Era of technology breakthroughs for their own sake rather than for profit is over, says innovation exec Nicholas Donofrio.
SINGAPORE--An era of inventions ended with the passing of the 20th century, says a prominent thought leader from IBM.
Nicholas Donofrio, Big Blue's executive vice president of innovation and technology, made the declaration on Tuesday in an interview with ZDNet Asia. He was in Singapore for the first gathering of the Infocomm International Advisory Panel, organized by the Infocomm Development Authority of Singapore.
"The fact is that innovation was a little different in the 20th century. It's not easy (now) to come up with greater and different things," Donofrio said.
That is not to say that the 21st century does not also require invention, creation and discovery, he said. But these days, people are looking for value that arises from a creation and not just looking at technology for its sake, he explained.
Donofrio added that innovation today is more about services, process, business models or cultural innovation than just product innovation.
"People all around the world are telling us the same thing," Donofrio said. "IBM did a survey of 750 (chief information officers), and all of them listed innovation as a top priority. This is what I spend my time on, what I worry about."
To foster a culture of innovation in the company, IBM set up ThinkPlace, an online community for its employees, nine months ago. At ThinkPlace, participants are encouraged to put up ideas, which are evaluated and then rewarded or redirected accordingly.
"In the late 1980s, IBM got into trouble and did away with suggestions," Donofrio said, referring to the corporate turmoil that IBM underwent as it headed into the 1990s. The company reported a $4.97 billion loss in 1992 which, at that time, was the largest single-year corporate loss in the history of the United States. After Lou Gerstner was named CEO in 1993, he helped turn IBM around.
According to Donofrio, IBM employees have contributed close to 5,000 ideas to date, and about 100 of those are being evaluated. The ideas cover products, processes and services.
IBM seeks to cultivate the spirit of innovation outside the company too, Donofrio pointed out. There is even a group at the company "looking hard at collaborating with other people" on future technology. A key example is IBM's alliance with Sony and Toshiba on the Cell chip.
In addition, IBM organized the Global Innovation Outlook. The GIO series of discussions, which took place in 2004 and 2005, brought together IBM workers and thought leaders, and participants from academia and industry around the world.
For GIO 2.0 last year, more than 180 IBM ecosystem partners from around the world participated in 15 daylong sessions held in China, India, Brazil, Switzerland and the United States, discussing the future of the enterprise, transportation and the environment.
And in April of last year, IBM launched the Genographic Project together with the National Geographic Society. The project is a five-year research partnership that aims to map how the Earth was populated using sophisticated laboratory and computer analysis of human DNA, contributed by hundreds of thousands of people.
Jeanne Lim of ZDNet Asia reported from Singapore.


Alain Mérieux received the Reform Friendship Award at a conference celebrating the 40th anniversary of China's Reform and Opening Up on December 18, 2018. The event took place at the Great Hall of the People in Beijing, in the presence of President Xi Jinping.
As the disease ebbs, Médecins Sans Frontières (MSF) and local health authorities shift their focus to preventing future outbreaks in the southern region of Maradi, most affected by the current epidemic and known as a hotspot for cholera along the border of Niger and Nigeria.
These efforts include vaccinating over 145,000 people with an easy-to-administer oral vaccine in three of Maradi's health zones: Tchadoua, Aguié and Gazaoua.
At $60 billion a year, not preparing for epidemics costs far more than putting the systems in place to prevent infectious diseases from spreading around the globe. Here's why.
The value of our investments portfolio grew to almost £25.9 billion by 30 September 2018, strengthening our ambition to spend more than £5 billion over five years on our charitable activities.
If we put research at the heart of epidemic response, it's a double win – helping fight outbreaks that are underway and protecting us in the future.
KENILWORTH, N.J.–(BUSINESS WIRE)–Merck (NYSE:MRK), known as MSD outside the United States and Canada, and Instituto Butantan, Sao Paulo, Brazil, a non-profit producer of immunobiologic products for Brazil today announced a collaboration agreement to develop vaccines to protect against dengue virus disease, the mosquito-borne infection. Instituto Butantan and Merck have licensed certain rights from National Institute of Allergy and Infectious Diseases (NIAID), part of the United States National Institutes of Health (NIH), for the development of live attenuated tetravalent vaccines (LATV). Instituto Butantan's dengue vaccine candidate, TV003, is currently being evaluated in a large Phase 3 study in Brazil.
Under the agreement, Merck and Instituto Butantan have agreed to collaborate to share clinical data and other learnings from their respective dengue vaccine development programs, both derived from licensed materials from the NIAID. Instituto Butantan will receive a $26 million upfront payment from Merck and is eligible to receive up to $75 million for the achievement of certain milestones related to the development and commercialization of Merck's investigational vaccine as well as potential royalties on sales. Instituto Butantan will retain responsibility for the manufacturing and commercialization of their investigational vaccine, TV003, in Brazil.
The agreement builds upon a productive long-term collaboration between MSD Brazil and Instituto Butantan, initiated in 2012, for human papillomavirus (HPV) and Hepatitis-A vaccine products.


Students who opt to take Music at Key Stage 5 will be taught in a mixed ability option group. Students are taught in up to 9 hours per fortnight and are expected to spend time studying independently, both to develop their musical skills and to commit to wider reading and listening to prepare for the examination. Students can either sing or play an instrument for the performing element of the course and this is a choice that they make based on their own skills and areas of interest. Assessment of performance at A level is undertaken by a visiting examiner. This course follows and builds on the skills developed at GCSE although GCSE Music is not necessarily a pre-requisite.
A performance consisting of a minimum of three pieces. At least one of these pieces must be as a soloist. The other pieces may be either as a soloist or as part of an ensemble or a combination of both. One piece must reflect the musical characteristics of one area of study. At least one other piece must reflect the musical characteristics of one other, different area of study.
Two compositions, one of which must reflect the musical techniques and conventions associated with the Western Classical Tradition and be in response to a brief set by WJEC.
Learners will have a choice of four set briefs, released during the first week of September in the academic year in which the assessment is to be taken.
The second composition is a free composition.
Learners are required to answer all questions.
1. A question on an unprepared extract with a skeleton score provided.
2. A detailed analysis question on a choice of either Symphony No. 104 in D major, 'London' by Haydn, or Symphony No. 4 in A major, 'Italian' by Mendelssohn.
3. An essay-based question which assesses knowledge of the development of the symphony in relation to both set symphonies and to the wider social, cultural and historical context.
One question on an unprepared musical extract.
A comparison question based on two unprepared extracts assessing wider understanding of the area of study.
An analysis question on one of the two set works.
2. Make compositional links between the music of the extract and one or more pieces they have studied during the course.


The purpose of the NPWT device is to promote wound healing. Wound healing is defined as improvement occurring in either surface area or depth of the wound. Lack of improvement of a wound is defined as a lack of progress in quantitative measurements of wound characteristics including wound length and width (surface area), or depth measured serially and documented over a specified time interval.
Wound therapy program, as described below, (applicable to the type of wound) have been tried or considered and ruled out prior to application of NPWT pumps/VAC.
Results of previous wound treatments are documented.
NPWT pumps/VAC may be considered medically necessary when continuation of treatment is ordered beyond discharge to the home setting.
An ulcer or wound is encountered in the inpatient setting and after wound treatments have been tried or considered and ruled out, NPWT pumps/VAC is initiated because it is considered, in the judgment of the treating physician, the best available treatment option.
Complications of a surgically created wound (e.g., dehiscence, post-sternotomy disunion with exposed sternal bone, etc.) or traumatic wound, (e.g., preoperative flap or graft, exposed bones), where there is documentation of the medical necessity for accelerated formation of granulation tissue which cannot be achieved by other available topical wound treatments (e.g., other conditions that will not allow for healing times achievable with other topical wound treatments).
If the above criteria are not met for the use of NPWT pumps/VAC systems in either setting, the pump and supplies will be considered not medically necessary.
NPWT pumps/VAC systems and their supplies used in the treatment of children from birth up to and including 12 years of age are considered experimental/investigational and, therefore, non-covered. According to the U.S. Food and Drug Administration (FDA), the safety and effectiveness of NPWT pumps/VAC systems in newborns, infants and children (greater than or equal to 12 years of age) has not been established at this time. Currently there are no NPWT pumps/VAC systems cleared for use in these populations.
Supplies for NPWT pumps/VAC are limited to the following. Requests for amounts greater than the stated limits will be denied as not medically necessary.
Fifteen (15) dressing kits per wound per month - Additional dressing kits per month must be supported by documentation that the wound size requires more than one dressing kit for each dressing change.
Ten (10) canister sets per month - Additional canister sets per month must be supported by documentation that a large volume of drainage (greater than 90 ml of exudate per day) requires more than one canister set.
The NPWT pumps/VAC must be prescribed by a physician and be capable of accommodating more than one (1) wound dressing set for multiple wounds on a individual. Therefore, more than one (1) pump billed per individual for the same time period will be considered not medically necessary.
Four (4) months (including the time NPWT was applied in an inpatient setting prior to discharge to the home) have elapsed using an NPWT pumps/VAC device in the treatment of any wound.
Coverage beyond four (4) months will be given individual consideration based upon additional documentation.
This additional documentation must address the initial condition of the wound including measurements, efforts to address all aspects of wound care, subsequent monthly wound measurements, and what changes in wound therapy are being applied to effect wound healing. This information must be updated with each subsequent request for additional months of use of NPWT pumps/VAC.
All other uses of NPWT pumps/VAC systems for the treatment of chronic wounds are considered not medically necessary.
NPWT pumps/VAC of chronic wounds is typically an outpatient procedure which is only eligible for coverage as an inpatient procedure in special circumstances, including, but not limited to, the presence of a co-morbid condition that would require monitoring in a more controlled environment such as the inpatient setting.


This page converts helpfiles written for PennMUSH's hardcoded help system into ones suitable for a softcoded +help system. It can be used for any of the hardcoded help-style commands (help, news, events, etc).
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text:
Marcelo Bielsa
#Leeds United#Brighton#Vpn#Tribal Football
Leeds United F.C.
Leeds boss Bielsa happy with Brighton point after halftime change
By Paul Vegas
Tribal Football
Leeds United boss Marcelo Bielsa was happy with an improved second-half for their 0-0 draw at Brighton. Bielsa gave his thoughts on the match, explaining how the two halves differed. "In the first half, the differences were clear," said Bielsa. "In the second half, the game was...
www.tribalfootball.com
Leeds boss Bielsa wary facing Howe's Newcastle
Leeds United boss Marcelo Bielsa is wary facing Newcastle United this weekend. Bielsa believes Kieran Trippier and Chris Wood have changed Newcastle's play. He said, "They have brought in players specific to certain positions. "A right back and a centre forward to replace the forward who usually plays in that...
Manchester United knock out Arsenal as Chelsea also reach Continental Cup semi-finals
Four of the FA WSL's top five teams will contest the semi-finals of the Continental Cup with Manchester City, Manchester United, Tottenham and Chelsea all progressing.League leaders Arsenal were knocked out by third-placed Manchester United courtesy of Alessia Russo's 85th-minute header.The impressive victory continued United's fine form, meaning they have now won five games in a row in all competitions without conceding.Pernille Harder scored a hat-trick as Chelsea cruised to a 4-2 win over West Ham.The Denmark international opened the scoring for the visitors after 25 minutes only for Katerina Svitkova to equalise before half-time.However, three goals in nine second-half...
Alan Shearer 'not having' Thomas Tuchel's reasoning for Brighton draw
Alan Shearer believes that Thomas Tuchel's claim that Chelsea's players are "tired" is no excuse for their poor form given the strength of the squad at the German's disposal.A draw at Brighton on Tuesday evening was Chelsea's seventh in their last 13 Premier League games, a run that has seen them fade from the title race.Tuchel said afterwards that his players need "some days off" having been left fatigued by a busy period.However Shearer, casting his eye over an impressive away bench at the Amex Stadium, believes that Tuchel is in no place to complain, and that fatigue was not...
Manchester United continue to struggle for consistency but emerge triumphant as a team of two halves
Only this Manchester United could put together two halves that encourage wildly different conclusions in isolation.Part one of this Rorschach test was all too familiar. Laboured, clumsy in possession, spared by embarrassment by David de Gea. Second best to an effervescent team boasting functional, hardworking footballers in red, playing to a very clear plan at a state of the art stadium in front of an entrusting crowd? United fans can only dream.The second was also quite familiar. What we know of this United team over previous seasons is they have players who can operate independently of whatever excuse of a...
Steven Bergwijn reveals Antonio Conte's instructions before Tottenham heroics
Steven Bergwijn was delighted to follow Antonio Conte's instructions and deliver a dramatic stoppage-time win for Tottenham at Leicester.The Netherlands international scored twice in 79 seconds of time added on to turn Spurs' 2-1 deficit into a memorable 3-2 victory.He was sent on in the 78th minute, two minutes after James Maddison had put the Foxes on course for the three points in their first Premier League game of 2022 with a clear instruction from Conte – to score.Bergwijn, who has been subject of a bid from Ajax in the January transfer window, duly obliged, firing home from close range...
Leicester vs Tottenham prediction: How will Premier League fixture play out tonight?
Leicester City face Tottenham Hotspur tonight in the Premier League as both sides look to get back on track following a number of fixture postponements. Tonight's match was originally scheduled to be played in December but was called off due to a number of Covid-19 cases in the Leicester squad. FOLLOW LIVE: Team news and all the action as Brentford host Manchester UnitedLeicester then had three other matches postponed, including Saturday's trip to Burnley, and have not played a Premier League match since 28 December. Brendan Rodgers side sit 10th in the table while Spurs lie in sixth, but with...
Barcelona coach Xavi: Dembele could be sold in January
Barcelona coach Xavi has admitted that Ousmane Dembele will be sold in the January transfer window unless he signs a new deal. Dembele has been linked with Chelsea, Manchester United, Newcastle and Liverpool. Xavi said: "The message is clear. Ousmane Dembele has to sign a new contract or we find...
Arsenal vs Liverpool confirmed line-ups: Team news ahead of Carabao Cup semi-final tonight
It was honours even in the first leg of the Carabao Cup semi-final, with ten-man Arsenal clinging on to a 0-0 draw against Liverpool.Mikel Arteta's side have since seen their Premier League encounter with Tottenham postponed due to a depleted squad, but are seemingly ready for the second leg at the Emirates Stadium.FOLLOW LIVE: Team news and all the action as Arsenal face Liverpool in the Carabao Cup semi-final second legWith Mohamed Salah and Sadio Mane away at the Africa Cup of Nations, Jurgen Klopp will hope an alternative forward-line can build on a dominant showing against Brentford.Chelsea are...
Diogo Jota brace fires Liverpool past Arsenal and into Carabao Cup final to face Chelsea
A match that finally took place, but there was no actual contest. Arsenal, it could be argued, still didn't really play.Liverpool reached a fifth cup final of Jurgen Klopp's time, and the first in this competition in six years, by comfortably beating Mikel Arteta's side 2-0 in the League Cup semi-final second leg. This one wasn't about false positives but false advertising. It just wasn't the game that was billed, and certainly didn't live up the enjoyable chaos that the competition's semi-finals often offer.Arteta's side clearly have so much promise but also some way to go, as they lost another...
Burnley vs Watford clash given third date after being postponed twice
Burnley and Watford will hope it is third time lucky as their Premier League fixture has been rearranged for February 5 with a 6pm kick-off time.The fixture was postponed for a second time earlier this week. It was originally due to be played on December 15 but was called off due to Covid-19 cases within the Watford squad before an outbreak at Burnley forced the postponement of the rearranged match on January 18.But with both sides having already been knocked out of the FA Cup, it has been rescheduled for the weekend of the fourth-round fixtures.On Thursday, Watford boss Claudio...
Victor Lindelof will not play for Manchester United vs West Ham after burglary
Victor Lindelof will play no part in Manchester United's Premier League meeting with West Ham on Saturday following a break-in at his home earlier this week.United have confirmed that they are supporting Lindelof and his family after burgulars entered his home while he was playing in Wednesday's 3-1 win over Brentford.Lindelof's wife, Maja Nilsson Lindelof, was at home with their children at the time and described the incident as a "very traumatic and scary moment".Ralf Rangnick, United's interim manager, said that Lindelof has decided to stay at home with his family this weekend and that he has the club's full...
Norwich manager Smith weighing up recalling Hugill from West Brom
Norwich City boss Dean Smith is considering recalling Jordan Hugill from West Bromwich Albion. The attacker has only one goal in 20 games for West Brom, who have signed Daryl Dike recently. Smith spoke about incomings and outgoings, and mentioned that he was working with the club's sporting director Stuart...
Josh Sargent struck twice to lift Norwich out of the relegation zone in a 3-0 win over 10-man Watford at Vicarage Road which piled more pressure on Claudio Ranieri.The 21-year-old had not found the net in the English top flight since his summer move from Werder Bremen until his improvised flick broke the deadlock in the 51st minute.Sargent then headed home from a well-weighted Milot Rashica cross for his and Norwich's second of the game, as the win saw the club climb out of the bottom three.Emmanuel Dennis was shown a second yellow card soon after for a high...

redpajama_set_name: RedPajamaCommonCrawl


Dr Roberto Biloslavo in the head of the Technology Transfer unit at the InnoRenew CoE.
After technical secondary education he studied at the Faculty of Mechanical Engineering, University of Ljubljana where he graduated in the field of energy and process engineering in 1992. Later he enrolled in the Master study course Management and Organisation at the Faculty of Economics of the University of Ljubljana. He received his Master's degree in 1997. In 2003, he was awarded a Doctoral degree in the field of information sciences (planning mission and strategic objectives in company development policy by using soft expert system).
Prof. Dr. Biloslavo was a vice-rector (deputy Vice-Chancellor) for Academic Affairs at the University of Primorska in the period 2008-2011. He had also been appointed as a vice-dean for education in undergraduate studies from September 2006 to December 2007 at the Faculty of Management. Dr. Biloslavo is a tenured professor who lectures on a number of undergraduate and postgraduate subjects at the Faculty of Management, University of Primorska. As a visiting professor, he lectured at Hawai'i Pacific University, College of Business Administration (USA) and at the University of Hawai'i at Manoa, Shidler College of Business (USA) from July to August 2007. For six months in 2003, he was a visiting researcher at the University of Adelaide, Business School (Australia). In addition, within the Erasmus exchange programme he lectured at the Universita degli studi di Ferrara, Facolta di Economia (Italy) and at the Yasar University, Faculty of Economics and Administrative Sciences (Turkey). Dr. Biloslavo has also given lectures at a number of domestic higher education institutions, namely at the Faculty of Organisational Sciences of the University of Maribor and GEA College of entrepreneurship in Piran.
From June 2013 to May 2014 he worked in Denmark as Senior Researcher for Business Model Innovation and Living Labs under the Marie Curie Program.


Ceaton Security Services approach to intruder alarms and security alarm systems ensures that your system solution is user-friendly, simple, trouble free and effective at protecting your business, employees, visitors, information and assets with the very best equipment available today.
Theft and criminal damage by intruders pose a constant threat and ever increasing costs to businesses and the private householder alike. As a member of the Security Systems and Alarms Inspection Board, a non-profit making organisation set up to regulate the alarm installation industry, we pride ourselves in the quality of our systems.
The SSAIB has been in existence since 1994 and has promoted and encouraged high standards and ethics in the security industry. Whether you need external intruder detection, building security or to safeguard key internal area's, we have the answers you need.
Our experience technical sales surveyors will assess the particular risks your property and your organisations present, and design a bespoke security alarm and monitoring solution combining proven techniques with leading edge technology.


I like to tie practical fishing flies. By practical, I mean a fly that's easy to tie, durable and effective.
Having said that, every now and then I like to leave my comfort zone and try for a bit of elegance. To me, that's what the Black Ghost epitomizes. It is not all that difficult to tie, but the beauty is in its nuances. I tied this one this morning. It is by no means perfect and the next one will be slightly better I hope. Generally, it takes me quite a few flies and no small amount of concentration to get things to my liking.
Don't get me wrong; I will be proud to tie this one on my tippet come spring. The beauty of fly tying, however, is that you can always do things better and there are so many aspects to learn.


text:
Liberty Latin America Reports Q4 & FY 2021 Results
By: Liberty Latin America Ltd. via Business Wire
February 22, 2022 at 23:58 PM EST
Record mobile and solid fixed additions in year
FY 2021 double-digit revenue growth driven by acquisitions, 4% rebased growth
~750,000 homes passed or upgraded in 2021; 99% fiber-to-the-home
Delivered 2021 guidance for all financial and operating metrics
Strategic acquisitions with significant synergies to enhance future performance
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 ("FY") ended December 31, 2021.
CEO Balan Nair commented, "The fourth quarter concluded a successful year for LLA. Despite continuing impacts from the pandemic and competitive challenges in Chile, we had strong operational performance across the rest of the group. We also made progress with the integration of our acquisitions in Puerto Rico and Costa Rica, and successfully delivered against our 2021 guidance targets."
"High-speed connectivity is at the core of our customer offering and we invested to expand and improve our networks during the year. We added or upgraded approximately 750,000 homes passed across our operations, almost exclusively using fiber-to-the-home technology. Combining our network strength with attractive consumer propositions, we added more than 250,000 RGUs, which was over 50% higher than in the prior year. Our mobile operations delivered a particularly strong performance bolstered by the inclusion of the business we acquired in Costa Rica, as we added nearly 500,000 subscribers in 2021, of which over 25% were postpaid."
"Our B2B operations continued to recover during the year as we utilized our high-speed and reliable subsea, terrestrial and mobile networks combined with innovative product offerings to deliver effective solutions for our customers."
"LLA reported $4.8 billion in revenue, $81 million of operating income and $1.8 billion in Adjusted OIBDA in 2021. We grew our cash flow from operations and Adjusted Free Cash Flow during the year to $1.0 billion and $200 million, respectively, delivering our Adjusted Free Cash Flow guidance. We also increased our share repurchase activity, with $65 million spent in 2021, and today we are announcing a new program to buyback up to $200 million."
"Overall, we were pleased with our robust operational execution and financial performance in 2021. As we look ahead to 2022, we intend to deliver further operational enhancements and financial growth, continue to progress the integrations in Puerto Rico and Costa Rica, and successfully complete the accretive transactions announced in Panama and Chile. We remain focused on driving Adjusted Free Cash Flow for the group and we are confident that the operational and strategic actions we are taking will enable a multi-year growth trajectory."
C&W Caribbean & Networks: operating momentum drives strong 2021 performance
Record year for both fixed and mobile subscriber additions driven by Jamaica
FY reported and rebased Adj. OIBDA growth of 5% and 6%, respectively
C&W Panama: strong operating and financial results; recovery from COVID-19
Operating momentum with mobile subscribers up 17% and fixed RGUs up 15% in 2021
FY reported and rebased Adj. OIBDA growth of 13% and 14%, respectively
Liberty Puerto Rico: solid fixed and mobile postpaid momentum; integration on-track
Continued fixed subscriber adds driven by broadband; mobile postpaid base growing
Strong reported and rebased Adj. OIBDA growth in FY 2021
VTR: performance continues to be challenged in LLA's most competitive market
Continuing to invest, added 400,000 new build / upgraded homes passed in the year
50/50 JV agreed with América Móvil expected to complete in H2 2022
Costa Rica: strong start for recently acquired mobile operations; record fixed additions
Over 100,000 mobile subscribers added in Q4
Record quarterly fixed RGU additions of 15,000 driven by broadband
LLA 2022 Financial Guidance
P&E additions as a percentage of revenue at ~18%
Adding or upgrading ~600,000 homes passed
Adjusted FCF guidance of ~$250 million; ~25% YoY reported growth
On March 16, 2020, our Directors approved a share repurchase program that authorized us to repurchase from time to time up to $100 million of our Class A common shares and/or Class C common shares through March 2022. As at market close on February 18, 2022, the remaining amount authorized for share repurchases was approximately $2 million.
On February 22, 2022, our Board of Directors approved a new share repurchase program. The program authorizes us to repurchase from time to time up to an additional $200 million of our Class A common shares and/or Class C common shares through December 2024.
Additional information, including historic quarterly revenue, adjusted OIBDA, and P&E additions under our updated reporting segments, can be found on our website at https://www.lla.com/investors.
Financial and Operating Highlights
YoY Growth
YoY Rebase
YoY Growth /
(Decline)
(USD in millions)
Adjusted OIBDA2
Property & equipment additions
As a percentage of revenue
Adjusted FCF3
Cash provided by operating activities
Cash used by investing activities
N.M. – Not Meaningful.
Operating Highlights4
/ (Decline)
YoY FX-Neutral
Growth / (Decline)5
Total Customers
Organic customer additions
Fixed RGUs
Organic RGU additions
Mobile subscribers*
Organic mobile additions
Fixed ARPU
Mobile ARPU*
Q4 2021 figures include mobile subscribers and ARPU related to operations in Costa Rica, which were acquired on August 9, 2021 and therefore not included in Q4 2020 subscriber data. Subscriber information related to our August 9, 2021 acquisition in Costa Rica is preliminary and subject to adjustment until we have completed our review of such information and determined that it is presented in accordance with our policies.
Revenue Highlights
The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated, and (ii) the percentage change from period-to-period on both a reported and rebased basis:
Increase/(decrease)
Rebased %
in millions, except % amounts
C&W Caribbean & Networks
$ 1,751.2
C&W Panama
Liberty Puerto Rico
Our reported revenue for the quarter and year ended December 31, 2021 increased by 17% and 27%, respectively.
Reported revenue growth in Q4 2021 and FY 2021 was driven by (1) the addition of $80 million and $788 million, respectively, from Liberty Mobile, which was acquired on October 31, 2020, (2) $71 million and $112 million, respectively, from the acquisition of Telefónica's Costa Rica operations on August 9, 2021, (3) organic growth across C&W Caribbean & Networks, Liberty Puerto Rico, C&W Panama, and Costa Rica, (4) organic declines at VTR and (5) for Q4 2021, a net foreign exchange ("FX") impact of $(24) million.
Q4 2021 Revenue Growth – Segment Highlights
C&W Caribbean & Networks: revenue increased by 6% on a reported basis and 7% on a rebased basis.
B2B revenue was 7% and 8% higher on a reported and rebased basis, respectively, as compared to the prior-year period. Performance was driven by the renegotiation of customer contracts recognized during 2021, increased non-recurring revenue and growth in revenue from fixed and mobile B2B services, as economic activity continues to steadily recover.
Fixed residential revenue grew 2% on a reported basis and 4% on a rebased basis as compared to the prior-year period. Our performance was driven by volume growth as new build / upgraded homes and continued residential demand for our products led to strong subscriber additions. Within the segment, Jamaica was once again the largest contributor, adding 27,000 RGUs in the quarter and 99,000 RGUs over the past twelve months.
Mobile continued to recover, as revenue was 8% higher on a reported basis and 10% on a rebased basis, as compared to the prior-year period. Growth was driven by increased inbound roaming activity, primarily due to the general relaxing of travel restrictions, and a higher average numbers of mobile subscribers, mostly due to sales initiatives, including converged offerings.
C&W Panama: revenue increased by 29% on a reported basis and 30% on a rebased basis.
B2B revenue was 65% higher on a reported and rebased basis, primarily due to increased non-recurring revenue related to long-term government-related projects, some of which were put on hold during 2020 due to the impact of COVID-19.
Fixed residential revenue was 3% and 7% higher on a reported and rebased basis, respectively. Growth was driven by increased subscriber numbers, as we added 62,000 RGUs over the past twelve months, with traction from our high-speed data propositions.
Mobile revenue was in-line on a reported and rebased basis compared to the prior-year period. Subscription revenue was slightly lower year-over-year as growth in prepaid and postpaid subscribers was more than offset by lower prepaid ARPU. Non-subscription revenue grew year-over-year due to higher volumes of handset sales and an increase in inbound roaming as travel restrictions related to COVID-19 were relaxed.
Liberty Puerto Rico: revenue grew by 27% and 2% on a reported and rebased basis, respectively. Reported growth benefited from the full inclusion of Liberty Mobile in Q4 2021, whereas it was only included for two months in the prior year quarter. Residential revenue was higher, year-over-year on a rebased basis. This was driven by subscriber growth in our fixed operations where we added 72,000 RGUs over the last twelve months, partly offset by mobile consumer revenue, which was lower overall, as higher subscription revenue was more than offset by reduced equipment sales. B2B revenue declined on a rebased basis as we aligned pricing across our fixed-line products.
VTR: revenue was 16% and 8% lower on a reported and rebased basis, respectively. Competitive pressures have led to declines in ARPU and subscribers levels over the last twelve months, negatively impacting year-over-year performance.
Costa Rica: revenue grew by 192% and 10% on a reported and rebased basis, respectively. Reported performance benefited from the inclusion of Telefónica's Costa Rica operations in the quarter. The strong rebased growth was driven by increased customers across both our mobile and fixed businesses and higher handset sales, year-over-year.
Operating income (loss) was $(412) million and $100 million for the three months ended December 31, 2021 and 2020, respectively, and $81 million and $93 million for the year ended December 31, 2021 and 2020, respectively.
We reported an operating loss during the three months ended December 31, 2021, compared with operating income during the corresponding period in 2020. The 2021 period included goodwill impairments, the negative impact of which was slightly offset by an increase in Adjusted OIBDA and lower depreciation and amortization expense.
We reported lower operating income during the year ended December 31, 2021, as compared with the prior year, primarily due to the net effect of (i) higher Adjusted OIBDA, as further discussed below, (ii) higher goodwill impairments, and (iii) increases in depreciation, amortization and stock-based compensation expense.
Adjusted OIBDA Highlights
The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated, and (ii) the percentage change from period-to-period on both a reported and rebased basis:
Increase (decrease)
Operating income margin
Adjusted OIBDA margin
Our reported Adjusted OIBDA for the quarter and year ended December 31, 2021 increased by 10% and 23%, respectively.
Reported Adjusted OIBDA increases in Q4 2021 and FY 2021 were largely driven by (1) the addition of $28 million and $289 million, respectively, contributed by Liberty Mobile, (2) the addition of $17 million and $29 million, respectively, contributed by operations acquired from Telefónica in Costa Rica and (3) organic growth in C&W Caribbean & Networks and C&W Panama for both periods and in Liberty Puerto Rico for FY 2021. These increases were partially offset by declines in VTR.
Q4 2021 Adjusted OIBDA Growth – Segment Highlights
C&W Caribbean and Networks: Adjusted OIBDA increased on a reported and rebased basis by 8% and 9%, respectively. Performance was driven by the aforementioned rebased revenue growth and management of other operating costs and expenses as our reported Adjusted OIBDA margin improved by 70 basis points to 43.3%.
C&W Panama: Adjusted OIBDA was higher on a reported and rebased basis by 22% and 24%, respectively. Rebased growth was driven by the increase in rebased revenue. While other operating costs and expenses were lower year-over-year, the aforementioned revenue growth drove higher direct costs related to B2B equipment and mobile handsets.
Liberty Puerto Rico: Adjusted OIBDA grew on a reported and rebased basis by 22% and 1%, respectively. Reported growth was driven by the full inclusion of Liberty Mobile in Q4 2021, whereas it was only included for two months in the prior year quarter. Rebased Adjusted OIBDA was higher as revenue growth was partly offset by the net impact of higher mobile roaming expenses, integration costs related to the Liberty Mobile acquisition, video programming costs, and labor costs; and lower mobile handset costs.
VTR: Adjusted OIBDA declined on a reported and rebased basis by 26% and 20%, respectively. The rebased decline was driven by the aforementioned revenue decline. Direct and other operating costs were lower overall year-over-year however these savings did not significantly benefit our Adjusted OIBDA margin as savings across most categories were partly offset by higher programming expenses and network costs driven by higher truck rolls.
Costa Rica: Adjusted OIBDA grew by 101% and 1%, on a reported and rebased basis, respectively. Reported growth benefited from the inclusion of Telefónica's Costa Rica operations in the quarter. Our rebased performance was impacted by higher equipment costs due to increased handset sales, integration costs in the current year period, and increased commission expenses due to customer additions.
Net Loss Attributable to Shareholders
Net loss attributable to shareholders was $620 million and $30 million for the three months ended December 31, 2021 and 2020, respectively, and $440 million and $682 million for the year ended December 31, 2021 and 2020, respectively.
Property & Equipment Additions and Capital Expenditures
The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures.
USD in millions
Customer Premises Equipment
New Build & Upgrade
Product & Enablers
Assets acquired under capital-related vendor financing arrangements
(100.5
Acquisition of intangible assets
Changes in current liabilities related to capital expenditures
Property & equipment additions as % of revenue
Property & Equipment Additions:
Property & Equipment Additions as a Percentage of Revenue by Reportable Segment:
New Build and Homes Upgraded by Reportable Segment:
Summary of Debt, Finance Lease Obligations and Cash and Cash Equivalents
The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at December 31, 2021:
Finance lease obligations
Debt and
in millions
Liberty Latin America1
C&W2
Consolidated Leverage and Liquidity Information:
Consolidated debt and finance lease obligations to operating income ratio
(16.6)x
Consolidated net debt and finance lease obligations to operating income ratio
Consolidated gross leverage ratio4,5
Consolidated net leverage ratio4,5
Average debt tenor6
Fully-swapped borrowing costs
Unused borrowing capacity (in millions)7
Represents the amount held by Liberty Latin America on a standalone basis plus the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.
Represents the C&W borrowing group, including the C&W Caribbean & Networks and C&W Panama reporting segments.
Represents the debt and finance lease obligations of the VTR borrowing group, which are classified as held for sale on our December 31, 2021 consolidated balance sheet. The cash and cash equivalents amount also includes $110 million that is included in assets held for sale on our December 31, 2021 consolidated balance sheet. In addition, the consolidated leverage and liquidity information includes the impact of the VTR borrowing group.
Consolidated leverage ratios are non-GAAP measures. For additional information, including definitions of our consolidated leverage ratios, required reconciliations, see Non-GAAP Reconciliations below.
The consolidated leverage ratios include the impact of Telefónica Costa Rica's Adjusted OIBDA for the post-acquisition period, August 9, 2021 to December 31, 2021, and do not include Adjusted OIBDA for the period prior to the close of the acquisition, which would have an estimated impact of 0.1x on the consolidated gross and net leverage ratios.
For purposes of calculating our average tenor, total debt excludes vendor financing and finance lease obligations.
At December 31, 2021, the full amount of unused borrowing capacity (inclusive of $253 million related to VTR) under our subsidiaries' revolving credit facilities was available to be borrowed, both before and after completion of the December 31, 2021 compliance reporting requirements.
Quarterly Subscriber Variance
Fixed and Mobile Subscriber Variance Table — December 31, 2021 vs September 30, 2021
Fixed-line Customer Relationships
Video RGUs
RGUs
Total Mobile Subscribers
C&W Caribbean & Networks:
Total C&W Caribbean & Networks
Total C&W
Total Net Adds
Q4 2021 Adjustments:
Costa Rica1
Net Adds
Costa Rica's non-organic adjustment relates to adjustment to LLA's subscriber counting policies.
ARPU per Customer Relationship
The following table provides ARPU per customer relationship for the indicated periods:
Three months ended December 31,
FX-Neutral1
C&W Panama2
Cable & Wireless Borrowing Group2
Mobile ARPU
The following table provides ARPU per mobile subscriber for the indicated periods:
Cable & Wireless Borrowing Group
The FX-Neutral change represents the percentage change on a year-over-year basis adjusted for FX impacts and is calculated by adjusting the current-period figures to reflect translation at the foreign currency rates used to translate the prior year amounts.
ARPU per customer relationship for the three months ended December 31, 2020 has been revised to exclude revenue and customer relationships associated with the DTH operations in Panama that were shut down in January 2021.
The ARPU per customer relationship amounts in Chilean pesos for the three months ended December 31, 2021 and 2020 are CLP 31,176 and CLP 31,883, respectively.
The ARPU per customer relationship amounts in Costa Rican colones for the three months ended December 31, 2021 and 2020 are CRC 26,495 and CRC 26,759, respectively.
The amount for the three months ended December 31, 2020 does not include the revenue and mobile subscribers of Telefónica Costa Rica as this business was acquired on August 9, 2021.
The mobile ARPU amounts in Chilean pesos for the three months ended December 31, 2021 and 2020 are CLP 10,928 and CLP 11,895, respectively.
The mobile ARPU amount in Costa Rican colones for the three months ended December 31, 2021 is CRC 3,388.
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 and objectives, performance and guidance, growth expectations, and Adjusted Free Cash Flow expectations for 2022; expected new build and upgrade activity in 2022 and estimated P&E additions as a percent of revenue; our digital strategy, product innovation and commercial plans and projects; expectations on demand for connectivity in the region; our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition and in Costa Rica following the acquisition of Telefónica's Costa Rica business; the timing and impact of the acquisition of América Móvil's Panama operations and the formation of a joint venture with América Móvil in Chile; the strength of our balance sheet and tenor of our debt; our share repurchase program; 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, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events and efforts to contain any pandemic, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; 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 acquisition of América Móvil's Panama operations and the formation of a joint venture with América Móvil in Chile; 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. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
About Liberty Latin America
Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, BTC, and Cabletica. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region.
Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B).
For more information, please visit www.lla.com.
Rebased growth rates are a non-GAAP measure. The indicated growth rates are rebased for the estimated impacts of (i) acquisitions, (ii) dispositions and (iii) FX. See Non-GAAP Reconciliations below.
Adjusted OIBDA is a non-GAAP measure. For the definition of Adjusted OIBDA and required reconciliations, see Non-GAAP Reconciliations below.
Adjusted Free Cash Flow ("Adjusted FCF") is a non-GAAP measure. For the definition of Adjusted FCF and required reconciliations, see Non-GAAP Reconciliations below.
See Glossary for the definition of RGUs and mobile subscribers. Organic figures exclude RGUs and mobile subscribers of acquired entities at the date of acquisition and other nonorganic adjustments, but include the impact of changes in RGUs and mobile subscribers from the date of acquisition. All subscriber / RGU additions or losses refer to net organic changes, unless otherwise noted.
The FX-Neutral change represents the percentage change on a year-over-year basis adjusted for FX impacts and is calculated by adjusting the current-year figures to reflect translation at the foreign currency rates used to translate the prior year amounts.
Additional Information | Cable & Wireless Borrowing Group
The following tables reflect preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP.
Rebased change1
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Fixed-line telephony
Total subscription revenue
Non-subscription revenue
Total residential fixed revenue
Residential mobile revenue:
Service revenue
Interconnect, equipment sales and other
Total residential mobile revenue
Total residential revenue
B2B revenue:
Subsea network revenue
Total B2B revenue
$ (526.9
Adjusted OIBDA
Operating income (loss) as a percentage of revenue
Adjusted OIBDA as a percentage of revenue
Proportionate Adjusted OIBDA
$ (97.3
Indicated growth rates are rebased for the estimated impacts of an acquisition, the shut down of our DTH operations in Panama and FX.
The following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W's third-party debt, finance lease obligations and cash and cash equivalents:
Facility Amount
Credit Facilities:
Revolving Credit Facility due 2023 (LIBOR + 3.25%)
$ —
Term Loan Facility B-5 due 2028 (LIBOR + 2.25%)
Total Senior Secured Credit Facilities
Senior Secured Notes:
5.75% USD Senior Secured Notes due 2027
Senior Notes:
7.5% USD Senior Notes due 2026
6.875% USD Senior Notes due 2027
Total Notes
Other Regional Debt
Vendor financing
Total third-party debt and finance lease obligations
Less: premiums, discounts and deferred financing costs, net
Total carrying amount of third-party debt and finance lease obligations
Less: cash and cash equivalents
Net carrying amount of third-party debt and finance lease obligations
In October 2021, we entered into a new $590 million term loan facility with an interest rate of LIBOR plus 3.0%, due in 2029 (the C&W Term Loan B-6 Facility). The net proceeds from the C&W Term Loan B-6 Facility were primarily used to (i) redeem in full, $500 million of aggregate principal amount under the 2026 C&W Senior Notes at a redemption price of 103.75% and (ii) redeem $55 million of aggregate principal amount under the 2027 C&W Senior Secured Notes at a redemption price of 103%.
At December 31, 2021, our third-party total and proportionate net debt was $3.7 billion and $3.5 billion, respectively, our Fully-swapped Borrowing Cost was 5.1%, and the average tenor of our debt obligations (excluding vendor financing) was approximately 5.9 years.
Our portion of Adjusted OIBDA, after deducting the noncontrolling interests' share, ("Proportionate Adjusted OIBDA") was $216 million for Q4 2021 and $802 million for FY 2021.
Based on Q4 results, our Proportionate Net Leverage Ratio was 4.2x, calculated in accordance with C&W's Credit Agreement. At December 31, 2021, we had maximum undrawn commitments of $779 million, including $149 million under our regional facilities. At December 31, 2021, the full amount of unused borrowing capacity under our credit facilities (including regional facilities) was available to be borrowed, both before and after completion of the December 31, 2021 compliance reporting requirements.
Liberty Puerto Rico (LPR) Borrowing Group
The following table details the nominal amount outstanding of Liberty Puerto Rico's debt, finance lease obligations and cash and cash equivalents:
Term Loan Facility due 2028 (LIBOR + 3.75%)
6.75% Senior Secured Notes due 2027
5.125% Senior Secured Notes due 2029
Total debt and finance lease obligations
Less: discounts and deferred financing costs
Total carrying amount of debt
Net carrying amount of debt
In December 2021, we borrowed an additional $120 million under the existing term loan facility due in 2028 (the 2028 LPR Term Loan B-2). The net proceeds, together with cash on hand, were used to redeem $129 million of aggregate principal amount under the 2027 LPR Senior Secured Notes at a redemption price of 103%.
At December 31, 2021, our Fully-swapped Borrowing Cost was 6.0% and the average tenor of debt was approximately 6.6 years.
Based on our results for Q4 2021, and subject to the completion of the corresponding compliance reporting requirements, our Consolidated Net Leverage Ratio was 4.1x, calculated in accordance with LPR's Group Credit Agreement.
At December 31, 2021, we had maximum undrawn commitments of $173 million. At December 31, 2021, the full amount of unused borrowing capacity under our revolving credit facility was available to be borrowed, both before and after completion of the December 31, 2021 compliance reporting requirements.
VTR Borrowing Group
The following table details the borrowing currency and Chilean peso equivalent of the nominal amount outstanding of VTR's debt and cash and cash equivalents:
Borrowing currency in millions
CLP equivalent in billions
Revolving Credit Facility A due 2026 (TAB1+3.35%)
Revolving Credit Facility B due 2026 (LIBOR + 2.75%)
5.125% USD Senior Secured Notes due 2028
Less: deferred financing costs
Exchange rate (CLP to $)
1. Tasa Activa Bancaria rate.
At December 31, 2021, our Fully-swapped Borrowing Cost was 7.1% and the average tenor of debt (excluding vendor financing) was approximately 6.6 years.
Based on our results for Q4 2021, and subject to the completion of the corresponding compliance reporting requirements, our Consolidated Net Leverage ratio was 5.6x, calculated in accordance with the indenture governing the 6.375% USD Senior Notes due 2028.
At December 31, 2021, we had maximum undrawn commitments of $200 million (CLP 170 billion) and CLP 45 billion. At December 31, 2021, the full amount of unused borrowing capacity under our credit facilities was available to be borrowed, both before and after completion of the December 31, 2021 compliance reporting requirements.
Costa Rica Borrowing Group
The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Costa Rica's third-party debt and cash and cash equivalents:
CRC equivalent in billions
Term Loan B-1 Facility due 20241 (LIBOR + 5.50%)
Term Loan B-2 Facility due 20241 (TBP2 + 6.75%)
Debt before discounts and deferred financing costs
Exchange rate (CRC to $)
Under the terms of the credit agreement, Costa Rica is obligated to repay 50% of the outstanding aggregate principal amounts of the Cabletica Term Loan B-1 Facility and the Cabletica Term Loan B-2 Facility on February 1, 2024, with the remaining respective principal amounts due on August 1, 2024, which represents the ultimate maturity date of the facilities.
Tasa Básica Pasiva rate.
Subscriber Table
Consolidated Operating Data — December 31, 2021
Two-way Homes Passed
Total Mobile
Liberty Puerto Rico 1
As of December 31, 2021, postpaid mobile subscribers include 139,700 Corporate Responsible Users (CRU). A CRU represents an individual receiving mobile services through an organization that has entered into a contract for mobile services with us and where the organization is responsible for the payment of the CRU's mobile services.
Our homes passed in Costa Rica include 55,000 homes on a third-party network that provides us long-term access. Subscriber information related to the Telefónica Costa Rica Acquisition is preliminary and subject to adjustment until we have completed our review of such information and determined that it is presented in accordance with our policies.
Adjusted OIBDA Margin – Calculated by dividing Adjusted OIBDA by total revenue for the applicable period.
ARPU – Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized.
Consolidated Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt and finance lease obligations outstanding to annualized operating income from the most recent two consecutive fiscal quarters.
Consolidated Net Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt and finance lease obligations outstanding less cash and cash equivalents to annualized operating income from the most recent two consecutive fiscal quarters.
Consolidated Net Leverage Ratio (VTR) – Defined in accordance with VTR's indenture for its senior notes, taking into account the ratio of its outstanding indebtedness (including the impact of its cross-currency swaps) less its cash and cash equivalents to its annualized EBITDA from the most recent two consecutive fiscal quarters.
Consolidated Net Leverage Ratio (LPR) – Defined in accordance with LPR's Group Credit Agreement, taking into account the ratio of its outstanding indebtedness less its cash and cash equivalents to its annualized EBITDA from the most recent two consecutive fiscal quarters.
Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit ("EBU") adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships.
Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts, which includes a discount on the convertible notes issued by Liberty Latin America associated with a conversion option feature, and commitment fees, but excluding the impact of financing costs.
Homes Passed – Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results.
Internet (Broadband) RGU – A home, residential multiple dwelling unit or commercial unit that receives internet services over our network.
Leverage – Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt and finance lease obligations outstanding, net of projected derivative principal-related cash payments (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt (including the convertible notes) less cash and cash equivalents. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements.
Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module ("SIM") cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts.
NPS – Net promoter score.
Property and Equipment Addition Categories
Customer Premises Equipment: Includes capitalizable equipment and labor, materials and other costs directly associated with the installation of such CPE;
New Build & Upgrade: Includes capitalizable costs of network equipment, materials, labor and other costs directly associated with entering a new service area and upgrading our existing network;
Capacity: Includes capitalizable costs for network capacity required for growth and services expansions from both existing and new customers. This category covers Core and Access parts of the network and includes, for example, fiber node splits, upstream/downstream spectrum upgrades and optical equipment additions in our international backbone connections;
Baseline: Includes capitalizable costs of equipment, materials, labor and other costs directly associated with maintaining and supporting the business. Relates to areas such as network improvement, property and facilities, technical sites, information technology systems and fleet; and
Product & Enablers: Discretionary capitalizable costs that include investments (i) required to support, maintain, launch or innovate in new customer products, and (ii) in infrastructure, which drive operational efficiency over the long term.
Proportionate Net Leverage Ratio (C&W) – Calculated in accordance with C&W's Credit Agreement, taking into account the ratio of outstanding indebtedness (subject to certain exclusions) less cash and cash equivalents to EBITDA (subject to certain adjustments) for the last two quarters annualized, with both indebtedness and EBITDA reduced proportionately to remove any noncontrolling interests' share of the C&W group.
Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Chile subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.
SOHO – Small office/home office customers.
Telephony RGU – A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers.
Two-way Homes Passed – Homes passed by those sections of our networks that are technologically capable of providing two-way services, including video, internet and telephony services.
U.S. GAAP – Generally accepted accounting principles in the United States.
Video RGU – A home, residential multiple dwelling unit or commercial unit that receives our video service over our network primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU.
Additional General Notes
Most of our operations provide telephony, broadband internet, mobile data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be "SOHO RGUs" or "SOHO customers." To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.
Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Chile and Puerto Rico. Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service. As such, we may experience variances in our EBU counts solely as a result of changes in rates.
While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber and homes passed counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews.
Non-GAAP Reconciliations
We include certain financial measures in this press release that are considered non-GAAP measures, including (i) Adjusted OIBDA, Adjusted OIBDA Margin and Adjusted OIBDA less P&E Additions, (ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased Adjusted OIBDA growth rates, and (iv) consolidated leverage ratios. The following sections set forth reconciliations of the nearest GAAP measure to our non-GAAP measures as well as information on how and why management of the Company believes such information is useful to an investor
Adjusted OIBDA and Adjusted OIBDA less P&E Additions
Adjusted OIBDA and Adjusted OIBDA less P&E Additions, each a non-GAAP measure, are the primary measures used by our chief operating decision maker to evaluate segment operating performance. Adjusted OIBDA and Adjusted OIBDA less P&E Additions are also key factors that are used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans. As we use the term, Adjusted OIBDA is defined as operating income or loss before share-based compensation, depreciation and amortization, 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. Our internal decision makers believe Adjusted OIBDA and Adjusted OIBDA less P&E Additions are meaningful measures because they represent a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA and Adjusted OIBDA less P&E Additions measures are useful to investors because they are one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA and Adjusted OIBDA less P&E Additions should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income. A reconciliation of our operating income or loss to total Adjusted OIBDA and Adjusted OIBDA less P&E Additions are presented in the following table:
Share-based compensation expense
Impairment, restructuring and other operating items, net
Less: Property and equipment additions
Adjusted OIBDA less P&E additions
Operating income (loss) margin1
Adjusted OIBDA margin2
Calculated by dividing operating income or loss by total revenue for the applicable period.
Calculated by dividing Adjusted OIBDA by total revenue for the applicable period.
Adjusted Free Cash Flow Definition and Reconciliation
We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, (iii) insurance recoveries related to damaged and destroyed property and equipment, and (iv) certain net interest payments (receipts) incurred or received, including associated derivative instrument payments and receipts, in advance of a significant acquisition, less (a) capital expenditures, (b) distributions to noncontrolling interest owners, (c) principal payments on amounts financed by vendors and intermediaries and (d) principal payments on finance leases. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows.
The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period:
Cash payments for direct acquisition and disposition costs
Expenses financed by an intermediary1
Distributions to noncontrolling interest owners
Principal payments on amounts financed by vendors and intermediaries
Pre-acquisition interest payments, net2
Principal payments on finance leases
Credit for services in AT&T Acquisition3
Adjusted FCF
For purposes of our consolidated statements of cash flows, expenses, including value-added taxes, financed by an intermediary are treated as an operating cash outflows and financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we add back the operating cash outflows when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary.
The amount for the 2021 period relates to (i) the Cabletica Term Loan B-1 Facility and Cabletica Term Loan B-2 Facility that were entered into in advance of the Telefónica Costa Rica Acquisition, and (ii) the portion of interest paid in April 2021 that relates to pre-acquisition debt for the AT&T Acquisition. The amount for the 2020 period represents interest paid on pre-acquisition debt related to the AT&T Acquisition, net of interest received on cash held in escrow in advance of the closing of the AT&T Acquisition.
In connection with the Acquisition Agreement, AT&T agreed to give us a $75 million credit against certain roaming services that AT&T provides to the AT&T Acquired Entities for a seven-year period following the closing of the AT&T Acquisition. If the credits are not used for roaming services in that time period, any remaining credit may be used to acquire certain other services from AT&T thereafter. For accounting purposes, we have bifurcated the discounted value of these services from the stated purchase consideration for the AT&T Acquisition. The discounted value associated with this asset is reflected as an outflow in our net cash provided by operating activities in our 2020 consolidated statement of cash flows, and is therefore not accounted for as an investing activity related to the AT&T Acquisition. However, as this credit was negotiated as part of the overall Acquisition Agreement, we have added this item back to arrive at adjusted free cash flow.
Rebase Information
Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired or disposed business, as applicable, to the same extent they are included or excluded from the current year. The businesses that were acquired or disposed of during the current year are as follows:
i. Telefónica Costa Rica, which was acquired on August 9, 2021;
ii. the AT&T Acquired Entities, which were acquired on October 31, 2020;
iii. a small B2B operation in the Cayman Islands that was acquired during 2020;
iv. certain B2B operations in Puerto Rico that were disposed of in January 2021 in connection with the AT&T Acquisition; and
v. our DTH operations in Panama, which were shut down in January 2021.
In addition, we reflect the translation of our rebased amounts for the current year at the applicable average foreign currency exchange rates that were used to translate our results for the prior year.
We have reflected the revenue and Adjusted OIBDA of acquired entities in our prior year rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates.
The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate.
In the tables set forth below:
reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and
rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure.
The following tables set forth the reconciliations from reported revenue to rebased revenue and related change calculations.
Three months ended December 31, 2020
Intersegment eliminations
Revenue – Reported
Rebase adjustments:
Revenue – Rebased
Reported percentage change
Rebased percentage change
Year ended December 31, 2020
The following tables set forth the reconciliations from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations.
Adjusted OIBDA – Reported
Acquisitions1
Adjusted OIBDA – Rebased
The acquisition-related adjustment for Liberty Puerto Rico with respect to the AT&T Acquired Entities includes $2 million and $19 million, respectively, of estimated standalone costs that are not covered by the transitional services agreement with AT&T. These costs represent activities that AT&T had performed on behalf of the AT&T Acquired Entities during the pre-acquisition periods. Costs associated with these activities are being directly incurred by us in post-acquisition periods and include insurance coverage, certain commissions costs, group audit and control activities and various other support activities, including for legal, human resources, customer service, supply chain and finance.
The following tables set forth the reconciliations from reported revenue by product for our C&W Caribbean and Networks segment to rebased revenue by product and related change calculations.
Residential fixed revenue
Residential mobile revenue
B2B revenue
Revenue by product – Reported
Revenue by product – Rebased
The following tables set forth the reconciliations from reported revenue by product for our C&W Panama segment to rebased revenue by product and related change calculations.
Rebase adjustment – Disposal
The following tables set forth the reconciliations from reported revenue by product for our C&W borrowing group to rebased revenue by product and related change calculations.
The following table sets forth the reconciliation from Adjusted OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and related change calculations.
Non-GAAP Reconciliation for Consolidated Leverage Ratios
We have set forth below our consolidated leverage and net leverage ratios, which include VTR. Our consolidated leverage and net leverage ratios, each a non-GAAP measure, are defined as (i) adjusted total debt and finance lease obligations (total carrying value of debt and finance lease obligations plus discounts, premiums and deferred finance costs, less projected derivative principal-related cash receipts) less cash and cash equivalents divided by (ii) last two quarters annualized Adjusted OIBDA as of December 31, 2021. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of December 31, 2021 and September 30, 2021 are set forth below:
in millions, except leverage ratios
Discounts, premiums and deferred financing costs, net
Projected derivative principal-related cash payments1
Adjusted total debt and finance lease obligations2
Net debt and finance lease obligations2
Operating income3:
Operating income for the three months ended June 30, 2021
Operating income for the three months ended September 30, 2021
Operating loss for the three months ended December 31, 2021
Operating income (loss) – last two quarters
Annualized operating income (loss) – last two quarters annualized
Adjusted OIBDA4:
Adjusted OIBDA for the three months ended June 30, 2021
Adjusted OIBDA for the three months ended September 30, 2021
Adjusted OIBDA for the three months ended December 31, 2021
Adjusted OIBDA – last two quarters
Annualized Adjusted OIBDA – last two quarters annualized
)x
Consolidated leverage ratio
Consolidated net leverage ratio
N/A – Not Applicable.
Amounts represent the U.S. dollar equivalents and are based on interest rates and exchange rates that were in effect as of December 31, 2021 and September 30, 2021, respectively.
The adjusted total debt and finance lease obligations and net debt and finance lease obligations balances include VTR balances. The VTR balances included in the table above are as follows:
Adjusted total debt and finance lease obligations
Net debt and finance lease obligations
Operating income or loss is the closest U.S. GAAP measure to Adjusted OIBDA, as discussed in Adjusted OIBDA and Adjusted OIBDA less P&E Additions above. Accordingly, we have presented consolidated debt and finance lease obligations to operating income (loss) and consolidated net debt and finance lease obligations to operating income (loss) as the most directly comparable financial ratios to our non-GAAP consolidated leverage and consolidated net leverage ratios.
Adjusted OIBDA is a non-GAAP measure. See Adjusted OIBDA and Adjusted OIBDA less P&E Additions above for reconciliation of Adjusted OIBDA to the nearest U.S. GAAP measure for the three months ended December 31, 2021. A reconciliation of our operating income to Adjusted OIBDA for the three months ended June 30, 2021 and September 30, 2021 is presented in the following table:
Non-GAAP Reconciliations for Borrowing Groups
We provide certain financial measures in this press release of our borrowing groups. The financial statements of each of our borrowing groups are prepared in accordance with U.S. GAAP. We include certain financial measures for our borrowing group in this press release that are considered non-GAAP measures, including: (i) Adjusted OIBDA; (ii) Adjusted OIBDA Margin; and (iii) Proportionate Adjusted OIBDA.
Adjusted OIBDA by Borrowing Group
Adjusted OIBDA and proportionate Adjusted OIBDA at a borrowing group level are non-GAAP measures. Adjusted OIBDA is defined as 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. Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the noncontrolling interests' share of Adjusted OIBDA. We believe these measures at the borrowing group level are useful to investors because they are one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. These measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income.
A reconciliation of C&W's operating income (loss) to Adjusted OIBDA and Proportionate Adjusted OIBDA is presented in the following table:
Related-party fees and allocations
Noncontrolling interests' share of Adjusted OIBDA
Kunal Patel
ir@lla.com
Claudia Restrepo
llacommunications@lla.com


text:
Suzann Pettersen: "I guess I would like to tell my story; the unfiltered story."
CBS Sports aired Her Final Putt – Suzann Pettersen's Story, a documentary on the life of Pettersen, showcasing an inside look of the storied career of the mother and golfer, from her childhood to her retirement at the 2019 Solheim Cup.
For years, Suzann Pettersen dominated the professional golf world. It showed through 15 LPGA Tour wins, seven Ladies European Tour wins, and two major championships. Nine European Solheim Cup appearances, including the end-all be-all putt in Gleneagles to secure victory for Team Europe in 2019, the pièce de résistance of an incredible career.
But those numbers do not define Suzann Pettersen. She's defined by her journey, as a young, multi-faceted Norwegian athlete that rose to the pinnacle of women's golf. She's defined by her family, whether it be the competitive push from her older brothers, the guidance and support from her parents or the one she's creating of her own. She's defined by her tenacity, her personality, her unwavering focus on and off the golf course.
And now, she is defined by her own words.
This past Sunday, CBS Sports aired Her Final Putt – Suzann Pettersen's Story, a documentary on the life of Pettersen. Compelling from beginning to end, the film showcases an inside look of the storied career of the mother and golfer, from her childhood to her retirement at the 2019 Solheim Cup.
Born and raised in Norway, Suzann, nicknamed "Tutta" by friends and family, started playing golf at a young age along with her father. A natural talent, Suzann told her dad at 12-years-old she wanted to become the world's best. At 14, she wrote down her "vision," a binder depicting what she wanted out of a career as a professional golfer, never questioning her confidence in the sport.
"The world knows Suzann from being a professional golfer, and there, she is very, very strengthened and determined. As a daughter, she is soft, nice and friendly," said Axel Pettersen, Suzann's father, in the documentary. "The picture almost everybody gets from her on the golf course, that's quite another person than when she's private."
In the film, Pettersen describes her unstoppable amateur career in Norway that transitioned into an explosive professional one on the LPGA and Ladies European Tour. Her personality, strong and undeniable, was a force to be reckoned with.
"That look that she has on the course, that she just wants to beat everyone. She always reminded me of Tiger [Woods], in female," said LPGA Tour winner Carlota Ciganda.
In 2017, Pettersen married Christian Ringvold and gave birth that August to her son, Herman. Taking the time with her new family, Pettersen didn't return to the game until the 2019 Dow Great Lakes Bay Invitational. She partnered with Catriona Matthew, her eventual captain at the forthcoming Solheim Cup, where Pettersen would join Team Europe as a captain's pick.
The rest, as they say, is history, and one that is beautifully illustrated by Pettersen and others in the rest of the film. After its airing, Pettersen joined Kraig Kann on Facebook Live to give viewers an inside look on what it was like to watch her life on replay.
"I've never really been too comfortable putting my entire heart and soul out in the public eye," said Pettersen on Facebook Live. "I've always felt like I've been in the public eye because of the golfer, the competitive side that you see day in and day out on TV. But I've always felt like it's always been nice to have the privacy when you leave the golf course and you stay with your crew. It was something that I really thought through a lot before I gave it a go."
Parts were easy to film, while others more emotional. "It felt good to let it all out. I felt as if I was as natural as I could be," said Pettersen. "I'm very thankful for everyone that was involved. I'm still sitting with a couple goosebumps after watching it."
The Norwegian misses the competitive side of Tour, those first tee nerves, and the people she's met along the way. She said she's had a couple of nights where she's dreamt about her swing, a nightly image that also came during her playing days. Despite it all, she remains happy with her retirement decision.
"I think I'm quite fortunate to be able to make a decision straight from my own heart, and not being forced to step away from the game by any other outside reasons, like injuries," said Pettersen. "I kind of feel fortunate, and I think when you make decisions on your own terms, it's easier to come to peace with it, and I haven't had too many bad sleep nights with my decision."
Herman is turning two in August, and "time is flying." He's starting to talk, a part of growing up that Pettersen is grateful to experience. Another chapter in the story of Suzann Pettersen.
Megan McGuire2020-07-13T10:40:56-04:00July 13th, 2020|0 Comments
About the Author: Megan McGuire
Megan McGuire is in her second season with the LPGA as a Tour Media Official. Prior to joining the LPGA Communications team, she worked for Octagon and the New York Islanders.
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