Liberty Latin America Ltd. · NASDAQ:LILA
Liberty Latin America — FY2023 Earnings Presentation
23 slides from Liberty Latin America's earnings presentation, Feb 23, 2024
Slide 1: Liberty Latin America FY 2023 Investor Call
LIBERTY LATIN AMERICA FY 2023 INVESTOR CALL February 23, 2024 Part of Liberty Latin America
Slide 2: Safe Harbor: Forward-Looking Statements & Defined Terms
“SAFE HARBOR” FORWARD-LOOKING STATEMENT | DEFINED TERMS FORWARD-LOOKING STATEMENTS & DISCLAIMER 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' futur
Slide 3: Agenda
AGENDA 01 | EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX Part of Liberty Latin America
Slide 4: Key Messages: Operational & Financial Growth; Focus on Integration
LIBERTY LATIN AMERICA | KEY MESSAGES(1) OPERATIONAL & FINANCIAL GROWTH; FOCUS ON INTEGRATION 1 2 3 4 +186K $1.7BN $300M >80% INTERNET EQUITY & PUERTO RICO ADJUSTED & POSTPAID CONVERTIBLE INTEGRATION OIBDA ADDS BUYBACK COMPLETE Broadband growth +6% rebased growth +80% compared to FY >800,000 subscrib
Slide 5: C&W Caribbean: Continued Momentum
C&W CARIBBEAN | CONTINUED MOMENTUM(1) ROBUST SUBSCRIBER ADDITIONS & DOUBLE-DIGIT ADJUSTED OIBDA GROWTH INTERNET RGU EVOLUTION REVENUE BY PRODUCT 2023 KEY MESSAGES & 2024 PRIORITIES INTERNET NET RGU ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS FY 2023 FIXED MOBILE B2B YoY ADDs +27 • ~100k internet and p
Slide 6: C&W Panama: Robust Performance
C&W PANAMA | ROBUST PERFORMANCE(1) B2B GROWTH & SYNERGY REALIZATION INTERNET RGU EVOLUTION REVENUE BY PRODUCT 2023 KEY MESSAGES & 2024 PRIORITIES INTERNET NET RGU ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS FY 2023 FIXED MOBILE B2B YoY ADDs +29 • Top-line growth driven by B2B & fixed performance 16% •
Slide 7: Liberty Puerto Rico: Focus on Completing Integration
LIBERTY PUERTO RICO | FOCUS ON COMPLETING INTEGRATION(1) CONTINUED STRONG FIXED PERFORMANCE; MOBILE MIGRATION PROGRESSING INTERNET RGU EVOLUTION REVENUE BY PRODUCT 2023 KEY MESSAGES & 2024 PRIORITIES INTERNET NET RGU ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS FY 2023 FIXED MOBILE B2B OTHER YoY ADDs +
Slide 8: Liberty Costa Rica: Mobile Growth
LIBERTY COSTA RICA | MOBILE GROWTH(1) STRONG POSTPAID PROGRESSION; STABLE INTERNET BASE INTERNET RGU EVOLUTION REVENUE BY PRODUCT 2023 KEY MESSAGES & 2024 PRIORITIES INTERNET NET RGU ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS FY 2023 FIXED MOBILE B2B YoY ADDs +3 • Continued FTTH deployment and focus
Slide 9: Liberty Networks: Unique Regional Footprint
LIBERTY NETWORKS | UNIQUE REGIONAL FOOTPRINT(1) GROWTH IN ENTERPRISE DRIVING TOP-LINE THIRD-PARTY MONTHLY RECURRING REVENUE(2) REVENUE BY PRODUCT 2023 KEY MESSAGES & 2024 PRIORITIES IN USD MILLIONS CAGR WHOLESALE ENTERPRISE FY 2023 FY REBASED REVENUE GROWTH ENTERPRISE • Double-digit rebased revenue
Slide 10: Strategic Vision: Priorities to Drive Growth
STRATEGIC VISION | PRIORITIES TO DRIVE GROWTH(1) PROGRESSING ACROSS THREE KEY PILLARS NETWORKS & IT COMMERCIAL CAPITAL ALLOCATION • +350k homes upgraded or • Monetization of tower passed in 2023 FMC & • Continuing to drive FMC assets GIGABIT ONGOING LOWER READINESS • >80% of network enabled for adop
Slide 11: Agenda
AGENDA 01 | EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX Part of Liberty Latin America
Slide 12: Q4 & FY 2023 Revenue & Adjusted OIBDA
Q4 & FY 2023 REVENUE & ADJUSTED OIBDA(1) STRONG ADJUSTED OIBDA GROWTH & MARGIN IMPROVEMENT REVENUE IN USD MILLIONS VTR • VTR deconsolidation from Q4 2022 (1)% —% EXCL. VTR • Claro Panama consolidated from Q3 2022 REBASED REBASED 4,809 • FY rebased growth 1% higher adjusted for 1,159 1,164 4,511 tran
Slide 13: Segment Financial Results
SEGMENT FINANCIAL RESULTS(1) DOUBLE-DIGIT REBASED ADJUSTED OIBDA GROWTH ACROSS THREE SEGMENTS PUERTO RICO COSTA RICA Q4 2023 IN USD MILLIONS 17% 17% 9% 17% 20% AS % OF AS % OF AS % OF AS % OF AS % OF REVENUE REVENUE REVENUE REVENUE REVENUE 366 354 206 160 149 114 104 61 67 34 62 61 58 29 11 REVENUE
Slide 14: Q4 & FY 2023 P&E Additions & Adjusted FCF
Q4 & FY 2023 P&E ADDITIONS & ADJUSTED FCF(1) STABLE INVESTMENT PROFILE WITH ADJUSTED FCF GROWTH FY 2023 P&E ADDITIONS FY 2023 ADJUSTED FCF PERCENTAGE OF TOTAL C&W CARIBBEAN C&W PANAMA LIBERTY NETWORKS LPR LCR LLA CORP IN USD MILLIONS 273 32% 75 198 $731 16% MILLION 30% 7% 5% 10% ADJUSTED FCF DISTRIB
Slide 15: Balance Sheet & Medium-Term Targets
BALANCE SHEET & MEDIUM-TERM TARGETS(1) POSITIONED TO CAPITALIZE ON OPPORTUNITIES KEY METRICS CASH(4) & RCF AVAILABILITY MEDIUM-TERM TARGETS (3 YEARS ENDING 2026) IN USD MILLIONS CASH RCF AVAILABILITY $8.2 1,680 1,866 MID BILLION ADJUSTED OIBDA TO TOTAL TOTAL DEBT DEBT 781 997 REBASED HIGH GROWTH SIN
Slide 16: Conclusions
CONCLUSIONS(1) FOCUS ON OPERATIONS, INTEGRATION & CAPITAL ALLOCATION TO DELIVER MEDIUM-TERM TARGETS 1 2 3 OPERATIONAL INTEGRATION & CAPITAL EXECUTION INORGANIC STRATEGY ALLOCATION Focus on customer propositions LPR & CWP integrations to be to drive volume completed in H1 Network investments Investme
Slide 17: Agenda
AGENDA 01 | EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX Part of Liberty Latin America
Slide 18: Definitions & Additional Information
DEFINITIONS & ADDITIONAL INFORMATION ADJUSTED OIBDA MARGIN REVENUE GENERATING UNIT (“RGU”) Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit ma
Slide 19: Information on Rebased Growth
INFORMATION ON REBASED GROWTH Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that comparable basis for all businesses that we owned during
Slide 20: Information on Rebased Growth
INFORMATION ON REBASED GROWTH Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that comparable basis for all businesses that we owned during
Slide 21: Adjusted Free Cash Flow Definition & Reconciliation
ADJUSTED FREE CASH FLOW DEFINITION & RECONCILIATION We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to operating activities, plus (i) cash paym
Slide 22: Adjusted OIBDA Definition & Reconciliation
ADJUSTED OIBDA DEFINITION & RECONCILIATION On a consolidated basis, Adjusted OIBDA, a non-GAAP measure, is the primary measure used by our chief trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to operating decision maker to evaluate segment
Slide 23: Consolidated Leverage Ratio Definition & Reconciliation
CONSOLIDATED LEVERAGE RATIO DEFINITION & RECONCILIATION We have set forth below our consolidated leverage and net leverage ratios. Our consolidated leverage and net leverage ratios (Consolidated Leverage Ratios), each a non-GAAP measure, are defined as (i) the principal amount of debt and finance le