BusinessWire

Liberty Latin America Reports Fiscal 2019 Results

Rebased1 revenue growth of 2% to $3.9 billion


Record RGU additions of 283,000; ~50% higher year-over-year

Operating income of $354 million in 2019, compared to operating loss in 2018

OCF2 of $1.54 billion; 4% rebased growth driven by all reporting segments

Delivered or exceeded 2019 guidance for all financial and operating metrics

DENVER, Colorado--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months (“Q4”) and fiscal year (“2019” or “FY 2019”) ended December 31, 2019.

CEO Balan Nair commented, “Our fourth quarter results rounded off a record year of subscriber additions for Liberty Latin America. Our region remains underpenetrated by high-speed connectivity and we leveraged our leading propositions to add 76,000 fixed and 57,000 mobile subscribers in the fourth quarter, taking our total additions for the year to 283,000 and 124,000 subscribers, respectively.”

“During the year, we drove down the cost of network expansion while adding or upgrading nearly 500,000 homes across our footprint, which was approximately 50% higher than our activity in the prior year. Our mobile network coverage and capacity also grew with LTE population coverage now above 90%. Although we added or upgraded more homes than anticipated at the start of the year and spent additional capital related to Hurricane Dorian, we still achieved our capital expenditure guidance for the year.”

“The speeds our customers experience over our networks have increased and we believe our unique combination of subsea, terrestrial fiber, and mobile networks position us well to bring the best value connectivity and entertainment propositions to communities across our region.”

“For the year, we reported $3.9 billion in revenue, $354 million of operating income and $1.54 billion in OCF. Our results reflect year-over-year rebased revenue and OCF growth, of 2% and 4%, respectively, while operating income grew by $378 million. Our focus remains on Adjusted FCF3 generation, which was significantly higher than our 2018 performance and exceeded our $150 million guidance target.”

“Overall, we have progressed our strategic objectives through improved operational execution, transformation of our business practices and accretive M&A transactions in 2019. As we look to 2020, we are focused on continuing to deliver this organic momentum and making a successful start in integrating the AT&T assets in Puerto Rico and the U.S. Virgin Islands, following completion of the transaction. These steps should set the foundation for continued growth and Adjusted FCF development in the coming years.”

Business Highlights

  • C&W reports significant operational improvements and OCF margin expansion:
    • Record RGU additions of 43,000 in Q4 and 140,000 in FY 2019, up 45% YoY
    • Jamaican FY 2019 mobile additions of 139,000 fuel C&W's best performance since 2016
    • Focus on cost base helped drive 40% OCF margin for FY 2019, 100 bps improvement YoY
  • VTR/Cabletica robust and resilient performance:
    • Continued broadband strength with FY 2019 RGU additions of 87,000
    • Achieved new build / upgrade target of 200,000 homes in Chile
    • Solid financial performance with rebased revenue growth of 3% and OCF growth of 5%
  • Liberty Puerto Rico continuing to grow:
    • Added 47,000 RGUs in 2019, fueled by broadband growth
    • Leading network and customer service; innovation such as Hub TV to support future growth
    • FY OCF above $200 million; Q4 rebased growth impacted by 2018 insurance settlements
  • LLA 2020 Financial Guidance (Excluding AT&T assets in PR and USVI)
    • Low to mid-single digit percentage rebased OCF growth
    • P&E additions as a percentage of revenue at ~18%
    • ~$150 million of Adjusted FCF4

Financial Highlights

Liberty Latin America

 

Q4 2019

 

Q4 2018

 

YoY
Growth/(Decline)*

 

FY 2019

 

FY 2018

 

YoY Growth/
(Decline)*

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions, except % amounts)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

975

 

 

$

949

 

 

3.2

%

 

$

3,867

 

 

$

3,706

 

 

2.3

%

OCF

 

$

409

 

 

$

428

 

 

(2.1

%)

 

$

1,541

 

 

$

1,487

 

 

3.6

%

Property & equipment additions

 

$

229

 

 

190

 

 

20.7

%

 

$

722

 

 

$

771

 

 

(6.5

%)

As a percentage of revenue

 

24

%

 

20

%

 

 

 

19

%

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

167

 

 

$

(385

)

 

N.M.

 

$

354

 

 

$

(24

)

 

N.M.

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted FCF

 

$

103

 

 

$

45

 

 

 

 

$

223

 

 

$

19

 

 

 

Cash provided by operating activities

 

$

328

 

 

$

208

 

 

 

 

$

918

 

 

$

817

 

 

 

Cash used by investing activities

 

$

(78

)

 

$

(389

)

 

 

 

$

(635

)

 

$

(981

)

 

 

Cash provided by financing activities

 

$

1,190

 

 

$

39

 

 

 

 

$

1,540

 

 

$

256

 

 

 

N.M. – Not Meaningful.

* Revenue and OCF YoY growth / (decline) rates are on a rebased basis.

Subscriber Growth5

 

Three months ended

 

Year ended

 

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

Organic RGU net additions (losses) by product

 

 

 

 

 

 

 

Video

15,200

 

 

8,100

 

 

67,000

 

 

37,800

 

Data

45,200

 

 

45,900

 

 

181,300

 

 

164,600

 

Voice

16,000

 

 

2,400

 

 

35,000

 

 

(10,000

)

Total

76,400

 

 

56,400

 

 

283,300

 

 

192,400

 

 

 

 

 

 

 

 

 

Organic RGU net additions (losses) by segment

 

 

 

 

 

 

 

C&W

42,800

 

 

26,000

 

 

140,100

 

 

96,300

 

VTR/Cabletica

20,200

 

 

(700

)

 

96,700

 

 

47,700

 

Liberty Puerto Rico

13,400

 

 

31,100

 

 

46,500

 

 

48,400

 

Total

76,400

 

 

56,400

 

 

283,300

 

 

192,400

 

 

 

 

 

 

 

 

 

Organic Mobile SIM additions (losses) by product

 

 

 

 

 

 

 

Postpaid

12,200

 

 

5,400

 

 

41,900

 

 

22,400

 

Prepaid

44,300

 

 

(12,900

)

 

82,000

 

 

(154,100

)

Total

56,500

 

 

(7,500

)

 

123,900

 

 

(131,700

)

 

 

 

 

 

 

 

 

Organic Mobile SIM additions (losses) by segment

 

 

 

 

 

 

 

C&W

45,100

 

 

(18,000

)

 

79,400

 

 

(173,100

)

VTR/Cabletica

11,400

 

 

10,500

 

 

44,500

 

 

41,400

 

Total

56,500

 

 

(7,500

)

 

123,900

 

 

(131,700

)

  • Fixed customer additions: Organic additions of 32,000 in Q4 2019 with gains in each reporting segment, led by VTR/Cabletica with 15,000.
    • FY 2019 organic customer additions of 124,000, nearly 30% higher YoY.
  • Product additions: Delivered organic fixed RGU additions of 76,000 in Q4 2019, our best quarter since the split-off and 35% higher than the prior-year period. Growth was supported by continued improvements in operational execution at C&W and our new build/upgrade program. Mobile organic additions totaled 57,000 in the fourth quarter.
  • C&W added 43,000 fixed RGUs during Q4; the best quarterly result for C&W since 2016.
    • Broadband RGU additions of 18,000 were up 5,000 year-over-year; mainly driven by success in our largest markets of Jamaica and Panama, with additions of 5,000 and 4,000 RGUs, respectively. Markets in C&W's Other category also performed strongly, adding 4,000 broadband RGUs in aggregate. Broadband penetration remains relatively low across our markets and we are focused on leveraging our leading speeds over an expanding high-speed footprint to drive growth.
    • Video RGU additions of 8,000 were in-line year-over-year, mainly driven by Panama, where our value propositions contributed to 5,000 additions.
    • Fixed-line telephony RGU additions of 16,000 were up 11,000 year-over-year. The significant increase was driven by the success of bundled propositions, particularly in Jamaica, Trinidad and Panama.
    • Mobile subscribers grew by 45,000 in Q4, our best performance since 2016. Jamaica added 54,000 subscribers in the quarter, taking FY 2019 additions to 139,000 as we continued to drive momentum from our customer value propositions and “Hustle On” campaign launched in April. These gains were partially offset by losses of 18,000 and 8,000 subscribers in Panama and the Bahamas, respectively, due to continued competitive pressure.
  • VTR/Cabletica added 20,000 fixed RGUs during Q4, split fairly evenly across both markets. Expansion of our leading networks is a driver for subscriber growth. VTR added 9,000 RGUs driven by 13,000 broadband additions, partially offset by 5,000 fixed-line telephony RGU losses. Cabletica added 11,000 RGUs in total, with additions across all products, led by broadband gains of 7,000.
    • VTR delivered another solid mobile performance, adding 11,000 subscribers in Q4 and taking VTR's overall base above 300,000. At December 31, 2019, over 95% of mobile subscribers were on postpaid plans.
  • Liberty Puerto Rico added 13,000 fixed RGUs in Q4 driven by broadband additions over our superior network.

Revenue Highlights

The following table presents (i) revenue of each of our reportable segments for the comparative periods and (ii) the percentage change from period-to-period on both a reported and rebased basis:

 

Three months ended

 

Increase/(decrease)

 

 

Year ended

 

Increase/(decrease)

 

December 31,

 

 

December 31,

 

 

2019

 

2018

 

%

 

 

Rebased %

 

 

2019

 

2018

 

%

 

Rebased %

 

in millions, except % amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C&W

$

617.2

 

 

$

582.8

 

 

5.9

 

 

3.3

 

 

$

2,389.5

 

 

$

2,333.1

 

 

2.4

 

 

(0.3

)

VTR/Cabletica

254.4

 

 

273.8

 

 

(7.1

)

 

0.9

 

 

1,073.8

 

 

1,043.7

 

 

2.9

 

 

2.5

 

Liberty Puerto Rico

105.4

 

 

93.9

 

 

12.2

 

 

9.0

 

 

412.1

 

 

335.6

 

 

22.8

 

 

19.9

 

Intersegment eliminations

(2.4

)

 

(2.0

)

 

N.M.

 

N.M.

 

(8.4

)

 

(6.7

)

 

N.M.

 

N.M.

Total

$

974.6

 

 

$

948.5

 

 

2.8

 

 

3.2

 

 

$

3,867.0

 

 

$

3,705.7

 

 

4.4

 

 

2.3

 

N.M. – Not Meaningful.

  • Our reported revenue for the three months and year ended December 31, 2019 increased by 3% and 4%, respectively.
    • Reported revenue growth in Q4 2019 was largely driven by (1) $32 million related to the acquisition of UTS and (2) an increase of $12 million at Liberty Puerto Rico attributable to organic growth. These increases were partially offset by (1) a net negative foreign exchange (“FX”) impact of $30 million, primarily related to the depreciation of the Chilean peso in relation to the US dollar, and (2) a $10 million reduction as compared to the prior-year period from the disposal of C&W's Seychelles business in Q4 2019.
    • Reported revenue growth for FY 2019 was primarily driven by (1) an increase of $98 million related to the acquisition of Cabletica and $96 million related to the acquisition of UTS and (2) an increase of $77 million at Liberty Puerto Rico, mainly driven by the recovery from the 2017 hurricanes. These increases were partially offset by a net negative FX impact of $111 million, primarily related to the Chilean peso.

Q4 2019 Rebased Revenue Growth – Segment Highlights

  • C&W: Rebased revenue growth of 3% reflected improving operating results and the impact of some B2B contract awards in Q4, partly offset by a $3 million negative impact from Hurricane Dorian.
    • B2B revenue grew by 7% on a rebased basis led by higher managed services revenue, largely driven by an increase in Government-related projects in Panama. This was partly offset by structural declines in voice revenue.
    • Fixed residential revenue was up 1% on a rebased basis. Subscription revenue was 3% higher driven by subscriber growth. This was partly offset by lower non-subscription revenue as low margin interconnect traffic continues to decline.
    • Mobile revenue was 2% lower on a rebased basis compared to the prior-year period, an improvement compared to previous results as we continued to see some stabilization in our operations. Revenue losses from competitive pressures in Panama and the Bahamas were partly offset by Jamaica where we have successfully grown our subscriber base.
  • VTR/Cabletica: Rebased revenue growth of 1% was driven by residential broadband performance in Chile, where we successfully added subscribers and grew broadband ARPU. We also continued to drive growth in mobile and B2B services through subscriber additions.
  • Liberty Puerto Rico: Rebased revenue growth of 9% was largely a reflection of our recovery from the 2017 hurricanes.

Operating Income (Loss)

  • Operating income (loss) was $167 million and ($385 million) in Q4 2019 and Q4 2018, respectively, and $354 million and ($24 million) for the year ended December 31, 2019 and 2018, respectively.
    • We recognized operating income during Q4 2019, as compared with operating loss in Q4 2018, primarily due to a decrease of $20 million in OCF and the impact of recording a $608 million goodwill impairment charge during Q4 2018 in our Panama operations.
    • We recognized operating income for the year ended December 31, 2019, as compared with operating loss in 2018, primarily due to an increase of $55 million in OCF and a decrease in impairment, restructuring and other operating items, net. During 2019, we incurred a goodwill impairment charge in our Panama operations of $182 million, as compared with $608 million during 2018, as noted above.

Operating Cash Flow Highlights

The following table presents (i) OCF of each of our reportable segments and our corporate category for the comparative periods and (ii) the percentage change from period-to-period on both a reported and rebased basis:

 

Three months ended

 

Increase (decrease)

 

Year ended

 

Increase

 

December 31,

 

 

December 31,

 

 

2019

 

2018

 

%

 

Rebased %

 

2019

 

2018

 

%

 

Rebased %

 

in millions, except % amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C&W

$

265.6

 

 

$

236.5

 

 

12.3

 

 

12.5

 

 

$

959.7

 

 

$

915.7

 

 

4.8

 

 

4.0

 

VTR/Cabletica

105.9

 

 

110.9

 

 

(4.5

)

 

5.9

 

 

433.6

 

 

421.1

 

 

3.0

 

 

4.8

 

Liberty Puerto Rico

52.9

 

 

92.1

 

 

(42.6

)

 

(42.9

)

 

203.2

 

 

195.8

 

 

3.8

 

 

2.6

 

Corporate

(15.9

)

 

(11.2

)

 

42.0

 

 

42.0

 

 

(55.1

)

 

(46.1

)

 

19.5

 

 

19.5

 

Total

$

408.5

 

 

$

428.3

 

 

(4.6

)

 

(2.1

)

 

$

1,541.4

 

 

$

1,486.5

 

 

3.7

 

 

3.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OCF Margin

41.9

%

 

45.2

%

 

 

 

 

 

39.9

%

 

40.1

%

 

 

 

 

  • Our reported OCF for the three months and year ended December 31, 2019 decreased by 5% and increased by 4%, respectively.
    • Reported OCF decline in Q4 2019 was primarily driven by (1) the OCF impact of insurance settlements primarily received by Liberty Puerto Rico and C&W in the prior-year period, totaling $64 million and (2) a net negative FX impact of $12 million, primarily related to the Chilean peso. This was partially offset by (1) an increase of $12 million from the inclusion of UTS and (2) organic growth, excluding the impact of insurance settlements, in each of our reportable segments.
    • Reported OCF growth in FY 2019 was primarily driven by (1) organic growth in each of our operating segments, (2) an increase of $37 million from the inclusion of Cabletica and (3) an increase of $30 million from the inclusion of UTS. These items were partially offset by (1) the OCF impact of insurance settlements received in the prior-year period, totaling $64 million, and (2) a net negative FX impact of $43 million, primarily related to the Chilean peso.

Q4 2019 Rebased OCF Growth – Segment Highlights

  • C&W: Rebased OCF growth of 13% was due in part to the aforementioned 3% rebased revenue growth. In addition, this growth was driven by (i) lower programming costs in Q4 largely due to settlements related to programming agreements as well as lower sports content costs, and (ii) a decrease in withholding tax related to third-party supplier services. These benefits were partly offset by (i) insurance receipts in the prior-year period related to the 2017 hurricanes, (ii) an increase in bad debt provisions and (iii) the negative impact from Hurricane Dorian. C&W's OCF margin improved by 100 basis points in 2019, year-over-year.
  • VTR/Cabletica: Rebased OCF growth of 6% was driven by the segment's 1% rebased revenue growth and cost efficiency improvement as OCF margin increased by 100 basis points year-over-year. Reduced interconnect and mobile access costs in addition to lower network-related costs, were partly offset by increased retention and customer service activity and higher costs related to outsourced labor and professional services.
  • Liberty Puerto Rico: Rebased OCF was 43% lower than the prior-year period, as Q4 2018 OCF benefited from $49 million of insurance settlements. Adjusting for this impact, OCF grew strongly year-over-year. Liberty Puerto Rico continues to have the highest OCF margin of our reporting segments at 50% in Q4 2019.
  • Corporate: The increase in corporate costs was primarily due to higher personnel costs and professional services, including with respect to establishing our new operations center in Panama.

Net Earnings (Loss) Attributable to Shareholders

  • Net earnings (loss) attributable to shareholders was $42 million and ($233 million) for the three months ended December 31, 2019 and 2018, respectively, and ($80 million) and ($345 million) for the year ended December 31, 2019 and 2018, respectively.

Property and Equipment Additions and Capital Expenditures

The table below highlights the categories of the property and equipment additions for the indicated periods and reconciles those additions to the capital expenditures that are presented in the consolidated statements of cash flows included in our Form 10-K.

 

Three months ended

 

Year ended

 

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

 

in millions, except % amounts

 

 

 

 

 

 

 

 

Customer Premises Equipment

$

64.7

 

 

$

58.0

 

 

$

285.4

 

 

$

265.5

 

New Build & Upgrade

49.7

 

 

31.5

 

 

129.1

 

 

208.6

 

Capacity

36.7

 

 

34.8

 

 

105.3

 

 

104.9

 

Baseline

38.7

 

 

41.1

 

 

120.9

 

 

110.0

 

Product & Enablers

39.6

 

 

24.6

 

 

80.8

 

 

82.4

 

Property and equipment additions

229.4

 

 

190.0

 

 

721.5

 

 

771.4

 

Assets acquired under capital-related vendor financing arrangements

(37.4

)

 

(13.5

)

 

(96.1

)

 

(53.9

)

Assets acquired under finance leases

 

 

(0.3

)

 

(0.2

)

 

(3.9

)

Changes in current liabilities related to capital expenditures

(34.9

)

 

7.2

 

 

(36.1

)

 

62.8

 

Capital expenditures*

$

157.1

 

 

$

183.4

 

 

$

589.1

 

 

$

776.4

 

 

 

 

 

 

 

 

 

Property and equipment additions as % of revenue

23.5

%

 

20.0

%

 

18.7

%

 

20.8

%

 

 

 

 

 

 

 

 

Property and Equipment Additions of our Reportable Segments:

 

 

 

 

 

 

 

C&W

$

130.6

 

 

$

116.4

 

 

$

395.5

 

 

$

378.7

 

VTR/Cabletica

56.5

 

 

49.8

 

 

222.7

 

 

214.7

 

Liberty Puerto Rico

32.0

 

 

22.4

 

 

88.0

 

 

161.9

 

Corporate

10.3

 

 

1.4

 

 

15.3

 

 

16.1

 

Property and equipment additions

$

229.4

 

 

$

190.0

 

 

$

721.5

 

 

$

771.4

 

* The capital expenditures that we report in our consolidated statements of cash flows do not include amounts that are financed under capital-related vendor financing or finance lease arrangements. Instead, these amounts are reflected as non-cash additions to our property and equipment when the underlying assets are delivered and as repayments of debt when the principal is repaid.

Segment Highlights

  • C&W: Property and equipment additions of $131 million represented 21% of revenue in Q4 2019, an increase compared to the 20% of revenue in the corresponding prior-year period, and 17% of revenue in FY 2019 compared to 16% in FY 2018. The higher year-over-year spend in Q4 was driven by $16 million on restoration related to damage caused by Hurricane Dorian in the Bahamas, taking our FY 2019 spend to $21 million. We are now substantially complete with our restoration of the damaged networks in Grand Bahamas and continue to make progress with our restoration efforts in Abaco.
    • In 2019, new build and upgrade initiatives delivered approximately 250,000 new or upgraded homes. We expect to continue our program in 2020, with an estimated 220,000 to be either added or upgraded.
  • VTR/Cabletica: Property and equipment additions of $57 million represented 22% of revenue in Q4 2019, an increase compared to the 18% of revenue in the prior-year period, and 21% of revenue for both FY 2019 and FY 2018. The increase in Q4 2019 was primarily driven by new build activity year-over-year.
    • In 2019, new build and upgrade initiatives delivered 200,000 new or upgraded homes in Chile. We expect to continue our program in 2020, with an estimated 255,000 to be either added or upgraded across Chile and Costa Rica.
  • Liberty Puerto Rico: Property and equipment additions of $32 million represented 30% of revenue in Q4 2019, an increase compared to 24% of revenue in the prior-year period, and 21% of revenue in FY 2019, a significant reduction compared to the prior-year period where we had rebuild investments related to the 2017 hurricanes.
    • In 2019, new build and upgrade initiatives delivered over 20,000 new or upgraded homes. We expect to continue our program in 2020, with an estimated 25,000 to be either added or upgraded.

       

Leverage and Liquidity (at December 31, 2019)

  • Total principal amount of debt and finance leases: $8,516 million (including debt of $1,253 million borrowed by Liberty Puerto Rico to fund the AT&T Acquisition).
  • Leverage ratios: Consolidated gross and net leverage ratios of 5.3x and 3.8x, respectively, as calculated on a latest two quarters annualized ("L2QA") basis. Excluding the incremental debt to fund the AT&T Acquisition, our consolidated gross leverage ratio declined to 4.5x.
  • Average debt tenor6: 6.1 years, with approximately 90% not due until 2024 or beyond.
  • Borrowing costs: Blended, fully-swapped borrowing cost of our debt was approximately 6.6%. When excluding the discount on the convertible notes associated with the conversion option, the weighted average interest rate was 6.3%.
  • Cash and borrowing availability: $1,184 million of cash (excluding $1,256 million of restricted cash held in escrow to fund the AT&T Acquisition) and $1,113 million of aggregate unused borrowing capacity7 under our revolving credit facilities.

Forward-Looking Statements and Disclaimer

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities, financial performance and guidance, including operational and financial momentum; our customer value propositions; product innovation and bringing new products to our markets; the AT&T Acquisition, including the anticipated consequences and benefits of the transaction and the expected timing of the transaction; new build and upgrade initiatives; 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, the ability and cost to restore networks in the markets impacted by hurricanes; 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 acquisitions and dispositions, including the AT&T Acquisition; 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 (including our third-party wireless network provider under our MVNO arrangement) 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.


Contacts

Investor Relations
Kunal Patel
Corporate Communications
+1 786 274 7552


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