Liberty Communications PR Holding LP
Condensed Consolidated Financial Statements
June 30, 2023
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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CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (unaudited) ...................
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and
2022 (unaudited) ................................................................................................................................................
Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2023 and 2022
(unaudited) .........................................................................................................................................................
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022
(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.
2022 Annual Report | Annual Report for the year ended December 31, 2022 |
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 | |
2028 LPR Term Loan | $620 million principal amount LIBOR (or, for interest periods commencing after June |
30 2023, a SOFR-based adjusted benchmark rate) + 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 | |
Adjusted Term SOFR | settlement of contingent consideration. |
SOFR U.S. dollar denominated loans adjusted as follows: (i) 0.11448% for a one- | |
month interest period, (ii) 0.26161% for a three-month interest period and (iii) | |
0.42826% for a six-month interest period | |
ARPU | Average monthly subscription revenue per average fixed RGU or mobile subscriber, |
as applicable | |
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 |
Broadband VI | Broadband VI, LLC |
BBVI 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 |
LCPR | Liberty Communications of Puerto Rico LLC |
LCPR Loan Financing | LCPR Loan Financing LLC, a consolidated special purpose financing entity that was |
created for the primary purpose of facilitating the issuance of certain term loan debt. | |
LCPR is required to consolidate LCPR Loan Financing as a result of certain variable | |
interests in LCPR Loan Financing, for which LCPR is considered the primary | |
LCPR Senior Secured Financing | beneficiary. |
LCPR Senior Secured Financing Designated Activity Company, a consolidated | |
special purpose financing entity that was created for the primary purpose of | |
facilitating the issuance of certain debt offerings. Liberty Mobile is required to | |
consolidate LCPR Senior Secured Financing as a result of certain variable interests in | |
LCPR Senior Secured Financing, of which Liberty Mobile is considered the primary | |
beneficiary. | |
LCPR Ventures | LCPR Ventures LLC |
GLOSSARY OF DEFINED TERMS - (Continued) | |
Liberty Latin America | Liberty Latin America Ltd. |
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 | $402 million aggregate principal amount loan issued by LCPR Ventures to LiLAC |
Services with a weighted average interest rate of 6.12%; $32 million due December | |
23, 2025 and $371 million due July 15, 2029 | |
LLA Holdco | LLA Holdco LLC |
LPR Credit Facilities | Senior secured credit facilities comprised of: (i) 2028 LPR Term Loan; and (ii) LPR |
LPR Revolving Credit Facility | Revolving Credit Facility |
$173 million LIBOR (or, for interest periods commencing after June 30, 2023, a | |
SOFR-based adjusted benchmark rate) + 3.5% revolving credit facility due March 15, | |
2027 | |
LPR Senior Secured Notes | Senior secured notes comprised of: (i) 2029 LPR Senior Secured Notes; and (ii) 2027 |
OFAC | LPR Senior Secured Notes |
Office of Foreign Assets Control | |
RGU | Revenue generating unit |
Senior Secured Covenant Group | LCPR and LLA Holdco and its subsidiaries |
SOFR | Reference rate based on secured overnight financing rate administered by the Federal |
U.S | Reserve Bank of New York |
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)
June 30, | December 31, | ||||
2023 | 2022 | ||||
in millions | |||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 13.5 | $ | 72.3 | |
Trade receivables, net | 93.8 | 112.5 | |||
Current notes receivable, net | 57.7 | 57.8 | |||
Other current receivables | 75.6 | 59.2 | |||
Prepaid expenses | 27.3 | 25.9 | |||
Current derivative assets | 28.1 | 16.6 | |||
Inventory, net | 42.2 | 31.5 | |||
Current contract assets, net | 35.2 | 34.1 | |||
Other current assets, net | 64.7 | 58.0 | |||
Total current assets | 438.1 | 467.9 | |||
Property and equipment, net | 1,179.6 | 1,193.0 | |||
Goodwill | 501.1 | 501.1 | |||
Intangible assets not subject to amortization | 1,592.6 | 1,592.6 | |||
Customer relationships, net | 62.3 | 66.7 | |||
Related-partynotes receivable | 402.1 | 384.5 | |||
Other assets, net | 453.5 | 444.9 | |||
Total assets | $ | 4,629.3 | $ | 4,650.7 | |
LIABILITIES AND PARTNERS' CAPITAL | |||||
Current liabilities: | |||||
Accounts payable | $ | 170.2 | $ | 257.1 | |
Deferred revenue | 40.9 | 37.0 | |||
Accrued interest | 38.8 | 37.4 | |||
Current portion of operating lease liabilities | 26.4 | 27.1 | |||
Current portion of debt and finance lease obligations | 33.1 | 17.4 | |||
Other accrued and current liabilities | 147.2 | 149.2 | |||
Total current liabilities | 456.6 | 525.2 | |||
Long-termdebt and finance lease obligations | 2,580.8 | 2,577.4 | |||
Deferred tax liabilities | 492.8 | 482.2 | |||
Other long-termliabilities | 224.4 | 221.3 | |||
Total liabilities | 3,754.6 | 3,806.1 | |||
Commitments and contingencies | |||||
Equity: | |||||
Partners' capital | 873.9 | 844.0 | |||
Noncontrolling interests | 0.8 | 0.6 | |||
Total equity | 874.7 | 844.6 | |||
Total liabilities and equity | $ | 4,629.3 | $ | 4,650.7 | |
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 24 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2023 20:25:06 UTC.