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FEBRUARY 2025 Part of Liberty Latin America 1
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LLA PURPLE SLIDES – HR USE “SAFE HARBOR” FORWARD-LOOKING STATEMENTS & DISCLAIMER This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance, growth expectations; our digital strategy, product innovation and commercial plans and projects; expectations on demand for connectivity in the region; the recovery of our Puerto Rico operations; the timing, benefits and expected impact of the transaction with Tigo Costa Rica; 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 the transaction with Tigo Costa Rica; 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 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 presentation. 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. INFORMATION RELATING TO DEFINED TERMS Please refer to the Appendix at the end of this presentation, as well as our SEC filings, for the definitions of the following terms which may be used herein including: Rebased Growth, Adjusted Operating Income Before Depreciation and Amortization (“Adjusted OIBDA”), Adjusted Free Cash Flow (“Adjusted FCF”), Revenue Generating Units (“RGUs”), as well as non-GAAP reconciliations, where applicable. 2LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025 FORWARD-LOOKING STATEMENT | DEFINED TERMS LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE ABOUT US 3
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LLA PURPLE SLIDES – HR USE ATTRACTIVE ORGANIC GROWTH OPPORTUNITY in both the consumer and commercial segments supported by innovative products & services SCALE BENEFITS to support Liberty Latin America’s ambitions over the next few years INORGANIC GROWTH OPPORTUNITIES across Latin America & the Caribbean INVESTMENT HIGHLIGHTS (1) ATTRACTIVE GROWTH OPPORTUNITY UNDERPINNED BY LEADING ASSETS END-TO-END COMMUNICATIONS PLATFORM leveraging the power of a market-leading sub-sea network, fixed-line networks & mobile platforms 20+ CONSUMER MARKETS 4.7 MILLION HOMES PASSED 8.1 MILLION MOBILE SUBs $4.5 BILLION REVENUE 4.0 MILLION FIXED RGUs 5 (1) Operating data as of December 31, 2024. Revenue data for the year ended December 31, 2024. 5 LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE LLA OPERATIONS ACROSS LATAM & THE CARIBBEAN (1) SUBSTANTIAL DIVERSIFICATION ACROSS BUSINESSES & GEOGRAPHIES REVENUE $1.5 BILLION $0.8 BILLION $0.4 BILLION $1.3 BILLION $0.6 BILLION $4.5 BILLION ADJUSTED OIBDA $0.6 BILLION $0.3 BILLION $0.2 BILLION $0.3 BILLION $0.2 BILLION $1.6 BILLION HOMES PASSED 1.8 MILLION 1.0 MILLION — 1.2 MILLION 0.8 MILLION 4.7 MILLION FIXED RGUs 1.7 MILLION 0.7 MILLION — 1.1 MILLION 0.6 MILLION 4.0 MILLION MOBILE SUBs 2.0 MILLION 2.0 MILLION — 0.9 MILLION 3.3 MILLION 8.1 MILLION 6 COSTA RICA PUERTO RICO (1) Operating data as of December 31, 2024. Revenue and Adjusted OIBDA data for the year ended December 31, 2024. Due to rounding, certain totals may not recalculate. LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE OR LATAM & CARIBBEAN MARKET FULL-SERVICE PROVIDER ACROSS NEARLY ALL OUR CONSUMER MARKETS OUR BRAND FIXED PRODUCTS MOBILE LARGEST COMPETITORS 7 (2) (1) LIBERTY LATIN AMERICA | FEBRUARY 2025 (1) Other mobile operators in the markets include: ATN International operating under the brand Logic in Cayman Islands, CCT in th e BVI and The Cable in St. Kitts & Nevis. (2) Other mobile operators in the markets include; Dauphin Telecom and Orange in St. Martin, Eutel in St. Eustatius and Kla in Bonaire.
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LLA PURPLE SLIDES – HR USE (1) Fixed RGUs and Mobile subscribers are reported as of December 31, 2024. Due to rounding, certain percentages may not recalculate. FIXED RGUs & MOBILE SUBSCRIBERS (1) REPORTING SEGMENT VIEW BROADBAND VIDEO TELEPHONY 36% 44% 20% 1.7M FIXED RGUs 27% 51% 22% 1.1M FIXED RGUs 37% 39% 25% 0.7M FIXED RGUs 17% 49% 35% 0.6M FIXED RGUs 82% 18% 2.0M MOBILE SUBs 22% 78% 0.9M MOBILE SUBs 78% 22% 2.0M MOBILE SUBs POSTPAID PREPAID 69% 31% 3.3M MOBILE SUBs 8 COSTA RICA PUERTO RICO LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE COSTA RICA 14% REVENUE OVERVIEW (1) DIVERSIFIED BY GEOGRAPHY & PRODUCT REVENUE BY GEOGRAPHY REVENUE BY PRODUCT MOBILE 37% FIXED B2B 32% NETWORKS & LATAM 8% 17%PANAMA PUERTO RICO 27% OTHER 20% 5% BAHAMAS JAMAICA 9% $4.5 BILLION $4.5 BILLION 29% OTHER 1% 9 LIBERTY LATIN AMERICA | FEBRUARY 2025 (1) Revenue total and revenue splits for the year ended December 31, 2024. Due to rounding, certain totals may not recalculate.
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LLA PURPLE SLIDES – HR USEREVENUE BY PRODUCT (1) REPORTING SEGMENT VIEW 30% 35% 35% $1.5 BILLION 44% 17% 40% $0.8 BILLION 41% 39% 16% 3% $1.3 BILLION 28% 12% 60% $0.6 BILLION RESIDENTIAL FIXED RESIDENTIAL MOBILE B2B SERVICE WHOLESALE OTHER 10 COSTA RICA PUERTO RICO (1) Revenue totals for the year ended December 31, 2024. Revenue splits for the year ended December 31, 2024. Due to rounding, certain totals may not recalculate. 29% 71% $0.4 BILLION LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USELIBERTY NETWORKS | ENTERPRISE MOMENTUM(1) STRONG ENTERPRISE GROWTH & CASH CONVERSION 11LIBERTY LATIN AMERICA | FEBRUARY 2025 (1) See Appendix for definitions and additional information. Due to rounding, certain percentages and totals may not recalculate. LIBERTY LATIN AMERICA | FEBRUARY 2025 119 131 277 276 58 40 FY 23 FY 24 453 447 ENTERPRISE WHOLESALE (EXCL. IRUs) IRUsIN USD MILLIONS 54% ADJUSTED OIBDA MARGIN 43% ADJ. OIBDA LESS P&E ADDs MARGIN (1)% REBASED WHOLESALE EXCL. IRUs +9% REBASED ENTERPRISE YoY REVENUE EVOLUTION KEY MESSAGES ENTERPRISE • Significant growth opportunity as attacker WHOLESALE • Non-cash IRU headwind • Progress on Manta subsea cable system in partnership with Sparkle
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LLA PURPLE SLIDES – HR USE 12 INFRASTRUCTURE | LEADING FIXED & MOBILE CAPABILITIES(1) FIXED NETWORKS CLOSE TO 100% GIGABIT-READY , 5G & COVERAGE EXPANSION FOR MOBILE FIXED NETWORK TECHNOLOGY % OF TOTAL HOMES PASSED 4.7 MILLION HOMES PASSED FTTH 43% HFC 55% OTHER 97% GIGABIT READY 2% (1) As of December 31, 2024. See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. (2) LTE in all markets besides the Cayman Islands where we offer 5G. HOMES PASSED | THOUSANDS GIGABIT-READY FIXED FOOTPRINT & MOBILE TECHNOLOGY BY MARKET +9PP YOY 95% 95% 100% 100% 99% LTE / 5G LTE / 5G LTE LTE / 5G(2) FTTH HFC OTHER PUERTO RICO PANAMA COSTA RICA JAMAICA TRINIDAD & TOBAGO BARBADOS BAHAMAS OTHER 1,192 959 828 762 342 140 126 387 98% 89% 98% LTE / 5G LTE - LTE LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USEOUR BOARD OF DIRECTORS & MANAGEMENT TEAM INDUSTRY LEADERS BOARD OF DIRECTORS MANAGEMENT TEAM JOHN MALONE DIRECTOR EMERITUS BALAN NAIR DIRECTOR MIKE FRIES EXECUTIVE CHAIRMAN CHARLIE BRACKEN DIRECTOR PAUL GOULD DIRECTOR MIRANDA CURTIS DIRECTOR BRENDAN PADDICK DIRECTOR ALFONSO DE ANGOITIA NORIEGA DIRECTOR DANIEL SANCHEZ DIRECTOR GUILLERMO PONCE SVP SOUTH-CENTRAL MARKETS ROCÍO LORENZO EDUARDO DIAZ CORONA GENERAL MANAGER LIBERTY PUERTO RICO INGE SMIDTS GENERAL MANAGER CABLE & WIRELESS CARIBBEAN 13 CHRIS NOYES CHIEF FINANCIAL OFFICER JOHN WINTER CHIEF LEGAL OFFICER RAY COLLINS SVP, INFRA. & CORPORATE STRATEGY KERRY SCOTT CHIEF PEOPLE OFFICER BALAN NAIR ERIC ZINTERHOFER ROBERTA JACOBSON DIRECTOR AAMIR HUSSAIN CHIEF TECHNOLOGY & PRODUCT OFFICER GENERAL MANAGER CABLE & WIRELESS PANAMA LIBERTY LATIN AMERICA | FEBRUARY 2025 CHIEF EXECUTIVE OFFICERDIRECTOR
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LLA PURPLE SLIDES – HR USE Q3 2024 REVIEW 14
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LLA PURPLE SLIDES – HR USE LIBERTY LATIN AMERICA | KEY MESSAGES(1) 15 (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025 STRONG PROGRESS IN C&W CARIBBEAN, C&W PANAMA & LCR; C&W CREDIT SILO MATURITIES EXTENDED >260k internet & postpaid net adds excluding LPR ~100K FIXED & MOBILE NET ADDS YoY rebased growth in C&W Caribbean, C&W Panama & LCR Liberty Puerto Rico rebuild $1.6BN FY 2024 ADJUSTED OIBDA >75% of C&W silo debt now maturing 2032 & beyond $3.3BN C&W REFINANCING COMPLETED 97% of footprint Gigabit-ready ~400K HOMES PASSED OR UPGRADED TO FTTH 1 3 42 LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE SEQUENTIAL PROGRESS; FY 2024 PERFORMANCE IMPACTED BY LPR CHALLENGES REVENUE & ADJUSTED OIBDA(1) 16 (1) See Appendix for definitions and additional information. Due to rounding, certain growth rates may not recalculate. LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025 REVENUE IN USD MILLIONS ADJUSTED OIBDA IN USD MILLIONS 1,164 1,150 Q4 23 Q4 24 REBASED (2)% REBASED (2)% FY 23 FY 24 4,511 4,457 REBASED (2)% FY 23 FY 24 1,702 1,594REBASED (7)% 432 427 Q4 23 Q4 24 1,089 1,150 Q3 24 Q4 24 +6% REPORTED +6% 403 427 Q3 24 Q4 24 REPORTED SEQUENTIAL SEQUENTIAL FY YoY FY YoY Q4 YoY Q4 YoY LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE 168 76 371 REVENUE ADJ. OIBDA P&E ADDs Q4 2024 IN USD MILLIONS PUERTO RICO REVENUE & ADJUSTED OIBDA GROWTH IN C&W CARIBBEAN, C&W PANAMA & LCR SEGMENT FINANCIAL RESULTS(1) (1) See Appendix for definitions and additional information. Due to rounding, certain percentages and growth rates may not recalculate. 17LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025 VS PY REBASED COSTA RICA 209 79 REVENUE ADJ. OIBDA 30 P&E ADDs 110 61 REVENUE ADJ. OIBDA 13 P&E ADDs 80 85 317 REVENUE ADJ. OIBDA P&E ADDs 168 67 REVENUE ADJ. OIBDA 26 P&E ADDs +6%+2% +19%+1% −%(2)% (24)%(13)% +11%+9% 21% AS % OF REVENUE AS % OF REVENUE 27% AS % OF REVENUE 12%14% AS % OF REVENUE 16% AS % OF REVENUE ADJUSTED OIBDA QUARTERLY SEQUENTIAL PERFORMANCE IN USD MILLIONS; SEQUENTIAL REPORTED GROWTH 59 61 Q3 24 Q4 24 +3%158 168 Q3 24 Q4 24 +7% 88 80 Q3 24 Q4 24 (9)% 51 67 Q3 24 Q4 24 +32% 69 79 Q3 24 Q4 24 +16% LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE FY 2024 P&E ADDITIONS AT 16% OF REVENUE; STRONG Q4 DRIVES FY 2024 ADJUSTED FCF P&E ADDITIONS & ADJUSTED FCF(1) 18 (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025 FY 2024 ADJUSTED FCFFY 2024 P&E ADDITIONS IN USD MILLIONSPERCENTAGE OF TOTAL 11% 30% 31% 14% 7% 6% $725 MILLION C&W CARIBBEAN C&W PANAMA LIBERTY NETWORKS LCRLPR LLA CORP • New Build & Upgrade, CPE & Capacity represented ~60% of FY 2024 P&E additions • Expect to decrease capital intensity in 2025 $240M Q4 24 P&E ADDITIONS • Strong Q4 offset by softer performance in previous quarters • Positioned for 2025 expansion on back of lower capital intensity $196M Q4 24 ADJ. FCF BEFORE DISTRIBUTIONS 61 116 55 ADJUSTED FCF DISTRIBUTIONS TO PARTNERS ADJUSTED FCF BEFORE DISTRIBUTIONS LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE FY 23 FY 24 41.5% 43.3% FY 23 FY 24 30.7% 35.3% FY 23 FY 24 25.2% 27.8% FY 23 FY 24 14.9% 21.6% 19 (1) See Appendix for definitions and additional information. Due to rounding, certain sums and differences may not recalculate. LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025 SIGNIFICANT IMPROVEMENTS CREATING FLYWHEEL INTO 2025; FURTHER OPPORTUNITIES IDENTIFIED EFFICIENCY GAINS | C&W CARIBBEAN & C&W PANAMA(1) +180 BPS +260 BPS +470 BPS +670 BPS 2025 COST INITIATIVES • Vendor, energy & labor optimization • Distribution & process automation • Sales channel transformation • Copper decommissioning • Capital intensity reduction ADJUSTED OIBDA MARGIN AS % OF REVENUE ADJUSTED OIBDA LESS P&E ADDS MARGIN AS % OF REVENUE LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE 2025 2026 2027 2028 2029 2030 2031 2032 2033+ 1.7 2.0 0.6 20LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025 BALANCE SHEET & LIQUIDITY POSITION(1) $3.3BN C&W REFINANCING EXTENDING SILO WEIGHTED AVERAGE LIFE OF DEBT TO 6.5 YEARS (1) See Appendix for definitions and additional information. Balance sheet and liquidity information as of December 31, 2024, adjusted to give effect to the issuance of the new 2033 Senior Notes and the incurrence of the new Term Loan B-7 in February 2025 and the application of the proceeds therefrom. (2) Consolidated leverage ratios are non-GAAP measures. For additional information, including definitions of our consolidated leverage ratios and required reconciliations, see Appendix and Non-GAAP Reconciliations. (3) Represents the weighted average life of debt, excluding vendor financing, debt related to the Tower Transactions, finance lease obligations and other debt. (4) Excludes vendor financing, debt related to the Tower Transactions and revolving credit facilities drawdowns. C&W CREDIT SILO(4)GROUP KEY METRICS IN USD BILLIONS CASH & RCF AVAILABILITY $8.2 BILLION TOTAL DEBTTOTAL DEBT 6.5 PERCENT CASHWACD 4.9x GROSS 4.5X NET LEVERAGE(2) 5.4 YEARS RCF AVAILABILITYWAL(3) $0.7 BILLION CASH • C&W issued $3.3bn new debt in the last six months, comprised of: • $1.0bn SSNs due in 2032 to redeem the $495m SSNs due in 2027 in full & $485m of the $1.2bn SNs due in 2027 • $1.5bn TL B-7 due in 2032 to repay the $1.5bn TL B-5 due in 2028 in full • $755m SNs due in 2033 to redeem the remaining $735m of SNs due in 2027 • >75% of C&W silo debt now maturing 2032 & beyond $0.8 BILLION RCF AVAILABILITY 2025 2026 2027 2028 2029 2030 2031 2032 2033+ 0.5 0.6 2.5 0.8 SEPTEMBER 2024 FEBRUARY 2025 AS ADJUSTED WAL(3) 6.5 YEARS 3.3 YEARS LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE CONCLUSIONS(1) OPERATING & CAPITAL ALLOCATION PROGRESS IN 2024; FOCUS ON LPR RECOVERY (1) See Appendix for definitions and additional information. 21LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025 OPERATIONAL PROGRESS Subscriber momentum Leveraging FMC Significant efficiency opportunity 1 LPR REBUILD Improving subscriber & churn trends Strengthen CVPs portfolio Revamping operating cost structure Focus on Adjusted OIBDA growth in 2025 2 2025 FOCUS Adjusted FCF expansion through operational & capex optimization Further improvement of leverage ratios across silos & Group Complete LCR transaction & optimize Peru investment 3 LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE APPENDIX 22
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LLA PURPLE SLIDES – HR USE ACP Affordable connectivity program. ADJUSTED OIBDA MARGIN Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. ECF Emergency Connectivity Fund. FMC Fixed-Mobile Convergence. FTTH Fiber to the home. FULLY-SWAPPED BORROWING COST OR WEIGHTED AVERAGE COST OF DEBT (“WACD”) Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations, debt related to the Tower Transactions and other debt), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. HFC Hybrid Fiber Coaxial. INTERNET (BROADBAND) RGU A home, residential multiple dwelling unit or commercial unit that receives internet services over our network. IRU Indefeasible right of use. LTE Long term evolution. 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 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. Our Liberty Puerto Rico segment prepaid subscriber count includes mobile reseller subscribers, which represent organizations that purchase minutes and data at wholesale prices and subsequently resell it under the purchaser's brand name. These reseller subscribers result in a significantly lower ARPU than the remaining subscribers included in our prepaid balance. Additionally, our Liberty Puerto Rico segment postpaid subscriber count includes CRUs, which represent 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. NPS Net promoter score. 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 Puerto Rico 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. TOWER TRANSACTIONS Transactions entered into during 2023 associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct over the next 5 years. U.S. GAAP Generally accepted accounting principles in the United States. DEFINITIONS & ADDITIONAL INFORMATION 23LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USEINFORMATION ON REBASED GROWTH 24 (1) Reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure. (2) Rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. Revenue Adjusted OIBDA Three months ended December 31, 2023 Three months ended December 31, 2023 C&W Caribbean C&W Panama Liberty Networks LPR LCR Corp. & Elim. Total C&W Caribbean C&W Panama Liberty Networks LPR LCR Corp. Total in USD millions; except for percentages Reported 366.4) 206.1) 113.5) 353.5) 148.9) (24.8) 1,163.6) 160.0) 66.7) 61.5) 103.9) 57.9) (18.1) 431.9) Acquisition —) —) —) 9.5) —) —) 9.5) —) —) —) 1.1) —) —) 1.1) Foreign currency (1.9) —) (1.3) —) 6.0) (0.2) 2.6) (0.8) —) (0.2) —) 2.2) —) 1.2) Rebased 364.5) 206.1) 112.2) 363.0) 154.9) (25.0) 1,175.7) 159.2) 66.7) 61.3) 105.0) 60.1) (18.1) 434.2) Reported % change(1) 1%) 1%) (3%) (10%) 13%) N.M. (1%) 5%) 19%) (1%) (23%) 16%) (55%) (1%) Rebased % change(2) 2%) 1%) (2%) (13%) 9%) N.M. (2%) 6%) 19%) —) (24%) 11%) (55%) (2%) 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 the current year, we have adjusted our historical revenue and Adjusted OIBDA to include an estimate of the pre-acquisition amounts of acquired businesses, to the same extent they are included in the current year. The business that we acquired impacting the comparative periods relates to the LPR Acquisition (acquisition of spectrum and prepaid subscribers in Puerto Rico and USVI from EchoStar), which was completed on September 3, 2024. In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year periods. We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), 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 this transaction had occurred on the date 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. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations. LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE Revenue Year ended December 31, 2023 C&W Caribbean C&W Panama Liberty Networks LPR LCR Corp. & Elim. Total Enterprise Wholesale (excl. IRU) IRU Total in USD millions; except for percentages Reported 1,437.0) 742.6) 118.5) 277.2) 57.6) 453.3) 1,417.7) 547.9) (87.4) 4,511.1) Acquisition —) —) —) —) —) —) 12.4) —) —) 12.4) Foreign currency (6.2) —) 2.3) 1.3) 0.4) 4.0) —) 29.2) —) 27.0) Rebased 1,430.8) 742.6) 120.8) 278.5) 58.0) 457.3) 1,430.1) 577.1) (87.4) 4,550.5) Reported % change(1) 2%) 3%) 11%) —) (31%) (1%) (11%) 12%) N.M. (1%) Rebased % change(2) 2%) 3%) 9%) (1%) (31%) (2%) (12%) 6%) N.M. (2%) INFORMATION ON REBASED GROWTH (CONT.) 25 (1) Reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure. (2) Rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. 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 the current year, we have adjusted our historical revenue and Adjusted OIBDA to include an estimate of the pre-acquisition amounts of acquired businesses, to the same extent they are included in the current year. The business that we acquired impacting the comparative periods relates to the LPR Acquisition (acquisition of spectrum and prepaid subscribers in Puerto Rico and USVI from EchoStar), which was completed on September 3, 2024. In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year periods. We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), 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 this transaction had occurred on the date 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. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations. LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE Adjusted OIBDA Year ended December 31, 2023 C&W Caribbean C&W Panama Liberty Networks LPR LCR Corp. Total in USD millions; except for percentages Reported 596.9) 227.7) 261.5) 485.5) 203.1) (73.1) 1,701.6) Acquisition —) —) —) 1.4) —) —) 1.4) Foreign currency (2.7) —) 0.7) —) 10.5) —) 8.5) Rebased 594.2) 227.7) 262.2) 486.9) 213.6) (73.1) 1,711.5) Reported % change(1) 6%) 18%) (7%) (36%) 13%) (23%) (6%) Rebased % change(2) 7%) 18%) (7%) (37%) 7%) (23%) (7%) INFORMATION ON REBASED GROWTH (CONT.) 26 (1) Reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure. (2) Rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. 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 the current year, we have adjusted our historical revenue and Adjusted OIBDA to include an estimate of the pre-acquisition amounts of acquired businesses, to the same extent they are included in the current year. The business that we acquired impacting the comparative periods relates to the LPR Acquisition (acquisition of spectrum and prepaid subscribers in Puerto Rico and USVI from EchoStar), which was completed on September 3, 2024. In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year periods. We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), 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 this transaction had occurred on the date 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. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations. LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE 27 ADJUSTED FREE CASH FLOW DEFINITION & 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) proceeds received in connection with handset receivables securitization, (iv) insurance recoveries related to damaged and destroyed property and equipment and (v) certain net interest payments or receipts incurred or received, including associated derivative instrument payments and receipts, in advance of a significant acquisition, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, (d) repayments made associated with a handset receivables securitization, and (e) distributions to noncontrolling interest owners. 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 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 periods: LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025 Three months ended Year ended December 31, 2023 December 31, 2024 December 31, 2023 December 31, 2024 in USD millions Net cash provided by operating activities 390.5) 398.6) 897.0) 756.3) Cash payments for direct acquisition and disposition costs 0.9) 2.9) 5.9) 7.9) Expenses financed by an intermediary(1) 44.6) 54.2) 176.9) 198.8) Capital expenditures, net (162.1) (163.7) (585.0) (540.4) Principal payments on amounts financed by vendors and intermediaries (74.1) (88.6) (239.0) (324.6) Principal payments on finance leases (0.3) (0.2) (1.0) (0.9) Proceeds from (repayments of) handset receivables securitization, net 18.4) (7.4) 18.4) 19.2) Adjusted FCF before distributions to noncontrolling interest owners 217.9) 195.8) 273.2) 116.3) Distributions to noncontrolling interest owners (34.2) (32.6) (75.4)) (55.1) Adjusted FCF 183.7) 163.2) 197.8) 61.2) (1) For purposes of our consolidated statements of cash flows, expenses, including value-added taxes, financed by an intermediary are treated as operating cash outflows and 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 operating cash outflows when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary. LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE Adjusted OIBDA Three months ended Year ended December 31, 2023 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024 in USD millions; except for percentages Operating income (loss) 113.0) (379.6) 127.7) 517.7) (48.3)) Share-based compensation and other Employee Incentive Plan-related expense(1) 10.9) 15.9) 25.1) 88.7) 84.0) Depreciation and amortization 302.7) 245.4) 238.4) 1,008.3) 968.3) Impairment, restructuring and other operating items, net 5.3) 521.4) 36.1) 86.9) 589.7) Adjusted OIBDA 431.9) 403.1) 427.3) 1,701.6) 1,593.7) Operating income (loss) margin(2) 9.7%) (34.9%) 11.1%) 11.5%) (1.1%) Adjusted OIBDA margin(3) 37.1%) 37.0%) 37.1%) 37.7%) 35.8%) ADJUSTED OIBDA DEFINITION & RECONCILIATION 28 On a consolidated basis, Adjusted OIBDA, a non-GAAP measure, is the primary measure used by our chief operating decision maker, or Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. As we use the term, Adjusted OIBDA is defined as operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, 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 is a meaningful measure because it represents 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 measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is 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 is presented in the following table: (1) Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee. (2) Calculated by dividing operating income by total revenue for the applicable period. (3) Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USE (1) Amount relates to restricted cash at Liberty Puerto Rico that serves as collateral against certain letters of credit associated with the funding received from the FCC to continue to expand and improve our fixed network in Puerto Rico. (2) Operating income or loss is the closest U.S. GAAP measure to Adjusted OIBDA, as discussed in Adjusted OIBDA above. Accordingly, we have presented consolidated debt and finance lease obligations to operating income and consolidated net debt and finance lease obligations to operating income as the most directly comparable financial ratios to our non-GAAP consolidated leverage and consolidated net leverage ratios. (3) Adjusted OIBDA is a non-GAAP measure. See slide 26 for reconciliations of Adjusted OIBDA to the nearest U.S. GAAP measure. 29 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 lease obligations less cash and cash equivalents and restricted cash related to debt divided by (ii) last two quarters of annualized Adjusted OIBDA. We generally use Adjusted OIBDA for the last two quarters annualized when calculating our Consolidated Leverage Ratios to maintain as much consistency as possible with the calculations established by our debt covenants included in the credit facilities or bond indentures for our respective borrowing groups, which are predominantly determined on a last two quarters annualized basis. 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, the ratios 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 December 31, 2024 are set forth below: December 31, 2024 in USD millions; except leverage ratios Total debt and finance lease obligations 8,080.2) Discounts, premiums and deferred financing costs, net 63.2) Adjusted total debt and finance lease obligations 8,143.4) Less: Cash and cash equivalents including restricted cash related to debt(1) 667.3) Net debt and finance lease obligations 7,476.1) Operating income(2): Operating income (loss) for the three months ended September 30, 2024 (379.6) Operating income (loss) for the three months ended December 31, 2024 127.7) Operating income (loss) – last two quarters (251.9) Annualized operating income (loss) – last two quarters annualized (503.8) Adjusted OIBDA(3): Adjusted OIBDA for the three months ended September 30, 2024 403.1) Adjusted OIBDA for the three months ended December 31, 2024 427.3) Adjusted OIBDA – last two quarters 830.4) Annualized Adjusted OIBDA – last two quarters annualized 1,660.8) Consolidated debt and finance lease obligations to operating income (loss) ratio (16.2x) Consolidated net debt and finance lease obligations to operating income (loss) ratio (14.8x) Consolidated leverage ratio 4.9x) Consolidated net leverage ratio 4.5x) LIBERTY LATIN AMERICA | FY 2024 INVESTOR CALL | FEBRUARY 20, 2025LIBERTY LATIN AMERICA | FEBRUARY 2025
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LLA PURPLE SLIDES – HR USEFLAG DIRECTORY Country Flags Country Flag Country Flag Country Flag Country Flag Country Flag Anguilla Cayman Islands Jamaica St. Eustatius St. Vincent & the Grenadines Antigua & Barbuda Costa Rica Montserrat St. Kitts & Nevis The Bahamas Barbados Curaçao Panama St. Lucia Trinidad and Tobago Bonaire Dominica Puerto Rico St. Maarten Turks & Caicos British Virgin Islands Grenada Saba St. Martin USVI LIBERTY LATIN AMERICA | FEBRUARY 2025 30