Reported revenue growth of 5% to $1.2 billion, 1% higher on a rebased basis

Record mobile postpaid additions of 121,000

>160,000 homes passed or upgraded; 99% fiber-to-the-home

Puerto Rico and Costa Rica integration programs on-track

Acceleration of share buyback activity; >$55 million in quarter

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 (“Q1”) ended March 31, 2022.

CEO Balan Nair commented, “We have made good progress against a number of our key operational objectives in the first quarter. Of note, we delivered record mobile postpaid growth, grew our fixed subscriber base, continued to expand our high-speed networks and progressed business integrations in Puerto Rico and Costa Rica.”

“Our sales initiatives and focus on delivering innovative offerings drove our best ever quarter of mobile postpaid additions with over 120,000 new subscribers. The residential fixed business was led by strong performances in Costa Rica, Puerto Rico and Panama. We continued to see a challenging environment in Chile where we reported net RGU losses over the quarter, however the launch of aggressive new offers in March drove record gross additions in the month.”

“With respect to our inorganic strategy, we continue to make good progress with the integrations of AT&T’s Puerto Rico and USVI operations and Telefónica’s Costa Rica assets, each of which we expect to drive significant synergies in the coming years. In addition, we are on-track to complete the transactions announced in Panama and Chile during H1 and H2, respectively.”

“Overall, we have had a steady start to the year and anticipate building operational and financial momentum through 2022. We remain confident in our medium-term outlook and accelerated our buyback activity in the first quarter, repurchasing over $55 million of our shares.”

Business Highlights

  • C&W Caribbean & Networks: solid financial start to year

    • Record mobile postpaid adds driven by sales initiatives, including converged offerings
    • Reported and rebased Adj. OIBDA growth of 6% and 8%, respectively
  • C&W Panama: robust fixed and mobile postpaid operating momentum

    • Fixed RGU adds of 24,000 up 136% YoY
    • Best ever mobile postpaid adds of 28,000
  • Liberty Puerto Rico: continued operating momentum; focus on integration

    • Robust fixed adds driven by broadband, significant mobile adds driven by postpaid
    • Integration and synergy realization on-track
  • VTR: performance continues to be challenged in LLA’s most competitive market

    • Aggressive price plans impacted ARPU; broadly stabilized broadband RGUs in March
    • JV agreed with América Móvil in Phase II of regulatory process, expect completion in H2
  • Costa Rica: record fixed and mobile subscriber additions; strong financial performance

    • 100,000 mobile subscribers and 16,000 fixed RGUs added
    • Reported and rebased Adj. OIBDA growth of 114% and 24%, respectively

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

 

Q1 2022

 

Q1 2021

 

YoY Growth / (Decline)

 

YoY Rebase Growth / (Decline)1

(USD in millions)

 

 

 

 

 

 

 

 

Revenue

 

$

1,219

 

 

$

1,165

 

 

5

%

 

1

%

Adjusted OIBDA2

 

$

440

 

 

$

449

 

 

(2

%)

 

(2

%)

Operating income

 

$

188

 

 

$

181

 

 

4

%

 

 

Property & equipment additions

 

$

175

 

 

$

152

 

 

15

%

 

 

As a percentage of revenue

 

 

14

%

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted FCF3

 

$

(57

)

 

$

58

 

 

 

 

 

Cash provided by operating activities

 

$

122

 

 

$

204

 

 

 

 

 

Cash used by investing activities

 

$

(189

)

 

$

(126

)

 

 

 

 

Cash provided (used) by financing activities

 

$

(78

)

 

$

333

 

 

 

 

 

Operating Highlights4

 

Q1 2022

 

Q1 2021

 

YoY Growth

Total Customers

 

3,227,600

 

 

3,217,400

 

—

%

Organic customer additions (losses)

 

(7,900

)

 

12,800

 

 

Fixed RGUs

 

6,453,300

 

 

6,262,300

 

3

%

Organic RGU additions

 

3,200

 

 

76,000

 

 

Organic internet additions

 

13,700

 

 

34,000

 

 

Mobile subscribers*

 

7,590,000

 

 

4,506,200

 

68

%

Organic mobile additions

 

49,700

 

 

54,900

 

 

Organic postpaid additions

 

121,100

 

 

8,100

 

 

*

 

Q1 2022 figures include mobile subscribers and ARPU related to operations in Costa Rica, which were acquired on August 9, 2021 and are therefore not included in Q1 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)

 

March 31,

 

 

 

2022

 

 

 

2021

 

 

%

 

Rebased %

 

in millions, except % amounts

 

 

 

 

 

 

 

 

C&W Caribbean & Networks

$

444.9

 

 

$

429.8

 

 

4

 

 

5

 

C&W Panama

 

127.2

 

 

 

127.3

 

 

—

 

 

—

 

Liberty Puerto Rico

 

369.3

 

 

 

361.3

 

 

2

 

 

1

 

VTR

 

170.8

 

 

 

210.3

 

 

(19

)

 

(9

)

Costa Rica

 

107.4

 

 

 

36.2

 

 

197

 

 

9

 

Corporate

 

5.6

 

 

 

5.4

 

 

4

 

 

4

 

Eliminations

 

(6.5

)

 

 

(5.1

)

 

N.M.

 

 

N.M.

 

Total

$

1,218.7

 

 

$

1,165.2

 

 

5

 

 

1

 

 

N.M. – Not Meaningful.

  • Our reported revenue for the three months ended March 31, 2022 increased by 5%.

    • Reported revenue growth in Q1 2022 was driven by (1) $72 million from the acquisition of Telefónica’s Costa Rica operations on August 9, 2021, (2) organic growth across C&W Caribbean & Networks and Liberty Puerto Rico, (3) organic declines at VTR and (4) a net foreign exchange (“FX”) impact of $(29) million.

Q1 2022 Revenue Growth – Segment Highlights

  • C&W Caribbean & Networks: revenue increased by 4% on a reported basis and 5% on a rebased basis.

    • Fixed residential revenue grew by 4% on a reported basis and 5% on a rebased basis, as compared to the prior-year period. Our performance was driven by volume growth, as new build / upgraded homes and continued residential demand for our products led to strong subscriber additions over the past twelve months.
    • Mobile revenue was 7% higher on a reported basis and 8% 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 2% and 4% higher on a reported and rebased basis, respectively, as compared to the prior-year period. Performance was driven by higher project-related revenue, and growth in fixed internet and mobile subscription services. This growth was partly offset by declines in subsea revenue year-over-year as increased demand for telecommunications capacity on our networks was more than offset by a $4 million net negative impact from IRU accelerations, largely in Q1 2021.
  • C&W Panama: revenue was flat on a reported and rebased basis.

    • Fixed residential revenue was 9% higher on a reported and rebased basis. Growth was driven by increased subscribers, as we added 75,000 RGUs over the past twelve months, with traction from our high-speed data and video propositions.
    • Mobile revenue decreased by 3% on a reported and rebased basis. The decline was driven by reduced prepaid subscription revenue as growth in subscribers over the last twelve months was more than offset by lower ARPU from prepaid mobile services, mainly attributable to lower recharging activity. This decline was partly offset by strength in postpaid subscription revenue, which was up 25% year-over-year, driven by subscriber growth, mainly due to successfully migrating customers from prepaid to postpaid.
    • B2B revenue was 2% lower on a reported and rebased basis, as growth in fixed and mobile recurring revenue was offset by lower government project-related revenue.
  • Liberty Puerto Rico: revenue grew by 2% and 1% on a reported and rebased basis, respectively. Fixed revenue grew strongly, driven by subscriber growth as we added 59,000 RGUs over the last twelve months. This was partly offset by mobile, which was lower overall, as stable subscription revenue was more than offset by a $7 million reduction in equipment revenue and $3 million decline in inbound roaming revenue as compared to the prior-year period.
  • VTR: revenue was 19% and 9% lower on a reported and rebased basis, respectively. Competitive pressures have led to declines in ARPU and subscriber levels over the last twelve months, negatively impacting year-over-year performance. Strategic initiatives implemented in the first quarter, including aggressively priced commercial propositions, improved gross subscriber additions, however, also contributed to lower ARPU.
  • Costa Rica: revenue grew by 197% and 9% on a reported and rebased basis, respectively. Reported performance benefited from the inclusion of Telefónica’s Costa Rica operations in the quarter. The strong rebased growth was driven by increased customers across both our mobile and fixed businesses, year-over-year.

Operating Income

  • Operating income was $188 million and $181 million for the three months ended March 31, 2022 and 2021, respectively.

    • We reported higher operating income during Q1 2022, as compared with the corresponding period during 2021, primarily due to a decrease 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

 

 

 

 

 

March 31,

 

Increase (decrease)

 

 

2022

 

 

 

2021

 

 

%

 

Rebased %

 

in millions, except % amounts

 

 

 

 

 

C&W Caribbean & Networks

$

192.5

 

$

181.3

 

6

 

8

 

C&W Panama

 

40.5

 

 

44.0

 

(8

)

(8

)

Liberty Puerto Rico

 

144.3

 

 

149.9

 

(4

)

(4

)

VTR

 

46.5

 

 

70.5

 

(34

)

(26

)

Costa Rica

 

30.2

 

 

14.1

 

114

 

24

 

Corporate

 

(13.8

)

 

(10.5

)

(31

)

(31

)

Total

$

440.2

 

$

449.3

 

(2

)

(2

)

 

 

 

 

 

Operating income margin

 

15.5

%

 

15.5

%

 

 

 

 

 

 

 

Adjusted OIBDA margin

 

36.1

%

 

38.6

%

 

 

  • Our reported Adjusted OIBDA for the three months ended March 31, 2022 decreased by 2%.

    • Reported Adjusted OIBDA was lower in Q1 2022, driven by an organic decline in VTR. This decline was partially offset by the addition of $17 million contributed by operations acquired from Telefónica in Costa Rica and organic growth at C&W Caribbean & Networks.

Q1 2022 Adjusted OIBDA Growth – Segment Highlights

  • C&W Caribbean and Networks: Adjusted OIBDA increased on a reported and rebased basis by 6% and 8%, respectively, driven by the aforementioned rebased revenue growth. Our reported Adjusted OIBDA margin improved by 110 basis points to 43.3% despite increased direct costs mainly due to project-related B2B activity, and a rise in other operating costs and expenses, which were driven in part by higher utility costs.
  • C&W Panama: Adjusted OIBDA was 8% lower on a reported and rebased basis. The decline was driven by higher other operating costs and expenses, primarily due to higher commission and staff costs related to sales activities.
  • Liberty Puerto Rico: Adjusted OIBDA declined by 4% on a reported and rebased basis. Rebased Adjusted OIBDA was lower as revenue growth was more than offset by increased costs, including costs related to personnel, equipment and integration.
  • VTR: Adjusted OIBDA declined on a reported and rebased basis by 34% and 26%, respectively. The rebased decline was driven by the aforementioned decrease in revenue. Direct and other operating costs were broadly flat year-over-year, as savings across a number of areas were offset by: (i) increased programming costs related to higher basic content costs and a settlement associated with a programming contract, and (ii) higher commercial costs, primarily due to the return of the Lollapalooza music festival, which had been postponed for the prior two years. As a result of the aforementioned settlement, we have lowered the costs of our video packages and now have the ability to create skinnier bundles.
  • Costa Rica: Adjusted OIBDA grew by 114% and 24%, on a reported and rebased basis, respectively. Reported growth benefited from the inclusion of Telefónica’s Costa Rica operations in the quarter. Our rebased performance was impacted by the aforementioned rebased revenue growth and margin improvement driven by the acquired operations, partly offset by $2 million of additional integration costs, as compared to the prior-year period.

Net Earnings Attributable to Shareholders

  • Net earnings attributable to shareholders was $84 million and $89 million for the three months ended March 31, 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

 

March 31,

 

 

2022

 

 

2021

 

 

USD in millions

 

 

 

Customer Premises Equipment

$

82.8

 

$

73.6

 

New Build & Upgrade

 

30.1

 

 

25.5

 

Capacity

 

24.6

 

 

17.1

 

Baseline

 

25.0

 

 

26.9

 

Product & Enablers

 

12.9

 

 

9.3

 

Property & equipment additions

 

175.4

 

 

152.4

 

Assets acquired under capital-related vendor financing arrangements

 

(31.9

)

 

(18.8

)

Changes in current liabilities related to capital expenditures

 

21.2

 

 

2.0

 

Capital expenditures

$

164.7

 

$

135.6

 

 

Property & equipment additions as % of revenue

 

14.4

%

 

13.1

%

 

Property & Equipment Additions:

 

 

C&W Caribbean & Networks

$

51.6

 

$

49.6

 

C&W Panama

 

15.0

 

 

10.7

 

Liberty Puerto Rico

 

44.5

 

 

33.7

 

VTR

 

44.7

 

 

46.7

 

Costa Rica

 

9.9

 

 

7.3

 

Corporate

 

9.7

 

 

4.4

 

Property & equipment additions

$

175.4

 

$

152.4

 

 

Property & Equipment Additions as a Percentage of Revenue by Reportable Segment:

 

 

C&W Caribbean & Networks

 

11.6

%

 

11.5

%

C&W Panama

 

11.8

%

 

8.4

%

Liberty Puerto Rico

 

12.0

%

 

9.3

%

VTR

 

26.2

%

 

22.2

%

Costa Rica

 

9.2

%

 

20.2

%

 

New Build and Homes Upgraded by Reportable Segment:

 

 

C&W Caribbean & Networks

 

36,300

 

 

21,000

 

C&W Panama

 

44,300

 

 

21,500

 

Liberty Puerto Rico

 

7,400

 

 

2,100

 

VTR

 

65,000

 

 

76,700

 

Costa Rica

 

13,700

 

 

6,600

 

Total

 

166,700

 

 

127,900

 

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 March 31, 2022:

 

Debt

 

Finance lease obligations

 

Debt and

finance lease obligations

 

Cash and cash equivalents

 

in millions

 

 

 

 

 

 

 

 

Liberty Latin America1

$

403.8

 

$

1.0

 

$

404.8

 

 

$

162.5

 

C&W2

 

4,286.7

 

 

—

 

 

4,286.7

 

 

 

541.3

 

Liberty Puerto Rico

 

2,601.0

 

 

6.5

 

 

2,607.5

 

 

 

103.6

 

VTR3

 

1,529.1

 

 

—

 

 

1,529.1

 

 

 

98.9

 

Costa Rica

 

404.1

 

 

4.3

 

 

408.4

 

 

 

17.1

 

Total

$

9,224.7

 

$

11.8

 

$

9,236.5

 

 

$

923.4

 

 

 

 

 

 

 

 

 

Consolidated Leverage and Liquidity Information:

 

March 31,
2022

 

December 31,
2021

 

 

 

 

 

 

 

 

Consolidated debt and finance lease obligations to operating income (loss) ratio

 

(20.4)x

 

(16.6)x

Consolidated net debt and finance lease obligations to operating income (loss) ratio

 

(18.3)x

 

(14.7)x

Consolidated gross leverage ratio4

 

5.1x

 

5.0x

Consolidated net leverage ratio4

 

4.6x

 

4.4x

Average debt tenor5

 

5.7 years

 

5.9 years

Fully-swapped borrowing costs

 

5.9%

 

5.8%

Unused borrowing capacity (in millions)6

 

$1,231.3

 

$1,211.6

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 of the VTR borrowing group, which are classified as held for sale on our March 31, 2022 condensed consolidated balance sheet. The cash and cash equivalents amount also includes $67 million that is included in assets held for sale on our March 31, 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 March 31, 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 March 31, 2022 compliance reporting requirements.

Quarterly Subscriber Variance

 

Fixed and Mobile Subscriber Variance Table — March 31, 2022 vs December 31, 2021

 

Homes

Passed

 

Two-way

Homes

Passed

 

Fixed-line Customer Relationships

 

Video RGUs

 

Internet

RGUs

 

Telephony

RGUs

 

Total

RGUs

 

 

Prepaid

 

Postpaid

 

Total Mobile Subscribers

 

 

 

 

 

C&W Caribbean & Networks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jamaica

8,800

 

8,800

 

(5,700

)

 

(1,600

)

 

(3,800

)

 

(2,700

)

 

(8,100

)

 

 

(2,700

)

 

6,100

 

 

3,400

 

The Bahamas

—

 

—

 

(1,400

)

 

200

 

 

700

 

 

(700

)

 

200

 

 

 

(1,700

)

 

(1,200

)

 

(2,900

)

Trinidad and Tobago

200

 

200

 

200

 

 

800

 

 

200

 

 

2,600

 

 

3,600

 

 

 

—

 

 

—

 

 

—

 

Barbados

—

 

—

 

300

 

 

500

 

 

800

 

 

—

 

 

1,300

 

 

 

100

 

 

1,600

 

 

1,700

 

Other1

—

 

—

 

(4,900

)

 

100

 

 

(600

)

 

(300

)

 

(800

)

 

 

(1,900

)

 

8,200

 

 

6,300

 

Total C&W Caribbean & Networks

9,000

 

9,000

 

(11,500

)

 

—

 

 

(2,700

)

 

(1,100

)

 

(3,800

)

 

 

(6,200

)

 

14,700

 

 

8,500

 

C&W Panama

17,100

 

17,100

 

7,300

 

 

7,200

 

 

9,100

 

 

7,300

 

 

23,600

 

 

 

(112,100

)

 

28,400

 

 

(83,700

)

Total C&W

26,100

 

26,100

 

(4,200

)

 

7,200

 

 

6,400

 

 

6,200

 

 

19,800

 

 

 

(118,300

)

 

43,100

 

 

(75,200

)

Liberty Puerto Rico

3,200

 

3,200

 

5,300

 

 

1,300

 

 

8,000

 

 

3,100

 

 

12,400

 

 

 

(8,400

)

 

38,600

 

 

30,200

 

VTR

64,400

 

65,000

 

(15,700

)

 

(22,900

)

 

(9,200

)

 

(12,600

)

 

(44,700

)

 

 

(900

)

 

(4,700

)

 

(5,600

)

Costa Rica

10,200

 

10,200

 

6,700

 

 

1,800

 

 

8,500

 

 

5,400

 

 

15,700

 

 

 

56,200

 

 

44,100

 

 

100,300

 

Total Organic Change

103,900

 

104,500

 

(7,900

)

 

(12,600

)

 

13,700

 

 

2,100

 

 

3,200

 

 

 

(71,400

)

 

121,100

 

 

49,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q1 2022 Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C&W C&N – Other1

5,100

 

5,100

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

—

 

Liberty Puerto Rico2

—

 

—

 

9,100

 

 

—

 

 

9,100

 

 

—

 

 

9,100

 

 

 

—

 

 

—

 

 

—

 

Total Q1 2022 Adjustments

5,100

 

5,100

 

9,100

 

 

—

 

 

9,100

 

 

—

 

 

9,100

 

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Adds

109,000

 

109,600

 

1,200

 

 

(12,600

)

 

22,800

 

 

2,100

 

 

12,300

 

 

 

(71,400

)

 

121,100

 

 

49,700

 

1.

C&W Caribbean & Networks Other’s non-organic adjustment relates to the identification of additional homes passed during the process of upgrading certain parts of the network.

2.

Liberty Puerto Rico’s non-organic adjustment relates to the acquisition of Broadband VI, LLC effective December 31, 2021.

ARPU per Customer Relationship

The following table provides ARPU per customer relationship for the indicated periods:

 

Three months ended March 31,

 

 

 

FX-Neutral1

 

 

2022

 

 

2021

 

% Change

 

% Change

 

 

 

 

 

 

 

 

Reportable Segment:

 

 

 

 

 

 

 

C&W Caribbean & Networks

$

49.08

 

$

48.46

 

1.3

%

 

2.7

%

C&W Panama

$

38.82

 

$

37.86

 

2.5

%

 

2.5

%

Liberty Puerto Rico

$

77.64

 

$

77.83

 

(0.2

%)

 

(0.2

%)

VTR2

$

37.87

 

$

43.55

 

(13.0

%)

 

(2.9

%)

Costa Rica3

$

40.81

 

$

42.79

 

(4.6

%)

 

0.4

%

Cable & Wireless Borrowing Group

$

47.05

 

$

46.47

 

1.2

%

 

2.4

%

Mobile ARPU

The following table provides ARPU per mobile subscriber for the indicated periods:

 

Three months ended March 31,

 

 

 

FX-Neutral1

 

 

2022

 

 

2021

 

% Change

 

% Change

 

 

 

 

 

 

 

 

Reportable Segment:

 

 

 

 

 

 

 

C&W Caribbean & Networks

$

13.96

 

$

14.18

 

(1.6

%)

 

0.1

%

C&W Panama

$

8.57

 

$

9.93

 

(13.7

%)

 

(13.8

%)

Liberty Puerto Rico

$

45.72

 

$

44.68

 

2.3

%

 

2.3

%

VTR4

$

12.43

 

$

15.94

 

(22.0

%)

 

(12.9

%)

Costa Rica5

$

5.53

 

$

—

 

N.M.

 

 

N.M.

 

Cable & Wireless Borrowing Group

$

11.38

 

$

12.19

 

(6.6

%)

 

(5.6

%)

N.M. – Not Meaningful.

1.

 

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.

2.

 

The ARPU per customer relationship amounts in Chilean pesos for the three months ended March 31, 2022 and 2021 are CLP 30,618 and CLP 31,528, respectively.

3.

 

The ARPU per customer relationship amounts in Costa Rican colones for the three months ended March 31, 2022 and 2021 are CRC 26,318 and CRC 26,203, respectively.

4.

 

The mobile ARPU amounts in Chilean pesos for the three months ended March 31, 2022 and 2021 are CLP 10,055 and CLP 11,542, respectively.

5.

 

The mobile ARPU amount in Costa Rican colones for the three months ended March 31, 2022 is CRC 3,565.

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 objectives, performance, guidance and growth expectations for 2022; our digital strategy, product innovation and commercial plans and projects; 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 and in Costa Rica following the acquisition of Telefónica’s Costa Rica business; the timing and impact of the acquisition of América Móvil’s Panama operations and the formation of a joint venture with América Móvil in Chile; the strength of our balance sheet and tenor of our debt; our share repurchase program; 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 América Móvil’s Panama operations and the formation of a joint venture with América Móvil in Chile; 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.

Contacts

Investor Relations
Kunal Patel

ir@lla.com

Corporate Communications
Claudia Restrepo

llacommunications@lla.com

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