
-
C&W Panama: fixed and mobile postpaid subscriber growth
- 79,000 fixed RGU and 86,000 mobile postpaid adds over past twelve months
- Reported revenue 6% higher as compared to prior-year period
-
Liberty Puerto Rico: consistent subscriber additions; focus on integration
- Continued fixed RGU growth, postpaid driving mobile additions
- Integration and synergy realization on-track
-
VTR: market remains highly competitive; financial performance impacted by price reductions
- Operational service level improvements more than offset by market challenges
- Continue to expect completion of JV with América Móvil in H2
-
Liberty Costa Rica: robust operating and financial performance
- Record broadband RGU additions of 11,000; postpaid base up by 30,000
- Reported and rebased revenue growth of 198% and 10%, respectively
LLA 2022 Financial Guidance – Update
We remain on-track to deliver financial guidance targets for P&E additions as a percentage of revenue (18%) and Adjusted FCF ($250 million) as presented in our Q4 2021 earnings materials, which was based on the operating footprint we had at the start of the year (i.e. excluding pending acquisitions).
Following the acquisition of Claro Panama on July 1, we are now able to update our financial guidance to incorporate the impact of integrating this business on our group expectations for the year as follows:
- P&E additions as a percentage of revenue at ~18%
-
Adjusted FCF guidance of ~$220 million
- Claro Panama acquisition expected to reduce LLA Adjusted FCF by ~$30 million in 2022
Additional information, including historic quarterly revenue, adjusted OIBDA, and P&E additions, can be found on our website at https://www.lla.com/investors.
Financial and Operating Highlights
|
Financial Highlights |
|
Q2 2022 |
|
Q2 2021 |
|
YoY Growth / |
|
YoY Rebase Growth / |
|
H1 2022 |
|
H1 2021 |
|
YoY Growth / |
|
YoY Rebase Growth / |
||||||||||||
|
(USD in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Revenue |
|
$ |
1,218 |
|
|
$ |
1,173 |
|
|
4 |
% |
|
1 |
% |
|
$ |
2,436 |
|
|
$ |
2,338 |
|
|
4 |
% |
|
1 |
% |
|
Adjusted OIBDA2 |
|
$ |
464 |
|
|
$ |
464 |
|
|
— |
% |
|
(2 |
%) |
|
$ |
904 |
|
|
$ |
913 |
|
|
(1 |
%) |
|
(2 |
%) |
|
Operating income (loss) |
|
$ |
(350 |
) |
|
$ |
173 |
|
|
N.M |
|
|
|
$ |
(162 |
) |
|
$ |
354 |
|
|
N.M |
|
|
||||
|
Property & equipment additions |
|
$ |
192 |
|
|
$ |
215 |
|
|
(11 |
%) |
|
|
|
$ |
367 |
|
|
$ |
367 |
|
|
— |
% |
|
|
||
|
As a percentage of revenue |
|
|
16 |
% |
|
|
18 |
% |
|
|
|
|
|
|
15 |
% |
|
|
16 |
% |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Adjusted FCF3 |
|
$ |
73 |
|
|
$ |
35 |
|
|
|
|
|
|
$ |
16 |
|
|
$ |
93 |
|
|
|
|
|
||||
|
Cash provided by operating activities |
|
$ |
225 |
|
|
$ |
240 |
|
|
|
|
|
|
$ |
347 |
|
|
$ |
444 |
|
|
|
|
|
||||
|
Cash used by investing activities |
|
$ |
(154 |
) |
|
$ |
(215 |
) |
|
|
|
|
|
$ |
(343 |
) |
|
$ |
(341 |
) |
|
|
|
|
||||
|
Cash provided (used) by financing activities |
|
$ |
109 |
|
|
$ |
(30 |
) |
|
|
|
|
|
$ |
31 |
|
|
$ |
303 |
|
|
|
|
|
||||
N.M. – Not Meaningful.
|
Operating Highlights4 |
|
Q2 2022 |
|
Q2 2021 |
|
YoY Growth / (Decline) |
||
|
Total Customers |
|
3,213,800 |
|
|
3,233,500 |
|
(1 |
%) |
|
Organic customer (losses) additions |
|
(13,800 |
) |
|
18,800 |
|
|
|
|
Fixed RGUs |
|
6,412,200 |
|
|
6,332,700 |
|
1 |
% |
|
Organic RGU (losses) additions |
|
(41,100 |
) |
|
73,200 |
|
|
|
|
Organic internet additions |
|
8,900 |
|
|
24,800 |
|
|
|
|
Mobile subscribers* |
|
7,492,300 |
|
|
4,623,900 |
|
62 |
% |
|
Organic mobile (losses) additions |
|
(62,800 |
) |
|
117,700 |
|
|
|
|
Organic postpaid additions |
|
106,400 |
|
|
22,100 |
|
|
|
| * |
Q2 2022 figures include mobile subscribers and ARPU related to operations in Costa Rica, which were acquired on 9 Agosto 2021 and are therefore not included in Q2 2021 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) |
|
Six months ended |
|
Increase/(decrease) |
||||||||||||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
% |
|
Rebased % |
|
|
2022 |
|
|
|
2021 |
|
|
% |
|
Rebased % |
||||
|
|
in millions, except % amounts |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
C&W Caribbean & Networks |
$ |
454.5 |
|
|
$ |
434.2 |
|
|
5 |
|
|
6 |
|
|
$ |
899.4 |
|
|
$ |
864.0 |
|
|
4 |
|
|
5 |
|
|
C&W Panama |
|
141.6 |
|
|
|
133.3 |
|
|
6 |
|
|
6 |
|
|
|
268.8 |
|
|
|
260.6 |
|
|
3 |
|
|
3 |
|
|
Liberty Puerto Rico |
|
364.1 |
|
|
|
360.4 |
|
|
1 |
|
|
— |
|
|
|
733.4 |
|
|
|
721.7 |
|
|
2 |
|
|
1 |
|
|
VTR |
|
150.0 |
|
|
|
209.3 |
|
|
(28 |
) |
|
(16 |
) |
|
|
320.8 |
|
|
|
419.6 |
|
|
(24 |
) |
|
(12 |
) |
|
Liberty Costa Rica |
|
108.0 |
|
|
|
36.3 |
|
|
198 |
|
|
10 |
|
|
|
215.4 |
|
|
|
72.5 |
|
|
197 |
|
|
9 |
|
|
Corporate |
|
5.5 |
|
|
|
5.4 |
|
|
2 |
|
|
2 |
|
|
|
11.1 |
|
|
|
10.8 |
|
|
3 |
|
|
3 |
|
|
Eliminations |
|
(6.1 |
) |
|
|
(5.7 |
) |
|
N.M. |
|
N.M. |
|
|
(12.6 |
) |
|
|
(10.8 |
) |
|
N.M. |
|
N.M. |
|
|||
|
Total |
$ |
1,217.6 |
|
|
$ |
1,173.2 |
|
|
4 |
|
|
1 |
|
|
$ |
2,436.3 |
|
|
$ |
2,338.4 |
|
|
4 |
|
|
1 |
|
N.M. – Not Meaningful.
-
Our reported revenue grew by 4% for each of the three and six months ended 30 Giugno 2022.
- Reported revenue growth in Q2 and H1 2022 was driven by (1) the addition of $74 million and $146 million, respectively, from the acquisition of Telefónica’s Costa Rica operations on 9 Agosto 2021, (2) organic growth in C&W Caribbean & Networks, (3) organic declines at VTR and (4) a net foreign exchange (“FX”) impact of $(34) million and $(63) million, respectively. The FX impact was driven by an average 18% and 15% depreciation of the Chilean peso for Q2 and H1, respectively.
Q2 2022 Revenue Growth – Segment Highlights
-
C&W Caribbean & Networks: revenue grew by 5% on a reported basis and 6% on a rebased basis.
- Fixed residential revenue was 1% higher on a reported and rebased basis, as compared to the prior-year period. Our year-over-year performance was driven by internet subscriber growth over the past twelve months. In the second quarter, Jamaica returned to internet RGU growth as our commercial focus and new FMC propositions drove additions.
- Mobile revenue was 3% higher on a reported basis and 4% on a rebased basis, as compared to the prior-year period. Growth was primarily driven by a higher average number of mobile subscribers, resulting from sales initiatives, including converged offerings.
- B2B revenue was 8% and 9% higher on a reported and rebased basis, respectively, as compared to the prior-year period. Performance was driven by growth in fixed internet and mobile subscription services and, for subsea revenue, the positive impact from IRU accelerations in Q2 2022.
-
C&W Panama: revenue grew 6% on a reported and rebased basis.
- Fixed residential revenue was up 10% on a reported basis and rebased basis, as compared to the prior-year period. Growth was driven by subscriber additions over the past twelve months, resulting from investments in our networks, products and commercial activities.
- Mobile revenue decreased by 2% on a reported and rebased basis. The decline was driven by reduced ARPU from prepaid services, mainly attributable to lower recharging activity. This was partly offset by continued strength in our postpaid segment, where revenue grew by 39%, driven by the addition of 86,000 subscribers over the past twelve months, mainly through successfully migrating customers from prepaid to postpaid.
- B2B revenue grew by 13% on a reported and rebased basis. The year-over-year increase was driven by the successful award of certain infrastructure projects, growth in fixed recurring revenue and higher mobile handset sales.
- Liberty Puerto Rico: revenue grew by 1% and was flat on a reported and rebased basis, respectively. Fixed residential and B2B growth was offset by lower mobile revenue year-over-year. Robust fixed residential growth was driven by consistent subscriber additions over the past twelve months, which more than offset the negative impact of $2 million in customer credits during Q2 2022 related to a significant power outage. Higher B2B revenue was driven by postpaid mobile subscriber additions, mainly related to a Government sponsored program, while reduced consumer mobile revenue was due to a decline in prepaid subscribers and ARPU.
- VTR: revenue was 28% and 16% lower on a reported and rebased basis, respectively. The year-over-year revenue decline was primarily driven by residential fixed revenue performance. Over the past twelve months, intense competitive pressures have led to a reduction in ARPU and subscriber numbers. In addition, strategic initiatives implemented during the first half of 2022 have led to lower ARPU levels across our internet subscriber base.
- Liberty Costa Rica: revenue grew by 198% and 10% on a reported and rebased basis, respectively. Reported performance benefited from the inclusion of Telefónica’s Costa Rica operations in the quarter. Rebased growth was driven by strong subscriber additions across both our mobile and fixed businesses, where we added 275,000 and 63,000 subscribers, respectively, over the past twelve months.
Operating Income (Loss)
-
Operating income (loss) was $(350) million and $173 million for the three months ended 30 Giugno 2022 and 2021, respectively, and $(162) million and $354 million for the six months ended 30 Giugno 2022 and 2021, respectively.
- The declines during the 2022 periods are primarily due to goodwill impairments incurred during the second quarter of 2022, which were partially offset by decreases in depreciation and amortization expense as we ceased recording depreciation expense for the Chile JV Entities during the third quarter of 2021 when we began accounting for them as held for sale.
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) |
Six months ended |
|
Increase (decrease) |
|||||||||||||||||||||||||
|
|
June 30, |
June 30, |
|
|||||||||||||||||||||||||||
|
|
|
2022 |
|
|
2021 |
|
% |
Rebased % |
|
2022 |
|
|
|
2021 |
|
|
% |
|
Rebased % |
|||||||||||
|
|
in millions, except % amounts |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
C&W Caribbean & Networks |
$ |
209.6 |
|
$ |
188.1 |
|
11 |
|
12 |
|
$ |
402.1 |
|
|
$ |
369.4 |
|
|
9 |
|
|
10 |
|
|||||||
|
C&W Panama |
|
44.4 |
|
|
45.6 |
|
(3 |
) |
(3 |
) |
|
84.9 |
|
|
|
89.6 |
|
|
(5 |
) |
|
(5 |
) |
|||||||
|
Liberty Puerto Rico |
|
148.8 |
|
|
161.4 |
|
(8 |
) |
(8 |
) |
|
293.1 |
|
|
|
311.3 |
|
|
(6 |
) |
|
(6 |
) |
|||||||
|
VTR |
|
37.9 |
|
|
68.7 |
|
(45 |
) |
(35 |
) |
|
84.4 |
|
|
|
139.2 |
|
|
(39 |
) |
|
(30 |
) |
|||||||
|
Liberty Costa Rica |
|
35.6 |
|
|
12.7 |
|
180 |
|
4 |
|
|
65.8 |
|
|
|
26.8 |
|
|
146 |
|
|
12 |
|
|||||||
|
Corporate |
|
(12.8 |
) |
|
(12.5 |
) |
(2 |
) |
(2 |
) |
|
(26.6 |
) |
|
|
(23.0 |
) |
|
(16 |
) |
|
(16 |
) |
|||||||
|
Total |
$ |
463.5 |
|
$ |
464.0 |
|
— |
|
(2 |
) |
$ |
903.7 |
|
|
$ |
913.3 |
|
|
(1 |
) |
|
(2 |
) |
|||||||
|
Operating income (loss) margin |
|
(28.8 |
) % |
|
14.7 |
% |
|
|
|
(6.6 |
)% |
15.1 |
% |
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Adjusted OIBDA margin |
|
38.1 |
% |
|
39.5 |
% |
|
|
|
37.1 |
% |
39.1 |
% |
|
|
|||||||||||||||
-
Our reported Adjusted OIBDA for the three and six months ended 30 Giugno 2022 was flat and 1% lower, respectively, as compared to the corresponding prior-year periods.
- Reported Adjusted OIBDA performance in Q2 and H1 2022 resulted from the net impact of organic declines in VTR and Puerto Rico, which were mostly offset by $24 million and $42 million, respectively, contributed by operations acquired from Telefónica in Costa Rica and organic growth at C&W Caribbean & Networks.
Q2 2022 Adjusted OIBDA Growth – Segment Highlights
- C&W Caribbean and Networks: Adjusted OIBDA increased on a reported and rebased basis by 11% and 12%, respectively. This performance was driven by the aforementioned rebased revenue growth and our focus on cost control leading to an improved Adjusted OIBDA margin of 46.1%.
- C&W Panama: Adjusted OIBDA was 3% lower on a reported and rebased basis. The decline was driven by higher equipment costs related to increased mobile handset sales and additional B2B projects, and higher bad debt provisions as challenging economic conditions impacted customers in lower socio-economic groups.
- Liberty Puerto Rico: Adjusted OIBDA declined by 8% on a reported and rebased basis. The decline in the quarter was impacted primarily by a higher negative equipment sales margin, as well as a lower net roaming margin and net incremental integration costs. While the year-over-year decline was impacted by a tough comparison to last year, we reported a sequential improvement from Q1, and we expect continued improvement in the second half of the year.
- VTR: Adjusted OIBDA was lower on a reported and rebased basis by 45% and 35%, respectively. The rebased decline was driven by the aforementioned decrease in revenue, and a lower overall Adjusted OIBDA margin as the revenue reduction was only partially offset by declines in variable costs, including programming and commissions. We continue to strive for operating efficiencies and our call center volume in June reached a two-year low following improvements across key repair and installation metrics.
- Liberty Costa Rica: Adjusted OIBDA grew by 180% and 4% on a reported and rebased basis, respectively. Reported growth benefited from the inclusion of Telefónica’s Costa Rica operations in the quarter. Rebased performance was driven by the aforementioned rebased revenue growth partly offset by $2 million of additional integration costs and a negative non-functional FX impact of approximately $3 million, as compared to the prior-year period. The Costa Rica colon depreciated by 9% in Q2 as compared to the prior period quarter.
Net Earnings (Loss) Attributable to Shareholders
- Net earnings (loss) attributable to shareholders was $(473) million and $13 million for the three months ended 30 Giugno 2022 and 2021, respectively, and $(389) million and $102 million for the six months ended 30 Giugno 2022 and 2021, 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 |
|
Six months ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
USD in millions |
||||||||||||||
|
|
|
|
|
|
|||||||||||
|
Customer Premises Equipment |
$ |
58.5 |
|
$ |
77.5 |
|
$ |
141.3 |
|
$ |
151.1 |
|
|||
|
New Build & Upgrade |
|
38.9 |
|
|
33.1 |
|
|
69.0 |
|
|
58.6 |
|
|||
|
Capacity |
|
29.3 |
|
|
36.6 |
|
|
53.9 |
|
|
53.7 |
|
|||
|
Baseline |
|
50.3 |
|
|
44.7 |
|
|
75.3 |
|
|
71.6 |
|
|||
|
Product & Enablers |
|
14.7 |
|
|
22.8 |
|
|
27.6 |
|
|
32.1 |
|
|||
|
Property & equipment additions |
|
191.7 |
|
|
214.7 |
|
|
367.1 |
|
|
367.1 |
|
|||
|
Assets acquired under capital-related vendor financing arrangements |
|
(35.6 |
) |
|
(19.5 |
) |
|
(67.5 |
) |
|
(38.3 |
) |
|||
|
Changes in current liabilities related to capital expenditures |
|
(0.9 |
) |
|
3.4 |
|
|
20.3 |
|
|
5.4 |
|
|||
|
Capital expenditures |
$ |
155.2 |
|
$ |
198.6 |
|
$ |
319.9 |
|
$ |
334.2 |
|
|||
|
Property & equipment additions as % of revenue |
|
15.7 |
% |
|
18.3 |
% |
|
15.1 |
% |
|
15.7 |
% |
|||
|
Property & Equipment Additions: |
|
|
|
|
|||||||||||
|
C&W Caribbean & Networks |
$ |
61.6 |
|
$ |
73.2 |
|
$ |
113.2 |
|
$ |
122.8 |
|
|||
|
C&W Panama |
|
26.4 |
|
|
20.1 |
|
|
41.4 |
|
|
30.8 |
|
|||
|
Liberty Puerto Rico |
|
46.5 |
|
|
51.2 |
|
|
91.0 |
|
|
84.9 |
|
|||
|
VTR |
|
35.0 |
|
|
55.8 |
|
|
79.7 |
|
|
102.5 |
|
|||
|
Liberty Costa Rica |
|
15.3 |
|
|
7.3 |
|
|
25.2 |
|
|
14.6 |
|
|||
|
Corporate |
|
6.9 |
|
|
7.1 |
|
|
16.6 |
|
|
11.5 |
|
|||
|
Property & equipment additions |
$ |
191.7 |
|
$ |
214.7 |
|
$ |
367.1 |
|
$ |
367.1 |
|
|||
|
Property & Equipment Additions as a Percentage of Revenue by Reportable Segment: |
|
|
|
|
|||||||||||
|
C&W Caribbean & Networks |
|
13.6 |
% |
|
16.9 |
% |
|
12.6 |
% |
|
14.2 |
% |
|||
|
C&W Panama |
|
18.6 |
% |
|
15.1 |
% |
|
15.4 |
% |
|
11.8 |
% |
|||
|
Liberty Puerto Rico |
|
12.8 |
% |
|
14.2 |
% |
|
12.4 |
% |
|
11.8 |
% |
|||
|
VTR |
|
23.3 |
% |
|
26.7 |
% |
|
24.8 |
% |
|
24.4 |
% |
|||
|
Liberty Costa Rica |
|
14.2 |
% |
|
20.1 |
% |
|
11.7 |
% |
|
20.1 |
% |
|||
|
New Build and Homes Upgraded by Reportable Segment: |
|
|
|
|
|||||||||||
|
C&W Caribbean & Networks |
|
46,600 |
|
|
41,700 |
|
|
82,900 |
|
|
62,700 |
|
|||
|
C&W Panama |
|
46,000 |
|
|
38,700 |
|
|
90,300 |
|
|
60,200 |
|
|||
|
Liberty Puerto Rico |
|
7,100 |
|
|
6,600 |
|
|
14,500 |
|
|
8,700 |
|
|||
|
VTR |
|
51,600 |
|
|
134,600 |
|
|
116,600 |
|
|
211,300 |
|
|||
|
Liberty Costa Rica |
|
11,000 |
|
|
9,700 |
|
|
24,700 |
|
|
16,300 |
|
|||
|
Total |
|
162,300 |
|
|
231,300 |
|
|
329,000 |
|
|
359,200 |
|
|||
Summary of Debt, Finance Lease Obligations and Cash and Cash Equivalents
The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at 30 Giugno 2022:
|
|
Debt |
|
Finance lease |
|
Debt and |
|
Cash and cash |
|
|
in millions |
||||||
|
|
|
|
|
|
|
|
|
|
Liberty Latin America1 |
$ 403.8 |
|
$ 0.8 |
|
$ 404.6 |
|
$ 129.7 |
|
C&W2 |
4,488.4 |
|
— |
|
4,488.4 |
|
769.5 |
|
Liberty Puerto Rico |
2,601.0 |
|
6.3 |
|
2,607.3 |
|
117.7 |
|
VTR3 |
1,515.7 |
|
— |
|
1,515.7 |
|
67.5 |
|
Liberty Costa Rica |
400.4 |
|
3.0 |
|
403.4 |
|
13.8 |
|
Total |
$ 9,409.3 |
|
$ 10.1 |
|
$ 9,419.4 |
|
$ 1,098.2 |
|
|
|
|
|
|
|
|
|
|
Consolidated Leverage and Liquidity Information: |
|
June 30, |
|
March 31, |
|||
|
|
|
|
|
|
|
|
|
|
Consolidated debt and finance lease obligations to operating loss ratio |
|
(28.7)x |
|
(20.4)x |
|||
|
Consolidated net debt and finance lease obligations to operating loss ratio |
|
(25.3)x |
|
(18.3)x |
|||
|
Consolidated gross leverage ratio4 |
|
5.1x |
|
5.1x |
|||
|
Consolidated net leverage ratio4 |
|
4.5x |
|
4.6x |
|||
|
Average debt tenor5 |
|
5.5 years |
|
5.7 years |
|||
|
Fully-swapped borrowing costs |
|
5.7% |
|
5.9% |
|||
|
Unused borrowing capacity (in millions)6 |
|
$1,219.7 |
|
$1,231.3 |
|||
|
1. |
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. |
|
2. |
Represents the C&W borrowing group, including the C&W Caribbean & Networks and C&W Panama reporting segments. |
|
3. |
Represents the debt and finance lease obligations and cash and cash equivalents of the VTR borrowing group, which are classified as held for sale on our 30 Giugno 2022 condensed consolidated balance sheet. In addition, the consolidated leverage and liquidity information includes the impact of the VTR borrowing group. |
|
4. |
Consolidated leverage ratios are non-GAAP measures. For additional information, including definitions of our consolidated leverage ratios, required reconciliations, see Non-GAAP Reconciliations below. |
|
5. |
For purposes of calculating our average tenor, total debt excludes vendor financing and finance lease obligations. |
|
6. |
At 30 Giugno 2022, 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 30 Giugno 2022 compliance reporting requirements. |
Quarterly Subscriber Variance
|
|
Fixed and Mobile Subscriber Variance Table — 30 Giugno 2022 vs 31 Marzo 2022 |
|||||||||||||||||||||||||||
|
|
Homes |
|
Two-way |
|
Fixed-line |
|
Video |
|
Internet |
|
Telephony |
|
Total |
|
|
Prepaid |
|
Postpaid |
|
Total Mobile |
||||||||
|
|
|
|
|
|
||||||||||||||||||||||||
|
C&W Caribbean and Networks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Jamaica |
10,900 |
|
10,900 |
|
2,200 |
|
|
(2,800 |
) |
|
3,800 |
|
|
800 |
|
|
1,800 |
|
|
|
27,200 |
|
|
9,400 |
|
|
36,600 |
|
|
The Bahamas |
— |
|
— |
|
(200 |
) |
|
— |
|
|
800 |
|
|
(400 |
) |
|
400 |
|
|
|
300 |
|
|
(600 |
) |
|
(300 |
) |
|
Trinidad and Tobago |
1,100 |
|
1,100 |
|
(1,800 |
) |
|
(2,400 |
) |
|
(1,600 |
) |
|
2,200 |
|
|
(1,800 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
Barbados |
— |
|
— |
|
(200 |
) |
|
300 |
|
|
500 |
|
|
(700 |
) |
|
100 |
|
|
|
(1,900 |
) |
|
1,100 |
|
|
(800 |
) |
|
Other1 |
100 |
|
100 |
|
(2,600 |
) |
|
(100 |
) |
|
400 |
|
|
(700 |
) |
|
(400 |
) |
|
|
(9,200 |
) |
|
8,900 |
|
|
(300 |
) |
|
Total C&W Caribbean & Networks |
12,100 |
|
12,100 |
|
(2,600 |
) |
|
(5,000 |
) |
|
3,900 |
|
|
1,200 |
|
|
100 |
|
|
|
16,400 |
|
|
18,800 |
|
|
35,200 |
|
|
C&W Panama |
14,100 |
|
14,100 |
|
2,100 |
|
|
5,500 |
|
|
4,400 |
|
|
2,900 |
|
|
12,800 |
|
|
|
(184,900 |
) |
|
27,900 |
|
|
(157,000 |
) |
|
Total C&W |
26,200 |
|
26,200 |
|
(500 |
) |
|
500 |
|
|
8,300 |
|
|
4,100 |
|
|
12,900 |
|
|
|
(168,500 |
) |
|
46,700 |
|
|
(121,800 |
) |
|
Liberty Puerto Rico1 |
3,100 |
|
3,100 |
|
10,200 |
|
|
300 |
|
|
7,000 |
|
|
2,400 |
|
|
9,700 |
|
|
|
(6,200 |
) |
|
20,500 |
|
|
14,300 |
|
|
VTR |
31,000 |
|
31,200 |
|
(30,900 |
) |
|
(39,700 |
) |
|
(17,700 |
) |
|
(26,800 |
) |
|
(84,200 |
) |
|
|
(800 |
) |
|
8,800 |
|
|
8,000 |
|
|
Liberty Costa Rica |
7,800 |
|
7,800 |
|
7,400 |
|
|
1,300 |
|
|
11,300 |
|
|
7,900 |
|
|
20,500 |
|
|
|
6,300 |
|
|
30,400 |
|
|
36,700 |
|
|
Total Organic Change |
68,100 |
|
68,300 |
|
(13,800 |
) |
|
(37,600 |
) |
|
8,900 |
|
|
(12,400 |
) |
|
(41,100 |
) |
|
|
(169,200 |
) |
|
106,400 |
|
|
(62,800 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Q2 2022 Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
C&W C&N – Jamaica2 |
— |
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(5,000 |
) |
|
— |
|
|
(5,000 |
) |
|
C&W C&N – Other3 |
9,700 |
|
9,700 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
Liberty Puerto Rico4 |
— |
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(25,800 |
) |
|
(4,100 |
) |
|
(29,900 |
) |
|
Total Q2 2022 Adjustments |
9,700 |
|
9,700 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(30,800 |
) |
|
(4,100 |
) |
|
(34,900 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net Adds |
77,800 |
|
78,000 |
|
(13,800 |
) |
|
(37,600 |
) |
|
8,900 |
|
|
(12,400 |
) |
|
(41,100 |
) |
|
|
(200,000 |
) |
|
102,300 |
|
|
(97,700 |
) |
|
1. |
Included in Liberty Puerto Rico’s mobile prepaid organic loss is a decrease of 24,700 mobile reseller subscribers. |
|
2. |
During the second quarter of 2022, we began to shut down our 2G network in Jamaica and have reflected the associated decline in mobile subscribers as a non-organic adjustment. We expect further non-organic adjustments related to the final stages of the shutdown, which will impact as many as approximately 30,000 subscribers in the second half of 2022. |
|
3. |
The non-organic adjustment for C&W Caribbean and Networks – Other relates to the identification of additional homes passed during the process of upgrading certain parts of the network. |
|
4. |
During the second quarter of 2022, we shut down our 3G network in Puerto Rico and have reflected the associated decline in mobile subscribers as a non-organic adjustment. |
ARPU per Customer Relationship
The following table provides ARPU per customer relationship for the indicated periods:
|
|
Three months ended June 30, |
|
|
|
FX-Neutral1 |
||||||
|
|
2022 |
|
2021 |
|
% Change |
|
% Change |
||||
|
|
|
|
|
|
|
|
|
||||
|
Reportable Segment: |
|
|
|
|
|
|
|
||||
|
C&W Caribbean & Networks |
$ |
48.48 |
|
$ |
48.35 |
|
0.3 |
% |
|
1.1 |
% |
|
C&W Panama |
$ |
38.39 |
|
$ |
37.62 |
|
2.0 |
% |
|
2.0 |
% |
|
Liberty Puerto Rico |
$ |
75.74 |
|
$ |
77.51 |
|
(2.3 |
%) |
|
(2.3 |
%) |
|
VTR2 |
$ |
33.51 |
|
$ |
43.75 |
|
(23.4 |
%) |
|
(9.8 |
%) |
|
Liberty Costa Rica3 |
$ |
38.28 |
|
$ |
42.19 |
|
(9.3 |
%) |
|
(0.8 |
%) |
|
Cable & Wireless Borrowing Group |
$ |
46.44 |
|
$ |
46.33 |
|
0.2 |
% |
|
0.9 |
% |
Mobile ARPU
The following table provides ARPU per mobile subscriber for the indicated periods:
|
|
Three months ended June 30, |
|
|
|
FX-Neutral1 |
||||||
|
|
2022 |
|
2021 |
|
% Change |
|
% Change |
||||
|
|
|
|
|
|
|
|
|
||||
|
Reportable Segment: |
|
|
|
|
|
|
|
||||
|
C&W Caribbean & Networks |
$ |
14.03 |
|
$ |
14.55 |
|
(3.6 |
%) |
|
(2.8 |
%) |
|
C&W Panama |
$ |
9.45 |
|
$ |
9.57 |
|
(1.3 |
%) |
|
(1.3 |
%) |
|
Liberty Puerto Rico |
$ |
45.06 |
|
$ |
46.02 |
|
(2.1 |
%) |
|
(3.4 |
%) |
|
VTR4 |
$ |
11.71 |
|
$ |
15.97 |
|
(26.7 |
%) |
|
(13.6 |
%) |
|
Liberty Costa Rica5 |
$ |
5.69 |
|
N.M. |
|
N.M. |
|
N.M. |
|||
|
Cable & Wireless Borrowing Group |
$ |
11.93 |
|
$ |
12.19 |
|
(2.1 |
%) |
|
(1.6 |
%) |
Contacts
Investor Relations
Kunal Patel
ir@lla.com
Corporate Communications
Claudia Restrepo
llacommunications@lla.com
