Liberty Communications PR Holding LP
Condensed Consolidated Financial Statements
June 30, 2022
Liberty Communications PR Holding LP
1550 Wewatta Street, Suite 710
Denver, Colorado 80202
Liberty Communications PR Holding LP
TABLE OF CONTENTS
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CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (unaudited) ...................
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and
2021 (unaudited) ................................................................................................................................................
Condensed Consolidated Statements of Partners' Capital for the Three and Six Months Ended June 30, 2022
and 2021 (unaudited) .........................................................................................................................................
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021
(unaudited) .........................................................................................................................................................
Notes to Condensed Consolidated Financial Statements (unaudited) ...................................................................
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS ...........................................................................................................................................................
GLOSSARY OF DEFINED TERMS
Unless the context requires otherwise, references to "Liberty PR", "we," "our," "our company" and "us" in this quarterly report may refer to Liberty Communications PR Holding LP or collectively to Liberty Communications PR Holding LP and its subsidiaries. We have used several other terms in this quarterly report, most of which are defined or explained below.
2021 Annual Report............................ | Annual Report for the year ended December 31, 2021 |
2026 SPV Credit Facility .................... | $1.0 billion principal amount of LIBOR + 5.0% term loan facility due October 15, |
2026 issued by LCPR Loan Financing (repaid during 2021) | |
2027 LPR Senior Secured Notes ........ | $1.2 billion aggregate principal amount 6.75% senior secured notes due October 15, |
2027 issued by LCPR Senior Secured Financing | |
2027 LPR Senior Secured Notes | $90 million principal amount issued at 102.5% of par under the existing 2027 LPR |
Add-on................................................ | Senior Secured Notes indenture |
2028 LPR Term Loan ......................... | $620 million principal amount LIBOR + 3.75% term loan facility due October 15, |
2028 issued by LCPR Loan Financing | |
2029 LPR Senior Secured Notes ........ | $820 million principal amount 5.125% senior secured notes due July 15, 2029 issued |
by LCPR Senior Secured Financing | |
Adjusted OIBDA................................. | Operating income or loss before share-based compensation, depreciation and |
amortization, related-party fees and allocations, 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. | |
ARPU ................................................... | Average monthly subscription revenue per average fixed RGU or mobile subscriber, |
as applicable | |
ASC ...................................................... | Accounting Standards Codification |
ASU ...................................................... | Accounting Standards Update |
AT&T................................................... | AT&T Inc. |
AT&T Acquired Entities.................... | Collectively, Liberty Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty |
Mobile USVI Inc. | |
AT&T Acquisition .............................. | October 31, 2020 acquisition of all of the outstanding shares of the AT&T Acquired |
Entities | |
B2B ....................................................... | Business-to-business |
B2B Disposal........................................ | The United States Department of Justice, as a condition of approval of the AT&T |
Acquisition, required us to divest certain B2B operations that were a part of our then- | |
existing operations in Puerto Rico | |
Broadband VI...................................... | Broadband VI, LLC |
Broadband VI, LLC Acquisition....... | December 31, 2021 acquisition of 96% of Broadband VI, LLC |
C&W .................................................... | Cable & Wireless Communications Limited and its subsidiaries |
Cayman Holding ................................. | LCPR Cayman Holding Inc. |
CPE....................................................... | Customer premises equipment |
FASB .................................................... | Financial Accounting Standards Board |
FCC ...................................................... | United States Federal Communications Commission |
FCPA.................................................... | United States Foreign Corrupt Practices Act of 1977, as amended |
LCPR.................................................... | Liberty Communications of Puerto Rico LLC |
LCPR Loan Financing........................ | LCPR Loan Financing LLC, a consolidated special purpose financing entity |
LCPR Senior Secured Financing....... | LCPR Senior Secured Financing Designated Activity Company, a consolidated |
special purpose financing entity | |
LCPR Ventures ................................... | LCPR Ventures LLC |
Liberty Latin America........................ | Liberty Latin America Ltd. |
Liberty Mobile..................................... | Liberty Mobile Inc. and it subsidiaries |
GLOSSARY OF DEFINED TERMS | |
Liberty PR ........................................... | Liberty Communications PR Holding LP and its subsidiaries, which include LCPR |
and, as of October 31, 2020, Liberty Mobile and its subsidiaries | |
LIBOR.................................................. | London Inter-Bank Offered Rate |
LiLAC Services ................................... | LiLAC Services Ltd. |
LiLAC Services Receivable................ | $268 million principal amount 5.125% loan due July 15, 2029 issued by LCPR |
Ventures to LiLAC Services | |
LLA Holdco ......................................... | LLA Holdco LLC |
LPR Credit Facilities .......................... | Senior secured credit facilities comprised of: (i) LPR Revolving Credit Facility; (ii) |
2028 LPR Term Loan; and (iii) at December 31, 2020, 2026 SPV Credit Facility | |
LPR Revolving Credit Facility .......... | $173 million LIBOR + 3.5% revolving credit facility due March 15, 2027 |
LPR Senior Secured Notes ................. | Senior secured notes comprised of: (i) 2029 LPR Senior Secured Notes, (ii) 2027 |
LPR Senior Secured Notes and (iii) 2027 LPR Senior Secured Notes Add-on | |
OFAC ................................................... | Office of Foreign Assets Control |
RGU...................................................... | Revenue generating unit |
Senior Secured Covenant Group....... | LCPR and LLA Holdco and its subsidiaries |
U.S. ....................................................... | United States |
U.S. GAAP ........................................... | Generally accepted accounting principles in the United States |
Weather Derivative............................. | Weather derivative contract that provides insurance coverage for certain weather- |
related events |
LIBERTY COMMUNICATIONS PR HOLDING LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30, | December 31, | ||||
2022 | 2021 | ||||
in millions | |||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents .............................................................................................................. | $ | 117.7 | $ | 157.7 | |
Trade receivables, net ..................................................................................................................... | 130.0 | 127.2 | |||
Current notes receivable, net .......................................................................................................... | 94.2 | 83.8 | |||
Other current receivables................................................................................................................ | 64.4 | 52.7 | |||
Prepaid expenses............................................................................................................................. | 29.1 | 17.8 | |||
Inventories ...................................................................................................................................... | 34.7 | 18.7 | |||
Other current assets, net.................................................................................................................. | 65.6 | 64.8 | |||
Total current assets ....................................................................................................................... | 535.7 | 522.7 | |||
Property and equipment, net.............................................................................................................. | 1,175.5 | 1,194.0 | |||
Goodwill............................................................................................................................................ | 498.7 | 498.3 | |||
Intangible assets not subject to amortization..................................................................................... | 1,592.6 | 1,592.2 | |||
Customer relationships, net ............................................................................................................... | 75.5 | 88.9 | |||
Related-partynotes receivable .......................................................................................................... | 267.6 | 257.4 | |||
Other assets, net................................................................................................................................. | 412.9 | 376.9 | |||
Total assets ............................................................................................................................. | $ | 4,558.5 | $ | 4,530.4 | |
LIABILITIES AND PARTNERS' CAPITAL | |||||
Current liabilities: | |||||
Accounts payable............................................................................................................................ | $ | 126.7 | $ | 172.4 | |
Deferred revenue ............................................................................................................................ | 58.8 | 49.4 | |||
Accrued interest.............................................................................................................................. | 37.2 | 37.0 | |||
Current portion of operating lease liabilities .................................................................................. | 26.3 | 26.7 | |||
Current portion of debt and finance lease obligations .................................................................... | 0.3 | 0.5 | |||
Other accrued and current liabilities............................................................................................... | 181.1 | 199.0 | |||
Total current liabilities.................................................................................................................. | 430.4 | 485.0 | |||
Long-termdebt and finance lease obligations................................................................................... | 2,576.0 | 2,572.2 | |||
Deferred tax liabilities ....................................................................................................................... | 466.2 | 450.7 | |||
Other long-termliabilities ................................................................................................................. | 230.0 | 244.3 | |||
Total liabilities........................................................................................................................... | 3,702.6 | 3,752.2 | |||
Commitments and contingencies | |||||
Partners' capital ................................................................................................................................. | 855.9 | 778.2 | |||
Total liabilities and partners' capital ....................................................................................... | $ | 4,558.5 | $ | 4,530.4 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Liberty Latin America Ltd. published this content on 23 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2022 20:17:12 UTC.