Liberty Latin America : Communications PR Holding LP Interim Financial Statements - September 30, 2022

Liberty Communications PR Holding LP

Condensed Consolidated Financial Statements

September 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 September 30, 2022 and December 31, 2021 (unaudited)..........

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30,

2022 and 2021 (unaudited) ................................................................................................................................

Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2022

and 2021 (unaudited) .........................................................................................................................................

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and

2021 (unaudited) ................................................................................................................................................

Notes to Condensed Consolidated Financial Statements (unaudited) ...................................................................

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS ...........................................................................................................................................................

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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 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.
CIP........................................................	Construction-in-process
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
Hurricane Fiona..................................	Hurricane impacting our operations in Puerto Rico during September 2022
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.

	GLOSSARY OF DEFINED TERMS
Liberty Mobile.....................................	Liberty Mobile Inc. and it subsidiaries
Liberty PR ...........................................	Liberty Communications PR Holding LP and its subsidiaries, which include LCPR
	and Liberty Mobile and its subsidiaries
LIBOR..................................................	London Inter-Bank Offered Rate
LiLAC Services ...................................	LiLAC Services Ltd.
LiLAC Services Receivable................	$296 million principal amount loan due July 15, 2029 issued by LCPR Ventures to
	LiLAC Services comprised of: (i) $268 million loaned in March 2021that accrues
	interest at 5.125% and (ii) $28 million loaned in August 2022 that accrues interest at
	6.40%
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 Derivatives ...........................	Weather derivative contracts that provide insurance coverage for certain weather-
	related events

LIBERTY COMMUNICATIONS PR HOLDING LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

	September 30,		December 31,
		2022			2021
		in millions
ASSETS
Current assets:
Cash and cash equivalents ........................................................................................................	$	118.2	$	157.7
Trade receivables, net ...............................................................................................................		110.9			117.5
Current notes receivable, net ....................................................................................................		58.0			83.8
Other current receivables..........................................................................................................		64.4			52.7
Prepaid expenses.......................................................................................................................		32.5			17.8
Inventories ................................................................................................................................		29.9			18.7
Current contract assets, net.......................................................................................................		32.6			16.4
Other current assets, net............................................................................................................		61.7			49.5
Total current assets .................................................................................................................		508.2			514.1
Property and equipment, net........................................................................................................		1,188.0			1,194.0
Goodwill......................................................................................................................................		498.7			498.3
Intangible assets not subject to amortization...............................................................................		1,592.6			1,592.2
Customer relationships, net .........................................................................................................		68.9			88.9
Related-partynotes receivable ....................................................................................................		296.0			257.4
Other assets, net...........................................................................................................................		434.1			365.2
Total assets .......................................................................................................................	$	4,586.5	$	4,510.1
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable......................................................................................................................	$	177.6	$	172.4
Deferred revenue ......................................................................................................................		31.8			49.4
Accrued interest........................................................................................................................		46.3			37.0
Current portion of operating lease liabilities ............................................................................		25.7			26.7
Current portion of debt and finance lease obligations ..............................................................		0.2			0.5
Other accrued and current liabilities.........................................................................................		170.6			199.0
Total current liabilities............................................................................................................		452.2			485.0
Long-termdebt and finance lease obligations.............................................................................		2,577.3			2,572.2
Deferred tax liabilities .................................................................................................................		470.5			446.4
Other long-termliabilities ...........................................................................................................		220.5			244.3
Total liabilities.....................................................................................................................		3,720.5			3,747.9
Commitments and contingencies
Equity:
Partners' capital.........................................................................................................................		865.5			762.2
Noncontrolling interests ...........................................................................................................		0.5			-
Total equity .............................................................................................................................		866.0			762.2
Total liabilities and equity .................................................................................................	$	4,586.5	$	4,510.1

The accompanying notes are an integral part of these condensed consolidated financial statements.

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