Financial Performance - Consolidated Adjusted OIBDA for the three months ended March 31, 2021, was $449.3 million, an increase from $363.9 million in the same period of 2020 [175]. - Operating income for the three months ended March 31, 2021, was $178.2 million, compared to $107.8 million in the same period of 2020 [177]. - Total revenue for the three months ended March 31, 2021, was $1,159.9 million, up from $931.0 million in 2020, representing a 25% increase [185]. - Liberty Puerto Rico's revenue surged to $361.3 million in Q1 2021, a significant increase of 245% compared to $104.6 million in Q1 2020 [185]. - C&W Caribbean and Networks experienced a revenue decline of $22.2 million, or 5%, from $452.0 million in Q1 2020 to $429.8 million in Q1 2021 [185]. - Adjusted OIBDA for the three months ending March 31, 2021, was $449.3 million, an increase from $363.9 million in the same period of 2020, reflecting a growth of 23.5% [178]. - Net earnings for the three months ended March 31, 2021, were $89.4 million, a significant recovery from a net loss of $184.6 million in the same period of 2020 [251]. Subscriber Metrics - As of March 31, 2021, the company served 6,262,300 RGUs, including 2,797,900 broadband internet subscribers, 1,957,100 video subscribers, and 1,507,300 fixed-line telephony subscribers [159]. - The company serves 4,506,200 mobile subscribers as of March 31, 2021 [159]. - The average number of RGUs increased by $7.8 million, while ARPU decreased by $6.1 million in the residential fixed subscription revenue segment [189]. Acquisitions and Impact - The company completed the acquisition of AT&T's wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands in October 2020, impacting operational results [171]. - The company entered into an agreement to acquire Telefónica S.A.'s wireless operations in Costa Rica for an enterprise value of $500 million, expected to close in mid-2021 [166]. - The impact of acquisitions contributed an increase of $242 million to consolidated revenue for the three months ended March 31, 2021 [187]. - Liberty Puerto Rico's residential mobile service revenue was $117.4 million for the three months ended March 31, 2021, reflecting a significant increase due to the acquisition impact [193]. Revenue Changes by Segment - C&W Panama's revenue decreased by $16.3 million, or 12%, from $138.3 million in Q1 2020 to $122.0 million in Q1 2021 [185]. - The total B2B revenue for C&W Caribbean and Networks decreased by $9.9 million, or 4%, from $228.4 million in Q1 2020 to $218.5 million in Q1 2021 [188]. - Liberty Puerto Rico's total revenue increased by $256.7 million, or 245%, to $361.3 million for the three months ended March 31, 2021, compared to $104.6 million in 2020, driven by significant growth in residential mobile revenue [192]. - VTR's total revenue increased by $3.9 million, or 2%, to $210.3 million for the three months ended March 31, 2021, compared to $206.4 million in 2020, despite a decrease in residential mobile revenue [197]. - Cabletica's total revenue increased by $2.5 million, or 7%, to $36.2 million for the three months ended March 31, 2021, compared to $33.7 million in 2020, supported by growth in broadband internet and fixed-line telephony [200]. Cost and Expense Analysis - Programming and copyright costs for the C&W Caribbean and Networks segment increased to $111.8 million in Q1 2021 from $100.6 million in Q1 2020, reflecting an increase of 11.2% [204]. - Total programming and other direct costs for the C&W Caribbean and Networks segment rose to $280.2 million in Q1 2021, up from $210.8 million in Q1 2020, marking a 32.8% increase [204]. - Other operating costs and expenses totaled $453.4 million in Q1 2021, up from $380.1 million in Q1 2020, representing a 19.2% increase [217]. - Personnel and contract labor costs increased to $138.4 million in Q1 2021 from $124.5 million in Q1 2020, reflecting an increase of 11.5% [217]. - Total programming and other direct costs for Liberty Puerto Rico rose to $102.2 million in Q1 2021, compared to $78.1 million in Q1 2020, reflecting a 30.8% increase [209]. Debt and Financing - The outstanding principal amount of debt and finance lease obligations was $8,939 million as of March 31, 2021, with $163 million classified as current [263]. - Interest expense decreased by $17 million in Q1 2021 compared to Q1 2020, attributed to lower weighted-average interest rates and higher average outstanding debt balances [238]. - The company expects to maintain significant levels of interest expense due to its strategy of keeping debt at levels that provide attractive equity returns [252]. - The company reported $306.2 million in projected cash interest payments on debt and finance lease obligations for future periods [275]. Cash Flow and Capital Expenditures - Net cash provided by operating activities increased to $203.5 million for the three months ended March 31, 2021, up from $114.9 million in the same period of 2020, reflecting an increase of $88.6 million [266]. - Capital expenditures for the three months ended March 31, 2021, were $135.6 million, down from $149.2 million in the same period of 2020, representing a decrease of 9.5% [269]. - Adjusted free cash flow for Q1 2021 was $57.7 million, compared to a negative $48.5 million in Q1 2020, with net cash provided by operating activities increasing from $114.9 million to $203.5 million [273]. Foreign Currency and Other Financial Metrics - The average FX rate for the U.S. dollar per Chilean peso depreciated by 10% for the three months ended March 31, 2021, compared to the same period in 2020 [172]. - Foreign currency transaction losses decreased from $164.3 million in Q1 2020 to $25.4 million in Q1 2021, indicating improved currency management [243]. - The total realized and unrealized gains on derivative instruments increased significantly from $17.4 million in Q1 2020 to $114.9 million in Q1 2021 [241].
Liberty Latin America(LILAK) - 2021 Q1 - Quarterly Report