Liberty Latin America Reports Fiscal 2018 Results
February 20, 2019
Rebased Revenue Growth of 2% to $3.7 billion
Record Broadband Additions Drive Total RGU Growth of 192,000
Operating Loss of $24 million, Improved by 86% Year-over-Year
OCF1 of $1.5 billion, 8% Higher YoY; Growth Across All
Segments
Launching Scalable Operations Center in Panama in 2019
Delivered 2018 Guidance for all Financial and Operating Metrics
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 (“Q4”) and fiscal year (“2018” or
“FY 2018”) ended December 31, 2018.
CEO Balan Nair commented, “In our first year as a separately listed
company, we successfully established a strong team and culture,
delivered all of our 2018 financial guidance targets and created great
operational momentum heading into 2019.”
“Our region remains underpenetrated by high-speed connectivity. During
2018, we continued to expand our leading fixed networks by either
upgrading or adding approximately 330,000 premises to our footprint. The
combination of this growing network and our leading product offerings
helped us achieve our highest RGU additions since we acquired C&W, led
by a record number of broadband additions.”
“LTE penetration across the group’s mobile businesses also grew during
the year, as we added 435,000 LTE subscribers. We launched our ‘Moments
that Move Us’ brand campaigns in Cable & Wireless and saw improvement in
mobile subscriber results as we moved through the fourth quarter into
January. Our B2B growth continued as we leveraged our unique and
extensive combination of mobile, terrestrial and subsea networks to
deliver a comprehensive and growing suite of B2B and B2G solutions, more
than offsetting any headwinds from legacy products.”
“In terms of our financial performance, we delivered rebased OCF growth
of 8% in 2018, as we focused on driving efficiencies and benefited from
insurance settlements. Looking ahead to 2019, we are targeting robust
OCF growth, reduced capital intensity and substantially higher Adjusted
FCF2.”
“In 2018, we completed two accretive acquisitions, in Costa Rica and
Puerto Rico, and reviewed a number of other opportunities. We are
committed to remaining disciplined and diligent in evaluating potential
transactions as we focus on creating shareholder value.”
“Our value creation strategy also includes driving operating and cost
efficiencies. During 2018, we started our digital transformation
initiative, and recently announced plans to launch our operations center
in Panama, which will enable us to better capitalize on our scale and
knowledge across our footprint.”
“Overall, I am pleased with our 2018 performance and excited by the
opportunities ahead as we look to leverage our operating model and
unique asset base to generate sustainable OCF and Adjusted FCF growth.”
Business Highlights
-
C&W building foundation for future growth:
-
RGU gains more than doubled YoY to 96,000 in 2018; growth across
all fixed products -
Expanded footprint through either upgrade or new build of 165,000
premises -
“Moments that Move Us” campaign and value propositions launched in
Panama and the Bahamas
-
RGU gains more than doubled YoY to 96,000 in 2018; growth across
-
VTR/Cabletica delivered another strong year:
-
78,000 broadband RGU gains powered VTR’s full-year subscriber
performance - Reported 2018 rebased revenue growth of 5% and OCF growth of 6%
-
Cabletica managed by VTR team; included in reporting segment from
October 1, 2018
-
78,000 broadband RGU gains powered VTR’s full-year subscriber
-
Liberty Puerto Rico fully operational and building momentum following
successful rebuild:-
Strong finish to 2018 with 31,000 RGU additions in Q4, best
quarter since 2005 -
2018 rebased revenue growth of 5%; rebased OCF growth of 48% due
to insurance settlements and recovery from the hurricanes -
Network restoration completed by Q3 2018; speed leader with up to
400 Mbps available
-
Strong finish to 2018 with 31,000 RGU additions in Q4, best
Liberty Latin America 2019 Financial Guidance
In 2019, we expect:
-
>$1.525 billion of OCF
- Based on USDCLP of 670 and USDJMD of 130
-
P&E additions as a percentage of revenue at ~19%
-
C&W Borrowing Group: P&E additions as a percentage of revenue
between 15% and 17% -
VTR Borrowing Group: P&E additions as a percentage of revenue
between 20% and 22%
-
C&W Borrowing Group: P&E additions as a percentage of revenue
- ~$125 million of Adjusted FCF
Financial Highlights
|
Liberty Latin America |
Q4 2018 |
Q4 2017 |
YoY |
FY 2018 |
FY 2017 |
YoY |
||||||||||||||||||||||
| (in millions, except % amounts) | ||||||||||||||||||||||||||||
| Revenue | $ | 949 | $ | 850 | 10 | % | $ | 3,706 | $ | 3,590 | 2 | % | ||||||||||||||||
| OCF | $ | 428 | $ | 291 | 45 | % | $ | 1,487 | $ | 1,353 | 8 | % | ||||||||||||||||
| Property & equipment additions | $ | 190 | $ | 273 | (30 | %) | $ | 771 | $ | 777 | (1 | %) | ||||||||||||||||
| As a percentage of revenue | 20 | % | 32 | % | 21 | % | 22 | % | ||||||||||||||||||||
| Operating loss | $ | (385 | ) | $ | (247 | ) | 56 | % | $ | (24 | ) | $ | (163 | ) | (86 | %) | ||||||||||||
| Adjusted FCF | $ | 45 | $ | (6 | ) | $ | 19 | $ | (93 | ) | ||||||||||||||||||
| Cash provided by operating activities | $ | 208 | $ | 181 | $ | 817 | $ | 573 | ||||||||||||||||||||
| Cash used by investing activities | $ | (389 | ) | $ | (186 | ) | $ | (981 | ) | $ | (640 | ) | ||||||||||||||||
| Cash provided by financing activities | $ | 39 | $ | 5 | $ | 256 | $ | 53 | ||||||||||||||||||||
* Revenue and OCF YoY growth rates are on a rebased basis3.
Subscriber Growth4
| Three months ended | Year ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Organic RGU net additions (losses) by product | ||||||||||||||||
| Video | 8,100 | (21,000 | ) | 37,800 | (13,400 | ) | ||||||||||
| Data | 45,900 | 13,500 | 164,600 | 110,000 | ||||||||||||
| Voice | 2,400 | (23,700 | ) | (10,000 | ) | (30,700 | ) | |||||||||
| Total | 56,400 | (31,200 | ) | 192,400 | 65,900 | |||||||||||
| Organic RGU net additions (losses) by segment | ||||||||||||||||
| C&W | 26,000 | 30,100 | 96,300 | 44,600 | ||||||||||||
| VTR/Cabletica | (700 | ) | 3,700 | 47,700 | 81,900 | |||||||||||
| Liberty Puerto Rico | 31,100 | (65,000 | ) | 48,400 | (60,600 | ) | ||||||||||
| Total | 56,400 | (31,200 | ) | 192,400 | 65,900 | |||||||||||
| Organic Mobile SIM additions (losses) by product | ||||||||||||||||
| Postpaid | 5,400 | 400 | 22,400 | 29,200 | ||||||||||||
| Prepaid | (12,900 | ) | (33,600 | ) | (154,100 | ) | (86,900 | ) | ||||||||
| Total | (7,500 | ) | (33,200 | ) | (131,700 | ) | (57,700 | ) | ||||||||
| Organic Mobile SIM additions (losses) by segment | ||||||||||||||||
| C&W | (18,000 | ) | (41,900 | ) | (173,100 | ) | (106,400 | ) | ||||||||
| VTR/Cabletica | 10,500 | 8,700 | 41,400 | 48,700 | ||||||||||||
| Total | (7,500 | ) | (33,200 | ) | (131,700 | ) | (57,700 | ) | ||||||||
-
Customer additions/losses: Organic fixed
customer additions of 29,000 in Q4 2018. -
Product additions/losses: Organic fixed
RGU additions of 56,000 and organic mobile subscriber losses of 8,000
in Q4 2018. -
C&W added 26,000 fixed RGUs during
Q4, with growth across all three products, supported by continued
upgrade and expansion of our network and improved service levels.-
Broadband additions totaled 13,000, driven by success in Jamaica
where we added 7,000 RGUs and continued to penetrate our expanding
high-speed network. We also added broadband RGUs across all of our
other C&W markets, where high-speed fixed broadband penetration
remains relatively low. -
Video RGU additions of 8,000 represented our fifth consecutive
quarter of growth and best quarterly C&W performance since the
acquisition of the company in May 2016. Panama had a particularly
strong quarter, adding 5,000 RGUs, through successful promotion of
our broadband and video double-play packages, marking their best
quarterly video RGU growth since Q2 2017. -
Fixed-line telephony RGU additions of 5,000 represented our sixth
consecutive quarter of growth and were in part driven by our
successful bundling strategy, particularly in Jamaica and Trinidad. -
Mobile subscribers declined by 18,000 in Q4, which was our best
performance since Q1 2017. Jamaica added 17,000 subscribers, but
this was more than offset by subscriber losses in Panama and the
Bahamas of 31,000 and 4,000, respectively. In both of these
markets we launched our “Moments that Move Us” campaigns and new
value propositions towards the end of 2018, which led to better
year-over-year results for the fourth quarter and which we believe
will drive improved performance over time. C&W’s LTE subscriber
base grew by more than 50% over the year, to a total of 1.1
million by the end of 2018.
-
Broadband additions totaled 13,000, driven by success in Jamaica
-
VTR/Cabletica RGU performance was
relatively flat during Q4. Cabletica added 14,000 RGUs in total,
mainly driven by broadband additions over our high-speed network. VTR
lost 14,000 RGUs as a result of (1) continued fixed-line voice
attrition, (2) video losses due to higher churn as is typically
experienced during the fourth quarter of the year and (3) the impact
of increased competition, which were partially offset by broadband
additions.-
VTR’s mobile subscribers grew by 11,000 in Q4, as we continued to
sell mobile services to our fixed customer base. At December 31,
2018, our mobile subscriber base totaled 256,000, of which 97%
were on postpaid plans.
-
VTR’s mobile subscribers grew by 11,000 in Q4, as we continued to
-
Liberty Puerto Rico added 31,000 fixed
RGUs in Q4, its best quarter in many years. This growth was driven by
our compelling product propositions, including our leading mid-tier
triple-play offer with broadband speeds of 150Mbps, as well our
superior network, which has been fully restored following Hurricanes
Irma and Maria in 2017 (“2017 Hurricanes”).
Revenue Highlights
The following table presents (i) revenue of each of our reportable
segments for the comparative periods and (ii) the percentage change from
period-to-period on both a reported and rebased basis:
| Three months ended | Increase/(decrease) | Year ended | Increase/(decrease) | |||||||||||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||||||||||||||
| 2018 | 2017 | % | Rebased % | 2018 | 2017 | % | Rebased % | |||||||||||||||||||||||||||||
| in millions, except % amounts | ||||||||||||||||||||||||||||||||||||
| C&W | $ | 582.8 | $ | 584.9 | (0.4 | ) | (0.2 | ) | $ | 2,333.1 | $ | 2,322.1 | 0.5 | (0.1 | ) | |||||||||||||||||||||
| VTR/Cabletica | 273.8 | 250.3 | 9.4 | 5.1 | 1,043.7 | 952.9 | 9.5 | 5.3 | ||||||||||||||||||||||||||||
| Liberty Puerto Rico | 93.9 | 16.9 | N.M. | N.M. | 335.6 | 320.5 | 4.7 | 4.8 | ||||||||||||||||||||||||||||
| Intersegment eliminations | (2.0 | ) | (2.0 | ) | N.M. | N.M. | (6.7 | ) | (5.5 | ) | N.M. | N.M. | ||||||||||||||||||||||||
| Total | $ | 948.5 | $ | 850.1 | 11.6 | 10.3 | $ | 3,705.7 | $ | 3,590.0 | 3.2 | 1.7 | ||||||||||||||||||||||||
N.M. – Not Meaningful.
-
Our reported revenue for the three months and year ended December 31,
2018 increased by 12% and 3%, respectively.-
Reported revenue growth in Q4 2018 was primarily driven by (1) an
increase of $77 million at Liberty Puerto Rico, mainly driven by
the favorable comparison against the prior-year quarter and strong
recovery from the 2017 hurricanes and (2) an increase of $33
million related to the acquisition of Cabletica, partially offset
by a negative foreign exchange (“FX”) impact of $22 million,
primarily related to the Chilean peso. -
Reported revenue growth for FY 2018 was primarily driven by (1)
organic growth at VTR, (2) an increase of $42 million related to
the Cabletica and C&W Carve-out acquisitions, (3) $11 million
received by Liberty Puerto Rico from the FCC, and (4) the net
impact of $6 million in FX gains.
-
Reported revenue growth in Q4 2018 was primarily driven by (1) an
Q4 2018 Rebased Revenue Growth – Segment Highlights
-
C&W: Rebased revenue performance was
broadly flat.-
Mobile revenue attrition of 10% on a rebased basis was mostly
offset by revenue growth of 5% in residential fixed and 4% in B2B. -
The decrease in mobile revenue was primarily attributable to lower
subscription revenue in Panama and the Bahamas where continued
competition drove decreases in the average number of subscribers
and ARPU per subscriber. -
Residential fixed revenue growth was led by broadband performance
where organic subscribers were up by 44,000 over the last twelve
months. Overall, growth in broadband and video revenue more than
offset a decline in fixed voice revenue. -
B2B growth (excluding subsea) was driven by Jamaica and our LatAm
markets. Our sub-sea operations also grew, driven by increasing
demand for bandwidth. These factors more than offset reduced
revenue in Panama, mainly due to lower fixed voice contribution
and broadband tariff reductions.
-
Mobile revenue attrition of 10% on a rebased basis was mostly
-
VTR/Cabletica: Rebased revenue growth of
5% was primarily driven by improvement in (1) residential fixed
subscription revenue from increases in ARPU per RGU and the average
number of subscribers and (2) B2B service revenue, driven by growth in
SOHO RGUs. -
Liberty Puerto Rico: Revenue increased by
$77 million to $94 million in the fourth quarter of 2018, driven by
the favorable comparison against the prior-year quarter and our strong
recovery from the 2017 hurricanes.
Operating Loss
-
Operating loss was $385 million and $247 million in Q4 2018 and Q4
2017, respectively, and $24 million and $163 million for the year
ended December 31, 2018 and 2017, respectively.-
Operating loss increased during Q4 2018, as compared with Q4 2017,
primarily due to a goodwill impairment charge of $608 million in
our Panama operations resulting from a significant increase in
competition, particularly with respect to the prepaid mobile
business. This negative impact was partially offset by improvement
in OCF, as further discussed below. -
Operating loss declined for the year ended December 31, 2018, as
compared with 2017, primarily due to improvement in OCF, as
further discussed below, and a decrease in impairment,
restructuring and other operating items, net. During 2017, we
incurred impairment charges of $678 million mostly due to the 2017
Hurricanes and greater than expected impacts of competition in
certain of C&W’s markets.
-
Operating loss increased during Q4 2018, as compared with Q4 2017,
Operating Cash Flow Highlights
The following table presents (i) OCF of each of our reportable segments
and our corporate category for the comparative periods and (ii) the
percentage change from period to period on both a reported and rebased
basis:
| Three months ended | Increase | Year ended |
Increase/
(decrease) |
||||||||||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||||||||||||
| 2018 | 2017 | % | Rebased % | 2018 | 2017 | % | Rebased % | ||||||||||||||||||||||||||||
| in millions, except % amounts | |||||||||||||||||||||||||||||||||||
| C&W | $ | 236.5 | $ | 211.4 | 11.9 | 11.1 | $ | 915.7 | $ | 861.8 | 6.3 | 5.0 | |||||||||||||||||||||||
| VTR/Cabletica | 110.9 | 101.4 | 9.4 | 6.7 | 421.1 | 383.3 | 9.9 | 6.1 | |||||||||||||||||||||||||||
| Liberty Puerto Rico | 92.1 | (12.1 | ) | N.M. | N.M. | 195.8 | 132.6 | 47.7 | 48.1 | ||||||||||||||||||||||||||
| Corporate | (11.2 | ) | (9.7 | ) | 15.5 | 15.5 | (46.1 | ) | (25.1 | ) | 83.7 | 83.7 | |||||||||||||||||||||||
| Total | $ | 428.3 | $ | 291.0 | 47.2 | 45.2 | $ | 1,486.5 | $ | 1,352.6 | 9.9 | 8.0 | |||||||||||||||||||||||
| OCF Margin | 45.2 | % | 34.2 | % | 40.1 | % | 37.7 | % | |||||||||||||||||||||||||||
N.M. – Not Meaningful.
-
Our reported OCF for the three months and year ended December 31, 2018
increased by 47% and 10%, respectively.-
Reported OCF growth in Q4 2018 was primarily driven by (1) the OCF
impact of insurance settlements, totaling $64 million, and (2) the
favorable comparison against the prior-year quarter and strong
recovery from the 2017 hurricanes driving $55 million of the
overall increase at Liberty Puerto Rico. -
Reported OCF growth for FY 2018 was primarily driven by (1) the
OCF impact of insurance settlements, totaling $64 million, (2)
organic growth at C&W and VTR/Cabletica, (3) $11 million received
by Liberty Puerto Rico from the FCC and (4) an increase of $10
million related to the acquisition of Cabletica.
-
Reported OCF growth in Q4 2018 was primarily driven by (1) the OCF
Q4 2018 Rebased OCF Growth – Segment Highlights
-
C&W: Rebased OCF growth of 11% was
driven by insurance settlements of $13 million and a net decrease in
costs, including lower content costs associated with (i) the impact of
a $5 million charge during Q4 2017 resulting from the reassessment of
certain content accruals and (ii) savings from renegotiated contracts.
-
VTR/Cabletica: Delivered rebased OCF
growth of 7%, mainly driven by the aforementioned revenue growth,
which was partially offset by a net increase in costs, including
higher content expenses. -
Liberty Puerto Rico: The year-over-year
increase of $104 million was primarily driven by our strong recovery
from the 2017 Hurricanes and the insurance settlements resulting in a
$49 million benefit to OCF. -
Corporate: The increase in corporate
costs was primarily attributable to incremental costs associated with
being a separate public company, including increases in personnel
costs and professional services.
Net Loss Attributable to Shareholders
-
Net loss attributable to shareholders was $233 million and $401
million for the three months ended December 31, 2018 and 2017,
respectively, and $345 million and $778 million for the year ended
December 31, 2018 and 2017, respectively.
Property and Equipment Additions and Capital Expenditures
The table below highlights the categories of the property and equipment
additions for the indicated periods and reconciles those additions to
the capital expenditures that are presented in the consolidated
statements of cash flows included in our Form 10-K.
| Three months ended | Year ended | |||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
| in millions, except % amounts | ||||||||||||||||||||
| Customer Premises Equipment | $ | 56.5 | $ | 60.3 | $ | 264.0 | $ | 285.0 | ||||||||||||
| New Build & Upgrade | 31.5 | 83.6 | 208.6 | 178.8 | ||||||||||||||||
| Capacity | 34.8 | 29.6 | 104.9 | 87.7 | ||||||||||||||||
| Baseline | 41.1 | 61.9 | 110.0 | 134.5 | ||||||||||||||||
| Product & Enablers | 24.6 | 37.8 | 82.4 | 90.7 | ||||||||||||||||
| Cabletica | 1.5 | — | 1.5 | — | ||||||||||||||||
| Property and equipment additions | 190.0 | 273.2 | 771.4 | 776.7 | ||||||||||||||||
| Assets acquired under capital-related vendor financing arrangements | (13.5 | ) | (7.7 | ) | (53.9 | ) | (54.9 | ) | ||||||||||||
| Assets acquired under capital leases | (0.3 | ) | (0.5 | ) | (3.9 | ) | (4.2 | ) | ||||||||||||
| Changes in current liabilities related to capital expenditures | 7.2 | (73.2 | ) | 62.8 | (78.3 | ) | ||||||||||||||
| Capital expenditures1 | $ | 183.4 | $ | 191.8 | $ | 776.4 | $ | 639.3 | ||||||||||||
| Property and equipment additions as % of revenue | 20.0 | % | 32.1 | % | 20.8 | % | 21.6 | % | ||||||||||||
| Property and Equipment Additions of our Reportable Segments: | ||||||||||||||||||||
| C&W | $ | 116.4 | $ | 151.2 | $ | 378.7 | $ | 431.8 | ||||||||||||
| VTR/Cabletica | 49.8 | 55.4 | 214.7 | 212.7 | ||||||||||||||||
| Liberty Puerto Rico | 22.4 | 66.6 | 161.9 | 132.2 | ||||||||||||||||
| Corporate | 1.4 | — | 16.1 | — | ||||||||||||||||
| Property and equipment additions | $ | 190.0 | $ | 273.2 | $ | 771.4 | $ | 776.7 | ||||||||||||
| 1. |
The capital expenditures that we report in our consolidated statements of cash flows do not include amounts that are financed under capital-related vendor financing or capital lease arrangements. Instead, these amounts are reflected as non-cash additions to our property and equipment when the underlying assets are delivered and as repayments of debt when the principal is repaid. |
|
Segment Highlights
-
C&W: Property and equipment additions of $116 million represented 20%
of revenue in Q4, a reduction compared to 26% in the prior-year period
and 16% of revenue in FY 2018 compared to 19% in FY 2017.-
During 2018, we completed the restoration of damaged networks in
markets impacted by the 2017 Hurricanes, spending $34 million
(bringing the total restoration to $47 million). -
In 2018, new build and upgrade initiatives delivered approximately
165,000 new or upgraded homes. Looking ahead, we expect to
continue our new build and upgrade program in 2019, with an
estimated 225,000 homes to be either added or upgraded.
-
During 2018, we completed the restoration of damaged networks in
-
VTR/Cabletica: Property and equipment additions of $50 million
represented 18% of revenue in Q4, a reduction compared to 22% in the
prior-year period and 21% of revenue in FY 2018 compared to 22% in FY
2017.-
In 2018, new build and upgrade initiatives delivered approximately
150,000 either new or upgraded homes in Chile. Looking ahead, we
expect to continue our new build and upgrade program in 2019, with
an estimated 150,000 homes to be either added or upgraded at VTR.
-
In 2018, new build and upgrade initiatives delivered approximately
-
Liberty Puerto Rico: Property and equipment additions of $22
million represented 24% of revenue in Q4, a reduction compared to the
prior-year period, and 48% of revenue in FY 2018 compared to 41% in FY
2017.-
During 2018, we completed the restoration of our damaged network
impacted by the 2017 Hurricanes, spending $92 million (bringing
the total restoration to $142 million). -
Looking ahead, we expect to restart our new build program in 2019,
with an estimated 25,000 homes to be added.
-
During 2018, we completed the restoration of our damaged network
Leverage and Liquidity (at December 31, 2018)
-
Total principal amount of debt and capital leases:
$6,724 million. -
Leverage ratios: Consolidated gross and
net leverage ratios of 4.2x and 3.8x, respectively. These ratios were
calculated on a latest two quarters annualized (“L2QA”) basis and
therefore include the $64 million of positive contribution from the
insurance settlements of Hurricanes Irma, Maria and Matthew in Q4
2018. This contribution decreased our gross and net leverage ratios by
approximately 0.4x. -
Average debt tenor5: 5.6
years, with approximately 93% not due until 2022 or beyond. -
Borrowing costs: Blended, fully-swapped
borrowing cost of our debt was approximately 6.5%. -
Cash and borrowing availability: $631
million of cash and $1,043 million of aggregate unused
borrowing capacity6 under our credit facilities.
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 with respect to our strategies, financial
performance, operational momentum, future growth prospects, growth rates
in our markets, and opportunities, including inorganic growth
opportunities and the potential benefits from such opportunities; our
expectations with respect to subscribers, customer data usage, revenue,
ARPU per RGU, OCF and Adjusted FCF; statements regarding the
development, enhancement, and expansion of, our superior networks
(including our plans to deliver new or upgraded homes in 2019 and our
plans to expand LTE coverage and usage) and the anticipated impacts of
such activity; statements regarding the deployment of digital
technologies to enhance experience and reduce customer friction; our
estimates of future P&E additions and operating expenditures, each as a
percentage of revenue; statements regarding the establishment of a new
Operations Center in Panama; 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, the ability and cost to restore
networks in the markets impacted by hurricanes; 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; 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. 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 telecommunications company operating
in over 20 countries across Latin America and the Caribbean under the
consumer brands VTR, Flow, Liberty, Más Móvil, BTC 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.
Contacts
Liberty Latin America
Investor Relations
Kunal Patel,
+1 786 274 7552
or
Corporate Communications
Claudia
Restrepo, +1 786 218 0407